Market Conditions and Strategy

Q1 2025

no prior guidance

Anticipation of increased market volatility throughout the year due to global trade uncertainties, lack of coordination among major global economies on monetary policies, and competition in AI applications. " ; Clients are advised to maintain disciplined asset allocation, prioritize geographic diversification, build robust portfolios, and adjust asset allocation when needed. "

no prior guidance

Overseas Business Expansion

Q1 2025

no prior guidance

Plans to expand the overseas team of relationship managers, particularly in Singapore, Southeast Asia, the U.S., Japan, and Canada. " ; Aim to grow the overseas commissions-only insurance agent team to 150 agents by the end of the year. "

no prior guidance

Insurance Business

Q1 2025

no prior guidance

Focus on creating new marketing models and growing the team of commission-only agents to enhance insurance sales. "

no prior guidance

Product and Technology Development

Q1 2025

no prior guidance

Investment in technologies such as AI to improve online services and plans to offer a wider range of products, including trust, relocation, and cross-border solutions. "

no prior guidance

Financial Performance and Shareholder Returns

Q1 2025

no prior guidance

Plans to distribute annual and special dividends totaling RMB 550 million in July, representing 100% of its non-GAAP net income for 2024, subject to AGM approval. " ; USD 50 million share buyback program, with over 1.3 million ADS already repurchased. "

no prior guidance

Operational Efficiency

Q1 2025

no prior guidance

Implementation of rigorous cost control measures, resulting in decreased operating costs and expenses. "

no prior guidance

Client Base and Market Sentiment

Q1 2025

no prior guidance

Continued growth of Noah's client base, particularly overseas, with confidence in capturing a larger share of clients' U.S. dollar wallets for investment products. "

no prior guidance

Revenue Trend

FY 2025

Optimism for recovery in 2025, driven by rebounding client sentiment and growing demand for overseas investment products. They expect the decline in RMB private market products and associated recurring service fees to be offset by the expansion of overseas investment portfolios. "

no current guidance

no current guidance

Insurance Business

FY 2025

Plans to refine clients' safety nets within asset allocation, with potential growth in insurance products for succession planning and asset segregation. "

no current guidance

no current guidance

Overseas Relationship Managers (RMs)

FY 2025

Intention to increase overseas RM headcount to approximately 200 in 2025 through lateral recruitment and campus hiring, and establish a business development team. "

no current guidance

no current guidance

Domestic Market

FY 2025

Expectation for stabilization and recovery, supported by improved client sentiment and strategic restructuring of sales teams. "

no current guidance

no current guidance

Overseas Expansion

FY 2025

Continued investment in overseas markets, including Hong Kong, Singapore, and the United States, while exploring opportunities in Japan, Canada, and Southeast Asia. "

no current guidance

no current guidance

Global Asset Allocation

In Q3 2024, Noah highlighted using RMB assets to capture global beta returns and provided long‐term asset allocation advice. " " In Q4 2024, they emphasized the importance of global asset allocation amid market volatility and underscored the need for certainty amid uncertainty. "

In Q1 2025, Noah reiterated the need to maintain disciplined asset allocation, with a strong focus on geographic diversification to build robust portfolios amid increased volatility and uncertainty. "

Consistent focus with an increased emphasis on diversification and disciplined portfolio management in response to heightened market volatility.

International Expansion

In Q3 and Q4 2024, Noah detailed expanding relationships overseas, growing relationship manager teams (with significant percentage increases) and initiating new office openings in key markets like the U.S., Japan, and Canada. " " " "

In Q1 2025, Noah continued its push overseas – reinforcing its expansion strategy with the opening of a new Tokyo office, plans for markets in Singapore, Southeast Asia, the U.S., Japan, and Canada, and further growth in overseas insurance channels. "

Continued strong focus on international expansion, with incremental deployment and broader geographic coverage.

AI-based Investment Products and Innovations

In Q3 2024, AI-related opportunities were noted as part of growth strategies, and Q4 2024 identified artificial intelligence as a major investment theme for 2025, influencing both primary market and public securities decisions. " "

In Q1 2025, AI-based investment products are described as increasingly popular among investors, with plans to invest in AI technologies to enhance online services. " " "

Strengthened emphasis on AI innovations as investor interest grows, with increased integration into product development and online platforms.

Liquidity-Focused Structured Products

Although Q4 2024 did not explicitly mention “Liquidity-Focused Structured Products,” discussions on liquid investment products (such as NAV-based hedge funds) and, in Q3 2024, increased revenue from liquidity products were noted. " " "

In Q1 2025, there is a specific focus on structured products with liquidity features, as client concerns about liquidity are clearly driving product preferences. "

New level of specificity: While liquidity was always a factor, the current period places sharper focus on structured products that offer redeemable liquidity features.

Insurance Market Dynamics and Competitive Pressures

Q3 2024 discussions stressed domestic revenue declines in insurance and highlighted operational challenges, while Q4 2024 detailed competitive pressures, compliance challenges, and regulatory changes in the Hong Kong market along with shifts towards commission-only agent models. " " "

In Q1 2025, Noah addressed both overseas and domestic insurance market dynamics – noting a decline in insurance revenues, strategic shifts towards tailored products and compliance, and plans to expand commission-only agent teams to improve competitiveness. " "

Persistent challenge with evolving strategies: Competitive pressures remain strong, but Noah is adapting its product mix and agent models to address regulatory and market dynamics.

Client Sentiment and Engagement Trends

Q3 2024 revealed a rebound in client trading activity and greater willingness to engage for one-on-one asset allocation advice. " " Q4 2024 highlighted client sentiment recovery, major client summits, and improved engagement due to market rebounds. " "

In Q1 2025, client sentiment reflects concerns over market volatility—driving interest in liquidity-enhanced products and AI-linked investments, although overall engagement shows signs of adapting to new market realities. "

Shift in focus: Whereas previous periods emphasized broad engagement and event-driven sentiment recovery, the current period shows clients honing in on specific product features (liquidity, AI) in response to volatility.

Market Volatility and Economic Uncertainty

Q3 2024 noted a rebound in A-share trading alongside a long-term, cautious asset allocation approach, while Q4 2024 acknowledged ongoing global volatility and a sluggish macroeconomic environment impacting performance. " " " "

In Q1 2025, volatility is expected to increase further due to factors such as political uncertainties and global trade issues (e.g. debates over Trump’s return), driving clients toward more liquid and diversified solutions. " " "

Heightened caution: The theme remains central, but current discussions reflect a more explicit integration of geopolitical and economic uncertainties into strategic advice.

Tariff and Trade Uncertainty Effects

There were no mentions of tariff and trade uncertainty effects in the Q3 and Q4 2024 earnings calls.

In Q1 2025, Noah introduced tariff and trade uncertainty effects – noting that some trade-related clients (especially small manufacturers) are experiencing order suspensions, though the impact is viewed as short-term. "

Newly emerged topic: Tariff and trade uncertainties have become a focus in Q1 2025, suggesting an emerging concern among client segments tied to global commerce.

Operational Transition and Efficiency Challenges

Q3 2024 discussions covered the transition to a client-centric sales model and cost control initiatives—with cost reductions in operating expenses and improvements via reduced middle/back-office headcount. " " Q4 2024 detailed extensive restructuring domestically and overseas with efforts to streamline operations and control costs. " " "

In Q1 2025, Noah reported rigorous cost control measures yielding an 18.8% year-over-year reduction in operating costs, along with a surge in operating profit and strategic initiatives like a share buyback program to further enhance shareholder returns. " "

Consistent focus with measurable improvements: The company continues to refine its operational model, with continued cost efficiency and strategic transitions that are now producing stronger operating margins.

Domestic Market Strategy and Missed Opportunities

Q3 2024 reviewed challenges in domestic segments – with significant revenue declines in RMB-denominated products, weak performance in domestic insurance, and adjustments in domestic product strategies. " Q4 2024 elaborated on restructuring efforts, a reduction in domestic operating cities, and noted missed revenue opportunities in insurance and recurring fees. " " "

In Q1 2025, Noah’s domestic strategy emphasizes a renewed focus on Renminbi-denominated private secondary products, online services through branch consolidation, and also highlights missed opportunities in domestic insurance and mutual funds due to lower distribution and weaker investor sentiment. " "

Ongoing challenges: There is a persistent struggle to capture domestic market growth, with evolving strategies that underline both renewed focus areas and recognition of missed revenue opportunities.