Noah Holdings Limited filings document a foreign private issuer with American depositary shares listed on the NYSE and ordinary shares listed on the Hong Kong Stock Exchange. The company’s Form 20-F and related reports cover its wealth management, asset management, insurance and comprehensive-service businesses for global Chinese high-net-worth clients, including product distribution, managed investment platforms, governance, risk factors and sustainability disclosures.
Recent 6-K reports include annual meeting circulars, ADS voting materials, proxy forms, dividend announcements, auditor and director-election matters, and mandates for share repurchases and issuances. The filing record also includes Hong Kong monthly returns and next-day disclosure returns that report movements in ordinary shares, treasury shares, public float confirmations, repurchases for cancellation and other capital-structure matters tied to the ADS and HKEX share framework.
NOAH HOLDINGS LTD chief executive officer Zhe Yin, through Yin Investment Co., Ltd., exercised previously granted restricted stock units (RSUs) into ordinary shares on March 31, 2026. All exercises were compensation-related and carried a $0.00 exercise price per share-equivalent.
The transactions converted 74 RSUs into 740 ordinary shares, 12,500 RSUs into 125,000 ordinary shares, and 7,500 RSUs into 75,000 ordinary shares, consistent with the footnote that each RSU represents 10 ordinary shares. Following these acquisitions, indirect holdings reported for ordinary shares rose to 17,203,090 shares, with no sales or tax-withholding dispositions reported in this filing.
Noah Holdings Limited filed a Form 6-K highlighting a clarification to its earlier unaudited annual results announcement for the year ended December 31, 2025. The company explains that its auditor, Deloitte Touche Tohmatsu, performed agreed-upon procedures in line with Hong Kong Standard on Related Services 4400 (Revised) and with reference to Practice Note 730 (Revised) on preliminary results announcements. The company states that, aside from this clarification of the auditor’s scope of work, all other information in the 2025 annual results announcement remains unchanged.
Noah Holdings reports largely stable 2025 revenue but stronger profitability as cost controls and overseas growth offset a tough China backdrop. Net revenue was RMB2,610.2 million, up 0.4% year over year, while net income attributable to shareholders rose 17.5% to RMB558.9 million.
Non-GAAP net income attributable to shareholders increased 11.2% to RMB611.9 million, driven by lower employee compensation and reduced losses from equity investments, partly offset by contingent litigation expenses related to the Camsing Incident. Operating income climbed 22.5% to RMB776.7 million as total operating costs and expenses fell 6.8%.
Wealth management revenue declined 5.1% to RMB1,715.6 million, but asset management revenue grew 11.9% to RMB859.7 million, supported by higher recurring and performance fees from overseas products. The company ended 2025 with RMB4,360.9 million in cash and cash equivalents, no interest-bearing liabilities and a gearing ratio of 15.0%. The board proposes a final dividend of RMB306.0 million and a special dividend of RMB306.0 million, together equivalent to RMB1.866 per share, subject to shareholder approval.
Noah Holdings Limited reported modest revenue growth but stronger profitability for 2025. Net revenues for the year were RMB2,610.2 million, up slightly from 2024, while income from operations rose 22.5% to RMB776.7 million, lifting operating margin to 29.8% from 24.4%. Net income attributable to shareholders increased 17.5% to RMB558.9 million, with diluted earnings per ADS up to RMB7.94. Non-GAAP net income attributable to shareholders grew 11.2% to RMB611.9 million, reflecting improved underlying profitability.
Quarterly results were more mixed. In Q4 2025, net revenues rose 12.5% to RMB733.2 million and operating margin expanded sharply to 35.2%, but net income attributable to shareholders fell to RMB12.8 million, mainly due to higher contingent litigation expenses and larger losses from equity in affiliates. Cash and cash equivalents reached RMB4,360.9 million as of December 31, 2025, supported by strong operating cash inflow of RMB976.6 million for the year.
The Board approved, subject to shareholder approval, an annual dividend of about RMB306.0 million (50% of full-year 2025 non-GAAP net income attributable to shareholders) and a further non-recurring special dividend of RMB306.0 million, together equaling 100% of non-GAAP earnings. In 2025 Noah distributed RMB67.0 billion of investment products and managed RMB141.7 billion in assets, with overseas revenue accounting for approximately half of total revenues and AI integration highlighted as a strategic focus.