SHANGHAI, Nov. 25, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the third quarter of 2025.
Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS
-- Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9
million), a 7.4% decrease from the corresponding period in 2024,
primarily due to a decrease in revenues from one-time commissions as a
result of decreases in insurance product distribution and
performance-based income. Net revenues remained relatively stable on a
sequential basis.
-- Income from operations for the third quarter of 2025 was RMB171.9 million
(US$24.1 million), a 28.6% decrease from the corresponding period in
2024, primarily due to a 7.4% decrease in net revenues.
-- Net income attributable to Noah shareholders for the third quarter of
2025 was RMB218.5 million (US$30.7 million), a significant 62.6% increase
from the corresponding period in 2024, primarily due to an increase in
fair value of investments in affiliates.
-- Non-GAAP[1] net income attributable to Noah shareholders for the third
quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase
from the corresponding period in 2024.
THIRD QUARTER 2025 OPERATIONAL UPDATES
Wealth Management Business
Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.
-- Total number of registered clients as of September 30, 2025 was 466,153,
a 1.3% increase from September 30, 2024, and a 0.3% increase from June
30, 2025. Among such clients, the number of overseas registered clients
as of September 30, 2025, was 19,543, a 13.1% increase from September 30,
2024, and a 3.0% increase from June 30, 2025.
-- Total number of active clients[2] who transacted with us during the third
quarter of 2025 was 10,650, a 35.5% increase from the third quarter of
2024, and a 16.3% increase from the second quarter of 2025. Among such
clients, the number of overseas active clients who transacted with us
during the third quarter of 2025 was 3,561, a 13.4% increase from the
third quarter of 2024, and a 2.4% decrease from the second quarter of
2025.
-- Aggregate value of investment products distributed during the third
quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 19.1% increase
from the third quarter of 2024, mainly due to a 66.9% increase in
distribution of private secondary products. Among such products
distributed, Noah distributed RMB8.6 billion (US$1.2 billion) of overseas
investment products, an 11.2% increase from the third quarter of 2024,
mainly due to an increase in distribution of overseas mutual fund
products.
The aggregate value of investment products distributed, categorized by product type, is as follows:
Three months ended September 30,
-------------------------------------------
2024 2025
--------------------- --------------------
(RMB in billions, except percentages)
Mutual fund products 8.6 60.6 % 9.2 54.1 %
Private secondary products 3.6 25.0 % 5.9 34.7 %
Private equity products 1.1 7.5 % 1.1 6.5 %
Other products([3]) 1.0 6.9 % 0.8 4.7 %
------- ------------ ------- -----------
All products 14.3 100.0 % 17.0 100.0 %
======= ============ ======= ===========
The aggregate value of investment products distributed, categorized by geography, is as follows
Type of products in
Mainland China Three months ended September 30,
-------------------------------------------
2024 2025
--------------------- --------------------
(RMB in billions, except percentages)
Mutual fund products 5.2 80.2 % 5.3 63.1 %
Private secondary products 0.8 12.3 % 2.8 33.3 %
Other products 0.5 7.5 % 0.3 3.6 %
------ ------------- ------ ------------
All products in Mainland
China 6.5 100.0 % 8.4 100.0 %
====== ============= ====== ============
Type of overseas products Three months ended September 30,
-------------------------------------------
2024 2025
--------------------- --------------------
(RMB in billions, except percentages)
Mutual fund products 3.4 44.6 % 3.9 45.4 %
Private secondary products 2.8 35.7 % 3.1 36.0 %
Private equity products 1.1 13.7 % 1.1 12.8 %
Other products 0.5 6.0 % 0.5 5.8 %
------ ------------- ------ ------------
All Overseas products 7.8 100.0 % 8.6 100.0 %
====== ============= ====== ============
-- Coverage network in mainland China included 16 cities as of September 30,
2025, compared with 13 cities as of September 30, 2024 and 12 cities as
of June 30, 2025.
-- Aggregate number of overseas relationship managers was 136 as of
September 30, 2025, a 6.8% decrease from September 30, 2024, and a 10.5%
decrease from June 30, 2025.
Asset Management Business
Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi-asset manager in mainland China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Japan and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.
-- Total assets under management as of September 30, 2025, remained
relatively stable at RMB143.5 billion (US$20.2 billion), compared with
RMB150.1 billion as of September 30, 2024, and RMB145.1 billion as of
June 30, 2025. Mainland China assets under management as of September 30,
2025 were RMB101.3 billion (US$14.2 billion), compared with RMB110.6
billion as of September 30, 2024 and RMB103.7 billion as of June 30,
2025. Overseas assets under management as of September 30, 2025 were
RMB42.2 billion (US$5.9 billion), compared with RMB39.5 billion as of
September 30, 2024 and RMB41.4 billion as of June 30, 2025.
Total assets under management, categorized by investment type, are as follows:
As of As of
June 30, Allocation/ September 30,
Investment type 2025 Growth Redemption([4]) 2025
-------------- ------ --------------- ---------------
(RMB billions, except percentages)
Private equity 129.3 89.1 % 0.2 1.4 128.1 89.3 %
Public
securities([5]) 9.3 6.4 % 1.6 2.1 8.8 6.1 %
Real estate 4.6 3.2 % 0.1 - 4.7 3.3 %
Multi-strategies 1.9 1.3 % - - 1.9 1.3 %
All Investments 145.1 100.0 % 1.9 3.5 143.5 100.0 %
===== ======= ====== =============== ===== ========
Total assets under management, categorized by geography, are as follows:
As of As of
Mainland China June 30, Allocation/ September 30,
Investment type 2025 Growth Redemption 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 %
===== ======= ====== =========== ===== ========
As of As of
Overseas June 30, Allocation/ September 30,
Investment type 2025 Growth Redemption 2025
------------- ------ ----------- ---------------
(RMB billions, except percentages)
Private equity 32.8 79.3 % 0.2 (0.3) 33.3 78.9 %
Public securities 4.2 10.1 % 1.4 1.2 4.4 10.4 %
Real estate 3.9 9.4 % 0.1 - 4.0 9.5 %
Multi-strategies 0.5 1.2 % - - 0.5 1.2 %
All Investments 41.4 100.0 % 1.7 0.9 42.2 100.0 %
==== ======= ====== =========== ==== =========
Other Businesses
Noah's other businesses mainly include providing clients with additional comprehensive services and investment products.
Ms. Jingbo Wang, Co-founder and Chairwoman of Noah, commented, "We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. While net revenues increased slightly on a sequential basis to RMB632.9 million, non-GAAP net income grew significantly to RMB229.1 million, a robust 52.2% year-over-year increase.
During the quarter, we obtained a U.S. broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey. We believe our strong balance sheet provides a solid foundation for future investments and our long-term growth. Moving forward, we remain committed to executing our strategies with discipline and focus, driving sustainable development while maintaining prudent oversight of market conditions to create lasting value for shareholders."
THIRD QUARTER 2025 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in net revenues from overseas.
Net Revenues under the segmentation adopted in Q4 2024 is as follows:
(RMB millions,
except percentages) Q3 2024 Q3 2025 YoY Change
------- ------- ----------
Domestic public securities([6]) 106.6 115.9 8.7 %
Domestic asset management([7]) 180.4 189.3 4.9 %
Domestic insurance([8]) 8.5 4.7 (44.8 %)
Overseas wealth management([9]) 189.0 146.2 (22.7 %)
Overseas asset management([10]) 148.5 117.6 (20.8 %)
Overseas insurance and comprehensive
services([) (1) (1]) 39.4 47.1 19.8 %
Headquarters 11.3 12.1 7.3 %
Total net revenues 683.7 632.9 (7.4 %)
======= ======= ==========
-- Domestic public securities is the business that distributes mutual funds
and private secondary products. Net revenues for the third quarter of
2025 were RMB115.9 million (US$16.3 million), an 8.7% increase from the
corresponding period in 2024, primarily due to an increase in one-time
commissions generated from distribution of domestic private secondary
products.
-- Domestic asset management is the business that manages RMB-denominated
private equity funds and private secondary products. Net revenues for the
third quarter of 2025 were RMB189.3 million (US$26.6 million), a 4.9%
increase from the corresponding period in 2024, primarily due to
increases in recurring service fees from RMB private equity products.
-- Domestic insurance is the business that distributes insurance products,
consisting mainly of life and health insurance products. Net revenues for
the third quarter of 2025 were RMB4.7 million (US$0.7 million), a 44.8%
decrease from the corresponding period in 2024, mainly due to a decrease
in distribution of domestic insurance products.
-- Overseas wealth management is the business that provides offline and
online wealth management services. Net revenues for the third quarter of
2025 were RMB146.2 million (US$20.5 million), a 22.7% decrease from the
corresponding period in 2024, mainly due to a decrease in allocated
referral fees for assistance in distribution of overseas insurance
products.
-- Overseas asset management is the business that manages USD-denominated
private equity funds and private secondary products. Net revenues for the
third quarter of 2025 were RMB117.6 million (US$16.5 million), a 20.8%
decrease from the corresponding period in 2024, primarily due to a
decrease in performance-based income from private equity investment
products managed by Olive.
-- Overseas insurance and comprehensive services is the business that
provides comprehensive overseas services such as insurance, trust
services and other services. Net revenues for the third quarter of 2025
were RMB47.1 million (US$6.6 million), a 19.8% increase from the
corresponding period in 2024, mainly due to an increase in commission
gained from distribution of overseas insurance products by
commission-only brokers.
-- Headquarters reflects revenue generated from corporate operations at the
Company's headquarters in Shanghai as well as administrative costs and
expenses that were not directly allocated to the aforementioned six
business segments. Net revenues during the third quarter of 2025 were
RMB12.1 million (US$1.7 million), compared with RMB11.3 million for the
corresponding period in 2024, maintaining a relatively stable trend.
([1]) Noah's Non-GAAP financial measures are its corresponding GAAP financial
measures excluding the effects of all forms of share-based compensation,
impact related to settlements and net of relevant tax impact, if any. See
"Reconciliation of GAAP to Non-GAAP Results" at the end of this press
release.
([2]) "Active clients" for a given period refers to registered investors who
purchased investment products distributed or received services provided by us
during that given period.
([3]) "Other products" refers to other investment products, which includes
insurance products, multi-strategies products and others.
([4]) The asset allocation/redemption of overseas investment products includes
the impact from changes in foreign currency exchange rates.
([5]) The asset allocation/redemption of public securities also includes the
impact from market value appreciation or depreciation.
([6]) Operates under the Noah Upright brand
([7]) Operates under the Gopher Asset Management brand
([8]) Operates under the Glory brand
([9]) Operates under the ARK Wealth Management brand
([10]) Operates under the Olive Asset Management brand
([11]) Operates under the Glory Family Heritage brand
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2025 were RMB461.0 million (US$64.8 million), a 4.1% increase from the corresponding period in 2024. Operating costs and expenses for the third quarter of 2025 primarily consisted of (i) compensation and benefits of RMB319.8 million (US$44.9 million); (ii) selling expenses of RMB68.6 million (US$9.6 million); (iii) general and administrative expenses of RMB71.9 million (US$10.1 million); (iv) provision for credit losses of RMB4.7 million (US$0.7 million); (v) other operating expenses of RMB16.4 million (US$2.3 million); and (vi) income gained from government grants of RMB20.4 million (US$2.9 million).
-- Operating costs and 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 %)
======= ======= ==========
-- 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.
-- Net margin attributable to Noah shareholders for the third quarter
of 2025 was 34.5%, compared with 19.7% for the corresponding
period in 2024.
-- Net income attributable to Noah shareholders per basic and diluted
ADS for the third quarter of 2025 was RMB3.14 (US$0.44) and
RMB3.11 (US$0.44), compared with RMB1.91 and RMB1.91 for the
corresponding period in 2024, respectively.
-- Non-GAAP Net Income Attributable to Noah Shareholders
-- Non-GAAP net income attributable to Noah shareholders for the
third quarter of 2025 was RMB229.1 million (US$32.2 million), a
52.2% increase from the corresponding period in 2024.
-- Non-GAAP net margin attributable to Noah shareholders for the
third quarter of 2025 was 36.2%, compared with 22.0% for the
corresponding period in 2024.
-- Non-GAAP net income attributable to Noah shareholders per diluted
ADS for the third quarter of 2025 was RMB3.26 (US$0.46), compared
with RMB2.14 for the corresponding period in 2024.
Balance Sheet and Cash Flow
As of September 30, 2025, the Company had RMB3,837.4 million (US$539.0 million) in cash and cash equivalents, compared with RMB3,821.8 million as of June 30, 2025 and RMB3,435.8 million as of September 30, 2024, respectively.
Net cash inflow from the Company's operating activities during the third quarter of 2025 was RMB316.9 million (US$44.5 million), compared with net cash inflow of RMB237.2 million in the corresponding period in 2024, mainly due to increased cash inflow generated from net income from operations and enhanced working capital management.
Net cash inflow from the Company's investing activities during the third quarter of 2025 was RMB253.7 million (US$35.6 million), compared with net cash outflow of RMB53.7 million in the corresponding period in 2024, primarily due to the cash inflows from the maturity of some held-to-maturity investments in the third quarter of 2025.
Net cash outflow to the Company's financing activities was RMB549.9 million (US$77.3 million) in the third quarter of 2025, compared with net cash outflow of RMB1,010.8 million in the corresponding period in 2024, primarily due to a decrease in dividend payment to the Company's shareholders in the third quarter of 2025.
Treasury Shares
As of the date of the 2024 annual report of the Company, for the 3,063,510 ordinary shares held in treasury as of December 31, 2024, the Company intended to cancel or to hold these shares in treasury for any purpose as long as it is in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules ") (e.g., providing incentives to employees, reselling, or otherwise using such treasury shares subject to market conditions and the Company's capital management needs, in compliance with the Hong Kong Listing Rules). After evaluating recent market conditions as well as the Company's capital management plan, on November 21, 2025 (Hong Kong Time), the Company cancelled 6,762,680 ordinary shares it held in treasury as of September 30, 2025. The Company may continue to repurchase its shares under its Share Repurchase Program (as defined in the Company's announcement dated August 29, 2024) and will hold the repurchased shares in treasury for purposes permitted under the Hong Kong Listing Rules or cancel them periodically, depending on market conditions.
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's third quarter of 2025 unaudited financial results and recent business activities.
The conference call will be accessed via Zoom webinar with the following details:
Dial-in details:
Noah Third Quarter 2025 Earnings Conference
Conference title: Call
Tuesday, November 25, 2025, at 7:00 p.m.,
U.S. Eastern Time Wednesday, November 26,
Date/Time: 2025, at 8:00 a.m., Hong Kong Time
Dial in:
-- Hong Kong Toll Free: 800-963976
-- United States Toll Free: 1-888-317-6003
-- Mainland China Toll Free: 4001-206115
-- International Toll: 1-412-317-6061
Participant Password: 4879767
A telephone replay will be available starting approximately one hour after the end of the conference until December 2, 2025 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2159903.
A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at http://ir.noahgroup.com.
DISCUSSION ON NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represent five ordinary shares, par value $0.00005 per share.
In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.
Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the third quarter of 2025 ended September 30, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.119 to US$1.00, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.
_________________
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)
As of
June 30, September 30, September 30,
2025 2025 2025
---------- ------------- -------------
RMB'000 RMB'000 USD'000
Assets
Current assets:
Cash and cash equivalents 3,821,846 3,837,367 539,032
Restricted cash 10,617 6,071 853
Short-term investments 1,602,362 1,157,410 162,580
Accounts receivable, net 403,226 358,143 50,308
Amounts due from related
parties 591,977 568,979 79,924
Loans receivable, net 122,658 117,598 16,519
Other current assets 223,676 330,699 46,454
---------- ------------- -------------
Total current assets 6,776,362 6,376,267 895,670
Long-term investments, net 712,155 785,992 110,408
Investment in affiliates 1,363,061 1,469,275 206,388
Property and equipment, net 2,346,487 2,377,786 334,006
Operating lease right-of-use
assets, net 109,688 98,947 13,899
Deferred tax assets 317,124 317,007 44,530
Other non-current assets 120,005 120,668 16,950
---------- ------------- -------------
Total Assets 11,744,882 11,545,942 1,621,851
========== ============= =============
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare
expenses 324,621 346,233 48,635
Income tax payable 55,491 117,029 16,439
Deferred revenues 62,097 72,207 10,143
Dividend payable 550,000 - -
Contingent liabilities 467,255 462,042 64,903
Other current liabilities 302,049 340,086 47,772
---------- ------------- -------------
Total current liabilities 1,761,513 1,337,597 187,892
---------- ------------- -------------
Deferred tax liabilities 242,254 240,363 33,764
Operating lease liabilities,
non-current 69,597 59,634 8,377
Other non-current liabilities 9,755 9,701 1,363
---------- ------------- -------------
Total Liabilities 2,083,119 1,647,295 231,396
---------- ------------- -------------
Equity 9,661,763 9,898,647 1,390,455
---------- ------------- -------------
Total Liabilities and Equity 11,744,882 11,545,942 1,621,851
========== ============= =============
Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB'000, except for ADS data, per ADS data and percentages)
(unaudited)
Three months ended
September September
30, September 30, 30, Change
2024 2025 2025
---------- ------------- ---------- ---------
Revenues: RMB'000 RMB'000 USD'000
Revenues from others:
One-time commissions 170,023 158,386 22,248 (6.8 %)
Recurring service
fees 166,138 148,333 20,836 (10.7 %)
Performance-based
income 2,974 6,008 844 102.0 %
Other service fees 48,764 35,450 4,980 (27.3 %)
---------- ------------- ---------- -----------
Total revenues from
others 387,899 348,177 48,908 (10.2 %)
---------- ------------- ---------- -----------
Revenues from funds
Gopher/Olive
manages:
One-time commissions 6,014 930 131 (84.5 %)
Recurring service
fees 236,638 273,105 38,363 15.4 %
Performance-based
income 58,151 15,839 2,225 (72.8 %)
---------- ------------- ---------- -----------
Total revenues from
funds Gopher/Olive
manages 300,803 289,874 40,719 (3.6 %)
---------- ------------- ---------- -----------
Total revenues 688,702 638,051 89,627 (7.4 %)
Less: VAT related
surcharges (5,016) (5,152) (724) 2.7 %
---------- ------------- ---------- -----------
Net revenues 683,686 632,899 88,903 (7.4 %)
---------- ------------- ---------- -----------
Operating costs and
expenses:
Compensation and
benefits
Relationship
managers
compensation (137,082) (126,159) (17,721) (8.0 %)
Other compensations (172,902) (193,653) (27,203) 12.0 %
---------- ------------- ---------- -----------
Total compensation
and benefits (309,984) (319,812) (44,924) 3.2 %
Selling expenses (65,939) (68,623) (9,639) 4.1 %
General and
administrative
expenses (72,250) (71,876) (10,096) (0.5 %)
Provision for credit
losses (5,416) (4,664) (655) (13.9 %)
Other operating
expenses (12,859) (16,389) (2,302) 27.5 %
Government grants 23,576 20,352 2,859 (13.7 %)
---------- ------------- ---------- -----------
Total operating costs (461,012)
and expenses (442,872) (64,757) 4.1 %
---------- ------------- ---------- -----------
Income from operations 240,814 171,887 24,146 (28.6 %)
---------- ------------- ---------- -----------
Other income:
Interest income 28,416 28,683 4,029 0.9 %
Investment income 16,334 20,569 2,889 25.9 %
Settlement reversal - 1,356 190 N.A.
Other expenses (43,577) (20,813) (2,924) (52.2 %)
---------- ------------- ---------- -----------
Total other income 1,173 29,795 4,184 2,440.1 %
---------- ------------- ---------- -----------
Income before taxes
and income from
equity in affiliates 241,987 201,682 28,330 (16.7 %)
Income tax expense (89,036) (67,471) (9,478) (24.2 %)
(Loss) income from
equity in
affiliates (15,184) 84,649 11,891 N.A.
---------- ------------- ---------- -----------
Net income 137,767 218,860 30,743 58.9 %
Less: net gain
attributable to non-
controlling
interests 3,351 366 51 (89.1 %)
---------- ------------- ---------- -----------
Net income
attributable to Noah
shareholders 134,416 218,494 30,692 62.6 %
========== ============= ========== ===========
Income per ADS, basic 1.91 3.14 0.44 64.4 %
Income per ADS,
diluted 1.91 3.11 0.44 62.8 %
Margin analysis:
Operating margin 35.2 % 27.2 % 27.2 %
Net margin 20.2 % 34.6 % 34.6 %
Weighted average ADS
equivalent([1]) :
Basic 70,334,784 69,617,957 69,617,957
Diluted 70,396,502 70,324,538 70,324,538
ADS equivalent
outstanding at end
of period 65,824,608 65,854,612 65,854,612
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
Three months ended
September September September
30, 2024 30, 2025 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 438.7 %
shareholders 40,923 220,440 30,964
========== ========== =========== ========
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended September 30, 2025
Overseas
Domestic Domestic Overseas Overseas insurance and
public asset Domestic wealth asset comprehensive
securities management insurance management management services Headquarters Total
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others:
One-time commissions 12,556 665 4,756 90,767 8,247 41,395 - 158,386
Recurring service fees 88,580 27,966 - 9,539 22,248 - - 148,333
Performance-based income 6,007 - - - 1 - - 6,008
Other service fees - - - 13,496 - 5,784 16,170 35,450
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues from others 107,143 28,631 4,756 113,802 30,496 47,179 16,170 348,177
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Revenues from funds
Gopher/Olive manages:
One-time commissions 930 - - - - - - 930
Recurring service fees 8,552 156,572 - 32,395 75,586 - - 273,105
Performance-based income 62 4,273 - - 11,504 - - 15,839
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues from funds
Gopher/Olive manages 9,544 160,845 - 32,395 87,090 - - 289,874
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues 116,687 189,476 4,756 146,197 117,586 47,179 16,170 638,051
Less: VAT related
surcharges (823) (215) (44) - - - (4,070) (5,152)
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Net revenues 115,864 189,261 4,712 146,197 117,586 47,179 12,100 632,899
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Operating costs and
expenses:
Compensation and benefits
Relationship managers
compensation (26,739) (11,597) (2,348) (60,910) (13,244) (11,321) - (126,159)
Other compensations (6,530) (15,861) (3,692) (21,449) (17,614) (12,311) (116,196) (193,653)
Total compensation and
benefits (33,269) (27,458) (6,040) (82,359) (30,858) (23,632) (116,196) (319,812)
Selling expenses (3,521) (2,463) (265) (14,822) (5,757) (4,764) (37,031) (68,623)
General and administrative
expenses (25) (3,527) (2,604) (299) (775) (2,343) (62,303) (71,876)
Reversal of (provision
for) credit losses 2,315 (4,866) - - - 2,712 (4,825) (4,664)
Other operating expenses (515) (672) (406) - - (6,829) (7,967) (16,389)
Government grants - 3,081 - - - - 17,271 20,352
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total operating costs and
expenses (35,015) (35,905) (9,315) (97,480) (37,390) (34,856) (211,051) (461,012)
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Income (loss) from
operations 80,849 153,356 (4,603) 48,717 80,196 12,323 (198,951) 171,887
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended September 30, 2024
Overseas
Domestic Domestic Overseas Overseas insurance and
public asset Domestic wealth asset comprehensive
securities management insurance management management services Headquarters Total
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others:
One-time commissions 1,796 79 8,617 126,166 4,377 28,988 - 170,023
Recurring service fees 87,108 56,575 - 6,624 15,455 - 376 166,138
Performance-based income 2,972 - - - 2 - - 2,974
Other service fees - - - 24,217 - 10,379 14,168 48,764
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues from others 91,876 56,654 8,617 157,007 19,834 39,367 14,544 387,899
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Revenues from funds
Gopher/Olive manages:
One-time commissions 3,671 - - 1,640 703 - - 6,014
Recurring service fees 12,442 122,857 - 30,402 70,937 - - 236,638
Performance-based income 49 1,125 - - 56,977 - - 58,151
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues from funds
Gopher/Olive manages 16,162 123,982 - 32,042 128,617 - - 300,803
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total revenues 108,038 180,636 8,617 189,049 148,451 39,367 14,544 688,702
Less: VAT related surcharges (1,458) (208) (85) - - - (3,265) (5,016)
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Net revenues 106,580 180,428 8,532 189,049 148,451 39,367 11,279 683,686
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Operating costs and
expenses:
Compensation and benefits
Relationship managers
compensation (28,914) (17,842) (10,505) (76,089) (474) (3,258) - (137,082)
Other compensations (11,201) (17,791) (9,668) (31,228) (13,193) (11,851) (77,970) (172,902)
Total compensation and
benefits (40,115) (35,633) (20,173) (107,317) (13,667) (15,109) (77,970) (309,984)
Selling expenses (269) (2,807) (2,012) (26,011) (5,739) (4,131) (24,970) (65,939)
General and administrative
expenses (819) (3,720) (3,871) (1,288) (439) (1,660) (60,453) (72,250)
Provision for credit losses - (724) - - - (2,043) (2,649) (5,416)
Other operating expenses (411) (18) (2) - - (1,358) (11,070) (12,859)
Government grants - 226 - - - - 23,350 23,576
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Total operating costs and
expenses (41,614) (42,676) (26,058) (134,616) (19,845) (24,301) (153,762) (442,872)
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Income (loss) from
operations 64,966 137,752 (17,526) 54,433 128,606 15,066 (142,483) 240,814
---------- ---------- --------- ---------- ---------- ------------- ------------ ---------
Noah Holdings Limited
Additional Business Information
(unaudited)
Three months ended September 30, 2025
Wealth Asset
Management Management Other
Business Business Businesses Total
----------- ----------- ----------- ---------
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others:
One-time
commissions 158,386 - - 158,386
Recurring service
fees 148,333 - - 148,333
Performance-based
income 6,008 - - 6,008
Other service fees 23,352 - 12,098 35,450
----------- ----------- ----------- ---------
Total revenues from
others 336,079 - 12,098 348,177
----------- ----------- ----------- ---------
Revenues from funds
Gopher/Olive
manages:
One-time
commissions 306 624 - 930
Recurring service
fees 92,431 180,674 - 273,105
Performance-based
income - 15,839 - 15,839
Total revenues from
funds Gopher/Olive
manages 92,737 197,137 - 289,874
----------- ----------- ----------- ---------
Total revenues 428,816 197,137 12,098 638,051
Less: VAT related
surcharges (1,321) (215) (3,616) (5,152)
Net revenues 427,495 196,922 8,482 632,899
----------- ----------- ----------- ---------
Operating costs and
expenses:
Compensation and
benefits
Relationship
managers
compensation (124,514) (1,645) - (126,159)
Other
compensations (129,633) (58,074) (5,946) (193,653)
----------- ----------- ----------- ---------
Total compensation
and benefits (254,147) (59,719) (5,946) (319,812)
Selling expenses (50,133) (12,774) (5,716) (68,623)
General and
administrative
expenses (45,250) (16,884) (9,742) (71,876)
Provision for
(reversal of) credit
losses 5,775 (4,866) (5,573) (4,664)
Other operating
expenses (7,667) (1,968) (6,754) (16,389)
Government grants 17,265 3,087 - 20,352
----------- ----------- ---------
Total operating costs
and expenses (334,157) (93,124) (33,731) (461,012)
----------- ----------- ----------- ---------
Income (loss) from
operations 93,338 103,798 (25,249) 171,887
----------- ----------- ----------- ---------
Noah Holdings Limited
Additional Business Information
(unaudited)
Three months ended September 30, 2024
Wealth Asset
Management Management Other
Business Business Businesses Total
----------- ----------- ----------- ---------
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others:
One-time
commissions 170,023 - - 170,023
Recurring service
fees 166,138 - - 166,138
Performance-based
income 2,974 - - 2,974
Other service fees 36,087 - 12,677 48,764
----------- ----------- ----------- ---------
Total revenues from
others 375,222 - 12,677 387,899
----------- ----------- ----------- ---------
Revenues from funds
Gopher/Olive
manages:
One-time
commissions 5,776 238 - 6,014
Recurring service
fees 85,850 150,788 - 236,638
Performance-based
income 50 58,101 - 58,151
Total revenues from
funds Gopher/Olive
manages 91,676 209,127 - 300,803
----------- ----------- ----------- ---------
Total revenues 466,898 209,127 12,677 688,702
Less: VAT related
surcharges (1,881) (208) (2,927) (5,016)
Net revenues 465,017 208,919 9,750 683,686
----------- ----------- ----------- ---------
Operating costs and
expenses:
Compensation and
benefits
Relationship
managers
compensation (129,395) (7,687) - (137,082)
Other
compensations (118,388) (47,556) (6,958) (172,902)
----------- ----------- ----------- ---------
Total compensation
and benefits (247,783) (55,243) (6,958) (309,984)
Selling expenses (48,392) (11,704) (5,843) (65,939)
General and
administrative
expenses (45,766) (17,500) (8,984) (72,250)
Reversal of credit
losses (1,758) (2,203) (1,455) (5,416)
Other operating
expenses (5,708) (22) (7,129) (12,859)
Government grants 23,350 226 - 23,576
----------- ----------- ---------
Total operating costs
and expenses (326,057) (86,446) (30,369) (442,872)
----------- ----------- ----------- ---------
Income (loss) from
operations 138,960 122,473 (20,619) 240,814
----------- ----------- ----------- ---------
Noah Holdings Limited
Supplemental Revenue Information by Geography
(unaudited)
Three months ended
September 30, September 30,
2024 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, September 30,
2024 2025 Change
---------------- ---------------- ---------
(in thousands of RMB, except percentages)
Mainland China:
Public securities
products ([1]) 108,038 116,687 8.0 %
Private equity
products 180,636 189,476 4.9 %
Insurance products 8,617 4,756 (44.8 %)
Others 14,544 16,170 11.2 %
---------------- ---------------- ---------
Subtotal 311,835 327,089 4.9 %
Overseas:
Investment products
([2]) 191,200 170,962 (10.6 %)
Insurance products 144,942 112,921 (22.1 %)
Online business
([3]) 7,865 11,998 52.5 %
Others 32,860 15,081 (54.1 %)
---------------- ---------------- ---------
Subtotal 376,867 310,962 (17.5 %)
---------------- ---------------- ---------
Total revenues 688,702 638,051 (7.4 %)
[1] Includes mutual funds and private secondary products.
[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.
[3] Includes money market mutual fund products, securities brokerage business.
Noah Holdings Limited
Supplemental Information
(unaudited)
As of
September September
30, 30,
2024 2025 Change
--------- --------- -----------------
Number of
registered
clients 460,380 466,153 1.3 %
Three months ended
September
September 30,
30, 2024 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
September 30,
30, 2024 2025 Change
--------- --------- ---------
Net Revenues
from Overseas
(RMB, (17.5 %)
million) 376.9 311.0
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 7.8 8.6 11.2 %
Overseas
Investment
Products
(RMB,
billion)
Number of 136
Overseas 146 (6.8 %)
Relationship
Managers
Overseas 42.2
Assets Under 39.5 6.8 %
Management
(RMB,
billion)
Noah Holdings Limited
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)([12])
Three months ended
September 30, September 30, Change
2024 2025
------------- ------------- --------
RMB'000 RMB'000
Net income attributable to Noah
shareholders 134,416 218,494 62.6 %
Adjustment for share-based
compensation 19,846 14,920 (24.8 %)
Add: settlement reversal - (1,356) N.A.
Less: Tax effect of adjustments 3,745 2,984 (20.3 %)
Adjusted net income attributable
to Noah shareholders
(non-GAAP) 150,517 229,074 52.2 %
Net margin attributable to Noah
shareholders 19.7 % 34.5 %
Non-GAAP net margin attributable
to Noah shareholders 22.0 % 36.2 %
Net income attributable to Noah 1.91
shareholders per ADS, 3.11 62.8 %
diluted
Non-GAAP net income attributable 2.14
to Noah shareholders per ADS, 3.26 52.3 %
diluted
([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.
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2025-302625953.html
SOURCE Noah Holdings Limited
(END) Dow Jones Newswires
November 25, 2025 16:30 ET (21:30 GMT)
Comments