NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025

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    SHANGHAI, Nov. 26, 2025 /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 financial results for the third quarter of 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.

    THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

    • Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in revenues from one-time commissions as a result of decreases in insurance product distribution and performance-based income. Net revenues remained relatively stable on a sequential basis.
    • Income from operations for the third quarter of 2025 was RMB171.9 million (US$24.1 million), a 28.6% decrease from the corresponding period in 2024, primarily due to a 7.4% decrease in net revenues.
    • Net income attributable to Noah shareholders for the third quarter of 2025 was RMB218.5 million (US$30.7 million), a significant 62.6% increase from the corresponding period in 2024, primarily due to an increase in fair value of investments in affiliates.
    • Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.

    THIRD QUARTER 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 September 30, 2025 was 466,153, a 1.3% increase from September 30, 2024, and a 0.3% increase from June 30, 2025. Among such clients, the number of overseas registered clients as of September 30, 2025, was 19,543, a 13.1% increase from September 30, 2024, and a 3.0% increase from June 30, 2025.
    • Total number of active clients[2] who transacted with us during the third quarter of 2025 was 10,650, a 35.5% increase from the third quarter of 2024, and a 16.3% increase from the second quarter of 2025. Among such clients, the number of overseas active clients who transacted with us during the third quarter of 2025 was 3,561, a 13.4% increase from the third quarter of 2024, and a 2.4% decrease from the second quarter of 2025.
    • Aggregate value of investment products distributed during the third quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 19.1% increase from the third quarter of 2024, mainly due to a 66.9% increase in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.6 billion (US$1.2 billion) of overseas investment products, an 11.2% increase from the third quarter of 2024, mainly due to an increase in distribution of overseas mutual fund products.

    The aggregate value of investment products distributed, categorized by product type, is as follows:

    Three months ended September 30,

    2024

    2025

    (RMB in billions, except percentages)

    Mutual fund products

    8.6

    60.6 %

    9.2

    54.1 %

    Private secondary products 

    3.6

    25.0 %

    5.9

    34.7 %

    Private equity products

    1.1

    7.5 %

    1.1

    6.5 %

    Other products[3]

    1.0

    6.9 %

    0.8

    4.7 %

    All products

    14.3

    100.0 %

    17.0

    100.0 %

    The aggregate value of investment products distributed, categorized by geography, is as follows：

    Type of products in Mainland China

    Three months ended September 30,

    2024

    2025

    (RMB in billions, except percentages)

    Mutual fund products

    5.2

    80.2 %

    5.3

    63.1 %

    Private secondary products 

    0.8

    12.3 %

    2.8

    33.3 %

    Other products

    0.5

    7.5 %

    0.3

    3.6 %

    All products in Mainland China

    6.5

    100.0 %

    8.4

    100.0 %

    Type of overseas products

    Three months ended September 30,

    2024

    2025

    (RMB in billions, except percentages)

    Mutual fund products

    3.4

    44.6 %

    3.9

    45.4 %

    Private secondary products 

    2.8

    35.7 %

    3.1

    36.0 %

    Private equity products

    1.1

    13.7 %

    1.1

    12.8 %

    Other products

    0.5

    6.0 %

    0.5

    5.8 %

    All Overseas products

    7.8

    100.0 %

    8.6

    100.0 %
    • Coverage network in mainland China included 16 cities as of September 30, 2025, compared with 13 cities as of September 30, 2024 and 12 cities as of June 30, 2025.
    • Aggregate number of overseas relationship managers was 136 as of September 30, 2025, a 6.8% decrease from September 30, 2024, and a 10.5% decrease from June 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, Japan and the United States. 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 September 30, 2025, remained relatively stable at RMB143.5 billion (US$20.2 billion), compared with RMB150.1 billion as of September 30, 2024, and RMB145.1 billion as of June 30, 2025. Mainland China assets under management as of September 30, 2025 were RMB101.3 billion (US$14.2 billion), compared with RMB110.6 billion as of September 30, 2024 and RMB103.7 billion as of June 30, 2025. Overseas assets under management as of September 30, 2025 were RMB42.2 billion (US$5.9 billion), compared with RMB39.5 billion as of September 30, 2024 and RMB41.4 billion as of June 30, 2025.

    Total assets under management, categorized by investment type, are as follows:

    Investment type

    As of 
    June 30, 
    2025


    Growth

    Allocation/ 
    Redemption    [4]

    As of
    September 30, 
    2025

    (RMB billions, except percentages)

    Private equity

    129.3

    89.1 %

    0.2

    1.4

    128.1

    89.3 %

     Public securities[5]

    9.3

    6.4 %

    1.6

    2.1

    8.8

    6.1 %

    Real estate

    4.6

    3.2 %

    0.1

    –

    4.7

    3.3 %

    Multi-strategies

    1.9

    1.3 %

    –

    –

    1.9

    1.3 %

    All Investments

    145.1

    100.0 %

    1.9

    3.5

    143.5

    100.0 %

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

    Mainland China
    Investment type

    As of 
    June 30, 
    2025


    Growth

    Allocation/

    Redemption

    As of
    September 30, 
    2025

    (RMB billions, except percentages)

    Private equity

    96.5

    93.1 %

    –

    1.7

    94.8

    93.6 %

    Public securities

    5.1

    4.9 %

    0.2

    0.9

    4.4

    4.3 %

    Real estate

    0.7

    0.7 %

    –

    –

    0.7

    0.7 %

    Multi-strategies

    1.4

    1.3 %

    –

    –

    1.4

    1.4 %

    All Investments

    103.7

    100.0 %

    0.2

    2.6

    101.3

    100.0 %

    Overseas

    Investment type

    As of 
    June 30, 
    2025


    Growth

    Allocation/

    Redemption

    As of
    September 30, 
    2025

    (RMB billions, except percentages)

    Private equity

    32.8

    79.3 %

    0.2

    (0.3)

    33.3

    78.9 %

    Public securities

    4.2

    10.1 %

    1.4

    1.2

    4.4

    10.4 %

    Real estate

    3.9

    9.4 %

    0.1

    –

    4.0

    9.5 %

    Multi-strategies

    0.5

    1.2 %

    –

    –

    0.5

    1.2 %

    All Investments

    41.4

    100.0 %

    1.7

    0.9

    42.2

    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 Chairwoman of Noah, commented, “We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. While net revenues increased slightly on a sequential basis to RMB632.9 million, non-GAAP net income grew significantly to RMB229.1 million, a robust 52.2% year-over-year increase.

    During the quarter, we obtained a U.S. broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey. We believe our strong balance sheet provides a solid foundation for future investments and our long-term growth. Moving forward, we remain committed to executing our strategies with discipline and focus, driving sustainable development while maintaining prudent oversight of market conditions to create lasting value for shareholders.”

    THIRD QUARTER 2025 FINANCIAL RESULTS

    Net Revenues

    Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in net revenues from overseas.

    Net Revenues under the segmentation adopted in Q4 2024 is as follows:

    (RMB millions,

    except percentages)

    Q3 2024

    Q3 2025

    YoY Change

    Domestic public securities[6]

    106.6

    115.9

    8.7 %

    Domestic asset management[7]

    180.4

    189.3

    4.9 %

    Domestic insurance[8]

    8.5

    4.7

    (44.8 %)

    Overseas wealth management[9]

    189.0

    146.2

    (22.7 %)

    Overseas asset management[10]

    148.5

    117.6

    (20.8 %)

    Overseas insurance and comprehensive
    services[11]

    39.4

    47.1

    19.8 %

    Headquarters

    11.3

    12.1

    7.3 %

    Total net revenues

    683.7

    632.9

    (7.4 %)
    • Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the third quarter of 2025 were RMB115.9 million (US$16.3 million), an 8.7% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from 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 third quarter of 2025 were RMB189.3 million (US$26.6 million), a 4.9% increase from the corresponding period in 2024, primarily due to increases in recurring service fees from RMB private equity products.
    • Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the third quarter of 2025 were RMB4.7 million (US$0.7 million), a 44.8% 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 third quarter of 2025 were RMB146.2 million (US$20.5 million), a 22.7% decrease from the corresponding period in 2024, mainly due to a decrease in allocated referral fees for assistance in distribution of overseas insurance products.
    • Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were RMB117.6 million (US$16.5 million), a 20.8% decrease from the corresponding period in 2024, primarily due to a decrease in performance-based income from private equity investment products managed by Olive.
    • 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 third quarter of 2025 were RMB47.1 million (US$6.6 million), a 19.8% 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.
    • 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 third quarter of 2025 were RMB12.1 million (US$1.7 million), compared with RMB11.3 million for the corresponding period in 2024, maintaining a relatively stable trend.

    [1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and 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 purchased investment products distributed or received 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.

    [4]  The asset allocation/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates.

    [5]  The asset allocation/redemption of public securities also includes the impact from market value appreciation or depreciation.

    [6] Operates under the Noah Upright brand

    [7] Operates under the Gopher Asset Management brand

    [8] Operates under the Glory brand

    [9] Operates under the ARK Wealth Management brand

    [10] Operates under the Olive Asset Management brand

    [11] Operates under the Glory Family Heritage brand

    Operating Costs and Expenses

    Operating costs and expenses for the third quarter of 2025 were RMB461.0 million (US$64.8 million), a 4.1% increase from the corresponding period in 2024. Operating costs and expenses for the third quarter of 2025 primarily consisted of (i) compensation and benefits of RMB319.8 million (US$44.9 million); (ii) selling expenses of RMB68.6 million (US$9.6 million); (iii) general and administrative expenses of RMB71.9 million (US$10.1 million); (iv) provision for credit losses of RMB4.7 million (US$0.7 million); (v) other operating expenses of RMB16.4 million (US$2.3 million); and (vi) income gained from government grants of RMB20.4 million (US$2.9 million).

    • Operating costs and expensesfor domestic public securities for the third quarter of 2025 were RMB35.0 million (US$4.9 million), a 15.9% decrease from the corresponding period in 2024, mainly due to a decrease in compensation and benefits in the third quarter of 2025.
    • Operating costs and expensesfor domestic asset management for the third quarter of 2025 were RMB35.9 million (US$5.0 million), a 15.9% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the third quarter of 2025.
    • Operating costs and expensesfor domestic insurance for the third quarter of 2025 were RMB9.3 million (US$1.3 million), a 64.3% 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 the third quarter of 2025 were RMB97.5 million (US$13.7 million), a 27.6% 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.
    • Operating costs and expensesfor overseas asset management for the third quarter of 2025 were RMB37.4 million (US$5.3 million), compared with RMB19.8 million for the corresponding period in 2024, primarily due to the expansion of the relationship management team which drove up relationship manager compensation.
    • Operating costs and expensesfor overseas insurance and comprehensive services for the third quarter of 2025 were RMB34.9 million (US$4.9 million), a 43.4% 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 third quarter of 2025 were RMB211.0 million (US$29.6 million), a 37.3% increase from the corresponding period in 2024, primarily due to an increase in compensation and benefits.

    Income(loss) from operations

    Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:

    (RMB millions,

    except percentages)

    Q3 2024

    Q3 2025

    YoY Change

    Domestic public securities

    65.0

    80.8

    24.4 %

    Domestic asset management

    137.8

    153.4

    11.3 %

    Domestic insurance

    (17.5)

    (4.6)

    (73.7 %)

    Overseas wealth management

    54.4

    48.7

    (10.5 %)

    Overseas asset management

    128.6

    80.2

    (37.6 %)

    Overseas insurance and
       comprehensive services

    15.1

    12.3

    (18.2 %)

    Headquarters

    (142.6)

    (198.9)

    39.6 %

    Total income from operations

    240.8

    171.9

    (28.6 %)
    • Income from operations for domestic public securities for the third quarter of 2025 was RMB80.8 million (US$11.3 million), a 24.4% increase from the corresponding period in 2024.
    • Income from operationsfor domestic asset management for the third quarter of 2025 was RMB153.4 million (US$21.5 million), a 11.3% increase from the corresponding period in 2024.
    • Loss from operationsfor domestic insurance for the third quarter of 2025 was RMB4.6 million (US$0.6 million), a 73.7% decrease from the corresponding period in 2024.
    • Income from operationsfor overseas wealth management for the third quarter of 2025 was RMB48.7 million (US$6.8 million), a 10.5% decrease from the corresponding period in 2024.
    • Income from operationsfor overseas asset management for the third quarter of 2025 was RMB80.2 million (US$11.3 million), a 37.6% decrease from the corresponding period in 2024.
    • Income from operationsfor overseas insurance and comprehensive services for the third quarter of 2025 was RMB12.3 million (US$1.7 million), an 18.2% decrease from the corresponding period in 2024.
    • Loss from operationsfor headquarters for the third quarter of 2025 was RMB198.9 million (US$27.9 million), a 39.6% increase from the corresponding period in 2024.

    Operating Margin

    Operating margin for the third quarter of 2025 was 27.2%, compared with 35.2% for the corresponding period in 2024.

    Interest Income

    Interest income for the third quarter of 2025 was RMB28.7 million (US$4.0 million), a 0.9% increase from the corresponding period in 2024.

    Investment Income

    Investment income for the third quarter of 2025 was RMB20.6 million (US$2.9 million), compared with investment income of RMB16.3 million in the corresponding period in 2024, primarily due to an increase in income from our private equity fund investment.

    Income Tax Expense

    Income tax expense for the third quarter of 2025 were RMB67.5 million (US$9.5 million), a 24.2% decrease from the corresponding period in 2024, primarily due to a decrease in income tax expenses associated with dividend withholding tax for offshore dividend payments from PRC subsidiaries in the third quarter of 2025.

    Net Income

    • Net Income
      • Net income for the third quarter of 2025 was RMB218.9 million (US$30.7 million), a 58.9% increase from the corresponding period in 2024.
      • Net margin for the third quarter of 2025 was 34.6%, compared with 20.2% for the corresponding period in 2024.
      • Net income attributable to Noah shareholders for the third quarter of 2025 was RMB218.5 million (US$30.7 million), a 62.6% increase from the corresponding period in 2024.
      • Net margin attributable to Noah shareholders for the third quarter of 2025 was 34.5%, compared with 19.7% for the corresponding period in 2024.
      • Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2025 was RMB3.14 (US$0.44) and RMB3.11 (US$0.44), compared with RMB1.91 and RMB1.91 for the corresponding period in 2024, respectively.
    • Non-GAAP Net Income Attributable to Noah Shareholders
      • Non-GAAP net income attributable to Noah shareholders for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.
      • Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2025 was 36.2%, compared with 22.0% for the corresponding period in 2024.
      • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2025 was RMB3.26 (US$0.46), compared with RMB2.14 for the corresponding period in 2024.

    Balance Sheet and Cash Flow

    As of September 30, 2025, the Company had RMB3,837.4 million (US$539.0 million) in cash and cash equivalents, compared with RMB3,821.8 million as of June 30, 2025 and RMB3,435.8 million as of September 30, 2024, respectively.

    Net cash inflow from the Company’s operating activities during the third quarter of 2025 was RMB316.9 million (US$44.5 million), compared with net cash inflow of RMB237.2 million in the corresponding period in 2024, mainly due to increased cash inflow generated from net income from operations and enhanced working capital management.

    Net cash inflow from the Company’s investing activities during the third quarter of 2025 was RMB253.7 million (US$35.6 million), compared with net cash outflow of RMB53.7 million in the corresponding period in 2024, primarily due to the cash inflows from the maturity of some held-to-maturity investments in the third quarter of 2025.

    Net cash outflow to the Company’s financing activities was RMB549.9 million (US$77.3 million) in the third quarter of 2025, compared with net cash outflow of RMB1,010.8 million in the corresponding period in 2024, primarily due to a decrease in dividend payment to the Company’s shareholders in the third quarter of 2025.

    Treasury Shares

    As of the date of the 2024 annual report of the Company, for the 3,063,510 ordinary shares held in treasury as of December 31, 2024, the Company intended to cancel or to hold these shares in treasury for any purpose as long as it is in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules “) (e.g., providing incentives to employees, reselling, or otherwise using such treasury shares subject to market conditions and the Company’s capital management needs, in compliance with the Hong Kong Listing Rules). After evaluating recent market conditions as well as the Company’s capital management plan, on November 21, 2025 (Hong Kong Time), the Company cancelled 6,762,680 ordinary shares it held in treasury as of September 30, 2025. The Company may continue to repurchase its shares under its Share Repurchase Program (as defined in the Company’s announcement dated August 29, 2024) and will hold the repurchased shares in treasury for purposes permitted under the Hong Kong Listing Rules or cancel them periodically, depending on market conditions.

    CONFERENCE CALL 

    Senior management will host a combined English and Chinese language conference call to discuss the Company’s third quarter of 2025 unaudited financial results and recent business activities.

    The conference call will be accessed via Zoom webinar with the following details:

    Dial-in details: 

    Conference title:

    Noah Third Quarter 2025 Earnings Conference Call

    Date/Time:   

    Tuesday, November 25, 2025, at 7:00 p.m., U.S. Eastern Time

    Wednesday, November 26, 2025, 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:

    4879767

    A telephone replay will be available starting approximately one hour after the end of the conference until December 2, 2025 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2159903.

    A live and archived webcast of the conference call will be available at the Company’s investor relations website under the “Financial Reports” section at http://ir.noahgroup.com.

    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 represent five ordinary shares, par value $0.00005 per share.

    In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.

    Noah’s domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company’s wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.

    For more information, please visit Noah at ir.noahgroup.com.

    FOREIGN CURRENCY TRANSLATION

    In this announcement, the unaudited financial results for the third quarter of 2025 ended September 30, 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 RMB7.119 to US$1.00, the effective noon buying rate for September 30, 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.

    _________________

    — FINANCIAL AND OPERATIONAL TABLES FOLLOW —

    Noah Holdings Limited

    Condensed Consolidated Balance Sheets

    (unaudited)

    As of

    June 30,

    September 30,

    September 30,

    2025

    2025

    2025

    RMB’000

    RMB’000

    USD’000

    Assets

    Current assets:

    Cash and cash equivalents

    3,821,846

    3,837,367

    539,032

    Restricted cash

    10,617

    6,071

    853

    Short-term investments

    1,602,362

    1,157,410

    162,580

    Accounts receivable, net

    403,226

    358,143

    50,308

    Amounts due from related parties

    591,977

    568,979

    79,924

    Loans receivable, net

    122,658

    117,598

    16,519

    Other current assets 

    223,676

    330,699

    46,454

    Total current assets 

    6,776,362

    6,376,267

    895,670

    Long-term investments, net

    712,155

    785,992

    110,408

    Investment in affiliates

    1,363,061

    1,469,275

    206,388

    Property and equipment, net

    2,346,487

    2,377,786

    334,006

    Operating lease right-of-use assets, net

    109,688

    98,947

    13,899

    Deferred tax assets

    317,124

    317,007

    44,530

    Other non-current assets 

    120,005

    120,668

    16,950

    Total Assets

    11,744,882

    11,545,942

    1,621,851

    Liabilities and Equity

    Current liabilities:

    Accrued payroll and welfare expenses 

    324,621

    346,233

    48,635

    Income tax payable

    55,491

    117,029

    16,439

    Deferred revenues

    62,097

    72,207

    10,143

    Dividend payable

    550,000

    –

    –

    Contingent liabilities

    467,255

    462,042

    64,903

    Other current liabilities

    302,049

    340,086

    47,772

    Total current liabilities

    1,761,513

    1,337,597

    187,892

    Deferred tax liabilities

    242,254

    240,363

    33,764

    Operating lease liabilities, non-current

    69,597

    59,634

    8,377

    Other non-current liabilities

    9,755

    9,701

    1,363

    Total Liabilities 

    2,083,119

    1,647,295

    231,396

    Equity

    9,661,763

    9,898,647

    1,390,455

    Total Liabilities and Equity

    11,744,882

    11,545,942

    1,621,851

    Noah Holdings Limited

    Condensed Consolidated Income Statements

    (In RMB’000, except for ADS data, per ADS data and percentages)

    (unaudited)

    Three months ended 

    September 30,

    September 30,

    September 30,

    Change

    2024

    2025

    2025

    Revenues:

    RMB’000

    RMB’000

    USD’000

    Revenues from others:

    One-time commissions

    170,023

    158,386

    22,248

    (6.8 %)

    Recurring service fees

    166,138

    148,333

    20,836

    (10.7 %)

    Performance-based income

    2,974

    6,008

    844

    102.0 %

    Other service fees

    48,764

    35,450

    4,980

    (27.3 %)

    Total revenues from others

    387,899

    348,177

    48,908

    (10.2 %)

    Revenues from funds Gopher/Olive
         manages:

    One-time commissions

    6,014

    930

    131

    (84.5 %)

    Recurring service fees

    236,638

    273,105

    38,363

    15.4 %

    Performance-based income

    58,151

    15,839

    2,225

    (72.8 %)

    Total revenues from funds
         Gopher/Olive manages

     

    300,803

     

    289,874

     

    40,719

     

    (3.6 %)

    Total revenues

    688,702

    638,051

    89,627

    (7.4 %)

    Less: VAT related surcharges 

    (5,016)

    (5,152)

    (724)

    2.7 %

    Net revenues

    683,686

    632,899

    88,903

    (7.4 %)

    Operating costs and expenses:

    Compensation and benefits

    Relationship managers

    compensation

     

    (137,082)

    (126,159)

    (17,721)

     

    (8.0 %)

    Other compensations

    (172,902)

    (193,653)

    (27,203)

    12.0 %

    Total compensation and benefits

    (309,984)

    (319,812)

    (44,924)

    3.2 %

    Selling expenses

    (65,939)

    (68,623)

    (9,639)

    4.1 %

    General and administrative
         expenses

     

    (72,250)

    (71,876)

    (10,096)

    (0.5 %)

    Provision for credit losses

    (5,416)

    (4,664)

    (655)

    (13.9 %)

    Other operating expenses 

    (12,859)

    (16,389)

    (2,302)

    27.5 %

    Government grants 

    23,576

    20,352

    2,859

    (13.7 %)

    Total operating costs and
         expenses 

     

    (442,872)

        

    (461,012)

     

    (64,757)

     

    4.1 %

    Income from operations

    240,814

    171,887

    24,146

    (28.6 %)

    Other income:

    Interest income 

    28,416

    28,683

    4,029

    0.9 %

    Investment income

    16,334

    20,569

    2,889

    25.9 %

    Settlement reversal

    –

    1,356

    190

    N.A.

    Other expenses

    (43,577)

    (20,813)

    (2,924)

    (52.2 %)

    Total other income

    1,173

    29,795

    4,184

    2,440.1 %

    Income before taxes and income
         from equity in affiliates

    241,987

    201,682

    28,330

    (16.7 %)

    Income tax expense

    (89,036)

    (67,471)

    (9,478)

    (24.2 %)

    (Loss) income from equity in
         affiliates

     

    (15,184)

     

    84,649

     

    11,891

     

    N.A.

    Net income

    137,767

    218,860

    30,743

    58.9 %

    Less: net gain attributable to non-
         controlling interests

     

    3,351

     

    366

     

    51

     

    (89.1 %)

    Net income attributable to Noah
         shareholders 

    134,416

    218,494

     

    30,692

     

    62.6 %

    Income per ADS, basic

    1.91

    3.14

    0.44

    64.4 %

    Income per ADS, diluted

    1.91

    3.11

    0.44

    62.8 %

     

    Margin analysis:

    Operating margin

    35.2 %

    27.2 %

    27.2 %

    Net margin

    20.2 %

    34.6 %

    34.6 %

     

    Weighted average ADS
         equivalent[1]:

    Basic

     

    70,334,784

     

    69,617,957

     

    69,617,957

    Diluted

    70,396,502

    70,324,538

    70,324,538

    ADS equivalent outstanding at end
         of period

     

    65,824,608

     

    65,854,612

    65,854,612

    [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 

    September 30,

    2024

    September 30,

    2025

    September 30,

    2025

    Change

    RMB’000

    RMB’000

    USD’000

    Net income

    137,767

    218,860

    30,743

    58.9 %

    Other comprehensive (loss) income, net of tax:

    Foreign currency translation adjustments

    (92,022)

    1,860

    261

    N.A.

    Fair value fluctuation of available-for-sale
         investment

     

    –

     

    238

     

    33

     

    N.A.

    Comprehensive income

    45,745

    220,958

    31,037

    383.0 %

    Less: Comprehensive gain attributable to non-
              controlling interests

     

    4,822

    518

    73

    (89.3 %)

    Comprehensive income attributable to Noah
         shareholders

    40,923

    220,440

    30,964

     

    438.7 %

    Noah Holdings Limited

    Segment Condensed Income Statements

    (unaudited) 

             Three months ended September 30, 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

    12,556

    665

    4,756

    90,767

    8,247

    41,395

    –

    158,386

    Recurring service fees

    88,580

    27,966

    –

    9,539

    22,248

    –

    –

    148,333

    Performance-based income

    6,007

    –

    –

    –

    1

    –

    –

    6,008

    Other service fees

    –

    –

    –

    13,496

    –

    5,784

    16,170

    35,450

    Total revenues from others

    107,143

    28,631

    4,756

    113,802

    30,496

    47,179

    16,170

    348,177

    Revenues from funds
         Gopher/Olive manages:

    One-time commissions

    930

    –

    –

    –

    –

    –

    –

    930

    Recurring service fees

    8,552

    156,572

    –

    32,395

    75,586

    –

    –

    273,105

    Performance-based income

    62

    4,273

    –

    –

    11,504

    –

    –

    15,839

    Total revenues from funds
         Gopher/Olive manages

    9,544

    160,845

    –

    32,395

    87,090

    –

    –

     

    289,874

    Total revenues

    116,687

    189,476

    4,756

    146,197

    117,586

    47,179

    16,170

    638,051

    Less: VAT related surcharges

    (823)

    (215)

    (44)

    –

    –

    –

    (4,070)

    (5,152)

    Net revenues

    115,864

    189,261

    4,712

    146,197

    117,586

    47,179

    12,100

    632,899

    Operating costs and expenses:

    Compensation and benefits

    Relationship managers
    compensation

    (26,739)

    (11,597)

    (2,348)

    (60,910)

    (13,244)

    (11,321)

    –

    (126,159)

    Other compensations

    (6,530)

    (15,861)

    (3,692)

    (21,449)

    (17,614)

    (12,311)

    (116,196)

    (193,653)

    Total compensation and
       benefits

    (33,269)

    (27,458)

    (6,040)

    (82,359)

    (30,858)

    (23,632)

    (116,196)

    (319,812)

    Selling expenses

    (3,521)

    (2,463)

    (265)

    (14,822)

    (5,757)

    (4,764)

    (37,031)

    (68,623)

    General and administrative
       expenses

    (25)

    (3,527)

    (2,604)

    (299)

    (775)

    (2,343)

    (62,303)

    (71,876)

    Reversal of (provision for)
       credit losses

    2,315

    (4,866)

    –

    –

    –

    2,712

    (4,825)

    (4,664)

    Other operating expenses

    (515)

    (672)

    (406)

    –

    –

    (6,829)

    (7,967)

    (16,389)

    Government grants

    –

    3,081

    –

    –

    –

    –

    17,271

    20,352

    Total operating costs and
       expenses

    (35,015)

    (35,905)

    (9,315)

    (97,480)

    (37,390)

    (34,856)

    (211,051)

    (461,012)

    Income (loss) from
       operations

    80,849

    153,356

    (4,603)

    48,717

    80,196

    12,323

    (198,951)

    171,887

    Noah Holdings Limited

    Segment Condensed Income Statements 

    (unaudited) 

             Three months ended September 30, 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

    1,796

    79

    8,617

    126,166

    4,377

    28,988

    –

    170,023

    Recurring service fees

    87,108

    56,575

    –

    6,624

    15,455

    –

    376

    166,138

    Performance-based income

    2,972

    –

    –

    –

    2

    –

    –

    2,974

    Other service fees

    –

    –

    –

    24,217

    –

    10,379

    14,168

    48,764

    Total revenues from others

    91,876

    56,654

    8,617

    157,007

    19,834

    39,367

    14,544

    387,899

    Revenues from funds
    Gopher/Olive manages:

    One-time commissions

    3,671

    –

    –

    1,640

    703

    –

    –

    6,014

    Recurring service fees

    12,442

    122,857

    –

    30,402

    70,937

    –

    –

    236,638

    Performance-based income

    49

    1,125

    –

    –

    56,977

    –

    –

    58,151

    Total revenues from funds
       Gopher/Olive manages

    16,162

    123,982

    –

    32,042

    128,617

    –

    –

    300,803

    Total revenues

    108,038

    180,636

    8,617

    189,049

    148,451

    39,367

    14,544

    688,702

    Less: VAT related surcharges

    (1,458)

    (208)

    (85)

    –

    –

    –

    (3,265)

    (5,016)

    Net revenues

    106,580

    180,428

    8,532

    189,049

    148,451

    39,367

    11,279

    683,686

    Operating costs and expenses:

    Compensation and benefits

    Relationship managers
       compensation

    (28,914)

    (17,842)

    (10,505)

    (76,089)

    (474)

    (3,258)

    –

    (137,082)

    Other compensations

    (11,201)

    (17,791)

    (9,668)

    (31,228)

    (13,193)

    (11,851)

    (77,970)

    (172,902)

    Total compensation and
       benefits

     

    (40,115)

     

    (35,633)

     

    (20,173)

     

    (107,317)

     

    (13,667)

     

    (15,109)

     

    (77,970)

     

    (309,984)

    Selling expenses

    (269)

    (2,807)

    (2,012)

    (26,011)

    (5,739)

    (4,131)

    (24,970)

    (65,939)

    General and administrative
       expenses

     

    (819)

     

    (3,720)

     

    (3,871)

     

    (1,288)

     

    (439)

     

    (1,660)

     

    (60,453)

     

    (72,250)

    Provision for credit losses

    –

    (724)

    –

    –

    –

    (2,043)

    (2,649)

    (5,416)

    Other operating expenses

    (411)

    (18)

    (2)

    –

    –

    (1,358)

    (11,070)

    (12,859)

    Government grants

    –

    226

    –

    –

    –

    –

    23,350

    23,576

    Total operating costs and
       expenses

    (41,614)

    (42,676)

    (26,058)

    (134,616)

    (19,845)

    (24,301)

    (153,762)

    (442,872)

    Income (loss) from
       operations

    64,966

    137,752

    (17,526)

    54,433

    128,606

    15,066

    (142,483)

    240,814

    Noah Holdings Limited 

    Additional Business Information

    (unaudited) 

    Three months ended September 30, 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

    158,386

    –

    –

    158,386

    Recurring service fees

    148,333

    –

    –

    148,333

    Performance-based income

    6,008

    –

    –

    6,008

    Other service fees

    23,352

    –

    12,098

    35,450

    Total revenues from others

    336,079

    –

    12,098

    348,177

    Revenues from funds
        Gopher/Olive manages:

    One-time commissions

    306

    624

    –

    930

    Recurring service fees

    92,431

    180,674

    –

    273,105

    Performance-based income

    –

    15,839

    –

    15,839

    Total revenues from funds
        Gopher/Olive manages

    92,737

    197,137

    –

    289,874

    Total revenues

    428,816

    197,137

    12,098

    638,051

    Less: VAT related surcharges 

    (1,321)

    (215)

    (3,616)

    (5,152)

    Net revenues

    427,495

    196,922

    8,482

    632,899

    Operating costs and expenses:

    Compensation and benefits

    Relationship managers
       compensation

    (124,514)

    (1,645)

    –

    (126,159)

    Other compensations

    (129,633)

    (58,074)

    (5,946)

    (193,653)

    Total compensation and benefits

    (254,147)

    (59,719)

    (5,946)

    (319,812)

    Selling expenses

    (50,133)

    (12,774)

    (5,716)

    (68,623)

    General and administrative
       expenses 

    (45,250)

    (16,884)

    (9,742)

    (71,876)

    Provision for (reversal of) credit
       losses

    5,775

    (4,866)

    (5,573)

    (4,664)

    Other operating expenses

    (7,667)

    (1,968)

    (6,754)

    (16,389)

    Government grants 

    17,265

    3,087

    –

    20,352

    Total operating costs and expenses 

    (334,157)

    (93,124)

    (33,731)

    (461,012)

    Income (loss) from operations

    93,338

    103,798

    (25,249)

    171,887

    Noah Holdings Limited 

    Additional Business Information

    (unaudited) 

    Three months ended September 30, 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

    170,023

    –

    –

    170,023

    Recurring service fees

    166,138

    –

    –

    166,138

    Performance-based income

    2,974

    –

    –

    2,974

    Other service fees

    36,087

    –

    12,677

    48,764

    Total revenues from others

    375,222

    –

    12,677

    387,899

    Revenues from funds Gopher/Olive
       manages:

    One-time commissions

    5,776

    238

    –

    6,014

    Recurring service fees

    85,850

    150,788

    –

    236,638

    Performance-based income

    50

    58,101

    –

    58,151

    Total revenues from funds
       Gopher/Olive manages

    91,676

    209,127

    –

    300,803

    Total revenues

    466,898

    209,127

    12,677

    688,702

    Less: VAT related surcharges 

    (1,881)

    (208)

    (2,927)

    (5,016)

    Net revenues

    465,017

    208,919

    9,750

    683,686

    Operating costs and expenses:

    Compensation and benefits

    Relationship managers
       compensation

    (129,395)

    (7,687)

    –

    (137,082)

    Other compensations

    (118,388)

    (47,556)

    (6,958)

    (172,902)

    Total compensation and benefits

    (247,783)

    (55,243)

    (6,958)

    (309,984)

    Selling expenses

    (48,392)

    (11,704)

    (5,843)

    (65,939)

    General and administrative
       expenses 

    (45,766)

    (17,500)

    (8,984)

    (72,250)

    Reversal of credit losses

    (1,758)

    (2,203)

    (1,455)

    (5,416)

    Other operating expenses

    (5,708)

    (22)

    (7,129)

    (12,859)

    Government grants 

    23,350

    226

    –

    23,576

    Total operating costs and
       expenses 

    (326,057)

    (86,446)

    (30,369)

    (442,872)

    Income (loss) from operations

    138,960

    122,473

    (20,619)

    240,814

    Noah Holdings Limited

    Supplemental Revenue Information by Geography

    (unaudited)

    Three months ended 

    September 30,
    2024

    September 30, 
    2025

    Change

    (in thousands of RMB, except percentages)

    Revenues: 

    Mainland China

    311,835

    327,089

    4.9 %

    Hong Kong

    286,766

    226,139

    (21.1 %)

    Others

    90,101

    84,823

    (5.9 %)

    Total revenues

    688,702

    638,051

    (7.4 %)

    Noah Holdings Limited

    Supplemental Revenue Information by Product Types

    (unaudited)

    Three months ended 

    September 30,
    2024

    September 30, 
    2025

    Change

    (in thousands of RMB, except percentages)

    Mainland China: 

    Public securities products [1]

    108,038

    116,687

    8.0 %

    Private equity products

    180,636

    189,476

    4.9 %

    Insurance products

    8,617

    4,756

    (44.8 %)

    Others

    14,544

    16,170

    11.2 %

    Subtotal

    311,835

    327,089

    4.9 %

    Overseas: 

    Investment products [2]

    191,200

    170,962

    (10.6 %)

    Insurance products

    144,942

    112,921

    (22.1 %)

    Online business [3]

    7,865

    11,998

    52.5 %

    Others

    32,860

    15,081

    (54.1 %)

    Subtotal

    376,867

    310,962

    (17.5 %)

    Total revenues

    688,702

    638,051

    (7.4 %)

    [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 

    September 30, 
    2024

    September 30, 
    2025

    Change

    Number of registered clients 

    460,380

    466,153

    1.3 %

    Three months ended 

    September 30,
    2024

    September 30, 
    2025

    Change

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

    Number of active clients 

    7,857

    10,650

    35.5 %

    Transaction value: 

    Private equity products 

    1,070

    1,097

    2.6 %

    Private secondary products

    3,560

    5,940

    66.9 %

    Mutual fund products 

    8,651

    9,159

    5.9 %

    Other products

    977

    790

    (19.2 %)

    Total transaction value

    14,258

    16,986

    19.1 %

     

    Noah Holdings Limited

    Supplemental Information of Overseas Business

    (unaudited)

    Three months ended 

    September 30,
    2024

    September 30, 
    2025

    Change

    Net Revenues from Overseas (RMB, million)

     

    376.9

    311.0

     

    (17.5 %)

    Number of Overseas Registered Clients

    17,287

    19,543

    13.1 %

    Number of Overseas Active Clients

    3,139

    3,561

    13.4 %

     

    Transaction Value of Overseas Investment
       Products (RMB, billion)

     

    7.8

     

    8.6

     

    11.2 %

    Number of Overseas Relationship Managers 

     

    146

    136

     

    (6.8 %)

    Overseas Assets Under Management (RMB,
       billion)

     

    39.5

    42.2

     

    6.8 %

    Noah Holdings Limited

    Reconciliation of GAAP to Non-GAAP Results 

    (In RMB, except for per ADS data and percentages) 

    (unaudited)[12]

    Three months ended 

    September 30, 

    September 30, 

    Change 

    2024

    2025

    RMB’000

    RMB’000

    Net income attributable to Noah shareholders

    134,416

    218,494

    62.6 %

    Adjustment for share-based compensation

    19,846

    14,920

    (24.8 %)

    Add: settlement reversal

    –

    (1,356)

    N.A.

    Less: Tax effect of adjustments

    3,745

    2,984

    (20.3 %)

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

    150,517

    229,074

    52.2 %

    Net margin attributable to Noah shareholders

    19.7 %

    34.5 %

    Non-GAAP net margin attributable to Noah
       shareholders

     

    22.0 %

     

    36.2 %

    Net income attributable to Noah shareholders per ADS,
       diluted

    1.91

     

    3.11

     

    62.8 %

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

    2.14

     

    3.26

     

    52.3 %

    [12]  Noah’s Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any.

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