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Noah Holdings (NYSE: NOAH) posts 30% profit jump even as overseas revenues fall

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6-K

Rhea-AI Filing Summary

Noah Holdings Limited (NOAH) reported largely stable Q2 2026 net revenues of RMB619.9 million, down 1.5% year over year, as lower one-time insurance commissions and recurring fees were offset by much higher performance-based income. Mainland China revenues grew while international revenues declined.

Profitability improved significantly. Net income attributable to Noah shareholders rose 30.0% to RMB232.2 million, with diluted EPS of RMB3.37 per ADS and an operating margin of 34.8% versus 25.6% a year earlier, driven by lower compensation, selling expenses and credit loss provisions, plus a swing to investment gains.

Assets under management reached RMB140.9 billion as of June 30, 2026, with international AUM of RMB43.8 billion. Cash and cash equivalents increased to RMB4,322.7 million, though Q2 saw a small operating cash outflow. International net revenues fell 20.5% and insurance-related revenues declined, reflecting ongoing business mix and cost-structure adjustments.

Positive

  • Net income attributable to shareholders grew 30.0% in Q2 2026 to RMB232.2 million, with diluted EPS up 32.7% to RMB3.37, indicating stronger profitability despite broadly flat revenues.
  • Operating margin expanded to 34.8% from 25.6% in Q2 2025, helped by a 13.7% reduction in operating costs and expenses, including lower compensation, selling expenses and sharply reduced credit loss provisions.
  • International assets under management increased 5.8% year over year to RMB43.8 billion, and total AUM reached RMB140.9 billion, supporting growth in fee-based asset management businesses.
  • Non-GAAP net income rose 25.9% to RMB238.0 million in Q2 2026, and non-GAAP diluted EPS increased 28.6% to RMB3.46, showing earnings strength even after excluding share-based compensation.

Negative

  • International net revenues declined 20.5% year over year to RMB236.0 million in Q2 2026, with international insurance product revenues down 57.1% and the number of international relationship managers lower by 36.2%.
  • Mainland China and international insurance revenues fell sharply, with mainland insurance revenues down 71.8% to RMB2.0 million and international insurance products revenues down 57.1% to RMB43.5 million, reflecting pressure on insurance distribution.
  • Q2 2026 operating cash flow turned negative, with a net cash outflow from operating activities of RMB15.0 million versus an inflow of RMB27.6 million a year earlier, mainly due to higher amounts due from related parties and payroll and welfare payments.

Filing Explained

Q2 financing cash outflow was RMB14.7 million versus RMB71.5 million, primarily because share repurchases decreased.

As a Form 6-K, this filing furnishes Noah’s unaudited second-quarter 2026 results; its June 30, 2026 balance sheet includes RMB612,000 thousand of dividend payable as a current liability.

Form 6-K is a foreign private issuer’s interim report for furnishing material information published in its home market. The dividend payable is a balance-sheet liability reported in the current-liabilities section, rather than a disclosure that payment has been completed.

Total current liabilities were RMB1,359,879 thousand at March 31, 2026 and RMB1,824,130 thousand at June 30, 2026. Financing activities produced a RMB14.7 million cash outflow in Q2 2026 versus RMB71.5 million in Q2 2025, primarily because share repurchases decreased.

Net revenues Q2 2026 RMB619.9 million Three months ended June 30, 2026, down 1.5% year over year
Net income attributable to Noah shareholders Q2 2026 RMB232.2 million Three months ended June 30, 2026, up 30.0% year over year
Diluted income per ADS Q2 2026 RMB3.37 Three months ended June 30, 2026, up 32.7% from RMB2.54
Operating margin Q2 2026 34.8% Versus 25.6% in the corresponding period in 2025
International net revenues Q2 2026 RMB236.0 million Net revenues from international business, down 20.5% year over year
Assets under management RMB140.9 billion Total AUM as of June 30, 2026
Cash and cash equivalents RMB4,322.7 million Balance as of June 30, 2026
Number of active clients Q2 2026 10,296 Three months ended June 30, 2026, up 12.4% year over year
performance-based income financial
"primarily due to a decrease in one-time commissions... offset by an increase in performance-based income"
assets under management financial
"Noah had assets under management of RMB140.9 billion as of June 30, 2026"
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.
operating margin financial
"Operating margin for the second quarter of 2026 was 34.8%, compared with 25.6%"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
non-GAAP net income financial
"Adjusted net income attributable to Noah shareholders (non-GAAP) was RMB238,021"
Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.
relationship manager compensation financial
"Relationship manager compensation was RMB99,446 thousand in Q2 2026"
provision for credit losses financial
"Provision for credit losses was RMB7,669 thousand, down 81.4%"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
Net revenues RMB619.9 million -1.5% year over year
Net income attributable to Noah shareholders RMB232.2 million +30.0% year over year
Diluted income per ADS RMB3.37 +32.7% year over year
Operating margin 34.8% up from 25.6% in Q2 2025

FAQ

How did NOAH’s Q2 2026 net revenues compare to Q2 2025?
Net revenues were RMB619.9 million in Q2 2026, a 1.5% decrease from RMB629.5 million in Q2 2025, as lower one-time insurance commissions and recurring fees were mostly offset by higher performance-based income from mainland China private secondary products.

What was NOAH’s Q2 2026 net income and EPS?
Net income attributable to Noah shareholders was RMB232.2 million in Q2 2026, up 30.0% year over year. Diluted income per ADS was RMB3.37, compared with RMB2.54 in Q2 2025, reflecting improved profitability and higher margins.

How did Noah Holdings’ operating margin change in Q2 2026?
Operating margin improved to 34.8% in Q2 2026 from 25.6% in Q2 2025. This expansion was driven by a 13.7% reduction in operating costs and expenses, including lower compensation, selling expenses and a significant drop in provision for credit losses.

What were Noah Holdings’ assets under management as of June 30, 2026?
As of June 30, 2026, Noah had assets under management of RMB140.9 billion, including RMB43.8 billion of international AUM. Private equity remained the largest component of total AUM.

How did NOAH’s international business perform in Q2 2026?
Net revenues from international business were RMB236.0 million in Q2 2026, down 20.5% year over year. International insurance product revenues decreased 57.1%, while international AUM grew 5.8% and transaction value of international investment products increased 4.8%.

What was Noah Holdings’ cash position at June 30, 2026?
As of June 30, 2026, Noah held RMB4,322.7 million in cash and cash equivalents, up from RMB4,280.7 million at March 31, 2026 and RMB3,821.8 million at June 30, 2025, despite a Q2 2026 operating cash outflow.

How did NOAH’s non-GAAP net income change in Q2 2026?
Non-GAAP net income attributable to Noah shareholders was RMB238.0 million in Q2 2026, a 25.9% increase from RMB189.0 million in Q2 2025. Non-GAAP diluted EPS was RMB3.46, up 28.6%, excluding share-based compensation and related tax effects.

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

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Form 6-K: How Foreign Companies Report to the SEC →

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2026

 

Commission File Number: 001-34936

 

Noah Holdings Limited

(Registrant’s name)

 

333 North Bridge Road, #05-11

Odeon 333

Singapore 188721

+65 6911-8211

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit 99.1 Press Release — Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2026

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Noah Holdings Limited
   
  By: /s/ Qing Pan
  Name: Qing Pan
  Title: Chief Financial Officer
   
Date: August 25, 2026  

 

 

 

Exhibit 99.1

 

NOAH HOLDINGS LIMITED ANNOUNCES

 

UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026

 

SINGAPORE, August 26, 2026 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2026.

 

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

 

·Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by a significant increase in performance-based income from mainland China private secondary products, and a 0.9% decrease quarter-on-quarter, primarily due to lower one-time commissions and recurring service fees, largely offset by an increase in performance-based income from mainland China products.

 

·Income from operations for the second quarter of 2026 was RMB215.8 million (US$31.8 million), a 34.0% increase from the corresponding period in 2025, primarily due to lower operating costs and expenses, including lower compensation and benefits expenses resulting from our disciplined cost control measures and a decrease in provision for credit losses.

 

·Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025, primarily due to higher income from operations and an increase in investment income, partially offset by higher income tax expense.

 

·Non-GAAP1 net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.

 

SECOND QUARTER 2026 OPERATIONAL UPDATES

 

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

 

Group-wide Operating Metrics

 

·Total number of registered clients as of June 30, 2026 was 469,987, a 1.2% increase from June 30, 2025, and a 0.2% increase from March 31, 2026.

 

·Total number of active clients3 for the second quarter of 2026 was 10,296, a 12.4% increase from the second quarter of 2025 and a 4.2% decrease from the first quarter of 2026.

 

·Aggregate value of investment products distributed during the second quarter of 2026 was RMB17.1 billion (US$2.5 billion), compared with RMB17.0 billion in the second quarter of 2025 and RMB23.3 billion in the first quarter of 2026. The quarter-over-quarter decrease was mainly attributable to lower distribution of mutual fund and private secondary products in mainland China.

 

·Total assets under management as of June 30, 2026 were RMB140.9 billion (US$20.8 billion), compared with RMB145.1 billion as of June 30, 2025 and RMB140.2 billion as of March 31, 2026, mainly due to the continuous allocation and exit of mainland China private equity products.

 

Distribution of Investment Products

 

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

 

   Three months ended June 30, 
   2025   2026 
    (RMB in billions, except percentages) 
Mutual fund products   9.2    54.1%   9.1    53.2%
Private secondary products   6.0    35.3%   5.8    33.9%
Private equity products   1.0    5.9%   1.6    9.4%
Other products4   0.8    4.7%   0.6    3.5%
All products   17.0    100.0%   17.1    100.0%

 

 

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

2 For classification of the Group’s business segments for the purposes of this announcement, “international” refers to business activities conducted in, or relating to, countries and regions outside Mainland China.

3 “Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

4 “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.

1 / 19

 

 

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

 

Type of products in mainland  Three months ended June 30, 
China  2025   2026 
    (RMB in billions, except percentages) 
Mutual fund products   5.7    65.5%   5.5    65.5%
Private secondary products   2.8    32.2%   2.8    33.3%
Other products   0.2    2.3%   0.1    1.2%
All products in mainland China   8.7    100.0%   8.4    100.0%

 

   Three months ended June 30, 
Type of international products  2025   2026 
    (RMB in billions, except percentages) 
Mutual fund products   3.5    42.2%   3.6    41.4%
Private secondary products   3.2    38.6%   3.0    34.5%
Private equity products   1.0    12.0%   1.6    18.4%
Other products   0.6    7.2%   0.5    5.7%
All international products   8.3    100.0%   8.7    100.0%

 

Assets Under Management

 

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

 

Investment type  As of
March 31,
2026		   Growth   Allocation/
Redemption5		   As of
June 30,
2026		 
    (RMB billions, except percentages) 
Private equity   126.0    89.8%   1.0    0.5    126.5    89.8%
Public securities6   8.4    6.0%   1.0    0.8    8.6    6.1%
Real estate   4.0    2.9%   0.1    0.1    4.0    2.8%
Multi-strategies   1.8    1.3%   —    —    1.8    1.3%
All Investments   140.2    100.0%   2.1    1.4    140.9    100.0%

 

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

 

Mainland China
Investment type		  As of
March 31,
2026		   Growth   Allocation/
Redemption		   As of
June 30,
2026		 
    (RMB billions, except percentages) 
Private equity   92.3    94.6%   —    0.5    91.8    94.6%
Public securities   3.8    3.9%   0.2    0.2    3.8    3.9%
Real estate   0.1    0.1%   —    —    0.1    0.1%
Multi-strategies   1.4    1.4%   —    —    1.4    1.4%
All Investments   97.6    100.0%   0.2    0.7    97.1    100.0%

 

 

5 The asset allocation/redemption of international investment products includes the fluctuation result of foreign currencies exchange rate.

6 The asset allocation/redemption of public securities also includes market appreciation or depreciation.

 

2 / 19

 

 

International

Investment type

  As of
March 31,
2026		   Growth   Allocation/
Redemption		   As of
June 30,
2026		 
    (RMB billions, except percentages) 
Private equity   33.7    79.1%   1.0    —    34.7    79.2%
Public securities   4.6    10.8%   0.8    0.6    4.8    11.0%
Real estate   3.9    9.2%   0.1    0.1    3.9    8.9%
Multi-strategies   0.4    0.9%   —    —    0.4    0.9%
All Investments   42.6    100.0%   1.9    0.7    43.8    100.0%

 

Segment Operating Metrics

 

Mainland China Business

 

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

 

Mainland China public securities

 

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

 

·Transaction value of mutual fund products distributed in mainland China during the second quarter of 2026 was RMB5.5 billion (US$0.8 billion), compared with RMB5.7 billion in the second quarter of 2025 and RMB9.9 billion in the first quarter of 2026.

 

·Transaction value of RMB-denominated private secondary products distributed in mainland China during the second quarter of 2026 was RMB2.8 billion (US$0.4 billion), unchanged from RMB2.8 billion in the second quarter of 2025 and a 48.1% decrease from RMB5.4 billion in the first quarter of 2026.

 

·Number of active clients in this segment during the second quarter of 2026 was 7,052, an 18.5% increase from the second quarter of 2025.

 

·Number of licensed relationship managers serving this segment was 192 as of June 30, 2026, compared with 207 as of June 30, 2025.

 

Mainland China asset management

 

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

 

·AUM of RMB-denominated private equity products as of June 30, 2026 was RMB91.8 billion (US$13.5 billion), compared with RMB96.5 billion as of June 30, 2025 and RMB92.3 billion as of March 31, 2026, mainly due to our continuous effort on exiting private equity products.

 

·AUM of RMB-denominated public securities products as of June 30, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.1 billion as of June 30, 2025 and RMB3.8 billion as of March 31, 2026.

 

·Net flow during the quarter: new AUM added was RMB0.2 billion (US$29.5 million) and AUM allocated/redeemed was RMB0.7 billion (US$103.2 million) during the second quarter of 2026.

 

Mainland China insurance

 

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

 

International Business

 

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

 

3 / 19

 

International wealth management

 

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

 

·Number of international registered clients as of June 30, 2026 was 21,059, an 11.0% increase from June 30, 2025 and a 3.4% increase from March 31, 2026.

 

·Number of international active clients who transacted with us during the second quarter of 2026 was 3,494, a 4.3% decrease from the second quarter of 2025 and an 8.5% increase from the first quarter of 2026.

 

·Transaction value of international investment products distributed during the second quarter of 2026 was RMB8.7 billion (US$1.3 billion), compared with RMB8.3 billion in the second quarter of 2025 and RMB8.0 billion in the first quarter of 2026.

 

·International AUA (assets under advisory, including distributed products, but excluding AUA associated with our online securities services) as of June 30, 2026 was RMB66.3 billion (US$9.8 billion), compared with RMB66.1 billion as of March 31, 2026 and RMB65.2 billion as of June 30, 2025. In addition, AUA associated with our online securities services, which is not included in the International AUA figures presented above, was RMB2.8 billion (US$0.4 billion) as of June 30, 2026, compared with RMB2.8 billion as of March 31, 2026 and RMB2.6 billion as of June 30, 2025.

 

·Number of international relationship managers working under this segment was 56 as of June 30, 2026, compared with 107 as of June 30, 2025 and 89 as of March 31, 2026.

 

·AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 140.0% growth in AUA from June 30, 2025 to June 30, 2026.

 

International asset management

 

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

 

·Actively managed international AUM as of June 30, 2026 was RMB43.8 billion (US$6.5 billion), compared with RMB42.6 billion as of March 31, 2026 and RMB41.4 billion as of June 30, 2025.

 

·Number of relationship managers working under this segment was 41 as of June 30, 2026, compared with 45 as of June 30, 2025 and 43 as of March 31, 2026.

 

International insurance and comprehensive services

 

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

 

·Number of active clients in this segment during the second quarter of 2026 was 58, compared with 186 during the second quarter of 2025 and 79 during the first quarter of 2026.

 

·Number of clients receiving comprehensive services was 714 as of June 30, 2026, compared with 717 as of June 30, 2025.

 

Headquarters

 

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

 

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

 

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

 

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

4 / 19

 

SECOND QUARTER 2026 FINANCIAL RESULTS

 

Net Revenues

 

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

 

Net revenues under the segmentation7 are as follows:

 

(RMB millions,

except percentages)

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

 

·Net revenues for mainland China public securities for the second quarter of 2026 were RMB206.5 million (US$30.4 million), a 56.7% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of Mainland China private secondary products.

 

·Net revenues for mainland China asset management for the second quarter of 2026 were RMB165.4 million (US$24.4 million), a 6.6% decrease from the corresponding period in 2025, primarily due to a decrease in recurring service fees from private equity products, partially offset by an increase in performance-based income.

 

·Net revenues for mainland China insurance for the second quarter of 2026 were RMB2.0 million (US$0.3 million), a 71.7% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.

 

·Net revenues for international wealth management for the second quarter of 2026 were RMB88.9 million (US$13.1 million), a 31.3% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of International products.

 

·Net revenues for international asset management for the second quarter of 2026 were RMB106.4 million (US$15.7 million), a 1.8% decrease from the corresponding period in 2025.

 

·Net revenues for international insurance and comprehensive services for the second quarter of 2026 were RMB40.7 million (US$6.0 million), a 31.1% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from insurance products.

 

·Net revenues for headquarters for the second quarter of 2026 were RMB10.0 million (US$1.5 million), a 40.0% decrease from RMB16.7 million for the corresponding period in 2025.

 

Operating Costs and Expenses

 

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

 

·Operating costs and expenses for mainland China public securities for the second quarter of 2026 were RMB27.9 million (US$4.1 million), a 16.6% increase from the corresponding period in 2025, mainly due to a decrease in government subsidies.

 

·Operating costs and expenses for mainland China asset management for the second quarter of 2026 were RMB22.7 million (US$3.3 million), a 3.1% increase from the corresponding period in 2025.

 

 

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

5 / 19

 

 

·Operating costs and expenses for mainland China insurance for the second quarter of 2026 were RMB5.6 million (US$0.8 million), a 62.0% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from mainland China insurance business.

 

·Operating costs and expenses for international wealth management for the second quarter of 2026 were RMB92.2 million (US$13.6 million), a 9.2% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.

 

·Operating costs and expenses for international asset management for the second quarter of 2026 were RMB44.7 million (US$6.6 million), a 25.5% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with international asset management business expansion.

 

·Operating costs and expenses for international insurance and comprehensive services for the second quarter of 2026 were RMB26.6 million (US$3.9 million), a 9.1% decrease from the corresponding period in 2025, mainly due to lower compensation and benefits.

 

·Operating costs and expenses for headquarters for the second quarter of 2026 were RMB184.3 million (US$27.2 million), a 23.6% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business.

 

Income (Loss) from Operations

 

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

 

(RMB millions,

except percentages)

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

 

·Income from operations for mainland China public securities for the second quarter of 2026 was RMB178.6 million (US$26.3 million), a 65.5% increase from the corresponding period in 2025.

 

·Income from operations for mainland China asset management for the second quarter of 2026 was RMB142.7 million (US$21.0 million), an 8.0% decrease from the corresponding period in 2025.

 

·Loss from operations for mainland China insurance for the second quarter of 2026 was RMB3.6 million (US$0.5 million), a 52.8% decrease from the corresponding period in 2025, reflecting a narrower loss.

 

·Loss from operations for international wealth management for the second quarter of 2026 was RMB3.3 million (US$0.5 million), compared with income from operations of RMB27.8 million in the corresponding period in 2025.

 

·Income from operations for international asset management for the second quarter of 2026 was RMB61.6 million (US$9.1 million), a 15.2% decrease from the corresponding period in 2025.

 

·Income from operations for international insurance and comprehensive services for the second quarter of 2026 was RMB14.1 million (US$2.1 million), a 52.7% decrease from the corresponding period in 2025.

 

·Loss from operations for headquarters for the second quarter of 2026 was RMB174.3 million (US$25.7 million), a 22.4% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business and lower compensation and benefits expenses resulting from disciplined cost control measures.

 

Operating Margin

 

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

 

Interest Income

 

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

 

6 / 19

 

 

Investment Income (Loss)

 

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

 

Income Tax Expense

 

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

 

Net Income

 

·Net income for the second quarter of 2026 was RMB236.9 million (US$34.9 million), a 32.7% increase from the corresponding period in 2025.

 

·Net margin for the second quarter of 2026 was 38.2%, compared with 28.4% for the corresponding period in 2025.

 

·Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025.

 

·Net margin attributable to Noah shareholders for the second quarter of 2026 was 37.5%, compared with 28.4% for the corresponding period in 2025.

 

·Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2026 was RMB3.40 (US$0.50) and RMB3.37 (US$0.50), respectively, compared with RMB2.56 and RMB2.54, respectively, for the corresponding period in 2025.

 

Non-GAAP Net Income Attributable to Noah Shareholders

 

·Non-GAAP net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.

 

·Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2026 was 38.4%, compared with 30.0% for the corresponding period in 2025.

 

·Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2026 was RMB3.46 (US$0.51), compared with RMB2.69 for the corresponding period in 2025.

 

BALANCE SHEET AND CASH FLOW

 

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

 

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

 

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

 

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

 

7 / 19

 

 

CONFERENCE CALL

 

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

 

 Dial-in details:
Conference title: Noah Holdings Second Quarter and Half Year 2026 Earnings Conference Call
Date/Time:

Tuesday, August 25, 2026 at 8:00 p.m., U.S. Eastern Time

Wednesday, August 26, 2026 at 8:00 a.m., Hong Kong Time

Dial in:  
– Hong Kong Toll Free: 800-963976
– United States Toll Free: 1-888-317-6003
– Mainland China Local Toll: +86-4001-206115
– International Toll: 1-412-317-6061
Participant Password: 4116275

 

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

 

DISCUSSION ON NON-GAAP MEASURES

 

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

 

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

 

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

 

ABOUT NOAH HOLDINGS LIMITED

 

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

 

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

 

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

 

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

 

FOREIGN CURRENCY TRANSLATION

 

In this announcement, the unaudited financial results for the second quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

8 / 19

 

 

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.

 

Contacts:

Noah Holdings Limited

Tel: +86-21-8035-8292

ir@noahgroup.com

 

 

 

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

 

9 / 19

 

 

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

 

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

 

10 / 19

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

 

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

 

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

 

11 / 19

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

 

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

 

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

 

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Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

 

   Three months ended     
   June 30,   June 30,   June 30,     
   2025   2026   2026   Change 
   RMB'000   RMB'000   USD'000     
Net income   178,537    236,864    34,909    32.7%
Other comprehensive (loss) income, net of tax:                    
Foreign currency translation adjustments   (64,764)   (59,540)   (8,775)   (8.1)%
Fair value fluctuation of available-for-sale investments (after tax)   236    121    18    (48.7)%
Comprehensive income   114,009    177,445    26,152    55.6%
Less: Comprehensive (loss) income attributable to non-controlling interests   (401)   5,048    744    N.A. 
Comprehensive income attributable to Noah shareholders   114,410    172,397    25,408    50.7%

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

 

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

 

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Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

 

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

 

14 / 19

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

 

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

 

15 / 19

 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography

(unaudited)

 

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

 

Noah Holdings Limited

Supplemental Business Information by Product Types

(unaudited)

 

   Three months ended     
   June 30,
2025		   June 30,
2026		   Change 
   (in thousands of RMB, except percentages) 
Mainland China:               
Public securities products [1]   132,068    207,872    57.4%
Private equity products   176,876    165,620    (6.4)%
Insurance products   7,199    2,032    (71.8)%
Others   21,778    14,373    (34.0)%
Subtotal   337,921    389,897    15.4%
                
International:               
Investment products [2]   160,393    164,626    2.6%
Insurance products   101,387    43,461    (57.1)%
Online business [3]   10,459    10,097    (3.5)%
Others   24,467    17,799    (27.3)%
Subtotal   296,706    235,983    (20.5)%
Total revenues   634,627    625,880    (1.4)%

 

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.

[3] Includes money market mutual fund products, securities brokerage business.

 

16 / 19

 

 

Noah Holdings Limited

Supplemental Operational Information

(unaudited)

 

   As of     
   June 30,
2025		   June 30,
2026		   Change 
Number of registered clients   464,631    469,987    1.2%

 

   Three months ended     
   June 30,
2025		   June 30,
2026		   Change 
   (in millions of RMB, except number of active clients and
percentages)		 
Number of active clients   9,160    10,296    12.4%
Transaction value:               
Private equity products   1,000    1,620    62.0%
Private secondary products   5,975    5,806    (2.8)%
Mutual fund products   9,264    9,122    (1.5)%
Other products   736    619    (15.9)%
Total transaction value   16,975    17,167    1.1%

 

17 / 19

 

 

Noah Holdings Limited

Supplemental Information of International Business

(unaudited)

 

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

 

18 / 19

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

 

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

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

 

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

 

19 / 19

 

Source: View Original Filing on SEC EDGAR

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