Noah Reports Q3 2025 Earnings: Solid Overseas AUA/AUM Growth, Global Booking Center Network Completed, and Full AI Integration Powering New Momentum

Rhea-AI Summary

Noah (NYSE: NOAH) reported results for Q3 2025 with mixed top-line trends and strong profitability gains. Net revenue was RMB 632.9 million (US$88.9 million), down 7.4% year-over-year, while non-GAAP net income rose 52.2% year-over-year to RMB 229.1 million (US$32.2 million).

The company said overseas net revenue was RMB 311 million, or 49.1% of total, and overseas AUA/AUM reached US$9.3 billion and US$5.9 billion, up 6.8% and 5.3% year-over-year, respectively. Active clients increased 35.5% year-over-year and distributed investment products totaled RMB 17.0 billion (US$2.4 billion), up 19.1% year-over-year.

Noah completed a US broker-dealer license and a fourth global booking center and began company-wide AI pilots including an AI financial advisor in its iARK app.

Positive

• Non-GAAP net income +52.2% YoY
• Active clients +35.5% YoY
• One-time commissions from investment products +85.2% YoY
• Overseas net revenue 49.1% of total

Negative

• Net revenue -7.4% YoY

News Market Reaction

-0.67%

1 alert

-0.67% News Effect

On the day this news was published, NOAH declined 0.67%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Net revenues: RMB 632.9 million (US$88.9 million), -7.4% YoY Non-GAAP net income: RMB 229.1 million (US$32.2 million), +52.2% YoY Operating expenses change: -6.5% YoY +5 more

8 metrics

Net revenues RMB 632.9 million (US$88.9 million), -7.4% YoY Q3 2025 net revenues

Non-GAAP net income RMB 229.1 million (US$32.2 million), +52.2% YoY Q3 2025 profitability

Operating expenses change -6.5% YoY Total operating expenses, first three quarters

Overseas net revenue RMB 311 million, 49.1% of total Q3 2025 revenue mix

Overseas AUA US$9.3 billion, +6.8% YoY Overseas assets under administration

Overseas AUM US$5.9 billion, +5.3% YoY Overseas assets under management

Active client growth +35.5% YoY Total number of active clients in Q3 2025

Investment products distributed RMB 17.0 billion (US$2.4 billion), +19.1% YoY Aggregate value of investment products in Q3 2025

Market Reality Check

Price: $11.24 Vol: Volume 90,059 vs 20-day a...

normal vol

$11.24 Last Close

Volume Volume 90,059 vs 20-day average 111,387 suggests modest interest ahead of the earnings and AI update. normal

Technical Shares traded below the 200-day MA, with price at 10.09 vs 200-day MA of 11.05 before this release.

Peers on Argus

Peers in Asset Management showed mixed moves, from -0.47% (IGR) to +3.92% (ASA),...

Peers in Asset Management showed mixed moves, from -0.47% (IGR) to +3.92% (ASA), indicating no clear sector-wide trend aligned with NOAH’s mildly positive 0.39% move.

Historical Context

5 past events · Latest: Nov 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 26	Q3 2025 earnings	Positive	-0.7%	Q3 2025 results with stronger profitability and overseas AUA/AUM growth.
Nov 25	Q3 results detail	Positive	-0.7%	Unaudited Q3 results with revenue decline but sharp net income growth.
Nov 13	Earnings date notice	Neutral	-1.3%	Announcement of Q3 2025 earnings release date and call details.
Oct 20	Brand/art initiative	Positive	+2.1%	Launch of N+ Art Club exhibition as a cultural brand extension.
Oct 10	AI/alt strategies forum	Positive	-7.2%	Showcasing alternative strategies and AI-driven tools at a major forum.

Pattern Detected

Recent news, including positive earnings and AI initiatives, often saw negative price reactions, with only one of five events showing a clearly positive move.

Recent Company History

Over the last few months, Noah released several updates highlighting earnings, AUM growth, and AI-driven initiatives. Q3 2025 results on Nov 25–26, 2025 showed net revenues of RMB 632.9 million and non-GAAP net income up 52.2% year-over-year, yet the stock fell about 0.67%. Earlier, an AI and alternative strategies showcase at the Greenwich Economic Forum on Oct 6–8, 2025 coincided with a -7.17% move. By contrast, a brand-focused art exhibition announcement on Oct 20, 2025 saw a 2.12% gain, underscoring inconsistent reactions to otherwise constructive news.

Market Pulse Summary

This announcement highlights mixed top-line trends but strong profitability, with non-GAAP net incom...

Analysis

This announcement highlights mixed top-line trends but strong profitability, with non-GAAP net income up 52.2% year-over-year and overseas AUA and AUM rising to US$9.3 billion and US$5.9 billion. It also underscores strategic milestones such as a U.S. broker-dealer license, completion of four global booking centers, and full-chain AI integration, including an AI financial advisor. Investors may focus on how revenue declines, cost controls, client growth, and AI execution evolve across future earnings updates.

Key Terms

assets under administration, assets under management, broker-dealer license, AI financial advisor

4 terms

assets under administration financial

"Overseas assets under administration (AUA) reached US$ 9.3 billion..."

Assets under administration (AUA) is the total market value of clients’ investments and accounts that a financial firm oversees for recordkeeping, reporting, and transaction processing without necessarily deciding how the money is invested. Think of it like a warehouse that stores and tracks other people’s goods: bigger AUA shows a firm’s scale, steady fee potential and client trust, so changes can signal growing business or client withdrawals that matter to investors.

assets under management financial

"assets under management (AUM) rose 5.3% year over year to US$ 5.9 billion..."

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

broker-dealer license regulatory

"we obtained a US broker-dealer license which will further strengthen our global footprint..."

A broker-dealer license is an official authorization that lets a firm or individual legally buy and sell stocks, bonds and other investment products for clients and for their own account; think of it like a driver’s license for trading that proves you are allowed to operate on public markets. It matters to investors because it signals that the firm is subject to oversight, must follow rules to protect clients, and can offer custody, execution and advisory services—so lack of a license or regulatory actions against it can affect safety, access and the firm’s ability to do business.

AI financial advisor technical

"the latest update to Noah's iARK app unveiled "Noya", an AI financial advisor designed to provide clients..."

An AI financial advisor is a computer program that uses large amounts of financial data and rules to analyze markets, portfolios, and personal goals, then suggests or carries out investment decisions. It matters to investors because it can act like a GPS for money—offering faster, often lower-cost and personalized guidance than a human alone—but its suggestions depend on the data and assumptions it’s given, so users should monitor performance and understand limitations.

AI-generated analysis. Not financial advice.

• Steady overseas AUM and AUA growth, with the overseas business emerging as the core engine of incremental momentum.
• AI enters the Company's full‑chain operational phase, establishing itself as the second growth curve in the future.
• Globalization strategy accelerating, with four major booking centers enhancing cross‑border platform capabilities and strengthening Noah's global service network.

SHANGHAI, Nov. 26, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the three months ended September 30, 2025.

While net revenues for the third quarter declined 7.4% year-over-year but increased slightly on a sequential basis for the second consecutive quarter to RMB 632.9 million (US$88.9 million), non-GAAP net income grew a robust 52.2% year-over-year to RMB 229.1 million (US$32.2 million). This powerful bottom-line performance demonstrates significant operating leverage, underpinned by a 6.5% year-over-year reduction in total operating expenses for the first three quarters, and shows how the Company's transformation strategy is fueling a rebound in profitability.

The Company also continued to strengthen its global footprint, with overseas net revenue of RMB 311 million accounting for 49.1% of total net revenue. Noah also recorded steady overseas AUA and AUM growth. Overseas assets under administration (AUA) reached US$ 9.3 billion, representing a 6.8% increase from a year earlier, while assets under management (AUM) rose 5.3% year over year to US$ 5.9 billion, underscoring the strength of Noah's expanding global platform.

Jingbo Wang, Co-founder and Chairwoman of Noah, commented, "We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. During the quarter, we obtained a US broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey."

Zander Yin, CEO of Noah Holdings, said, "Our transformation strategy is progressing steadily. Even as net revenues remained under pressure during this planned period of revenue mix adjustment, our core business demonstrated notable resilience with strong client engagement, a positive shift in product mix, and a disciplined focus on operational efficiency, resulting in an exceptional 52.2% year-over-year increase in our non-GAAP net income. Looking ahead, we will continue improving capital efficiency, optimizing cost structure, and strengthening cash flow, as we continuously enhance our competitiveness and market share in the global Chinese wealth management market."

Improving Revenue Mix and Client Growth

Noah's strong bottom-line performance was underpinned by significant growth in client engagement, transaction activity across its platform, and improving revenue mix, which was driven primarily by growing investment products revenues which account for approximately 26% of total one-time commissions during the quarter compared to 13% during the same period last year. 

Total number of active clients grew 35.5% year-over-year, reflecting confidence in the Company's platform and product offerings. This was complemented by a 19.1% year-over-year increase in the aggregate value of investment products distributed, which reached RMB 17.0 billion (US$2.4 billion). Transaction value of RMB and USD-denominated products increased 28.7% and 9.6% year-over-year, respectively, while one-time commissions from investment products grew 85.2% year-over-year, supported by stronger investor sentiment and an expanded range of offerings.

Overseas Expansion Maintains Strong Momentum, Four Global Booking Centers Establish a Cross‑Border Service Foundation

Noah's global expansion efforts continued to yield results. Net revenues from overseas continued to account for nearly half of total net revenues. The Company's number of overseas registered clients grew 13.1% year-over-year, and overseas active clients grew 13.4% year-over-year. Overseas assets under management grew 6.8% year-over-year to RMB 42.2 billion (US$5.9 billion), reflecting the progress Noah has been making in capturing offshore investment demand from its growing international presence.

Noah completed the foundation for its global operational system with the establishment of its fourth booking center in the US during the quarter after obtaining a broker-dealer license there. This new center will directly complement and strengthen the capabilities of its Singapore booking center. Meanwhile, Noah continues to build out its teams in Hong Kong and Shanghai, which serve as core hubs for operations, compliance, and support systems.

AI-Driven Transformation Underway

Over the past few months, Noah has started to implement its "AI Wealth Advisor + AI Operations System" plan. Initial pilots were launched during the quarter to improve client outreach, content generation, and back-end operations, as well as cross-departmental collaboration in Singapore specifically.

On the front end, the latest update to Noah's iARK app unveiled "Noya", an AI financial advisor designed to provide clients with deeper engagement and interaction. Internally, Noah also established two new business units: the AI Wealth Management Team (serving new clients and reactivating dormant accounts) and the AI Ecosystem Team (supporting the EAM business and commission-based institutions). The Company expects these AI integration initiatives to simultaneously elevate the client experience and streamline core business operations.

Outlook

Looking ahead, Noah will focus on three core priorities to sustain growth and strengthen its competitive position:

• Strengthen investment product selection to further diversify revenue mix, drive product innovation, and capitalize on evolving client demand.
• Leverage AI as a strategic growth driver and fully embed it into the Company's organizational DNA, as the wealth management industry shifts from a human-driven model to an operations-driven one over the next 3–5 years.
• Activate its four global booking centers to establish a global service platform that delivers an enhanced client experience and unlock new growth opportunities.

During the earnings call, management highlighted that key initiatives, including the establishment of overseas booking centers and the rollout of various AI-related projects, have moved from planning into the implementation phase. Management reiterated its confidence in capturing future opportunities while emphasizing an unwavering commitment to prudent operations, quality growth, and enhancing shareholder returns.

ABOUT NOAH HOLDINGS LIMITED 

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

In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.

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

View original content:https://www.prnewswire.com/news-releases/noah-reports-q3-2025-earnings-solid-overseas-auaaum-growth-global-booking-center-network-completed-and-full-ai-integration-powering-new-momentum-302626660.html

SOURCE Noah Holdings Limited

FAQ

What were Noah's Q3 2025 net revenue and non-GAAP net income (NOAH)?

Q3 2025 net revenue was RMB 632.9M (US$88.9M) and non-GAAP net income was RMB 229.1M (US$32.2M).

How did Noah's client base change in Q3 2025 for NOAH?

Total active clients grew 35.5% year-over-year in Q3 2025.

What is Noah's overseas scale and revenue mix reported in Q3 2025 (NOAH)?

Overseas AUA reached US$9.3B, AUM US$5.9B, and overseas net revenue was RMB 311M or 49.1% of total.

What earnings trends drove Noah's profitability improvement in Q3 2025 (NOAH)?

Profitability was driven by a 52.2% YoY increase in non-GAAP net income, a 6.5% YoY reduction in operating expenses for the first three quarters, and higher investment-product commissions.

What corporate milestones did Noah announce in Q3 2025 relevant to global expansion (NOAH)?

Noah obtained a US broker-dealer license and established a fourth global booking center in the US during Q3 2025.

How is Noah using AI in its business as of Q3 2025 (NOAH)?

Noah began company-wide AI pilots, launched an AI advisor named "Noya" in its iARK app, and created two AI business units for client outreach and EAM support.