NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2025 AND UNAUDITED FINANCIAL RESULTS FOR FULL YEAR 2025 USA - English APAC - English

SHANGHAI, March 24, 2026 /PRNewswire/ -- 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 preliminary [1] financial results for the fourth quarter of 2025 and the unaudited financial results for the full year ended December 31, 2025.

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in Noah's consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2025 and subsequent reporting if necessary

[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

FULL YEAR 2025 FINANCIAL HIGHLIGHTS

FOURTH QUARTER AND FULL YEAR 2025 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

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

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

9.8

60.1 %

10.1

59.1 %

Private secondary products

4.7

28.8 %

5.1

30.2 %

Private equity products

1.3

8.0 %

1.3

7.7 %

Other products [4]

0.5

3.1 %

0.5

3.0 %

All products

16.3

100.0 %

17.0

100.0 %

[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.

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

Type of products in mainland China

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

6.6

71.7 %

5.9

72.0 %

Private secondary products

2.4

26.1 %

2.2

26.8 %

Other products

0.2

2.2 %

0.1

1.2 %

All products in mainland China

9.2

100.0 %

8.2

100.0 %

Type of overseas products

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

3.2

45.1 %

4.2

47.2 %

Private secondary products

2.3

32.4 %

2.9

33.3 %

Private equity products

1.3

18.3 %

1.3

14.9 %

Other products

0.3

4.2 %

0.4

4.6 %

All overseas products

7.1

100.00 %

8.8

100.00 %

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

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

39.6

62.0 %

36.0

53.7 %

Private secondary products

16.2

25.3 %

23.1

34.5 %

Private equity products

4.8

7.5 %

4.9

7.3 %

Other products

3.3

5.2 %

3.0

4.5 %

All products

63.9

100.0 %

67.0

100.0 %

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

Type of products in mainland China

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

25.7

78.4 %

21.2

63.7 %

Private secondary products

5.4

16.4 %

11.1

33.3 %

Other products

1.7

5.2 %

1.0

3.0 %

All products in mainland China

32.8

100.0 %

33.3

100.0 %

Type of overseas products

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

13.9

44.8 %

14.8

44.0 %

Private secondary products

10.8

34.7 %

12.0

35.6 %

Private equity products

4.8

15.4 %

4.9

14.5 %

Other products

1.6

5.1 %

2.0

5.9 %

All Overseas products

31.1

100.0 %

33.7

100.0 %

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi asset manager in mainland China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Singapore, Tokyo and key U.S. markets. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.

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

Investment type

As of

September 30,

2025

Growth

Allocation/

Redemption [5]

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

128.1

89.3 %

0.7

1.8

127.0

89.6 %

Public securities [6]

8.8

6.1 %

1.8

2.0

8.6

6.1 %

Real estate

4.7

3.3 %

0.1

0.7

4.1

2.9 %

Multi-strategies

1.9

1.3 %

(0.1)

2.0

1.4 %

All Investments

143.5

100.0 %

2.6

4.4

141.7

100.0 %

[5] The asset allocation/redemption of overseas 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.

Investment type

As of

December 31,

2024

Growth

Allocation/

Redemption

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

131.5

86.8 %

1.5

6.0

127.0

89.6 %

Public securities

9.4

6.2 %

6.6

7.4

8.6

6.1 %

Real estate

6.2

4.1 %

0.2

2.3

4.1

2.9 %

Multi-strategies

3.9

2.6 %

1.9

2.0

1.4 %

Others

0.5

0.3 %

0.5

All Investments

151.5

100.0 %

8.3

18.1

141.7

100.0 %

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

Mainland China

Investment type

As of

September 30,

2025

Growth

Allocation/

Redemption

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

94.8

93.6 %

1.2

93.6

94.3 %

Public securities

4.4

4.3 %

0.2

0.5

4.1

4.1 %

Real estate

0.7

0.7 %

0.5

0.2

0.2 %

Multi-strategies

1.4

1.4 %

1.4

1.4 %

All Investments

101.3

100.0 %

0.2

2.2

99.3

100.0 %

Mainland China

Investment type

As of

December 31,

2024

Growth

Allocation/

Redemption

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

98.6

90.5 %

5.0

93.6

94.3 %

Public securities

5.3

4.9 %

1.1

2.3

4.1

4.1 %

Real estate

2.2

2.0 %

2.0

0.2

0.2 %

Multi-strategies

2.3

2.1 %

0.9

1.4

1.4 %

Others

0.5

0.5 %

0.5

All Investments

108.9

100.0 %

1.1

10.7

99.3

100.0 %

Overseas

Investment type

As of

September 30,

2025

Growth

Allocation/

Redemption

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

33.3

78.9 %

0.7

0.6

33.4

78.8 %

Public securities

4.4

10.4 %

1.6

1.5

4.5

10.6 %

Real estate

4.0

9.5 %

0.1

0.2

3.9

9.2 %

Multi-strategies

0.5

1.2 %

(0.1)

0.6

1.4 %

All Investments

42.2

100.0 %

2.4

2.2

42.4

100.0 %

Overseas

Investment type

As of

December 31,

2024

Growth

Allocation/

Redemption

As of

December 31,

2025

(RMB billions, except percentages)

Private equity

32.9

77.2 %

1.5

1.0

33.4

78.8 %

Public securities

4.1

9.6 %

5.5

5.1

4.5

10.6 %

Real estate

4.0

9.4 %

0.2

0.3

3.9

9.2 %

Multi-strategies

1.6

3.8 %

1.0

0.6

1.4 %

All Investments

42.6

100.0 %

7.2

7.4

42.4

100.0 %

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented, "As we reflect on 2025, it was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the more meaningful shift was in the quality of our earnings and the resilience of our operating model. Our disciplined organizational optimization and structural strengthening over the past two years have begun to translate into tangible operating resilience, reinforcing the foundation upon which we build our future.

We started the institutional integration of AI across our global platform, where AI is no longer merely an auxiliary tool but is becoming part of Noah's structural infrastructure. By embedding AI into client service, empowering our relationship managers with intelligent capabilities, and enhancing our global platform coordination, we have strengthened our organizational leverage and reinforced a model for scalable growth.

At the same time, we continued advancing our global strategy and improving the quality of our revenue mix toward a more AUM-driven structure. Overseas revenue accounted for approximately half of total revenues in 2025, reflecting the continued deepening of our international business development. Notably, our strategic shift toward investment products led to significant growth in investment products-related commissions and performance-based income, which became key contributors to our overall performance during the year.

With a solid balance sheet and a long-term capital allocation philosophy, we remain committed to sharing value with our shareholders. Based on our 2025 results, the Board has proposed a total dividend equivalent to 100% of our full-year Non-GAAP net income attributable to Noah shareholders. Combined with our ongoing share repurchase program, these actions reflect our confidence in the long-term resilience of our company.

Entering 2026, Noah stands structurally different from where we were two years ago. We are beginning to see new growth momentum emerge — driven by the continued expansion of our international platform, improving global capabilities and the integration of AI across our organization. While the environment remains dynamic, we believe the combination of structural resilience and evolving growth drivers will support a more sustainable path over time."

FOURTH QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2025 were RMB733.2 million (US$104.9 million), a 12.5% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from overseas private equity products.

Net Revenues under the segmentation is as follows:

(RMB millions,

except percentages)

Q4 2024

Q4 2025

YoY Change

Domestic public securities [7]

146.2

191.4

30.9 %

Domestic asset management [8]

198.7

159.1

(20.0 %)

Domestic insurance [9]

3.9

0.3

(91.5 %)

Overseas wealth management [10]

156.6

109.9

(29.8 %)

Overseas asset management [11]

101.4

216.1

113.2 %

Overseas insurance and comprehensive services [12]

31.9

42.4

33.0 %

Headquarters

13.2

14.0

6.4 %

Total net revenues

651.9

733.2

12.5 %

[7] Operates under the Noah Upright brand

[8] Operates under the Gopher Asset Management brand

[9] Operates under the Glory brand

[10] Operates under the ARK Wealth Management brand

[11] Operates under the Olive Asset Management brand

[12] Operates under the Glory Family Heritage brand

Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2025 were RMB475.5 million (US$68.0 million), a 7.5% decrease from the corresponding period in 2024. Operating costs and expenses for the fourth quarter of 2025 primarily consisted of (i) compensation and benefits of RMB293.6 million (US$42.0 million); (ii) selling expenses of RMB60.8 million (US$8.7 million); (iii) general and administrative expenses of RMB98.1 million (US$14.0 million); (iv) provision for credit losses of RMB3.5 million (US$0.5 million); (v) other operating expenses of RMB22.2 million (US$3.2 million); and (vi) income gained from government subsidies of RMB2.7 million (US$0.4 million).

Income(loss) from operations

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

(RMB millions,

except percentages)

Q4 2024

Q4 2025

YoY Change

Domestic public securities

113.1

143.7

27.0 %

Domestic asset management

157.9

121.9

(22.8 %)

Domestic insurance

(12.0)

(6.5)

(45.8 %)

Overseas wealth management

9.2

8.1

(11.9 %)

Overseas asset management

82.1

166.3

102.5 %

Overseas insurance and comprehensive services

1.3

9.1

613.4 %

Headquarters

(214.0)

(184.9)

(13.7 %)

Total income from operations

137.6

257.7

87.3 %

Operating Margin

Operating margin for the fourth quarter of 2025 was 35.2%, compared with 21.1% for the corresponding period in 2024.

Interest Income

Interest income for the fourth quarter of 2025 was RMB32.6 million (US$4.7 million), a 15.6% decrease from the corresponding period in 2024.

Investment Income

Investment income for the fourth quarter of 2025 was RMB19.4 million (US$2.8 million), a 6.1% increase from the corresponding period in 2024, primarily due to an increase in unrealized income from fair value changes on certain equity investments.

Income Tax Expense

Income tax expenses for the fourth quarter of 2025 were RMB106.0 million (US$15.2 million), a 9.8% increase from the corresponding period in 2024, primarily due to a higher effective tax rate.

Net Income

FULL YEAR 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase from 2024.

Net Revenues under the segmentation is as follows:

(RMB millions,

except percentages)

FY 2024

FY 2025

YoY Change

Domestic public securities

488.8

566.5

15.9 %

Domestic asset management

772.0

692.5

(10.3 %)

Domestic insurance

42.9

18.6

(56.5 %)

Overseas wealth management

674.7

547.5

(18.8 %)

Overseas asset management

438.5

553.9

26.3 %

Overseas insurance and comprehensive services

138.9

178.8

28.8 %

Headquarters

45.2

52.4

15.9 %

Total net revenues

2,601.0

2,610.2

0.4 %

Operating costs and expenses

Operating costs and expenses for 2025 were RMB1,833.6 million (US$262.2 million), a 6.8% decrease from 2024. Operating costs and expenses for 2025 primarily consisted of (i) compensation and benefits of RMB1,216.6 million (US$174.0 million); (ii) selling expenses of RMB242.8 million (US$34.7 million); (iii) general and administrative expenses of RMB305.6 million (US$43.7 million); (iv) provision for credit losses of RMB52.2 million (US$7.5 million); (v) other operating expenses of RMB62.9 million (US$9.0 million) ; and (vi) income gained from government subsidies of RMB46.5 million (US$6.6 million).

Income(loss) from operations

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

(RMB millions,

except percentages)

FY 2024

FY 2025

YoY Change

Domestic public securities

319.0

427.4

34.0 %

Domestic asset management

574.1

566.3

(1.4 %)

Domestic insurance

(81.6)

(34.5)

(57.8 %)

Overseas wealth management

105.5

142.7

35.3 %

Overseas asset management

353.6

409.2

15.7 %

Overseas insurance and comprehensive services

45.5

53.9

18.6 %

Headquarters

(682.2)

(788.3)

15.6 %

Total income from operations

633.9

776.7

22.5 %

Operating Margin

Operating margin for 2025 was 29.8%, compared with 24.4% for 2024.

Interest Income

Interest income for 2025 was RMB127.5 million (US$18.2 million), an 18.1% decrease from the corresponding period in 2024.

Investment Income

Investment income for 2025 was RMB32.3 million (US$4.6 million), a 35.7% decrease from the corresponding period in 2024, primarily due to an increase in losses from our private equity fund investment.

Income Tax Expenses

Income tax expenses for 2025 were RMB297.8 million (US$42.6 million), a 10.9% increase from 2024, primarily due to a higher effective tax rate.

Net Income

BALANCE SHEET AND CASH FLOW

As of December 31, 2025, the Company had RMB4,360.9 million (US$623.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB3,837.4 million as of September 30, 2025.

Net cash inflow from the Company's operating activities during the fourth quarter of 2025 was RMB378.9 million (US$54.2 million), compared with RMB282.3 million in the corresponding period in 2024, primarily attributable to an increase in income taxes payable and the combined effect of changes in working capital items. Net cash inflow from the Company's operating activities in 2025 was RMB976.6 million (US$139.7 million), compared with RMB387.3 million in 2024, primarily attributable to changes in working capital, including increases in other current liabilities and income taxes payable.

Net cash inflow from the Company's investing activities during the fourth quarter of 2025 was RMB197.4 million (US$28.2 million), compared with net cash inflow of RMB72.9 million in the corresponding period in 2024. Net cash inflow from the Company's investing activities in 2025 was RMB299.5 million (US$42.8 million), compared to net cash outflow of RMB840.8 million in 2024, primarily due to various purchases of term deposits in 2024.

Net cash outflow from the Company's financing activities was RMB4.6 million (US$0.7 million) in the fourth quarter of 2025, compared to net cash outflow of RMB66.6 million in the corresponding period in 2024. Net cash outflow from the Company's financing activities in 2025 was RMB635.4 million (US$90.9 million), compared to net cash outflow of RMB1,134.2 million in 2024, primarily due to a decrease in payment of the final dividend to the Company's shareholders in 2025.

ANNUAL AND SPECIAL DIVIDEND

On March 24, 2026, the Company's Board of Directors (the "Board") approved, subject to shareholder approval at the AGM, an annual dividend of approximately RMB306.0 million (US$43.8 million) in total, which is equivalent to 50% of full year 2025 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the "Policy") adopted on November 29, 2023. The Board has also approved, subject to shareholder approval at the AGM, a non-recurring special dividend of approximately RMB306.0 million (US$43.8 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2026.

CONFERENCE CALL

The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2025 Results and recent business activities. Details of the conference call are as follows:

Dial-in details：

Conference title：

Noah Holdings 4Q and Full Year 2025 Earnings Conference Call

Date/Time：

Tuesday, March 24, 2026 at 8:00 p.m., U.S. Eastern Time

Wednesday, March 25, 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 Toll Free:

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

5020907

A telephone replay will be available starting approximately one hour after the end of the conference until March 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8287514.

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, non-cash settlement expenses or reversal 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 2025, Noah distributed RMB67.0 billion (US$9.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB141.7 billion (US$20.3 billion) as of December 31, 2025.

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 December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, 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 fourth quarter of 2025 and unaudited financial results for the full year ended December 31, 2025 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 RMB6.9931 to US$1.00, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

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

[email protected]

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

September 30,

2025

December 31,

2025

December

31,2025

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

3,837,367

4,360,918

623,603

Restricted cash

6,071

11,143

1,593

Short-term investments

1,157,410

657,563

94,030

Accounts receivable, net

358,143

420,132

60,078

Amounts due from related parties

568,979

596,800

85,341

Loans receivable, net

117,598

112,416

16,075

Other current assets

330,699

201,573

28,827

Total current assets

6,376,267

6,360,545

909,547

Long-term investments, net

785,992

1,172,012

167,595

Investment in affiliates

1,469,275

1,326,131

189,634

Property and equipment, net

2,377,786

2,356,440

336,966

Operating lease right-of-use assets, net

98,947

103,027

14,733

Deferred tax assets

317,007

310,287

44,370

Other non-current assets

120,668

112,492

16,086

Total Assets

11,545,942

11,740,934

1,678,931

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

346,233

407,558

58,280

Income tax payable

117,029

147,510

21,094

Deferred revenues

72,207

54,398

7,779

Contingent liabilities

462,042

505,496

72,285

Other current liabilities

340,086

312,240

44,650

Total current liabilities

1,337,597

1,427,202

204,088

Deferred tax liabilities

240,363

263,608

37,695

Operating lease liabilities, non-current

59,634

60,344

8,629

Other non-current liabilities

9,701

6,820

975

Total Liabilities

1,647,295

1,757,974

251,387

Equity

9,898,647

9,982,960

1,427,544

Total Liabilities and Equity

11,545,942

11,740,934

1,678,931

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

December 31,

Change

2024

2025

Revenues:

RMB'000

USD'000

Revenues from others:

One-time commissions

131,086

106,411

15,217

(18.8 %)

Recurring service fees

158,733

162,613

23,253

2.4 %

Performance-based income

34,824

82,361

11,777

136.5 %

Other service fees

52,434

40,250

5,756

(23.2 %)

Total revenues from others

377,077

391,635

56,003

3.9 %

Revenues from funds

Gopher/Olive manages:

One-time commissions

4,318

1,173

168

(72.8 %)

Recurring service fees

261,904

228,277

32,643

(12.8 %)

Performance-based income

14,490

115,929

16,578

700.1 %

Total revenues from funds

Gopher/Olive manages

280,712

345,379

49,389

23.0 %

Total revenues

657,789

737,014

105,392

12.0 %

Less: VAT related surcharges

(5,882)

(3,768)

(539)

(35.9 %)

Net revenues

651,907

733,246

104,853

12.5 %

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(149,641)

(126,011)

(18,019)

(15.8 %)

Other compensations

(204,031)

(167,567)

(23,963)

(17.9 %)

Total compensation and

benefits

(353,672)

(293,578)

(41,982)

(17.0 %)

Selling expenses

(78,877)

(60,802)

(8,695)

(22.9 %)

General and administrative

expenses

(73,483)

(98,077)

(14,025)

33.5 %

Provision for credit losses

(18,894)

(3,524)

(504)

(81.3 %)

Other operating expenses

(17,198)

(22,208)

(3,176)

29.1 %

Government subsidies

27,791

2,686

384

(90.3 %)

Total operating costs and

expenses

(514,333)

(475,503)

(67,998)

(7.5 %)

Income from operations

137,574

257,743

36,855

87.3 %

Other income (expense):

Interest income

38,563

32,558

4,656

(15.6 %)

Investment income

18,233

19,353

2,767

6.1 %

Settlement expenses, net

978

(400)

(57)

N.A.

Contingent litigation

expenses, net

14,000

(50,525)

(7,225)

N.A.

Other income (expense)

43,829

(20,968)

(2,998)

N.A.

Total other income(loss)

115,603

(19,982)

(2,857)

N.A.

Income before taxes and

income from equity in

affiliates

253,177

237,761

33,998

(6.1 %)

Income tax expense

(96,612)

(106,045)

(15,164)

9.8 %

Loss from equity in affiliates

(42,884)

(121,713)

(17,405)

183.8 %

Net income

113,681

10,003

1,429

(91.2 %)

Less: net income (loss)

attributable to non-controlling

interests

3,930

(2,820)

(403)

N.A.

Net income attributable to

Noah shareholders

109,751

12,823

1,832

(88.3 %)

Income per ADS, basic

1.56

0.18

0.03

(88.5 %)

Income per ADS, diluted

1.55

0.18

0.03

(88.4 %)

Margin analysis:

Operating margin

21.1 %

35.2 %

Net margin

17.4 %

1.4 %

Weighted average ADS

equivalent [1]:

Basic

70,296,590

69,650,605

Diluted

70,901,802

70,429,668

ADS equivalent outstanding at

end of period

66,078,707

66,674,068

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

Noah Holdings Limited

Condensed Consolidated Income Statements

Twelve months ended

December 31,

Change

2024

2025

(audited)

(unaudited)

Revenues:

RMB'000

USD'000

Revenues from others:

One-time commissions

614,258

574,255

82,117

(6.5 %)

Recurring service fees

631,505

624,589

89,315

(1.1 %)

Performance-based income

47,841

116,247

16,623

143.0 %

Other service fees

186,108

161,299

23,065

(13.3 %)

Total revenues from others

1,479,712

1,476,390

211,120

(0.2 %)

Revenues from funds

Gopher/Olive manages:

One-time commissions

21,288

7,284

1,042

(65.8 %)

Recurring service fees

1,015,436

990,515

141,642

(2.5 %)

Performance-based income

104,898

155,598

22,250

48.3 %

Total revenues from funds

Gopher/Olive manages

1,141,622

1,153,397

164,934

1.0 %

Total revenues

2,621,334

2,629,787

376,054

0.3 %

Less: VAT related surcharges

(20,352)

(19,547)

(2,795)

(4.0 %)

Net revenues

2,600,982

2,610,240

373,259

0.4 %

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(562,523)

(498,454)

(71,278)

(11.4 %)

Other compensations

(786,928)

(718,098)

(102,687)

(8.7 %)

Total compensation and

benefits

(1,349,451)

(1,216,552)

(173,965)

(9.8 %)

Selling expenses

(269,038)

(242,808)

(34,721)

(9.7 %)

General and administrative

expenses

(296,751)

(305,590)

(43,699)

3.0 %

Provision for credit losses

(23,882)

(52,226)

(7,468)

118.7 %

Other operating expenses

(93,210)

(62,872)

(8,991)

(32.5 %)

Government subsidies

65,239

46,472

6,645

(28.8 %)

Total operating costs and

expenses

(1,967,093)

(1,833,576)

(262,199)

(6.8 %)

Income from operations

633,889

776,664

111,060

22.5 %

Other income (expense):

Interest income

155,751

127,547

18,239

(18.1 %)

Investment income

50,152

32,254

4,612

(35.7 %)

Settlement reversal

12,454

956

137

(92.3 %)

Contingent litigation expenses,

net

14,000

(50,182)

(7,176)

N.A.

Other income (loss)

1,359

(30,814)

(4,406)

N.A.

Total other income

233,716

79,761

11,406

(65.9 %)

Income before taxes and

income from equity in affiliates

867,605

856,425

122,466

(1.3 %)

Income tax expense

(268,591)

(297,811)

(42,586)

10.9 %

Loss from equity in affiliates

(112,010)

(1,395)

(199)

(98.8 %)

Net income

487,004

557,219

79,681

14.4 %

Less: net income (loss)

attributable to non-controlling

interests

11,559

(1,638)

(234)

N.A.

Net income attributable to

Noah shareholders

475,445

558,857

79,915

17.5 %

Income per ADS, basic

6.78

8.01

1.15

18.1 %

Income per ADS, diluted

6.75

7.94

1.14

17.6 %

Margin analysis:

Operating margin

24.4 %

29.8 %

Net margin

18.7 %

21.3 %

Weighted average ADS

equivalent [1]:

Basic

70,169,529

69,754,984

Diluted

70,470,251

70,392,528

ADS equivalent outstanding at

end of period

66,078,707

66,674,068

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

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

December 31,

Change

2024

2025

RMB'000

USD'000

Net income

113,681

10,003

1,429

(91.2 %)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

121,470

(60,013)

(8,582)

N.A.

Fair value fluctuation of available for sale

Investment (after tax)

238

N.A.

Comprehensive income (loss)

235,151

(49,772)

(7,119)

N.A.

Less: Comprehensive income (loss)

attributable to non-controlling interests

3,918

(2,674)

(382)

N.A.

Comprehensive income (loss) attributable to

Noah shareholders

231,233

(47,098)

(6,737)

N.A.

Noah Holdings Limited

Condensed Comprehensive Income Statements

Twelve months ended

December 31,

Change

2024

2025

(audited)

(unaudited)

RMB'000

USD'000

Net income

487,004

557,219

79,681

14.4 %

Other comprehensive income, net of tax:

Foreign currency translation

adjustments

112,131

(145,751)

(20,842)

N.A.

Fair value fluctuation of available for

sale Investment (after tax)

945

135

N.A.

Comprehensive income

599,135

412,413

58,974

(31.2 %)

Less: Comprehensive income (loss)

attributable to non-controlling interests

11,758

(1,647)

(236)

N.A.

Comprehensive income attributable to

Noah shareholders

587,377

414,060

59,210

(29.5 %)

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31, 2025

Domestic

public

securities

Domestic

asset

management

Domestic

insurance

Overseas

wealth

management

Overseas

asset

management

Overseas

insurance

and

comprehensive

services

Headquarters

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

9,678

385

343

53,050

7,823

35,132

106,411

Recurring service fees

92,519

36,255

10,152

23,687

162,613

Performance-based income

81,771

585

82,361

Other service fees

16,883

7,235

16,132

40,250

Total revenues from others

183,968

37,225

343

80,085

31,515

42,367

16,132

391,635

Revenues from funds

Gopher/Olive manages

One-time commissions

1,173

Recurring service fees

7,601

121,153

29,858

69,665

228,277

Performance-based income

924

114,942

115,929

Total revenues from funds

Gopher/Olive manages

8,837

122,077

29,858

184,607

345,379

Total revenues

192,805

159,302

343

109,943

216,122

42,367

16,132

737,014

Less: VAT related surcharges

(1,432)

(244)

(8)

(2,084)

(3,768)

Net revenues

191,373

159,058

335

109,943

216,122

42,367

14,048

733,246

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(32,202)

(7,990)

(508)

(60,769)

(15,911)

(8,631)

(126,011)

Other compensations

(6,172)

(15,882)

(3,178)

(17,645)

(18,464)

(11,797)

(94,429)

(167,567)

Total compensation and

benefits

(38,374)

(23,872)

(3,686)

(78,414)

(34,375)

(20,428)

(94,429)

(293,578)

Selling expenses

(8,418)

(3,091)

(309)

(16,058)

(10,545)

(8,597)

(13,784)

(60,802)

General and administrative

expenses

(702)

(3,800)

(2,859)

(2,473)

(4,118)

(2,022)

(82,103)

(98,077)

Provision for (reversal of)

credit losses

(10)

(4,282)

2,534

(1,766)

(3,524)

Other operating expenses

(200)

(3,124)

(4,888)

(807)

(4,758)

(8,431)

(22,208)

Government subsidies

988

1,692

2,686

Total operating costs and

expenses

(47,698)

(37,181)

(6,854)

(101,833)

(49,845)

(33,271)

(198,821)

(475,503)

Income (loss) from

operations

143,675

121,877

(6,519)

8,110

166,277

9,096

(184,773)

257,743

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31, 2024

Domestic

public

securities

Domestic

asset

management

Domestic

insurance

Overseas

wealth

management

Overseas

asset

management

Overseas

insurance

and

comprehensive

services

Headquarters

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

10,448

3,971

92,234

3,166

21,212

131,086

Recurring service fees

92,505

41,895

7,237

16,887

209

158,733

Performance-based income

29,740

4,908

176

34,824

Other service fees

24,823

10,638

16,973

52,434

Total revenues from others

132,693

46,858

3,971

124,294

20,229

31,850

17,182

377,077

Revenues from funds

Gopher/Olive manages

One-time commissions

2,889

1,000

429

4,318

Recurring service fees

12,207

145,406

31,287

73,004

261,904

Performance-based income

6,712

7,727

14,490

Total revenues from funds

Gopher/Olive manages

15,147

152,118

32,287

81,160

280,712

Total revenues

147,840

198,976

3,971

156,581

101,389

31,850

17,182

657,789

Less: VAT related surcharges

(1,605)

(271)

(26)

(3,980)

(5,882)

Net revenues

146,235

198,705

3,945

156,581

101,389

31,850

13,202

651,907

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(29,268)

(22,172)

(4,435)

(88,651)

(575)

(4,540)

(149,641)

Other compensations

(8,645)

(15,709)

(7,520)

(29,584)

(13,843)

(11,468)

(117,262)

(204,031)

Total compensation and

benefits

(37,913)

(37,881)

(11,955)

(118,235)

(14,418)

(16,008)

(117,262)

(353,672)

Selling expenses

(2,689)

(3,493)

(1,100)

(26,829)

(3,545)

(5,036)

(36,185)

(78,877)

General and administrative

expenses

(535)

(5,022)

(2,963)

(2,314)

(1,322)

(3,497)

(57,830)

(73,483)

Provision for credit losses

(1,912)

(16,982)

(18,894)

Other operating expenses

(681)

(512)

(430)

(4,122)

(11,453)

(17,198)

Government subsidies

8,689

6,135

470

12,497

27,791

Total operating costs and

expenses

(33,129)

(40,773)

(15,978)

(147,378)

(19,285)

(30,575)

(227,215)

(514,333)

Income (loss) from

operations

113,106

157,932

(12,033)

9,203

82,104

1,275

(214,013)

137,574

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Twelve months ended December 31, 2025

Domestic

public

securities

Domestic

asset

management

Domestic

insurance

Overseas

wealth

management

Overseas

asset

management

Overseas

insurance

and

comprehensive

services

Headquarters

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

53,152

1,243

18,772

320,221

30,264

150,603

574,255

Recurring service fees

352,345

143,040

38,765

90,439

624,589

Performance-based income

115,467

630

150

116,247

Other service fees

65,782

28,191

67,326

161,299

Total revenues from others

520,964

144,913

18,772

424,768

120,853

178,794

67,326

1,476,390

Revenues from funds

Gopher/Olive manages

One-time commissions

6,682

188

290

124

7,284

Recurring service fees

40,708

541,537

122,482

285,788

990,515

Performance-based income

1,923

6,505

147,170

155,598

Total revenues from funds

Gopher/Olive manages

49,313

548,230

122,772

433,082

1,153,397

Total revenues

570,277

693,143

18,772

547,540

553,935

178,794

67,326

2,629,787

Less: VAT related surcharges

(3,788)

(675)

(124)

(14,960)

(19,547)

Net revenues

566,489

692,468

18,648

547,540

553,935

178,794

52,366

2,610,240

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(107,156)

(45,299)

(15,462)

(254,769)

(44,221)

(31,547)

(498,454)

Other compensations

(26,423)

(63,870)

(22,190)

(79,764)

(63,510)

(48,202)

(414,139)

(718,098)

Total compensation and

benefits

(133,579)

(109,169)

(37,652)

(334,533)

(107,731)

(79,749)

(414,139)

(1,216,552)

Selling expenses

(17,279)

(9,405)

(5,025)

(59,625)

(30,361)

(18,680)

(102,433)

(242,808)

General and administrative

expenses

(898)

(10,154)

(10,034)

(5,829)

(6,516)

(266,330)

(305,590)

(Reversal of) provision for

credit losses

2,424

(9,071)

5,356

(50,935)

(52,226)

Other operating expenses

(1,757)

1,891

(406)

(4,888)

(807)

(25,284)

(31,621)

(62,872)

Government subsidies

11,977

9,705

24,745

46,472

Total operating costs and

expenses

(139,112)

(126,203)

(53,105)

(404,875)

(144,717)

(124,851)

(840,713)

(1,833,576)

Income (loss) from operations

427,377

566,265

(34,457)

142,665

409,218

53,943

(788,347)

776,664

Noah Holdings Limited

Segment Condensed Income Statements

(Audited)

Twelve months ended December 31, 2024

Domestic

public

securities

Domestic

asset

management

Domestic

insurance

Overseas

wealth

management

Overseas

asset

management

Overseas

insurance

and comprehensive

services

Headquarters

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

18,619

1,354

43,204

435,937

14,785

100,359

614,258

Recurring service fees

365,992

188,545

22,694

52,952

1,322

631,505

Performance-based income

38,058

4,908

4,875

47,841

Other service fees

89,846

38,507

57,755

186,108

Total revenues from others

422,669

194,807

43,204

548,477

72,612

138,866

59,077

1,479,712

Revenues from funds

Gopher/Olive manages

One-time commissions

13,358

5,551

2,379

21,288

Recurring service fees

56,441

556,742

120,669

281,584

1,015,436

Performance-based income

1,301

21,659

81,938

104,898

Total revenues from funds

Gopher/Olive manages

71,100

578,401

126,220

365,901

1,141,622

Total revenues

493,769

773,208

43,204

674,697

438,513

138,866

59,077

2,621,334

Less: VAT related surcharges

(5,017)

(1,101)

(337)

(13,897)

(20,352)

Net revenues

488,752

772,107

42,867

674,697

438,513

138,866

45,180

2,600,982

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(128,189)

(71,316)

(53,904)

(294,973)

(3,730)

(10,411)

(562,523)

Other compensations

(42,730)

(80,182)

(41,280)

(154,506)

(55,104)

(46,253)

(366,873)

(786,928)

Total compensation and

benefits

(170,919)

(151,498)

(95,184)

(449,479)

(58,834)

(56,664)

(366,873)

(1,349,451)

Selling expenses

(8,429)

(10,574)

(5,599)

(106,175)

(22,321)

(12,177)

(103,763)

(269,038)

General and administrative

expenses

(2,012)

(12,807)

(23,696)

(13,589)

(3,759)

(7,307)

(233,581)

(296,751)

Provision for credit losses

(88)

(10,083)

(7,307)

(6,404)

(23,882)

Other operating expenses

(1,771)

(23,829)

(449)

(9,944)

(57,217)

(93,210)

Government subsidies

13,448

10,796

479

40,516

65,239

Total operating costs and

expenses

(169,771)

(197,995)

(124,449)

(569,243)

(84,914)

(93,399)

(727,322)

(1,967,093)

Income (loss) from operations

318,981

574,112

(81,582)

105,454

353,599

45,467

(682,142)

633,889

Noah Holdings Limited

Additional Business Information

(unaudited)

Three months ended December 31, 2025

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

106,411

Recurring service fees

162,613

Performance-based income

82,361

Other service fees

27,150

13,100

40,250

Total revenues from others

378,535

13,100

391,635

Revenues from funds Gopher/Olive

manages

One-time commissions

422

751

1,173

Recurring service fees

45,156

183,121

228,277

Performance-based income

115,929

Total revenues from funds

Gopher/Olive manages

45,578

299,801

345,379

Total revenues

424,113

299,801

13,100

737,014

Less: VAT related surcharges

(1,642)

(244)

(1,882)

(3,768)

Net revenues

422,471

299,557

11,218

733,246

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(122,938)

(3,073)

(126,011)

Other compensations

(109,118)

(53,243)

(5,206)

(167,567)

Total compensation and benefits

(232,056)

(56,316)

(5,206)

(293,578)

Selling expenses

(45,119)

(10,900)

(4,783)

(60,802)

General and administrative

expenses

(63,806)

(24,849)

(9,422)

(98,077)

(Reversal of) provision for credit

losses

758

(4,282)

(3,524)

Other operating expenses

(10,445)

(3,927)

(7,836)

(22,208)

Government subsidies

698

988

1,000

2,686

Total operating costs and expenses

(349,970)

(99,286)

(26,247)

(475,503)

Income (loss) from operations

72,501

200,271

(15,029)

257,743

Noah Holdings Limited

Additional Business Information

(unaudited)

Three months ended December 31, 2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

131,086

Recurring service fees

158,733

Performance-based income

34,824

Other service fees

40,451

11,983

52,434

Total revenues from others

365,094

11,983

377,077

Revenues from funds Gopher/Olive

manages

One-time commissions

3,422

896

4,318

Recurring service fees

91,264

170,640

261,904

Performance-based income

14,490

Total revenues from funds

Gopher/Olive manages

94,686

186,026

280,712

Total revenues

459,780

186,026

11,983

657,789

Less: VAT related surcharges

(2,397)

(271)

(3,214)

(5,882)

Net revenues

457,383

185,755

8,769

651,907

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(140,276)

(9,365)

(149,641)

Other compensations

(136,829)

(56,279)

(10,923)

(204,031)

Total compensation and benefits

(277,105)

(65,644)

(10,923)

(353,672)

Selling expenses

(56,588)

(10,871)

(11,418)

(78,877)

General and administrative

expenses

(41,706)

(20,334)

(11,443)

(73,483)

Provision for credit losses

(15,724)

(577)

(2,593)

(18,894)

Other operating expenses

(13,576)

(465)

(3,157)

(17,198)

Government subsidies

21,645

6,135

27,791

Total operating costs and expenses

(383,054)

(91,756)

(39,523)

(514,333)

Income (loss) from operations

74,329

93,999

(30,754)

137,574

Noah Holdings Limited

Additional Business Information

(unaudited)

Twelve months ended December 31, 2025

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

574,255

Recurring service fees

624,589

Performance-based income

116,247

Other service fees

106,870

54,429

161,299

Total revenues from others

1,421,961

54,429

1,476,390

Revenues from funds Gopher/Olive

manages

One-time commissions

4,029

3,255

7,284

Recurring service fees

289,620

700,895

990,515

Performance-based income

155,598

Total revenues from funds

Gopher/Olive manages

293,649

859,748

1,153,397

Total revenues

1,715,610

859,748

54,429

2,629,787

Less: VAT related surcharges

(6,279)

(677)

(12,591)

(19,547)

Net revenues

1,709,331

859,071

41,838

2,610,240

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(490,947)

(7,507)

(498,454)

Other compensations

(476,917)

(215,432)

(25,749)

(718,098)

Total compensation and benefits

(967,864)

(222,939)

(25,749)

(1,216,552)

Selling expenses

(173,427)

(48,034)

(21,347)

(242,808)

General and administrative

expenses

(197,361)

(71,669)

(36,560)

(305,590)

(Reversal of) provision for credit

losses

225

(9,040)

(43,411)

(52,226)

Other operating expenses

(36,053)

(208)

(26,611)

(62,872)

Government subsidies

35,711

9,735

1,026

46,472

Total operating costs and expenses

(1,338,769)

(342,155)

(152,652)

(1,833,576)

Income (loss) from operations

370,562

516,916

(110,814)

776,664

Noah Holdings Limited

Additional Business Information

(unaudited)

Twelve months ended December 31, 2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

614,258

Recurring service fees

631,505

Performance-based income

47,841

Other service fees

141,631

44,477

186,108

Total revenues from others

1,435,235

44,477

1,479,712

Revenues from funds

Gopher/Olive manages

One-time commissions

20,110

1,178

21,288

Recurring service fees

351,998

663,438

1,015,436

Performance-based income

1,089

103,809

104,898

Total revenues from funds

Gopher/Olive manages

373,197

768,425

1,141,622

Total revenues

1,808,432

768,425

44,477

2,621,334

Less: VAT related surcharges

(7,726)

(1,081)

(11,545)

(20,352)

Net revenues

1,800,706

767,344

32,932

2,600,982

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(531,172)

(31,351)

(562,523)

Other compensations

(534,031)

(213,668)

(39,229)

(786,928)

Total compensation and benefits

(1,065,203)

(245,019)

(39,229)

(1,349,451)

Selling expenses

(195,830)

(46,811)

(26,397)

(269,038)

General and administrative

expenses

(184,688)

(70,795)

(41,268)

(296,751)

Provision for (reversal of) credit

losses

(22,157)

(3,698)

1,973

(23,882)

Other operating expenses

(43,107)

(23,948)

(26,155)

(93,210)

Government subsidies

54,324

10,797

118

65,239

Total operating costs and expenses

(1,456,661)

(379,474)

(130,958)

(1,967,093)

Income (loss) from operations

344,045

387,870

(98,026)

633,889

Noah Holdings Limited

Supplemental Revenue Information by Geography

(unaudited)

Three months ended

December 31,

2024

December 31,

2025

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

367,969

368,582

0.2 %

Hong Kong

195,970

301,467

53.8 %

Others

93,850

66,965

(28.6 %)

Total revenues

657,789

737,014

12.0 %

Noah Holdings Limited

Supplemental Revenue Information by Geography

Twelve months ended

December 31,

2024

December 31,

2025

Change

(audited)

(unaudited)

(in thousands of RMB, except percentages)

Revenues:

Mainland China

1,369,258

1,349,519

(1.4 %)

Hong Kong

925,846

986,362

6.5 %

Others

326,230

293,906

(9.9 %)

Total revenues

2,621,334

2,629,787

0.3 %

Noah Holdings Limited

Supplement Revenue Information by Product Types

(unaudited)

Three months ended

December 31,

2024

December 31,

2025

Change

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

147,840

192,805

30.4 %

Private equity products

198,976

159,302

(19.9 %)

Insurance products

3,971

343

(91.4 %)

Others

17,182

16,132

(6.1 %)

Subtotal

367,969

368,582

0.2 %

Overseas:

Investment products [2]

140,621

266,575

89.6 %

Insurance products

106,058

69,929

(34.1 %)

Online business [3]

9,782

10,846

10.9 %

Others

33,359

21,082

(36.8 %)

Subtotal

289,820

368,432

27.1 %

Total revenues

657,789

737,014

12.0 %

[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.

Noah Holdings Limited

Supplement Revenue Information by Product Types

Twelve months ended

December 31,

2024

December 31,

2025

Change

(unaudited)

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

493,769

570,280

15.5 %

Private equity products

773,208

692,423

(10.4 %)

Insurance products

43,204

18,772

(56.6 %)

Others

59,077

68,044

15.2 %

Subtotal

1,369,258

1,349,519

(1.4 %)

Overseas:

Investment products [2]

598,578

754,644

26.1 %

Insurance products

501,799

400,213

(20.2 %)

Online business [3]

30,032

43,798

45.8 %

Others

121,667

81,613

(32.9 %)

Subtotal

1,252,076

1,280,268

2.3 %

Total revenues

2,621,334

2,629,787

0.3 %

[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.

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

December 31,

2024

December 31,

2025

Change

Number of registered clients

462,049

467,870

1.3 %

Three months ended

December 31,

2024

December 31,

2025

Change

(in millions of RMB, except number of active clients and percentages)

Number of active clients

8,862

10,261

15.8 %

Transaction value:

Private equity products

1,255

1,298

3.4 %

Private secondary products

4,732

5,129

8.4 %

Mutual fund products

9,810

10,027

2.2 %

Other products

454

511

12.6 %

Total transaction value

16,251

16,965

4.4 %

Twelve months ended

December 31,

2024

December 31,

2025

Change

(in millions of RMB, except number of active clients and percentages)

Number of active clients

17,210

18,450

7.2 %

Transaction value:

Private equity products

4,775

4,856

1.7 %

Private secondary products

16,201

23,158

42.9 %

Mutual fund products

39,573

36,045

(8.9 %)

Other products

3,263

2,971

(9.0 %)

Total transaction value

63,811

67,030

5.0 %

Noah Holdings Limited

Supplement Information of Overseas Business

(unaudited)

Three months ended

December 31,

2024

December 31,

2025

Change

Net Revenues from Overseas (RMB, million)

289.8

368.4

27.1 %

Number of Overseas Registered Clients

17,654

19,993

13.2 %

Number of Overseas Active Clients

2,914

3,263

12.0 %

Transaction Value of Overseas Investment Products (RMB, billion)

7.1

8.8

24.3 %

Number of Overseas Relationship Managers

138

140

1.4 %

Overseas Assets Under Management (RMB, billion)

42.6

42.4

(0.5 %)

Noah Holdings Limited

Supplement Information of Overseas Business

(unaudited)

Twelve months ended

December 31,

2024

December 31,

2025

Change

Net Revenues from Overseas (RMB, million)

1,252.1

1,280.3

2.3 %

Number of Overseas Registered Clients

17,654

19,993

13.2 %

Number of Overseas Active Clients

5,544

6,231

12.4 %

Transaction Value of Overseas Investment Products (RMB, billion)

31.1

33.7

8.1 %

Number of Overseas Relationship Managers

138

140

1.4 %

Overseas Assets Under Management (RMB, billion)

42.6

42.4

(0.5 %)

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Three months ended

December 31,

Change

2024

2025

RMB'000

Net income attributable to Noah shareholders

109,751

12,823

(88.3 %)

Adjustment for share-based compensation

30,705

14,173

(53.8 %)

Adjustment for settlement expense reversal

(978)

400

N.A.

Less: tax effect of adjustments

7,030

2,320

(67.0 %)

Adjusted net income attributable to Noah shareholders (non-

GAAP)

132,448

25,076

(81.1 %)

Net margin attributable to Noah shareholders

16.8 %

1.7 %

Non-GAAP net margin attributable to Noah shareholders

20.3 %

3.4 %

Net income attributable to Noah shareholders per ADS,

diluted

1.55

0.18

(88.4 %)

Non-GAAP net income attributable to Noah shareholders

per ADS, diluted

1.87

0.36

(80.7 %)

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Twelve months ended

December 31

Change

2024

2025

RMB'000

Net income attributable to Noah shareholders

475,445

558,857

17.5 %

Adjustment for share-based compensation

109,030

66,881

(38.7 %)

Adjustment for settlement expense reversal

(12,454)

(956)

(92.3 %)

Less: tax effect of adjustments

21,836

12,862

(41.1 %)

Adjusted net income attributable to Noah shareholders

(non-GAAP)

550,185

611,920

11.2 %

Net margin attributable to Noah shareholders

18.3 %

21.4 %

Non-GAAP net margin attributable to Noah shareholders

21.2 %

23.4 %

Net income attributable to Noah shareholders per ADS,

diluted

6.75

7.94

17.6 %

Non-GAAP net income attributable to Noah shareholders

per ADS, diluted

7.81

8.69

11.3 %

SOURCE Noah Holdings Limited