Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED

FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025

SHANGHAI, August 28, 2025 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted a refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this reporting structure better reflects 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 of the corresponding periods in 2024 has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

· Net revenues for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increased distribution of overseas private secondary products and domestic private secondary products. Net revenues increased by 2.4% from the first quarter of 2025, primarily due to an increase in revenue contributed by distribution of investment products.

· Net revenues from overseas for the second quarter of 2025 were RMB296.7 million (US$41.4 million), compared with RMB278.6 million for the corresponding period in 2024, primarily due to an increase in net revenues from overseas investment products. Net revenues decreased by 2.5% from the first quarter of 2025, primarily due to a decrease in one-time commissions generated from distribution of overseas insurance products.

· Income from operations for the second quarter of 2025 was RMB161.0 million (US$22.5 million), a 20.2% increase from the corresponding period in 2024, primarily due to a 2.2% increase in net revenues and a decrease in one-off expense Gopher paid to one of its funds as general partner.

· Net income attributable to Noah shareholders for the second quarter of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024, primarily due to a 2.2% increase in net revenues and an increase in the fair value of the funds that Gopher manages and co-invested in.

· Non-GAAP¹ net income attributable to Noah shareholders for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024.

SECOND QUARTER 2025 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

· Total number of registered clients as of June 30, 2025 was 464,631, a 1.2% increase from June 30, 2024, and a 0.3% increase from March 31, 2025. Among such clients, the number of overseas registered clients as of June 30, 2025 was 18,967, a 13.0% increase from June 30, 2024 and a 4.2% increase from March 31, 2025.

· Total number of active clients² who transacted with us during the second quarter of 2025 was 9,160, a 6.1% increase from the second quarter of 2024, and a 3.8% increase from the first quarter of 2025. Among such clients, the number of overseas active clients who transacted with us during the second quarter of 2025 was 3,650, a 12.5% increase from the second quarter of 2024, and a 7.9% increase from the first quarter of 2025.

¹ Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

² “Active clients” for a given period refers to registered investors who purchased investment products distributed or received services provided by us during that given period.

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· Aggregate value of investment products distributed during the second quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 17.7% increase from the second quarter of 2024, mainly due to a 44.4% increase in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.3 billion (US$1.2 billion) of overseas investment products, a 5.1% increase from the second quarter of 2024, mainly due to a 10.3% increase in distribution of private secondary products.

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

	Three months ended June 30,
	2024				2025
	(RMB in billions, except percentages)
Mutual fund products		8.5	59.0	%		9.2	54.1	%
Private secondary products		4.1	28.7	%		6.0	35.3	%
Private equity products		1.1	7.7	%		1.0	5.9	%
Other products3		0.7	4.6	%		0.8	4.7	%
All products		14.4	100.0	%		17.0	100.0	%

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

Type of products in Mainland China

	Three months ended June 30,
	2024				2025
	(RMB in billions, except percentages)
Mutual fund products		5.0	77.1	%		5.7	65.5	%
Private secondary products		1.2	18.9	%		2.8	32.2	%
Other products		0.3	4.0	%		0.2	2.3	%
All products in Mainland China		6.5	100.0	%		8.7	100.0	%

Type of overseas products

	Three months ended June 30,
	2024				2025
	(RMB in billions, except percentages)
Mutual fund products		3.5	44.2	%		3.5	42.2	%
Private secondary products		2.9	36.7	%		3.2	38.6	%
Private equity products		1.1	13.9	%		1.0	12.0	%
Other products		0.4	5.2	%		0.6	7.2	%
All Overseas products		7.9	100.0	%		8.3	100.0	%

· Coverage network in mainland China included 12 cities as of June 30, 2025, compared with 15 cities as of June 30, 2024 and 11 cities as of March 31, 2025, primarily due to the continued streamlining of the Company’s domestic coverage network.

· Aggregate number of overseas relationship managers was 152 as of June 30, 2025, a 34.5% increase from June 30, 2024, and a 16.0% increase from March 31, 2025.

³ “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.

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Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or “Gopher”), a leading multi-asset manager in mainland China, and Olive Asset Management Co., Ltd. (“Olive Asset Management” or “Olive”), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Japan and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.

· Total assets under management as of June 30, 2025 remained relatively stable at RMB145.1 billion (US$20.3 billion), compared with RMB154.0 billion as of June 30, 2024 and RMB149.3 billion as of March 31, 2025. Mainland China assets under management as of June 30, 2025 were RMB103.7 billion (US$14.5 billion), compared with RMB114.9 billion as of June 30, 2024 and RMB106.6 billion as of March 31, 2025. Overseas assets under management as of June 30, 2025 were RMB41.4 billion (US$5.8 billion), compared with RMB39.1 billion as of June 30, 2024 and RMB42.7 billion as of March 31, 2025.

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

Investment type	As of  March 31,  2025				Growth		Allocation/ Redemption4		As of June 30,  2025
	(RMB billions, except percentages)
Private equity		130.4	87.4	%		0.2		1.3		129.3	89.1	%
Public securities5		9.4	6.3	%		1.6		1.7		9.3	6.4	%
Real estate		5.1	3.4	%		-		0.5		4.6	3.2	%
Multi-strategies		3.9	2.6	%		-		2.0		1.9	1.3	%
Others		0.5	0.3	%		-		0.5		-	-
All Investments		149.3	100.0	%		1.8		6.0		145.1	100.0	%

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

Mainland China Investment type	As of  March 31,  2025				Growth		Allocation/ Redemption		As of June 30,  2025
	(RMB billions, except percentages)
Private equity		97.3	91.2	%		-		0.8		96.5	93.1	%
Public securities		5.3	5.0	%		0.2		0.4		5.1	4.9	%
Real estate		1.2	1.1	%		-		0.5		0.7	0.7	%
Multi-strategies		2.3	2.2	%		-		0.9		1.4	1.3	%
Others		0.5	0.5	%		-		0.5		-	-
All Investments		106.6	100.0	%		0.2		3.1		103.7	100.0	%

Overseas Investment type	As of  March 31,  2025				Growth		Allocation/ Redemption		As of June 30,  2025
	(RMB billions, except percentages)
Private equity		33.1	77.5	%		0.2		0.5		32.8	79.3	%
Public securities		4.1	9.6	%		1.4		1.3		4.2	10.1	%
Real estate		3.9	9.1	%		-		-		3.9	9.4	%
Multi-strategies		1.6	3.8	%		-		1.1		0.5	1.2	%
All Investments		42.7	100.0	%		1.6		2.9		41.4	100.0	%

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

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

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Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products.

Ms. Jingbo Wang, Co-founder and Chairwoman of Noah Holdings, commented, "We are pleased to report that Noah has made steady progress in navigating through a challenging period in the wealth management industry. This quarter, we have seen a recovery in both profitability and revenue, reflecting the positive impact of our strategic initiatives. Our operational income saw a solid 20.2% year-on-year growth, while non-GAAP net profit surged by an impressive 78.2% year-on-year, contributed by strong growth in the distribution of investment products and an uptick in management fees. Additionally, our international revenue continues to grow, now representing nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy. As we continue to work toward strengthening our position in the market, we recognize that the broader economic environment presents uncertainties, and we remain vigilant in managing these challenges. Our focus remains on executing our strategy to drive long-term, sustainable growth while maintaining prudent oversight of market conditions to deliver steady returns for our shareholders."

SECOND QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increase in distribution of overseas private secondary products and domestic private secondary products.

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

(RMB millions, except percentages)	Q2 2024		Q2 2025		YoY Change
Domestic public securities6		116.8		131.8		12.8	%
Domestic asset management7		198.1		177.1		(10.6	)%
Domestic insurance8		11.7		7.2		(38.7	)%
Overseas wealth management9		150.6		129.4		(14.1	)%
Overseas asset management10		97.1		108.3		11.5	%
Overseas insurance and comprehensive services11		30.9		59.0		90.9	%
Headquarters		10.6		16.7		57.3	%
Total net revenues		615.8		629.5		2.2	%

· Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the second quarter of 2025 were RMB131.8 million (US$18.4 million), a 12.8% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from distribution of private secondary products.

· Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025 were RMB177.1 million (US$24.7 million), a 10.6% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees and performance-based income generated from private equity products.

· Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the second quarter of 2025 were RMB7.2 million (US$1.0 million), a 38.7% 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 second quarter of 2025 were RMB129.4 million (US$18.1 million), a 14.1% decrease from the corresponding period in 2024, mainly due to a decrease in allocated commission gained from distribution of overseas insurance products.

⁶ Operates under the Noah Upright brand

⁷ Operates under the Gopher Asset Management brand

⁸ Operates under the Glory brand

⁹ Operates under the ARK Wealth Management brand

¹⁰ Operates under the Olive Asset Management brand

¹¹ Operates under the Glory Family Heritage brand

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· Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025 were RMB108.3 million (US$15.1 million), a 11.5% increase from the corresponding period in 2024, due to an increase in net revenues contributed by private equity investment products managed by Olive.

· Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the second quarter of 2025 were RMB59.0 million (US$8.2 million), a 90.9% increase from the corresponding period in 2024, mainly due to an increase in allocated 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 second quarter of 2025 were RMB16.7 million (US$2.3 million), compared with RMB10.6 million for the corresponding period in 2024, primarily due to an increase in the value-added services Noah offers to its high-net-worth clients.

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2025 were RMB468.5 million (US$65.4 million), a 2.8% decrease from the corresponding period in 2024. Operating costs and expenses for the second quarter of 2025 primarily consisted of (i) compensation and benefits of RMB299.3 million (US$41.8 million); (ii) selling expenses of RMB62.3 million (US$8.7 million); (iii) general and administrative expenses of RMB71.2 million (US$9.9 million); (iv) provision for credit losses of RMB41.2 million (US$5.8 million); (v) other operating expenses of RMB8.6 million (US$1.2 million); and (vi) income gained from government subsidies of RMB14.1 million (US$2.0 million).

· Operating costs and expenses for Domestic public securities for the second quarter of 2025 were RMB23.9 million (US$3.3 million), a 57.4% decrease from the corresponding period in 2024, primarily due to a decrease in relationship manager compensation and an increase in government subsidies.

· Operating costs and expenses for Domestic asset management for the second quarter of 2025 were RMB22.0 million (US$3.1 million), a 72.4% decrease from the corresponding period in 2024, primarily due to a decrease in one-off expense Gopher paid to one of its funds as general partner.

· Operating costs and expenses for Domestic insurance for the second quarter of 2025 were RMB14.8 million (US$2.1 million), a 60.3% decrease from the corresponding period in 2024, primarily due to a decrease in our domestic insurance business activities.

· Operating costs and expenses for Overseas wealth management for the second quarter of 2025 were RMB101.6 million (US$14.2 million), a 10.5% decrease from the corresponding period in 2024, primarily due to a decrease in other compensations.

· Operating costs and expenses for Overseas asset management for the second quarter of 2025 were RMB35.7 million (US$5.0 million), a 55.6% increase from the corresponding period in 2024, primarily due to the increase in relationship manager compensation.

· Operating costs and expenses for Overseas insurance and comprehensive services for the second quarter of 2025 were RMB29.3 million (US$4.1 million), a 42.4% increase from the corresponding period in 2024, primarily driven by higher costs relating to overseas insurance business.

· Operating costs and expenses for Headquarters for the second quarter of 2025 were RMB241.2 million (US$33.7 million), a 58.9% increase from the corresponding period in 2024, primarily due an increase in provision for credit losses related to the suspended lending business.

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Income(loss) from operations

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

(RMB millions, except percentages)	Q2 2024			Q2 2025			YoY Change
Domestic public securities		60.7			107.8			77.8	%
Domestic asset management		118.4			155.1			31.0	%
Domestic insurance		(25.6	)		(7.6	)		(70.2	)%
Overseas wealth management		37.1			27.8			(25.1	)%
Overseas asset management		74.2			72.6			(2.1	)%
Overseas insurance and comprehensive services		10.4			29.8			186.8	%
Headquarters		(141.2	)		(224.5	)		59.1	%
Total income from operations		134.0			161.0			20.2	%

· Income from operations for Domestic public securities for the second quarter of 2025 was RMB107.8 million (US$15.1 million), a 77.8% increase from the corresponding period in 2024.

· Income from operations for Domestic asset management for the second quarter of 2025 was RMB155.1 million (US$21.7 million), a 31.0% increase from the corresponding period in 2024.

· Loss from operations for Domestic insurance for the second quarter of 2025 was RMB7.6 million (US$1.1 million), a 70.2% decrease from the corresponding period in 2024.

· Income from operations for Overseas wealth management for the second quarter of 2025 was RMB27.8 million (US$3.9 million), a 25.1% decrease from the corresponding period in 2024.

· Income from operations for Overseas asset management for the second quarter of 2025 was RMB72.6 million (US$10.1 million), a 2.1% decrease from the corresponding period in 2024.

· Income from operations for Overseas insurance and comprehensive services for the second quarter of 2025 RMB29.8 million (US$4.2 million), a 186.8% increase from the corresponding period in 2024.

· Loss from operations for Headquarters for the second quarter of 2025 was RMB224.5 million (US$31.3 million), a 59.1% increase from the corresponding period in 2024.

Operating Margin

Operating margin for the second quarter of 2025 was 25.6%, compared with 21.8% for the corresponding period in 2024.

Interest Income

Interest income for the second quarter of 2025 was RMB33.5 million (US$4.7 million), a 21.3% decrease from the corresponding period in 2024.

Investment Loss/Income

Investment loss for the second quarter of 2025 was RMB13.9 million (US$1.9 million), compared with investment income of RMB10.4 million in the corresponding period in 2024, primarily due to unrealized loss from fair value changes on equity investments.

Income Tax Expense

Income tax expense for the second quarter of 2025 were RMB63.7 million (US$8.9 million), a 58.2% increase from the corresponding period in 2024, primarily due to increases in effective tax rate relating to dividend withholding tax in mainland China.

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Net Income

· Net Income

· Net income for the second quarter of 2025 was RMB178.5 million (US$24.9 million), a 72.2% increase from the corresponding period in 2024.

· Net margin for the second quarter of 2025 was 28.4%, compared with 16.8% for the corresponding period in 2024.

· Net income attributable to Noah shareholders for the second quarter of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024.

· Net margin attributable to Noah shareholders for the second quarter of 2025 was 28.4%, compared with 16.2% for the corresponding period in 2024.

· Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2025 was RMB2.56 (US$0.36) and RMB2.54 (US$0.35), compared with RMB1.42 and RMB1.42 for the corresponding period in 2024, respectively.

· Non-GAAP Net Income Attributable to Noah Shareholders

· Non-GAAP net income attributable to Noah shareholders for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024.

· Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2025 was 30.0%, compared with 17.2% for the corresponding period in 2024.

· Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2025 was RMB2.69 (US$0.38), compared with RMB1.51 for the corresponding period in 2024.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had RMB3,821.8 million (US$533.5 million) in cash and cash equivalents, compared with RMB4,075.4 million as of March 31, 2025 and RMB4,604.9 million as of June 30, 2024, respectively.

Net cash inflow from the Company’s operating activities during the second quarter of 2025 was RMB27.6 million (US$3.8 million), compared with net cash inflow of RMB49.7 million in the corresponding period in 2024, mainly due to a decrease in redemption of trading debt securities in the second quarter of 2025.

Net cash outflow from the Company’s investing activities during the second quarter of 2025 was RMB171.7 million (US$24.0 million), compared with net cash outflow of RMB548.2 million in the corresponding period in 2024, primarily due to a decrease in purchase of held-to-maturity investments in the second quarter of 2025.

Net cash outflow to the Company’s financing activities was RMB71.5 million (US$10.0 million) in the second quarter of 2025, compared with net cash outflow of RMB44.6 million in the corresponding period in 2024, primarily due to share repurchases in the second quarter of 2025.

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CONFERENCE CALL

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

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

Dial-in details:

Conference title:	Noah Second Quarter and Half Year 2025 Earnings Conference Call
Date/Time:	Wednesday, August 27, 2025, at 8:00 p.m., U.S. Eastern Time Thursday, August 28, 2025, at 8:00 a.m., Hong Kong Time
Dial in:
– Hong Kong Toll Free:	800-963976
– United States Toll Free:	1-888-317-6003
– Mainland China Toll Free:	4001-206115
– International Toll:	1-412-317-6061
Participant Password:	6509383

A telephone replay will be available starting approximately one hour after the end of the conference until September 3, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8450356.

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

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company’s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.

In the first half of 2025, Noah distributed RMB33.1 billion (US$4.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion (US$20.3 billion) as of June 30, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company’s wealth management business had 464,631 registered clients as of June 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategies and other investments denominated in RMB and other currencies. The Company also operates other businesses.

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

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FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2025 ended June 30, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1636 to US$1.00, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contacts:

Noah Holdings Limited

Rick Chan

Tel: +86-21-8035-8292

ir@noahgroup.com 

_________________

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

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Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)

	As of
	March 31,		June 30,		June 30,
	2025		2025		2025
	RMB'000		RMB'000		USD'000
Assets
Current assets:
Cash and cash equivalents		4,075,358		3,821,846		533,509
Restricted cash		8,435		10,617		1,482
Short-term investments		1,316,190		1,602,362		223,681
Accounts receivable, net		406,167		403,226		56,288
Amounts due from related parties		536,316		591,977		82,637
Loans receivable, net		158,990		122,658		17,122
Other current assets		217,566		223,676		31,222
Total current assets		6,719,022		6,776,362		945,941
Long-term investments, net		888,987		712,155		99,413
Investment in affiliates		1,328,980		1,363,061		190,276
Property and equipment, net		2,368,830		2,346,487		327,557
Operating lease right-of-use assets, net		113,827		109,688		15,312
Deferred tax assets		317,107		317,124		44,269
Other non-current assets		136,959		120,005		16,752
Total Assets		11,873,712		11,744,882		1,639,520
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses		422,444		324,621		45,315
Income tax payable		75,108		55,491		7,746
Deferred revenues		72,415		62,097		8,668
Dividend payable		-		550,000		76,777
Contingent liabilities		473,328		467,255		65,226
Other current liabilities		353,214		302,049		42,164
Total current liabilities		1,396,509		1,761,513		245,896
Deferred tax liabilities		244,205		242,254		33,817
Operating lease liabilities, non-current		64,066		69,597		9,715
Other non-current liabilities		14,003		9,755		1,362
Total Liabilities		1,718,783		2,083,119		290,790
Equity		10,154,929		9,661,763		1,348,730
Total Liabilities and Equity		11,873,712		11,744,882		1,639,520

10

Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB'000, except for ADS data, per ADS data and percentages)
(unaudited)
	Three months ended
	June 30,			June 30,			June 30,
	2024			2025			2025			Change
	RMB'000			RMB'000			USD'000
Revenues:
Revenues from others:
One-time commissions		127,894			154,467			21,563			20.8	%
Recurring service fees		151,469			162,047			22,621			7.0	%
Performance-based income		4,515			13,892			1,939			207.7	%
Other service fees		49,950			48,736			6,803			(2.4	)%
Total revenues from others		333,828			379,142			52,926			13.6	%
Revenues from funds Gopher/Olive  manages:
One-time commissions		9,129			1,431			200			(84.3	)%
Recurring service fees		254,205			244,753			34,166			(3.7	)%
Performance-based income		23,413			9,301			1,298			(60.3	)%
Total revenues from funds Gopher/Olive manages		286,747			255,485			35,664			(10.9	)%
Total revenues		620,575			634,627			88,590			2.3	%
Less: VAT related surcharges		(4,721	)		(5,126	)		(716	)		8.6	%
Net revenues		615,854			629,501			87,874			2.2	%
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation		(131,505	)		(123,716	)		(17,270	)		(5.9	)%
Other compensations		(165,505	)		(175,551	)		(24,507	)		6.1	%
Total compensation and benefits		(297,010	)		(299,267	)		(41,777	)		0.8	%
Selling expenses		(61,890	)		(62,311	)		(8,698	)		0.7	%
General and administrative expenses		(79,902	)		(71,196	)		(9,939	)		(10.9	)%
Reversal of (provision for) credit losses		331			(41,228	)		(5,755	)		.N.A
Other operating expenses		(46,007	)		(8,576	)		(1,197	)		(81.4	)%
Government subsidies		2,639			14,103			1,969			434.4	%
Total operating costs and expenses		(481,839	)		(468,475	)		(65,397	)		(2.8	)%
Income from operations		134,015			161,026			22,477			20.2	%
Other income:
Interest income		42,587			33,505			4,677			(21.3	)%
Investment income (loss)		10,400			(13,938	)		(1,946	)		.N.A
Reversal of settlement expenses		11,476			-			-			-
Other (expenses) income		(2,828	)		14,391			2,009			.N.A
Total other income		61,635			33,958			4,740			(44.9	)%
Income before taxes and income from equity in affiliates		195,650			194,984			27,217			(0.3	)%
Income tax expense		(40,257	)		(63,690	)		(8,891	)		58.2	%
(Loss) income from equity in affiliates		(51,700	)		47,243			6,595			.N.A
Net income		103,693			178,537			24,921			72.2	%
Less: net income (loss) attributable to non-controlling interests		3,906			(39	)		(5	)		.N.A
Net income attributable to Noah shareholders		99,787			178,576			24,926			79.0	%
Income per ADS, basic		1.42			2.56			0.36			80.3	%
Income per ADS, diluted		1.42			2.54			0.35			78.9	%
Margin analysis:
Operating margin		21.8	%		25.6	%		25.6	%
Net margin		16.8	%		28.4	%		28.4	%
Weighted average ADS equivalent [1]:
Basic		70,229,503			69,778,574			69,778,574
Diluted		70,429,388			70,174,751			70,174,751
ADS equivalent outstanding at end of period		65,806,082			65,830,895			65,830,895

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

11

Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB'000, except for USD data, per ADS data and percentages)
(unaudited)

	Six months ended
	June 30,			June 30,			June 30,
	2024			2025			2025			Change
	RMB'000			RMB'000			USD'000
Revenues:
Revenues from others:
One-time commissions		313,149			309,458			43,199			(1.2	)%
Recurring service fees		306,634			313,643			43,783			2.3	%
Performance-based income		10,043			27,878			3,892			177.6	%
Other service fees		84,910			85,599			11,949			0.8	%
Total revenues from others		714,736			736,578			102,823			3.1	%
Revenues from funds Gopher/ Olive manages:
One-time commissions		10,956			5,181			723			(52.7	)%
Recurring service fees		516,894			489,133			68,280			(5.4	)%
Performance-based income		32,257			23,830			3,327			(26.1	)%
Total revenues from funds Gopher/Olive manages		560,107			518,144			72,330			(7.5	)%
Total revenues		1,274,843			1,254,722			175,153			(1.6	)%
Less: VAT related surcharges		(9,454	)		(10,627	)		(1,483	)		12.4	%
Net revenues		1,265,389			1,244,095			173,670			(1.7	)%
Operating costs and expenses:
Compensation and benefits
Relationship managers  compensation		(275,800	)		(246,284	)		(34,380	)		(10.7	)%
Other compensations		(409,995	)		(356,878	)		(49,818	)		(13.0	)%
Total compensation and benefits		(685,795	)		(603,162	)		(84,198	)		(12.0	)%
Selling expenses		(124,222	)		(113,383	)		(15,828	)		(8.7	)%
General and administrative expenses		(151,018	)		(135,637	)		(18,934	)		(10.2	)%
Reversal of (provision for) credit losses		428			(44,038	)		(6,147	)		.N.A
Other operating expenses		(63,153	)		(24,275	)		(3,389	)		(61.6	)%
Government subsidies		13,872			23,434			3,271			68.9	%
Total operating costs and expenses		(1,009,888	)		(897,061	)		(125,225	)		(11.2	)%
Income from operations		255,501			347,034			48,445			35.8	%
Other income:
Interest income		88,772			66,306			9,256			(25.3	)%
Investment income (loss)		15,585			(7,668	)		(1,070	)		.N.A
Reversal of settlement expenses		11,476			-			-			.N.A
Other income		1,107			11,310			1,579			921.7	%
Total other income		116,940			69,948			9,765			(40.2	)%
Income before taxes and income from equity in affiliates		372,441			416,982			58,210			12.0	%
Income tax expense		(82,943	)		(124,295	)		(17,351	)		49.9	%
(Loss) income from equity in affiliates		(53,942	)		35,669			4,979			N.A.
Net income		235,556			328,356			45,838			39.4	%
Less: net income attributable to non-controlling interests		4,278			816			114			(80.9	)%
Net income attributable to Noah shareholders		231,278			327,540			45,724			41.6	%
Income per ADS, basic		3.30			4.69			0.65			42.1	%
Income per ADS, diluted		3.30			4.65			0.65			40.9	%
Margin analysis:
Operating margin		20.2	%		27.9	%		27.9	%
Net margin		18.6	%		26.4	%		26.4	%
Weighted average ADS equivalent[1]:
Basic		70,036,724			69,856,207			69,856,207
Diluted		70,163,305			70,387,492			70,387,492
ADS equivalent outstanding at end of period		65,806,082			65,830,895			65,830,895

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

12

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

	Three months ended
	June 30, 2024		June 30, 2025			June 30, 2025			Change
	RMB'000		RMB'000			USD'000
Net income		103,693		178,537			24,921			72.2	%
Other comprehensive income, net of tax:
Foreign currency translation adjustments		29,283		(64,764	)		(9,041	)		N.A.
Fair value fluctuation of available-for-sale investment		-		236			33			N.A.
Comprehensive income		132,976		114,009			15,913			(14.3	)%
Less: Comprehensive gain (loss) attributable to non-controlling interests		3,510		(401	)		(56	)		N.A.
Comprehensive income attributable to Noah shareholders		129,466		114,410			15,969			(11.6	)%

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

	Six months ended
	June 30, 2024		June 30, 2025			June 30, 2025			Change
	RMB'000		RMB'000			USD'000
Net income		235,556		328,356			45,838			39.4	%
Other comprehensive income, net of tax:
Foreign currency translation adjustments		82,683		(87,598	)		(12,228	)		N.A.
Fair value fluctuation of available-for-sale investment		-		469			65			N.A.
Comprehensive income		318,239		241,227			33,675			(24.2	)%
Less: Comprehensive gain attributable to non-controlling interests		3,018		509			71			(83.1	)%
Comprehensive income attributable to Noah shareholders		315,221		240,718			33,604			(23.6	)%

13

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

	Three months ended June 30, 2025
	Domestic public securities		Domestic asset management		Domestic insurance		Overseas wealth management		Overseas asset management		Overseas insurance and comprehensive services		Headquarters		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Revenues from others
One-time commissions	16,884		125		7,199		70,715		8,662		50,882		-		154,467
Recurring service fees	85,443		43,427		-		9,954		23,223		-		-		162,047
Performance-based income	13,889		-		-		-		3		-		-		13,892
Other service fees	-		-		-		19,088		-		8,180		21,468		48,736
Total revenues from others	116,216		43,552		7,199		99,757		31,888		59,062		21,468		379,142
Revenues from funds Gopher/Olive manages
One-time commissions	1,243		188		-		-		-		-		-		1,431
Recurring service fees	13,886		132,139		-		29,618		69,110		-		-		244,753
Performance-based income	722		1,308		-		-		7,271		-		-		9,301
Total revenues from funds Gopher/Olive manages	15,851		133,635		-		29,618		76,381		-		-		255,485
Total revenues	132,067		177,187		7,199		129,375		108,269		59,062		21,468		634,627
Less: VAT related surcharges	(281	)	(30	)	(35	)	-		-		-		(4,780	)	(5,126	)
Net revenues	131,786		177,157		7,164		129,375		108,269		59,062		16,688		629,501
Operating costs and expenses:
Compensation and benefits
Relationship managers compensation	(26,417	)	(10,746	)	(3,914	)	(62,873	)	(13,763	)	(6,003	)	-		(123,716	)
Other compensations	(6,671	)	(16,209	)	(7,722	)	(20,830	)	(12,476	)	(12,540	)	(99,103	)	(175,551	)
Total compensation and benefits	(33,088	)	(26,955	)	(11,636	)	(83,703	)	(26,239	)	(18,543	)	(99,103	)	(299,267	)
Selling expenses	(2,200	)	(1,807	)	(782	)	(15,888	)	(8,698	)	(2,713	)	(30,223	)	(62,311	)
General and administrative expenses	(53	)	(1,735	)	(2,358	)	(2,010	)	(731	)	(1,576	)	(62,733	)	(71,196	)
Reversal of (provision for) credit losses	119		77		-		-		-		1,710		(43,134	)	(41,228	)
Other operating expenses (income)	(632	)	8,067		-		-		-		(8,174	)	(7,837	)	(8,576	)
Government subsidies	11,931		327		-		-		11		22		1,812		14,103
Total operating costs and expenses	(23,923	)	(22,026	)	(14,776	)	(101,601	)	(35,657	)	(29,274	)	(241,218	)	(468,475	)
Income (loss) from operations	107,863		155,131		(7,612	)	27,774		72,612		29,788		(224,530	)	161,026

14

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

	Three months ended June 30, 2024
	Domestic public securities		Domestic asset management		Domestic insurance		Overseas wealth management		Overseas asset management		Overseas insurance and comprehensive services		Headquarters		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Revenues from others
One-time commissions	3,059		563		11,753		88,822		3,581		20,116		-		127,894
Recurring service fees	94,169		42,015		-		4,477		10,446		-		362		151,469
Performance-based income	980		-		-		-		3,535		-		-		4,515
Other service fees	0		-		-		25,240		-		10,824		13,886		49,950
Total revenues from others	98,208		42,578		11,753		118,539		17,562		30,940		14,248		333,828
Revenues from funds Gopher/Olive manages
One-time commissions	5,115		-		-		2,810		1,204		-		-		9,129
Recurring service fees	14,372		142,442		-		29,217		68,174		-		-		254,205
Performance-based income	45		13,188		-		-		10,180		-		-		23,413
Total revenues from funds Gopher/Olive manages	19,532		155,630		-		32,027		79,558		-		-		286,747
Total revenues	117,740		198,208		11,753		150,566		97,120		30,940		14,248		620,575
Less: VAT related surcharges	(866	)	(155	)	(63	)	-		-		-		(3,637	)	(4,721	)
Net revenues	116,874		198,053		11,690		150,566		97,120		30,940		10,611		615,854
Operating costs and expenses:
Compensation and benefits
Relationship managers compensation	(40,846	)	(22,071	)	(19,862	)	(44,751	)	(1,504	)	(2,471	)	-		(131,505	)
Other compensations	(13,650	)	(23,500	)	(11,706	)	(44,350	)	(14,826	)	(11,486	)	(45,987	)	(165,505	)
Total compensation and benefits	(54,496	)	(45,571	)	(31,568	)	(89,101	)	(16,330	)	(13,957	)	(45,987	)	(297,010	)
Selling expenses	(2,504	)	(1,704	)	(1,662	)	(19,647	)	(6,383	)	(2,742	)	(27,248	)	(61,890	)
General and administrative expenses	(460	)	(1,063	)	(4,033	)	(4,722	)	(203	)	(1,080	)	(68,341	)	(79,902	)
Provision for (reversal of) credit losses	(88	)	(9,359	)	-		-		-		285		9,493		331
Other operating expenses	(228	)	(22,323	)	-		-		-		(3,061	)	(20,395	)	(46,007	)
Government subsidies	1,584		343		2		-		-		-		710		2,639
Total operating costs and expenses	(56,192	)	(79,677	)	(37,261	)	(113,470	)	(22,916	)	(20,555	)	(151,768	)	(481,839	)
Income (loss) from operations	60,682		118,376		(25,571	)	37,096		74,204		10,385		(141,157	)	134,015

15

Noah Holdings Limited 

Additional Business Information

(unaudited) 

	Three months ended June 30, 2025
	Wealth  Management Business			Asset  Management Business			Other Businesses			Total
	RMB'000			RMB'000			RMB'000			RMB'000
Revenues:
Revenues from others:
One-time commissions		154,467			-			-			154,467
Recurring service fees		162,047			-			-			162,047
Performance-based income		13,892			-			-			13,892
Other service fees		30,891			-			17,845			48,736
Total revenues from others		361,297			-			17,845			379,142
Revenues from funds Gopher/Olive manages:
One-time commissions		662			769			-			1,431
Recurring service fees		70,607			174,146			-			244,753
Performance-based income		-			9,301			-			9,301
Total revenues from funds Gopher/Olive manages		71,269			184,216			-			255,485
Total revenues		432,566			184,216			17,845			634,627
Less: VAT related surcharges		(1,308	)		(30	)		(3,788	)		(5,126	)
Net revenues		431,258			184,186			14,057			629,501
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation		(121,392	)		(2,324	)		-			(123,716	)
Other compensations		(119,549	)		(50,521	)		(5,481	)		(175,551	)
Total compensation and benefits		(240,941	)		(52,845	)		(5,481	)		(299,267	)
Selling expenses		(42,746	)		(14,150	)		(5,415	)		(62,311	)
General and administrative expenses		(46,109	)		(16,685	)		(8,402	)		(71,196	)
Provision for (reversal of) credit losses		(5,089	)		546			(36,685	)		(41,228	)
Other operating expenses(income)		(10,297	)		8,067			(6,346	)		(8,576	)
Government subsidies		13,746			345			12			14,103
Total operating costs and expenses		(331,436	)		(74,722	)		(62,317	)		(468,475	)
Income (loss) from operations		99,822			109,464			(48,260	)		161,026

16

Noah Holdings Limited 

Additional Business Information

(unaudited)

	Three months ended June 30, 2024
	Wealth  Management Business			Asset  Management Business			Other Businesses			Total
	RMB'000			RMB'000			RMB'000			RMB'000
Revenues:
Revenues from others:
One-time commissions		127,894			-			-			127,894
Recurring service fees		151,469			-			-			151,469
Performance-based income		4,515			-			-			4,515
Other service fees		39,382			-			10,568			49,950
Total revenues from others		323,260			-			10,568			333,828
Revenues from funds Gopher/Olive manages:
One-time commissions		9,119			10			-			9,129
Recurring service fees		85,165			169,040			-			254,205
Performance-based income		-			23,413			-			23,413
Total revenues from funds Gopher/Olive manages		94,284			192,463			-			286,747
Total revenues		417,544			192,463			10,568			620,575
Less: VAT related surcharges		(1,918	)		(162	)		(2,641	)		(4,721	)
Net revenues		415,626			192,301			7,927			615,854
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation		(124,857	)		(6,648	)		-			(131,505	)
Other compensations		(114,162	)		(48,285	)		(3,058	)		(165,505	)
Total compensation and benefits		(239,019	)		(54,933	)		(3,058	)		(297,010	)
Selling expenses		(43,303	)		(12,411	)		(6,176	)		(61,890	)
General and administrative expenses		(53,575	)		(16,356	)		(9,971	)		(79,902	)
Reversal of credit losses		60			78			193			331
Other operating expenses		(16,517	)		(22,487	)		(7,003	)		(46,007	)
Government subsidies		2,221			343			75			2,639
Total operating costs and expenses		(350,133	)		(105,766	)		(25,940	)		(481,839	)
Income (loss) from operations		65,493			86,535			(18,013	)		134,015

17

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)  

	Three months ended
	June 30, 2024		June 30,  2025		Change
	(in thousands of RMB, except percentages)
Revenues:
Mainland China		341,949		337,921		(1.2	)%
Hong Kong		208,707		231,608		11.0	%
Others		69,919		65,098		(6.9	)%
Total revenues		620,575		634,627		2.3	%

Noah Holdings Limited

Supplement Revenue Information by Product Types

(unaudited)  

	Three months ended
	June 30, 2024		June 30,  2025		Change
	(in thousands of RMB, except percentages)
Mainland China:
Public securities products [1]		117,740		132,068		12.2	%
Private equity products		198,208		176,876		(10.8	)%
Insurance products		11,753		7,199		(38.7	)%
Others		14,248		21,778		52.8	%
Subtotal		341,949		337,921		(1.2	)%
Overseas:
Investment products [2]		136,519		160,393		17.5	%
Insurance products		100,582		101,387		0.8	%
Online business [3]		7,246		10,459		44.3	%
Others		34,279		24,467		(28.6	)%
Subtotal		278,626		296,706		6.5	%
Total revenues		620,575		634,627		2.3	%

[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.

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  Noah Holdings Limited

  Supplemental Information 

  (unaudited)    

 

	As of
	June 30,  2024		June 30,  2025		Change
Number of registered clients		459,072		464,631		1.2	%

	Three months ended
	June 30,  2024		June 30,  2025		Change
	(in millions of RMB, except number of active clients and percentages)
Number of active clients		8,634		9,160		6.1	%
Transaction value:
Private equity products		1,103		1,000		(9.3	)%
Private secondary products		4,137		5,975		44.4	%
Mutual fund products		8,501		9,264		9.0	%
Other products		676		736		8.9	%
Total transaction value		14,417		16,975		17.7	%

Noah Holdings Limited

Supplement Information of Overseas Business

(unaudited)

	Three months ended
	June 30, 2024		June 30,  2025		Change
Net Revenues from Overseas (RMB, million)		278.6		296.7		6.5	%
Number of Overseas Registered Clients		16,786		18,967		13.0	%
Number of Overseas Active Clients		3,244		3,650		12.5	%
Transaction Value of Overseas Investment Products (RMB, billion)		7.9		8.3		5.1	%
Number of Overseas Relationship Managers		113		152		34.5	%
Overseas Assets Under Management (RMB, billion)		39.1		41.4		5.9	%

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Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

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

(unaudited) ¹²

	Three months ended
	June 30,			June 30,
	2024			2025			Change
	RMB'000			RMB'000
Net income attributable to Noah shareholders		99,787			178,576			79.0	%
Adjustment for share-based compensation		21,880			13,008			(40.5	)%
Add: settlement reversal		(11,476	)		-			N.A
Less: Tax effect of adjustments		4,139			2,602			(37.1	)%
Adjusted net income attributable to Noah shareholders (non-GAAP)		106,052			188,982			78.2	%
Net margin attributable to Noah shareholders		16.2	%		28.4	%
Non-GAAP net margin attributable to Noah shareholders		17.2	%		30.0	%
Net income attributable to Noah shareholders per ADS, diluted		1.42			2.54			78.9	%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		1.51			2.69			78.1	%

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

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

(unaudited) ¹²

	Six months ended
	June 30,			June 30,
	2024			2025			Change
	RMB'000			RMB'000
Net income attributable to Noah shareholders		231,278			327,540			41.6	%
Adjustment for share-based compensation		58,479			37,788			(35.4	)%
Add: settlement reversal		(11,476	)		-			N.A
Less: Tax effect of adjustments		11,061			7,558			(31.7	)%
Adjusted net income attributable to Noah shareholders (non-GAAP)		267,220			357,770			33.9	%
Net margin attributable to Noah shareholders		18.3	%		26.3	%
Non-GAAP net margin attributable to Noah shareholders		21.1	%		28.8	%
Net income attributable to Noah shareholders per ADS, diluted		3.30			4.65			40.9	%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		3.81			5.08			33.3	%

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

20