NOAH HOLDINGS (NOAH) Company Report

Noah Holdings Limited reported a net decrease of 5,968,411 in total issued shares for the month ended November 30, 2025, resulting in 331,686,407 total issued shares.
This reduction was primarily driven by the cancellation of 6,762,680 treasury shares on November 21, 2025, which were American Depositary Shares (ADSs) repurchased between December 2, 2024, and May 28, 2025.
Concurrently, the company issued 794,269 new ordinary shares on November 13, 2025, under its Restricted Share Unit (RSU) Plan as part of settlement agreements related to the Camsing Incident.

1 day ago

6-K

Noah Holdings Reports Q3 2025 Earnings with Strong Profitability and Overseas Growth

NOAH

Earnings

New Projects/Investments

Noah Holdings reported Q3 2025 net revenues of RMB 632.9 million (US$88.9 million), a 7.4% year-over-year decline, but non-GAAP net income significantly increased by 52.2% year-over-year to RMB 229.1 million (US$32.2 million), driven by a 6.5% year-over-year reduction in total operating expenses for the first three quarters.
The company's overseas business demonstrated strong momentum, with overseas net revenue accounting for 49.1% of total net revenue, and overseas Assets Under Administration (AUA) reaching US$9.3 billion (a 6.8% year-over-year increase) and Assets Under Management (AUM) rising 5.3% year-over-year to US$5.9 billion. Noah also completed its global operational system by establishing its fourth booking center in the US after obtaining a broker-dealer license.
Noah is accelerating its AI integration, implementing an "AI Wealth Advisor + AI Operations System" plan, launching "Noya" as an AI financial advisor in its iARK app, and establishing two new AI-focused business units.
Client engagement strengthened, with total active clients growing 35.5% year-over-year, and the aggregate value of investment products distributed increasing 19.1% year-over-year to RMB 17.0 billion (US$2.4 billion), with one-time commissions from investment products growing 85.2% year-over-year.

Nov 26, 2025, 11:43 AM

Press Release

Noah Holdings Reports Strong Q3 2025 Profitability and Strategic Progress

NOAH

Earnings

New Projects/Investments

Demand Weakening

Noah Holdings reported Q3 2025 net revenues of RMB 633 million and a significant increase in non-GAAP net income by over 50% year-on-year to RMB 229 million, reflecting improved profitability despite ongoing revenue pressure.
The company's revenue mix is shifting, with investment products now accounting for approximately 28% of revenue, up from 18% a year ago, while experiencing continued softness in domestic and overseas insurance businesses.
Overseas operations showed strong growth, with overseas AUA reaching $9.3 billion (up 6.8% year-on-year) and overseas AUM at $5.9 billion (up 5.3% year-on-year) by the end of Q3 2025.
Key strategic initiatives include the establishment of four overseas booking centers and obtaining a U.S. broker-dealer license, alongside the implementation of AI-related projects to enhance client engagement and operational efficiency.
Noah maintains a strong financial position, characterized by a debt-free balance sheet and RMB 5 billion in cash and short-term investments as of September 30, 2025.

Nov 26, 2025, 12:00 AM

Transcript

NOAH reports Q3 2025 results and strategic progress

NOAH

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

NOAH reported Q3 2025 net revenues of RMB 633 million, a slight year-on-year decrease but a sequential increase for the second consecutive quarter.
Non-GAAP net income for Q3 2025 was RMB 229 million, marking a 52.2% year-over-year increase and a 21.2% sequential increase, with a margin of 36.2%.
The company is undergoing a revenue mix adjustment, with investment products contributing approximately 28% of revenue in Q3 2025 (up from 18% a year ago), while intentionally reducing reliance on insurance-related revenue.
Strategic developments include the establishment of four overseas booking centers and obtaining a U.S. broker-dealer license, alongside the implementation of AI as a key growth driver to enhance operational efficiency and client services.
Total transaction value reached RMB 17 billion, a 19.1% year-over-year increase, supported by substantial growth in RMB-denominated private secondary products (up 206%) and US dollar private secondary products (up 244%).

Nov 26, 2025, 12:00 AM

Transcript

Noah Reports Strong Q3 2025 Profitability Amidst Strategic Transformation and AI Integration

NOAH

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Noah reported net revenues of RMB633 million in Q3 2025, with non-GAAP net income increasing over 50% year-on-year to RMB229 million for the quarter, reflecting improved profitability and margins.
The company's transformation strategy is making solid progress, with investment products accounting for approximately 28% of revenue and contributing to a 19.1% year-over-year increase in total transaction value to RMB17 billion.
Key strategic initiatives include the establishment of four overseas booking centers and obtaining a U.S. Broker-dealer license, alongside the implementation of an AI-related operation system, positioning AI as a second strategic growth driver.
As of September 30, 2025, total Assets Under Management (AUM) stood at RMB143.5 billion, with overseas AUM growing 5.3% year-over-year to US$5.9 billion and overseas AUA increasing 6.8% year-over-year to US$9.3 billion.

Nov 26, 2025, 12:00 AM

Transcript

Noah Holdings Reports Q3 2025 Financial Results and Advances Strategic Initiatives

NOAH

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Noah Holdings reported Q3 2025 net revenues of RMB 633 million, which saw a slight year-on-year decrease but marked the second consecutive quarter of sequential improvement.
Non-GAAP net income for Q3 2025 was RMB 229 million, reflecting a 52.2% year-over-year increase and a 21.2% sequential increase, achieving a 36.2% margin. For the first nine months of 2025, non-GAAP net income totaled RMB 587 million, an increase of 40.5% from the same period last year.
The company is strategically optimizing its revenue structure, with investment products accounting for approximately 28% of Q3 2025 revenue, up from 18% a year ago, as it reduces reliance on insurance-related income.
Key strategic initiatives include strengthening investment product capabilities, establishing AI as a second growth driver with strategic investments starting in 2026, and leveraging four overseas booking centers to build a global service platform. These efforts are expected to enhance operational efficiency, client acquisition, and service quality.

Nov 26, 2025, 12:00 AM

Transcript

Noah Holdings Limited Announces Q3 2025 Financial Results

NOAH

Earnings

New Projects/Investments

Demand Weakening

Noah Holdings Limited reported net revenues of RMB632.9 million (US$88.9 million) for the third quarter of 2025, representing a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in revenues from one-time commissions and overseas operations.
Income from operations decreased by 28.6% to RMB171.9 million (US$24.1 million) in Q3 2025 compared to Q3 2024.
Despite the decrease in net revenues and operating income, net income attributable to Noah shareholders significantly increased by 62.6% to RMB218.5 million (US$30.7 million) for Q3 2025, primarily due to an increase in fair value of investments in affiliates. Non-GAAP net income attributable to Noah shareholders also rose by 52.2% to RMB229.1 million (US$32.2 million).
The company's operational highlights include a 35.5% increase in active clients to 10,650 and a 19.1% increase in the aggregate value of investment products distributed to RMB17.0 billion (US$2.4 billion) in Q3 2025 compared to Q3 2024.
Total assets under management remained relatively stable at RMB143.5 billion (US$20.2 billion) as of September 30, 2025. Additionally, the company obtained a U.S. broker-dealer license during the quarter, aiming to strengthen its global footprint.

Nov 25, 2025, 10:00 PM

6-K

Noah Holdings Announces Q3 2025 Financial Results

NOAH

Earnings

New Projects/Investments

Noah Holdings reported net revenues of RMB632.9 million (US$88.9 million) for the third quarter of 2025, a 7.4% decrease from the corresponding period in 2024.
Net income attributable to Noah shareholders for the third quarter of 2025 was RMB218.5 million (US$30.7 million), marking a 62.6% increase from the corresponding period in 2024, primarily due to an increase in fair value of investments in affiliates.
The company's non-GAAP net income attributable to Noah shareholders for Q3 2025 increased by 52.2% to RMB229.1 million (US$32.2 million) compared to the third quarter of 2024.
The total number of active clients who transacted during the third quarter of 2025 was 10,650, a 35.5% increase from the third quarter of 2024.
The aggregate value of investment products distributed during Q3 2025 was RMB17.0 billion (US$2.4 billion), a 19.1% increase from the third quarter of 2024.

Nov 25, 2025, 9:30 PM

Press Release

Noah Holdings Limited reports cancellation of treasury shares

NOAH

Share Buyback

On November 21, 2025, Noah Holdings Limited canceled 6,762,680 treasury shares.
These canceled shares were previously repurchased as 1,352,536 ADSs on the New York Stock Exchange between December 2, 2024, and May 28, 2025.
Following the cancellation, the company's treasury shares were reduced to 0, and the total number of issued shares became 331,686,407 as of November 21, 2025.

Nov 25, 2025, 11:01 AM

6-K

Noah Holdings Highlights Alternative Strategies and AI-Driven Innovation at Greenwich Economic Forum 2025

NOAH

New Projects/Investments

Product Launch

Noah Holdings, along with ARK Wealth Management and Olive Asset Management, participated as a global partner in the 8th Annual Greenwich Economic Forum (GEF) on October 6–8, 2025, emphasizing their long-term, value-driven investment philosophy.
The company highlighted alternative investments as a "resilience engine" for portfolios, with these strategies, including private equity and venture capital, now accounting for approximately two-thirds of Noah's Assets Under Management (AUM).
Noah launched iARK, an AI-powered wealth management platform, designed to deliver smarter, more transparent, and personalized investment experiences through AI portfolio insights and real-time market information.
As of December 31, 2024, ARK Wealth Management, a platform under Noah Holdings, had accumulated US$8.7 billion in assets under allocation.

Oct 10, 2025, 7:29 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for NOAH HOLDINGS.

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