EX-99.1 2 tm2532162d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED 

FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025

 

SHANGHAI, November 26, 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 third quarter of 2025.

 

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

 

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

 

•Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in revenues from one-time commissions as a result of decreases in insurance product distribution and performance-based income. Net revenues remained relatively stable on a sequential basis.

 

•Income from operations for the third quarter of 2025 was RMB171.9 million (US$24.1 million), a 28.6% decrease from the corresponding period in 2024, primarily due to a 7.4% decrease in net revenues.

 

•Net income attributable to Noah shareholders for the third quarter of 2025 was RMB218.5 million (US$30.7 million), a significant 62.6% increase from the corresponding period in 2024, primarily due to an increase in fair value of investments in affiliates.

 

•Non-GAAP1 net income attributable to Noah shareholders for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.

 

THIRD QUARTER 2025 OPERATIONAL UPDATES

 

Wealth Management Business

 

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

 

 

•Total number of registered clients as of September 30, 2025 was 466,153, a 1.3% increase from September 30, 2024, and a 0.3% increase from June 30, 2025. Among such clients, the number of overseas registered clients as of September 30, 2025, was 19,543, a 13.1% increase from September 30, 2024, and a 3.0% increase from June 30, 2025.

 

•Total number of active clients2 who transacted with us during the third quarter of 2025 was 10,650, a 35.5% increase from the third quarter of 2024, and a 16.3% increase from the second quarter of 2025. Among such clients, the number of overseas active clients who transacted with us during the third quarter of 2025 was 3,561, a 13.4% increase from the third quarter of 2024, and a 2.4% decrease from the second quarter of 2025.

 

•Aggregate value of investment products distributed during the third quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 19.1% increase from the third quarter of 2024, mainly due to a 66.9% increase in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.6 billion (US$1.2 billion) of overseas investment products, an 11.2% increase from the third quarter of 2024, mainly due to an increase in distribution of overseas mutual fund products.

 

 

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.

 

1

 

 

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

 

   Three months ended September 30, 
   2024   2025 
         
   (RMB in billions, except percentages) 
Mutual fund products   8.6    60.6%   9.2    54.1%
Private secondary products   3.6    25.0%   5.9    34.7%
Private equity products   1.1    7.5%   1.1    6.5%
Other products3   1.0    6.9%   0.8    4.7%
All products   14.3    100.0%   17.0    100.0%

 

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

 

Type of products in Mainland China  Three months ended September 30, 
   2024   2025 
         
   (RMB in billions, except percentages) 
Mutual fund products   5.2    80.2%   5.3    63.1%
Private secondary products   0.8    12.3%   2.8    33.3%
Other products   0.5    7.5%   0.3    3.6%
All products in Mainland China   6.5    100.0%   8.4    100.0%

 

Type of overseas products  Three months ended September 30, 
   2024   2025 
         
   (RMB in billions, except percentages) 
Mutual fund products   3.4    44.6%   3.9    45.4%
Private secondary products   2.8    35.7%   3.1    36.0%
Private equity products   1.1    13.7%   1.1    12.8%
Other products   0.5    6.0%   0.5    5.8%
All Overseas products   7.8    100.0%   8.6    100.0%

 

●Coverage network in mainland China included 16 cities as of September 30, 2025, compared with 13 cities as of September 30, 2024 and 12 cities as of June 30, 2025.

 

●Aggregate number of overseas relationship managers was 136 as of September 30, 2025, a 6.8% decrease from September 30, 2024, and a 10.5% decrease from June 30, 2025.

 

Asset Management Business

 

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

 

●Total assets under management as of September 30, 2025, remained relatively stable at RMB143.5 billion (US$20.2 billion), compared with RMB150.1 billion as of September 30, 2024, and RMB145.1 billion as of June 30, 2025. Mainland China assets under management as of September 30, 2025 were RMB101.3 billion (US$14.2 billion), compared with RMB110.6 billion as of September 30, 2024 and RMB103.7 billion as of June 30, 2025. Overseas assets under management as of September 30, 2025 were RMB42.2 billion (US$5.9 billion), compared with RMB39.5 billion as of September 30, 2024 and RMB41.4 billion as of June 30, 2025.

 

 

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

 

2

 

 

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

 

Investment type  As of 
June 30, 
2025		   Growth   Allocation/
Redemption4		   As of
September 30, 
2025		 
                 
   (RMB billions, except percentages) 
Private equity   129.3    89.1%   0.2    1.4    128.1    89.3%
Public securities5   9.3    6.4%   1.6    2.1    8.8    6.1%
Real estate   4.6    3.2%   0.1    -    4.7    3.3%
Multi-strategies   1.9    1.3%   -    -    1.9    1.3%
All Investments   145.1    100.0%   1.9    3.5    143.5    100.0%

 

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

 

Mainland China Investment type  As of 
June 30, 
2025		   Growth  

Allocation/

Redemption

   As of
September 30, 
2025		 
                 
   (RMB billions, except percentages) 
Private equity   96.5    93.1%   -    1.7    94.8    93.6%
Public securities   5.1    4.9%   0.2    0.9    4.4    4.3%
Real estate   0.7    0.7%   -    -    0.7    0.7%
Multi-strategies   1.4    1.3%   -    -    1.4    1.4%
All Investments   103.7    100.0%   0.2    2.6    101.3    100.0%

 

Overseas

Investment type

  As of 
June 30, 
2025		   Growth  

Allocation/

Redemption

   As of
September 30, 
2025		 
                 
   (RMB billions, except percentages) 
Private equity   32.8    79.3%   0.2    (0.3)   33.3    78.9%
Public securities   4.2    10.1%   1.4    1.2    4.4    10.4%
Real estate   3.9    9.4%   0.1    -    4.0    9.5%
Multi-strategies   0.5    1.2%   -    -    0.5    1.2%
All Investments   41.4    100.0%   1.7    0.9    42.2    100.0%

 

Other Businesses

 

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

 

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

 

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

 

 

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.

3

 

 

THIRD QUARTER 2025 FINANCIAL RESULTS

 

Net Revenues

 

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

 

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

 

(RMB millions,

except percentages)

  Q3 2024   Q3 2025   YoY Change 
Domestic public securities6   106.6    115.9    8.7%
Domestic asset management7   180.4    189.3    4.9%
Domestic insurance8   8.5    4.7    (44.8)%
Overseas wealth management9   189.0    146.2    (22.7)%
Overseas asset management10   148.5    117.6    (20.8)%
Overseas insurance and comprehensive services11   39.4    47.1    19.8%
Headquarters   11.3    12.1    7.3%
Total net revenues   683.7    632.9    (7.4)%

 

●Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the third quarter of 2025 were RMB115.9 million (US$16.3 million), an 8.7% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from distribution of domestic private secondary products.

 

●Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were RMB189.3 million (US$26.6 million), a 4.9% increase from the corresponding period in 2024, primarily due to increases in recurring service fees from RMB private equity products.

 

●Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the third quarter of 2025 were RMB4.7 million (US$0.7 million), a 44.8% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.

 

●Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the third quarter of 2025 were RMB146.2 million (US$20.5 million), a 22.7% decrease from the corresponding period in 2024, mainly due to a decrease in allocated referral fees for assistance in distribution of overseas insurance products.

 

●Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were RMB117.6 million (US$16.5 million), a 20.8% decrease from the corresponding period in 2024, primarily due to a decrease in performance-based income from private equity investment products managed by Olive.

 

●Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the third quarter of 2025 were RMB47.1 million (US$6.6 million), a 19.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.

 

 

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

4

 

 

●Headquarters reflects revenue generated from corporate operations at the Company’s headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the third quarter of 2025 were RMB12.1 million (US$1.7 million), compared with RMB11.3 million for the corresponding period in 2024, maintaining a relatively stable trend.

 

Operating Costs and Expenses

 

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

 

●Operating costs and expenses for domestic public securities for the third quarter of 2025 were RMB35.0 million (US$4.9 million), a 15.9% decrease from the corresponding period in 2024, mainly due to a decrease in compensation and benefits in the third quarter of 2025.

 

●Operating costs and expenses for domestic asset management for the third quarter of 2025 were RMB35.9 million (US$5.0 million), a 15.9% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the third quarter of 2025.

 

●Operating costs and expenses for domestic insurance for the third quarter of 2025 were RMB9.3 million (US$1.3 million), a 64.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.

 

●Operating costs and expenses for overseas wealth management for the third quarter of 2025 were RMB97.5 million (US$13.7 million), a 27.6% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.

 

●Operating costs and expenses for overseas asset management for the third quarter of 2025 were RMB37.4 million (US$5.3 million), compared with RMB19.8 million for the corresponding period in 2024, primarily due to the expansion of the relationship management team which drove up relationship manager compensation.

 

●Operating costs and expenses for overseas insurance and comprehensive services for the third quarter of 2025 were RMB34.9 million (US$4.9 million), a 43.4% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.

 

●Operating costs and expenses for headquarters for the third quarter of 2025 were RMB211.0 million (US$29.6 million), a 37.3% increase from the corresponding period in 2024, primarily due to an increase in compensation and benefits.

 

Income(loss) from operations

 

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

 

(RMB millions,

except percentages)

  Q3 2024   Q3 2025   YoY Change 
Domestic public securities   65.0    80.8    24.4%
Domestic asset management   137.8    153.4    11.3%
Domestic insurance   (17.5)   (4.6)   (73.7)%
Overseas wealth management   54.4    48.7    (10.5)%
Overseas asset management   128.6    80.2    (37.6)%
Overseas insurance and comprehensive services   15.1    12.3    (18.2)%
Headquarters   (142.6)   (198.9)   39.6%
Total income from operations   240.8    171.9    (28.6)%

 

5

 

 

●Income from operations for domestic public securities for the third quarter of 2025 was RMB80.8 million (US$11.3 million), a 24.4% increase from the corresponding period in 2024.

 

●Income from operations for domestic asset management for the third quarter of 2025 was RMB153.4 million (US$21.5 million), a 11.3% increase from the corresponding period in 2024.

 

●Loss from operations for domestic insurance for the third quarter of 2025 was RMB4.6 million (US$0.6 million), a 73.7% decrease from the corresponding period in 2024.

 

●Income from operations for overseas wealth management for the third quarter of 2025 was RMB48.7 million (US$6.8 million), a 10.5% decrease from the corresponding period in 2024.

 

●Income from operations for overseas asset management for the third quarter of 2025 was RMB80.2 million (US$11.3 million), a 37.6% decrease from the corresponding period in 2024.

 

●Income from operations for overseas insurance and comprehensive services for the third quarter of 2025 was RMB12.3 million (US$1.7 million), an 18.2% decrease from the corresponding period in 2024.

 

●Loss from operations for headquarters for the third quarter of 2025 was RMB198.9 million (US$27.9 million), a 39.6% increase from the corresponding period in 2024.

 

Operating Margin

 

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

 

Interest Income

 

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

 

Investment Income

 

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

 

Income Tax Expense

 

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

 

Net Income

 

●Net Income

 

●Net income for the third quarter of 2025 was RMB218.9 million (US$30.7 million), a 58.9% increase from the corresponding period in 2024.

 

●Net margin for the third quarter of 2025 was 34.6%, compared with 20.2% for the corresponding period in 2024.

 

●Net income attributable to Noah shareholders for the third quarter of 2025 was RMB218.5 million (US$30.7 million), a 62.6% increase from the corresponding period in 2024.

 

6

 

 

●Net margin attributable to Noah shareholders for the third quarter of 2025 was 34.5%, compared with 19.7% for the corresponding period in 2024.

 

●Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2025 was RMB3.14 (US$0.44) and RMB3.11 (US$0.44), compared with RMB1.91 and RMB1.91 for the corresponding period in 2024, respectively.

 

●Non-GAAP Net Income Attributable to Noah Shareholders

 

●Non-GAAP net income attributable to Noah shareholders for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.

 

●Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2025 was 36.2%, compared with 22.0% for the corresponding period in 2024.

 

●Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2025 was RMB3.26 (US$0.46), compared with RMB2.14 for the corresponding period in 2024.

 

Balance Sheet and Cash Flow

 

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

 

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

 

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

 

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

 

Treasury Shares

 

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

 

7

 

 

CONFERENCE CALL

 

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

 

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

 

Dial-in details:

 

Conference title: Noah Third Quarter 2025 Earnings Conference Call

Date/Time:

Tuesday, November 25, 2025, at 7:00 p.m., U.S. Eastern Time Wednesday, November 26, 2025, at 8:00 a.m., Hong Kong Time
Dial in:  
– Hong Kong Toll Free: 800-963976
– United States Toll Free: 1-888-317-6003
– Mainland China Toll Free: 4001-206115
– International Toll: 1-412-317-6061
Participant Password: 4879767

 

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

 

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

 

DISCUSSION ON NON-GAAP MEASURES

 

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

 

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

 

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

 

ABOUT NOAH HOLDINGS LIMITED

 

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

 

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

 

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

 

8

 

 

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

 

FOREIGN CURRENCY TRANSLATION

 

In this announcement, the unaudited financial results for the third quarter of 2025 ended September 30, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.119 to US$1.00, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

SAFE HARBOR STATEMENT

 

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

 

Contacts:

 

Noah Holdings Limited 

Tel: +86-21-8035-8292 

ir@noahgroup.com

 

 

 

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

 

9

 

 

  Noah Holdings Limited

  Condensed Consolidated Balance Sheets

  (unaudited)

 

   As of 
   June 30,   September 30,   September 30, 
   2025   2025   2025 
   RMB'000   RMB'000   USD'000 
Assets               
Current assets:               
Cash and cash equivalents   3,821,846    3,837,367    539,032 
Restricted cash   10,617    6,071    853 
Short-term investments   1,602,362    1,157,410    162,580 
Accounts receivable, net   403,226    358,143    50,308 
Amounts due from related parties   591,977    568,979    79,924 
Loans receivable, net   122,658    117,598    16,519 
Other current assets   223,676    330,699    46,454 
Total current assets   6,776,362    6,376,267    895,670 
Long-term investments, net   712,155    785,992    110,408 
Investment in affiliates   1,363,061    1,469,275    206,388 
Property and equipment, net   2,346,487    2,377,786    334,006 
Operating lease right-of-use assets, net   109,688    98,947    13,899 
Deferred tax assets   317,124    317,007    44,530 
Other non-current assets   120,005    120,668    16,950 
Total Assets   11,744,882    11,545,942    1,621,851 
Liabilities and Equity               
Current liabilities:               
Accrued payroll and welfare expenses   324,621    346,233    48,635 
Income tax payable   55,491    117,029    16,439 
Deferred revenues   62,097    72,207    10,143 
Dividend payable   550,000    -    - 
Contingent liabilities   467,255    462,042    64,903 
Other current liabilities   302,049    340,086    47,772 
Total current liabilities   1,761,513    1,337,597    187,892 
Deferred tax liabilities   242,254    240,363    33,764 
Operating lease liabilities, non-current   69,597    59,634    8,377 
Other non-current liabilities   9,755    9,701    1,363 
Total Liabilities   2,083,119    1,647,295    231,396 
Equity   9,661,763    9,898,647    1,390,455 
Total Liabilities and Equity   11,744,882    11,545,942    1,621,851 

 

10

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

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

(unaudited)  

 

   Three months ended 
   September 30,   September 30,   September 30,    
   2024   2025   2025   Change 
   RMB'000   RMB'000   USD'000     
Revenues:                
Revenues from others:                    
One-time commissions   170,023    158,386    22,248    (6.8)%
Recurring service fees   166,138    148,333    20,836    (10.7)%
Performance-based income   2,974    6,008    844    102.0%
Other service fees   48,764    35,450    4,980    (27.3)%
Total revenues from others   387,899    348,177    48,908    (10.2)%
Revenues from funds Gopher/Olive manages:                    
One-time commissions   6,014    930    131    (84.5)%
Recurring service fees   236,638    273,105    38,363    15.4%
Performance-based income   58,151    15,839    2,225    (72.8)%
Total revenues from funds Gopher/Olive manages   300,803    289,874    40,719    (3.6)%
Total revenues   688,702    638,051    89,627    (7.4)%
Less: VAT related surcharges   (5,016)   (5,152)   (724)   2.7%
Net revenues   683,686    632,899    88,903    (7.4)%
Operating costs and expenses:                    
Compensation and benefits                    
Relationship managers compensation   (137,082)   (126,159)   (17,721)   (8.0)%
Other compensations   (172,902)   (193,653)   (27,203)   12.0%
Total compensation and benefits   (309,984)   (319,812)   (44,924)   3.2%
Selling expenses   (65,939)   (68,623)   (9,639)   4.1%
General and administrative expenses   (72,250)   (71,876)   (10,096)   (0.5)%
Provision for credit losses   (5,416)   (4,664)   (655)   (13.9)%
Other operating expenses   (12,859)   (16,389)   (2,302)   27.5%
Government grants   23,576    20,352    2,859    (13.7)%
Total operating costs and expenses   (442,872)   (461,012)   (64,757)   4.1%
Income from operations   240,814    171,887    24,146    (28.6)%
Other income:                    
Interest income   28,416    28,683    4,029    0.9%
Investment income   16,334    20,569    2,889    25.9%
Settlement reversal   -    1,356    190    N.A. 
Other expenses   (43,577)   (20,813)   (2,924)   (52.2)%
Total other income   1,173    29,795    4,184    2,440.1%
Income before taxes and income from equity in affiliates   241,987    201,682    28,330    (16.7)%
Income tax expense   (89,036)   (67,471)   (9,478)   (24.2)%
(Loss) income from equity in affiliates   (15,184)   84,649    11,891    

N.A.

Net income   137,767    218,860    30,743    58.9%
Less: net gain attributable to non-controlling interests   3,351    366    51    (89.1)%
Net income attributable to Noah shareholders   134,416    218,494    30,692    62.6%
                     
Income per ADS, basic   1.91    3.14    0.44    64.4%
Income per ADS, diluted   1.91    3.11    0.44    62.8%
Margin analysis:                    
Operating margin   35.2%   27.2%   27.2%     
Net margin   20.2%   34.6%   34.6%     

Weighted average ADS equivalent[1]:

                    
Basic   70,334,784    69,617,957    69,617,957      
Diluted   70,396,502    70,324,538    70,324,538      
ADS equivalent outstanding at end of period   65,824,608    65,854,612    65,854,612      

 

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

 

11

 

 

Noah Holdings Limited 

Condensed Comprehensive Income Statements 

(unaudited)

 

   Three months ended 
   September 30,
2024		   September 30,
2025		   September 30,
2025		   Change 
   RMB'000   RMB'000   USD'000     
Net income   137,767    218,860    30,743    58.9%
Other comprehensive (loss) income, net of tax:                    
Foreign currency translation adjustments   (92,022)   1,860    261    N.A. 
Fair value fluctuation of available-for-sale investment   -    238    33    

N.A.

 
Comprehensive income   45,745    220,958    31,037    383.0%
Less: Comprehensive gain attributable to non-controlling interests   4,822    518    73    (89.3)%
Comprehensive income attributable to Noah shareholders   40,923    220,440    30,964    438.7%

 

12

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)  

 

   Three months ended September 30, 2025 
   Domestic
public
securities		   Domestic
asset
management		   Domestic
insurance		   Overseas
wealth
management		   Overseas
asset
management		   Overseas
insurance
and
comprehensive
services		   Headquarters   Total 
   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000 
Revenues:                                        
Revenues from others:                                        
One-time commissions   12,556    665    4,756    90,767    8,247    41,395    -    158,386 
Recurring service fees   88,580    27,966    -    9,539    22,248    -    -    148,333 
Performance-based income   6,007    -    -    -    1    -    -    6,008 
Other service fees   -    -    -    13,496    -    5,784    16,170    35,450 
Total revenues from others   107,143    28,631    4,756    113,802    30,496    47,179    16,170    348,177 
Revenues from funds Gopher/Olive manages:                                        
One-time commissions   930    -    -    -    -    -    -    930 
Recurring service fees   8,552    156,572    -    32,395    75,586    -    -    273,105 
Performance-based income   62    4,273    -    -    11,504    -    -    15,839 
Total revenues from funds Gopher/Olive manages   9,544    160,845    -    32,395    87,090    -    -    289,874 
Total revenues   116,687    189,476    4,756    146,197    117,586    47,179    16,170    638,051 
Less: VAT related surcharges   (823)   (215)   (44)   -    -    -    (4,070)   (5,152)
Net revenues   115,864    189,261    4,712    146,197    117,586    47,179    12,100    632,899 
Operating costs and expenses:                                        
Compensation and benefits                                        
Relationship managers compensation   (26,739)   (11,597)   (2,348)   (60,910)   (13,244)   (11,321)   -    (126,159)
Other compensations   (6,530)   (15,861)   (3,692)   (21,449)   (17,614)   (12,311)   (116,196)   (193,653)
Total compensation and benefits   (33,269)   (27,458)   (6,040)   (82,359)   (30,858)   (23,632)   (116,196)   (319,812)
Selling expenses   (3,521)   (2,463)   (265)   (14,822)   (5,757)   (4,764)   (37,031)   (68,623)
General and administrative expenses   (25)   (3,527)   (2,604)   (299)   (775)   (2,343)   (62,303)   (71,876)
Reversal of (provision for) credit losses   2,315    (4,866)   -    -    -    2,712    (4,825)   (4,664)
Other operating expenses   (515)   (672)   (406)   -    -    (6,829)   (7,967)   (16,389)
Government grants   -    3,081    -    -    -    -    17,271    20,352 
Total operating costs and expenses   (35,015)   (35,905)   (9,315)   (97,480)   (37,390)   (34,856)   (211,051)   (461,012)
Income (loss) from operations   80,849    153,356    (4,603)   48,717    80,196    12,323    (198,951)   171,887 

 

13

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)  

 

   Three months ended September 30, 2024 
   Domestic
public
securities		   Domestic
asset
management		   Domestic
insurance		   Overseas
wealth
management		   Overseas
asset
management		   Overseas
insurance
and
comprehensive
services		   Headquarters   Total 
                                 
   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000   RMB’000 
Revenues:                                        
Revenues from others:                                        
One-time commissions   1,796    79    8,617    126,166    4,377    28,988    -    170,023 
Recurring service fees   87,108    56,575    -    6,624    15,455    -    376    166,138 
Performance-based income   2,972    -    -    -    2    -    -    2,974 
Other service fees   -    -    -    24,217    -    10,379    14,168    48,764 
Total revenues from others   91,876    56,654    8,617    157,007    19,834    39,367    14,544    387,899 
Revenues from funds Gopher/Olive manages:                                        
One-time commissions   3,671    -    -    1,640    703    -    -    6,014 
Recurring service fees   12,442    122,857    -    30,402    70,937    -    -    236,638 
Performance-based income   49    1,125    -    -    56,977    -    -    58,151 
Total revenues from funds Gopher/Olive manages   16,162    123,982    -    32,042    128,617    -    -    300,803 
Total revenues   108,038    180,636    8,617    189,049    148,451    39,367    14,544    688,702 
Less: VAT related surcharges   (1,458)   (208)   (85)   -    -    -    (3,265)   (5,016)
Net revenues   106,580    180,428    8,532    189,049    148,451    39,367    11,279    683,686 
Operating costs and expenses:                                        
Compensation and benefits                                        
Relationship managers compensation   (28,914)   (17,842)   (10,505)   (76,089)   (474)   (3,258)   -    (137,082)
Other compensations   (11,201)   (17,791)   (9,668)   (31,228)   (13,193)   (11,851)   (77,970)   (172,902)
Total compensation and benefits   (40,115)   (35,633)   (20,173)   (107,317)   (13,667)   (15,109)   (77,970)   (309,984)
Selling expenses   (269)   (2,807)   (2,012)   (26,011)   (5,739)   (4,131)   (24,970)   (65,939)
General and administrative expenses   (819)   (3,720)   (3,871)   (1,288)   (439)   (1,660)   (60,453)   (72,250)
Provision for credit losses   -    (724)   -    -    -    (2,043)   (2,649)   (5,416)
Other operating expenses   (411)   (18)   (2)   -    -    (1,358)   (11,070)   (12,859)
Government grants   -    226    -    -    -    -    23,350    23,576 
Total operating costs and expenses   (41,614)   (42,676)   (26,058)   (134,616)   (19,845)   (24,301)   (153,762)   (442,872)
Income (loss) from operations   64,966    137,752    (17,526)   54,433    128,606    15,066    (142,483)   240,814 

 

14

 

 

  Noah Holdings Limited 

Additional Business Information

(unaudited) 

 

   Three months ended September 30, 2025 
   Wealth 
Management
Business		   Asset 
Management
Business		   Other
Businesses		   Total 
                 
   RMB'000   RMB'000   RMB'000   RMB'000 
Revenues:                    
Revenues from others:                    
One-time commissions   158,386    -    -    158,386 
Recurring service fees   148,333    -    -    148,333 
Performance-based income   6,008    -    -    6,008 
Other service fees   23,352    -    12,098    35,450 
Total revenues from others   336,079    -    12,098    348,177 
Revenues from funds Gopher/Olive manages:                    
One-time commissions   306    624    -    930 
Recurring service fees   92,431    180,674    -    273,105 
Performance-based income   -    15,839    -    15,839 
Total revenues from funds Gopher/Olive manages   92,737    197,137    -    289,874 
Total revenues   428,816    197,137    12,098    638,051 
Less: VAT related surcharges   (1,321)   (215)   (3,616)   (5,152)
Net revenues   427,495    196,922    8,482    632,899 
Operating costs and expenses:                    
Compensation and benefits                    
Relationship managers compensation   (124,514)   (1,645)   -    (126,159)
Other compensations   (129,633)   (58,074)   (5,946)   (193,653)
Total compensation and benefits   (254,147)   (59,719)   (5,946)   (319,812)
Selling expenses   (50,133)   (12,774)   (5,716)   (68,623)
General and administrative expenses   (45,250)   (16,884)   (9,742)   (71,876)
Provision for (reversal of) credit losses   5,775    (4,866)   (5,573)   (4,664)
Other operating expenses   (7,667)   (1,968)   (6,754)   (16,389)
Government grants   17,265    3,087    -    20,352 
Total operating costs and expenses   (334,157)   (93,124)   (33,731)   (461,012)
Income (loss) from operations   93,338    103,798    (25,249)   171,887 

 

15

 

 

Noah Holdings Limited 

Additional Business Information

(unaudited)

 

   Three months ended September 30, 2024 
   Wealth 
Management
Business		   Asset 
Management
Business		   Other
Businesses		   Total 
                 
   RMB'000   RMB'000   RMB'000   RMB'000 
Revenues:                    
Revenues from others:                    
One-time commissions   170,023    -    -    170,023 
Recurring service fees   166,138    -    -    166,138 
Performance-based income   2,974    -    -    2,974 
Other service fees   36,087    -    12,677    48,764 
Total revenues from others   375,222    -    12,677    387,899 
Revenues from funds Gopher/Olive manages:                    
One-time commissions   5,776    238    -    6,014 
Recurring service fees   85,850    150,788    -    236,638 
Performance-based income   50    58,101    -    58,151 
Total revenues from funds Gopher/Olive manages   91,676    209,127    -    300,803 
Total revenues   466,898    209,127    12,677    688,702 
Less: VAT related surcharges   (1,881)   (208)   (2,927)   (5,016)
Net revenues   465,017    208,919    9,750    683,686 
Operating costs and expenses:                    
Compensation and benefits Relationship managers compensation   (129,395)   (7,687)   -    (137,082)
Other compensations   (118,388)   (47,556)   (6,958)   (172,902)
Total compensation and benefits   (247,783)   (55,243)   (6,958)   (309,984)
Selling expenses   (48,392)   (11,704)   (5,843)   (65,939)
General and administrative expenses   (45,766)   (17,500)   (8,984)   (72,250)
Reversal of credit losses   (1,758)   (2,203)   (1,455)   (5,416)
Other operating expenses   (5,708)   (22)   (7,129)   (12,859)
Government grants   23,350    226    -    23,576 
Total operating costs and expenses   (326,057)   (86,446)   (30,369)   (442,872)
Income (loss) from operations   138,960    122,473    (20,619)   240,814 

 

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  Noah Holdings Limited

  Supplemental Revenue Information by Geography

  (unaudited)  

 

   Three months ended     
   September 30,
 2024		   September 30, 
2025		   Change 
             
   (in thousands of RMB, except percentages) 
Revenues:               
Mainland China   311,835    327,089    4.9%
Hong Kong   286,766    226,139    (21.1)%
Others   90,101    84,823    (5.9)%
Total revenues   688,702    638,051    (7.4)%

 

  Noah Holdings Limited

  Supplemental Revenue Information by Product Types

  (unaudited)  

 

   Three months ended     
   September 30,
2024		   September 30, 
2025		   Change 
             
   (in thousands of RMB, except percentages) 
Mainland China:               
Public securities products [1]   108,038    116,687    8.0%
Private equity products   180,636    189,476    4.9%
Insurance products   8,617    4,756    (44.8)%
Others   14,544    16,170    11.2%
Subtotal   311,835    327,089    4.9%
                
Overseas:               
Investment products [2]   191,200    170,962    (10.6)%
Insurance products   144,942    112,921    (22.1)%
Online business [3]   7,865    11,998    52.5%
Others   32,860    15,081    (54.1)%
Subtotal   376,867    310,962    (17.5)%
Total revenues   688,702    638,051    (7.4)%

 

[1]Includes mutual funds and private secondary products.

[2]Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.

[3]Includes money market mutual fund products, securities brokerage business.

 

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Noah Holdings Limited

Supplemental Information 

(unaudited)    

 

   As of     
   September 30, 
2024		   September 30, 
2025		   Change 
Number of registered clients   460,380    466,153    1.3%

 

   Three months ended     
   September 30,
 2024		   September 30, 
2025		   Change 
             
   (in millions of RMB, except number of active clients and percentages) 
Number of active clients   7,857    10,650    35.5%
                
Transaction value:               
Private equity products   1,070    1,097    2.6%
Private secondary products   3,560    5,940    66.9%
Mutual fund products   8,651    9,159    5.9%
Other products   977    790    (19.2)%
Total transaction value   14,258    16,986    19.1%

 

Noah Holdings Limited

Supplemental Information of Overseas Business

(unaudited)

 

   Three months ended     
   September 30,
2024		   September 30, 
2025		   Change 
Net Revenues from Overseas (RMB, million)   376.9    311.0    (17.5)%
Number of Overseas Registered Clients   17,287    19,543    13.1%
Number of Overseas Active Clients   3,139    3,561    13.4%
                
Transaction Value of Overseas Investment Products (RMB, billion)   7.8    8.6    11.2%
                
Number of Overseas Relationship Managers   146    136    (6.8)%
Overseas Assets Under Management (RMB, billion)   39.5    42.2    6.8%

 

18

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

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

(unaudited)12

 

   Three months ended     
   September 30,   September 30,     
   2024   2025   Change 
   RMB'000   RMB'000     
Net income attributable to Noah shareholders   134,416    218,494    62.6%
Adjustment for share-based compensation   19,846    14,920    (24.8)%
Add: settlement reversal   -    (1,356)   N.A. 
Less: Tax effect of adjustments   3,745    2,984    (20.3)%
Adjusted net income attributable to Noah shareholders (non-GAAP)   150,517    229,074    52.2%
Net margin attributable to Noah shareholders   19.7%   34.5%     
Non-GAAP net margin attributable to Noah shareholders   22.0%   36.2%     
Net income attributable to Noah shareholders per ADS, diluted   1.91    3.11    62.8%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted   2.14    3.26    52.3%

 

 

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

 

19