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

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    SHANGHAI, March 25, 2026 /PRNewswire/ — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive 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 expensesfor 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 expensesfor 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 expensesfor 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 expensesfor 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 expensesfor 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 operationsfor 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 operationsfor 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 fordomestic 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 fordomestic 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 foroverseas 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 foroverseas 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 foroverseas 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 forheadquarters 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 expensesfor 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 expensesfor 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 expensesfor 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 expensesfor 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 operationsfor 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 operationsfor 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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