Noah Holdings (06686) announced its 2026 first-quarter results, achieving net revenue of RMB 6.26 billion, a 1.8% increase year-on-year. Net profit attributable to shareholders was RMB 125 million, a decrease of 16.3% year-on-year. Basic earnings per American Depositary Share were RMB 1.81. According to the announcement, the increase in net revenue was primarily driven by higher performance fee income from domestic private securities fund products, partially offset by a decrease in placement fee income from insurance products. As of March 31, 2026, the total number of registered clients reached 469,000, representing increases of 1.3% from March 31, 2025, and 0.2% from December 31, 2025. The total number of active clients in Q1 2026 was 10,700, up 21.8% year-on-year and 4.7% quarter-on-quarter. The total value of distributed investment products for Q1 2026 was RMB 23.3 billion (USD 3.4 billion), compared to RMB 16.1 billion in Q1 2025 and RMB 17.0 billion in Q4 2025, mainly due to increased distribution of domestic public market securities products. As of March 31, 2026, total assets under management stood at RMB 140.2 billion (USD 20.3 billion), compared to RMB 149.3 billion as of March 31, 2025, and RMB 141.7 billion as of December 31, 2025, primarily due to ongoing distributions from domestic private equity products. Ms. Wang Jingbo, Co-Founder and Chairwoman of Noah, stated, "Entering 2026, Noah's structure is fundamentally different as we move into what we define as the 'growth validation period.' Our first-quarter performance reflects this momentum, with operating income reaching RMB 236 million, a 27.1% increase from the same period in 2025. This growth was driven by stringent cost control and a strong recovery in the domestic public market securities segment, where operating income surged 75.7%. Our vision for 2026 and beyond is rooted in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core component of our structural infrastructure. Strategically, we are transitioning from reliance on a single market to a globally synergistic multi-market model. Our global architecture—comprising ARK for client connectivity, Olive for global asset management, and Glory for family succession services—is now firmly in place. In Singapore, we pioneered the establishment of an 'AI + Wealth Management' division, which has already delivered significant results. We have achieved notable improvements in client acquisition, service response speed, and asset allocation expertise. Concurrently, assets under advisement (AUA) grew by 191.7% from December 31, 2025, to March 31, 2026. This experience reinforces our belief that AI will become critical infrastructure for the future wealth management industry. With a robust balance sheet and a commitment to long-term value, we remain focused on sharing success with our shareholders. Although the environment remains variable, the combination of our structural resilience, international breakthroughs, and AI-driven evolution will set Noah on a more sustainable and prosperous long-term development path."
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