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Noah Holdings Ltd

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

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 HIGHLIGHTS

  • 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 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 HIGHLIGHTS

  • Net 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 UPDATES

Wealth Management Business

Noah 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 products

9.8


60.1 %


10.1


59.1 %

Private secondary products

4.7


28.8 %


5.1


30.2 %

Private equity products

1.3


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 China

Three months ended December 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

6.6


71.7 %


5.9


72.0 %

Private secondary products

2.4


26.1 %


2.2


26.8 %

Other products

0.2


2.2 %


0.1


1.2 %

All products in mainland China

9.2


100.0 %


8.2


100.0 %

 

Type of overseas products

Three months ended December 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

3.2


45.1 %


4.2


47.2 %

Private secondary products

2.3


32.4 %


2.9


33.3 %

Private equity products

1.3


18.3 %


1.3


14.9 %

Other products

0.3


4.2 %


0.4


4.6 %

All overseas products

7.1


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 products

39.6


62.0 %


36.0


53.7 %

Private secondary products

16.2


25.3 %


23.1


34.5 %

Private equity products

4.8


7.5 %


4.9


7.3 %

Other products

3.3


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 China

Twelve months ended December 31,



2024


2025



(RMB in billions, except percentages)


Mutual fund products

25.7


78.4 %


21.2


63.7 %


Private secondary products

5.4


16.4 %


11.1


33.3 %


Other products

1.7


5.2 %


1.0


3.0 %


All products in mainland China

32.8


100.0 %


33.3


100.0 %


Type of overseas products

Twelve months ended December 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

13.9


44.8 %


14.8


44.0 %

Private secondary products

10.8


34.7 %


12.0


35.6 %

Private equity products

4.8


15.4 %


4.9


14.5 %

Other products

1.6


5.1 %


2.0


5.9 %

All Overseas products

31.1


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 Business

Our 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 type

As of
September 30,
2025



Growth



Allocation/
Redemption [5]


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

128.1


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 estate

4.7


3.3 %


0.1


0.7


4.1


2.9 %

Multi-strategies

1.9


1.3 %


-


(0.1)


2.0


1.4 %

All Investments

143.5


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 type

As of
December 31,
2024



Growth



Allocation/
Redemption


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

131.5


86.8 %


1.5


6.0


127.0


89.6 %

Public securities

9.4


6.2 %


6.6


7.4


8.6


6.1 %

Real estate

6.2


4.1 %


0.2


2.3


4.1


2.9 %

Multi-strategies

3.9


2.6 %


-


1.9


2.0


1.4 %

Others

0.5


0.3 %


-


0.5


-


-

All Investments

151.5


100.0 %


8.3


18.1


141.7


100.0 %

Total assets under management, categorized by geography, are as follows:

Mainland China
Investment type

As of
September 30,
2025



Growth


Allocation/

Redemption


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

94.8


93.6 %


-


1.2


93.6


94.3 %

Public securities

4.4


4.3 %


0.2


0.5


4.1


4.1 %

Real estate

0.7


0.7 %


-


0.5


0.2


0.2 %

Multi-strategies

1.4


1.4 %


-


-


1.4


1.4 %

All Investments

101.3


100.0 %


0.2


2.2


99.3


100.0 %

 

Mainland China
Investment type

As of
December 31,
2024



Growth


Allocation/

Redemption


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

98.6


90.5 %


-


5.0


93.6


94.3 %

Public securities

5.3


4.9 %


1.1


2.3


4.1


4.1 %

Real estate

2.2


2.0 %


-


2.0


0.2


0.2 %

Multi-strategies

2.3


2.1 %


-


0.9


1.4


1.4 %

Others

0.5


0.5 %


-


0.5


-


-

All Investments

108.9


100.0 %


1.1


10.7


99.3


100.0 %

 

Overseas

Investment type

As of

September 30,
2025



Growth


Allocation/

Redemption


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

33.3


78.9 %


0.7


0.6


33.4


78.8 %

Public securities

4.4


10.4 %


1.6


1.5


4.5


10.6 %

Real estate

4.0


9.5 %


0.1


0.2


3.9


9.2 %

Multi-strategies

0.5


1.2 %


-


(0.1)


0.6


1.4 %

All Investments

42.2


100.0 %


2.4


2.2


42.4


100.0 %

 

Overseas

Investment type

As of

December 31,
2024



Growth


Allocation/

Redemption


As of
December 31,
2025


(RMB billions, except percentages)

Private equity

32.9


77.2 %


1.5


1.0


33.4


78.8 %

Public securities

4.1


9.6 %


5.5


5.1


4.5


10.6 %

Real estate

4.0


9.4 %


0.2


0.3


3.9


9.2 %

Multi-strategies

1.6


3.8 %


-


1.0


0.6


1.4 %

All Investments

42.6


100.0 %


7.2


7.4


42.4


100.0 %

Other Businesses

Noah'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 RESULTS

Net 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 Change

Domestic 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 %

Headquarters

13.2


14.0


6.4 %

Total net revenues

651.9


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 brand

Operating Costs and Expenses

Operating 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 operations

Income(loss) from operations under the segmentation is as follows:

(RMB millions,

except percentages)

Q4 2024



Q4 2025



YoY Change

Domestic public securities

113.1



143.7



27.0 %

Domestic asset management

157.9



121.9



(22.8 %)

Domestic insurance

(12.0)



(6.5)



(45.8 %)

Overseas wealth management

9.2



8.1



(11.9 %)

Overseas asset management

82.1



166.3



102.5 %

Overseas insurance and comprehensive services

1.3



9.1



613.4 %

Headquarters

(214.0)



(184.9)



(13.7 %)

Total income from operations

137.6



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 Margin

Operating margin for the fourth quarter of 2025 was 35.2%, compared with 21.1% for the corresponding period in 2024.

Interest Income

Interest 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 Income

Investment 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 Expense

Income 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 Income

  • Net Income
    • Net 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 RESULTS

Net Revenues

Net 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 Change

Domestic public securities

488.8


566.5


15.9 %

Domestic asset management

772.0


692.5


(10.3 %)

Domestic insurance

42.9


18.6


(56.5 %)

Overseas wealth management

674.7


547.5


(18.8 %)

Overseas asset management

438.5


553.9


26.3 %

Overseas insurance and comprehensive services

138.9


178.8


28.8 %

Headquarters

45.2


52.4


15.9 %

Total net revenues

2,601.0


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 expenses

Operating 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 operations

Income(loss) from operations under the segmentation is as follows:

(RMB millions,

except percentages)

FY 2024



FY 2025



YoY Change

Domestic public securities

319.0



427.4



34.0 %

Domestic asset management

574.1



566.3



(1.4 %)

Domestic insurance

(81.6)



(34.5)



(57.8 %)

Overseas wealth management

105.5



142.7



35.3 %

Overseas asset management

353.6



409.2



15.7 %

Overseas insurance and comprehensive services

45.5



53.9



18.6 %

Headquarters

(682.2)



(788.3)



15.6 %

Total income from operations

633.9



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 Margin

Operating margin for 2025 was 29.8%, compared with 24.4% for 2024.

Interest Income

Interest income for 2025 was RMB127.5 million (US$18.2 million), an 18.1% decrease from the corresponding period in 2024.

Investment Income

Investment 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 Expenses

Income 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 Income

  • Net Income
    • Net 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 FLOW

As 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 DIVIDEND

On 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 Call

Date/Time：

Tuesday, March 24, 2026 at 8:00 p.m., U.S. Eastern Time

Wednesday, March 25, 2026 at 8:00 a.m., Hong Kong Time

Dial 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:

5020907

A 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 MEASURES

In 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 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 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 TRANSLATION

In 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 Limited

Condensed Consolidated Balance Sheets

(unaudited)



As of


September 30,

2025


December 31,

2025


December
31,2025


RMB'000


RMB'000


USD'000

Assets







Current assets:








Cash and cash equivalents

3,837,367


4,360,918


623,603



Restricted cash

6,071


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 parties

568,979


596,800


85,341



Loans receivable, net

117,598


112,416


16,075



Other current assets

330,699


201,573


28,827



Total current assets

6,376,267


6,360,545


909,547


Long-term investments, net

785,992


1,172,012


167,595


Investment in affiliates

1,469,275


1,326,131


189,634


Property and equipment, net

2,377,786


2,356,440


336,966


Operating lease right-of-use assets, net

98,947


103,027


14,733


Deferred tax assets

317,007


310,287


44,370


Other non-current assets

120,668


112,492


16,086

Total Assets

11,545,942


11,740,934


1,678,931

Liabilities and Equity







Current liabilities:








Accrued payroll and welfare expenses

346,233


407,558


58,280



Income tax payable

117,029


147,510


21,094



Deferred revenues

72,207


54,398


7,779



Contingent liabilities

462,042


505,496


72,285



Other current liabilities

340,086


312,240


44,650


Total current liabilities

1,337,597


1,427,202


204,088


Deferred tax liabilities

240,363


263,608


37,695


Operating lease liabilities, non-current

59,634


60,344


8,629


Other non-current liabilities

9,701


6,820


975


Total Liabilities

1,647,295


1,757,974


251,387


Equity

9,898,647


9,982,960


1,427,544

Total Liabilities and Equity

11,545,942


11,740,934


1,678,931

 

 

Noah Holdings Limited

Condensed 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 commissions

131,086


106,411


15,217


(18.8 %)

    Recurring service fees

158,733


162,613


23,253


2.4 %

    Performance-based income

34,824


82,361


11,777


136.5 %

Other service fees

52,434


40,250


5,756


(23.2 %)

Total revenues from others

377,077


391,635


56,003


3.9 %

Revenues from funds
    Gopher/Olive manages:








    One-time commissions

4,318


1,173


168


(72.8 %)

    Recurring service fees

261,904


228,277


32,643


(12.8 %)

    Performance-based income

14,490


115,929


16,578


700.1 %

Total revenues from funds
    Gopher/Olive manages

280,712


345,379


49,389


23.0 %

Total revenues

657,789


737,014


105,392


12.0 %

Less: VAT related surcharges 

(5,882)


(3,768)


(539)


(35.9 %)

Net revenues

651,907


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 income

38,563


32,558


4,656


(15.6 %)

    Investment income

18,233


19,353


2,767


6.1 %

    Settlement expenses, net

978


(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
    affiliates

253,177


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, basic

1.56


0.18


0.03


(88.5 %)

Income per ADS, diluted

1.55


0.18


0.03


(88.4 %)









Margin analysis:








Operating margin

21.1 %


35.2 %


35.2 %



Net margin

17.4 %


1.4 %


1.4 %











Weighted average ADS
    equivalent[1]:








Basic

70,296,590


69,650,605


69,650,605



Diluted

70,901,802


70,429,668


70,429,668



ADS equivalent outstanding at
    end of period

66,078,707


66,674,068


66,674,068











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








 

 

Noah Holdings Limited

Condensed 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 commissions

614,258


574,255


82,117


(6.5 %)

    Recurring service fees

631,505


624,589


89,315


(1.1 %)

    Performance-based income

47,841


116,247


16,623


143.0 %

    Other service fees

186,108


161,299


23,065


(13.3 %)

Total revenues from others

1,479,712


1,476,390


211,120


(0.2 %)

Revenues from funds
    Gopher/Olive manages:








    One-time commissions

21,288


7,284


1,042


(65.8 %)

    Recurring service fees

1,015,436


990,515


141,642


(2.5 %)

    Performance-based income

104,898


155,598


22,250


48.3 %

Total revenues from funds
    Gopher/Olive manages

1,141,622


1,153,397


164,934


1.0 %

Total revenues

2,621,334


2,629,787


376,054


0.3 %

Less: VAT related surcharges 

(20,352)


(19,547)


(2,795)


(4.0 %)

Net revenues

2,600,982


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 operations

633,889


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 reversal

12,454


956


137


(92.3 %)

Contingent litigation expenses,
net

14,000


(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 affiliates

867,605


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
    interests

11,559


(1,638)


(234)


N.A.

Net income attributable to
    Noah shareholders 

475,445


558,857


79,915


17.5 %

















Income per ADS, basic

6.78


8.01


1.15


18.1 %

Income per ADS, diluted

6.75


7.94


1.14


17.6 %









Margin analysis:








Operating margin

24.4 %


29.8 %


29.8 %



Net margin

18.7 %


21.3 %


21.3 %











Weighted average ADS
    equivalent[1]:








Basic

70,169,529


69,754,984


69,754,984



Diluted

70,470,251


70,392,528


70,392,528



ADS equivalent outstanding at
    end of period

66,078,707


66,674,068


66,674,068











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








 

 

Noah Holdings Limited

Condensed 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 adjustments

121,470


(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 shareholders

231,233


(47,098)


(6,737)


N.A.

 

 

Noah Holdings Limited

Condensed 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 income

599,135



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 commissions

9,678


385


343


53,050


7,823


35,132


-


106,411


Recurring service fees

92,519


36,255


-


10,152


23,687


-


-


162,613


Performance-based income

81,771


585


-


-


5


-


-


82,361


Other service fees

-


-


-


16,883


-


7,235


16,132


40,250


Total revenues from others

183,968


37,225


343


80,085


31,515


42,367


16,132


391,635


Revenues from funds
Gopher/Olive manages

















One-time commissions

1,173


-


-


-


-


-


-


1,173


Recurring service fees

7,601


121,153


-


29,858


69,665


-


-


228,277


Performance-based income

63


924


-


-


114,942


-


-


115,929


Total revenues from funds
    Gopher/Olive manages

 

8,837


 

122,077


-


29,858


184,607


-


-


 

345,379


Total revenues

192,805


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 revenues

191,373


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 subsidies

6


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 Limited

Segment 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 commissions

10,448


55


3,971


92,234


3,166


21,212


-


131,086


Recurring service fees

92,505


41,895


-


7,237


16,887


-


209


158,733


Performance-based income

29,740


4,908


-


-


176


-


-


34,824


Other service fees

-


-


-


24,823


-


10,638


16,973


52,434


Total revenues from others

132,693


46,858


3,971


124,294


20,229


31,850


17,182


377,077


Revenues from funds
Gopher/Olive manages

















One-time commissions

2,889


-


-


1,000


429


-


-


4,318


Recurring service fees

12,207


145,406


-


31,287


73,004


-


-


261,904


Performance-based income

51


6,712


-


-


7,727


-


-


14,490


Total revenues from funds
    Gopher/Olive manages

 

15,147


 

152,118


-


32,287


81,160


-


-


 

280,712


Total revenues

147,840


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 revenues

146,235


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 subsidies

8,689


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 Limited

Segment 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 commissions

53,152


1,243


18,772


320,221


30,264


150,603


-


574,255


Recurring service fees

352,345


143,040


-


38,765


90,439


-


-


624,589


Performance-based income

115,467


630


-


-


150


-


-


116,247


Other service fees

-


-


-


65,782


-


28,191


67,326


161,299


Total revenues from others

520,964


144,913


18,772


424,768


120,853


178,794


67,326


1,476,390


Revenues from funds
Gopher/Olive manages

















One-time commissions

6,682


188


-


290


124


-


-


7,284


Recurring service fees

40,708


541,537


-


122,482


285,788


-


-


990,515


Performance-based income

1,923


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 revenues

570,277


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 revenues

566,489


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 losses

2,424


(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 subsidies

11,977


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 Limited

Segment 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 commissions

18,619


1,354


43,204


435,937


14,785


100,359


-


614,258


Recurring service fees

365,992


188,545


-


22,694


52,952


-


1,322


631,505


Performance-based income

38,058


4,908


-


-


4,875


-


-


47,841


Other service fees

-


-


-


89,846


-


38,507


57,755


186,108


Total revenues from others

422,669


194,807


43,204


548,477


72,612


138,866


59,077


1,479,712


Revenues from funds
Gopher/Olive manages

















One-time commissions

13,358


-


-


5,551


2,379


-


-


21,288


Recurring service fees

56,441


556,742


-


120,669


281,584


-


-


1,015,436


Performance-based income

1,301


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 revenues

493,769


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 revenues

488,752


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 subsidies

13,448


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 Limited

Additional Business Information

 (unaudited)  


Three months ended December 31, 2025


Wealth
Management

 Business


Asset
Management

Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

106,411


-


-


106,411

Recurring service fees

162,613


-


-


162,613

Performance-based income

82,361


-


-


82,361

Other service fees

27,150


-


13,100


40,250

Total revenues from others

378,535


-


13,100


391,635

Revenues from funds Gopher/Olive
manages








One-time commissions

422


751


-


1,173

Recurring service fees

45,156


183,121


-


228,277

Performance-based income

-


115,929


-


115,929

Total revenues from funds
    Gopher/Olive manages

 

45,578


 

299,801


-


345,379

Total revenues

424,113


299,801


13,100


737,014

Less: VAT related surcharges

(1,642)


(244)


(1,882)


(3,768)

Net revenues

422,471


299,557


11,218


733,246

Operating 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
    losses

758


(4,282)


-


(3,524)

Other operating expenses

(10,445)


(3,927)


(7,836)


(22,208)

Government subsidies

698


988


1,000


2,686

Total 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 Limited

Additional Business Information

(unaudited)



Three months ended December 31, 2024


Wealth
Management

 Business


Asset
Management

Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

131,086


-


-


131,086

Recurring service fees

158,733


-


-


158,733

Performance-based income

34,824


-


-


34,824

Other service fees

40,451


-


11,983


52,434

Total revenues from others

365,094


-


11,983


377,077

Revenues from funds Gopher/Olive
manages








One-time commissions

3,422


896


-


4,318

Recurring service fees

91,264


170,640


-


261,904

Performance-based income

-


14,490


-


14,490

Total revenues from funds
    Gopher/Olive manages

 

94,686


 

186,026


-


 

280,712

Total revenues

459,780


186,026


11,983


657,789

Less: VAT related surcharges

(2,397)


(271)


(3,214)


(5,882)

Net revenues

457,383


185,755


8,769


651,907

Operating 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 subsidies

21,645


6,135


11


27,791

Total 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 Limited

Additional Business Information

(unaudited) 



Twelve months ended December 31, 2025


Wealth
Management

 Business


Asset
Management

Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000


Revenues:








Revenues from others








One-time commissions

574,255


-


-


574,255

Recurring service fees

624,589


-


-


624,589

Performance-based income

116,247


-


-


116,247

Other service fees

106,870


-


54,429


161,299

Total revenues from others

1,421,961


-


54,429


1,476,390

Revenues from funds Gopher/Olive
manages








One-time commissions

4,029


3,255


-


7,284

Recurring service fees

289,620


700,895


-


990,515

Performance-based income

-


155,598


-


155,598

Total revenues from funds
    Gopher/Olive manages

293,649


859,748


-


1,153,397

Total revenues

1,715,610


859,748


54,429


2,629,787

Less: VAT related surcharges

(6,279)


(677)


(12,591)


(19,547)

Net revenues

1,709,331


859,071


41,838


2,610,240

Operating 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
losses

225


(9,040)


(43,411)


(52,226)

Other operating expenses

(36,053)


(208)


(26,611)


(62,872)

Government subsidies

35,711


9,735


1,026


46,472

Total 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 Limited

Additional Business Information

 (unaudited)



Twelve months ended December 31, 2024


Wealth
Management

 Business


Asset
Management

Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000


Revenues:








Revenues from others








One-time commissions

614,258


-


-


614,258

Recurring service fees

631,505


-


-


631,505

Performance-based income

47,841


-


-


47,841

Other service fees

141,631


-


44,477


186,108

Total revenues from others

1,435,235


-


44,477


1,479,712

Revenues from funds
Gopher/Olive manages








One-time commissions

20,110


1,178


-


21,288

Recurring service fees

351,998


663,438


-


1,015,436

Performance-based income

1,089


103,809


-


104,898

Total revenues from funds
    Gopher/Olive manages

373,197


768,425


-


1,141,622

Total revenues

1,808,432


768,425


44,477


2,621,334

Less: VAT related surcharges

(7,726)


(1,081)


(11,545)


(20,352)

Net revenues

1,800,706


767,344


32,932


2,600,982

Operating 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 subsidies

54,324


10,797


118


65,239

Total 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 Limited

Supplemental Revenue Information by Geography

 (unaudited)  



Three months ended 


December 31,
2024


December 31, 
2025


Change



(in thousands of RMB, except percentages)









Revenues:







Mainland China

367,969


368,582


0.2 %


Hong Kong

195,970


301,467


53.8 %


Others

93,850


66,965


(28.6 %)


Total revenues

657,789


737,014


12.0 %


 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography



Twelve months ended 


December 31,
2024


December 31, 
2025


Change



(audited)


(unaudited)





(in thousands of RMB, except percentages)









Revenues:







Mainland China

1,369,258


1,349,519


(1.4 %)


Hong Kong

925,846


986,362


6.5 %


Others

326,230


293,906


(9.9 %)


Total revenues

2,621,334


2,629,787


0.3 %


 

 

Noah Holdings Limited

Supplement 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 products

198,976


159,302


(19.9 %)


Insurance products

3,971


343


(91.4 %)


Others

17,182


16,132


(6.1 %)


Subtotal

367,969


368,582


0.2 %









Overseas: 







Investment products [2]

140,621


266,575


89.6 %


Insurance products

106,058


69,929


(34.1 %)


Online business [3]

9,782


10,846


10.9 %


Others

33,359


21,082


(36.8 %)


Subtotal

289,820


368,432


27.1 %


Total revenues

657,789


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 Limited

Supplement 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 products

773,208


692,423


(10.4 %)

Insurance products

43,204


18,772


(56.6 %)

Others

59,077


68,044


15.2 %

Subtotal

1,369,258


1,349,519


(1.4 %)







Overseas: 






Investment products [2]

598,578


754,644


26.1 %

Insurance products

501,799


400,213


(20.2 %)

Online business [3]

30,032


43,798


45.8 %

Others

121,667


81,613


(32.9 %)

Subtotal

1,252,076


1,280,268


2.3 %

Total revenues

2,621,334


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 Limited

Supplemental 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 clients

8,862


10,261


15.8 %

Transaction value:






Private equity products

1,255


1,298


3.4 %

Private secondary products

4,732


5,129


8.4 %

Mutual fund products

9,810


10,027


2.2 %

Other products

454


511


12.6 %

Total transaction value

16,251


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 clients

17,210


18,450


7.2 %

Transaction value:






Private equity products

4,775


4,856


1.7 %

Private secondary products

16,201


23,158


42.9 %

Mutual fund products

39,573


36,045


(8.9 %)

Other products

3,263


2,971


(9.0 %)

Total transaction value

63,811


67,030


5.0 %

 

 

Noah Holdings Limited

Supplement 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 Clients

17,654


19,993


13.2 %


Number of Overseas Active Clients

2,914


3,263


12.0 %


Transaction Value of Overseas Investment Products (RMB, billion)

7.1


8.8


24.3 %


Number of Overseas Relationship Managers

138


140


1.4 %


Overseas Assets Under Management (RMB, billion)

42.6


42.4


(0.5 %)

 

 

 Noah Holdings Limited

Supplement 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 Clients

17,654


19,993


13.2 %


Number of Overseas Active Clients

5,544


6,231


12.4 %


Transaction Value of Overseas Investment Products (RMB, billion)

31.1


33.7


8.1 %


Number of Overseas Relationship Managers

138


140


1.4 %


Overseas Assets Under Management (RMB, billion)

42.6


42.4


(0.5 %)

 

 

Noah Holdings Limited

Reconciliation 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 shareholders

109,751


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 adjustments

7,030


2,320


(67.0 %)


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

 

132,448


 

25,076


(81.1 %)









Net margin attributable to Noah shareholders

16.8 %


1.7 %




Non-GAAP net margin attributable to Noah shareholders

20.3 %


3.4 %











Net income attributable to Noah shareholders per ADS,
    diluted

1.55


 

0.18


 

(88.4 %)


Non-GAAP net income attributable to Noah shareholders
    per ADS, diluted

1.87


 

0.36


 

(80.7 %)


 

 

Noah Holdings Limited

Reconciliation 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 shareholders

475,445


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 adjustments

21,836


12,862


(41.1 %)

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

 

550,185


 

611,920


 

11.2 %







Net margin attributable to Noah shareholders

18.3 %


21.4 %



Non-GAAP net margin attributable to Noah shareholders

21.2 %


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 %

 

 

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SOURCE Noah Holdings Limited