NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2025 AND UNAUDITED FINANCIAL RESULTS FOR FULL YEAR 2025
Rhea-AI Summary
Noah (NYSE: NOAH) reported unaudited preliminary Q4 2025 and full-year 2025 results on March 24, 2026. Q4 net revenues were RMB733.2 million (US$104.9M), +12.5% YoY; FY2025 net revenues were RMB2,610.2 million (US$373.3M), +0.4% YoY. FY net income attributable to shareholders was RMB558.9 million (US$79.9M), +17.5% YoY. The company cited cost control on employee compensation and stronger overseas performance in private equity and secondary products.
Management recast segment reporting and flagged possible fair-value adjustments for funds of funds that may affect audited 2025 results.
Positive
- Q4 net revenues RMB733.2M (+12.5% YoY)
- FY2025 net income attributable to shareholders RMB558.9M (+17.5% YoY)
- Aggregate FY2025 distributed products RMB67.0B (+5.0% YoY)
- Overseas distribution growth: Q4 overseas products RMB8.8B (+24.3% YoY)
Negative
- Q4 net income attributable to shareholders RMB12.8M (−88.3% YoY)
- Non-GAAP Q4 net income RMB25.1M (−81.1% YoY)
- Total AUM down to RMB141.7B from RMB151.5B year‑ago (≈6.5% decline)
News Market Reaction – NOAH
In the Mar 25 session, NOAH declined 1.05%, reflecting a mild negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Peer earnings | Neutral | -1.3% | Trip.com Group reported its Q4 and full-year 2025 financial results. |
| Nov 25 | Q3 2025 earnings | Neutral | -0.7% | Noah posted mixed Q3 2025 results with lower revenue but higher net income. |
| Aug 29 | Q2 2025 earnings | Positive | +5.4% | Strong Q2 2025 results with net revenue and non-GAAP net income growth. |
| Aug 27 | Q2 2025 prelims | Positive | -4.2% | Q2 2025 unaudited results showed revenue and profit growth with overseas strength. |
| May 30 | Q1 2025 earnings | Positive | -4.3% | Q1 2025 results showed higher profitability despite revenue headwinds. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related news has often seen muted-to-negative follow-through: among recent earnings events, some positive reports coincided with declines, while only one showed a clearly positive price reaction.
Across recent earnings-tagged events in 2025–2026, Noah reported improving profitability and growing overseas contributions, but share reactions were frequently flat to negative after announcements. Q1 and Q2 2025 earnings highlighted strong non-GAAP net income growth and expanding international business, yet several of those days saw declines of around a few percent. Against that backdrop, today’s full-year 2025 results, with modest revenue growth and higher net income, arrive after a year of mixed but generally improving fundamentals.
Key Terms
non-gaap financial measures financial
assets under management financial
private equity financial
mutual fund products financial
public securities financial
multi-strategies financial
form 20-f regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.
FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of 2025 were
RMB733.2 million (US ), a$104.9 million 12.5% increase from the corresponding period in 2024 and a15.9% increase quarter-on-quarter, primarily due to an increase in performance-based income generated from overseas private equity products in the fourth quarter of 2025.
- Income from operations for the fourth quarter of 2025 was
RMB257.7 million (US ), an$36.9 million 87.3% increase from the corresponding period in 2024, primarily due to a12.5% increase in net revenues, as well as our cost control strategy on employee compensation in the fourth quarter of 2025. - Net income attributable to Noah shareholders for the fourth quarter of 2025 was
RMB12.8 million (US ), an$1.8 million 88.3% decrease from the corresponding period in 2024, primarily due to an increase in loss from fair value changes in underlying investments made by certain investment in affiliates in the fourth quarter of 2025. - Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2025 was
RMB25.1 million (US ), an$3.6 million 81.1% decrease from the corresponding period in 2024.
[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in Noah's consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2025 and subsequent reporting if necessary |
[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
FULL YEAR 2025 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2025 were
RMB2,610.2 million (US ), a$373.3 million 0.4% increase compared with the corresponding period in 2024. - Income from operations in the full year 2025 was
RMB776.7 million (US ), a$111.1 million 22.5% increase from 2024, primarily due to our cost control strategy on employee compensation. - Net income attributable to Noah shareholders in the full year 2025 was
RMB558.9 million (US ), a$79.9 million 17.5% increase from 2024, primarily due to our cost control strategy on employee compensation and a decrease in loss from fair value changes in underlying investments made by certain investment in affiliates, partially offset by contingent litigation expenses related to Camsing Incident. - Non-GAAP net income attributable to Noah shareholders in the full year 2025 was
RMB611.9 million (US ), an$87.5 million 11.2% increase from 2024.
FOURTH QUARTER AND FULL YEAR 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 December 31, 2025 was 467,870, a
1.3% increase from December 31, 2024 and a0.4% increase from September 30, 2025. Among registered clients as of December 31, 2025, the number of overseas registered clients was 19,993, a13.2% increase from December 31, 2024, and a2.3% increase from September 30, 2025. - Total number of active clients[3] for the fourth quarter of 2025 was 10,261, an increase of
15.8% from the fourth quarter of 2024 and a3.7% decrease from the third quarter of 2025. Among active clients during the fourth quarter of 2025, the number of overseas active clients was 3,263, a12.0% increase from the fourth quarter of 2024 and an8.4% decrease from the third quarter of 2025. Total number of active clients in the full year 2025 was 18,450, an increase of7.2% from 2024. Among active clients during the full year 2025, the number of overseas active clients was 6,231, a12.4% increase from 2024. - Aggregate value of investment products distributed during the fourth quarter of 2025 was
RMB17.0 billion (US ), a$2.4 billion 4.4% increase from the corresponding period in 2024 and a decrease of0.1% quarter-on-quarter. Among the investment products distributed during the fourth quarter of 2025, Noah distributedRMB8.8 billion (US ) of overseas investment products, a$1.3 billion 24.3% increase from the corresponding period in 2024, primarily due to a28.9% increase in distribution of overseas mutual fund products and a28.4% increase in distribution of overseas private secondary products, respectively.
The aggregate value of investment products distributed, categorized by product type, is as follows:
Three months ended December 31, | |||||||
2024 | 2025 | ||||||
(RMB in billions, except percentages) | |||||||
Mutual fund products | 9.8 | 60.1 % | 10.1 | 59.1 % | |||
Private secondary products | 4.7 | 28.8 % | 5.1 | 30.2 % | |||
Private equity products | 1.3 | 8.0 % | 1.3 | 7.7 % | |||
Other products[4] | 0.5 | 3.1 % | 0.5 | 3.0 % | |||
All products | 16.3 | 100.0 % | 17.0 | 100.0 % | |||
[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 December 31, | ||||||
2024 | 2025 | ||||||
(RMB in billions, except percentages) | |||||||
Mutual fund products | 6.6 | 71.7 % | 5.9 | 72.0 % | |||
Private secondary products | 2.4 | 26.1 % | 2.2 | 26.8 % | |||
Other products | 0.2 | 2.2 % | 0.1 | 1.2 % | |||
All products in mainland | 9.2 | 100.0 % | 8.2 | 100.0 % | |||
Type of overseas products | Three months ended December 31, | ||||||
2024 | 2025 | ||||||
(RMB in billions, except percentages) | |||||||
Mutual fund products | 3.2 | 45.1 % | 4.2 | 47.2 % | |||
Private secondary products | 2.3 | 32.4 % | 2.9 | 33.3 % | |||
Private equity products | 1.3 | 18.3 % | 1.3 | 14.9 % | |||
Other products | 0.3 | 4.2 % | 0.4 | 4.6 % | |||
All overseas products | 7.1 | 100.00 % | 8.8 | 100.00 % | |||
- Aggregate value of investment products distributed during the full year 2025 was
RMB67.0 billion (US ), a$9.6 billion 5.0% increase from 2024, primarily due to a significant107.2% increase in distribution of domestic private secondary products partially offset by a decrease in distribution of mutual fund products. Among the investment products distributed during the full year 2025, Noah distributedRMB33.7 billion (US ) of overseas investment products, an$4.8 billion 8.1% increase from the corresponding period of 2024, primarily due to increases in distribution of overseas mutual fund products and in overseas private secondary products, respectively.
The aggregate value of investment products distributed, categorized by product type, is as follows:
Twelve months ended December 31, | |||||||
2024 | 2025 | ||||||
(RMB in billions, except percentages) | |||||||
Mutual fund products | 39.6 | 62.0 % | 36.0 | 53.7 % | |||
Private secondary products | 16.2 | 25.3 % | 23.1 | 34.5 % | |||
Private equity products | 4.8 | 7.5 % | 4.9 | 7.3 % | |||
Other products | 3.3 | 5.2 % | 3.0 | 4.5 % | |||
All products | 63.9 | 100.0 % | 67.0 | 100.0 % | |||
The aggregate value of investment products distributed, categorized by geography, is as follows：
Type of products in mainland | Twelve months ended December 31, | ||||||||||||||
2024 | 2025 | ||||||||||||||
(RMB in billions, except percentages) | |||||||||||||||
Mutual fund products | 25.7 | 78.4 % | 21.2 | 63.7 % | |||||||||||
Private secondary products | 5.4 | 16.4 % | 11.1 | 33.3 % | |||||||||||
Other products | 1.7 | 5.2 % | 1.0 | 3.0 % | |||||||||||
All products in mainland | 32.8 | 100.0 % | 33.3 | 100.0 % | |||||||||||
Type of overseas products | Twelve months ended December 31, | ||||||||||||||
2024 | 2025 | ||||||||||||||
(RMB in billions, except percentages) | |||||||||||||||
Mutual fund products | 13.9 | 44.8 % | 14.8 | 44.0 % | |||||||||||
Private secondary products | 10.8 | 34.7 % | 12.0 | 35.6 % | |||||||||||
Private equity products | 4.8 | 15.4 % | 4.9 | 14.5 % | |||||||||||
Other products | 1.6 | 5.1 % | 2.0 | 5.9 % | |||||||||||
All Overseas products | 31.1 | 100.0 % | 33.7 | 100.0 % | |||||||||||
- Coverage network in mainland
China included 16 cities as of December 31, 2025, compared with 11 cities as of December 31, 2024, and 16 cities as of September 30, 2025. - Aggregate number of overseas relationship managers was 140 as of December 31, 2025, an increase of
1.4% from December 31, 2024, and an increase of2.9% from September 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
- Total assets under management as of December 31, 2025 remained relatively stable at
RMB141.7 billion (US ), compared with$20.3 billion RMB143.5 billion as of September 30, 2025 andRMB151.5 billion as of December 31, 2024. MainlandChina assets under management as of December 31, 2025 wereRMB99.3 billion (US ), compared with$14.2 billion RMB108.9 billion as of December 31, 2024, andRMB101.3 billion as of September 30, 2025. Overseas assets under management as of December 31, 2025 wereRMB42.4 billion (US ), compared with$6.1 billion RMB42.6 billion as of December 31, 2024, andRMB42.2 billion as of September 30, 2025.
Total assets under management, categorized by investment type, are as follows:
Investment type | As of |
|
| As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 128.1 | 89.3 % | 0.7 | 1.8 | 127.0 | 89.6 % | |||||
Public securities[6] | 8.8 | 6.1 % | 1.8 | 2.0 | 8.6 | 6.1 % | |||||
Real estate | 4.7 | 3.3 % | 0.1 | 0.7 | 4.1 | 2.9 % | |||||
Multi-strategies | 1.9 | 1.3 % | - | (0.1) | 2.0 | 1.4 % | |||||
All Investments | 143.5 | 100.0 % | 2.6 | 4.4 | 141.7 | 100.0 % | |||||
[5] The asset allocation/redemption of overseas 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. |
Investment type | As of |
|
| As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 131.5 | 86.8 % | 1.5 | 6.0 | 127.0 | 89.6 % | |||||
Public securities | 9.4 | 6.2 % | 6.6 | 7.4 | 8.6 | 6.1 % | |||||
Real estate | 6.2 | 4.1 % | 0.2 | 2.3 | 4.1 | 2.9 % | |||||
Multi-strategies | 3.9 | 2.6 % | - | 1.9 | 2.0 | 1.4 % | |||||
Others | 0.5 | 0.3 % | - | 0.5 | - | - | |||||
All Investments | 151.5 | 100.0 % | 8.3 | 18.1 | 141.7 | 100.0 % | |||||
Total assets under management, categorized by geography, are as follows:
Mainland | As of |
| Allocation/ Redemption | As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 94.8 | 93.6 % | - | 1.2 | 93.6 | 94.3 % | |||||
Public securities | 4.4 | 4.3 % | 0.2 | 0.5 | 4.1 | 4.1 % | |||||
Real estate | 0.7 | 0.7 % | - | 0.5 | 0.2 | 0.2 % | |||||
Multi-strategies | 1.4 | 1.4 % | - | - | 1.4 | 1.4 % | |||||
All Investments | 101.3 | 100.0 % | 0.2 | 2.2 | 99.3 | 100.0 % | |||||
Mainland | As of |
| Allocation/ Redemption | As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 98.6 | 90.5 % | - | 5.0 | 93.6 | 94.3 % | |||||
Public securities | 5.3 | 4.9 % | 1.1 | 2.3 | 4.1 | 4.1 % | |||||
Real estate | 2.2 | 2.0 % | - | 2.0 | 0.2 | 0.2 % | |||||
Multi-strategies | 2.3 | 2.1 % | - | 0.9 | 1.4 | 1.4 % | |||||
Others | 0.5 | 0.5 % | - | 0.5 | - | - | |||||
All Investments | 108.9 | 100.0 % | 1.1 | 10.7 | 99.3 | 100.0 % | |||||
Overseas Investment type | As of September 30, |
| Allocation/ Redemption | As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 33.3 | 78.9 % | 0.7 | 0.6 | 33.4 | 78.8 % | |||||
Public securities | 4.4 | 10.4 % | 1.6 | 1.5 | 4.5 | 10.6 % | |||||
Real estate | 4.0 | 9.5 % | 0.1 | 0.2 | 3.9 | 9.2 % | |||||
Multi-strategies | 0.5 | 1.2 % | - | (0.1) | 0.6 | 1.4 % | |||||
All Investments | 42.2 | 100.0 % | 2.4 | 2.2 | 42.4 | 100.0 % | |||||
Overseas Investment type | As of December 31, |
| Allocation/ Redemption | As of | |||||||
(RMB billions, except percentages) | |||||||||||
Private equity | 32.9 | 77.2 % | 1.5 | 1.0 | 33.4 | 78.8 % | |||||
Public securities | 4.1 | 9.6 % | 5.5 | 5.1 | 4.5 | 10.6 % | |||||
Real estate | 4.0 | 9.4 % | 0.2 | 0.3 | 3.9 | 9.2 % | |||||
Multi-strategies | 1.6 | 3.8 % | - | 1.0 | 0.6 | 1.4 % | |||||
All Investments | 42.6 | 100.0 % | 7.2 | 7.4 | 42.4 | 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 chairlady of Noah, commented, "As we reflect on 2025, it was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the more meaningful shift was in the quality of our earnings and the resilience of our operating model. Our disciplined organizational optimization and structural strengthening over the past two years have begun to translate into tangible operating resilience, reinforcing the foundation upon which we build our future.
We started the institutional integration of AI across our global platform, where AI is no longer merely an auxiliary tool but is becoming part of Noah's structural infrastructure. By embedding AI into client service, empowering our relationship managers with intelligent capabilities, and enhancing our global platform coordination, we have strengthened our organizational leverage and reinforced a model for scalable growth.
At the same time, we continued advancing our global strategy and improving the quality of our revenue mix toward a more AUM-driven structure. Overseas revenue accounted for approximately half of total revenues in 2025, reflecting the continued deepening of our international business development. Notably, our strategic shift toward investment products led to significant growth in investment products-related commissions and performance-based income, which became key contributors to our overall performance during the year.
With a solid balance sheet and a long-term capital allocation philosophy, we remain committed to sharing value with our shareholders. Based on our 2025 results, the Board has proposed a total dividend equivalent to
Entering 2026, Noah stands structurally different from where we were two years ago. We are beginning to see new growth momentum emerge — driven by the continued expansion of our international platform, improving global capabilities and the integration of AI across our organization. While the environment remains dynamic, we believe the combination of structural resilience and evolving growth drivers will support a more sustainable path over time."
FOURTH QUARTER 2025 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2025 were
Net Revenues under the segmentation is as follows:
(RMB millions, except percentages) | Q4 2024 | Q4 2025 | YoY Change | ||
Domestic public securities[7] | 146.2 | 191.4 | 30.9 % | ||
Domestic asset management[8] | 198.7 | 159.1 | (20.0 %) | ||
Domestic insurance[9] | 3.9 | 0.3 | (91.5 %) | ||
Overseas wealth management[10] | 156.6 | 109.9 | (29.8 %) | ||
Overseas asset management[11] | 101.4 | 216.1 | 113.2 % | ||
Overseas insurance and comprehensive services[12] | 31.9 | 42.4 | 33.0 % | ||
Headquarters | 13.2 | 14.0 | 6.4 % | ||
Total net revenues | 651.9 | 733.2 | 12.5 % |
- Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2025 were
RMB191.4 million (US ), a$27.4 million 30.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from the 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 fourth quarter of 2025 were
RMB159.1 million (US ), a$22.8 million 20.0% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees and performance-based income generated from domestic private equity products. - Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2025 were
RMB0.3 million , a91.5% 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 fourth quarter of 2025 were
RMB109.9 million (US ), a$15.7 million 29.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products. - Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were
RMB216.1 million (US ), a significant$30.9 million 113.2% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity investment products. - 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 fourth quarter of 2025 were
RMB42.4 million (US ), a$6.1 million 33.0% increase from the corresponding period in 2024, primarily 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 fourth quarter of 2025 wereRMB14.0 million (US ), compared with$2.0 million RMB13.2 million for the corresponding period in 2024, maintaining a relatively stable trend.
[7] Operates under the Noah Upright brand |
[8] Operates under the Gopher Asset Management brand |
[9] Operates under the Glory brand |
[10] Operates under the ARK Wealth Management brand |
[11] Operates under the Olive Asset Management brand |
[12] Operates under the Glory Family Heritage brand |
Operating Costs and Expenses
Operating costs and expenses for the fourth quarter of 2025 were
- Operating costs and expenses for domestic public securities for the fourth quarter of 2025 were
RMB47.7 million (US ), a$6.8 million 44.0% increase from the corresponding period in 2024, mainly due to an increase in general marketing activities and a decrease in income gained from government subsidies in the fourth quarter of 2025. - Operating costs and expenses for domestic asset management for the fourth quarter of 2025 were
RMB37.2 million (US ), an$5.3 million 8.8% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the fourth quarter of 2025. - Operating costs and expenses for domestic insurance for the fourth quarter of 2025 were
RMB6.9 million (US ), a$1.0 million 57.1% 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 fourth quarter of 2025 were
RMB101.8 million (US ), a$14.6 million 30.9% 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, as well as decreases in other compensation and general marketing activities. - Operating costs and expenses for overseas asset management for the fourth quarter of 2025 were
RMB49.8 million (US ), a$7.1 million 158.5% increase from the corresponding period in 2024, which is consistent with the growth in our revenue from overseas investment products. - Operating costs and expenses for overseas insurance and comprehensive services for the fourth quarter of 2025 were
RMB33.3 million (US ), an$4.8 million 8.8% 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 fourth quarter of 2025 were
RMB198.8 million (US ), a$28.4 million 12.5% decrease from the corresponding period in 2024, primarily due to cost control measures on employee compensation, as well as decreases in provisions 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) | Q4 2024 | Q4 2025 | YoY Change | ||||
Domestic public securities | 113.1 | 143.7 | 27.0 % | ||||
Domestic asset management | 157.9 | 121.9 | (22.8 %) | ||||
Domestic insurance | (12.0) | (6.5) | (45.8 %) | ||||
Overseas wealth management | 9.2 | 8.1 | (11.9 %) | ||||
Overseas asset management | 82.1 | 166.3 | 102.5 % | ||||
Overseas insurance and comprehensive services | 1.3 | 9.1 | 613.4 % | ||||
Headquarters | (214.0) | (184.9) | (13.7 %) | ||||
Total income from operations | 137.6 | 257.7 | 87.3 % |
- Income from operations for domestic public securities for the fourth quarter of 2025 was
RMB 143.7million (US ), a$20.5 million 27.0% increase from the corresponding period in 2024. - Income from operations for domestic asset management for the fourth quarter of 2025 was
RMB121.9 million (US ), a$17.4 million 22.8% decrease from the corresponding period in 2024. - Loss from operations for domestic insurance for the fourth quarter of 2025 was
RMB6.5 million (US ), a$0.9 million 45.8% decrease from the corresponding period in 2024. - Income from operations for overseas wealth management for the fourth quarter of 2025 was
RMB8.1 million (US ), an$1.2 million 11.9% decrease from the corresponding period in 2024. - Income from operations for overseas asset management for the fourth quarter of 2025 was
RMB166.3 million (US ), a$23.8 million 102.5% increase from the corresponding period in 2024. - Income from operations for overseas insurance and comprehensive services for the fourth quarter of 2025 was
RMB9.1 million (US ), a$1.3 million 613.4% increase from the corresponding period in 2024. - Loss from operations for headquarters for the fourth quarter of 2025 was
RMB184.9 million (US ), a$26.4 million 13.7% decrease from the corresponding period in 2024.
Operating Margin
Operating margin for the fourth quarter of 2025 was
Interest Income
Interest income for the fourth quarter of 2025 was
Investment Income
Investment income for the fourth quarter of 2025 was
Income Tax Expense
Income tax expenses for the fourth quarter of 2025 were
Net Income
- Net Income
- Net income for the fourth quarter of 2025 was
RMB10.0 million (US ), a$1.4 million 91.2% decrease from the corresponding period in 2024. - Net margin for the fourth quarter of 2025 was
1.4% , compared with17.4% for the corresponding period in 2024. - Net income attributable to Noah shareholders for the fourth quarter of 2025 was
RMB12.8 million (US ), an$1.8 million 88.3% decrease from the corresponding period in 2024. - Net margin attributable to Noah shareholders for the fourth quarter of 2025 was
1.7% , compared with16.8% for the corresponding period in 2024. - Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2025 was
RMB0.18 (US ) and$0.03 RMB0.18 (US ), respectively, compared with$0.03 RMB1.56 andRMB1.55 respectively, for the corresponding period in 2024.
- Net income for the fourth quarter of 2025 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2025 was
RMB25.1 million (US ), an$3.6 million 81.1% decrease from the corresponding period in 2024. - Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2025 was
3.4% , compared with20.3% for the corresponding period in 2024. - Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2025 was
RMB0.36 (US ), compared with$0.05 RMB1.87 for the corresponding period in 2024.
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2025 was
FULL YEAR 2025 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2025 were
Net Revenues under the segmentation is as follows:
(RMB millions, except percentages) | FY 2024 | FY 2025 | YoY Change | ||
Domestic public securities | 488.8 | 566.5 | 15.9 % | ||
Domestic asset management | 772.0 | 692.5 | (10.3 %) | ||
Domestic insurance | 42.9 | 18.6 | (56.5 %) | ||
Overseas wealth management | 674.7 | 547.5 | (18.8 %) | ||
Overseas asset management | 438.5 | 553.9 | 26.3 % | ||
Overseas insurance and comprehensive services | 138.9 | 178.8 | 28.8 % | ||
Headquarters | 45.2 | 52.4 | 15.9 % | ||
Total net revenues | 2,601.0 | 2,610.2 | 0.4 % |
- Net revenues for domestic public securities for 2025 were
RMB566.5 million (US ), a$81.0 million 15.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from domestic private secondary products. - Net revenues for domestic asset management for 2025 were
RMB692.5 million (US ), a$99.0 million 10.3% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees from domestic private equity products. - Net revenues for domestic insurance for 2025 were
RMB18.6 million (US ), a$2.7 million 56.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products. - Net revenues for overseas wealth management for 2025 were
RMB547.5 million (US ), an$78.3 million 18.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products. - Net revenues for overseas asset management for 2025 were
RMB553.9 million (US ), a$79.2 million 26.3% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity products, as well as increases in one-time commissions and recurring service fees gained from the distribution of overseas private investment products. - Net revenues for overseas insurance and comprehensive services for 2025 were
RMB178.8 million (US ), a$25.6 million 28.8% 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.
- Net revenues for headquarters for 2025 were
RMB52.4 million (US ), a$7.5 million 15.9% increase from the corresponding period in 2024, primarily due to more value-added services that we offered to our high net worth clients.
Operating costs and expenses
Operating costs and expenses for 2025 were
- Operating costs and expenses for domestic public securities for 2025 were
RMB139.1 million (US ), an$19.9 million 18.1% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025. - Operating costs and expenses for domestic asset management for 2025 were
RMB126.2 million (US ), a$18.0 million 36.3% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a decrease in one-off expenses that Gopher paid to one of its funds as a general partner. - Operating costs and expenses for domestic insurance for 2025 were
RMB53.1 million (US ), a$7.6 million 57.3% 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 2025 were
RMB404.9 million (US ), a$57.9 million 28.9% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions. - Operating costs and expenses for overseas asset management for 2025 were
RMB144.7 million (US ), a$20.7 million 70.4% increase from the corresponding period in 2024, which is consistent with the growth in revenue from overseas investment products managed by Olive Asset Management. - Operating costs and expenses for overseas insurance and comprehensive services for 2025 were
RMB124.9 million (US ), a$17.9 million 33.7% 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 2025 were
RMB840.7 million (US ), a$120.2 million 15.6% increase from the corresponding period in 2024, primarily due to an increase in provisions for credit losses related to the suspended lending business, as well as an increase in professional consulting and legal services fees.
Income(loss) from operations
Income(loss) from operations under the segmentation is as follows:
(RMB millions, except percentages) | FY 2024 | FY 2025 | YoY Change | ||||
Domestic public securities | 319.0 | 427.4 | 34.0 % | ||||
Domestic asset management | 574.1 | 566.3 | (1.4 %) | ||||
Domestic insurance | (81.6) | (34.5) | (57.8 %) | ||||
Overseas wealth management | 105.5 | 142.7 | 35.3 % | ||||
Overseas asset management | 353.6 | 409.2 | 15.7 % | ||||
Overseas insurance and comprehensive services | 45.5 | 53.9 | 18.6 % | ||||
Headquarters | (682.2) | (788.3) | 15.6 % | ||||
Total income from operations | 633.9 | 776.7 | 22.5 % |
- Income from operations for domestic public securities for 2025 was
RMB427.4 million (US ), a$61.1 million 34.0% increase from the corresponding period in 2024. - Income from operations for domestic asset management for 2025 was
RMB566.3 million (US ), a$81.0 million 1.4% decrease from the corresponding period in 2024. - Loss from operations for domestic insurance for 2025 was
RMB34.5 million (US ), a$4.9 million 57.8% decrease from the corresponding period in 2024. - Income from operations for overseas wealth management for 2025 was
RMB142.7 million (US ), a$20.4 million 35.3% increase from the corresponding period in 2024. - Income from operations for overseas asset management for 2025 was
RMB409.2 million (US ), a$58.5 million 15.7% increase from the corresponding period in 2024. - Income from operations for overseas insurance and comprehensive services for 2025 was
RMB53.9 million (US ), an$7.7 million 18.6% increase from the corresponding period in 2024. - Loss from operations for headquarters for 2025 was
RMB788.3 million (US ), a$112.7 million 15.6% increase from the corresponding period in 2024.
Operating Margin
Operating margin for 2025 was
Interest Income
Interest income for 2025 was
Investment Income
Investment income for 2025 was
Income Tax Expenses
Income tax expenses for 2025 were
Net Income
- Net Income
- Net income for 2025 was
RMB557.2 million (US ), a$79.7 million 14.4% increase from 2024. - Net margin for 2025 was
21.3% , compared with18.7% for 2024. - Net income attributable to Noah shareholders for 2025 was
RMB558.9 million (US ), a$79.9 million 17.5% increase from 2024. - Net margin attributable to Noah shareholders for 2025 was
21.4% , compared with18.3% for the corresponding period in 2024. - Net income attributable to Noah shareholders per basic and diluted ADS for 2025 was
RMB8.01 (US ) and$1.15 RMB7.94 (US ), respectively, compared with$1.14 RMB6.78 andRMB6.75 , respectively, for the corresponding period in 2024.
- Net income for 2025 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for 2025 was
RMB611.9 million (US ), an$87.5 million 11.2% increase from 2024. - Non-GAAP net margin attributable to Noah shareholders for 2025 was
23.4% , compared with21.2% for the corresponding period in 2024. - Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2025 was
RMB8.69 (US ), compared with$1.24 RMB7.81 for the corresponding period in 2024.
- Non-GAAP net income attributable to Noah shareholders for 2025 was
BALANCE SHEET AND CASH FLOW
As of December 31, 2025, the Company had
Net cash inflow from the Company's operating activities during the fourth quarter of 2025 was
Net cash inflow from the Company's investing activities during the fourth quarter of 2025 was
Net cash outflow from the Company's financing activities was
ANNUAL AND SPECIAL DIVIDEND
On March 24, 2026, the Company's Board of Directors (the "Board") approved, subject to shareholder approval at the AGM, an annual dividend of approximately
CONFERENCE CALL
The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2025 Results and recent business activities. Details of the conference call are as follows:
Dial-in details： | |
Conference title： | Noah Holdings 4Q and Full Year 2025 Earnings Conference Call |
Date/Time： | Tuesday, March 24, 2026 at 8:00 p.m., Wednesday, March 25, 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 Toll Free: | 4001-206115 |
– International Toll: | 1-412-317-6061 |
Participant Password: | 5020907 |
A telephone replay will be available starting approximately one hour after the end of the conference until March 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8287514.
DISCUSSION ON NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance with
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with
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
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
In 2025, Noah distributed
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 December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, Noah had established branches and service capabilities across mainland
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 fourth quarter of 2025 and unaudited financial results for the full year ended December 31, 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
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-8292
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
As of | ||||||||
September 30, 2025 | December 31, 2025 | December | ||||||
RMB'000 | RMB'000 | USD'000 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 3,837,367 | 4,360,918 | 623,603 | |||||
Restricted cash | 6,071 | 11,143 | 1,593 | |||||
Short-term investments | 1,157,410 | 657,563 | 94,030 | |||||
Accounts receivable, net | 358,143 | 420,132 | 60,078 | |||||
Amounts due from related parties | 568,979 | 596,800 | 85,341 | |||||
Loans receivable, net | 117,598 | 112,416 | 16,075 | |||||
Other current assets | 330,699 | 201,573 | 28,827 | |||||
Total current assets | 6,376,267 | 6,360,545 | 909,547 | |||||
Long-term investments, net | 785,992 | 1,172,012 | 167,595 | |||||
Investment in affiliates | 1,469,275 | 1,326,131 | 189,634 | |||||
Property and equipment, net | 2,377,786 | 2,356,440 | 336,966 | |||||
Operating lease right-of-use assets, net | 98,947 | 103,027 | 14,733 | |||||
Deferred tax assets | 317,007 | 310,287 | 44,370 | |||||
Other non-current assets | 120,668 | 112,492 | 16,086 | |||||
Total Assets | 11,545,942 | 11,740,934 | 1,678,931 | |||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accrued payroll and welfare expenses | 346,233 | 407,558 | 58,280 | |||||
Income tax payable | 117,029 | 147,510 | 21,094 | |||||
Deferred revenues | 72,207 | 54,398 | 7,779 | |||||
Contingent liabilities | 462,042 | 505,496 | 72,285 | |||||
Other current liabilities | 340,086 | 312,240 | 44,650 | |||||
Total current liabilities | 1,337,597 | 1,427,202 | 204,088 | |||||
Deferred tax liabilities | 240,363 | 263,608 | 37,695 | |||||
Operating lease liabilities, non-current | 59,634 | 60,344 | 8,629 | |||||
Other non-current liabilities | 9,701 | 6,820 | 975 | |||||
Total Liabilities | 1,647,295 | 1,757,974 | 251,387 | |||||
Equity | 9,898,647 | 9,982,960 | 1,427,544 | |||||
Total Liabilities and Equity | 11,545,942 | 11,740,934 | 1,678,931 | |||||
Noah Holdings Limited | |||||||
Condensed Consolidated Income Statements | |||||||
(unaudited) | |||||||
Three months ended | |||||||
December 31, | December 31, | December 31, | Change | ||||
2024 | 2025 | 2025 | |||||
Revenues: | RMB'000 | RMB'000 | USD'000 | ||||
Revenues from others: | |||||||
One-time commissions | 131,086 | 106,411 | 15,217 | (18.8 %) | |||
Recurring service fees | 158,733 | 162,613 | 23,253 | 2.4 % | |||
Performance-based income | 34,824 | 82,361 | 11,777 | 136.5 % | |||
Other service fees | 52,434 | 40,250 | 5,756 | (23.2 %) | |||
Total revenues from others | 377,077 | 391,635 | 56,003 | 3.9 % | |||
Revenues from funds | |||||||
One-time commissions | 4,318 | 1,173 | 168 | (72.8 %) | |||
Recurring service fees | 261,904 | 228,277 | 32,643 | (12.8 %) | |||
Performance-based income | 14,490 | 115,929 | 16,578 | 700.1 % | |||
Total revenues from funds | 280,712 | 345,379 | 49,389 | 23.0 % | |||
Total revenues | 657,789 | 737,014 | 105,392 | 12.0 % | |||
Less: VAT related surcharges | (5,882) | (3,768) | (539) | (35.9 %) | |||
Net revenues | 651,907 | 733,246 | 104,853 | 12.5 % | |||
Operating costs and expenses: | |||||||
Compensation and benefits | |||||||
Relationship manager | (149,641) | (126,011) | (18,019) | (15.8 %) | |||
Other compensations | (204,031) | (167,567) | (23,963) | (17.9 %) | |||
Total compensation and | (353,672) | (293,578) | (41,982) | (17.0 %) | |||
Selling expenses | (78,877) | (60,802) | (8,695) | (22.9 %) | |||
General and administrative | (73,483) | (98,077) | (14,025) | 33.5 % | |||
Provision for credit losses | (18,894) | (3,524) | (504) | (81.3 %) | |||
Other operating expenses | (17,198) | (22,208) | (3,176) | 29.1 % | |||
Government subsidies | 27,791 | 2,686 | 384 | (90.3 %) | |||
Total operating costs and | (514,333) | (475,503) | (67,998) | (7.5 %) | |||
Income from operations | 137,574 | 257,743 | 36,855 | 87.3 % | |||
Other income (expense): | |||||||
Interest income | 38,563 | 32,558 | 4,656 | (15.6 %) | |||
Investment income | 18,233 | 19,353 | 2,767 | 6.1 % | |||
Settlement expenses, net | 978 | (400) | (57) | N.A. | |||
Contingent litigation | 14,000 | (50,525) | (7,225) | N.A. | |||
Other income (expense) | 43,829 | (20,968) | (2,998) | N.A. | |||
Total other income(loss) | 115,603 | (19,982) | (2,857) | N.A. | |||
Income before taxes and | 253,177 | 237,761 | 33,998 | (6.1 %) | |||
Income tax expense | (96,612) | (106,045) | (15,164) | 9.8 % | |||
Loss from equity in affiliates | (42,884) | (121,713) | (17,405) | 183.8 % | |||
Net income | 113,681 | 10,003 | 1,429 | (91.2 %) | |||
Less: net income (loss) | |||||||
3,930 | (2,820) | (403) | N.A. | ||||
Net income attributable to | 109,751 | 12,823 | 1,832 | (88.3 %) | |||
Income per ADS, basic | 1.56 | 0.18 | 0.03 | (88.5 %) | |||
Income per ADS, diluted | 1.55 | 0.18 | 0.03 | (88.4 %) | |||
Margin analysis: | |||||||
Operating margin | 21.1 % | 35.2 % | 35.2 % | ||||
Net margin | 17.4 % | 1.4 % | 1.4 % | ||||
Weighted average ADS | |||||||
Basic | 70,296,590 | 69,650,605 | 69,650,605 | ||||
Diluted | 70,901,802 | 70,429,668 | 70,429,668 | ||||
ADS equivalent outstanding at | 66,078,707 | 66,674,068 | 66,674,068 | ||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS. | |||||||
Noah Holdings Limited | |||||||
Condensed Consolidated Income Statements | |||||||
Twelve months ended | |||||||
December 31, | December 31, | December 31, | Change | ||||
2024 | 2025 | 2025 | |||||
(audited) | (unaudited) | (unaudited) | |||||
Revenues: | RMB'000 | RMB'000 | USD'000 | ||||
Revenues from others: | |||||||
One-time commissions | 614,258 | 574,255 | 82,117 | (6.5 %) | |||
Recurring service fees | 631,505 | 624,589 | 89,315 | (1.1 %) | |||
Performance-based income | 47,841 | 116,247 | 16,623 | 143.0 % | |||
Other service fees | 186,108 | 161,299 | 23,065 | (13.3 %) | |||
Total revenues from others | 1,479,712 | 1,476,390 | 211,120 | (0.2 %) | |||
Revenues from funds | |||||||
One-time commissions | 21,288 | 7,284 | 1,042 | (65.8 %) | |||
Recurring service fees | 1,015,436 | 990,515 | 141,642 | (2.5 %) | |||
Performance-based income | 104,898 | 155,598 | 22,250 | 48.3 % | |||
Total revenues from funds | 1,141,622 | 1,153,397 | 164,934 | 1.0 % | |||
Total revenues | 2,621,334 | 2,629,787 | 376,054 | 0.3 % | |||
Less: VAT related surcharges | (20,352) | (19,547) | (2,795) | (4.0 %) | |||
Net revenues | 2,600,982 | 2,610,240 | 373,259 | 0.4 % | |||
Operating costs and expenses: | |||||||
Compensation and benefits | |||||||
Relationship manager | (562,523) | (498,454) | (71,278) | (11.4 %) | |||
Other compensations | (786,928) | (718,098) | (102,687) | (8.7 %) | |||
Total compensation and | (1,349,451) | (1,216,552) | (173,965) | (9.8 %) | |||
Selling expenses | (269,038) | (242,808) | (34,721) | (9.7 %) | |||
General and administrative | (296,751) | (305,590) | (43,699) | 3.0 % | |||
Provision for credit losses | (23,882) | (52,226) | (7,468) | 118.7 % | |||
Other operating expenses | (93,210) | (62,872) | (8,991) | (32.5 %) | |||
Government subsidies | 65,239 | 46,472 | 6,645 | (28.8 %) | |||
Total operating costs and | (1,967,093) | (1,833,576) | (262,199) | (6.8 %) | |||
Income from operations | 633,889 | 776,664 | 111,060 | 22.5 % | |||
Other income (expense): | |||||||
Interest income | 155,751 | 127,547 | 18,239 | (18.1 %) | |||
Investment income | 50,152 | 32,254 | 4,612 | (35.7 %) | |||
Settlement reversal | 12,454 | 956 | 137 | (92.3 %) | |||
Contingent litigation expenses, | 14,000 | (50,182) | (7,176) | N.A. | |||
Other income (loss) | 1,359 | (30,814) | (4,406) | N.A. | |||
Total other income | 233,716 | 79,761 | 11,406 | (65.9 %) | |||
Income before taxes and | 867,605 | 856,425 | 122,466 | (1.3 %) | |||
Income tax expense | (268,591) | (297,811) | (42,586) | 10.9 % | |||
Loss from equity in affiliates | (112,010) | (1,395) | (199) | (98.8 %) | |||
Net income | 487,004 | 557,219 | 79,681 | 14.4 % | |||
Less: net income (loss) | 11,559 | (1,638) | (234) | N.A. | |||
Net income attributable to | 475,445 | 558,857 | 79,915 | 17.5 % | |||
Income per ADS, basic | 6.78 | 8.01 | 1.15 | 18.1 % | |||
Income per ADS, diluted | 6.75 | 7.94 | 1.14 | 17.6 % | |||
Margin analysis: | |||||||
Operating margin | 24.4 % | 29.8 % | 29.8 % | ||||
Net margin | 18.7 % | 21.3 % | 21.3 % | ||||
Weighted average ADS | |||||||
Basic | 70,169,529 | 69,754,984 | 69,754,984 | ||||
Diluted | 70,470,251 | 70,392,528 | 70,392,528 | ||||
ADS equivalent outstanding at | 66,078,707 | 66,674,068 | 66,674,068 | ||||
[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 | ||||||||||||
December 31, | December 31, | December 31, | Change | |||||||||
2024 | 2025 | 2025 | ||||||||||
RMB'000 | RMB'000 | USD'000 | ||||||||||
Net income | 113,681 | 10,003 | 1,429 | (91.2 %) | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Foreign currency translation adjustments | 121,470 | (60,013) | (8,582) | N.A. | ||||||||
Fair value fluctuation of available for sale |
- |
238 |
34 | N.A. | ||||||||
Comprehensive income (loss) | 235,151 | (49,772) | (7,119) | N.A. | ||||||||
Less: Comprehensive income (loss) |
3,918 |
(2,674) |
(382) | N.A. | ||||||||
Comprehensive income (loss) attributable to | 231,233 | (47,098) | (6,737) | N.A. | ||||||||
Noah Holdings Limited | ||||||||||||||
Condensed Comprehensive Income Statements | ||||||||||||||
Twelve months ended | ||||||||||||||
December 31, | December 31, | December 31, | Change | |||||||||||
2024 | 2025 | 2025 | ||||||||||||
(audited) | (unaudited) | (unaudited) | ||||||||||||
RMB'000 | RMB'000 | USD'000 | ||||||||||||
Net income | 487,004 | 557,219 | 79,681 | 14.4 % | ||||||||||
Other comprehensive income, net of tax: | ||||||||||||||
Foreign currency translation |
112,131 | (145,751) | (20,842) | N.A. | ||||||||||
Fair value fluctuation of available for |
- | 945 | 135 | N.A. | ||||||||||
Comprehensive income | 599,135 | 412,413 | 58,974 | (31.2 %) | ||||||||||
Less: Comprehensive income (loss) |
11,758 | (1,647) | (236) | N.A. | ||||||||||
Comprehensive income attributable to |
587,377 | 414,060 | 59,210 | (29.5 %) | ||||||||||
Noah Holdings Limited | ||||||||||||||||||||||||||||
Segment Condensed Income Statements | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Three months ended December 31, 2025 | ||||||||||||||||||||||||||||
Domestic | Domestic | Domestic | Overseas | Overseas | Overseas | 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 | 9,678 | 385 | 343 | 53,050 | 7,823 | 35,132 | - | 106,411 | ||||||||||||||||||||
Recurring service fees | 92,519 | 36,255 | - | 10,152 | 23,687 | - | - | 162,613 | ||||||||||||||||||||
Performance-based income | 81,771 | 585 | - | - | 5 | - | - | 82,361 | ||||||||||||||||||||
Other service fees | - | - | - | 16,883 | - | 7,235 | 16,132 | 40,250 | ||||||||||||||||||||
Total revenues from others | 183,968 | 37,225 | 343 | 80,085 | 31,515 | 42,367 | 16,132 | 391,635 | ||||||||||||||||||||
Revenues from funds | ||||||||||||||||||||||||||||
One-time commissions | 1,173 | - | - | - | - | - | - | 1,173 | ||||||||||||||||||||
Recurring service fees | 7,601 | 121,153 | - | 29,858 | 69,665 | - | - | 228,277 | ||||||||||||||||||||
Performance-based income | 63 | 924 | - | - | 114,942 | - | - | 115,929 | ||||||||||||||||||||
Total revenues from funds |
8,837 |
122,077 | - | 29,858 | 184,607 | - | - |
345,379 | ||||||||||||||||||||
Total revenues | 192,805 | 159,302 | 343 | 109,943 | 216,122 | 42,367 | 16,132 | 737,014 | ||||||||||||||||||||
Less: VAT related surcharges | (1,432) | (244) | (8) | - | - | - | (2,084) | (3,768) | ||||||||||||||||||||
Net revenues | 191,373 | 159,058 | 335 | 109,943 | 216,122 | 42,367 | 14,048 | 733,246 | ||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||||||
Relationship manager | (32,202) | (7,990) | (508) | (60,769) | (15,911) | (8,631) | - | (126,011) | ||||||||||||||||||||
Other compensations | (6,172) | (15,882) | (3,178) | (17,645) | (18,464) | (11,797) | (94,429) | (167,567) | ||||||||||||||||||||
Total compensation and | (38,374) | (23,872) | (3,686) | (78,414) | (34,375) | (20,428) | (94,429) | (293,578) | ||||||||||||||||||||
Selling expenses | (8,418) | (3,091) | (309) | (16,058) | (10,545) | (8,597) | (13,784) | (60,802) | ||||||||||||||||||||
General and administrative | (702) | (3,800) | (2,859) | (2,473) | (4,118) | (2,022) | (82,103) | (98,077) | ||||||||||||||||||||
Provision for (reversal of) | (10) | (4,282) | - | - | - | 2,534 | (1,766) | (3,524) | ||||||||||||||||||||
Other operating expenses | (200) | (3,124) | - | (4,888) | (807) | (4,758) | (8,431) | (22,208) | ||||||||||||||||||||
Government subsidies | 6 | 988 | - | - | - | - | 1,692 | 2,686 | ||||||||||||||||||||
Total operating costs and | (47,698) | (37,181) | (6,854) | (101,833) | (49,845) | (33,271) | (198,821) | (475,503) | ||||||||||||||||||||
Income (loss) from | 143,675 | 121,877 | (6,519) | 8,110 | 166,277 | 9,096 | (184,773) | 257,743 | ||||||||||||||||||||
Noah Holdings Limited | ||||||||||||||||||||||||||||
Segment Condensed Income Statements | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Three months ended December 31, 2024 | ||||||||||||||||||||||||||||
Domestic | Domestic | Domestic | Overseas | Overseas | Overseas | 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 | 10,448 | 55 | 3,971 | 92,234 | 3,166 | 21,212 | - | 131,086 | ||||||||||||||||||||
Recurring service fees | 92,505 | 41,895 | - | 7,237 | 16,887 | - | 209 | 158,733 | ||||||||||||||||||||
Performance-based income | 29,740 | 4,908 | - | - | 176 | - | - | 34,824 | ||||||||||||||||||||
Other service fees | - | - | - | 24,823 | - | 10,638 | 16,973 | 52,434 | ||||||||||||||||||||
Total revenues from others | 132,693 | 46,858 | 3,971 | 124,294 | 20,229 | 31,850 | 17,182 | 377,077 | ||||||||||||||||||||
Revenues from funds | ||||||||||||||||||||||||||||
One-time commissions | 2,889 | - | - | 1,000 | 429 | - | - | 4,318 | ||||||||||||||||||||
Recurring service fees | 12,207 | 145,406 | - | 31,287 | 73,004 | - | - | 261,904 | ||||||||||||||||||||
Performance-based income | 51 | 6,712 | - | - | 7,727 | - | - | 14,490 | ||||||||||||||||||||
Total revenues from funds |
15,147 |
152,118 | - | 32,287 | 81,160 | - | - |
280,712 | ||||||||||||||||||||
Total revenues | 147,840 | 198,976 | 3,971 | 156,581 | 101,389 | 31,850 | 17,182 | 657,789 | ||||||||||||||||||||
Less: VAT related surcharges | (1,605) | (271) | (26) | - | - | - | (3,980) | (5,882) | ||||||||||||||||||||
Net revenues | 146,235 | 198,705 | 3,945 | 156,581 | 101,389 | 31,850 | 13,202 | 651,907 | ||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||||||
Relationship manager | (29,268) |
(22,172) | (4,435) | (88,651) | (575) | (4,540) | - |
(149,641) | ||||||||||||||||||||
Other compensations | (8,645) | (15,709) | (7,520) | (29,584) | (13,843) | (11,468) | (117,262) | (204,031) | ||||||||||||||||||||
Total compensation and | (37,913) | (37,881) | (11,955) | (118,235) | (14,418) | (16,008) | (117,262) | (353,672) | ||||||||||||||||||||
Selling expenses | (2,689) | (3,493) | (1,100) | (26,829) | (3,545) | (5,036) | (36,185) | (78,877) | ||||||||||||||||||||
General and administrative | (535) | (5,022) | (2,963) | (2,314) | (1,322) | (3,497) | (57,830) | (73,483) | ||||||||||||||||||||
Provision for credit losses | - | - | - | - | - | (1,912) | (16,982) | (18,894) | ||||||||||||||||||||
Other operating expenses | (681) | (512) | (430) | - | - | (4,122) | (11,453) | (17,198) | ||||||||||||||||||||
Government subsidies | 8,689 | 6,135 | 470 | - | - | - | 12,497 | 27,791 | ||||||||||||||||||||
Total operating costs and | (33,129) | (40,773) | (15,978) | (147,378) | (19,285) | (30,575) | (227,215) | (514,333) | ||||||||||||||||||||
Income (loss) from | 113,106 | 157,932 | (12,033) | 9,203 | 82,104 | 1,275 | (214,013) | 137,574 | ||||||||||||||||||||
Noah Holdings Limited | |||||||||||||||||||||||||||
Segment Condensed Income Statements | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Twelve months ended December 31, 2025 | |||||||||||||||||||||||||||
Domestic | Domestic | Domestic | Overseas | Overseas | Overseas | 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 | 53,152 | 1,243 | 18,772 | 320,221 | 30,264 | 150,603 | - | 574,255 | |||||||||||||||||||
Recurring service fees | 352,345 | 143,040 | - | 38,765 | 90,439 | - | - | 624,589 | |||||||||||||||||||
Performance-based income | 115,467 | 630 | - | - | 150 | - | - | 116,247 | |||||||||||||||||||
Other service fees | - | - | - | 65,782 | - | 28,191 | 67,326 | 161,299 | |||||||||||||||||||
Total revenues from others | 520,964 | 144,913 | 18,772 | 424,768 | 120,853 | 178,794 | 67,326 | 1,476,390 | |||||||||||||||||||
Revenues from funds | |||||||||||||||||||||||||||
One-time commissions | 6,682 | 188 | - | 290 | 124 | - | - | 7,284 | |||||||||||||||||||
Recurring service fees | 40,708 | 541,537 | - | 122,482 | 285,788 | - | - | 990,515 | |||||||||||||||||||
Performance-based income | 1,923 | 6,505 | - | - | 147,170 | - | - | 155,598 | |||||||||||||||||||
Total revenues from funds |
49,313 |
548,230 |
- | 122,772 | 433,082 | - | - | 1,153,397 | |||||||||||||||||||
Total revenues | 570,277 | 693,143 | 18,772 | 547,540 | 553,935 | 178,794 | 67,326 | 2,629,787 | |||||||||||||||||||
Less: VAT related surcharges | (3,788) | (675) | (124) | - | - | - | (14,960) | (19,547) | |||||||||||||||||||
Net revenues | 566,489 | 692,468 | 18,648 | 547,540 | 553,935 | 178,794 | 52,366 | 2,610,240 | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||||||
Relationship manager | (107,156) | (45,299) | (15,462) | (254,769) | (44,221) | (31,547) | - | (498,454) | |||||||||||||||||||
Other compensations | (26,423) | (63,870) | (22,190) | (79,764) | (63,510) | (48,202) | (414,139) | (718,098) | |||||||||||||||||||
Total compensation and | (133,579) | (109,169) | (37,652) | (334,533) | (107,731) | (79,749) | (414,139) | (1,216,552) | |||||||||||||||||||
Selling expenses | (17,279) | (9,405) | (5,025) | (59,625) | (30,361) | (18,680) | (102,433) | (242,808) | |||||||||||||||||||
General and administrative | (898) | (10,154) | (10,034) | (5,829) | (5,829) | (6,516) | (266,330) | (305,590) | |||||||||||||||||||
(Reversal of) provision for | 2,424 | (9,071) | 0 | - | - | 5,356 | (50,935) | (52,226) | |||||||||||||||||||
Other operating expenses | (1,757) | 1,891 | (406) | (4,888) | (807) | (25,284) | (31,621) | (62,872) | |||||||||||||||||||
Government subsidies | 11,977 | 9,705 | 12 | - | 11 | 22 | 24,745 | 46,472 | |||||||||||||||||||
Total operating costs and | (139,112) | (126,203) | (53,105) | (404,875) | (144,717) | (124,851) | (840,713) | (1,833,576) | |||||||||||||||||||
Income (loss) from operations | 427,377 | 566,265 | (34,457) | 142,665 | 409,218 | 53,943 | (788,347) | 776,664 | |||||||||||||||||||
Noah Holdings Limited | |||||||||||||||||||||||||||
Segment Condensed Income Statements | |||||||||||||||||||||||||||
(Audited) | |||||||||||||||||||||||||||
Twelve months ended December 31, 2024 | |||||||||||||||||||||||||||
Domestic | Domestic | Domestic | Overseas | Overseas | Overseas | 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 | 18,619 | 1,354 | 43,204 | 435,937 | 14,785 | 100,359 | - | 614,258 | |||||||||||||||||||
Recurring service fees | 365,992 | 188,545 | - | 22,694 | 52,952 | - | 1,322 | 631,505 | |||||||||||||||||||
Performance-based income | 38,058 | 4,908 | - | - | 4,875 | - | - | 47,841 | |||||||||||||||||||
Other service fees | - | - | - | 89,846 | - | 38,507 | 57,755 | 186,108 | |||||||||||||||||||
Total revenues from others | 422,669 | 194,807 | 43,204 | 548,477 | 72,612 | 138,866 | 59,077 | 1,479,712 | |||||||||||||||||||
Revenues from funds | |||||||||||||||||||||||||||
One-time commissions | 13,358 | - | - | 5,551 | 2,379 | - | - | 21,288 | |||||||||||||||||||
Recurring service fees | 56,441 | 556,742 | - | 120,669 | 281,584 | - | - | 1,015,436 | |||||||||||||||||||
Performance-based income | 1,301 | 21,659 | - | - | 81,938 | - | - | 104,898 | |||||||||||||||||||
Total revenues from funds |
71,100 |
578,401 |
- | 126,220 | 365,901 | - | - | 1,141,622 | |||||||||||||||||||
Total revenues | 493,769 | 773,208 | 43,204 | 674,697 | 438,513 | 138,866 | 59,077 | 2,621,334 | |||||||||||||||||||
Less: VAT related surcharges | (5,017) | (1,101) | (337) | - | - | - | (13,897) | (20,352) | |||||||||||||||||||
Net revenues | 488,752 | 772,107 | 42,867 | 674,697 | 438,513 | 138,866 | 45,180 | 2,600,982 | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||||||
Relationship manager | (128,189) | (71,316) | (53,904) | (294,973) | (3,730) | (10,411) | - | (562,523) | |||||||||||||||||||
Other compensations | (42,730) | (80,182) | (41,280) | (154,506) | (55,104) | (46,253) | (366,873) | (786,928) | |||||||||||||||||||
Total compensation and | (170,919) | (151,498) | (95,184) | (449,479) | (58,834) | (56,664) | (366,873) | (1,349,451) | |||||||||||||||||||
Selling expenses | (8,429) | (10,574) | (5,599) | (106,175) | (22,321) | (12,177) | (103,763) | (269,038) | |||||||||||||||||||
General and administrative | (2,012) | (12,807) | (23,696) | (13,589) | (3,759) | (7,307) | (233,581) | (296,751) | |||||||||||||||||||
Provision for credit losses | (88) | (10,083) | - | - | - | (7,307) | (6,404) | (23,882) | |||||||||||||||||||
Other operating expenses | (1,771) | (23,829) | (449) | - | - | (9,944) | (57,217) | (93,210) | |||||||||||||||||||
Government subsidies | 13,448 | 10,796 | 479 | - | - | - | 40,516 | 65,239 | |||||||||||||||||||
Total operating costs and | (169,771) | (197,995) | (124,449) | (569,243) | (84,914) | (93,399) | (727,322) | (1,967,093) | |||||||||||||||||||
Income (loss) from operations | 318,981 | 574,112 | (81,582) | 105,454 | 353,599 | 45,467 | (682,142) | 633,889 | |||||||||||||||||||
Noah Holdings Limited | |||||||
Additional Business Information | |||||||
(unaudited) | |||||||
Three months ended December 31, 2025 | |||||||
Wealth Business | Asset Business | Other | Total | ||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||
Revenues: | |||||||
Revenues from others | |||||||
One-time commissions | 106,411 | - | - | 106,411 | |||
Recurring service fees | 162,613 | - | - | 162,613 | |||
Performance-based income | 82,361 | - | - | 82,361 | |||
Other service fees | 27,150 | - | 13,100 | 40,250 | |||
Total revenues from others | 378,535 | - | 13,100 | 391,635 | |||
Revenues from funds Gopher/Olive | |||||||
One-time commissions | 422 | 751 | - | 1,173 | |||
Recurring service fees | 45,156 | 183,121 | - | 228,277 | |||
Performance-based income | - | 115,929 | - | 115,929 | |||
Total revenues from funds |
45,578 |
299,801 | - | 345,379 | |||
Total revenues | 424,113 | 299,801 | 13,100 | 737,014 | |||
Less: VAT related surcharges | (1,642) | (244) | (1,882) | (3,768) | |||
Net revenues | 422,471 | 299,557 | 11,218 | 733,246 | |||
Operating costs and expenses: | |||||||
Compensation and benefits | |||||||
Relationship manager | (122,938) | (3,073) | - | (126,011) | |||
Other compensations | (109,118) | (53,243) | (5,206) | (167,567) | |||
Total compensation and benefits | (232,056) | (56,316) | (5,206) | (293,578) | |||
Selling expenses | (45,119) | (10,900) | (4,783) | (60,802) | |||
General and administrative | (63,806) | (24,849) | (9,422) | (98,077) | |||
(Reversal of) provision for credit | 758 | (4,282) | - | (3,524) | |||
Other operating expenses | (10,445) | (3,927) | (7,836) | (22,208) | |||
Government subsidies | 698 | 988 | 1,000 | 2,686 | |||
Total operating costs and expenses | (349,970) | (99,286) | (26,247) | (475,503) | |||
Income (loss) from operations | 72,501 | 200,271 | (15,029) | 257,743 | |||
Noah Holdings Limited | |||||||
Additional Business Information | |||||||
(unaudited) | |||||||
Three months ended December 31, 2024 | |||||||
Wealth Business | Asset Business | Other | Total | ||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||
Revenues: | |||||||
Revenues from others | |||||||
One-time commissions | 131,086 | - | - | 131,086 | |||
Recurring service fees | 158,733 | - | - | 158,733 | |||
Performance-based income | 34,824 | - | - | 34,824 | |||
Other service fees | 40,451 | - | 11,983 | 52,434 | |||
Total revenues from others | 365,094 | - | 11,983 | 377,077 | |||
Revenues from funds Gopher/Olive | |||||||
One-time commissions | 3,422 | 896 | - | 4,318 | |||
Recurring service fees | 91,264 | 170,640 | - | 261,904 | |||
Performance-based income | - | 14,490 | - | 14,490 | |||
Total revenues from funds |
94,686 |
186,026 | - |
280,712 | |||
Total revenues | 459,780 | 186,026 | 11,983 | 657,789 | |||
Less: VAT related surcharges | (2,397) | (271) | (3,214) | (5,882) | |||
Net revenues | 457,383 | 185,755 | 8,769 | 651,907 | |||
Operating costs and expenses: | |||||||
Compensation and benefits | |||||||
Relationship manager | (140,276) | (9,365) | - | (149,641) | |||
Other compensations | (136,829) | (56,279) | (10,923) | (204,031) | |||
Total compensation and benefits | (277,105) | (65,644) | (10,923) | (353,672) | |||
Selling expenses | (56,588) | (10,871) | (11,418) | (78,877) | |||
General and administrative | (41,706) | (20,334) | (11,443) | (73,483) | |||
Provision for credit losses | (15,724) | (577) | (2,593) | (18,894) | |||
Other operating expenses | (13,576) | (465) | (3,157) | (17,198) | |||
Government subsidies | 21,645 | 6,135 | 11 | 27,791 | |||
Total operating costs and expenses | (383,054) | (91,756) | (39,523) | (514,333) | |||
Income (loss) from operations | 74,329 | 93,999 | (30,754) | 137,574 | |||
Noah Holdings Limited | |||||||||||||||||||||||
Additional Business Information | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Twelve months ended December 31, 2025 | |||||||||||||||||||||||
Wealth Business | Asset Business | Other | Total | ||||||||||||||||||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenues from others | |||||||||||||||||||||||
One-time commissions | 574,255 | - | - | 574,255 | |||||||||||||||||||
Recurring service fees | 624,589 | - | - | 624,589 | |||||||||||||||||||
Performance-based income | 116,247 | - | - | 116,247 | |||||||||||||||||||
Other service fees | 106,870 | - | 54,429 | 161,299 | |||||||||||||||||||
Total revenues from others | 1,421,961 | - | 54,429 | 1,476,390 | |||||||||||||||||||
Revenues from funds Gopher/Olive | |||||||||||||||||||||||
One-time commissions | 4,029 | 3,255 | - | 7,284 | |||||||||||||||||||
Recurring service fees | 289,620 | 700,895 | - | 990,515 | |||||||||||||||||||
Performance-based income | - | 155,598 | - | 155,598 | |||||||||||||||||||
Total revenues from funds | 293,649 | 859,748 | - | 1,153,397 | |||||||||||||||||||
Total revenues | 1,715,610 | 859,748 | 54,429 | 2,629,787 | |||||||||||||||||||
Less: VAT related surcharges | (6,279) | (677) | (12,591) | (19,547) | |||||||||||||||||||
Net revenues | 1,709,331 | 859,071 | 41,838 | 2,610,240 | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Relationship manager | (490,947) | (7,507) | - | (498,454) | |||||||||||||||||||
Other compensations | (476,917) | (215,432) | (25,749) | (718,098) | |||||||||||||||||||
Total compensation and benefits | (967,864) | (222,939) | (25,749) | (1,216,552) | |||||||||||||||||||
Selling expenses | (173,427) | (48,034) | (21,347) | (242,808) | |||||||||||||||||||
General and administrative | (197,361) | (71,669) | (36,560) | (305,590) | |||||||||||||||||||
(Reversal of) provision for credit | 225 | (9,040) | (43,411) | (52,226) | |||||||||||||||||||
Other operating expenses | (36,053) | (208) | (26,611) | (62,872) | |||||||||||||||||||
Government subsidies | 35,711 | 9,735 | 1,026 | 46,472 | |||||||||||||||||||
Total operating costs and expenses | (1,338,769) | (342,155) | (152,652) | (1,833,576) | |||||||||||||||||||
Income (loss) from operations | 370,562 | 516,916 | (110,814) | 776,664 | |||||||||||||||||||
Noah Holdings Limited | |||||||||||||||||||||||
Additional Business Information | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Twelve months ended December 31, 2024 | |||||||||||||||||||||||
Wealth Business | Asset Business | Other | Total | ||||||||||||||||||||
RMB'000 | RMB'000 | RMB'000 | RMB'000 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenues from others | |||||||||||||||||||||||
One-time commissions | 614,258 | - | - | 614,258 | |||||||||||||||||||
Recurring service fees | 631,505 | - | - | 631,505 | |||||||||||||||||||
Performance-based income | 47,841 | - | - | 47,841 | |||||||||||||||||||
Other service fees | 141,631 | - | 44,477 | 186,108 | |||||||||||||||||||
Total revenues from others | 1,435,235 | - | 44,477 | 1,479,712 | |||||||||||||||||||
Revenues from funds | |||||||||||||||||||||||
One-time commissions | 20,110 | 1,178 | - | 21,288 | |||||||||||||||||||
Recurring service fees | 351,998 | 663,438 | - | 1,015,436 | |||||||||||||||||||
Performance-based income | 1,089 | 103,809 | - | 104,898 | |||||||||||||||||||
Total revenues from funds | 373,197 | 768,425 | - | 1,141,622 | |||||||||||||||||||
Total revenues | 1,808,432 | 768,425 | 44,477 | 2,621,334 | |||||||||||||||||||
Less: VAT related surcharges | (7,726) | (1,081) | (11,545) | (20,352) | |||||||||||||||||||
Net revenues | 1,800,706 | 767,344 | 32,932 | 2,600,982 | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Relationship manager | (531,172) | (31,351) | - | (562,523) | |||||||||||||||||||
Other compensations | (534,031) | (213,668) | (39,229) | (786,928) | |||||||||||||||||||
Total compensation and benefits | (1,065,203) | (245,019) | (39,229) | (1,349,451) | |||||||||||||||||||
Selling expenses | (195,830) | (46,811) | (26,397) | (269,038) | |||||||||||||||||||
General and administrative | (184,688) | (70,795) | (41,268) | (296,751) | |||||||||||||||||||
Provision for (reversal of) credit | (22,157) | (3,698) | 1,973 | (23,882) | |||||||||||||||||||
Other operating expenses | (43,107) | (23,948) | (26,155) | (93,210) | |||||||||||||||||||
Government subsidies | 54,324 | 10,797 | 118 | 65,239 | |||||||||||||||||||
Total operating costs and expenses | (1,456,661) | (379,474) | (130,958) | (1,967,093) | |||||||||||||||||||
Income (loss) from operations | 344,045 | 387,870 | (98,026) | 633,889 | |||||||||||||||||||
Noah Holdings Limited | |||||||
Supplemental Revenue Information by Geography | |||||||
(unaudited) | |||||||
Three months ended | |||||||
December 31, | December 31, | Change | |||||
(in thousands of RMB, except percentages) | |||||||
Revenues: | |||||||
Mainland | 367,969 | 368,582 | 0.2 % | ||||
195,970 | 301,467 | 53.8 % | |||||
Others | 93,850 | 66,965 | (28.6 %) | ||||
Total revenues | 657,789 | 737,014 | 12.0 % | ||||
Noah Holdings Limited | |||||||
Supplemental Revenue Information by Geography | |||||||
Twelve months ended | |||||||
December 31, | December 31, | Change | |||||
(audited) | (unaudited) | ||||||
(in thousands of RMB, except percentages) | |||||||
Revenues: | |||||||
Mainland | 1,369,258 | 1,349,519 | (1.4 %) | ||||
925,846 | 986,362 | 6.5 % | |||||
Others | 326,230 | 293,906 | (9.9 %) | ||||
Total revenues | 2,621,334 | 2,629,787 | 0.3 % | ||||
Noah Holdings Limited | |||||||
Supplement Revenue Information by Product Types | |||||||
(unaudited) | |||||||
Three months ended | |||||||
December 31, | December 31, | Change | |||||
(in thousands of RMB, except percentages) | |||||||
Mainland China: | |||||||
Public securities products [1] | 147,840 | 192,805 | 30.4 % | ||||
Private equity products | 198,976 | 159,302 | (19.9 %) | ||||
Insurance products | 3,971 | 343 | (91.4 %) | ||||
Others | 17,182 | 16,132 | (6.1 %) | ||||
Subtotal | 367,969 | 368,582 | 0.2 % | ||||
Overseas: | |||||||
Investment products [2] | 140,621 | 266,575 | 89.6 % | ||||
Insurance products | 106,058 | 69,929 | (34.1 %) | ||||
Online business [3] | 9,782 | 10,846 | 10.9 % | ||||
Others | 33,359 | 21,082 | (36.8 %) | ||||
Subtotal | 289,820 | 368,432 | 27.1 % | ||||
Total revenues | 657,789 | 737,014 | 12.0 % | ||||
[1] Includes mutual funds and private secondary products. |
[2] Includes non-money market mutual fund products, discretionary products, private secondary products, |
[3] Includes money market mutual fund products, securities brokerage business. |
Noah Holdings Limited | |||||||
Supplement Revenue Information by Product Types | |||||||
Twelve months ended | |||||||
December 31, | December 31, | Change | |||||
(unaudited) | (unaudited) | ||||||
(in thousands of RMB, except percentages) | |||||||
Mainland China: | |||||||
Public securities products [1] | 493,769 | 570,280 | 15.5 % | ||||
Private equity products | 773,208 | 692,423 | (10.4 %) | ||||
Insurance products | 43,204 | 18,772 | (56.6 %) | ||||
Others | 59,077 | 68,044 | 15.2 % | ||||
Subtotal | 1,369,258 | 1,349,519 | (1.4 %) | ||||
Overseas: | |||||||
Investment products [2] | 598,578 | 754,644 | 26.1 % | ||||
Insurance products | 501,799 | 400,213 | (20.2 %) | ||||
Online business [3] | 30,032 | 43,798 | 45.8 % | ||||
Others | 121,667 | 81,613 | (32.9 %) | ||||
Subtotal | 1,252,076 | 1,280,268 | 2.3 % | ||||
Total revenues | 2,621,334 | 2,629,787 | 0.3 % | ||||
[1] Includes mutual funds and private secondary products. |
[2] Includes non-money market mutual fund products, discretionary products, private secondary products, |
[3] Includes money market mutual fund products, securities brokerage business. |
Noah Holdings Limited | |||||
Supplemental Information | |||||
(unaudited) | |||||
As of | |||||
December 31, | December 31, | Change | |||
Number of registered clients | 462,049 | 467,870 | 1.3 % | ||
Three months ended | |||||
December 31, | December 31, | Change | |||
(in millions of RMB, except number of active clients and percentages) | |||||
Number of active clients | 8,862 | 10,261 | 15.8 % | ||
Transaction value: | |||||
Private equity products | 1,255 | 1,298 | 3.4 % | ||
Private secondary products | 4,732 | 5,129 | 8.4 % | ||
Mutual fund products | 9,810 | 10,027 | 2.2 % | ||
Other products | 454 | 511 | 12.6 % | ||
Total transaction value | 16,251 | 16,965 | 4.4 % | ||
Twelve months ended | |||||
December 31, | December 31, | Change | |||
(in millions of RMB, except number of active clients and percentages) | |||||
Number of active clients | 17,210 | 18,450 | 7.2 % | ||
Transaction value: | |||||
Private equity products | 4,775 | 4,856 | 1.7 % | ||
Private secondary products | 16,201 | 23,158 | 42.9 % | ||
Mutual fund products | 39,573 | 36,045 | (8.9 %) | ||
Other products | 3,263 | 2,971 | (9.0 %) | ||
Total transaction value | 63,811 | 67,030 | 5.0 % | ||
Noah Holdings Limited | ||||||
Supplement Information of Overseas Business | ||||||
(unaudited) | ||||||
Three months ended | ||||||
December 31, | December 31, | Change | ||||
Net Revenues from Overseas (RMB, million) | 289.8 | 368.4 | 27.1 % | |||
Number of Overseas Registered Clients | 17,654 | 19,993 | 13.2 % | |||
Number of Overseas Active Clients | 2,914 | 3,263 | 12.0 % | |||
Transaction Value of Overseas Investment Products (RMB, billion) | 7.1 | 8.8 | 24.3 % | |||
Number of Overseas Relationship Managers | 138 | 140 | 1.4 % | |||
Overseas Assets Under Management (RMB, billion) | 42.6 | 42.4 | (0.5 %) | |||
Noah Holdings Limited | |||||||||||
Supplement Information of Overseas Business | |||||||||||
(unaudited) | |||||||||||
Twelve months ended | |||||||||||
December 31, | December 31, | Change | |||||||||
Net Revenues from Overseas (RMB, million) | 1,252.1 | 1,280.3 | 2.3 % | ||||||||
Number of Overseas Registered Clients | 17,654 | 19,993 | 13.2 % | ||||||||
Number of Overseas Active Clients | 5,544 | 6,231 | 12.4 % | ||||||||
Transaction Value of Overseas Investment Products (RMB, billion) | 31.1 | 33.7 | 8.1 % | ||||||||
Number of Overseas Relationship Managers | 138 | 140 | 1.4 % | ||||||||
Overseas Assets Under Management (RMB, billion) | 42.6 | 42.4 | (0.5 %) | ||||||||
Noah Holdings Limited | |||||||
Reconciliation of GAAP to Non-GAAP Results | |||||||
(In RMB, except for per ADS data and percentages) | |||||||
(unaudited) | |||||||
Three months ended | |||||||
December 31, | December 31, | Change | |||||
2024 | 2025 | ||||||
RMB'000 | RMB'000 | ||||||
Net income attributable to Noah shareholders | 109,751 | 12,823 | (88.3 %) | ||||
Adjustment for share-based compensation | 30,705 | 14,173 | (53.8 %) | ||||
Adjustment for settlement expense reversal | (978) | 400 | N.A. | ||||
Less: tax effect of adjustments | 7,030 | 2,320 | (67.0 %) | ||||
Adjusted net income attributable to Noah shareholders (non- |
132,448 |
25,076 | (81.1 %) | ||||
Net margin attributable to Noah shareholders | 16.8 % | 1.7 % | |||||
Non-GAAP net margin attributable to Noah shareholders | 20.3 % | 3.4 % | |||||
Net income attributable to Noah shareholders per ADS, | 1.55 |
0.18 |
(88.4 %) | ||||
Non-GAAP net income attributable to Noah shareholders | 1.87 |
0.36 |
(80.7 %) | ||||
Noah Holdings Limited | ||||||
Reconciliation of GAAP to Non-GAAP Results | ||||||
(In RMB, except for per ADS data and percentages) | ||||||
(unaudited) | ||||||
Twelve months ended | ||||||
December 31 | December 31 | Change | ||||
2024 | 2025 | |||||
RMB'000 | RMB'000 | |||||
Net income attributable to Noah shareholders | 475,445 | 558,857 | 17.5 % | |||
Adjustment for share-based compensation | 109,030 | 66,881 | (38.7 %) | |||
Adjustment for settlement expense reversal | (12,454) | (956) | (92.3 %) | |||
Less: tax effect of adjustments | 21,836 | 12,862 | (41.1 %) | |||
Adjusted net income attributable to Noah shareholders |
550,185 |
611,920 |
11.2 % | |||
Net margin attributable to Noah shareholders | 18.3 % | 21.4 % | ||||
Non-GAAP net margin attributable to Noah shareholders | 21.2 % | 23.4 % | ||||
Net income attributable to Noah shareholders per ADS, |
6.75 |
7.94 |
17.6 % | |||
Non-GAAP net income attributable to Noah shareholders |
7.81 |
8.69 |
11.3 % | |||
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SOURCE Noah Holdings Limited