Nanxin Peter Zhao's questions to NOAH HOLDINGS (NOAH) leadership • Q2 2025
Question
Nanxin Peter Zhao of JPMorgan Chase & Co. asked about Q3 operating trends, specifically regarding investment sentiment and transaction volume quarter-to-date versus Q2. He also sought an update on the overseas expansion into the U.S., Canada, and Japan, questioning the progress, timeline for revenue contribution, and the expected impact on operating expenses.
Answer
Senior IR Director Doreen Chew confirmed strong client interest in Q3, driven by market conditions, but stressed the company's focus remains on long-term returns. Regarding global expansion, she noted the next phase is brand building to serve Chinese clients globally via its booking centers. CFO Qing Pan added that the company's cost structure is stable, and while expansion may cause short-term spikes, the annual operating margin is expected to remain in a similar range.