NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026

Rhea-AI Summary

Noah Holdings (NYSE: NOAH; HKEX: 6686) reported second quarter 2026 unaudited results with net revenues of RMB619.9 million, down 1.5% year-on-year and 0.9% quarter-on-quarter, mainly due to lower one-time commissions and recurring service fees, partly offset by higher performance-based income.

Income from operations was RMB215.8 million, up 34.0% year-on-year, driven by lower operating costs and credit-loss provisions. Net income attributable to shareholders rose 30.0% to RMB232.2 million, while non-GAAP net income reached RMB238.0 million, up 25.9%.

Registered clients totaled 469,987, with 10,296 active clients, up 12.4% year-on-year. The aggregate value of products distributed was RMB17.1 billion, and AUM stood at RMB140.9 billion as of June 30, 2026, slightly above March 31, 2026 but below June 30, 2025.

Positive

• Income from operations RMB215.8 million, up 34.0% year-on-year
• Net income attributable to shareholders RMB232.2 million, up 30.0% year-on-year
• Non-GAAP net income RMB238.0 million, up 25.9% year-on-year
• Active clients 10,296, up 12.4% year-on-year
• International transaction value RMB8.7 billion, up from RMB8.3 billion year-on-year
• International AUM RMB43.8 billion, up from RMB41.4 billion year-on-year

Negative

• Net revenues RMB619.9 million, down 1.5% year-on-year and 0.9% quarter-on-quarter
• Total AUM RMB140.9 billion, down from RMB145.1 billion year-on-year
• Mainland China PE AUM RMB91.8 billion, down from RMB96.5 billion year-on-year
• Aggregate product distribution RMB17.1 billion, down from RMB23.3 billion quarter-on-quarter
• International active wealth clients 3,494, down 4.3% year-on-year
• International insurance active clients 58, down from 186 year-on-year

Market Reaction – NOAH

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-8.21% Vs previous close

$8.05 Last Price

$8.05 $8.90 Day Range

$552.60M Market Cap

1.0x Rel. Volume

Following this news, NOAH has declined 8.21%, reflecting a notable negative market reaction. The stock is currently trading at $8.05.

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Market Context

Historical earnings event news_id 1063292 produced a 2.77% 24-hour reaction. That record places this...

Analysis

Historical earnings event news_id 1063292 produced a 2.77% 24-hour reaction. That record places this earnings report within a mixed historical response pattern; lower revenue and AUM remain risks, while low short positioning is a relevant context.

Key Figures

Net revenues: RMB619.9 million (US$91.4 million) Income from operations: RMB215.8 million (US$31.8 million) Net income attributable to shareholders: RMB232.2 million (US$34.2 million) +5 more

8 metrics

Net revenues RMB619.9 million (US$91.4 million) Q2 2026; down 1.5% year-over-year

Income from operations RMB215.8 million (US$31.8 million) Q2 2026; up 34.0% year-over-year

Net income attributable to shareholders RMB232.2 million (US$34.2 million) Q2 2026; up 30.0% year-over-year

Non-GAAP net income RMB238.0 million (US$35.1 million) Q2 2026; up 25.9% year-over-year

Registered clients 469,987 clients As of June 30, 2026; up 1.2% year-over-year

Active clients 10,296 clients Q2 2026; up 12.4% year-over-year

Investment products distributed RMB17.1 billion (US$2.5 billion) Q2 2026; compared with RMB17.0 billion in Q2 2025

Assets under management RMB140.9 billion (US$20.8 billion) As of June 30, 2026; compared with RMB145.1 billion a year earlier

Previous Earnings Reports

5 past events · Latest: May 27 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 27	Q1 earnings	Positive	+2.8%	Operating income and active clients increased despite lower reported net income.
Mar 24	Q4/FY earnings	Positive	-1.1%	Full-year revenue and net income increased, while fair-value adjustment risk remained.
Feb 25	Trip.com earnings	Neutral	-1.3%	The event summary was unavailable, preventing a company-specific earnings sentiment assessment.
Nov 25	Q3 earnings	Negative	-0.7%	Revenue and operating income declined, despite higher net income and non-GAAP earnings.
Aug 29	Q2 earnings	Positive	+5.4%	Revenue and non-GAAP earnings increased alongside overseas expansion and higher assets under management.

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

Pattern Detected

Tag-specific earnings reactions were mixed, with both positive and negative moves rather than a consistent direction.

Key Terms

non-gaap, assets under management

2 terms

non-gaap financial

"Non-GAAP net income attributable to Noah shareholders for the second quarter"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

assets under management financial

"Total assets under management as of June 30, 2026 were RMB140.9 billion"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

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

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SINGAPORE, Aug. 25, 2026 /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 second quarter of 2026.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

• Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by a significant increase in performance-based income from mainland China private secondary products, and a 0.9% decrease quarter-on-quarter, primarily due to lower one-time commissions and recurring service fees, largely offset by an increase in performance-based income from mainland China products.
• Income from operations for the second quarter of 2026 was RMB215.8 million (US$31.8 million), a 34.0% increase from the corresponding period in 2025, primarily due to lower operating costs and expenses, including lower compensation and benefits expenses resulting from our disciplined cost control measures and a decrease in provision for credit losses.
• Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025, primarily due to higher income from operations and an increase in investment income, partially offset by higher income tax expense.
• Non-GAAP^[1] net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.

SECOND QUARTER 2026 OPERATIONAL UPDATES

The Company reports its operational performance across six business segments — three mainland China and three international^[2] — plus headquarters. The following updates provide segment-specific operating metrics and developments during the second quarter of 2026.

Group-wide Operating Metrics

• Total number of registered clients as of June 30, 2026 was 469,987, a 1.2% increase from June 30, 2025, and a 0.2% increase from March 31, 2026.
• Total number of active clients^[3] for the second quarter of 2026 was 10,296, a 12.4% increase from the second quarter of 2025 and a 4.2% decrease from the first quarter of 2026.
• Aggregate value of investment products distributed during the second quarter of 2026 was RMB17.1 billion (US$2.5 billion), compared with RMB17.0 billion in the second quarter of 2025 and RMB23.3 billion in the first quarter of 2026. The quarter-over-quarter decrease was mainly attributable to lower distribution of mutual fund and private secondary products in mainland China.
• Total assets under management as of June 30, 2026 were RMB140.9 billion (US$20.8 billion), compared with RMB145.1 billion as of June 30, 2025 and RMB140.2 billion as of March 31, 2026, mainly due to the continuous allocation and exit of mainland China private equity products.

Distribution of Investment Products

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

		Three months ended June 30,
		2025								2026
		(RMB in billions, except percentages)
Mutual fund products			9.2				54.1 %				9.1				53.2 %
Private secondary products			6.0				35.3 %				5.8				33.9 %
Private equity products			1.0				5.9 %				1.6				9.4 %
Other products[4]			0.8				4.7 %				0.6				3.5 %
All products			17.0				100.0 %				17.1				100.0 %

 

[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. [2] For classification of the Group's business segments for the purposes of this announcement, "international" refers to business activities conducted in, or relating to, countries and regions outside Mainland China. [3] "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period. [4] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

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

Type of products in mainland		Three months ended June 30,
China		2025								2026
		(RMB in billions, except percentages)
Mutual fund products			5.7				65.5 %				5.5				65.5 %
Private secondary products			2.8				32.2 %				2.8				33.3 %
Other products			0.2				2.3 %				0.1				1.2 %
All products in mainland China			8.7				100.0 %				8.4				100.0 %
		Three months ended June 30,
Type of international products		2025								2026
		(RMB in billions, except percentages)
Mutual fund products			3.5				42.2 %				3.6				41.4 %
Private secondary products			3.2				38.6 %				3.0				34.5 %
Private equity products			1.0				12.0 %				1.6				18.4 %
Other products			0.6				7.2 %				0.5				5.7 %
All international products			8.3				100.0 %				8.7				100.0 %

Assets Under Management

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

Investment type		As of March 31, 2026								Growth				Allocation/ Redemption[5]				As of June 30, 2026
		(RMB billions, except percentages)
Private equity			126.0				89.8 %				1.0				0.5				126.5				89.8 %
Public securities[6]			8.4				6.0 %				1.0				0.8				8.6				6.1 %
Real estate			4.0				2.9 %				0.1				0.1				4.0				2.8 %
Multi-strategies			1.8				1.3 %				—				—				1.8				1.3 %
All Investments			140.2				100.0 %				2.1				1.4				140.9				100.0 %

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

Mainland China Investment type		As of March 31, 2026								Growth				Allocation/ Redemption				As of June 30, 2026
		(RMB billions, except percentages)
Private equity			92.3				94.6 %				—				0.5				91.8				94.6 %
Public securities			3.8				3.9 %				0.2				0.2				3.8				3.9 %
Real estate			0.1				0.1 %				—				—				0.1				0.1 %
Multi-strategies			1.4				1.4 %				—				—				1.4				1.4 %
All Investments			97.6				100.0 %				0.2				0.7				97.1				100.0 %
International Investment type		As of March 31, 2026								Growth				Allocation/ Redemption				As of June 30, 2026
		(RMB billions, except percentages)
Private equity			33.7				79.1 %				1.0				—				34.7				79.2 %
Public securities			4.6				10.8 %				0.8				0.6				4.8				11.0 %
Real estate			3.9				9.2 %				0.1				0.1				3.9				8.9 %
Multi-strategies			0.4				0.9 %				—				—				0.4				0.9 %
All Investments			42.6				100.0 %				1.9				0.7				43.8				100.0 %

 

[5] The asset allocation/redemption of international investment products includes the fluctuation result of foreign currencies exchange rate. [6] The asset allocation/redemption of public securities also includes market appreciation or depreciation.

Segment Operating Metrics

Mainland China Business

Our Mainland China operations are organized into three reportable segments: mainland China public securities, mainland China asset management, and mainland China insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.

Mainland China public securities

Mainland China public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an "online-first, offline-supported" business model, with the goal of facilitating global asset allocation through RMB-denominated products.

• Transaction value of mutual fund products distributed in mainland China during the second quarter of 2026 was RMB5.5 billion (US$0.8 billion), compared with RMB5.7 billion in the second quarter of 2025 and RMB9.9 billion in the first quarter of 2026.
• Transaction value of RMB-denominated private secondary products distributed in mainland China during the second quarter of 2026 was RMB2.8 billion (US$0.4 billion), unchanged from RMB2.8 billion in the second quarter of 2025 and a 48.1% decrease from RMB5.4 billion in the first quarter of 2026.
• Number of active clients in this segment during the second quarter of 2026 was 7,052, an 18.5% increase from the second quarter of 2025.
• Number of licensed relationship managers serving this segment was 192 as of June 30, 2026, compared with 207 as of June 30, 2025.

Mainland China asset management

Mainland China asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.

• AUM of RMB-denominated private equity products as of June 30, 2026 was RMB91.8 billion (US$13.5 billion), compared with RMB96.5 billion as of June 30, 2025 and RMB92.3 billion as of March 31, 2026, mainly due to our continuous effort on exiting private equity products.
• AUM of RMB-denominated public securities products as of June 30, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.1 billion as of June 30, 2025 and RMB3.8 billion as of March 31, 2026.
• Net flow during the quarter: new AUM added was RMB0.2 billion (US$29.5 million) and AUM allocated/redeemed was RMB0.7 billion (US$103.2 million) during the second quarter of 2026.

Mainland China insurance

Mainland China insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the second quarter of 2026 were RMB2.0 million (US$0.3 million).

International Business

Our international operations are organized into three reportable segments: international wealth management, international asset management, and international insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.

International wealth management

International wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to providing comprehensive services using our booking centers in Hong Kong and Singapore.

• Number of international registered clients as of June 30, 2026 was 21,059, an 11.0% increase from June 30, 2025 and a 3.4% increase from March 31, 2026.
• Number of international active clients who transacted with us during the second quarter of 2026 was 3,494, a 4.3% decrease from the second quarter of 2025 and an 8.5% increase from the first quarter of 2026.
• Transaction value of international investment products distributed during the second quarter of 2026 was RMB8.7 billion (US$1.3 billion), compared with RMB8.3 billion in the second quarter of 2025 and RMB8.0 billion in the first quarter of 2026.
• International AUA (assets under advisory, including distributed products, but excluding AUA associated with our online securities services) as of June 30, 2026 was RMB66.3 billion (US$9.8 billion), compared with RMB66.1 billion as of March 31, 2026 and RMB65.2 billion as of June 30, 2025. In addition, AUA associated with our online securities services, which is not included in the International AUA figures presented above, was RMB2.8 billion (US$0.4 billion) as of June 30, 2026, compared with RMB2.8 billion as of March 31, 2026 and RMB2.6 billion as of June 30, 2025.
• Number of international relationship managers working under this segment was 56 as of June 30, 2026, compared with 107 as of June 30, 2025 and 89 as of March 31, 2026.
• AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 140.0% growth in AUA from June 30, 2025 to June 30, 2026.

International asset management

International asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.

• Actively managed international AUM as of June 30, 2026 was RMB43.8 billion (US$6.5 billion), compared with RMB42.6 billion as of March 31, 2026 and RMB41.4 billion as of June 30, 2025.
• Number of relationship managers working under this segment was 41 as of June 30, 2026, compared with 45 as of June 30, 2025 and 43 as of March 31, 2026.

International insurance and comprehensive services

International insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive international services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.

• Number of active clients in this segment during the second quarter of 2026 was 58, compared with 186 during the second quarter of 2025 and 79 during the first quarter of 2026.
• Number of clients receiving comprehensive services was 714 as of June 30, 2026, compared with 717 as of June 30, 2025.

Headquarters

Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: "Entering 2026, the global macroeconomic landscape has become increasingly complex, marked by rapid policy shifts across jurisdictions and heightened geopolitical tensions. Yet, amidst these uncertainties lie significant opportunities. For Chinese high-net-worth individuals (HNWIs), the need for professional, globalized, and resilient wealth management has never been more critical.

Our forward-looking global deployment and newly optimized cost structure firmly position Noah to navigate these dynamics, ensuring sustainable and high-quality growth for the long term. In the first half of 2026, our proactive multi-market strategy—anchored by our booking centers in major financial centers and robust infrastructure—has enabled us to serve as a trusted partner for our clients in safeguarding and growing their wealth across market cycles.

Looking ahead, we remain committed to enhancing our global capabilities, maintaining disciplined risk management, and leveraging technology to create lasting value for our clients and shareholders."

SECOND QUARTER 2026 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by an increase in performance-based income from mainland China private secondary products.

 Net revenues^[7] under the segmentation are as follows:

(RMB millions, except percentages)		Q2 2025				Q2 2026				YoY Change
Mainland China public securities			131.8				206.5				56.7 %
Mainland China asset management			177.1				165.4				(6.6 %)
Mainland China insurance			7.2				2.0				(71.7 %)
International wealth management			129.4				88.9				(31.3 %)
International asset management			108.3				106.4				(1.8 %)
International insurance and comprehensive services			59.0				40.7				(31.1 %)
Headquarters			16.7				10.0				(40.0 %)
Total net revenues			629.5				619.9				(1.5 %)

• Net revenues for mainland China public securities for the second quarter of 2026 were RMB206.5 million (US$30.4 million), a 56.7% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of Mainland China private secondary products.
• Net revenues for mainland China asset management for the second quarter of 2026 were RMB165.4 million (US$24.4 million), a 6.6% decrease from the corresponding period in 2025, primarily due to a decrease in recurring service fees from private equity products, partially offset by an increase in performance-based income.
• Net revenues for mainland China insurance for the second quarter of 2026 were RMB2.0 million (US$0.3 million), a 71.7% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.
• Net revenues for international wealth management for the second quarter of 2026 were RMB88.9 million (US$13.1 million), a 31.3% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of International products.
• Net revenues for international asset management for the second quarter of 2026 were RMB106.4 million (US$15.7 million), a 1.8% decrease from the corresponding period in 2025.
• Net revenues for international insurance and comprehensive services for the second quarter of 2026 were RMB40.7 million (US$6.0 million), a 31.1% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from insurance products.
• Net revenues for headquarters for the second quarter of 2026 were RMB10.0 million (US$1.5 million), a 40.0% decrease from RMB16.7 million for the corresponding period in 2025.

 

[7] The business segments now referred to as "mainland China public securities," "mainland China asset management," "mainland China insurance," "international wealth management," "international asset management" and "international insurance and comprehensive services" were previously referred to as "domestic public securities," "domestic asset management," "domestic insurance," "overseas wealth management," "overseas asset management" and "overseas insurance and comprehensive services," respectively. These are changes in segment names only and do not involve any material change in the nature or scope of the underlying business activities included in the respective segments. Accordingly, the financial and operating information presented under the renamed segments remains comparable to the corresponding information previously presented under the former segment names.

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2026 were RMB404.1 million (US$59.5 million), a 13.7% decrease from the corresponding period in 2025. Operating costs and expenses for the second quarter of 2026 primarily consisted of (i) compensation and benefits of RMB260.1 million (US$38.3 million); (ii) selling expenses of RMB56.1 million (US$8.3 million); (iii) general and administrative expenses of RMB74.8 million (US$11.0 million); (iv) provision for credit losses of RMB7.7 million (US$1.1 million); (v) other operating expenses of RMB22.5 million (US$3.3 million); and (vi) income gained from government subsidies of RMB17.1 million (US$2.5 million).

• Operating costs and expenses for mainland China public securities for the second quarter of 2026 were RMB27.9 million (US$4.1 million), a 16.6% increase from the corresponding period in 2025, mainly due to a decrease in government subsidies.
• Operating costs and expenses for mainland China asset management for the second quarter of 2026 were RMB22.7 million (US$3.3 million), a 3.1% increase from the corresponding period in 2025.
• Operating costs and expenses for mainland China insurance for the second quarter of 2026 were RMB5.6 million (US$0.8 million), a 62.0% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from mainland China insurance business.
• Operating costs and expenses for international wealth management for the second quarter of 2026 were RMB92.2 million (US$13.6 million), a 9.2% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.
• Operating costs and expenses for international asset management for the second quarter of 2026 were RMB44.7 million (US$6.6 million), a 25.5% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with international asset management business expansion.
• Operating costs and expenses for international insurance and comprehensive services for the second quarter of 2026 were RMB26.6 million (US$3.9 million), a 9.1% decrease from the corresponding period in 2025, mainly due to lower compensation and benefits.
• Operating costs and expenses for headquarters for the second quarter of 2026 were RMB184.3 million (US$27.2 million), a 23.6% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business.

Income (Loss) from Operations

Income (loss) from operations under the segmentation is as follows:

(RMB millions, except percentages)		Q2 2025				Q2 2026				YoY Change
Mainland China public securities			107.8				178.6				65.5 %
Mainland China asset management			155.1				142.7				(8.0 %)
Mainland China insurance			(7.6)				(3.6)				(52.8 %)
International wealth management			27.8				(3.3)				N.A.
International asset management			72.6				61.6				(15.2 %)
International insurance and comprehensive services			29.8				14.1				(52.7 %)
Headquarters			(224.5)				(174.3)				(22.4 %)
Total income from operations			161.0				215.8				34.0 %

• Income from operations for mainland China public securities for the second quarter of 2026 was RMB178.6 million (US$26.3 million), a 65.5% increase from the corresponding period in 2025.
• Income from operations for mainland China asset management for the second quarter of 2026 was RMB142.7 million (US$21.0 million), an 8.0% decrease from the corresponding period in 2025.
• Loss from operations for mainland China insurance for the second quarter of 2026 was RMB3.6 million (US$0.5 million), a 52.8% decrease from the corresponding period in 2025, reflecting a narrower loss.
• Loss from operations for international wealth management for the second quarter of 2026 was RMB3.3 million (US$0.5 million), compared with income from operations of RMB27.8 million in the corresponding period in 2025.
• Income from operations for international asset management for the second quarter of 2026 was RMB61.6 million (US$9.1 million), a 15.2% decrease from the corresponding period in 2025.
• Income from operations for international insurance and comprehensive services for the second quarter of 2026 was RMB14.1 million (US$2.1 million), a 52.7% decrease from the corresponding period in 2025.
• Loss from operations for headquarters for the second quarter of 2026 was RMB174.3 million (US$25.7 million), a 22.4% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business and lower compensation and benefits expenses resulting from disciplined cost control measures.

Operating Margin

Operating margin for the second quarter of 2026 was 34.8%, compared with 25.6% for the corresponding period in 2025.

Interest Income

Interest income for the second quarter of 2026 was RMB30.4 million (US$4.5 million), a 9.1% decrease from the corresponding period in 2025.

Investment Income (Loss) 

Investment income for the second quarter of 2026 was RMB41.8 million (US$6.2 million), compared with an investment loss of RMB13.9 million in the corresponding period in 2025, primarily due to gains resulting from fair value changes in certain equity securities.

Income Tax Expense 

Income tax expense for the second quarter of 2026 was RMB89.9 million (US$13.3 million), a 41.2% increase from the corresponding period in 2025.

Net Income

• Net income for the second quarter of 2026 was RMB236.9 million (US$34.9 million), a 32.7% increase from the corresponding period in 2025.
• Net margin for the second quarter of 2026 was 38.2%, compared with 28.4% for the corresponding period in 2025.
• Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025.
• Net margin attributable to Noah shareholders for the second quarter of 2026 was 37.5%, compared with 28.4% for the corresponding period in 2025.
• Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2026 was RMB3.40 (US$0.50) and RMB3.37 (US$0.50), respectively, compared with RMB2.56 and RMB2.54, respectively, for the corresponding period in 2025.

Non-GAAP Net Income Attributable to Noah Shareholders

• Non-GAAP net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.
• Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2026 was 38.4%, compared with 30.0% for the corresponding period in 2025.
• Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2026 was RMB3.46 (US$0.51), compared with RMB2.69 for the corresponding period in 2025.

BALANCE SHEET AND CASH FLOW

As of June 30, 2026, the Company had RMB4,322.7 million (US$637.1 million) in cash and cash equivalents, compared with RMB4,280.7 million as of March 31, 2026 and RMB3,821.8 million as of June 30, 2025.

Net cash outflow from the Company's operating activities during the second quarter of 2026 was RMB15.0 million (US$2.2 million), compared with a net cash inflow of RMB27.6 million in the corresponding period in 2025, primarily due to an increase in amounts due from related parties and payments of accrued payroll and welfare expenses.

Net cash inflow from the Company's investing activities during the second quarter of 2026 was RMB108.8 million (US$16.0 million), compared with a net cash outflow of RMB171.7 million in the corresponding period in 2025, primarily due to redemptions of held‑to‑maturity investments.

Net cash outflow from the Company's financing activities during the second quarter of 2026 was RMB14.7 million (US$2.2 million), compared with RMB71.5 million in the corresponding period in 2025, primarily due to a decrease in share repurchases.

CONFERENCE CALL

The Company's senior management will host an earnings conference call to discuss its Q2 2026 Results and recent business activities. Details of the conference call are as follows:

Dial-in details:
Conference title:	Noah Holdings Second Quarter and Half Year 2026 Earnings Conference Call
Date/Time:	Tuesday, August 25, 2026 at 8:00 p.m., U.S. Eastern Time Wednesday, August 26, 2026 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 Local Toll:	+86-4001-206115
– International Toll:	1-412-317-6061
Participant Password:	4116275

A telephone replay will be available starting approximately one hour after the end of the conference until August 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8252319.

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 and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. 

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

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

ABOUT NOAH HOLDINGS LIMITED 

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

In the first half of 2026, Noah distributed RMB40.4 billion (US$6.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.9 billion (US$20.8 billion) as of June 30, 2026.

Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of June 30, 2026, Noah had 469,987 registered clients. The Company reports its operations under six business segments — Mainland China public securities (Noah Upright), Mainland China asset management (Gopher Asset Management), Mainland China insurance (Glory), International wealth management (ARK Wealth Management), International asset management (Olive Asset Management), and International insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of June 30, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. 

For more information, please visit Noah's investor relations website at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2026 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 RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 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
		March 31, 2026				June 30, 2026				June 30, 2026
		RMB'000				RMB'000				USD'000
Assets
Current assets:
Cash and cash equivalents			4,280,733				4,322,663				637,082
Restricted cash			11,247				10,183				1,501
Short-term investments			833,752				711,704				104,892
Accounts receivable, net			334,686				323,537				47,683
Amounts due from related parties			680,951				826,165				121,762
Loans receivable, net			111,690				133,506				19,676
Other current assets			211,822				248,491				36,623
Total current assets			6,464,881				6,576,249				969,219
Long-term investments, net			1,160,937				1,051,622				154,990
Investment in affiliates			1,142,706				1,157,714				170,626
Property and equipment, net			2,325,755				2,299,705				338,935
Operating lease right-of-use assets, net			92,047				97,419				14,358
Deferred tax assets			310,049				315,333				46,474
Other non-current assets			115,565				138,862				20,466
Total Assets			11,611,940				11,636,904				1,715,068
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses			404,475				285,789				42,120
Income tax payable			146,668				101,738				14,994
Deferred revenues			58,961				63,086				9,298
Dividend payable			—				612,000				90,198
Contingent liabilities			504,920				454,531				66,990
Other current liabilities			244,855				306,986				45,244
Total current liabilities			1,359,879				1,824,130				268,844
Deferred tax liabilities			261,653				259,678				38,272
Operating lease liabilities, non-current			52,475				51,022				7,520
Other non-current liabilities			6,936				13,111				1,932
Total Liabilities			1,680,943				2,147,941				316,568
Equity			9,930,997				9,488,963				1,398,500
Total Liabilities and Equity			11,611,940				11,636,904				1,715,068

 

Noah Holdings Limited Condensed Consolidated Income Statements (unaudited)
		Three months ended
		June 30,				June 30,				June 30,
		2025				2026				2026				Change
		RMB'000				RMB'000				USD'000
Revenues:
Revenues from others:
One-time commissions			154,467				86,680				12,775				(43.9 %)
Recurring service fees			162,047				155,902				22,977				(3.8 %)
Performance-based income			13,892				96,578				14,234				595.2 %
Other service fees			48,736				35,716				5,264				(26.7 %)
Total revenues from others			379,142				374,876				55,250				(1.1 %)
Revenues from funds Gopher/Olive manages:
One-time commissions			1,431				632				93				(55.8 %)
Recurring service fees			244,753				207,584				30,594				(15.2 %)
Performance-based income			9,301				42,788				6,306				360.0 %
Total revenues from funds Gopher/Olive manages			255,485				251,004				36,993				(1.8 %)
Total revenues			634,627				625,880				92,243				(1.4 %)
Less: VAT related surcharges			(5,126)				(5,981)				(881)				16.7 %
Net revenues			629,501				619,899				91,362				(1.5 %)
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation			(123,716)				(99,446)				(14,657)				(19.6 %)
Other compensations			(175,551)				(160,661)				(23,680)				(8.5 %)
Total compensation and benefits			(299,267)				(260,107)				(38,337)				(13.1 %)
Selling expenses			(62,311)				(56,082)				(8,265)				(10.0 %)
General and administrative expenses			(71,196)				(74,849)				(11,031)				5.1 %
Provision for credit losses			(41,228)				(7,669)				(1,130)				(81.4 %)
Other operating expenses			(8,576)				(22,530)				(3,321)				162.7 %
Government subsidies			14,103				17,143				2,527				21.6 %
Total operating costs and expenses			(468,475)				(404,094)				(59,557)				(13.7 %)
Income from operations			161,026				215,805				31,805				34.0 %
Other income:
Interest income			33,505				30,447				4,487				(9.1 %)
Investment (loss) income			(13,938)				41,800				6,161				N.A.
Reversal of contingent litigation expenses			—				7,682				1,132				N.A.
Other income (expense)			14,391				(23,843)				(3,514)				N.A.
Total other income			33,958				56,086				8,266				65.2 %
Income before taxes and income from equity in affiliates			194,984				271,891				40,071				39.4 %
Income tax expense			(63,690)				(89,944)				(13,256)				41.2 %
Income from equity in affiliates			47,243				54,917				8,094				16.2 %
Net income			178,537				236,864				34,909				32.7 %
Less: net (loss) income attributable to non-controlling interests			(39)				4,681				690				N.A.
Net income attributable to Noah shareholders			178,576				232,183				34,219				30.0 %
Income per ADS, basic			2.56				3.40				0.50				32.8 %
Income per ADS, diluted			2.54				3.37				0.50				32.7 %
Margin analysis:
Operating margin			25.6 %				34.8 %				34.8 %
Net margin			28.4 %				38.2 %				38.2 %
Weighted average ADS equivalent [1]:
Basic			69,778,574				68,339,431				68,339,431
Diluted			70,174,751				68,802,162				68,802,162
ADS equivalent outstanding at end of period			65,830,895				68,329,861				68,329,861
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

 

Noah Holdings Limited Condensed Consolidated Income Statements (unaudited)
		Six months ended
		June 30,				June 30,				June 30,
		2025				2026				2026				Change
		RMB'000				RMB'000				USD'000
Revenues:
Revenues from others:
One-time commissions			309,458				199,745				29,439				(35.5 %)
Recurring service fees			313,643				303,427				44,720				(3.3 %)
Performance-based income			27,878				177,163				26,111				535.5 %
Other service fees			85,599				69,594				10,257				(18.7 %)
Total revenues from others			736,578				749,929				110,527				1.8 %
Revenues from funds Gopher/Olive manages:
One-time commissions			5,181				1,823				269				(64.8 %)
Recurring service fees			489,133				442,178				65,169				(9.6 %)
Performance-based income			23,830				62,862				9,265				163.8 %
Total revenues from funds Gopher/Olive manages			518,144				506,863				74,703				(2.2 %)
Total revenues			1,254,722				1,256,792				185,230				0.2 %
Less: VAT related surcharges			(10,627)				(11,142)				(1,642)				4.8 %
Net revenues			1,244,095				1,245,650				183,588				0.1 %
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation			(246,284)				(201,908)				(29,758)				(18.0 %)
Other compensations			(356,878)				(324,941)				(47,890)				(8.9 %)
Total compensation and benefits			(603,162)				(526,849)				(77,648)				(12.7 %)
Selling expenses			(113,383)				(92,289)				(13,602)				(18.6 %)
General and administrative expenses			(135,637)				(141,684)				(20,882)				4.5 %
Provision for credit losses			(44,038)				(10,839)				(1,597)				(75.4 %)
Other operating expenses			(24,275)				(39,104)				(5,763)				61.1 %
Government subsidies			23,434				17,358				2,558				(25.9 %)
Total operating costs and expenses			(897,061)				(793,407)				(116,934)				(11.6 %)
Income from operations			347,034				452,243				66,654				30.3 %
Other income:
Interest income			66,306				62,495				9,211				(5.7 %)
Investment (loss) income			(7,668)				39,789				5,864				N.A.
Reversal of contingent litigation expenses			343				4,952				730				1343.7 %
Other income (expense)			10,967				(32,371)				(4,771)				N.A.
Total other income			69,948				74,865				11,034				7.0 %
Income before taxes and income from equity in affiliates			416,982				527,108				77,688				26.4 %
Income tax expense			(124,295)				(156,604)				(23,081)				26.0 %
Income (loss) from equity in affiliates			35,669				(10,426)				(1,537)				N.A.
Net income			328,356				360,078				53,070				9.7 %
Less: net income attributable to non-controlling interests			816				3,180				469				289.7 %
Net income attributable to Noah shareholders			327,540				356,898				52,601				9.0 %
Income per ADS, basic			4.69				5.20				0.77				10.9 %
Income per ADS, diluted			4.65				5.15				0.76				10.8 %
Margin analysis:
Operating margin			27.9 %				36.3 %				36.3 %
Net margin			26.4 %				28.9 %				28.9 %
Weighted average ADS equivalent [1]:
Basic			69,856,207				68,686,576				68,686,576
Diluted			70,387,492				69,311,742				69,311,742
ADS equivalent outstanding at end of period			65,830,895				68,329,861				68,329,861
[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
		June 30,				June 30,				June 30,
		2025				2026				2026				Change
		RMB'000				RMB'000				USD'000
Net income			178,537				236,864				34,909				32.7 %
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments			(64,764)				(59,540)				(8,775)				(8.1 %)
Fair value fluctuation of available-for-sale     investments (after tax)			236				121				18				(48.7 %)
Comprehensive income			114,009				177,445				26,152				55.6 %
Less: Comprehensive (loss) income attributable to     non-controlling interests			(401)				5,048				744				N.A.
Comprehensive income attributable to Noah     shareholders			114,410				172,397				25,408				50.7 %

 

Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited)
		Six months ended
		June 30,				June 30,				June 30,
		2025				2026				2026				Change
		RMB'000				RMB'000				USD'000
Net income			328,356				360,078				53,070				9.7 %
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			(87,598)				(117,904)				(17,377)				34.6 %
Fair value fluctuation of available-for-sale     investments (after tax)			469				354				52				(24.5 %)
Comprehensive income			241,227				242,528				35,745				0.5 %
Less: Comprehensive income attributable to non-     controlling interests			509				3,627				535				612.6 %
Comprehensive income attributable to Noah     shareholders			240,718				238,901				35,210				(0.8 %)

 

Noah Holdings Limited Segment Condensed Income Statements (unaudited)
		Three months ended June 30, 2026
		Mainland China public securities				Mainland China asset management				Mainland China insurance				International wealth management				International asset management				International 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			11,777				201				2,032				40,020				8,763				23,887				—				86,680
Recurring service fees			91,332				29,342				—				15,000				20,228				—				—				155,902
Performance-based income			95,716				861				—				—				1				—				—				96,578
Other service fees			—				—				—				4,549				—				16,794				14,373				35,716
Total revenues from others			198,825				30,404				2,032				59,569				28,992				40,681				14,373				374,876
Revenues from funds Gopher/Olive     manages
One-time commissions			632				—				—				—				—				—				—				632
Recurring service fees			8,049				101,616				—				29,376				68,543				—				—				207,584
Performance-based income			366				33,600				—				—				8,822				—				—				42,788
Total revenues from funds Gopher/Olive     manages			9,047				135,216				—				29,376				77,365				—				—				251,004
Total revenues			207,872				165,620				2,032				88,945				106,357				40,681				14,373				625,880
Less: VAT related surcharges			(1,426)				(181)				(7)				—				—				—				(4,367)				(5,981)
Net revenues			206,446				165,439				2,025				88,945				106,357				40,681				10,006				619,899
Operating costs and expenses:
Compensation and benefits Relationship manager compensation			(26,742)				(5,621)				(520)				(53,007)				(10,933)				(2,622)				(1)				(99,446)
Other compensations			(4,547)				(15,204)				(2,540)				(22,846)				(22,569)				(10,184)				(82,771)				(160,661)
Total compensation and benefits			(31,289)				(20,825)				(3,060)				(75,853)				(33,502)				(12,806)				(82,772)				(260,107)
Selling expenses			(2,627)				(1,575)				(76)				(14,093)				(9,501)				(2,275)				(25,935)				(56,082)
General and administrative expenses			(56)				(2,156)				(2,481)				(1,044)				(1,541)				(951)				(66,620)				(74,849)
Provision for credit losses			—				—				—				—				—				(813)				(6,856)				(7,669)
Other operating expenses			(422)				(2,753)				—				(1,252)				(205)				(9,782)				(8,116)				(22,530)
Government subsidies			6,500				4,608				—				—				—				21				6,014				17,143
Total operating costs and expenses			(27,894)				(22,701)				(5,617)				(92,242)				(44,749)				(26,606)				(184,285)				(404,094)
Income (loss) from operations			178,552				142,738				(3,592)				(3,297)				61,608				14,075				(174,279)				215,805

 

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

 

Noah Holdings Limited Supplemental Revenue Information by Geography (unaudited)
		Three months ended
		June 30, 2025				June 30,  2026				Change
		(in thousands of RMB, except percentages)
Revenues:
Mainland China			337,921				389,897				15.4 %
Hong Kong			231,608				172,922				(25.3 %)
Others			65,098				63,061				(3.1 %)
Total revenues			634,627				625,880				(1.4 %)

 

Noah Holdings Limited Supplemental Business Information by Product Types (unaudited)
		Three months ended
		June 30, 2025				June 30, 2026				Change
		(in thousands of RMB, except percentages)
Mainland China:
Public securities products [1]			132,068				207,872				57.4 %
Private equity products			176,876				165,620				(6.4 %)
Insurance products			7,199				2,032				(71.8 %)
Others			21,778				14,373				(34.0 %)
Subtotal			337,921				389,897				15.4 %
International:
Investment products [2]			160,393				164,626				2.6 %
Insurance products			101,387				43,461				(57.1 %)
Online business [3]			10,459				10,097				(3.5 %)
Others			24,467				17,799				(27.3 %)
Subtotal			296,706				235,983				(20.5 %)
Total revenues			634,627				625,880				(1.4 %)
[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 Operational Information (unaudited)
		As of
		June 30, 2025				June 30, 2026				Change
Number of registered clients			464,631				469,987				1.2 %
		Three months ended
		June 30, 2025				June 30, 2026				Change
		(in millions of RMB, except number of active clients and percentages)
Number of active clients			9,160				10,296				12.4 %
Transaction value:
Private equity products			1,000				1,620				62.0 %
Private secondary products			5,975				5,806				(2.8 %)
Mutual fund products			9,264				9,122				(1.5 %)
Other products			736				619				(15.9 %)
Total transaction value			16,975				17,167				1.1 %

 

Noah Holdings Limited Supplemental Information of International Business (unaudited)
		Three months ended
		June 30, 2025				June 30, 2026				Change
Net Revenues from International (RMB, million)			296.7				236.0				(20.5 %)
Number of International Registered Clients			18,967				21,059				11.0 %
Number of International Active Clients			3,650				3,494				(4.3 %)
Transaction Value of International Investment Products (RMB, billion)			8.3				8.7				4.8 %
Number of International Relationship Managers			152				97				(36.2 %)
International Assets Under Management (RMB, billion)			41.4				43.8				5.8 %
International Assets Under Advisory (RMB, billion)			65.2				66.3				1.8 %

 

Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited)
		Three months ended
		June 30,				June 30,
		2025				2026				Change
		RMB'000				RMB'000
Net income attributable to Noah shareholders			178,576				232,183				30.0 %
Adjustment for share-based compensation			13,008				7,242				(44.3 %)
Less: tax effect of adjustments			2,602				1,404				(46.0 %)
Adjusted net income attributable to Noah shareholders (non-GAAP)			188,982				238,021				25.9 %
Net margin attributable to Noah shareholders			28.4 %				37.5 %
Non-GAAP net margin attributable to Noah shareholders			30.0 %				38.4 %
Net income attributable to Noah shareholders per ADS, diluted			2.54				3.37				32.7 %
Non-GAAP net income attributable to Noah shareholders per ADS, diluted			2.69				3.46				28.6 %

 

Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited)
		Six months ended
		June 30,				June 30,
		2025				2026				Change
		RMB'000				RMB'000
Net income attributable to Noah shareholders			327,540				356,898				9.0 %
Adjustment for share-based compensation			37,788				18,591				(50.8 %)
Less: tax effect of adjustments			7,558				3,604				(52.3 %)
Adjusted net income attributable to Noah shareholders (non-GAAP)			357,770				371,885				3.9 %
Net margin attributable to Noah shareholders			26.3 %				28.7 %
Non-GAAP net margin attributable to Noah shareholders			28.8 %				29.9 %
Net income attributable to Noah shareholders per ADS, diluted			4.65				5.15				10.8 %
Non-GAAP net income attributable to Noah shareholders per ADS, diluted			5.08				5.37				5.7 %

 

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SOURCE Noah Holdings Limited

FAQ

How did Noah Holdings (NOAH) perform financially in Q2 2026?

Noah Holdings reported Q2 2026 net revenues of RMB619.9 million, down 1.5% year-on-year. According to Noah, income from operations rose 34.0% to RMB215.8 million, and net income attributable to shareholders increased 30.0% to RMB232.2 million, reflecting tighter cost control.

What was Noah Holdings (NOAH) Q2 2026 non-GAAP net income?

Noah Holdings reported Q2 2026 non-GAAP net income of RMB238.0 million, a 25.9% year-on-year increase. According to Noah, non-GAAP figures exclude share-based compensation effects and benefited from higher operating income and investment income, partially offset by higher income tax expenses.

How did Noah Holdings (NOAH) assets under management change by June 30, 2026?

Noah Holdings’ total AUM was RMB140.9 billion as of June 30, 2026. According to Noah, this compared with RMB145.1 billion a year earlier and RMB140.2 billion on March 31, 2026, reflecting exits and allocations in mainland China private equity products.

What were Noah Holdings (NOAH) client metrics in Q2 2026?

Noah Holdings reported 469,987 registered clients and 10,296 active clients in Q2 2026. According to Noah, registered clients grew 1.2% year-on-year, while active clients increased 12.4% year-on-year but declined 4.2% compared with the first quarter of 2026.

How much investment product did Noah Holdings (NOAH) distribute in Q2 2026?

Noah Holdings distributed investment products with an aggregate value of RMB17.1 billion in Q2 2026. According to Noah, this was slightly above RMB17.0 billion a year earlier but below RMB23.3 billion in Q1 2026, mainly from lower mutual fund and private secondary distribution in mainland China.

How is Noah Holdings (NOAH) international business performing in Q2 2026?

International transaction value reached RMB8.7 billion in Q2 2026, up from RMB8.3 billion a year earlier. According to Noah, actively managed international AUM increased to RMB43.8 billion, while international AUA reached RMB66.3 billion, with AI-driven AUA in Singapore growing 140.0% year-on-year.

What were the key trends in Noah Holdings (NOAH) mainland China segments in Q2 2026?

Mainland China mutual fund distribution was RMB5.5 billion, slightly below last year, and private secondary distribution was RMB2.8 billion. According to Noah, RMB private equity AUM fell to RMB91.8 billion, reflecting continued exits, while mainland China insurance net revenues were RMB2.0 million.