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NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025

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Noah Holdings (NYSE: NOAH) reported its Q1 2025 financial results with mixed performance. Net revenues decreased 5.4% YoY to RMB614.6 million (US$84.7 million), primarily due to lower insurance product distribution. However, income from operations surged 53.1% YoY to RMB186.0 million, driven by a 21.8% reduction in compensation costs. Net income attributable to shareholders increased 13.3% to RMB149.0 million. The company's overseas business showed resilience, contributing nearly 50% of total revenues. Total assets under management remained stable at RMB149.3 billion. The client base grew with 463,161 registered clients (+1.2% YoY), though active clients decreased 15.1% to 8,822. Notably, overseas registered clients increased 15.8% YoY to 18,207.

Investment product distribution value declined 14.7% YoY to RMB16.1 billion, with overseas products accounting for RMB8.1 billion. The company maintained its strategic focus on international expansion while streamlining domestic operations, reducing mainland China coverage from 18 to 11 cities.

Noah Holdings (NYSE: NOAH) ha riportato i risultati finanziari del primo trimestre 2025 con performance contrastanti. I ricavi netti sono diminuiti del 5,4% su base annua, attestandosi a 614,6 milioni di RMB (84,7 milioni di dollari USA), principalmente a causa di una riduzione nella distribuzione di prodotti assicurativi. Tuttavia, il reddito operativo è aumentato del 53,1% su base annua, raggiungendo 186,0 milioni di RMB, grazie a una riduzione del 21,8% dei costi di compensazione. L'utile netto attribuibile agli azionisti è cresciuto del 13,3%, arrivando a 149,0 milioni di RMB.

Il business estero dell'azienda ha mostrato solidità, contribuendo a quasi il 50% dei ricavi totali. Gli asset totali in gestione sono rimasti stabili a 149,3 miliardi di RMB. La base clienti è aumentata con 463.161 clienti registrati (+1,2% su base annua), anche se i clienti attivi sono diminuiti del 15,1% a 8.822. Notevolmente, i clienti registrati all'estero sono cresciuti del 15,8% su base annua, raggiungendo 18.207.

Il valore della distribuzione di prodotti di investimento è calato del 14,7% su base annua, attestandosi a 16,1 miliardi di RMB, con i prodotti esteri che rappresentano 8,1 miliardi di RMB. L'azienda ha mantenuto il suo focus strategico sull'espansione internazionale, mentre ha ottimizzato le operazioni domestiche, riducendo la copertura nella Cina continentale da 18 a 11 città.
Noah Holdings (NYSE: NOAH) informó sus resultados financieros del primer trimestre de 2025 con un desempeño mixto. Los ingresos netos disminuyeron un 5,4% interanual hasta 614,6 millones de RMB (84,7 millones de dólares estadounidenses), principalmente debido a una menor distribución de productos de seguros. Sin embargo, los ingresos operativos aumentaron un 53,1% interanual hasta 186,0 millones de RMB, impulsados por una reducción del 21,8% en los costos de compensación. La utilidad neta atribuible a los accionistas creció un 13,3%, alcanzando los 149,0 millones de RMB.

El negocio en el extranjero de la compañía mostró resistencia, aportando casi el 50% de los ingresos totales. Los activos totales bajo gestión se mantuvieron estables en 149,3 mil millones de RMB. La base de clientes creció con 463,161 clientes registrados (+1,2% interanual), aunque los clientes activos disminuyeron un 15,1% hasta 8,822. Cabe destacar que los clientes registrados en el extranjero aumentaron un 15,8% interanual hasta 18,207.

El valor de distribución de productos de inversión disminuyó un 14,7% interanual hasta 16,1 mil millones de RMB, con los productos extranjeros representando 8,1 mil millones de RMB. La empresa mantuvo su enfoque estratégico en la expansión internacional mientras optimizaba sus operaciones domésticas, reduciendo la cobertura en China continental de 18 a 11 ciudades.
노아 홀딩스(NYSE: NOAH)는 2025년 1분기 재무 결과를 발표하며 혼재된 성과를 보였습니다. 순매출은 전년 동기 대비 5.4% 감소한 6억1460만 위안(8,470만 달러)으로, 주로 보험 상품 유통 감소에 기인합니다. 그러나 영업이익은 전년 대비 53.1% 급증한 1억8600만 위안을 기록했으며, 이는 보상 비용이 21.8% 감소한 덕분입니다. 주주 귀속 순이익은 13.3% 증가한 1억4900만 위안을 기록했습니다.

회사의 해외 사업은 견조한 모습을 보이며 전체 매출의 거의 50%를 차지했습니다. 총 운용 자산은 1493억 위안으로 안정적인 수준을 유지했습니다. 고객 기반은 등록 고객 수가 46만3,161명(+1.2% 전년 대비)으로 증가했으나, 활성 고객 수는 15.1% 감소한 8,822명이었습니다. 특히 해외 등록 고객은 전년 대비 15.8% 증가한 18,207명이었습니다.

투자 상품 유통 가치는 전년 대비 14.7% 감소한 161억 위안으로 집계되었으며, 해외 상품은 81억 위안을 차지했습니다. 회사는 국내 사업을 효율화하는 동시에 국제적 확장에 전략적 초점을 유지하며 중국 본토 내 커버리지를 18개 도시에서 11개 도시로 축소했습니다.
Noah Holdings (NYSE : NOAH) a publié ses résultats financiers du premier trimestre 2025 avec des performances mitigées. Les revenus nets ont diminué de 5,4 % en glissement annuel pour atteindre 614,6 millions de RMB (84,7 millions de dollars US), principalement en raison d'une baisse de la distribution de produits d'assurance. Cependant, le résultat d'exploitation a bondi de 53,1 % en glissement annuel pour atteindre 186,0 millions de RMB, grâce à une réduction de 21,8 % des coûts de rémunération. Le bénéfice net attribuable aux actionnaires a augmenté de 13,3 %, atteignant 149,0 millions de RMB.

Les activités à l'étranger de la société ont fait preuve de résilience, contribuant à près de 50 % des revenus totaux. Les actifs sous gestion sont restés stables à 149,3 milliards de RMB. La base de clients a augmenté avec 463 161 clients enregistrés (+1,2 % en glissement annuel), bien que le nombre de clients actifs ait diminué de 15,1 % pour s'établir à 8 822. Notamment, les clients enregistrés à l'étranger ont augmenté de 15,8 % en glissement annuel pour atteindre 18 207.

La valeur de la distribution des produits d'investissement a diminué de 14,7 % en glissement annuel pour s'établir à 16,1 milliards de RMB, les produits étrangers représentant 8,1 milliards de RMB. La société a maintenu son orientation stratégique vers l'expansion internationale tout en rationalisant ses opérations nationales, réduisant sa couverture en Chine continentale de 18 à 11 villes.
Noah Holdings (NYSE: NOAH) meldete seine Finanzergebnisse für das erste Quartal 2025 mit gemischter Performance. Die Nettoumsätze sanken im Jahresvergleich um 5,4 % auf 614,6 Millionen RMB (84,7 Millionen US-Dollar), hauptsächlich aufgrund geringerer Versicherungsproduktverkäufe. Allerdings stieg das Betriebsergebnis um 53,1 % auf 186,0 Millionen RMB, was auf eine Reduzierung der Personalkosten um 21,8 % zurückzuführen ist. Der den Aktionären zurechenbare Nettogewinn stieg um 13,3 % auf 149,0 Millionen RMB.

Das Auslandsgeschäft des Unternehmens zeigte Widerstandsfähigkeit und trug fast 50 % zum Gesamtumsatz bei. Die verwalteten Vermögenswerte blieben stabil bei 149,3 Milliarden RMB. Die Kundenbasis wuchs mit 463.161 registrierten Kunden (+1,2 % im Jahresvergleich), obwohl die aktiven Kunden um 15,1 % auf 8.822 zurückgingen. Bemerkenswert ist der Anstieg der registrierten Auslandskunden um 15,8 % auf 18.207.

Der Wert der Vertriebsprodukte sank im Jahresvergleich um 14,7 % auf 16,1 Milliarden RMB, wobei Auslandprodukte 8,1 Milliarden RMB ausmachten. Das Unternehmen behielt seinen strategischen Fokus auf internationale Expansion bei und straffte gleichzeitig die inländischen Aktivitäten, indem die Präsenz in Festlandchina von 18 auf 11 Städte reduziert wurde.
Positive
  • Income from operations increased significantly by 53.1% YoY to RMB186.0 million
  • Net income grew 13.3% YoY to RMB149.0 million
  • Overseas business now accounts for nearly 50% of total net revenues
  • Overseas registered clients increased 15.8% YoY
  • Operating costs reduced by 18.8% YoY through improved efficiency
  • Overseas asset management revenue grew 22.3% YoY
Negative
  • Net revenues declined 5.4% YoY to RMB614.6 million
  • Total active clients decreased 15.1% YoY to 8,822
  • Aggregate value of investment products distributed decreased 14.7% YoY
  • Domestic insurance revenue dropped 65.6% YoY
  • Coverage network in mainland China reduced from 18 to 11 cities
  • Domestic asset management revenue declined 14.3% YoY

Insights

Noah Holdings reported mixed Q1 results with declining revenue but improved profitability through operational efficiency and overseas growth strategy.

Noah Holdings reported Q1 2025 net revenues of RMB614.6 million (US$84.7 million), representing a 5.4% year-over-year decline, primarily due to decreased insurance product distribution. However, the company demonstrated significant improvement in profitability metrics with income from operations increasing by 53.1% year-over-year to RMB186.0 million (US$25.6 million), mainly driven by a 21.8% reduction in compensation and benefits.

The company's strategic shift toward international markets is gaining traction, with overseas revenues now comprising nearly 50% of total net revenues at RMB304.2 million (US$41.9 million). This segment showed resilience, remaining effectively flat year-over-year but growing 5.0% quarter-over-quarter, primarily from increased overseas insurance product distribution.

Noah's operational restructuring is yielding results through improved efficiency. The company has streamlined its mainland China coverage network from 18 to 11 cities while expanding its overseas relationship manager headcount by 44.0% year-over-year to 131. This realignment appears to be successful as net income attributable to shareholders increased 13.3% year-over-year to RMB149.0 million (US$25.6 million).

Client metrics reveal interesting trends: while the total active client base decreased 15.1% year-over-year to 8,822, overseas active clients increased by 23.3% to 3,384, reinforcing the company's international pivot. Total assets under management remained relatively stable at RMB149.3 billion (US$20.6 billion), with overseas AUM growing to represent 28.6% of the total.

The product distribution mix showed significant shifts, with mutual fund distribution declining 39.8% year-over-year while private secondary products increased substantially, now representing 37.9% of total products distributed compared to 20.0% in the year-ago period. This indicates a potential strategic adjustment toward higher-margin product categories.

Noah's refined segment reporting structure provides greater transparency into performance across business lines. Notably, overseas asset management showed strong growth with revenues increasing 22.3% year-over-year to RMB112.0 million (US$15.4 million), while domestic insurance declined sharply by 65.6% to RMB6.4 million (US$0.9 million).

SHANGHAI, May 28, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the first quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS                                                                                                   

  • Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 million), a 5.4% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products. Net revenues decreased by 5.7% from the fourth quarter of 2024, primarily due to decreases in performance-based income generated from RMB private equity products and private secondary products and recurring service fees generated from RMB private equity products.
  • Net revenues from overseas for the first quarter of 2025 was RMB304.2 million (US$41.9 million), compared with RMB306.7 million for the corresponding period in 2024, which was effectively flat. Net revenues increased by 5.0% from the fourth quarter of 2024, primarily due to increases in distribution of overseas insurance products.
  • Income from operations for the first quarter of 2025 was RMB186.0 million (US$25.6 million), a 53.1% increase from the corresponding period in 2024, primarily due to a 21.8% decrease in compensation and benefits.
  • Net income attributable to Noah shareholders for the first quarter of 2025 was RMB149.0 million (US$20.5 million), a 13.3% increase from the corresponding period in 2024, mainly due to a 53.1% increase in income from operations, and partially offset by a 29.0% decrease in interest income, a 42.0% increase in income tax expenses and a loss from equity in affiliates.
  • Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2025 was RMB168.8 million (US$23.3 million), a 4.7% increase from the corresponding period in 2024.

FIRST QUARTER 2025 OPERATIONAL UPDATES

Wealth Management Business 

Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

  • Total number of registered clients as of March 31, 2025 was 463,161, a 1.2% increase from March 31, 2024, and a 0.2% increase from December 31, 2024. Among such clients, the number of overseas registered clients as of March 31, 2025 was 18,207, a 15.8% increase from March 31, 2024 and a 3.1% increase from December 31, 2024.
  • Total number of active clients[2] who transacted with us during the first quarter of 2025 was 8,822, a 15.1% decrease from the first quarter of 2024, and a 0.5% decrease from the fourth quarter of 2024. Among such clients, the number of overseas active clients who transacted with us during the first quarter of 2025 was 3,384, a 23.3% increase from the first quarter of 2024, and a 16.1% increase from the fourth quarter of 2024.
  • Aggregate value of investment products distributed during the first quarter of 2025 was RMB16.1 billion (US$2.2 billion), a 14.7% decrease from the first quarter of 2024, mainly due to a 39.8% decrease in distribution of mutual fund products. Among such products distributed, Noah distributed RMB8.1 billion (US$1.1 billion) of overseas investment products, a 3.6% decrease from the first quarter of 2024, mainly due to a 13.2% decrease in distribution of mutual fund products and partially offset by a 25.0% increase in distribution of private equity products.

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


Three months ended March 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

12.6


66.8 %


7.6


47.2 %

Private secondary products 

3.8


20.0 %


6.1


37.9 %

Private equity products

1.2


6.3 %


1.5


9.3 %

Other products[3]

1.3


6.9 %


0.9


5.6 %

All products

18.9


100.0 %


16.1


100.0 %

 

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

Type of products in Mainland China

Three months ended March 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

8.8


84.3 %


4.3


53.7 %

Private secondary products 

1.0


8.8 %


3.3


41.3 %

Other products

0.7


6.9 %


0.4


5.0 %

All products in Mainland China

10.5


100.0 %


8.0


100.0 %

 

Type of overseas products

Three months ended March 31,


2024


2025


(RMB in billions, except percentages)

Mutual fund products

3.8


44.9 %


3.3


40.7 %

Private secondary products 

2.8


33.9 %


2.8


34.6 %

Private equity products

1.2


14.2 %


1.5


18.5 %

Other products

0.6


7.0 %


0.5


6.2 %

All Overseas products

8.4


100.0 %


8.1


100.0 %

 

  • Coverage network in mainland China included 11 cities as of March 31, 2025, compared with 18 cities as of March 31, 2024 and 11 cities as of December 31, 2024, primarily due to the continued streamlining of the Company's domestic coverage network.
  • Aggregate number of overseas relationship managers was 131 as of March 31, 2025, a 44.0% increase from March 31, 2024, and a 5.1% decrease from December 31, 2024.

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 China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.

  • Total assets under management as of March 31, 2025 remained relatively stable at RMB149.3 billion (US$20.6 billion), compared with RMB153.3 billion as of March 31, 2024 and RMB151.5 billion as of December 31, 2024. Mainland China assets under management as of March 31, 2025 were RMB106.6 billion (US$14.7 billion), compared with RMB116.1 billion as of March 31, 2024 and RMB108.9 billion as of December 31, 2024. Overseas assets under management as of March 31, 2025 were RMB42.7 billion (US$5.9 billion), compared with RM37.2 billion as of March 31, 2024 and RMB42.6 billion as of December 31, 2024.

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

Investment type

As of 
December 31, 
2024



Growth


Allocation/ Redemption[4]


As of
March 31, 
2025


(RMB billions, except percentages)

Private equity

131.5


86.8 %


0.4


1.5


130.4


87.4 %

Public securities[5]

9.4


6.2 %


1.6


1.6


9.4


6.3 %

Real estate

6.2


4.1 %


-


1.1


5.1


3.4 %

Multi-strategies

3.9


2.6 %


-


-


3.9


2.6 %

Others

0.5


0.3 %


-


-


0.5


0.3 %

All Investments

151.5


100.0 %


2.0


4.2


149.3


100.0 %

 

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

Mainland China
Investment type

As of 
December 31, 
2024



Growth


Allocation/

Redemption


As of
March 31, 
2025


(RMB billions, except percentages)

Private equity

98.6


90.5 %


-


1.3


97.3


91.2 %

Public securities

5.3


4.9 %


0.5


0.5


5.3


5.0 %

Real estate

2.2


2.0 %


-


1.0


1.2


1.1 %

Multi-strategies

2.3


2.1 %


-


-


2.3


2.2 %

Others

0.5


0.5 %


-


-


0.5


0.5 %

All Investments

108.9


100.0 %


0.5


2.8


106.6


100.0 %

 

Overseas

Investment type

As of 
December 31, 
2024



Growth


Allocation/

Redemption


As of
March 31, 
2025


(RMB billions, except percentages)

Private equity

32.9


77.2 %


0.4


0.2


33.1


77.5 %

Public securities

4.1


9.6 %


1.1


1.1


4.1


9.6 %

Real estate

4.0


9.4 %


-


0.1


3.9


9.1 %

Multi-strategies

1.6


3.8 %


-


-


1.6


3.8 %

All Investments

42.6


100.0 %


1.5


1.4


42.7


100.0 %

 

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses (under the Company's traditional segmentation) also include headquarters rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "We have been making progress since last year in repositioning ourselves to drive growth in this challenging market environment. We are delighted to announce that the Group achieved a recovery in profitability this quarter, reflecting improved operational efficiency and strategic progress. Income from operations grew by 53.1% year-on-year and 35.2% quarter-on-quarter, while non-GAAP net profit rose by 27.4% quarter-on-quarter. Net revenues declined due to a decrease in distribution of domestic insurance products and RMB private equity management fees; however, overseas revenue continued to grow and now accounts for nearly 50% of total net revenues, showcasing our diversification efforts. Looking ahead, we remain committed to advancing our strategy, driving sustainable growth, and delivering reasonable shareholders returns."

FIRST QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 million), a 5.4% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products.

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

(RMB millions,

except percentages)

Q1 2024


Q1 2025


YoY Change

Domestic public securities[6]

119.0


127.5


7.1 %

Domestic asset management[7]

194.9


167.0


(14.3 %)

Domestic insurance[8]

18.7


6.4


(65.6 %)

Overseas wealth management[9]

178.5


162.0


(9.2 %)

Overseas asset management[10]

91.6


112.0


22.3 %

Overseas insurance and
comprehensive services[11]

36.7


 

30.2


 

(17.8 %)

Headquarters

10.1


9.5


(5.5 %)

Total net revenues

649.5


614.6


(5.4 %)

 

  • Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the first quarter of 2025 were RMB127.5 million (US$17.6 million), a 7.1% increase from the corresponding period in 2024, mainly due to an increase in distribution of private secondary products.
  • Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the first quarter of 2025 were RMB167.0 million (US$23.0 million), a 14.3% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees generated from private equity products.
  • Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the first quarter of 2025 were RMB6.4 million (US$0.9 million), a 65.6% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products.
  • Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the first quarter of 2025 were RMB162.0 million (US$22.3 million), a 9.2% decrease from the corresponding period in 2024, mainly due to a decrease in allocated commission gained from distribution of overseas insurance products.
  • Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the first quarter of 2025 were RMB112.0 million (US$15.4 million),a 22.3% increase from the corresponding period in 2024, due to an increase in the amount of private equity investments managed by Olive.
  • Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the first quarter of 2025 were RMB30.2 million (US$4.2 million), a 17.8% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of overseas insurance products.
  • 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 first quarter of 2025 were RMB9.5 million (US$1.3 million), compared with RMB10.1 million for the corresponding period in 2024, which effectively remained flat.

Operating Costs and Expenses

Operating costs and expenses for the first quarter of 2025 were RMB428.6 million (US$59.1 million), an 18.8% decrease from the corresponding period in 2024. Operating costs and expenses for the first quarter of 2025 primarily consisted of (i) compensation and benefits of RMB303.9 million (US$41.9 million); (ii) selling expenses of RMB51.1 million (US$7.0 million); (iii) general and administrative expenses of RMB64.4 million (US$8.9 million); (iv) provision for credit losses of RMB2.8 million (US$0.4 million); (v) other operating expenses of RMB15.7 million (US$2.2 million); and (vi) income gained from government subsidies of RMB9.3 million (US$1.3 million).

  • Operating costs and expenses for Domestic public securities for the first quarter of 2025 were RMB32.5 million (US$4.5 million), a 16.4% decrease from the corresponding period in 2024, primarily due to the decrease in relationship manager compensation.
  • Operating costs and expenses for Domestic asset management for the first quarter of 2025 were RMB31.1 million (US$4.3 million), a 10.8% decrease from the corresponding period in 2024, primarily due to the decrease in general and administrative expenses.
  • Operating costs and expenses for Domestic insurance for the first quarter of 2025 were RMB22.2 million (US$3.1 million), a 50.9% decrease from the corresponding period in 2024, primarily due to the decrease in consulting fee.
  • Operating costs and expenses for Overseas wealth management for the first quarter of 2025 were RMB104.0 million (US$14.3 million), a 40.2% decrease from the corresponding period in 2024, primarily due to the decrease in marketing activities and travel expenses.
  • Operating costs and expenses for Overseas asset management for the first quarter of 2025 were RMB21.8 million (US$3.0 million), a 4.6% decrease from the corresponding period in 2024, which effectively remained flat.
  • Operating costs and expenses for Overseas insurance and comprehensive services for the first quarter of 2025 were RMB27.5 million (US$3.8 million), a 52.8% increase from the corresponding period in 2024, primarily due to the increase in other operating expenses.
  • Operating costs and expenses for Headquarters for the first quarter of 2025 were RMB189.6 million (US$26.1 million), a 2.5% decrease from the corresponding period in 2024, which effectively remained flat.

Income(loss) from operations

Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:

(RMB millions,

except percentages)

Q1 2024



Q1 2025



YoY Change

Domestic public securities

80.3



95.0



18.4 %

Domestic asset management

160.1



135.9



(15.1 %)

Domestic insurance

(26.5)



(15.7)



40.6 %

Overseas wealth management

4.7



58.1



1129.6 %

Overseas asset management

68.7



90.1



31.2 %

Overseas insurance and
comprehensive services

18.7



2.7



(85.4 %)

Headquarters

(184.5)



(180.1)



2.4 %

Total income from operations

121.5



186.0



53.1 %

 

  • Income from operations for Domestic public securities for the first quarter of 2025 was RMB95.0 million (US$13.1 million), an 18.4% increase from the corresponding period in 2024, primarily due to increases in one-time commissions generated from private secondary products.
  • Income from operations for Domestic asset management for the first quarter of 2025 RMB135.9 million (US$18.7 million), a 15.1% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees generated from RMB private equity products.
  • Loss from operations for Domestic insurance for the first quarter of 2025 was RMB15.7 million (US$2.2 million), a 40.6% decrease from the corresponding period in 2024, primarily due to the decrease in operating expenses.
  • Income from operations for Overseas wealth management for the first quarter of 2025 was RMB58.1 million (US$8.0 million), compared with RMB4.7 million for the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the first quarter of 2025.
  • Income from operations for Overseas asset management for the first quarter of 2025 was RMB90.1 million (US$12.4 million), a 31.2% increase from the corresponding period in 2024, primarily due to a 22.3% increase in net revenues of the segment.
  • Income from operations for Overseas insurance and comprehensive services for the first quarter of 2025 RMB2.7 million (US$0.4 million), an 85.4% decrease from the corresponding period in 2024, primarily due to a 17.8% decrease in net revenues of the segment and an increase in operating expenses.
  • Loss from operations for Headquarters for the first quarter of 2025 was RMB180.1 million (US$24.8 million), a 2.4% slight decrease from the corresponding period in 2024.

Operating Margin

Operating margin for the first quarter of 2025 was 30.3%, compared with 18.7% for the corresponding period in 2024, primarily due to a 21.8% decrease in compensation and benefits.

Interest Income

Interest income for the first quarter of 2025 was RMB32.8 million (US$4.5 million), a 29.0% decrease from the corresponding period in 2024.

Investment Income

Investment income for the first quarter of 2025 was RMB6.3 million (US$0.9 million), a 20.9% increase from the corresponding period in 2024.

Income Tax Expense

Income tax expense for the first quarter of 2025 were RMB60.6 million (US$8.4 million), a 42.0% increase from the corresponding period in 2024.

Net Income

  • Net Income
    • Net income for the first quarter of 2025 was RMB149.8 million (US$20.6 million), a 13.6% increase from the corresponding period in 2024.
    • Net margin for the first quarter of 2025 was 24.4%, up from 20.3% for the corresponding period in 2024.
    • Net income attributable to Noah shareholders for the first quarter of 2025 was RMB149.0 million (US$20.5 million), a 13.3% increase from the corresponding period in 2024.
    • Net margin attributable to Noah shareholders for the first quarter of 2025 was 24.2%, up from 20.2% for the corresponding period in 2024.
    • Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2025 was RMB2.13 (US$0.29) and RMB2.11 (US$0.29), compared with RMB1.88 and RMB1.88 for the corresponding period in 2024, respectively.
  • Non-GAAP Net Income Attributable to Noah Shareholders
    • Non-GAAP net income attributable to Noah shareholders for the first quarter of 2025 was RMB168.8 million (US$23.3 million), a 4.7% increase from the corresponding period in 2024.
    • Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2025 was 27.5%, up from 24.8% for the corresponding period in 2024.
    • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2025 was RMB2.39 (US$0.33), up from RMB2.31 for the corresponding period in 2024.

Balance Sheet and Cash Flow

As of March 31, 2025, the Company had RMB4,075.4 million (US$561.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB5,129.4 million as of March 31, 2024, respectively.

Net cash inflow from the Company's operating activities during the first quarter of 2025 was RMB253.4 million (US$34.9 million), compared with net cash outflow of RMB181.8 million in the corresponding period in 2024, primarily due to cash inflow generated from net income from operations in the first quarter of 2025.

Net cash inflow from the Company's investing activities during the first quarter of 2025 was RMB20.0 million (US$2.8 million), compared with net cash outflow of RMB59.1 million in the corresponding period in 2024, primarily due to increased redemptions of term deposits in the first quarter of 2025.

Net cash outflow to the Company's financing activities was RMB9.4 million (US$1.3 million) in the first quarter of 2025, compared with net cash outflow of RMB12.3 million in the corresponding period in 2024.

CONFERENCE CALL 

Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter of 2025 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

Dial-in details: 

Conference title:

Noah First Quarter 2025 Earnings Conference Call

Date/Time:

Wednesday, May 28, 2025, at 8:00 p.m., U.S. Eastern Time

Thursday, May 29, 2025, at 8:00 a.m., Hong Kong Time

Dial in:


– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

1593238

 

A telephone replay will be available starting approximately one hour after the end of the conference until June 5, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9541104.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at http://ir.noahgroup.com.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

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

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

ABOUT NOAH HOLDINGS LIMITED

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

In the first quarter of 2025, Noah distributed RMB16.1 billion (US$2.2 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB149.3 billion (US$20.6 billion) as of March 31, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 463,161 registered clients as of March 31, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses.

For more information, please visit Noah at ir.noahgroup.com. 

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2025 ended March 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 RMB7.2567 to US$1.00, the effective noon buying rate for March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

 

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

 

Noah Holdings Limited 

Condensed Consolidated Balance Sheets

(unaudited)



As of



December 31,


March 31, 


March 31, 



2024


2025


2025



RMB'000


RMB'000


USD'000

Assets







  Current assets:







    Cash and cash equivalents


3,822,339


4,075,358


561,599

    Restricted cash


8,696


8,435


1,162

    Short-term investments


1,274,609


1,316,190


181,376

    Accounts receivable, net 


473,490


406,167


55,971

    Amounts due from related parties


499,524


536,316


73,906

    Loans receivable, net


169,108


158,990


21,909

    Other current assets 


226,965


217,566


29,982

    Total current assets 


6,474,731


6,719,022


925,905

  Long-term investments, net


971,099


888,987


122,506

  Investment in affiliates


1,373,156


1,328,980


183,138

  Property and equipment, net


2,382,247


2,368,830


326,434

  Operating lease right-of-use
  assets, net


121,115


113,827


15,686

  Deferred tax assets


319,206


317,107


43,699

  Other non-current assets 


137,291


136,959


18,873

Total Assets


11,778,845


11,873,712


1,636,241








Liabilities and Equity







  Current liabilities:







    Accrued payroll and welfare
    expenses 


412,730


422,444


58,214

    Income tax payable


63,892


75,108


10,350

    Deferred revenues


72,259


72,415


9,979

    Contingent liabilities


476,107


473,328


65,226

    Other current liabilities


404,288


353,214


48,674

    Total current liabilities


1,429,276


1,396,509


192,443

  Deferred tax liabilities


246,093


244,205


33,652

  Operating lease liabilities, non-
  current


75,725


64,066


8,829

  Other non-current liabilities


15,011


14,003


1,930

  Total Liabilities 


1,766,105


1,718,783


236,854

  Equity


10,012,740


10,154,929


1,399,387

Total Liabilities and Equity


11,778,845


11,873,712


1,636,241

 

Noah Holdings Limited


Condensed Consolidated Income Statements

(In RMB'000, except for ADS data, per ADS data and percentages)

(unaudited)



Three months ended 


March 31,


March 31,


March 31,


Change


2024


2025


2025




RMB'000


RMB'000


USD'000



Revenues:








Revenues from others:








One-time commissions

185,255


154,991


21,358


(16.3 %)

Recurring service fees

155,165


151,596


20,890


(2.3 %)

Performance-based income

5,528


13,986


1,927


153.0 %

Other service fees

34,960


36,863


5,080


5.4 %

Total revenues from others

380,908


357,436


49,255


(6.2 %)

Revenues from funds Gopher/Olive
manages:








One-time commissions

1,827


3,750


517


105.3 %

Recurring service fees

262,689


244,380


33,676


(7.0 %)

Performance-based income

8,844


14,529


2,002


64.3 %

Total revenues from funds
    Gopher/Olive manages

 

273,360


 

262,659


 

36,195


 

(3.9 %)

Total revenues

654,268


620,095


85,450


(5.2 %)

Less: VAT related surcharges 

(4,733)


(5,501)


(758)


16.2 %

Net revenues

649,535


614,594


84,692


(5.4 %)

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

 

(144,295)


 

(122,568)


 

(16,890)


 

(15.1 %)

Other compensations

(244,490)


(181,327)


(24,989)


(25.8 %)

Total compensation and benefits

(388,785)


(303,895)


(41,879)


(21.8 %)

Selling expenses

(62,332)


(51,072)


(7,038)


(18.1 %)

General and administrative
     expenses 

 

(71,116)


 

(64,441)


 

(8,880)


 

(9.4 %)

Reversal of (provision for) credit
     losses

97


(2,810)


(387)


.N.A

Other operating expenses 

(17,146)


(15,699)


(2,163)


(8.4 %)

Government grants

11,233


9,331


1,286


(16.9 %)

Total operating costs and expenses 

 

(528,049)


 

(428,586)


 

(59,061)


 

(18.8 %)

Income from operations 

121,486


186,008


25,631


53.1 %

Other income:








Interest income 

46,185


32,801


4,520


(29.0 %)

Investment income

5,185


6,270


864


20.9 %

Other income (expenses)

3,935


(3,081)


(425)


.N.A

Total other income

55,305


35,990


4,959


(34.9 %)

Income before taxes and income
     from equity in affiliates

176,791


221,998


30,590


25.6 %

Income tax expense

(42,686)


(60,605)


(8,352)


42.0 %

Loss from equity in affiliates

(2,242)


(11,574)


(1,595)


416.2 %

Net income

131,863


149,819


20,643


13.6 %

Less: net income attributable to
     non-controlling interests

 

372


 

855


 

118


 

129.8 %

Net income attributable to Noah
     shareholders 

 

131,491


 

148,964


 

20,525


 

13.3 %









Income per ADS, basic

1.88


2.13


0.29


13.3 %

Income per ADS, diluted

1.88


2.11


0.29


12.2 %

 

Margin analysis:








Operating margin

18.7 %


30.3 %


30.3 %



Net margin

20.3 %


24.4 %


24.4 %



 

Weighted average ADS equivalent [1]:

 








Basic

69,781,578


69,913,957


69,913,957



Diluted

69,788,638


70,600,397


70,600,397



ADS equivalent outstanding at end
of period

65,685,535


 

66,508,418


 

66,508,418





 

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

















 

Noah Holdings Limited 

Condensed Comprehensive Income Statements 

(unaudited)


Three months ended 


March 31,

2024


March 31,
2025


March 31,
2025


Change



RMB'000


RMB'000


USD'000




Net income

131,863


149,819


20,643


13.6 %


Other comprehensive income, net of tax:









Foreign currency translation adjustments

53,400


(22,834)


(3,147)


N.A.


Fair value fluctuation of available-for-sale investment

-


233


32


N.A.


Comprehensive income

185,263


127,218


17,528


(31.3 %)


Less: Comprehensive (loss) gain attributable
to non-controlling interests

(492)


910


125


N.A.


Comprehensive income attributable to Noah
   shareholders

185,755


126,308


17,403


 

(32.0 %)






















 

Noah Holdings Limited

Supplemental Information 

(unaudited) 


As of 




March 31, 
2024


March 31, 
2025


Change







Number of registered clients 

457,705


463,161


1.2 %
































Three months ended 




March 31,
2024


March 31, 
2025


Change


(in millions of RMB, except number of active clients and
percentages)

Number of active clients 

10,391


8,822


(15.1 %)

Transaction value: 






Private equity products 

1,195


1,461


22.3 %

Private secondary products

3,772


6,114


62.1 %

Mutual fund products 

12,610


7,595


(39.8 %)

Other products

1,309


934


(28.6 %)

Total transaction value

18,886


16,104


(14.7 %)

 

Noah Holdings Limited

Segment Condensed Income Statements 



(unaudited) 







         Three months ended March 31, 2025




















Domestic
public
securities


Domestic
asset
management


Domestic
insurance


Overseas
wealth
management


Overseas
asset
management


Overseas
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


14,034


68


6,474


105,689


5,532


23,194


-


154,991

    Recurring service fees


85,803


35,392


-


9,120


21,281


-


-


151,596

    Performance-based income


13,800


45


-


-


141


-


-


13,986

    Other service fees


-


-


-


16,315


-


6,992


13,556


36,863

Total revenues from others


113,637


35,505


6,474


131,124


26,954


30,186


13,556


357,436

Revenues from funds
Gopher/Olive manages

















    One-time commissions


3,336


-


-


290


124


-


-


3,750

    Recurring service fees


10,669


131,673


-


30,611


71,427


-


-


244,380

    Performance-based income


1,076


-


-


-


13,453


-


-


14,529

Total revenues from funds
  Gopher/Olive manages 


15,081


131,673


-


30,901


85,004


-


-


262,659

Total revenues


128,718


167,178


6,474


162,025


111,958


30,186


13,556


620,095

Less: VAT related surcharges 


(1,252)


(186)


(37)


-


-


-


(4,026)


(5,501)

Net revenues


127,466


166,992


6,437


162,025


111,958


30,186


9,530


614,594

Operating costs and expenses:

















   Compensation and benefits

















    Relationship managers
compensation


(21,798)


(14,966)


(8,692)


(70,217)


(1,303)


(5,592)


-


(122,568)

    Other compensations


(7,050)


(15,918)


(7,598)


(19,840)


(14,956)


(11,554)


(104,411)


(181,327)

  Total compensation and benefits


(28,848)


(30,884)


(16,290)


(90,057)


(16,259)


(17,146)


(104,411)


(303,895)

  Selling expenses


(3,140)


(2,044)


(3,669)


(12,857)


(5,361)


(2,606)


(21,395)


(51,072)

  General and administrative
     expenses 


(118)


(1,092)


(2,213)


(1,047)


(205)


(575)


(59,191)


(64,441)

  Provision for credit losses


-


-


-


-


-


(1,600)


(1,210)


(2,810)

  Other operating expenses


(410)


(2,380)


-


-


-


(5,523)


(7,386)


(15,699)

  Government grants


40


5,309


12


-


-


-


3,970


9,331

Total operating costs and
   expenses 


(32,476)


(31,091)


(22,160)


(103,961)


(21,825)


(27,450)


(189,623)


(428,586)

Income (loss) from
operations 


94,990


135,901


(15,723)


58,064


90,133


2,736


(180,093)


186,008

 

Noah Holdings Limited


Segment Condensed Income Statements

(unaudited) 



Three months ended March 31, 2024


Domestic
public
securities


Domestic
asset
management


Domestic
insurance


Overseas
wealth
management


Overseas
asset
management


Overseas
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

3,316


657


18,863


128,715


3,661


30,043


-


185,255


Recurring service fees

92,210


48,060


-


4,356


10,164


-


375


155,165


Performance-based income

4,366


-


-


-


1,162


-


-


5,528


Other service fees

-


-


-


15,566


-


6,666


12,728


34,960


Total revenues from others

99,892


48,717


18,863


148,637


14,987


36,709


13,103


380,908


Revenues from funds
Gopher/Olive manages

















One-time commissions

1,683


-


-


101


43


-


-


1,827


Recurring service fees

17,420


146,037


-


29,763


69,469


-


-


262,689


Performance-based income

1,156


634


-


-


7,054


-


-


8,844


Total revenues from funds
     Gopher/Olive manages

 

20,259


 

146,671


-


29,864


76,566


-


-


273,360


Total revenues

120,151


195,388


18,863


178,501


91,553


36,709


13,103


654,268


Less: VAT related surcharges

(1,088)


(467)


(163)


-


-


-


(3,015)


(4,733)


Net revenues

119,063


194,921


18,700


178,501


91,553


36,709


10,088


649,535


Operating costs and expenses:

















Compensation and benefits

















Relationship managers
compensation

(29,161)


(9,231)


(19,102)


(85,482)


(1,177)


(142)


-


(144,295)


Other compensations

(9,234)


(23,182)


(12,386)


(49,344)


(13,242)


(11,448)


(125,654)


(244,490)


Total compensation and
benefits

(38,395)


(32,413)


(31,488)


(134,826)


(14,419)


(11,590)


(125,654)


(388,785)


Selling expenses

(2,967)


(2,570)


(825)


(33,688)


(6,654)


(268)


(15,360)


(62,332)


General and administrative
  expenses

(198)


(3,002)


(12,829)


(5,265)


(1,795)


(1,070)


(46,957)


(71,116)


(Provision for) reversal of

 credit losses

-


-


-


-


-


(3,637)


3,734


97


Other operating expenses

(451)


(976)


(17)


-


-


(1,403)


(14,299)


(17,146)


Government grants

3,175


4,092


7


-


-


-


3,959


11,233


Total operating costs and
  expenses

(38,836)


(34,869)


(45,152)


(173,779)


(22,868)


(17,968)


(194,577)


(528,049)


Income (loss) from
operations

80,227


160,052


(26,452)


4,722


68,685


18,741


(184,489)


121,486


 

 

Noah Holdings Limited 

Additional Business Information

(unaudited) 



Three months ended March 31, 2025


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others:








One-time commissions

154,991


-


-


154,991

Recurring service fees

151,596


-


-


151,596

Performance-based income

13,986


-


-


13,986

Other service fees

25,477


-


11,386


36,863

Total revenues from others

346,050


-


11,386


357,436

Revenues from funds Gopher/Olive
manages:








One-time commissions

2,639


1,111


-


3,750

Recurring service fees

81,426


162,954


-


244,380

Performance-based income

-


14,529


-


14,529

Total revenues from funds
     Gopher/Olive manages

 

84,065


 

178,594


-


 

262,659

Total revenues

430,115


178,594


11,386


620,095

Less: VAT related surcharges 

(2,008)


(188)


(3,305)


(5,501)

Net revenues

428,107


178,406


8,081


614,594

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

 

(122,103)


 

(465)


 

-


 

(122,568)

Other compensations

(118,617)


(53,594)


(9,116)


(181,327)

Total compensation and benefits

(240,720)


(54,059)


(9,116)


(303,895)

Selling expenses

(35,429)


(10,210)


(5,433)


(51,072)

General and administrative
  expenses 

(42,196)


 

(13,251)


 

(8,994)


 

(64,441)

Provision for credit losses

(1,219)


(438)


(1,153)


(2,810)

Other operating expenses

(7,644)


(2,380)


(5,675)


(15,699)

Government grants 

4,002


5,315


14


9,331

Total operating costs and
expenses 

(323,206)


(75,023)


(30,357)


(428,586)

Income (loss) from operations

104,901


103,383


(22,276)


186,008

 

Noah Holdings Limited 

Additional Business Information

(unaudited) 



Three months ended March 31, 2024


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others:








One-time commissions

185,255


-


-


185,255

Recurring service fees

155,165


-


-


155,165

Performance-based income

5,528


-


-


5,528

Other service fees

25,711


-


9,249


34,960

Total revenues from others

371,659


-


9,249


380,908

Revenues from funds Gopher/Olive
manages:








One-time commissions

1,793


34


-


1,827

Recurring service fees

89,719


172,970


-


262,689

Performance-based income

1,039


7,805


-


8,844

Total revenues from funds
     Gopher/Olive manages

 

92,551


 

180,809


-


  

273,360

Total revenues

464,210


180,809


9,249


654,268

Less: VAT related surcharges 

(1,530)


(440)


(2,763)


(4,733)

Net revenues

462,680


180,369


6,486


649,535

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

 

(136,644)


 

(7,651)


 

-


 

(144,295)

Other compensations

(164,652)


(61,548)


(18,290)


(244,490)

Total compensation and benefits

(301,296)


(69,199)


(18,290)


(388,785)

Selling expenses

(47,547)


(11,825)


(2,960)


(62,332)

General and administrative
  expenses 

 

(43,641)


 

(16,605)


 

(10,870)


 

(71,116)

(Provision for) reversal of credit
  losses

 

(4,735)


 

(996)


 

5,828


 

97

Other operating expenses

(7,306)


(974)


(8,866)


(17,146)

Government grants 

7,108


4,093


32


11,233

Total operating costs and expenses 

(397,417)


(95,506)


(35,126)


(528,049)

Income (loss) from operations

65,263


84,863


(28,640)


121,486

 

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)



Three months ended 



March 31,
2024


March 31, 
2025


Change



(in thousands of RMB, except percentages)









Revenues: 







Mainland China

347,505


315,927


(9.1 %)


Hong Kong

234,403


227,148


(3.1 %)


Others

72,360


77,020


6.4 %


Total revenues

654,268


620,095


(5.2 %)


 

Noah Holdings Limited

Supplement Revenue Information by Product Types

(unaudited)



Three months ended 



March 31,
2024


March 31, 
2025


Change



(in thousands of RMB, except percentages)









Mainland China: 







Public securities products [1]

120,151


128,720


7.1 %


Private equity products

195,388


166,769


(14.6 %)


Insurance products

18,863


6,474


(65.7 %)


Others

13,103


13,964


6.6 %


Subtotal

347,505


315,927


(9.1 %)









Overseas: 







Investment products [2]

130,238


156,714


20.3 %


Insurance products

150,217


115,976


(22.8 %)


Online business [3]

5,139


10,495


104.2 %


Others

21,169


20,983


(0.9 %)


Subtotal

306,763


304,168


(0.8 %)


Total revenues

654,268


620,095


(5.2 %)


 

[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

Supplement Information of Overseas Business

(unaudited)



Three months ended 



March 31,
2024


March 31, 
2025


Change












Net Revenues from Overseas (RMB, million)

306.8


304.2


 

(0.8 %)


Number of Overseas Registered Clients

15,725


18,207


 

15.8 %


Number of Overseas Active Clients

2,745


3,384


 

23.3 %


Transaction Value of Overseas Investment Products
     (RMB, billion)

8.4


8.1


 

(3.6 %)


Number of Overseas Relationship Managers 

91


131


 

44.0 %


Overseas Assets Under Management (RMB, billion)

37.2


42.7


 

14.8 %


 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

(In RMB, except for per ADS data and percentages) 

(unaudited) [12]


Three months ended 


March 31, 


March 31, 


Change 


2024


2025




RMB'000


RMB'000









Net income attributable to Noah shareholders

131,491


148,964


13.3 %

Adjustment for share-based compensation

36,599


24,780


(32.3 %)

Less: Tax effect of adjustments

6,922


4,956


(28.4 %)

Adjusted net income attributable to Noah
   shareholders (non-GAAP)

161,168


168,788


4.7 %







Net margin attributable to Noah shareholders

20.2 %


24.2 %



Non-GAAP net margin attributable to Noah
   shareholders

 

24.8 %


 

27.5 %









Net income attributable to Noah shareholders per
   ADS, diluted

 

1.88


 

2.11


 

12.2 %

Non-GAAP net income attributable to Noah
   shareholders per ADS, diluted

 

2.31


 

2.39


 

3.5 %

 

[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

[2]  "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

[3]  "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

[4]  The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.

[5]  The asset allocation/redemption of public securities also includes market appreciation or depreciation.

[6] Operates under the Noah Upright brand

[7] Operates under the Gopher Asset Management brand

[8] Operates under the Glory brand

[9] Operates under the ARK Wealth Management brand

[10] Operates under the Olive Asset Management brand

[11] Operates under the Glory Family Heritage brand

[12] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any.

 

Cision View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2025-302467305.html

SOURCE Noah Holdings Limited

FAQ

What were NOAH's key financial results for Q1 2025?

NOAH reported net revenues of RMB614.6M (-5.4% YoY), operating income of RMB186.0M (+53.1% YoY), and net income of RMB149.0M (+13.3% YoY).

How many registered clients does Noah Holdings have as of Q1 2025?

Noah had 463,161 total registered clients (+1.2% YoY), including 18,207 overseas registered clients (+15.8% YoY).

What is Noah Holdings' total assets under management (AUM) in Q1 2025?

Total AUM was RMB149.3 billion (US$20.6 billion), relatively stable compared to RMB153.3 billion in Q1 2024.

How much did NOAH's overseas business contribute to total revenue in Q1 2025?

Overseas business contributed nearly 50% of total net revenues, showing strong growth in international operations.

What caused the decline in NOAH's net revenues for Q1 2025?

The 5.4% revenue decline was mainly due to decreased insurance product distribution and lower RMB private equity management fees.
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Noah Hldgs Ltd

NYSE:NOAH

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