Letter from the Chairlady to Shareholders: Noah Holdings Fiscal Year 2025

Rhea-AI Summary

Noah Holdings (NOAH) reports 2025 as a transformational year: overseas revenue rose to nearly 50% of total revenue (from ~27% in 2022); overseas registered clients approached 20,000; overseas assets under advisement reached US$9.5 billion. The company cited 61 consecutive quarters of Non-GAAP net profit and held ~RMB 5.0 billion in cash and short-term investments at year-end. The Board proposed a RMB 612 million dividend equal to 100% of 2025 Non-GAAP net income. Management highlighted expansion of booking centers, AI initiatives, and a Singapore global headquarters to support globalization.

Positive

• Overseas revenue increased to nearly 50% of total revenue
• Overseas AUA reached US$9.5 billion by end-2025
• Overseas registered clients neared 20,000
• 61 consecutive quarters of Non-GAAP net profit
• RMB 5.0 billion in cash and short-term investments at year-end
• RMB 612 million dividend equals 100% of 2025 Non-GAAP net income

Negative

• China underwent deep adjustments and significant challenges during the period
• The Camsing incident created short-term pressure despite settlement outcomes

News Market Reaction – NOAH

-4.38%

-4.38% Session close to close

In the Apr 29 session, NOAH declined 4.38%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement underscores Noah’s completed structural transformation, growing overseas franchise...

Analysis

This announcement underscores Noah’s completed structural transformation, growing overseas franchise, and focus on AI-enabled wealth management. Management highlights a 61-quarter non-GAAP profit streak, overseas AUA of US$9.5 billion, and RMB 5.0 billion in cash and short-term investments. The proposed RMB 612 million dividend, equal to a 100% payout of 2025 non-GAAP net income, continues a three-year pattern. Investors may monitor overseas client growth, AI adoption, and the sustainability of high payout levels and profitability.

Key Figures

Non-GAAP profit streak: 61 quarters Overseas revenue share 2025: nearly 50% Overseas revenue share 2022: approximately 27% +5 more

8 metrics

Non-GAAP profit streak 61 quarters Consecutive quarters of Non-GAAP net profit since listing

Overseas revenue share 2025 nearly 50% Portion of total revenue from overseas markets at end of 2025

Overseas revenue share 2022 approximately 27% Portion of total revenue from overseas markets in 2022

Overseas clients neared 20,000 Overseas registered client base by end of 2025

Overseas AUA US$9.5 billion Overseas assets under advisement at end of 2025

Cash & short-term investments RMB 5.0 billion Company cash and short-term investments at end of 2025

2025 dividend RMB 612 million Total proposed dividend distribution for fiscal year 2025

Payout ratio 2025 100% Dividend as percentage of 2025 Non-GAAP net income; third consecutive year

Historical Context

5 past events · Latest: Apr 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 14	Industry awards	Positive	-1.0%	Recognition of Noah and ARK for cross-border wealth and AI-enabled advisory.
Mar 27	AI strategy forum	Positive	+2.1%	NOAH | Olive AI Outlook event on AI-driven global allocation for clients.
Mar 25	Earnings results	Positive	-1.1%	Q4 and FY2025 earnings showing higher profitability and AI-driven efficiency.
Mar 24	Earnings release	Positive	-1.1%	Preliminary Q4 and FY2025 financials with revenue and net income growth.
Mar 12	Earnings date set	Neutral	-3.5%	Announcement of timing and details for Q4 and FY2025 results and call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows NOAH often trading lower on positive operational or earnings news, with only one of the last five news events seeing an aligned positive move.

Recent Company History

Over the last five events dating back to March 12, 2026, Noah highlighted earnings strength, AI integration, and global wealth capabilities. Multiple 2025 earnings releases showed rising profitability and dividends, yet shares fell after several of these announcements. Awards for ARK Wealth Management on April 14, 2026 also saw a modest decline. Only the AI-focused NOAH | Olive forum on March 27, 2026 coincided with a positive price reaction, underscoring mixed trading responses to otherwise constructive news.

Key Terms

non-gaap net profit, assets under advisement, operating cash flow, ai, +1 more

5 terms

non-gaap net profit financial

"we have remained profitable, recording 61 consecutive quarters of Non-GAAP net profit"

Non-GAAP net profit is a company's reported profit after management removes certain expenses or adds back items that standard accounting rules (GAAP) would normally include. Investors use it to see an adjusted view of recurring business performance—like looking at a household's monthly budget after taking out a one-time repair—so they can compare operational trends, but it can vary by company and should be reviewed alongside the standard GAAP figures.

assets under advisement financial

"overseas assets under advisement (AUA) reached US$9.5 billion"

Assets under advisement are the total value of investments for which a firm provides guidance or recommendations but does not have the authority to make trades or directly manage the money. Think of it like a paid consultant who advises on what to do with a homeowner’s portfolio but leaves final decisions and day-to-day control to the homeowner; for investors this metric shows a firm's market influence and potential for future fee growth, but those assets may be less sticky than funds the firm actually manages.

operating cash flow financial

"recording 61 consecutive quarters of Non-GAAP net profit while consistently generating positive operating cash flow"

Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.

View in glossary

ai technical

"In the AI era, we are witnessing a new possibility"

Artificial intelligence (AI) is technology that enables machines to mimic human thinking and learning, allowing them to analyze information, recognize patterns, and make decisions. For investors, AI matters because it can improve how businesses operate, create new products, or identify opportunities faster and more accurately than humans alone, potentially impacting company success and market trends.

ai + wealth management technical

"we pioneered the "AI + Wealth Management" department, which has already delivered significant results"

The use of artificial intelligence tools and algorithms to automate, personalize, and improve investment advice, portfolio construction, and client servicing in wealth management. Think of it as a digital financial advisor that learns from data to suggest trades, rebalance portfolios, and tailor strategies to an investor’s goals; it matters because it can lower costs, increase speed and customization, and surface insights humans might miss, while also introducing model, data and oversight risks investors should watch.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, April 29, 2026 /PRNewswire/ -- 

Dear Shareholders,

On behalf of Noah's Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.

For Noah, 2025 was a pivotal year—one that honored our legacy while opening a decisive new chapter for our future. If 2024 marked the inaugural year of our international expansion, 2025 represented the first year of a new phase following the successful completion of our structural transformation.

Over the past several years, we have navigated profound shifts in both the industry and the global market environment. China, our home market, has undergone deep adjustments and significant challenges. Yet, it was precisely in this environment that we became even more determined to pursue globalization—to serve Chinese clients worldwide and to transform Noah from a "China-based wealth management company" into a "global wealth management platform for Chinese clients". Looking back, this journey has not been easy, but the direction is right, and the initial results are beginning to take shape.

Staying the Course, Moving Forward Amid Uncertainty

Since our founding in 2005, Noah has been on its journey for more than two decades. We listed in the United States in 2010 and completed our dual-primary listing in Hong Kong in 2022. In every quarter since our listing, we have remained profitable, recording 61 consecutive quarters of Non-GAAP net profit while consistently generating positive operating cash flow. This track record, sustained across multiple market cycles, reflects our resilience and our proven ability to manage risk under varying conditions.

Wealth management is an industry built on the accumulation of trust. In 2019, we faced the significant challenge of the Camsing incident. We chose to stand shoulder-to-shoulder with our clients and, with the utmost sincerity, reached settlements with the vast majority of those affected. While this decision created short-term pressure, it ultimately strengthened the foundation of trust in our company. The path was arduous, but we emerged stronger. I have always believed that what truly determines a company's long-term value is making the right decisions at critical moments—and holding firmly to our principles.

International Expansion: From Exploration to Scale

Over the past three years, we have advanced our international strategy with determination and clarity. Today, we have established booking centers in major financial hubs, including Hong Kong, Singapore, and the United States, while continuing to expand into Japan, Canada, and other key markets.

As of the end of 2025, overseas revenue accounted for nearly 50% of our total revenue, a substantial increase from approximately 27% in 2022. This milestone marks a structural shift from reliance on a single market to coordinated operations across a global ecosystem. By the end of 2025, our overseas registered client base neared 20,000, and overseas assets under advisement (AUA) reached US$9.5 billion. This dual growth in client numbers and asset scale has begun to generate meaningful economies of scale.

History suggests that periods of global uncertainty often accelerate cross-border capital flows. Just as Swiss private banks rose to prominence after World War II, wealth tends to gravitate toward platforms that are secure, stable, and professional. With our global headquarters in Singapore—connecting China, Southeast Asia, and broader international markets—Noah is positioned with a significant strategic advantage.

A Fundamental Industry Shift: Wealth Management in the AI Era

In the AI era, we are witnessing a new possibility: the ability to drive business growth and deepen client relationships through AI and integrated operational systems. This transformation is not merely about improving efficiency; it represents a systematic expansion of our service depth and business boundaries.

In Singapore, we pioneered the "AI + Wealth Management" department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by rapid growth in related AUM. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.

Building a Global Platform: Systemic Excellence

We are constructing a comprehensive platform ecosystem to support our global ambitions:

• ARK: Account management and investment execution.
• Olive: Global asset management capabilities.
• Glory: Insurance, trust, and legacy planning services.

Our goal is to establish an integrated capability loop of client acquisition, asset allocation, service delivery, and succession planning, a platform that is replicable, scalable, and sustainable over the long term.

Looking Ahead: Validating Growth

Beginning in 2026, we will enter a clearer phase focused on growth validation. Our priorities include expanding our overseas client base, driving growth in overseas asset allocation, and optimizing the revenue mix of our asset management business, Olive.

Long-Term Commitment and Shareholder Returns

Noah remains committed to long-termism. As of the end of 2025, the Company held approximately RMB 5.0 billion in cash and short-term investments. Our solid balance sheet supports continued investment in globalization and AI, while providing a strong foundation for shareholder returns.

For the 2025 fiscal year, the Board has proposed a total dividend distribution of RMB 612 million, equivalent to 100% of our 2025 Non-GAAP net income. This marks the third consecutive year of a 100% payout ratio. We believe that as our transformation solidifies, Noah will achieve even more resilient and sustainable profitability for our shareholders.

Sincerely,

Jingbo Wang
Chairlady of the Board

View original content:https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.html

SOURCE Noah Holdings Limited

FAQ

How much of Noah Holdings' revenue came from overseas in 2025 (NOAH)?

Nearly 50% of Noah's total revenue came from overseas in 2025. According to the company, this is up from approximately 27% in 2022, reflecting a structural shift toward coordinated global operations and international booking centers.

What were Noah's overseas assets under advisement (AUA) at the end of 2025?

Noah reported overseas AUA of US$9.5 billion at year-end 2025. According to the company, this growth accompanied overseas client expansion and contributed to emerging economies of scale in its global wealth management platform.

What dividend did Noah Holdings propose for fiscal 2025 (NOAH)?

The Board proposed a RMB 612 million dividend for 2025, equal to 100% of Non-GAAP net income. According to the company, this marks the third consecutive year with a 100% payout ratio to shareholders.

How has Noah addressed past client claims like the Camsing incident?

Noah reports reaching settlements with the vast majority of affected clients in the Camsing incident. According to the company, those settlements created short-term pressure but were intended to restore and strengthen client trust.

What strategic steps is Noah taking to expand globally and use AI (NOAH)?

Noah established booking centers in Hong Kong, Singapore, and the U.S., and expanded into Japan and Canada. According to the company, it launched an "AI + Wealth Management" department in Singapore to improve outreach, responsiveness, and asset-allocation capabilities.