Dear Shareholders,
This year marks the 16th year of Hywin’s journey to be a wealth
manager of global standards, and the first anniversary of Hywin's
IPO.
The past year has not been an easy one – it was filled with
challenges, including the turbulent markets globally and the
ongoing Covid situation in Greater China.
Hywin's performance has demonstrated operating resilience and
strategic agility. We have continued to deliver strong results
across our key business segments and financial metrics, and
retained our clients’ trust. Our strategy has been vindicated and
will continue to guide our growth.
In our most recent earnings results for the first half of fiscal
year 2022, the company's net revenues reached RMB 881 million, an
increase of 1.4% year-on-year, despite the challenging market
environment. Our total number of clients reached 134,656, an
increase of 12.5% year-on-year. The number of active clients
increased 22% year-on-year to exceed 35,300, marking a new record
high. Client repeat investment rate for the trailing-twelve-months
was 81.6%, which was 6.3 percentage points higher than the same
period in 2020.
Meanwhile, we continued to benefit from diversification in our
product mix, as the transaction values from hedge fund products and
private equity products reached RMB 2.97 billion and RMB 919
million respectively in our most recent reported first half,
growing 440% and 295% year-on-year respectively.
Our financial results reflect our client stickiness and our
growing share of client wallets. Compared to traditional wealth
management institutions and our peers, we believe that the only way
to maintain our competitiveness is through understanding our
clients and meeting their expanding wealth management needs.
In order to maintain our leading industry position, we continue
to invest in our client-centric investment research and advisory
system, and continue to improve our client services. For example,
our “1+N+X” investment research and advisory system empowers our
frontline relationship managers. We expanded cooperation with
well-known research institutions and universities to enhance our
research and contents. By leveraging well-known think tanks as well
as building our own in-house panel of experts, we are building our
professional investment advisory team.
This year, Hywin released the “2022 APAC Private Market Report”
jointly with VP Bank, our strategic partner, and “2021 Hywin Family
Wealth Management White Paper” with Shanghai Advanced Institute for
Financial Research. These intellectual efforts bring timely
investment insights to our clients, as well as lay the foundation
for our ongoing development in more advanced product categories. We
also believe that growing our professional investment advisory team
is also an important step in preparing for the rise of “Buy-side
Investment Advisory” in China.
As we think about our client services, we focus on the whole
life cycle of our clients' wealth needs. Our aspiration is to serve
our clients across generations and across geographies. Hywin has
established family office presence in key regions across the
country to provide clients with a rich selection of products, and
provide high quality service with the backing of our seasoned
teams. We strive to be the "steward of wealth" for our top-tiered
clients, and grow together with their families and their
businesses.
This year, we also announced our intention to expand into
healthcare services, as wealth and health are the two overarching
goals for most high-net-worth families in China. In the context of
the global pandemic, health and access to high quality healthcare
services become an even greater focus for high-net-worth families
in China. We intend to leverage our core strength and client base
in our wealth management business, and build out asset management
and health management as our two strategic growth engines, which we
believe are synergistic with our core wealth management
business.
Our professional and stable relationship manager team is our
most important asset. The majority of our elite relationship
managers joined us from leading financial institutions, and they
have showed high loyalty, with retention rate of more than 95%,
superior to our peers. Average productivity per relationship
manager in fiscal year 2021 exceeded RMB 52 million, an increase of
16.1% year-on-year. We believe the success of our elite
relationship team is not only attributable to our strong training
program and KPI regime, but also to Hywin's growing
digitalization.
By investing in digital infrastructure and technology training,
we have successfully digitalized many aspects of our business, from
daily operations, to real time data analysis, to better CRM and
better client services. With the support of technology, our
relationship managers’ productivity has improved, and it turned out
that technology has really helped our relationship managers
overcome the challenges in this current Covid situation in China
and stay focused on our clients.
Furthermore, this year, we made improvements in our corporate
governance, as well as our organizational structure. We emphasized
on organizational agility, made our decision process more
efficient, and encouraged much more coordination across the entire
organization in pursuit of common goals. We have also expanded our
employee share incentive plan this year to motivate our talent and
align them for the long term.
This year, Hywin also made advancement in ESG. Just recently,
Hywin Holdings became a signatory to the United Nations-backed
Principles for Responsible Investment ("PRI"), which is the latest
in a series of significant strides Hywin has made toward embracing
responsible investment criteria and integrating ESG issues into our
everyday business processes. We believe this is aligned with our
efforts to create shareholder value and drive change.
I am also honored to report that Hywin Holdings was named “Best
Wealth Manager of Greater China 2022”, and I myself was recognized
as “Best CEO in Greater China Wealth Management 2022” by
WealthBriefingAsia. This is the third consecutive years that Hywin
captured both of these prestigious awards.
The WealthBriefingAsia jury commented that in the past year,
Hywin Holdings has created significant value for its clients and
has made achievements in the frontiers of wealth management in
Greater China, such as the private equity market and family
offices. At the same time, Hywin has shown commitment and progress
in corporate governance, made progress in business diversification,
and has taken an active stance in areas such as ESG and women's
rights. I think this is a great way to sum up Hywin’s achievements
in the past year.
We entered into 2022 knowing that Covid would have an ongoing
impact, but the extent of the current epidemic situation in China
has probably caught everyone by surprise. Hywin has been doing
everything we can to ensure business as usual. Although client
meetings and events have been cancelled in certain cities, our
client engagement, client services and our relationship managers
productivity have maintained continuity, thanks to our technology
adoption. Since the beginning of 2022, we have held over 160 online
investment events, reaching more than 90,000 clients. We remain
committed to delivering our goals in 2022 notwithstanding the
challenges in the market.
Every achievement that Hywin has made this year was made
possible by the trust and support from our shareholders, clients,
employees and partners. We will stay focused on creating sustaining
value for our clients and share our successes with our
shareholders.
Thank you again for your continued support! The best is yet to
come.
Yours faithfully,Dian WangCEO and Director, Hywin Holdings
Ltd.
Investor Contact:Hywin Holdings
Ltd.Email: ir@hywinwealth.com
Media Contact:ICR, LLCEdmond LococoPhone: +86
138-1079-1408Email: HywinPR@icrinc.com
Hywin (NASDAQ:HYW)
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