Noah Holdings Limited (NOAH)

Noah Reports Q1 2026 Earnings: Transformation Momentum Continues, Driven by Scalable AI Breakthroughs and Long-Term Growth EnginesMay 28, 2026 10:09 PM
PR Newswire (US) AI integration and disciplined expansion drive operating margin to 37.8%Domestic business refocusing on long-term investments; RMB-denominated private secondary products increased 63.6% year-over-yearGlobal network transitions from license deployment to active execution, lifting overseas AUA to RMB 66.1 billion (US$9.6 billion)Robust capital return program continues with ongoing share repurchases and proposed dividends representing a total payout equivalent to 100% of full-year 2025 non-GAAP net incomeSINGAPORE, May 28, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the first quarter ended March 31, 2026.During the first quarter of 2026, net revenues grew 1.8% year-over-year to RMB625.8 million (US$90.7 million) driven by performance-based income from domestic private secondary products. This was partially offset by a decrease in one-time commissions from insurance products. Income from operations rose 27.1% year-over-year to RMB236.4 million (US$34.3 million), primarily due to disciplined cost control on employee compensation and structural efficiency initiatives. While reported non-GAAP net income was RMB133.9 million (US$19.4 million), underlying core earnings remained highly resilient; excluding non-operational volatility from equity in affiliates, non-GAAP net income would have reached RMB216.4 million, representing 28% year-over-year growth.Jingbo Wang, Co-founder, Chairlady, NOAH Holdings, commented, "Noah's evolution into an AI-driven, global platform serving Chinese families everywhere has shown clear momentum. In the first quarter of 2026, we observed three increasingly visible trends: an improving profitability structure, our domestic business regaining momentum, and overseas business growth. AI continues to fundamentally redefine the wealth management industry, and as our global network moves from license deployment to operational execution, we expect the institutional integration of AI to be a key driver for sustainable, long-term growth."Zander Yin, CEO of Noah Holdings, stated, "Our profitability structure continues to improve, with operating margin this quarter reaching one of the highest quarterly levels in recent years. We expect full-year operating margin to remain in a healthy range above 30%, although quarter-to-quarter fluctuations are natural due to product mix and expense timing. As our various businesses and AI transformation efforts continue to deliver results, we remain confident in our ability to remain profitable over the long term across various market cycles."Domestic Business: Return to Core Asset Allocation Drives Double-Digit GrowthDomestically, Noah successfully refocused its strategic resources on long-term investment capabilities. Active clients reached 10,742, up 21.8% year-over-year. Transaction value of RMB-denominated mutual fund products reached RMB 9.9 billion (US$1.4 billion), up 130.2% year-over-year, while transaction value of RMB-denominated private secondary products reached RMB 5.4 billion, up 63.6% year-over-year. This operational momentum was led by Noah Upright, which recorded a 63.1% year-over-year revenue increase to RMB207.8 million (US$30.1 million).Noah is focusing its domestic business on the secondary market and building out its asset allocation capabilities, prioritizing public mutual funds, private secondary products, AI-driven operations, and Noah Upright's distribution platform.Overseas Business: Registered Overseas Clients and AUA Up, New Licenses SecuredNoah's overseas expansion continued its steady upward trajectory, with total registered overseas clients reaching 20,373, up 11.9% year-over-year, and overseas assets under advisory (AUA) rising 0.7% year-over-year to RMB 66.1 billion (US$9.6 billion). Quarterly transaction value for U.S. dollar-denominated products held steady at US$1.15 billion. Strategically, the Company advanced from regional license deployment to active global execution, highlighted by the official inauguration of N+ Club in Tokyo on May 8, 2026, and final regulatory approval for its U.S. broker-dealer license.Notably, the Company's Singapore booking center served as a successful pilot for its new "AI + Wealth Management" department, which has helped deliver a 191.7% growth in AUA on top of improvements in client outreach, service responsiveness, and the professionalism of asset allocation.Accelerated AI Integration and Structural Profitability ImprovementsAI is fundamentally redefining wealth management by shifting the industry away from linear, headcount-driven growth toward a scalable, platform-based model. Noah has translated this trend into concrete operational efficiency, leveraging AI to streamline client research and back-office workflows while driving first-quarter operating margin to a near-record 37.8%.Noah's AI strategy is driven by three collaborative front-office engines: AI-enhanced relationship managers who focus on deep client engagement over repetitive tasks, a lean AI+ Wealth Management Department that uses digital automation to scale client operations globally without headcount expansion, and AI plus ecosystem expansion, which provides external advisors and family offices with an open platform for global assets, compliance, and execution. Looking ahead, Noah will continue to advance its long-term AI buildout across four core dimensions: clients, relationship managers, products, and governance.Balance Sheet and Shareholder ReturnsNoah's balance sheet remains highly liquid, with RMB5.1 billion in cash, cash equivalents, and short-term investments, and zero interest-bearing debt as of March 31, 2026. Reflecting management's confidence in the Company's intrinsic value, Noah continued its share repurchase program, buying back approximately 1.81 million ADSs for US$20 million during the quarter. Furthermore, the Board of Directors approved an annual dividend of approximately RMB306.0 million (US$43.8 million) and a special dividend of approximately RMB306.0 million (US$43.8 million), pending shareholder approval, representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income attributable to Noah shareholders.ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website at ir.noahgroup.com.SAFE HARBOR STATEMENTThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. View original content:https://www.prnewswire.com/news-releases/noah-reports-q1-2026-earnings-transformation-momentum-continues-driven-by-scalable-ai-breakthroughs-and-long-term-growth-engines-302785189.htmlSOURCE Noah Holdings Limited Original: Noah Reports Q1 2026 Earnings: Transformation Momentum Continues, Driven by Scalable AI Breakthroughs and Long-Term Growth Engines

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026May 27, 2026 4:30 PM
PR Newswire (US) SINGAPORE, May 27, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, announced its unaudited financial results for the first quarter of 2026.FIRST QUARTER 2026 FINANCIAL HIGHLIGHTSNet revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products, and a 14.7% decrease quarter-on-quarter, primarily due to a decrease in performance-based income from overseas private equity products as compared with the fourth quarter of 2025.Income from operations for the first quarter of 2026 was RMB236.4 million (US$34.3 million), a 27.1% increase from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025, primarily due to a higher loss from equity in affiliates, partially offset by lower operating costs and expenses.Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.FIRST QUARTER 2026 OPERATIONAL UPDATESThe Company reports its operational performance across six business segments — three domestic and three overseas — plus headquarters. The following updates provide segment-specific operating metrics and developments during the first quarter of 2026.Group-wide Operating MetricsTotal number of registered clients as of March 31, 2026 was 468,983, a 1.3% increase from March 31, 2025, and a 0.2% increase from December 31, 2025.Total number of active clients[2] for the first quarter of 2026 was 10,742, a 21.8% increase from the first quarter of 2025 and a 4.7% increase from the fourth quarter of 2025.Aggregate value of investment products distributed during the first quarter of 2026 was RMB23.3 billion (US$3.4 billion), compared with RMB16.1 billion in the first quarter of 2025 and RMB17.0 billion in the fourth quarter of 2025, mainly due to increases of distributing domestic public securities.Total assets under management as of March 31, 2026 were RMB140.2 billion (US$20.3 billion), compared with RMB149.3 billion as of March 31, 2025 and RMB141.7 billion as of December 31, 2025, mainly due to continuous allocation of domestic private equity products.Distribution of Investment ProductsThe aggregate value of investment products distributed, categorized by product type, is as follows: 

Three months ended March 31,


2025

2026


(RMB in billions, except percentages)
Mutual fund products

7.6


47.2 %


12.9


55.3 %
Private secondary products

6.1


37.9 %


8.4


36.1 %
Private equity products

1.5


9.3 %


1.2


5.2 %
Other products[3]

0.9


5.6 %


0.8


3.4 %
All products

16.1


100.0 %


23.3


100.0 %
 [1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.[2] "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. The aggregate value of investment products distributed, categorized by geography, is as follows: Type of products in mainland
Three months ended March 31,
China
2025

2026


(RMB in billions, except percentages)
Mutual fund products

4.3


53.7 %


9.9


64.7 %
Private secondary products

3.3


41.3 %


5.4


35.3 %
Other products

0.4


5.0 %


-


-
All products in mainland China

8.0


100.0 %


15.3


100.0 %






Three months ended March 31,
Type of overseas products
2025

2026


(RMB in billions, except percentages)
Mutual fund products

3.3


40.7 %


3.0


37.5 %
Private secondary products

2.8


34.6 %


3.0


37.5 %
Private equity products

1.5


18.5 %


1.2


15.0 %
Other products

0.5


6.2 %


0.8


10.0 %
All overseas products

8.1


100.0 %


8.0


100.0 %
Assets Under ManagementTotal assets under management, categorized by investment type, are as follows: Investment type
As of
December 31,
2025

Growth

Allocation/
Redemption[4]

As of
March 31,
2026


(RMB billions, except percentages)
Private equity

127.0


89.6 %


0.4


1.4


126.0


89.8 %

Public securities[5]

8.6


6.1 %


0.8


1.0


8.4


6.0 %

Real estate

4.1


2.9 %


-


0.1


4.0


2.9 %

Multi-strategies

2.0


1.4 %


-


0.2


1.8


1.3 %

All Investments

141.7


100.0 %


1.2


2.7


140.2


100.0 %




























 Total assets under management, categorized by geography, are as follows: Mainland China
Investment type
As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026



(RMB billions, except percentages)

Private equity

93.6


94.3 %


-


1.3


92.3


94.6 %

Public securities

4.1


4.1 %


0.2


0.5


3.8


3.9 %

Real estate

0.2


0.2 %


-


0.1


0.1


0.1 %

Multi-strategies

1.4


1.4 %


-


-


1.4


1.4 %

All Investments

99.3


100.0 %


0.2


1.9


97.6


100.0 %



OverseasInvestment type
As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026


(RMB billions, except percentages)
Private equity

33.4


78.8 %


0.4


0.1


33.7


79.1 %

Public securities

4.5


10.6 %


0.6


0.5


4.6


10.8 %

Real estate

3.9


9.2 %


-


-


3.9


9.2 %

Multi-strategies

0.6


1.4 %


-


0.2


0.4


0.9 %

All Investments

42.4


100.0 %


1.0


0.8


42.6


100.0 %

 [4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.[5] The asset allocation/redemption of public securities also includes market appreciation or depreciation.Segment Operating MetricsDomestic BusinessOur domestic operations are organized into three reportable segments: Domestic public securities, Domestic asset management, and Domestic insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.Domestic public securitiesDomestic public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an "online-first, offline-supported" business model, with the goal of facilitating global asset allocation through RMB-denominated products.Transaction value of public securities products distributed in mainland China during the first quarter of 2026 was RMB9.9 billion (US$1.4 billion), a 130.2% increase from RMB4.3 billion in the first quarter of 2025 and a 67.8% increase from RMB5.9 billion in the fourth quarter of 2025.Transaction value of RMB-denominated private secondary products distributed in mainland China during the first quarter of 2026 was RMB5.4 billion (US$0.8 billion), a 63.6% increase from RMB3.3 billion in the first quarter of 2025 and a 145.5% increase from RMB2.2 billion in the fourth quarter of 2025.Number of active clients in this segment during the first quarter of 2026 was 7,877, a 36.1% increase from the first quarter of 2025.Number of licensed relationship managers serving this segment was 201 as of March 31, 2026, compared with 198 as of March 31, 2025.Domestic asset management Domestic asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.AUM of RMB-denominated private equity products as of March 31, 2026 was RMB92.3 billion (US$13.4 billion), compared with RMB97.3 billion as of March 31, 2025 and RMB93.6 billion as of December 31, 2025, mainly due to our continuous effort on exiting private equity products.AUM of RMB-denominated public securities products as of March 31, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.3 billion as of March 31, 2025 and RMB4.1 billion as of December 31, 2025.Net flow during the quarter: new AUM added was RMB0.2 billion (US$2.9 million) and AUM allocated/redeemed was RMB1.9 billion (US$0.3 billion) during the first quarter of 2026.Domestic insuranceDomestic insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the first quarter of 2026 were RMB1.4 million (US$0.2 million).Overseas BusinessOur overseas operations are organized into three reportable segments: Overseas wealth management, Overseas asset management, and Overseas insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.Overseas wealth management Overseas wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to provide comprehensive services using our booking center in Hong Kong and Singapore.Number of overseas registered clients as of March 31, 2026 was 20,373, an 11.9% increase from March 31, 2025 and a 1.9% increase from December 31, 2025.Number of overseas active clients who transacted with us during the first quarter of 2026 was 3,219, a 4.9% decrease from the first quarter of 2025 and a 1.3% decrease from the fourth quarter of 2025, mainly due to decreased transactions of insurance products.Transaction value of overseas investment products distributed during the first quarter of 2026 was RMB8.0 billion (US$1.2 billion), compared with RMB8.1 billion in the first quarter of 2025 and RMB8.8 billion in the fourth quarter of 2025.Overseas AUA (assets under advisory, including distributed products) as of March 31, 2026 was RMB66.1 billion (US$9.6 billion), compared with RMB66.4 billion as of December 31, 2025 and RMB65.7 billion as of March 31, 2025.Number of overseas relationship managers working under this segment was 89 as of March 31, 2026, compared with 96 as of March 31, 2025 and 94 as of December 31, 2025.AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 191.7% growth in AUA from December 31, 2025 to March 31, 2026.Overseas asset managementOverseas asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.Actively managed overseas AUM as of March 31, 2026 was RMB42.6 billion (US$6.2 billion), compared with RMB42.4 billion as of December 31, 2025 and RMB42.7 billion as of March 31, 2025.Number of relationship managers working under this segment was 43 as of March 31, 2026, compared with 35 as of March 31, 2025 and 46 as of December 31, 2025.Overseas insurance and comprehensive servicesOverseas insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive overseas services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.Number of active clients in this segment during the first quarter of 2026 was 79, compared with 159 during the first quarter of 2025 and 90 during the fourth quarter of 2025.Number of clients receiving comprehensive services was 727 as of March 31, 2026, compared with 709 as of March 31, 2025.HeadquartersHeadquarters reflects revenue generated from corporate operations at the Company's headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: "Entering 2026, Noah stands structurally different and is entering what we define as the 'growth verification phase'. Our performance in the first quarter reflects this momentum, with income from operations reaching RMB236.4 million, a 27.1% increase from the corresponding period in 2025. This growth was driven by disciplined cost controls and a robust recovery in our domestic public securities segment, which saw a 75.7% surge in operating income.Our vision for 2026 and beyond is anchored in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core part of our structural infrastructure. Strategically, we are moving beyond single-market reliance to a model of global multi-market synergy. Our global architecture—comprising ARK for client connectivity, Olive for global asset management, and Glory for family heritage services—is now firmly in place. In Singapore, we pioneered the 'AI + Wealth Management' department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by a 191.7% growth in AUA from December 31, 2025 to March 31, 2026. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.With a solid balance sheet and a commitment to long-term value, we remain focused on sharing our success with shareholders. While the environment remains dynamic, the combination of our structural resilience, international breakthrough, and AI-driven evolution positions Noah to follow a more sustainable and prosperous path over time."FIRST QUARTER 2026 FINANCIAL RESULTSNet RevenuesNet revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products. Net Revenues under the segmentation are as follows:
(RMB millions,except percentages)
Q1 2025

Q1 2026

YoY Change
Domestic public securities

127.5


207.8


63.1 %
Domestic asset management

167.0


174.5


4.5 %
Domestic insurance

6.4


1.4


(78.9 %)
Overseas wealth management

162.0


104.0


(35.8 %)
Overseas asset management

112.0


91.7


(18.1 %)
Overseas insurance and comprehensive services

30.2


37.6


24.4 %
Headquarters

9.5


8.8


(7.8 %)
Total net revenues

614.6


625.8


1.8 %
 Net revenues for domestic public securities for the first quarter of 2026 were RMB207.8 million (US$30.1 million), a 63.1% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.Net revenues for domestic asset management for the first quarter of 2026 were RMB174.5 million (US$25.3 million), a 4.5% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from domestic asset management products, partially offset by a decrease in recurring service fees from private equity products.Net revenues for domestic insurance for the first quarter of 2026 were RMB1.4 million (US$0.2 million), a 78.9% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.Net revenues for overseas wealth management for the first quarter of 2026 were RMB104.0 million (US$15.1 million), a 35.8% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of overseas products.Net revenues for overseas asset management for the first quarter of 2026 were RMB91.7 million (US$13.3 million), an 18.1% decrease from the corresponding period in 2025, primarily due to a decrease in performance-based income from overseas private equity products as compared with the corresponding period in 2025.Net revenues for overseas insurance and comprehensive services for the first quarter of 2026 were RMB37.6 million (US$5.4 million), a 24.4% increase from the corresponding period in 2025, primarily due to an increase in other service fees.Net revenues for Headquarters for the first quarter of 2026 were RMB8.8 million (US$1.3 million), a 7.8% decrease from RMB9.5 million for the corresponding period in 2025.Operating Costs and ExpensesOperating costs and expenses for the first quarter of 2026 were RMB389.3 million (US$56.4 million), a 9.2% decrease from the corresponding period in 2025. Operating costs and expenses for the first quarter of 2026 primarily consisted of (i) compensation and benefits of RMB266.7 million (US$38.7 million); (ii) selling expenses of RMB36.2 million (US$5.2 million); (iii) general and administrative expenses of RMB66.8 million (US$9.7 million); (iv) provision for credit losses of RMB3.2 million (US$0.5 million); and (v) other operating expenses of RMB16.6 million (US$2.4 million).Operating costs and expenses for domestic public securities for the first quarter of 2026 were RMB40.9 million (US$5.9 million), a 26.0% increase from the corresponding period in 2025, mainly due to an increase in compensation and benefits in line with revenue growth.Operating costs and expenses for domestic asset management for the first quarter of 2026 were RMB23.1 million (US$3.4 million), a 25.6% decrease from the corresponding period in 2025, mainly attributable to our continuous decreases of headcounts within this segment.Operating costs and expenses for domestic insurance for the first quarter of 2026 were RMB5.0 million (US$0.7 million), a 77.6% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from domestic insurance business.Operating costs and expenses for overseas wealth management for the first quarter of 2026 were RMB78.6 million (US$11.4 million), a 24.4% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.Operating costs and expenses for overseas asset management for the first quarter of 2026 were RMB32.6 million (US$4.7 million), a 49.3% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with overseas asset management business expansion.Operating costs and expenses for overseas insurance and comprehensive services for the first quarter of 2026 were RMB32.6 million (US$4.7 million), an 18.9% increase from the corresponding period in 2025, primarily due to an increase in costs related to commission-only brokers and provision for credit losses.Operating costs and expenses for headquarters for the first quarter of 2026 were RMB176.5 million (US$25.6 million), a 6.9% decrease from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation. Income(loss) from operationsIncome(loss) from operations under the segmentation is as follows: 
(RMB millions,except percentages)
Q1 2025

Q1 2026

YoY Change
Domestic public securities

95.0


166.9


75.7 %
Domestic asset management

135.9


151.4


11.4 %
Domestic insurance

(15.7)


(3.6)


(77.1 %)
Overseas wealth management

58.1


25.4


(56.2 %)
Overseas asset management

90.1


59.1


(34.5 %)
Overseas insurance and comprehensive services

2.7


4.9


79.7 %
Headquarters

(180.1)


(167.7)


(6.9 %)
Total income from operations

186.0


236.4


27.1 %
 Income from operations for domestic public securities for the first quarter of 2026 was RMB166.9 million (US$24.2 million), a 75.7% increase from the corresponding period in 2025.Income from operations for domestic asset management for the first quarter of 2026 was RMB151.4 million (US$21.9 million), an 11.4% increase from the corresponding period in 2025.Loss from operations for domestic insurance for the first quarter of 2026 was RMB3.6 million (US$0.5 million), a 77.1% decrease from the corresponding period in 2025, reflecting a narrower loss.Income from operations for overseas wealth management for the first quarter of 2026 was RMB25.4 million (US$3.7 million), a 56.2% decrease from the corresponding period in 2025.Income from operations for overseas asset management for the first quarter of 2026 was RMB59.1 million (US$8.6 million), a 34.5% decrease from the corresponding period in 2025.Income from operations for overseas insurance and comprehensive services for the first quarter of 2026 was RMB4.9 million (US$0.7 million), a 79.7% increase from the corresponding period in 2025.Loss from operations for headquarters for the first quarter of 2026 was RMB167.7 million (US$24.3 million), a 6.9% decrease from the corresponding period in 2025, reflecting disciplined cost control on employee compensation.Operating MarginOperating margin for the first quarter of 2026 was 37.8%, compared with 30.3% for the corresponding period in 2025.Interest IncomeInterest income for the first quarter of 2026 was RMB32.0 million (US$4.6 million), a 2.3% decrease from the corresponding period in 2025.Investment (Loss) Income Investment loss for the first quarter of 2026 was RMB2.0 million (US$0.3 million), compared with income of RMB6.3 million in the corresponding period in 2025, primarily due to unrealized losses resulting from fair value changes in certain equity securities.Income Tax Expense Income tax expense for the first quarter of 2026 was RMB66.7 million (US$9.7 million), a 10.0% increase from the corresponding period in 2025.Net IncomeNet income for the first quarter of 2026 was RMB123.2 million (US$17.9 million), a 17.8% decrease from the corresponding period in 2025.Net margin for the first quarter of 2026 was 19.7%, compared with 24.4% for the corresponding period in 2025.Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025.Net margin attributable to Noah shareholders for the first quarter of 2026 was 19.9%, compared with 24.2% for the corresponding period in 2025.Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2026 was RMB1.81 (US$0.26) and RMB1.79 (US$0.26), respectively, compared with RMB2.13 and RMB2.11, respectively, for the corresponding period in 2025.Non-GAAP Net Income Attributable to Noah ShareholdersNon-GAAP net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2026 was 21.4%, compared with 27.5% for the corresponding period in 2025.Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2026 was RMB1.92 (US$0.28), compared with RMB2.39 for the corresponding period in 2025.BALANCE SHEET AND CASH FLOWAs of March 31, 2026, the Company had RMB4,280.7 million (US$620.6 million) in cash and cash equivalents, compared with RMB4,360.9 million as of December 31, 2025 and RMB4,075.4 million as of March 31, 2025.Net cash inflow from the Company's operating activities during the first quarter of 2026 was RMB212.4 million (US$30.8 million), compared with RMB253.4 million in the corresponding period in 2025, primarily attributable to changes in net income and the non-cash adjustment for equity method investments.Net cash outflow from the Company's investing activities during the first quarter of 2026 was RMB123.7 million (US$17.9 million), compared with a net cash inflow of RMB20.0 million in the corresponding period in 2025, primarily due to the purchase of certain time deposits with a maturity of more than three months in the first quarter of 2026.Net cash outflow from the Company's financing activities was RMB129.0 million (US$18.7 million) in the first quarter of 2026, compared to net cash outflow of RMB9.4 million in the corresponding period in 2025, primarily due to share repurchases in the first quarter of 2026.CONFERENCE CALLThe Company's senior management will host an earnings conference call to discuss its Q1 2026 Results and recent business activities. Details of the conference call are as follows:Dial-in details:Conference title:Noah Holdings 1Q 2026 Earnings Conference CallDate/Time:Wednesday, May 27, 2026 at 8:00 p.m., U.S. Eastern TimeThursday, May 28, 2026 at 8:00 a.m., Hong Kong TimeDial in:
– Hong Kong Toll Free:800-963976– United States Toll Free:1-888-317-6003– Mainland China Toll Free:+86-4001-206115– International Toll:1-412-317-6061Participant Password:4079483A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.DISCUSSION ON NON-GAAP MEASURESIn addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website at ir.noahgroup.com.FOREIGN CURRENCY TRANSLATIONIn this announcement, the unaudited financial results for the first quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.-- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- Noah Holdings LimitedCondensed Consolidated Balance Sheets(unaudited)




As of


December 31,
2025

March 31,
2026

March 31,
2026


RMB'000

RMB'000

USD'000
Assets











Current assets:











Cash and cash equivalents

4,360,918


4,280,733


620,576
Restricted cash

11,143


11,247


1,630
Short-term investments

657,563


833,752


120,869
Accounts receivable, net

420,132


334,686


48,519
Amounts due from related parties

596,800


680,951


98,717
Loans receivable, net

112,416


111,690


16,192
Other current assets

201,573


211,822


30,708
Total current assets

6,360,545


6,464,881


937,211
Long-term investments, net

1,172,012


1,160,937


168,301
Investment in affiliates

1,326,131


1,142,706


165,658
Property and equipment, net

2,356,440


2,325,755


337,164
Operating lease right-of-use assets, net

103,027


92,047


13,344
Deferred tax assets

310,287


310,049


44,948
Other non-current assets

112,492


115,565


16,753
Total Assets

11,740,934


11,611,940


1,683,379
Liabilities and Equity











Current liabilities:











Accrued payroll and welfare expenses

407,558


404,475


58,637
Income tax payable

147,510


146,668


21,262
Deferred revenues

54,398


58,961


8,548
Contingent liabilities

505,496


504,920


73,198
Other current liabilities

312,240


244,855


35,497
Total current liabilities

1,427,202


1,359,879


197,142
Deferred tax liabilities

263,608


261,653


37,932
Operating lease liabilities, non-current

60,344


52,475


7,607
Other non-current liabilities

6,820


6,936


1,006
Total Liabilities

1,757,974


1,680,943


243,687
Equity

9,982,960


9,930,997


1,439,692
Total Liabilities and Equity

11,740,934


11,611,940


1,683,379
  Noah Holdings LimitedCondensed Consolidated Income Statements(unaudited)




Three months ended


March 31,

March 31,

March 31,





2025

2026

2026

Change


RMB'000

RMB'000

USD'000



Revenues:











Revenues from others:















One-time commissions

154,991


113,065


16,391


(27.1 %)
Recurring service fees

151,596


147,525


21,387


(2.7 %)
Performance-based income

13,986


80,585


11,682


476.2 %
Other service fees

36,863


33,878


4,911


(8.1 %)
Total revenues from others

357,436


375,053


54,371


4.9 %
Revenues from funds Gopher/Olive manages:















One-time commissions

3,750


1,191


173


(68.2 %)
Recurring service fees

244,380


234,594


34,009


(4.0 %)
Performance-based income

14,529


20,074


2,910


38.2 %
Total revenues from funds Gopher/Olive manages

262,659


255,859


37,092


(2.6 %)
Total revenues

620,095


630,912


91,463


1.7 %
Less: VAT related surcharges

(5,501)


(5,161)


(748)


(6.2 %)
Net revenues

614,594


625,751


90,715


1.8 %
Operating costs and expenses:















Compensation and benefits















Relationship manager compensation

(122,568)


(102,462)


(14,854)


(16.4 %)
Other compensations

(181,327)


(164,280)


(23,817)


(9.4 %)
Total compensation and benefits

(303,895)


(266,742)


(38,671)


(12.2 %)
Selling expenses

(51,072)


(36,207)


(5,249)


(29.1 %)
General and administrative expenses

(64,441)


(66,835)


(9,689)


3.7 %
Provision for credit losses

(2,810)


(3,170)


(460)


12.8 %
Other operating expenses

(15,699)


(16,574)


(2,403)


5.6 %
Government subsidies

9,331


215


31


(97.7 %)
Total operating costs and expenses

(428,586)


(389,313)


(56,441)


(9.2 %)
Income from operations

186,008


236,438


34,274


27.1 %
Other income (expense):















Interest income

32,801


32,048


4,646


(2.3 %)
Investment income (loss)

6,270


(2,011)


(292)


N.A.
Contingent litigation expenses, net

-


(2,730)


(396)


N.A.
Other expense

(3,081)


(8,528)


(1,236)


176.8 %
Total other income

35,990


18,779


2,722


(47.8 %)
Income before taxes and income from equity in affiliates

221,998


255,217


36,996


15.0 %
Income tax expense

(60,605)


(66,660)


(9,664)


10.0 %
Loss from equity in affiliates

(11,574)


(65,343)


(9,473)


464.6 %
Net income

149,819


123,214


17,859


(17.8 %)
Less: net income (loss) attributable to non-controlling
interests

855


(1,501)


(218)


N.A.
Net income attributable to Noah shareholders

148,964


124,715


18,077


(16.3 %)

















Income per ADS, basic

2.13


1.81


0.26


(15.0 %)
Income per ADS, diluted

2.11


1.79


0.26


(15.2 %)
Margin analysis:















Operating margin

30.3 %


37.8 %


37.8 %




Net margin

24.4 %


19.7 %


19.7 %




Weighted average ADS equivalent [1]:















Basic

69,913,957


69,020,208


69,020,208




Diluted

70,600,397


69,819,250


69,819,250




ADS equivalent outstanding at end of period

66,508,418


65,446,158


65,446,158





















[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.
  Noah Holdings LimitedCondensed Comprehensive Income Statements(unaudited)


Three months ended





March 31,

March 31,

March 31,





2025

2026

2026

Change


RMB'000

RMB'000

USD'000



Net income

149,819


123,214


17,859


(17.8 %)
Other comprehensive income (loss), net of tax:















Foreign currency translation adjustments

(22,834)


(58,364)


(8,461)


155.6 %
Fair value fluctuation of available-for-sale Investment
    (after tax)

233


233


34


-
Comprehensive income

127,218


65,083


9,432


(48.8 %)
Less: Comprehensive income (loss) attributable to
    non-controlling interests

910


(1,421)


(206)


N.A.
Comprehensive income attributable to Noah
     shareholders

126,308


66,504


9,638


(47.3 %)
  Noah Holdings LimitedSegment Condensed Income Statements(unaudited)


Three months ended March 31, 2026


Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total


RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000
Revenues:































Revenues from others































One-time commissions

25,733


684


1,362


54,565


7,614


23,107


-


113,065
Recurring service fees

91,475


26,029


-


13,493


16,528


-


-


147,525
Performance-based income

80,569


-


-


-


16


-


-


80,585
Other service fees

-


-


-


7,389


-


14,450


12,039


33,878
Total revenues from others

197,777


26,713


1,362


75,447


24,158


37,557


12,039


375,053
Revenues from funds Gopher/Olive
  manages































One-time commissions

1,021


170


-


-


-


-


-


1,191
Recurring service fees

8,375


131,000


-


28,567


66,652


-


-


234,594
Performance-based income

2,205


17,029


-


-


840


-


-


20,074
Total revenues from funds
   Gopher/Olive manages

11,601


148,199


-


28,567


67,492


-


-


255,859
Total revenues

209,378


174,912


1,362


104,014


91,650


37,557


12,039


630,912
Less: VAT related surcharges

(1,541)


(364)


(5)


-


-


-


(3,251)


(5,161)
Net revenues

207,837


174,548


1,357


104,014


91,650


37,557


8,788


625,751
Operating costs and expenses:































Compensation and benefits
     Relationship manager compensation

(30,398)


(4,728)


(508)


(51,913)


(9,879)


(5,036)


-


(102,462)
     Other compensations

(7,130)


(17,001)


(2,820)


(15,947)


(19,492)


(11,215)


(90,675)


(164,280)
Total compensation and benefits

(37,528)


(21,729)


(3,328)


(67,860)


(29,371)


(16,251)


(90,675)


(266,742)
Selling expenses

(2,986)


(1,105)


(144)


(8,865)


(3,390)


(2,461)


(17,256)


(36,207)
General and administrative
   expenses

(15)


(955)


(1,486)


(560)


(500)


(2,013)


(61,306)


(66,835)
Reversal of (Provision for) credit
   losses

-


646


-


-


-


(3,476)


(340)


(3,170)
Other operating expenses

(388)


(204)


-


(1,280)


673


(8,440)


(6,935)


(16,574)
Government subsidies

6


207


2


-


-


-


-


215
Total operating costs and expenses

(40,911)


(23,140)


(4,956)


(78,565)


(32,588)


(32,641)


(176,512)


(389,313)
Income (loss) from operations

166,926


151,408


(3,599)


25,449


59,062


4,916


(167,724)


236,438
  Noah Holdings LimitedSegment Condensed Income Statements(unaudited)


Three months ended March 31, 2025


Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total


RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000
Revenues:































Revenues from others































One-time commissions

14,034


68


6,474


105,689


5,532


23,194


-


154,991
Recurring service fees

85,803


35,392


-


9,120


21,281


-


-


151,596
Performance-based income

13,800


45


-


-


141


-


-


13,986
Other service fees

-


-


-


16,315


-


6,992


13,556


36,863
Total revenues from others

113,637


35,505


6,474


131,124


26,954


30,186


13,556


357,436
Revenues from funds Gopher/Olive
  manages































One-time commissions

3,336


-


-


290


124


-


-


3,750
Recurring service fees

10,669


131,673


-


30,611


71,427


-


-


244,380
Performance-based income

1,076


-


-


-


13,453


-


-


14,529
Total revenues from funds
    Gopher/Olive manages

15,081


131,673


-


30,901


85,004


-


-


262,659
Total revenues

128,718


167,178


6,474


162,025


111,958


30,186


13,556


620,095
Less: VAT related surcharges

(1,252)


(186)


(37)


-


-


-


(4,026)


(5,501)
Net revenues

127,466


166,992


6,437


162,025


111,958


30,186


9,530


614,594
Operating costs and expenses:































Compensation and benefits
     Relationship manager compensation

(21,798)


(14,966)


(8,692)


(70,217)


(1,303)


(5,592)






(122,568)
     Other compensations

(7,050)


(15,918)


(7,598)


(19,840)


(14,956)


(11,554)


(104,411)


(181,327)
Total compensation and benefits

(28,848)


(30,884)


(16,290)


(90,057)


(16,259)


(17,146)


(104,411)


(303,895)
Selling expenses

(3,140)


(2,044)


(3,669)


(12,857)


(5,361)


(2,606)


(21,395)


(51,072)
General and administrative
   expenses

(118)


(1,092)


(2,213)


(1,047)


(205)


(575)


(59,191)


(64,441)
Provision for credit losses

-


-


-


-


-


(1,600)


(1,210)


(2,810)
Other operating expenses

(410)


(2,380)


-


-


-


(5,523)


(7,386)


(15,699)
Government subsidies

40


5,309


12


-


-


-


3,970


9,331
Total operating costs and expenses

(32,476)


(31,091)


(22,160)


(103,961)


(21,825)


(27,450)


(189,623)


(428,586)
Income (loss) from operations

94,990


135,901


(15,723)


58,064


90,133


2,736


(180,093)


186,008
  Noah Holdings LimitedSupplemental Revenue Information by Geography(unaudited)




Three months ended





March 31,
2025

March 31, 
2026

Change


(in thousands of RMB, except percentages)
Revenues:











Mainland China

315,927


397,691


25.9 %
Hong Kong

227,148


174,242


(23.3 %)
Others

77,020


58,979


(23.4 %)
Total revenues

620,095


630,912


1.7 %
  Noah Holdings LimitedSupplemental Business Information by Product Types(unaudited)




Three months ended





March 31,
2025

March 31,
2026

Change


(in thousands of RMB, except percentages)
Mainland China:











Public securities products [1]

128,720


209,378


62.7 %
Private equity products

166,769


174,912


4.9 %
Insurance products

6,474


1,362


(79.0 %)
Others

13,964


12,039


(13.8 %)
Subtotal

315,927


397,691


25.9 %













Overseas:











Investment products [2]

156,714


145,065


(7.4 %)
Insurance products

115,976


59,908


(48.3 %)
Online business [3]

10,495


9,378


(10.6 %)
Others

20,983


18,870


(10.1 %)
Subtotal

304,168


233,221


(23.3 %)
Total revenues

620,095


630,912


1.7 %


[1] Includes mutual funds and private secondary products.[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate
products and private credit products.[3] Includes money market mutual fund products, securities brokerage business.
  Noah Holdings LimitedSupplemental Operational Information(unaudited)




As of





March 31,
2025

March 31,
2026

Change
Number of registered clients

463,161


468,983


1.3 %















Three months ended





March 31,
2025

March 31,
2026

Change


(in millions of RMB, except number of active clients and
percentages)
Number of active clients

8,822


10,742


21.8 %
Transaction value:











Private equity products

1,461


1,189


(18.6 %)
Private secondary products

6,114


8,367


36.8 %
Mutual fund products

7,595


12,899


69.8 %
Other products

934


864


(7.5 %)
Total transaction value

16,104


23,319


44.8 %
  Noah Holdings LimitedSupplemental Information of Overseas Business(unaudited)


Three months ended





March 31,
2025

March 31,
2026

Change
Net Revenues from Overseas (RMB, million)

304.2


233.2


(23.3 %)
Number of Overseas Registered Clients

18,207


20,373


11.9 %
Number of Overseas Active Clients

3,384


3,219


(4.9 %)
Transaction Value of Overseas Investment Products (RMB, billion)

8.1


8.0


(1.2 %)
Number of Overseas Relationship Managers

131


132


0.8 %
Overseas Assets Under Management (RMB, billion)

42.7


42.6


(0.2 %)
Overseas Assets Under Advisory (RMB, billion)

65.7


66.1


0.7 %
  Noah Holdings LimitedReconciliation of GAAP to Non-GAAP Results(In RMB, except for per ADS data and percentages)(unaudited)




Three months ended





March 31,

March 31,





2025

2026

Change


RMB'000

RMB'000



Net income attributable to Noah shareholders

148,964


124,715


(16.3 %)
Adjustment for share-based compensation

24,780


11,349


(54.2 %)
Less: tax effect of adjustments

4,956


2,200


(55.6 %)
Adjusted net income attributable to Noah shareholders (non-GAAP)

168,788


133,864


(20.7 %)













Net margin attributable to Noah shareholders

24.2 %


19.9 %




Non-GAAP net margin attributable to Noah shareholders

27.5 %


21.4 %

















Net income attributable to Noah shareholders per ADS, diluted

2.11


1.79


(15.2 %)
Non-GAAP net income attributable to Noah shareholders per ADS, diluted

2.39


1.92


(19.7 %)
   View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2026-302783375.htmlSOURCE Noah Holdings Limited Original: NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026

Noah to Report First Quarter 2026 Unaudited Financial Results on May 27, 2026May 14, 2026 6:15 AM
PR Newswire (US) SINGAPORE, May 14, 2026 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2026, after U.S. markets close on May 27, 2026.Noah's management team will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Wednesday, May 27, 2026 (8:00 a.m. Beijing/Hong Kong Time on Thursday, May 28, 2026). The conference call may be accessed with the following details:Dial-in details: Conference title:Noah Holdings Limited First Quarter 2026 Earnings Conference CallDate/Time:                                Wednesday, May 27, 2026, at 8:00 p.m., U.S. Eastern TimeThursday, May 28, 2026, at 8:00 a.m., Hong Kong TimeDial in:

– Hong Kong Toll Free:800-963976
– United States Toll Free:1-888-317-6003
– Mainland China Toll Free:4001-206115
– International Toll:1-412-317-6061
Participant Password:4079483



A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.A live and archived webcast of the conference call will be available on the Company's investor relations website under the "News & Events" section at http://ir.noahgroup.com.ABOUT NOAH HOLDINGS LIMITEDNoah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.In 2025, Noah distributed RMB67.0 billion (US$9.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB141.7 billion (US$20.3 billion) as of December 31, 2025.Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, Noah had established branches and service capabilities across mainland China, Hong Kong SAR, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.For more information, please visit Noah's investor relations website at ir.noahgroup.com.SAFE HARBOR STATEMENTThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.  View original content:https://www.prnewswire.com/news-releases/noah-to-report-first-quarter-2026-unaudited-financial-results-on-may-27-2026-302772243.htmlSOURCE Noah Holdings Limited Original: Noah to Report First Quarter 2026 Unaudited Financial Results on May 27, 2026

Letter from the Chairlady to Shareholders: Noah Holdings Fiscal Year 2025April 29, 2026 8:38 AM
PR Newswire (US)

SINGAPORE, April 29, 2026 /PRNewswire/ -- Dear Shareholders,On behalf of Noah's Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.For Noah, 2025 was a pivotal year—one that honored our legacy while opening a decisive new chapter for our future. If 2024 marked the inaugural year of our international expansion, 2025 represented the first year of a new phase following the successful completion of our structural transformation.Over the past several years, we have navigated profound shifts in both the industry and the global market environment. China, our home market, has undergone deep adjustments and significant challenges. Yet, it was precisely in this environment that we became even more determined to pursue globalization—to serve Chinese clients worldwide and to transform Noah from a "China-based wealth management company" into a "global wealth management platform for Chinese clients". Looking back, this journey has not been easy, but the direction is right, and the initial results are beginning to take shape.Staying the Course, Moving Forward Amid UncertaintySince our founding in 2005, Noah has been on its journey for more than two decades. We listed in the United States in 2010 and completed our dual-primary listing in Hong Kong in 2022. In every quarter since our listing, we have remained profitable, recording 61 consecutive quarters of Non-GAAP net profit while consistently generating positive operating cash flow. This track record, sustained across multiple market cycles, reflects our resilience and our proven ability to manage risk under varying conditions.Wealth management is an industry built on the accumulation of trust. In 2019, we faced the significant challenge of the Camsing incident. We chose to stand shoulder-to-shoulder with our clients and, with the utmost sincerity, reached settlements with the vast majority of those affected. While this decision created short-term pressure, it ultimately strengthened the foundation of trust in our company. The path was arduous, but we emerged stronger. I have always believed that what truly determines a company's long-term value is making the right decisions at critical moments—and holding firmly to our principles.International Expansion: From Exploration to ScaleOver the past three years, we have advanced our international strategy with determination and clarity. Today, we have established booking centers in major financial hubs, including Hong Kong, Singapore, and the United States, while continuing to expand into Japan, Canada, and other key markets.As of the end of 2025, overseas revenue accounted for nearly 50% of our total revenue, a substantial increase from approximately 27% in 2022. This milestone marks a structural shift from reliance on a single market to coordinated operations across a global ecosystem. By the end of 2025, our overseas registered client base neared 20,000, and overseas assets under advisement (AUA) reached US$9.5 billion. This dual growth in client numbers and asset scale has begun to generate meaningful economies of scale.History suggests that periods of global uncertainty often accelerate cross-border capital flows. Just as Swiss private banks rose to prominence after World War II, wealth tends to gravitate toward platforms that are secure, stable, and professional. With our global headquarters in Singapore—connecting China, Southeast Asia, and broader international markets—Noah is positioned with a significant strategic advantage.A Fundamental Industry Shift: Wealth Management in the AI EraIn the AI era, we are witnessing a new possibility: the ability to drive business growth and deepen client relationships through AI and integrated operational systems. This transformation is not merely about improving efficiency; it represents a systematic expansion of our service depth and business boundaries.In Singapore, we pioneered the "AI + Wealth Management" department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by rapid growth in related AUM. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.Building a Global Platform: Systemic ExcellenceWe are constructing a comprehensive platform ecosystem to support our global ambitions:ARK: Account management and investment execution.Olive: Global asset management capabilities.Glory: Insurance, trust, and legacy planning services.Our goal is to establish an integrated capability loop of client acquisition, asset allocation, service delivery, and succession planning, a platform that is replicable, scalable, and sustainable over the long term.Looking Ahead: Validating GrowthBeginning in 2026, we will enter a clearer phase focused on growth validation. Our priorities include expanding our overseas client base, driving growth in overseas asset allocation, and optimizing the revenue mix of our asset management business, Olive.Long-Term Commitment and Shareholder ReturnsNoah remains committed to long-termism. As of the end of 2025, the Company held approximately RMB 5.0 billion in cash and short-term investments. Our solid balance sheet supports continued investment in globalization and AI, while providing a strong foundation for shareholder returns.For the 2025 fiscal year, the Board has proposed a total dividend distribution of RMB 612 million, equivalent to 100% of our 2025 Non-GAAP net income. This marks the third consecutive year of a 100% payout ratio. We believe that as our transformation solidifies, Noah will achieve even more resilient and sustainable profitability for our shareholders.Sincerely,Jingbo Wang
Chairlady of the Board



View original content:https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.htmlSOURCE Noah Holdings Limited

Original: Letter from the Chairlady to Shareholders: Noah Holdings Fiscal Year 2025

Noah Holdings and ARK Wealth Management Win Top Honors from Asian Private Banker and Euromoney, Highlighting Expertise in Connecting Chinese Wealth to Global MarketsApril 14, 2026 4:37 AM
PR Newswire (US)

HONG KONG, April 14, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH, HKEX: 6686) and its global wealth management platform, ARK Wealth Management ("ARK"), have been honored with multiple top industry awards from Asian Private Banker and Euromoney. These accolades reinforce the Company's strategic position as the premier platform where global Chinese wealth connects.Asian Private Banker Names Noah as Best Wealth Manager for Both Domestic and International MarketsAt the 15th Asian Private Banker Awards for Distinction 2025, Noah was honored to receive the following prestigious accolades for the ninth consecutive year:Best Independent Wealth Manager China OffshoreBest Independent Wealth Manager China OnshoreBuilding on this success, Noah also secured two major titles at the 8th Asian Private Banker China Wealth Awards (CWA) 2025:Best Wealth Manager – Third Party – Domestic MarketBest Wealth Manager – Third Party – International Market These recognitions place Noah alongside leading international and domestic private banks, highlighting its deep onshore market expertise and expanding global capabilities.Asian Private Banker recognized Noah's ability to deliver multi-jurisdictional wealth management services, supported by a robust multi-currency infrastructure. The awards also highlight one of Noah's key strengths: bridging China's domestic wealth ecosystem with global asset allocation capabilities—a testament to its defining edge of delivering wealth expertise, and deeper global Chinese insight.Reflecting on the awards, Zander Yin, CEO of Noah Holdings, said: "True global wealth management lies in combining professional capability with human care. By integrating AI with human insight, we are enhancing both the efficiency and experience of cross-border wealth management for global Chinese families."Euromoney Recognizes ARK Wealth Management's Digital ExcellenceIn the Euromoney Private Banking Awards 2026, ARK Wealth Management was named:Hong Kong's Best Independent Wealth ManagerHong Kong's Best Independent Wealth Manager for Digital SolutionsThese accolades reflect ARK's continued investment in its proprietary iARK platform, an AI-empowered wealth management ecosystem designed to serve the global Chinese community. By integrating digital tools with personalized advisory services, ARK strengthens accessibility, transparency, and informed decision-making for clients across multiple jurisdictions. The recognition underscores ARK's focus on delivering scalable, technology-enabled wealth solutions that seamlessly connect financial hubs across Shanghai, Hong Kong, Singapore, and the US.Coinciding with these accolades, Asian Private Banker recently published an exclusive interview with Norah Wang, Co-founder and Chairwoman of Noah Holdings, who emphasized that "trust" and "discernment" remain the core of wealth management amid macroeconomic and technological shifts. Wang noted that the industry is increasingly shifting towards "assets under advisory" where wealth protection and long-term planning are prioritized alongside investment returns.She added that while AI enhances analytical and operational capabilities, human judgment remains central to building client trust and guiding complex cross-border decisions, ultimately achieving "Wisdom Beyond Wealth."ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) is an integrated wealth management platform for Chinese families that spans across borders, generations, and cultures - "Where Global Chinese Wealth Connects." Driven by a commitment to "Wealth expertise, Deeper global Chinese insight," and over 23 years of disciplined practice, Noah has become the preferred choice for global Chinese families. Dual-listed on the NYSE and HKEX, Noah operates four global booking and trading centers in Shanghai, Hong Kong, Singapore, and the United States and has allocated over USD 153 billion in cumulative assets. Guided by the principle of "Wisdom Beyond Wealth," Noah is committed to becoming a long-term, trusted partner for generations of global Chinese families.



View original content:https://www.prnewswire.com/news-releases/noah-holdings-and-ark-wealth-management-win-top-honors-from-asian-private-banker-and-euromoney-highlighting-expertise-in-connecting-chinese-wealth-to-global-markets-302741515.htmlSOURCE Noah Holdings Limited

Original: Noah Holdings and ARK Wealth Management Win Top Honors from Asian Private Banker and Euromoney, Highlighting Expertise in Connecting Chinese Wealth to Global Markets

Noah | Olive Co-Host 2026 AI Outlook, Redefining Global Allocation for Global Chinese Investors in the AI EraMarch 27, 2026 6:33 AM
PR Newswire (US)

HONG KONG, March 27, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH, HKEX: 6686) and its global asset allocation platform Olive Asset Management ("Olive") co-hosted its annual flagship forum NOAH | Olive AI Outlook 2026 in Hong Kong, bringing together over 300 of Noah's global clients alongside global investors and industry leaders to examine how AI is transforming productivity, capital allocation, and the long-term structure of wealth. The event reflects Noah's continued strategic evolution from a wealth management institution primarily driven by product sales into a comprehensive platform centered on asset allocation, global structuring, and AI systems.As AI transitions from a technological breakthrough story to a structural force reshaping productivity and capital expenditure cycles, the forum addressed a defining question for global investors: How should long-term capital be globally allocated in the AI era?The summit agenda covered the full investment journey through keynote speeches, panel discussions, and closed-door dialogues: from judgment, to allocation, to portfolio structure. Leading institutions across private equity, infrastructure, public markets, and quantitative strategies were in attendance — including representatives from KKR, Macquarie, EQT, Stonepeak, Vista, Wellington Management, AQR, and Sumitomo Mitsui Financial Group. They were also joined by technology investors and entrepreneurs at the forefront of AI and robotics innovation.//AI as a Catalyst for Capital-Driven Productivity ReconstructionAgainst the backdrop of the summit's discussions on AI-driven structural change, Zander Yin, CEO of Noah Holdings, underscored a broader strategic commitment. For Noah, serving global Chinese investors means building long-term structural resilience rather than short-term product solutions.In the opening keynote, "Wealth Is Being Redistributed in the AI Era," Zander framed AI as a structural transformation of global production — one that requires globally coordinated allocation capabilities and wealth architecture."Investment must move beyond picking securities and toward building resilient structures." Zander said, "An effective AI-era wealth system must integrate structural security, global AI allocation capabilities, and dynamic management within one coherent architecture."This approach underpins Noah's ongoing evolution. Glory Family Heritage serves as the Group's family architecture platform, focusing on asset structuring and risk management. ARK Wealth Management operates as the global client onboarding and execution platform through its cross-border booking centers. Olive functions as the investment and asset management engine, delivering globally diversified allocation. Together, they form an integrated global wealth management system under a unified governance framework.//From Judgment to Allocation: Building Durable Outcomes in Complex TimesIn the keynote "From Judgment to Allocation: Building Durable Outcomes in Complex Times," Jing Peng, Global CEO of Olive Asset Management, focused on the discipline required to translate structural insight into long-term investment results for global Chinese families navigating structural uncertainty."In complex eras, what matters most is the ability to hold direction, hold structure, and hold long-term results through disciplined allocation." She observed that while information has become abundant in the AI era, the true scarcity lies in systematic portfolio construction."The scarcity is not judgment itself — but the ability to turn judgment into allocation, and allocation into durable long-term outcomes." She emphasized that Olive's mission is not merely to interpret AI trends, but to embed AI-driven structural shifts into institutional-grade asset allocation frameworks capable of supporting cross-border, multi-jurisdictional wealth needs over the long term.//Constructing a Resilient Wealth System for the AI EraBeyond the keynote addresses, the summit featured thematic panels that examined how wealth systems must evolve in response to AI-driven structural change.Panels led by senior investment leaders from Olive focused on translating macro structural shifts into implementable allocation frameworks — including global AI infrastructure investing, structural asset positioning, disciplined portfolio construction, and risk governance under accelerated cycles. The discussions echoed a shared view: institutional investing in the AI era requires not only insight, but structured implementation and continuous dynamic management.As AI reshapes industrial structures, energy systems, and capital flows, the coordinates of global asset allocation are being redrawn. AI infrastructure, in particular, is moving from a supporting resource to a core asset class. With global capital expenditure expanding, investment boundaries are increasingly defined by structural constraints such as energy availability, power capacity, and regional resource endowments.In this environment, long-term capital discipline and structural positioning matter more than short-term price fluctuations. More important than simply identifying opportunities is the ability to convert judgment into allocation.Noah is integrating capabilities across markets and institutions into a sustainable global allocation system. Olive represents a key expression of this system on the investment side. In practice, Olive applies a structured, portfolio-based approach — systematically integrating assets across regions, subsectors, and differentiated risk–return profiles. This enhances allocation clarity and structural consistency, supporting more structured decision-making amid rising global complexity.ABOUT OLIVE ASSET MANAGEMENTOlive Asset Management ("Olive") is a forward-looking asset management brand under Noah Holdings (NYSE: NOAH; HKEX: 6686), focused on global alternative investments. We actively apply AI-driven investment logic and use AI-based data analytics to inform asset allocation. Olive partners with leading asset managers worldwide and, guided by long-termism, intelligent insights, and a prudent investment approach, leverages rigorous, systematic product selection and investment management capabilities to deliver through-the-cycle global investment solutions.For more information, please visit https://www.oliveam.com/  



View original content:https://www.prnewswire.com/news-releases/noah--olive-co-host-2026-ai-outlook-redefining-global-allocation-for-global-chinese-investors-in-the-ai-era-302727179.htmlSOURCE Noah Holdings Limited; Olive Asset Management

Original: Noah | Olive Co-Host 2026 AI Outlook, Redefining Global Allocation for Global Chinese Investors in the AI Era

Noah Reports Q4 and Full Year 2025 Earnings: Structural Transformation Driving Significant Improvement in Profitability as AI Integration Drives Operational EfficiencyMarch 25, 2026 9:57 AM
PR Newswire (US)

Net revenues for the fourth quarter increased 12.5% year-over-year and 15.9% sequentially, driven primarily by expanding global asset allocation and investment capabilitiesProfitability structure improving significantly with income from operations surging 87.3% year-over-year during the fourth quarterStrategic investments in AI are yielding tangible results with headcount in 2025 falling by 11% from last year while net revenues remained stableSHANGHAI, March 25, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the fourth quarter and full year ended December 31, 2025.During the fourth quarter of 2025, net revenues rose 12.5% year-over-year and 15.9% sequentially to RMB 733.2 million (US$104.9 million) driven by expanding global asset allocation capabilities. Income from operations surged 87.3% year-over-year to RMB 257.7 million (US$36.9 million), primarily due to an optimized cost structure and the ongoing shift in revenue mix toward investment-related businesses, while non-GAAP net income was RMB 25.1 million (US$3.6 million).Norah Wang, Co-founder, Chairwoman, NOAH Holdings, commented, "2025 was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the highlight was the quality of our profitability and the resilience of our operational model. We are embedding AI across our global platform, where it is not only improving operational efficiency but also reconstructing how we operate, allowing us to drive both scale and service quality without increasing headcount. At the same time, we continue to advance our global strategy, with overseas revenue accounting for approximately half of total revenues in 2025, reflecting the continued deepening of our global presence."Zander Yin, CEO of Noah, stated, "We are structurally evolving from a wealth management institution primarily driven by product sales into a comprehensive global platform. At its core, we are fundamentally reconstructing what drives our growth. We are building an operational-driven model centered on asset allocation, where AI empowers relationship managers and our global platforms amplifying their capabilities.We are still in the midst of this transformation but are already beginning to see it generate tangible results, strengthening our confidence in our strategic direction."Profitability Structure Outpacing Revenue StabilizationFor the full year 2025, a clear theme emerged as the quality of the Company's profitability improved at a faster pace than the stabilization of its revenue structure. While full-year net revenues were broadly flat at RMB 2.6 billion, income from operations grew 22.5% from last year to RMB 776.7 million (US$111.1 million) with operating margins improving to 29.8% and non-GAAP net income increasing 11.2% to RMB 611.9 million (US$87.5 million). Excluding the impact of certain non-operating items, non-GAAP net income was approximately RMB 753 million.  This significant surge in profitability directly reflects the underlying structural improvement of Noah's profitability. This wasn't driven by one-off factors or cyclicality; rather, it was the result of an optimized cost structure, enhanced operational efficiency, and a strategic shift in revenue mix toward investment-related businesses. Ultimately, the Company's profitability is shifting from cyclical volatility to structural stability built on its global asset allocation and investment capabilities.Overseas Expansion Maintains Strong Momentum, Driven by Three Global PlatformsNoah's overseas expansion maintained strong momentum throughout the year, with global asset allocation and investment firmly becoming its primary growth engine. While net revenues from overseas wealth management decreased in 2025 as a result of one-time commissions from market cyclicality, net revenues from overseas asset management and insurance for 2025 increased 26.3% and 28.8% from last year, respectively. Noah distributed RMB33.7 billion (US$4.8 billion) of overseas investment products in 2025, an 8.1% increase from 2024. Assets under advisory in 2025 grew to US$9.5 billion, up 8.6% year-over-year while transaction value of USD-denominated private secondary products tripled year-over-year to US$960.0 million. Overseas assets under management (AUM) reached RMB 42.4 billion (US$6.1 billion), an increase of nearly 4% year-over-year in USD terms and accounted for 30% of total AUM.Driving this overseas expansion is a fundamental reconstruction of Noah's operational model. To support this, the Company is building a global wealth management operational system composed of three core platforms operating under a unified framework: ARK Wealth Management for client onboarding and execution, Olive Asset Management for investment and asset management, and Glory Family Heritage for asset structuring and risk management. This operational system is supported by a strict cross-jurisdiction compliance architecture anchored by Noah's four booking centers located in Shanghai, Hong Kong, Singapore, and the United States. Together these three core platforms and architecture will provide clients globally with a consistent, seamless, and compliant experience.AI-Driven Operational InfrastructureNoah continues to invest in AI and is gradually seeing tangible results as these solutions are embedded deeper into its core operational infrastructure. Headcount declined by 11% year-over-year in 2025 while revenue remained stable, reflecting significantly improving operational efficiency. By embedding AI into key areas such as client engagement, content generation, and operational processes, Noah has established a new operational-driven model that drives both scale and service quality without an increase in headcount.Shareholder ReturnsIn appreciation of the longstanding support of its shareholders, the Board of Directors approved an annual dividend of approximately RMB306.0 million (US$43.8 million) and a special dividend of approximately RMB306.0 million (US$43.8 million), representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income attributable to Noah shareholders.ABOUT NOAH HOLDINGS LIMITEDNoah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.In 2025, Noah distributed RMB67.0 billion (US$9.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB141.7 billion (US$20.3 billion) as of December 31, 2025.Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.For more information, please visit Noah's investor relations website at ir.noahgroup.com. SAFE HARBOR STATEMENTThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions globally and in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.



View original content:https://www.prnewswire.com/news-releases/noah-reports-q4-and-full-year-2025-earnings-structural-transformation-driving-significant-improvement-in-profitability-as-ai-integration-drives-operational-efficiency-302724937.htmlSOURCE Noah Holdings Limited

Original: Noah Reports Q4 and Full Year 2025 Earnings: Structural Transformation Driving Significant Improvement in Profitability as AI Integration Drives Operational Efficiency

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2025 AND UNAUDITED FINANCIAL RESULTS FOR FULL YEAR 2025March 24, 2026 4:45 PM
PR Newswire (US)

SHANGHAI, March 24, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited preliminary[1] financial results for the fourth quarter of 2025 and the unaudited financial results for the full year ended December 31, 2025.Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTSNet revenues for the fourth quarter of 2025 were RMB733.2 million (US$104.9 million), a 12.5% increase from the corresponding period in 2024 and a 15.9% increase quarter-on-quarter, primarily due to an increase in performance-based income generated from overseas private equity products in the fourth quarter of 2025.Income from operations for the fourth quarter of 2025 was RMB257.7 million (US$36.9 million), an 87.3% increase from the corresponding period in 2024, primarily due to a 12.5% increase in net revenues, as well as our cost control strategy on employee compensation in the fourth quarter of 2025.Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024, primarily due to an increase in loss from fair value changes in underlying investments made by certain investment in affiliates in the fourth quarter of 2025.Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in Noah's consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2025 and subsequent reporting if necessary[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.FULL YEAR 2025 FINANCIAL HIGHLIGHTSNet revenues in the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase compared with the corresponding period in 2024.Income from operations in the full year 2025 was RMB776.7 million (US$111.1 million), a 22.5% increase from 2024, primarily due to our cost control strategy on employee compensation.Net income attributable to Noah shareholders in the full year 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024, primarily due to our cost control strategy on employee compensation and a decrease in loss from fair value changes in underlying investments made by certain investment in affiliates, partially offset by contingent litigation expenses related to Camsing Incident.Non-GAAP net income attributable to Noah shareholders in the full year 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.FOURTH QUARTER AND FULL YEAR 2025 OPERATIONAL UPDATESWealth Management BusinessNoah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.Total number of registered clients as of December 31, 2025 was 467,870, a 1.3% increase from December 31, 2024 and a 0.4% increase from September 30, 2025. Among registered clients as of December 31, 2025, the number of overseas registered clients was 19,993, a 13.2% increase from December 31, 2024, and a 2.3% increase from September 30, 2025.Total number of active clients[3] for the fourth quarter of 2025 was 10,261, an increase of 15.8% from the fourth quarter of 2024 and a 3.7% decrease from the third quarter of 2025. Among active clients during the fourth quarter of 2025, the number of overseas active clients was 3,263, a 12.0% increase from the fourth quarter of 2024 and an 8.4% decrease from the third quarter of 2025. Total number of active clients in the full year 2025 was 18,450, an increase of 7.2% from 2024. Among active clients during the full year 2025, the number of overseas active clients was 6,231, a 12.4% increase from 2024.Aggregate value of investment products distributed during the fourth quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 4.4% increase from the corresponding period in 2024 and a decrease of 0.1% quarter-on-quarter. Among the investment products distributed during the fourth quarter of 2025, Noah distributed RMB8.8 billion (US$1.3 billion) of overseas investment products, a 24.3% increase from the corresponding period in 2024, primarily due to a 28.9% increase in distribution of overseas mutual fund products and a 28.4% increase in distribution of overseas private secondary products, respectively.The aggregate value of investment products distributed, categorized by product type, is as follows:
Three months ended December 31,
2024
2025
(RMB in billions, except percentages)Mutual fund products9.8
60.1 %
10.1
59.1 %Private secondary products 4.7
28.8 %
5.1
30.2 %Private equity products1.3
8.0 %
1.3
7.7 %Other products[4]0.5
3.1 %
0.5
3.0 %All products 16.3
100.0 %
17.0
100.0 % [3]  "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.[4]  "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.The aggregate value of investment products distributed, categorized by geography, is as follows:Type of products in mainland ChinaThree months ended December 31,
2024
2025
(RMB in billions, except percentages)Mutual fund products6.6
71.7 %
5.9
72.0 %Private secondary products 2.4
26.1 %
2.2
26.8 %Other products0.2
2.2 %
0.1
1.2 %All products in mainland China 9.2
100.0 %
8.2
100.0 % Type of overseas productsThree months ended December 31,
2024
2025
(RMB in billions, except percentages)Mutual fund products3.2
45.1 %
4.2
47.2 %Private secondary products 2.3
32.4 %
2.9
33.3 %Private equity products1.3
18.3 %
1.3
14.9 %Other products0.3
4.2 %
0.4
4.6 %All overseas products7.1
100.00 %
8.8
100.00 %Aggregate value of investment products distributed during the full year 2025 was RMB67.0 billion (US$9.6 billion), a 5.0% increase from 2024, primarily due to a significant 107.2% increase in distribution of domestic private secondary products partially offset by a decrease in distribution of mutual fund products. Among the investment products distributed during the full year 2025, Noah distributed RMB33.7 billion (US$4.8 billion) of overseas investment products, an 8.1% increase from the corresponding period of 2024, primarily due to increases in distribution of overseas mutual fund products and in overseas private secondary products, respectively.The aggregate value of investment products distributed, categorized by product type, is as follows:
Twelve months ended December 31,
2024
2025
(RMB in billions, except percentages)Mutual fund products39.6
62.0 %
36.0
53.7 %Private secondary products 16.2
25.3 %
23.1
34.5 %Private equity products4.8
7.5 %
4.9
7.3 %Other products3.3
5.2 %
3.0
4.5 %All products 63.9
100.0 %
67.0
100.0 %The aggregate value of investment products distributed, categorized by geography, is as follows:Type of products in mainland ChinaTwelve months ended December 31,

2024
2025

(RMB in billions, except percentages)
Mutual fund products25.7
78.4 %
21.2
63.7 %
Private secondary products 5.4
16.4 %
11.1
33.3 %
Other products1.7
5.2 %
1.0
3.0 %
All products in mainland China 32.8
100.0 %
33.3
100.0 %
Type of overseas productsTwelve months ended December 31,
2024
2025
(RMB in billions, except percentages)Mutual fund products13.9
44.8 %
14.8
44.0 %Private secondary products 10.8
34.7 %
12.0
35.6 %Private equity products4.8
15.4 %
4.9
14.5 %Other products1.6
5.1 %
2.0
5.9 %All Overseas products31.1
100.0 %
33.7
100.0 %















Coverage network in mainland China included 16 cities as of December 31, 2025, compared with 11 cities as of December 31, 2024, and 16 cities as of September 30, 2025.Aggregate number of overseas relationship managers was 140 as of December 31, 2025, an increase of 1.4% from December 31, 2024, and an increase of 2.9% from September 30, 2025.Asset Management BusinessOur asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi asset manager in mainland China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Singapore, Tokyo and key U.S. markets. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.Total assets under management as of December 31, 2025 remained relatively stable at RMB141.7 billion (US$20.3 billion), compared with RMB143.5 billion as of September 30, 2025 and RMB151.5 billion as of December 31, 2024. Mainland China assets under management as of December 31, 2025 were RMB99.3 billion (US$14.2 billion), compared with RMB108.9 billion as of December 31, 2024, and RMB101.3 billion as of September 30, 2025. Overseas assets under management as of December 31, 2025 were RMB42.4 billion (US$6.1 billion), compared with RMB42.6 billion as of December 31, 2024, and RMB42.2 billion as of September 30, 2025.Total assets under management, categorized by investment type, are as follows:Investment typeAs of
September 30,
2025

Growth

Allocation/
Redemption[5]
As of
December 31,
2025
(RMB billions, except percentages)Private equity128.1
89.3 %
0.7
1.8
127.0
89.6 %Public securities[6]8.8
6.1 %
1.8
2.0
8.6
6.1 %Real estate4.7
3.3 %
0.1
0.7
4.1
2.9 %Multi-strategies1.9
1.3 %
-
(0.1)
2.0
1.4 %All Investments143.5
100.0 %
2.6
4.4
141.7
100.0 % [5]  The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.[6]  The asset allocation/redemption of public securities also includes market appreciation or depreciation. Investment typeAs of
December 31,
2024

Growth

Allocation/
Redemption
As of
December 31,
2025
(RMB billions, except percentages)Private equity131.5
86.8 %
1.5
6.0
127.0
89.6 %Public securities9.4
6.2 %
6.6
7.4
8.6
6.1 %Real estate6.2
4.1 %
0.2
2.3
4.1
2.9 %Multi-strategies3.9
2.6 %
-
1.9
2.0
1.4 %Others0.5
0.3 %
-
0.5
-
-All Investments151.5
100.0 %
8.3
18.1
141.7
100.0 %Total assets under management, categorized by geography, are as follows:Mainland China
Investment typeAs of
September 30,
2025

Growth
Allocation/Redemption
As of
December 31,
2025
(RMB billions, except percentages)Private equity94.8
93.6 %
-
1.2
93.6
94.3 %Public securities4.4
4.3 %
0.2
0.5
4.1
4.1 %Real estate0.7
0.7 %
-
0.5
0.2
0.2 %Multi-strategies1.4
1.4 %
-
-
1.4
1.4 %All Investments101.3
100.0 %
0.2
2.2
99.3
100.0 % Mainland China
Investment typeAs of
December 31,
2024

Growth
Allocation/Redemption
As of
December 31,
2025
(RMB billions, except percentages)Private equity98.6
90.5 %
-
5.0
93.6
94.3 %Public securities5.3
4.9 %
1.1
2.3
4.1
4.1 %Real estate2.2
2.0 %
-
2.0
0.2
0.2 %Multi-strategies2.3
2.1 %
-
0.9
1.4
1.4 %Others0.5
0.5 %
-
0.5
-
-All Investments108.9
100.0 %
1.1
10.7
99.3
100.0 % OverseasInvestment typeAs ofSeptember 30,
2025

Growth
Allocation/Redemption
As of
December 31,
2025
(RMB billions, except percentages)Private equity33.3
78.9 %
0.7
0.6
33.4
78.8 %Public securities4.4
10.4 %
1.6
1.5
4.5
10.6 %Real estate4.0
9.5 %
0.1
0.2
3.9
9.2 %Multi-strategies0.5
1.2 %
-
(0.1)
0.6
1.4 %All Investments42.2
100.0 %
2.4
2.2
42.4
100.0 % OverseasInvestment typeAs ofDecember 31,
2024

Growth
Allocation/Redemption
As of
December 31,
2025
(RMB billions, except percentages)Private equity32.9
77.2 %
1.5
1.0
33.4
78.8 %Public securities4.1
9.6 %
5.5
5.1
4.5
10.6 %Real estate4.0
9.4 %
0.2
0.3
3.9
9.2 %Multi-strategies1.6
3.8 %
-
1.0
0.6
1.4 %All Investments42.6
100.0 %
7.2
7.4
42.4
100.0 %Other BusinessesNoah's other businesses mainly include providing clients with additional comprehensive services and investment products.Ms. Jingbo Wang, co-founder and chairlady of Noah, commented, "As we reflect on 2025, it was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the more meaningful shift was in the quality of our earnings and the resilience of our operating model. Our disciplined organizational optimization and structural strengthening over the past two years have begun to translate into tangible operating resilience, reinforcing the foundation upon which we build our future.We started the institutional integration of AI across our global platform, where AI is no longer merely an auxiliary tool but is becoming part of Noah's structural infrastructure. By embedding AI into client service, empowering our relationship managers with intelligent capabilities, and enhancing our global platform coordination, we have strengthened our organizational leverage and reinforced a model for scalable growth.At the same time, we continued advancing our global strategy and improving the quality of our revenue mix toward a more AUM-driven structure. Overseas revenue accounted for approximately half of total revenues in 2025, reflecting the continued deepening of our international business development. Notably, our strategic shift toward investment products led to significant growth in investment products-related commissions and performance-based income, which became key contributors to our overall performance during the year.With a solid balance sheet and a long-term capital allocation philosophy, we remain committed to sharing value with our shareholders. Based on our 2025 results, the Board has proposed a total dividend equivalent to 100% of our full-year Non-GAAP net income attributable to Noah shareholders. Combined with our ongoing share repurchase program, these actions reflect our confidence in the long-term resilience of our company.Entering 2026, Noah stands structurally different from where we were two years ago. We are beginning to see new growth momentum emerge — driven by the continued expansion of our international platform, improving global capabilities and the integration of AI across our organization. While the environment remains dynamic, we believe the combination of structural resilience and evolving growth drivers will support a more sustainable path over time."FOURTH QUARTER 2025 FINANCIAL RESULTSNet Revenues Net revenues for the fourth quarter of 2025 were RMB733.2 million (US$104.9 million), a 12.5% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from overseas private equity products.Net Revenues under the segmentation is as follows:(RMB millions, except percentages)Q4 2024
Q4 2025
YoY ChangeDomestic public securities[7]146.2
191.4
30.9 %Domestic asset management[8]198.7
159.1
(20.0 %)Domestic insurance[9]3.9
0.3
(91.5 %)Overseas wealth management[10]156.6
109.9
(29.8 %)Overseas asset management[11]101.4
216.1
113.2 %Overseas insurance and comprehensive services[12]31.9
42.4
33.0 %Headquarters13.2
14.0
6.4 %Total net revenues651.9
733.2
12.5 %Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB191.4 million (US$27.4 million), a 30.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB159.1 million (US$22.8 million), a 20.0% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees and performance-based income generated from domestic private equity products.Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2025 were RMB0.3 million, a 91.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the fourth quarter of 2025 were RMB109.9 million (US$15.7 million), a 29.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB216.1 million (US$30.9 million), a significant 113.2% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity investment products.Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the fourth quarter of 2025 were RMB42.4 million (US$6.1 million), a 33.0% increase from the corresponding period in 2024, primarily due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the fourth quarter of 2025 were RMB14.0 million (US$2.0 million), compared with RMB13.2 million for the corresponding period in 2024, maintaining a relatively stable trend.[7] Operates under the Noah Upright brand[8] Operates under the Gopher Asset Management brand[9] Operates under the Glory brand[10] Operates under the ARK Wealth Management brand[11] Operates under the Olive Asset Management brand[12] Operates under the Glory Family Heritage brandOperating Costs and ExpensesOperating costs and expenses for the fourth quarter of 2025 were RMB475.5 million (US$68.0 million), a 7.5% decrease from the corresponding period in 2024. Operating costs and expenses for the fourth quarter of 2025 primarily consisted of (i) compensation and benefits of RMB293.6 million (US$42.0 million); (ii) selling expenses of RMB60.8 million (US$8.7 million); (iii) general and administrative expenses of RMB98.1 million (US$14.0 million); (iv) provision for credit losses of RMB3.5 million (US$0.5 million); (v) other operating expenses of RMB22.2 million (US$3.2 million); and (vi) income gained from government subsidies of RMB2.7 million (US$0.4 million).Operating costs and expenses for domestic public securities for the fourth quarter of 2025 were RMB47.7 million (US$6.8 million), a 44.0% increase from the corresponding period in 2024, mainly due to an increase in general marketing activities and a decrease in income gained from government subsidies in the fourth quarter of 2025.Operating costs and expenses for domestic asset management for the fourth quarter of 2025 were RMB37.2 million (US$5.3 million), an 8.8% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the fourth quarter of 2025.Operating costs and expenses for domestic insurance for the fourth quarter of 2025 were RMB6.9 million (US$1.0 million), a 57.1% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.Operating costs and expenses for overseas wealth management for the fourth quarter of 2025 were RMB101.8 million (US$14.6 million), a 30.9% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions, as well as decreases in other compensation and general marketing activities.Operating costs and expenses for overseas asset management for the fourth quarter of 2025 were RMB49.8 million (US$7.1 million), a 158.5% increase from the corresponding period in 2024, which is consistent with the growth in our revenue from overseas investment products.Operating costs and expenses for overseas insurance and comprehensive services for the fourth quarter of 2025 were RMB33.3 million (US$4.8 million), an 8.8% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.Operating costs and expenses for headquarters for the fourth quarter of 2025 were RMB198.8 million (US$28.4 million), a 12.5% decrease from the corresponding period in 2024, primarily due to cost control measures on employee compensation, as well as decreases in provisions for credit losses related to the suspended lending business.Income(loss) from operationsIncome(loss) from operations under the segmentation is as follows:(RMB millions, except percentages)Q4 2024

Q4 2025

YoY ChangeDomestic public securities113.1

143.7

27.0 %Domestic asset management157.9

121.9

(22.8 %)Domestic insurance(12.0)

(6.5)

(45.8 %)Overseas wealth management9.2

8.1

(11.9 %)Overseas asset management82.1

166.3

102.5 %Overseas insurance and comprehensive services1.3

9.1

613.4 %Headquarters(214.0)

(184.9)

(13.7 %)Total income from operations137.6

257.7

87.3 %Income from operations for domestic public securities for the fourth quarter of 2025 was RMB 143.7million (US$20.5 million), a 27.0% increase from the corresponding period in 2024.Income from operations for domestic asset management for the fourth quarter of 2025 was RMB121.9 million (US$17.4 million), a 22.8% decrease from the corresponding period in 2024.Loss from operations for domestic insurance for the fourth quarter of 2025 was RMB6.5 million (US$0.9 million), a 45.8% decrease from the corresponding period in 2024. Income from operations for overseas wealth management for the fourth quarter of 2025 was RMB8.1 million (US$1.2 million), an 11.9% decrease from the corresponding period in 2024.Income from operations for overseas asset management for the fourth quarter of 2025 was RMB166.3 million (US$23.8 million), a 102.5% increase from the corresponding period in 2024.Income from operations for overseas insurance and comprehensive services for the fourth quarter of 2025 was RMB9.1 million (US$1.3 million), a 613.4% increase from the corresponding period in 2024.Loss from operations for headquarters for the fourth quarter of 2025 was RMB184.9 million (US$26.4 million), a 13.7% decrease from the corresponding period in 2024.Operating MarginOperating margin for the fourth quarter of 2025 was 35.2%, compared with 21.1% for the corresponding period in 2024.Interest IncomeInterest income for the fourth quarter of 2025 was RMB32.6 million (US$4.7 million), a 15.6% decrease from the corresponding period in 2024.Investment IncomeInvestment income for the fourth quarter of 2025 was RMB19.4 million (US$2.8 million), a 6.1% increase from the corresponding period in 2024, primarily due to an increase in unrealized income from fair value changes on certain equity investments.Income Tax ExpenseIncome tax expenses for the fourth quarter of 2025 were RMB106.0 million (US$15.2 million), a 9.8% increase from the corresponding period in 2024, primarily due to a higher effective tax rate.Net IncomeNet IncomeNet income for the fourth quarter of 2025 was RMB10.0 million (US$1.4 million), a 91.2% decrease from the corresponding period in 2024.Net margin for the fourth quarter of 2025 was 1.4%, compared with 17.4% for the corresponding period in 2024.Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024.Net margin attributable to Noah shareholders for the fourth quarter of 2025 was 1.7%, compared with 16.8% for the corresponding period in 2024.Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2025 was RMB0.18 (US$0.03) and RMB0.18 (US$0.03), respectively, compared with RMB1.56 and RMB1.55 respectively, for the corresponding period in 2024.Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2025 was 3.4%, compared with 20.3% for the corresponding period in 2024.Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2025 was RMB0.36 (US$0.05), compared with RMB1.87 for the corresponding period in 2024.FULL YEAR 2025 FINANCIAL RESULTSNet RevenuesNet revenues for the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase from 2024.Net Revenues under the segmentation is as follows:(RMB millions, except percentages)FY 2024
FY 2025
YoY ChangeDomestic public securities488.8
566.5
15.9 %Domestic asset management772.0
692.5
(10.3 %)Domestic insurance42.9
18.6
(56.5 %)Overseas wealth management674.7
547.5
(18.8 %)Overseas asset management438.5
553.9
26.3 %Overseas insurance and comprehensive services138.9
178.8
28.8 %Headquarters45.2
52.4
15.9 %Total net revenues2,601.0
2,610.2
0.4 %Net revenues for domestic public securities for 2025 were RMB566.5 million (US$81.0 million), a 15.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from domestic private secondary products.Net revenues for domestic asset management for 2025 were RMB692.5 million (US$99.0 million), a 10.3% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees from domestic private equity products.Net revenues for domestic insurance for 2025 were RMB18.6 million (US$2.7 million), a 56.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.Net revenues for overseas wealth management for 2025 were RMB547.5 million (US$78.3 million), an 18.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.Net revenues for overseas asset management for 2025 were RMB553.9 million (US$79.2 million), a 26.3% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity products, as well as increases in one-time commissions and recurring service fees gained from the distribution of overseas private investment products.Net revenues for overseas insurance and comprehensive services for 2025 were RMB178.8 million (US$25.6 million), a 28.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.Net revenues for headquarters for 2025 were RMB52.4 million (US$7.5 million), a 15.9% increase from the corresponding period in 2024, primarily due to more value-added services that we offered to our high net worth clients.Operating costs and expensesOperating costs and expenses for 2025 were RMB1,833.6 million (US$262.2 million), a 6.8% decrease from 2024. Operating costs and expenses for 2025 primarily consisted of (i) compensation and benefits of RMB1,216.6 million (US$174.0 million); (ii) selling expenses of RMB242.8 million (US$34.7 million); (iii) general and administrative expenses of RMB305.6 million (US$43.7 million); (iv) provision for credit losses of RMB52.2 million (US$7.5 million); (v) other operating expenses of RMB62.9 million (US$9.0 million) ; and (vi) income gained from government subsidies of RMB46.5 million (US$6.6 million).Operating costs and expenses for domestic public securities for 2025 were RMB139.1 million (US$19.9 million), an 18.1% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025.Operating costs and expenses for domestic asset management for 2025 were RMB126.2 million (US$18.0 million), a 36.3% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a decrease in one-off expenses that Gopher paid to one of its funds as a general partner.Operating costs and expenses for domestic insurance for 2025 were RMB53.1 million (US$7.6 million), a 57.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.Operating costs and expenses for overseas wealth management for 2025 were RMB404.9 million (US$57.9 million), a 28.9% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.Operating costs and expenses for overseas asset management for 2025 were RMB144.7 million (US$20.7 million), a 70.4% increase from the corresponding period in 2024, which is consistent with the growth in revenue from overseas investment products managed by Olive Asset Management.Operating costs and expenses for overseas insurance and comprehensive services for 2025 were RMB124.9 million (US$17.9 million), a 33.7% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.Operating costs and expenses for headquarters for 2025 were RMB840.7 million (US$120.2 million), a 15.6% increase from the corresponding period in 2024, primarily due to an increase in provisions for credit losses related to the suspended lending business, as well as an increase in professional consulting and legal services fees.Income(loss) from operationsIncome(loss) from operations under the segmentation is as follows:(RMB millions, except percentages)FY 2024

FY 2025

YoY ChangeDomestic public securities319.0

427.4

34.0 %Domestic asset management574.1

566.3

(1.4 %)Domestic insurance(81.6)

(34.5)

(57.8 %)Overseas wealth management105.5

142.7

35.3 %Overseas asset management353.6

409.2

15.7 %Overseas insurance and comprehensive services45.5

53.9

18.6 %Headquarters(682.2)

(788.3)

15.6 %Total income from operations633.9

776.7

22.5 %Income from operations for domestic public securities for 2025 was RMB427.4 million (US$61.1 million), a 34.0% increase from the corresponding period in 2024.Income from operations for domestic asset management for 2025 was RMB566.3 million (US$81.0 million), a 1.4% decrease from the corresponding period in 2024.Loss from operations for domestic insurance for 2025 was RMB34.5 million (US$4.9 million), a 57.8% decrease from the corresponding period in 2024. Income from operations for overseas wealth management for 2025 was RMB142.7 million (US$20.4 million), a 35.3% increase from the corresponding period in 2024.Income from operations for overseas asset management for 2025 was RMB409.2 million (US$58.5 million), a 15.7% increase from the corresponding period in 2024.Income from operations for overseas insurance and comprehensive services for 2025 was RMB53.9 million (US$7.7 million), an 18.6% increase from the corresponding period in 2024.Loss from operations for headquarters for 2025 was RMB788.3 million (US$112.7 million), a 15.6% increase from the corresponding period in 2024.Operating MarginOperating margin for 2025 was 29.8%, compared with 24.4% for 2024.Interest IncomeInterest income for 2025 was RMB127.5 million (US$18.2 million), an 18.1% decrease from the corresponding period in 2024.Investment IncomeInvestment income for 2025 was RMB32.3 million (US$4.6 million), a 35.7% decrease from the corresponding period in 2024, primarily due to an increase in losses from our private equity fund investment.Income Tax ExpensesIncome tax expenses for 2025 were RMB297.8 million (US$42.6 million), a 10.9% increase from 2024, primarily due to a higher effective tax rate.Net IncomeNet IncomeNet income for 2025 was RMB557.2 million (US$79.7 million), a 14.4% increase from 2024.Net margin for 2025 was 21.3%, compared with 18.7% for 2024.Net income attributable to Noah shareholders for 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024.Net margin attributable to Noah shareholders for 2025 was 21.4%, compared with 18.3% for the corresponding period in 2024.Net income attributable to Noah shareholders per basic and diluted ADS for 2025 was RMB8.01 (US$1.15) and RMB7.94 (US$1.14), respectively, compared with RMB6.78 and RMB6.75, respectively, for the corresponding period in 2024.Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.Non-GAAP net margin attributable to Noah shareholders for 2025 was 23.4%, compared with 21.2% for the corresponding period in 2024.Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2025 was RMB8.69 (US$1.24), compared with RMB7.81 for the corresponding period in 2024.BALANCE SHEET AND CASH FLOWAs of December 31, 2025, the Company had RMB4,360.9 million (US$623.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB3,837.4 million as of September 30, 2025.Net cash inflow from the Company's operating activities during the fourth quarter of 2025 was RMB378.9 million (US$54.2 million), compared with RMB282.3 million in the corresponding period in 2024, primarily attributable to an increase in income taxes payable and the combined effect of changes in working capital items. Net cash inflow from the Company's operating activities in 2025 was RMB976.6 million (US$139.7 million), compared with RMB387.3 million in 2024, primarily attributable to changes in working capital, including increases in other current liabilities and income taxes payable.Net cash inflow from the Company's investing activities during the fourth quarter of 2025 was RMB197.4 million (US$28.2 million), compared with net cash inflow of RMB72.9 million in the corresponding period in 2024. Net cash inflow from the Company's investing activities in 2025 was RMB299.5 million (US$42.8 million), compared to net cash outflow of RMB840.8 million in 2024, primarily due to various purchases of term deposits in 2024.Net cash outflow from the Company's financing activities was RMB4.6 million (US$0.7 million) in the fourth quarter of 2025, compared to net cash outflow of RMB66.6 million in the corresponding period in 2024. Net cash outflow from the Company's financing activities in 2025 was RMB635.4 million (US$90.9 million), compared to net cash outflow of RMB1,134.2 million in 2024, primarily due to a decrease in payment of the final dividend to the Company's shareholders in 2025.ANNUAL AND SPECIAL DIVIDENDOn March 24, 2026, the Company's Board of Directors (the "Board") approved, subject to shareholder approval at the AGM, an annual dividend of approximately RMB306.0 million (US$43.8 million) in total, which is equivalent to 50% of full year 2025 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the "Policy") adopted on November 29, 2023. The Board has also approved, subject to shareholder approval at the AGM, a non-recurring special dividend of approximately RMB306.0 million (US$43.8 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2026.CONFERENCE CALL The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2025 Results and recent business activities. Details of the conference call are as follows:Dial-in details:Conference title:Noah Holdings 4Q and Full Year 2025 Earnings Conference CallDate/Time:Tuesday, March 24, 2026 at 8:00 p.m., U.S. Eastern TimeWednesday, March 25, 2026 at 8:00 a.m., Hong Kong TimeDial in:
– Hong Kong Toll Free:800-963976– United States Toll Free:1-888-317-6003– Mainland China Toll Free:      4001-206115– International Toll:1-412-317-6061Participant Password:5020907A telephone replay will be available starting approximately one hour after the end of the conference until March 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8287514.DISCUSSION ON NON-GAAP MEASURESIn addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.ABOUT NOAH HOLDINGS LIMITEDNoah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.In 2025, Noah distributed RMB67.0 billion (US$9.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB141.7 billion (US$20.3 billion) as of December 31, 2025.Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.For more information, please visit Noah's investor relations website at ir.noahgroup.com. FOREIGN CURRENCY TRANSLATIONIn this announcement, the unaudited financial results for the fourth quarter of 2025 and unaudited financial results for the full year ended December 31, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.Contacts: Noah Holdings Limited
Tel: +86-21-8035-8292
ir@noahgroup.com-- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- Noah Holdings LimitedCondensed Consolidated Balance Sheets(unaudited)

As of
September 30,2025
December 31,2025
December
31,2025
RMB'000
RMB'000
USD'000Assets





Current assets:






Cash and cash equivalents3,837,367
4,360,918
623,603

Restricted cash6,071
11,143
1,593

Short-term investments 1,157,410
657,563
94,030

Accounts receivable, net 358,143
420,132
60,078

Amounts due from related parties568,979
596,800
85,341

Loans receivable, net117,598
112,416
16,075

Other current assets330,699
201,573
28,827

Total current assets6,376,267
6,360,545
909,547
Long-term investments, net 785,992
1,172,012
167,595
Investment in affiliates1,469,275
1,326,131
189,634
Property and equipment, net2,377,786
2,356,440
336,966
Operating lease right-of-use assets, net98,947
103,027
14,733
Deferred tax assets317,007
310,287
44,370
Other non-current assets120,668
112,492
16,086Total Assets11,545,942
11,740,934
1,678,931Liabilities and Equity





Current liabilities:






Accrued payroll and welfare expenses346,233
407,558
58,280

Income tax payable117,029
147,510
21,094

Deferred revenues72,207
54,398
7,779

Contingent liabilities462,042
505,496
72,285

Other current liabilities340,086
312,240
44,650
Total current liabilities1,337,597
1,427,202
204,088
Deferred tax liabilities240,363
263,608
37,695
Operating lease liabilities, non-current59,634
60,344
8,629
Other non-current liabilities9,701
6,820
975
Total Liabilities1,647,295
1,757,974
251,387
Equity9,898,647
9,982,960
1,427,544Total Liabilities and Equity11,545,942
11,740,934
1,678,931  Noah Holdings LimitedCondensed Consolidated Income Statements(unaudited)

Three months ended
December 31,
December 31,
December 31,
Change
2024
2025
2025

Revenues:RMB'000
RMB'000
USD'000

Revenues from others:






    One-time commissions131,086
106,411
15,217
(18.8 %)    Recurring service fees158,733
162,613
23,253
2.4 %    Performance-based income34,824
82,361
11,777
136.5 %Other service fees52,434
40,250
5,756
(23.2 %)Total revenues from others377,077
391,635
56,003
3.9 %Revenues from funds
    Gopher/Olive manages:






    One-time commissions4,318
1,173
168
(72.8 %)    Recurring service fees261,904
228,277
32,643
(12.8 %)    Performance-based income14,490
115,929
16,578
700.1 %Total revenues from funds
    Gopher/Olive manages280,712
345,379
49,389
23.0 %Total revenues657,789
737,014
105,392
12.0 %Less: VAT related surcharges (5,882)
(3,768)
(539)
(35.9 %)Net revenues651,907
733,246
104,853
12.5 %Operating costs and expenses:






  Compensation and benefits






    Relationship manager
    compensation(149,641)
(126,011)
(18,019)
(15.8 %)    Other compensations(204,031)
(167,567)
(23,963)
(17.9 %)  Total compensation and
    benefits(353,672)
(293,578)
(41,982)
(17.0 %)  Selling expenses(78,877)
(60,802)
(8,695)
(22.9 %)  General and administrative
    expenses(73,483)
(98,077)
(14,025)
33.5 %







  Provision for credit losses(18,894)
(3,524)
(504)
(81.3 %)  Other operating expenses (17,198)
(22,208)
(3,176)
29.1 %  Government subsidies 27,791
2,686
384
(90.3 %)Total operating costs and
    expenses(514,333)
(475,503)
(67,998)
(7.5 %)Income from operations 137,574
257,743
36,855
87.3 %Other income (expense):






    Interest income38,563
32,558
4,656
(15.6 %)    Investment income18,233
19,353
2,767
6.1 %    Settlement expenses, net978
(400)
(57)
N.A.    Contingent litigation
    expenses, net 14,000
(50,525)
(7,225)
N.A.    Other income (expense)43,829
(20,968)
(2,998)
N.A.Total other income(loss) 115,603
(19,982)
(2,857)
N.A.







Income before taxes and
    income from equity in
    affiliates253,177
237,761
33,998
(6.1 %)Income tax expense(96,612)
(106,045)
(15,164)
9.8 %Loss from equity in affiliates(42,884)
(121,713)
(17,405)
183.8 %Net income 113,681
10,003
1,429
(91.2 %)Less: net income (loss)
    attributable to non-controlling
    interests







3,930
(2,820)
(403)
N.A.Net income attributable to
    Noah shareholders 109,751
12,823
1,832
(88.3 %)







Income per ADS, basic1.56
0.18
0.03
(88.5 %)Income per ADS, diluted1.55
0.18
0.03
(88.4 %)







Margin analysis:






Operating margin21.1 %
35.2 %
35.2 %

Net margin17.4 %
1.4 %
1.4 %









Weighted average ADS
    equivalent[1]:






Basic70,296,590
69,650,605
69,650,605

Diluted70,901,802
70,429,668
70,429,668

ADS equivalent outstanding at
    end of period66,078,707
66,674,068
66,674,068









[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.






  Noah Holdings LimitedCondensed Consolidated Income Statements

Twelve months ended






December 31,
December 31,
December 31,
Change
2024
2025
2025


(audited)
(unaudited)
(unaudited)

Revenues:RMB'000
RMB'000
USD'000

Revenues from others:






    One-time commissions614,258
574,255
82,117
(6.5 %)    Recurring service fees631,505
624,589
89,315
(1.1 %)    Performance-based income47,841
116,247
16,623
143.0 %    Other service fees186,108
161,299
23,065
(13.3 %)Total revenues from others1,479,712
1,476,390
211,120
(0.2 %)Revenues from funds
    Gopher/Olive manages:






    One-time commissions21,288
7,284
1,042
(65.8 %)    Recurring service fees1,015,436
990,515
141,642
(2.5 %)    Performance-based income104,898
155,598
22,250
48.3 %Total revenues from funds
    Gopher/Olive manages1,141,622
1,153,397
164,934
1.0 %Total revenues2,621,334
2,629,787
376,054
0.3 %Less: VAT related surcharges (20,352)
(19,547)
(2,795)
(4.0 %)Net revenues2,600,982
2,610,240
373,259
0.4 %Operating costs and expenses:






  Compensation and benefits






    Relationship manager
    compensation(562,523)
(498,454)
(71,278)
(11.4 %)    Other compensations(786,928)
(718,098)
(102,687)
(8.7 %)  Total compensation and
    benefits(1,349,451)
(1,216,552)
(173,965)
(9.8 %)







  Selling expenses(269,038)
(242,808)
(34,721)
(9.7 %)  General and administrative
    expenses (296,751)
(305,590)
(43,699)
3.0 %







  Provision for credit losses(23,882)
(52,226)
(7,468)
118.7 %  Other operating expenses (93,210)
(62,872)
(8,991)
(32.5 %)Government subsidies 65,239
46,472
6,645
(28.8 %)Total operating costs and
    expenses (1,967,093)
(1,833,576)
(262,199)
(6.8 %)







Income from operations633,889
776,664
111,060
22.5 %Other income (expense):






    Interest income 155,751
127,547
18,239
(18.1 %)    Investment income 50,152
32,254
4,612
(35.7 %)    Settlement reversal12,454
956
137
(92.3 %)Contingent litigation expenses,
net14,000
(50,182)
(7,176)
N.A.    Other income (loss)1,359
(30,814)
(4,406)
N.A.Total other income 233,716
79,761
11,406
(65.9 %)







Income before taxes and
    income from equity in affiliates867,605
856,425
122,466
(1.3 %)Income tax expense(268,591)
(297,811)
(42,586)
10.9 %







Loss from equity in affiliates(112,010)
(1,395)
(199)
(98.8 %)Net income 487,004
557,219
79,681
14.4 %Less: net income (loss)
    attributable to non-controlling
    interests11,559
(1,638)
(234)
N.A.Net income attributable to
    Noah shareholders 475,445
558,857
79,915
17.5 %















Income per ADS, basic6.78
8.01
1.15
18.1 %Income per ADS, diluted6.75
7.94
1.14
17.6 %







Margin analysis:






Operating margin24.4 %
29.8 %
29.8 %

Net margin18.7 %
21.3 %
21.3 %









Weighted average ADS
    equivalent[1]:






Basic70,169,529
69,754,984
69,754,984

Diluted70,470,251
70,392,528
70,392,528

ADS equivalent outstanding at
    end of period66,078,707
66,674,068
66,674,068









[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.






  Noah Holdings LimitedCondensed Comprehensive Income Statements(unaudited) 

Three months ended 
December 31,
December 31,
December 31,
Change
2024
2025
2025


RMB'000
RMB'000
USD'000

Net income 113,681
10,003
1,429
(91.2 %)Other comprehensive income (loss), net of tax:






     Foreign currency translation adjustments121,470
(60,013)
(8,582)
N.A.Fair value fluctuation of available for sale
Investment (after tax) -
 238
 34
N.A.Comprehensive income (loss)235,151
(49,772)
(7,119)
N.A.     Less: Comprehensive income (loss) 
attributable to non-controlling interests  3,918
  (2,674)
  (382)
N.A.Comprehensive income (loss) attributable to
Noah shareholders231,233
(47,098)
(6,737)
N.A.  Noah Holdings LimitedCondensed Comprehensive Income Statements

Twelve months ended 
December 31,
December 31,
December 31,
Change
2024
2025
2025


(audited)
(unaudited)
(unaudited)


RMB'000
RMB'000
USD'000

Net income 487,004

557,219
79,681
14.4 %Other comprehensive income, net of tax:







    Foreign currency translation
    adjustments 112,131

(145,751)
(20,842)
N.A.    Fair value fluctuation of available for
    sale Investment (after tax) -

945
135
N.A.Comprehensive income599,135

412,413
58,974
(31.2 %)    Less: Comprehensive income (loss)
   attributable to non-controlling interests 11,758

(1,647)
(236)
N.A.Comprehensive income attributable to
Noah shareholders  587,377

414,060
59,210
(29.5 %)  Noah Holdings Limited
Segment Condensed Income Statements (unaudited)  

Three months ended December 31, 2025

Domestic
public
securities
Domestic
asset
management
Domestic
insurance
Overseas
wealth
management
Overseas
asset
management
Overseas
insurance
and
comprehensive
services
Headquarters
Total

RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000

















Revenues:















Revenues from others















One-time commissions9,678
385
343
53,050
7,823
35,132
-
106,411
Recurring service fees92,519
36,255
-
10,152
23,687
-
-
162,613
Performance-based income81,771
585
-
-
5
-
-
82,361
Other service fees-
-
-
16,883
-
7,235
16,132
40,250
Total revenues from others183,968
37,225
343
80,085
31,515
42,367
16,132
391,635
Revenues from funds
Gopher/Olive manages















One-time commissions1,173
-
-
-
-
-
-
1,173
Recurring service fees7,601
121,153
-
29,858
69,665
-
-
228,277
Performance-based income63
924
-
-
114,942
-
-
115,929
Total revenues from funds
    Gopher/Olive manages  8,837
 122,077
-
29,858
184,607
-
-
 345,379
Total revenues192,805
159,302
343
109,943
216,122
42,367
16,132
737,014
Less: VAT related surcharges (1,432)
(244)
(8)
-
-
-
(2,084)
(3,768)
Net revenues191,373
159,058
335
109,943
216,122
42,367
14,048
733,246
Operating costs and expenses:















Compensation and benefits















Relationship manager
compensation(32,202)
(7,990)
(508)
(60,769)
(15,911)
(8,631)
-
(126,011)
Other compensations(6,172)
(15,882)
(3,178)
(17,645)
(18,464)
(11,797)
(94,429)
(167,567)
Total compensation and
   benefits(38,374)
(23,872)
(3,686)
(78,414)
(34,375)
(20,428)
(94,429)
(293,578)
Selling expenses(8,418)
(3,091)
(309)
(16,058)
(10,545)
(8,597)
(13,784)
(60,802)
General and administrative
   expenses (702)
(3,800)
(2,859)
(2,473)
(4,118)
(2,022)
(82,103)
(98,077)
Provision for (reversal of)
   credit losses(10)
(4,282)
-
-
-
2,534
(1,766)
(3,524)
Other operating expenses(200)
(3,124)
-
(4,888)
(807)
(4,758)
(8,431)
(22,208)
Government subsidies6
988
-
-
-
-
1,692
2,686
Total operating costs and
   expenses (47,698)
(37,181)
(6,854)
(101,833)
(49,845)
(33,271)
(198,821)
(475,503)
Income (loss) from
operations 143,675
121,877
(6,519)
8,110
166,277
9,096
(184,773)
257,743
  Noah Holdings LimitedSegment Condensed Income Statements (unaudited)  

Three months ended December 31, 2024

Domestic
public
securities
Domestic
asset
management
Domestic
insurance
Overseas
wealth
management
Overseas
asset
management
Overseas
insurance
and
comprehensive
services
Headquarters
Total

RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000

















Revenues:















Revenues from others















One-time commissions10,448
55
3,971
92,234
3,166
21,212
-
131,086
Recurring service fees92,505
41,895
-
7,237
16,887
-
209
158,733
Performance-based income29,740
4,908
-
-
176
-
-
34,824
Other service fees-
-
-
24,823
-
10,638
16,973
52,434
Total revenues from others132,693
46,858
3,971
124,294
20,229
31,850
17,182
377,077
Revenues from funds
Gopher/Olive manages















One-time commissions2,889
-
-
1,000
429
-
-
4,318
Recurring service fees12,207
145,406
-
31,287
73,004
-
-
261,904
Performance-based income51
6,712
-
-
7,727
-
-
14,490
Total revenues from funds
    Gopher/Olive manages  15,147
 152,118
-
32,287
81,160
-
-
 280,712
Total revenues147,840
198,976
3,971
156,581
101,389
31,850
17,182
657,789
Less: VAT related surcharges (1,605)
(271)
(26)
-
-
-
(3,980)
(5,882)
Net revenues146,235
198,705
3,945
156,581
101,389
31,850
13,202
651,907
Operating costs and expenses:















Compensation and benefits















Relationship manager 
compensation (29,268)
 (22,172)
(4,435)
(88,651)
(575)
(4,540)
-
 (149,641)
Other compensations(8,645)
(15,709)
(7,520)
(29,584)
(13,843)
(11,468)
(117,262)
(204,031)
Total compensation and
   benefits(37,913)
(37,881)
(11,955)
(118,235)
(14,418)
(16,008)
(117,262)
(353,672)
Selling expenses(2,689)
(3,493)
(1,100)
(26,829)
(3,545)
(5,036)
(36,185)
(78,877)
General and administrative
   expenses (535)
(5,022)
(2,963)
(2,314)
(1,322)
(3,497)
(57,830)
(73,483)
Provision for credit losses-
-
-
-
-
(1,912)
(16,982)
(18,894)
Other operating expenses(681)
(512)
(430)
-
-
(4,122)
(11,453)
(17,198)
Government subsidies8,689
6,135
470
-
-
-
12,497
27,791
Total operating costs and
   expenses (33,129)
(40,773)
(15,978)
(147,378)
(19,285)
(30,575)
(227,215)
(514,333)
Income (loss) from
operations 113,106
157,932
(12,033)
9,203
82,104
1,275
(214,013)
137,574
  Noah Holdings LimitedSegment Condensed Income Statements (unaudited)  

Twelve months ended December 31, 2025

Domestic
public
securities
Domestic
asset
management
Domestic
insurance
Overseas
wealth
management
Overseas
asset
management
Overseas
insurance
and
comprehensive
services
Headquarters
Total

RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000

















Revenues:















Revenues from others















One-time commissions53,152
1,243
18,772
320,221
30,264
150,603
-
574,255
Recurring service fees352,345
143,040
-
38,765
90,439
-
-
624,589
Performance-based income115,467
630
-
-
150
-
-
116,247
Other service fees-
-
-
65,782
-
28,191
67,326
161,299
Total revenues from others520,964
144,913
18,772
424,768
120,853
178,794
67,326
1,476,390
Revenues from funds
Gopher/Olive manages















One-time commissions6,682
188
-
290
124
-
-
7,284
Recurring service fees40,708
541,537
-
122,482
285,788
-
-
990,515
Performance-based income1,923
6,505
-
-
147,170
-
-
155,598
Total revenues from funds
    Gopher/Olive manages  49,313
 548,230
 -
122,772
433,082
-
-
1,153,397
Total revenues570,277
693,143
18,772
547,540
553,935
178,794
67,326
2,629,787
Less: VAT related surcharges (3,788)
(675)
(124)
-
-
-
(14,960)
(19,547)
Net revenues566,489
692,468
18,648
547,540
553,935
178,794
52,366
2,610,240
Operating costs and expenses:















Compensation and benefits















Relationship manager
compensation (107,156)
(45,299)
(15,462)
(254,769)
(44,221)
(31,547)
-
(498,454)
Other compensations(26,423)
(63,870)
(22,190)
(79,764)
(63,510)
(48,202)
(414,139)
(718,098)
Total compensation and
    benefits(133,579)
(109,169)
(37,652)
(334,533)
(107,731)
(79,749)
(414,139)
(1,216,552)
Selling expenses(17,279)
(9,405)
(5,025)
(59,625)
(30,361)
(18,680)
(102,433)
(242,808)
General and administrative
    expenses (898)
(10,154)
(10,034)
(5,829)
(5,829)
(6,516)
(266,330)
(305,590)
(Reversal of) provision for
    credit losses2,424
(9,071)
0
-
-
5,356
(50,935)
(52,226)
Other operating expenses(1,757)
1,891
(406)
(4,888)
(807)
(25,284)
(31,621)
(62,872)
Government subsidies11,977
9,705
12
-
11
22
24,745
46,472
Total operating costs and
    expenses (139,112)
(126,203)
(53,105)
(404,875)
(144,717)
(124,851)
(840,713)
(1,833,576)
Income (loss) from operations 427,377
566,265
(34,457)
142,665
409,218
53,943
(788,347)
776,664
  Noah Holdings LimitedSegment Condensed Income Statements (Audited) 

 Twelve months ended December 31, 2024

Domestic
public
securities
Domestic
asset
management
Domestic
insurance
Overseas
wealth
management
Overseas
asset
management
Overseas
insurance
and comprehensive
services
Headquarters
Total

RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000

















Revenues:















Revenues from others















One-time commissions18,619
1,354
43,204
435,937
14,785
100,359
-
614,258
Recurring service fees365,992
188,545
-
22,694
52,952
-
1,322
631,505
Performance-based income38,058
4,908
-
-
4,875
-
-
47,841
Other service fees-
-
-
89,846
-
38,507
57,755
186,108
Total revenues from others422,669
194,807
43,204
548,477
72,612
138,866
59,077
1,479,712
Revenues from funds
Gopher/Olive manages















One-time commissions13,358
-
-
5,551
2,379
-
-
21,288
Recurring service fees56,441
556,742
-
120,669
281,584
-
-
1,015,436
Performance-based income1,301
21,659
-
-
81,938
-
-
104,898
Total revenues from funds
    Gopher/Olive manages  71,100
 578,401
 -
126,220
365,901
-
-
1,141,622
Total revenues493,769
773,208
43,204
674,697
438,513
138,866
59,077
2,621,334
Less: VAT related surcharges (5,017)
(1,101)
(337)
-
-
-
(13,897)
(20,352)
Net revenues488,752
772,107
42,867
674,697
438,513
138,866
45,180
2,600,982
Operating costs and expenses:















Compensation and benefits















Relationship manager
compensation (128,189)
(71,316)
(53,904)
(294,973)
(3,730)
(10,411)
-
(562,523)
Other compensations(42,730)
(80,182)
(41,280)
(154,506)
(55,104)
(46,253)
(366,873)
(786,928)
Total compensation and
    benefits(170,919)
(151,498)
(95,184)
(449,479)
(58,834)
(56,664)
(366,873)
(1,349,451)
Selling expenses(8,429)
(10,574)
(5,599)
(106,175)
(22,321)
(12,177)
(103,763)
(269,038)
General and administrative
    expenses (2,012)
(12,807)
(23,696)
(13,589)
(3,759)
(7,307)
(233,581)
(296,751)
Provision for credit losses(88)
(10,083)
-
-
-
(7,307)
(6,404)
(23,882)
Other operating expenses(1,771)
(23,829)
(449)
-
-
(9,944)
(57,217)
(93,210)
Government subsidies13,448
10,796
479
-
-
-
40,516
65,239
Total operating costs and
    expenses (169,771)
(197,995)
(124,449)
(569,243)
(84,914)
(93,399)
(727,322)
(1,967,093)
Income (loss) from operations 318,981
574,112
(81,582)
105,454
353,599
45,467
(682,142)
633,889
  Noah Holdings LimitedAdditional Business Information (unaudited)  
Three months ended December 31, 2025
Wealth
Management Business
Asset
ManagementBusiness
Other
Businesses
Total
RMB'000
RMB'000
RMB'000
RMB'000







Revenues:






Revenues from others






One-time commissions106,411
-
-
106,411Recurring service fees162,613
-
-
162,613Performance-based income82,361
-
-
82,361Other service fees27,150
-
13,100
40,250Total revenues from others378,535
-
13,100
391,635Revenues from funds Gopher/Olive
manages






One-time commissions422
751
-
1,173Recurring service fees45,156
183,121
-
228,277Performance-based income-
115,929
-
115,929Total revenues from funds
    Gopher/Olive manages  45,578
 299,801
-
345,379Total revenues424,113
299,801
13,100
737,014Less: VAT related surcharges (1,642)
(244)
(1,882)
(3,768)Net revenues422,471
299,557
11,218
733,246Operating costs and expenses:






Compensation and benefits






Relationship manager
compensation (122,938)
(3,073)
-
(126,011)Other compensations(109,118)
(53,243)
(5,206)
(167,567)Total compensation and benefits(232,056)
(56,316)
(5,206)
(293,578)Selling expenses(45,119)
(10,900)
(4,783)
(60,802)General and administrative
    expenses (63,806)
(24,849)
(9,422)
(98,077)(Reversal of) provision for credit
    losses758
(4,282)
-
(3,524)Other operating expenses(10,445)
(3,927)
(7,836)
(22,208)Government subsidies698
988
1,000
2,686Total operating costs and expenses (349,970)
(99,286)
(26,247)
(475,503)Income (loss) from operations 72,501
200,271
(15,029)
257,743  Noah Holdings LimitedAdditional Business Information(unaudited)

Three months ended December 31, 2024
Wealth
Management Business
Asset
ManagementBusiness
Other
Businesses
Total
RMB'000
RMB'000
RMB'000
RMB'000







Revenues:






Revenues from others






One-time commissions131,086
-
-
131,086Recurring service fees158,733
-
-
158,733Performance-based income34,824
-
-
34,824Other service fees40,451
-
11,983
52,434Total revenues from others365,094
-
11,983
377,077Revenues from funds Gopher/Olive
manages






One-time commissions3,422
896
-
4,318Recurring service fees91,264
170,640
-
261,904Performance-based income-
14,490
-
14,490Total revenues from funds
    Gopher/Olive manages  94,686
 186,026
-
 280,712Total revenues459,780
186,026
11,983
657,789Less: VAT related surcharges (2,397)
(271)
(3,214)
(5,882)Net revenues457,383
185,755
8,769
651,907Operating costs and expenses:






Compensation and benefits






Relationship manager
compensation (140,276)
(9,365)
-
(149,641)Other compensations(136,829)
(56,279)
(10,923)
(204,031)Total compensation and benefits(277,105)
(65,644)
(10,923)
(353,672)Selling expenses(56,588)
(10,871)
(11,418)
(78,877)General and administrative
    expenses (41,706)
(20,334)
(11,443)
(73,483)Provision for credit losses(15,724)
(577)
(2,593)
(18,894)Other operating expenses(13,576)
(465)
(3,157)
(17,198)Government subsidies21,645
6,135
11
27,791Total operating costs and expenses (383,054)
(91,756)
(39,523)
(514,333)Income (loss) from operations 74,329
93,999
(30,754)
137,574  Noah Holdings LimitedAdditional Business Information(unaudited) 

Twelve months ended December 31, 2025
Wealth
Management Business
Asset
ManagementBusiness
Other
Businesses
Total
RMB'000
RMB'000
RMB'000
RMB'000
Revenues:






Revenues from others






One-time commissions574,255
-
-
574,255Recurring service fees624,589
-
-
624,589Performance-based income116,247
-
-
116,247Other service fees106,870
-
54,429
161,299Total revenues from others1,421,961
-
54,429
1,476,390Revenues from funds Gopher/Olive
manages






One-time commissions4,029
3,255
-
7,284Recurring service fees289,620
700,895
-
990,515Performance-based income-
155,598
-
155,598Total revenues from funds
    Gopher/Olive manages 293,649
859,748
-
1,153,397Total revenues1,715,610
859,748
54,429
2,629,787Less: VAT related surcharges (6,279)
(677)
(12,591)
(19,547)Net revenues1,709,331
859,071
41,838
2,610,240Operating costs and expenses:






Compensation and benefits






Relationship manager
compensation (490,947)
(7,507)
-
(498,454)Other compensations(476,917)
(215,432)
(25,749)
(718,098)Total compensation and benefits(967,864)
(222,939)
(25,749)
(1,216,552)Selling expenses(173,427)
(48,034)
(21,347)
(242,808)General and administrative
    expenses (197,361)
(71,669)
(36,560)
(305,590) (Reversal of) provision for credit
losses225
(9,040)
(43,411)
(52,226)Other operating expenses(36,053)
(208)
(26,611)
(62,872)Government subsidies35,711
9,735
1,026
46,472Total operating costs and expenses (1,338,769)
(342,155)
(152,652)
(1,833,576)Income (loss) from operations 370,562
516,916
(110,814)
776,664  Noah Holdings LimitedAdditional Business Information (unaudited)

Twelve months ended December 31, 2024
Wealth
Management Business
Asset
ManagementBusiness
Other
Businesses
Total
RMB'000
RMB'000
RMB'000
RMB'000
Revenues:






Revenues from others






One-time commissions614,258
-
-
614,258Recurring service fees631,505
-
-
631,505Performance-based income47,841
-
-
47,841Other service fees141,631
-
44,477
186,108Total revenues from others1,435,235
-
44,477
1,479,712Revenues from funds
Gopher/Olive manages






One-time commissions20,110
1,178
-
21,288Recurring service fees351,998
663,438
-
1,015,436Performance-based income1,089
103,809
-
104,898Total revenues from funds
    Gopher/Olive manages 373,197
768,425
-
1,141,622Total revenues1,808,432
768,425
44,477
2,621,334Less: VAT related surcharges (7,726)
(1,081)
(11,545)
(20,352)Net revenues1,800,706
767,344
32,932
2,600,982Operating costs and expenses:






Compensation and benefits






Relationship manager
compensation (531,172)
(31,351)
-
(562,523)Other compensations(534,031)
(213,668)
(39,229)
(786,928)Total compensation and benefits(1,065,203)
(245,019)
(39,229)
(1,349,451)Selling expenses(195,830)
(46,811)
(26,397)
(269,038)General and administrative
    expenses (184,688)
(70,795)
(41,268)
(296,751)Provision for (reversal of) credit
    losses(22,157)
(3,698)
1,973
(23,882)Other operating expenses(43,107)
(23,948)
(26,155)
(93,210)Government subsidies54,324
10,797
118
65,239Total operating costs and expenses (1,456,661)
(379,474)
(130,958)
(1,967,093)Income (loss) from operations 344,045
387,870
(98,026)
633,889  Noah Holdings LimitedSupplemental Revenue Information by Geography (unaudited)  

Three months ended 
December 31,
2024
December 31, 
2025
Change

(in thousands of RMB, except percentages)







Revenues:





Mainland China367,969
368,582
0.2 %
Hong Kong195,970
301,467
53.8 %
Others93,850
66,965
(28.6 %)
Total revenues657,789
737,014
12.0 %
  Noah Holdings LimitedSupplemental Revenue Information by Geography

Twelve months ended 
December 31,
2024
December 31, 
2025
Change

(audited)
(unaudited)



(in thousands of RMB, except percentages)







Revenues:





Mainland China1,369,258
1,349,519
(1.4 %)
Hong Kong925,846
986,362
6.5 %
Others326,230
293,906
(9.9 %)
Total revenues2,621,334
2,629,787
0.3 %
  Noah Holdings LimitedSupplement Revenue Information by Product Types (unaudited)

Three months ended 
December 31,
2024
December 31,
2025
Change

(in thousands of RMB, except percentages)







Mainland China: 





Public securities products [1]147,840
192,805
30.4 %
Private equity products198,976
159,302
(19.9 %)
Insurance products3,971
343
(91.4 %)
Others17,182
16,132
(6.1 %)
Subtotal367,969
368,582
0.2 %







Overseas: 





Investment products [2]140,621
266,575
89.6 %
Insurance products106,058
69,929
(34.1 %)
Online business [3]9,782
10,846
10.9 %
Others33,359
21,082
(36.8 %)
Subtotal289,820
368,432
27.1 %
Total revenues657,789
737,014
12.0 %
 [1] Includes mutual funds and private secondary products.[2] Includes non-money market mutual fund products, discretionary products, private secondary products,
private equity products, real estate products and private credit products.[3] Includes money market mutual fund products, securities brokerage business.  Noah Holdings LimitedSupplement Revenue Information by Product Types

Twelve months ended
December 31,
2024
December 31,
2025
Change
(unaudited)
(unaudited)


(in thousands of RMB, except percentages)





Mainland China: 




Public securities products [1]493,769
570,280
15.5 %Private equity products773,208
692,423
(10.4 %)Insurance products43,204
18,772
(56.6 %)Others59,077
68,044
15.2 %Subtotal1,369,258
1,349,519
(1.4 %)





Overseas: 




Investment products [2]598,578
754,644
26.1 %Insurance products501,799
400,213
(20.2 %)Online business [3]30,032
43,798
45.8 %Others121,667
81,613
(32.9 %)Subtotal1,252,076
1,280,268
2.3 %Total revenues2,621,334
2,629,787
0.3 % [1] Includes mutual funds and private secondary products.[2] Includes non-money market mutual fund products, discretionary products, private secondary products,
private equity products, real estate products and private credit products.[3] Includes money market mutual fund products, securities brokerage business.  Noah Holdings LimitedSupplemental Information(unaudited)

As of
December 31,
2024
December 31,
2025
Change





Number of registered clients 462,049
467,870
1.3 % 
 Three months ended
December 31,
2024
December 31,
2025
Change
(in millions of RMB, except number of active clients and percentages)Number of active clients8,862
10,261
15.8 %Transaction value:




Private equity products1,255
1,298
3.4 %Private secondary products4,732
5,129
8.4 %Mutual fund products9,810
10,027
2.2 %Other products454
511
12.6 %Total transaction value16,251
16,965
4.4 %

 Twelve months ended
December 31,
2024
December 31,
2025
Change
(in millions of RMB, except number of active clients and percentages)Number of active clients17,210
18,450
7.2 %Transaction value:




Private equity products4,775
4,856
1.7 %Private secondary products16,201
23,158
42.9 %Mutual fund products39,573
36,045
(8.9 %)Other products3,263
2,971
(9.0 %)Total transaction value63,811
67,030
5.0 %  Noah Holdings LimitedSupplement Information of Overseas Business (unaudited)  


Three months ended 

December 31,
2024
December 31, 
2025
Change



Net Revenues from Overseas (RMB, million)289.8
368.4
27.1 %
Number of Overseas Registered Clients17,654
19,993
13.2 %
Number of Overseas Active Clients2,914
3,263
12.0 %
Transaction Value of Overseas Investment Products (RMB, billion)7.1
8.8
24.3 %
Number of Overseas Relationship Managers138
140
1.4 %
Overseas Assets Under Management (RMB, billion)42.6
42.4
(0.5 %)   Noah Holdings LimitedSupplement Information of Overseas Business (unaudited)


Twelve months ended 

December 31,
2024
December 31,
2025
Change



Net Revenues from Overseas (RMB, million)1,252.1
1,280.3
2.3 %
Number of Overseas Registered Clients17,654
19,993
13.2 %
Number of Overseas Active Clients5,544
6,231
12.4 %
Transaction Value of Overseas Investment Products (RMB, billion)31.1
33.7
8.1 %
Number of Overseas Relationship Managers138
140
1.4 %
Overseas Assets Under Management (RMB, billion)42.6
42.4
(0.5 %)  Noah Holdings LimitedReconciliation of GAAP to Non-GAAP Results(In RMB, except for per ADS data and percentages)(unaudited)

Three months ended



December 31,
December 31,
Change

2024
2025



RMB'000
RMB'000









Net income attributable to Noah shareholders109,751
12,823
(88.3 %)
Adjustment for share-based compensation 30,705
14,173
(53.8 %)
Adjustment for settlement expense reversal(978)
400
N.A.
Less: tax effect of adjustments7,030
2,320
(67.0 %)
Adjusted net income attributable to Noah shareholders (non-
    GAAP) 132,448
 25,076
(81.1 %)







Net margin attributable to Noah shareholders16.8 %
1.7 %


Non-GAAP net margin attributable to Noah shareholders20.3 %
3.4 %









Net income attributable to Noah shareholders per ADS,
    diluted1.55
 0.18
 (88.4 %)
Non-GAAP net income attributable to Noah shareholders
    per ADS, diluted1.87
 0.36
 (80.7 %)
  Noah Holdings LimitedReconciliation of GAAP to Non-GAAP Results(In RMB, except for per ADS data and percentages)(unaudited)

Twelve months ended
December 31
December 31
Change
2024
2025


RMB'000
RMB'000







Net income attributable to Noah shareholders475,445
558,857
17.5 %Adjustment for share-based compensation 109,030
66,881
(38.7 %)Adjustment for settlement expense reversal(12,454)
(956)
(92.3 %)Less: tax effect of adjustments21,836
12,862
(41.1 %)Adjusted net income attributable to Noah shareholders
    (non-GAAP) 550,185
 611,920
 11.2 %





Net margin attributable to Noah shareholders18.3 %
21.4 %

Non-GAAP net margin attributable to Noah shareholders21.2 %
23.4 %







Net income attributable to Noah shareholders per ADS,
    diluted 6.75
 7.94
 17.6 %Non-GAAP net income attributable to Noah shareholders
    per ADS, diluted 7.81
 8.69
 11.3 %  



View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-2025-and-unaudited-financial-results-for-full-year-2025-302723967.htmlSOURCE Noah Holdings Limited

Original: NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2025 AND UNAUDITED FINANCIAL RESULTS FOR FULL YEAR 2025