NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025 USA - English APAC - English

SHANGHAI, Nov. 25, 2025 /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 financial results for the third quarter of 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.

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

THIRD QUARTER 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 September 30,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

8.6

60.6 %

9.2

54.1 %

Private secondary products

3.6

25.0 %

5.9

34.7 %

Private equity products

1.1

7.5 %

1.1

6.5 %

Other products [3]

1.0

6.9 %

0.8

4.7 %

All products

14.3

100.0 %

17.0

100.0 %

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

Type of products in Mainland China

Three months ended September 30,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

5.2

80.2 %

5.3

63.1 %

Private secondary products

0.8

12.3 %

2.8

33.3 %

Other products

0.5

7.5 %

0.3

3.6 %

All products in Mainland China

6.5

100.0 %

8.4

100.0 %

Type of overseas products

Three months ended September 30,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

3.4

44.6 %

3.9

45.4 %

Private secondary products

2.8

35.7 %

3.1

36.0 %

Private equity products

1.1

13.7 %

1.1

12.8 %

Other products

0.5

6.0 %

0.5

5.8 %

All Overseas products

7.8

100.0 %

8.6

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, Japan and the United States. 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

June 30,

2025

Growth

Allocation/

Redemption [4]

As of

September 30,

2025

(RMB billions, except percentages)

Private equity

129.3

89.1 %

0.2

1.4

128.1

89.3 %

Public securities [5]

9.3

6.4 %

1.6

2.1

8.8

6.1 %

Real estate

4.6

3.2 %

0.1

4.7

3.3 %

Multi-strategies

1.9

1.3 %

1.9

1.3 %

All Investments

145.1

100.0 %

1.9

3.5

143.5

100.0 %

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

Mainland China

Investment type

As of

June 30,

2025

Growth

Allocation/

Redemption

As of

September 30,

2025

(RMB billions, except percentages)

Private equity

96.5

93.1 %

1.7

94.8

93.6 %

Public securities

5.1

4.9 %

0.2

0.9

4.4

4.3 %

Real estate

0.7

0.7 %

0.7

0.7 %

Multi-strategies

1.4

1.3 %

1.4

1.4 %

All Investments

103.7

100.0 %

0.2

2.6

101.3

100.0 %

Overseas

Investment type

As of

June 30,

2025

Growth

Allocation/

Redemption

As of

September 30,

2025

(RMB billions, except percentages)

Private equity

32.8

79.3 %

0.2

(0.3)

33.3

78.9 %

Public securities

4.2

10.1 %

1.4

1.2

4.4

10.4 %

Real estate

3.9

9.4 %

0.1

4.0

9.5 %

Multi-strategies

0.5

1.2 %

0.5

1.2 %

All Investments

41.4

100.0 %

1.7

0.9

42.2

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 Chairwoman of Noah, commented, "We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. While net revenues increased slightly on a sequential basis to RMB632.9 million, non-GAAP net income grew significantly to RMB229.1 million, a robust 52.2% year-over-year increase.

During the quarter, we obtained a U.S. broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey. We believe our strong balance sheet provides a solid foundation for future investments and our long-term growth. Moving forward, we remain committed to executing our strategies with discipline and focus, driving sustainable development while maintaining prudent oversight of market conditions to create lasting value for shareholders."

THIRD QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in net revenues from overseas.

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

(RMB millions,

except percentages)

Q3 2024

Q3 2025

YoY Change

Domestic public securities [6]

106.6

115.9

8.7 %

Domestic asset management [7]

180.4

189.3

4.9 %

Domestic insurance [8]

8.5

4.7

(44.8 %)

Overseas wealth management [9]

189.0

146.2

(22.7 %)

Overseas asset management [10]

148.5

117.6

(20.8 %)

Overseas insurance and comprehensive

services [ 1 1]

39.4

47.1

19.8 %

Headquarters

11.3

12.1

7.3 %

Total net revenues

683.7

632.9

(7.4 %)

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

[2] "Active clients" for a given period refers to registered investors who purchased investment products distributed or received services provided by us during that given period.

[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

[4] The asset allocation/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates.

[5] The asset allocation/redemption of public securities also includes the impact from market value appreciation or depreciation.

[6] Operates under the Noah Upright brand

[7] Operates under the Gopher Asset Management brand

[8] Operates under the Glory brand

[9] Operates under the ARK Wealth Management brand

[10] Operates under the Olive Asset Management brand

[11] Operates under the Glory Family Heritage brand

Operating Costs and Expenses

Operating costs and expenses for the third quarter of 2025 were RMB461.0 million (US$64.8 million), a 4.1% increase from the corresponding period in 2024. Operating costs and expenses for the third quarter of 2025 primarily consisted of (i) compensation and benefits of RMB319.8 million (US$44.9 million); (ii) selling expenses of RMB68.6 million (US$9.6 million); (iii) general and administrative expenses of RMB71.9 million (US$10.1 million); (iv) provision for credit losses of RMB4.7 million (US$0.7 million); (v) other operating expenses of RMB16.4 million (US$2.3 million); and (vi) income gained from government grants of RMB20.4 million (US$2.9 million).

Income(loss) from operations

Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:

(RMB millions,

except percentages)

Q3 2024

Q3 2025

YoY Change

Domestic public securities

65.0

80.8

24.4 %

Domestic asset management

137.8

153.4

11.3 %

Domestic insurance

(17.5)

(4.6)

(73.7 %)

Overseas wealth management

54.4

48.7

(10.5 %)

Overseas asset management

128.6

80.2

(37.6 %)

Overseas insurance and

comprehensive services

15.1

12.3

(18.2 %)

Headquarters

(142.6)

(198.9)

39.6 %

Total income from operations

240.8

171.9

(28.6 %)

Operating Margin

Operating margin for the third quarter of 2025 was 27.2%, compared with 35.2% for the corresponding period in 2024.

Interest Income

Interest income for the third quarter of 2025 was RMB28.7 million (US$4.0 million), a 0.9% increase from the corresponding period in 2024.

Investment Income

Investment income for the third quarter of 2025 was RMB20.6 million (US$2.9 million), compared with investment income of RMB16.3 million in the corresponding period in 2024, primarily due to an increase in income from our private equity fund investment.

Income Tax Expense

Income tax expense for the third quarter of 2025 were RMB67.5 million (US$9.5 million), a 24.2% decrease from the corresponding period in 2024, primarily due to a decrease in income tax expenses associated with dividend withholding tax for offshore dividend payments from PRC subsidiaries in the third quarter of 2025.

Net Income

Balance Sheet and Cash Flow

As of September 30, 2025, the Company had RMB3,837.4 million (US$539.0 million) in cash and cash equivalents, compared with RMB3,821.8 million as of June 30, 2025 and RMB3,435.8 million as of September 30, 2024, respectively.

Net cash inflow from the Company's operating activities during the third quarter of 2025 was RMB316.9 million (US$44.5 million), compared with net cash inflow of RMB237.2 million in the corresponding period in 2024, mainly due to increased cash inflow generated from net income from operations and enhanced working capital management.

Net cash inflow from the Company's investing activities during the third quarter of 2025 was RMB253.7 million (US$35.6 million), compared with net cash outflow of RMB53.7 million in the corresponding period in 2024, primarily due to the cash inflows from the maturity of some held-to-maturity investments in the third quarter of 2025.

Net cash outflow to the Company's financing activities was RMB549.9 million (US$77.3 million) in the third quarter of 2025, compared with net cash outflow of RMB1,010.8 million in the corresponding period in 2024, primarily due to a decrease in dividend payment to the Company's shareholders in the third quarter of 2025.

Treasury Shares

As of the date of the 2024 annual report of the Company, for the 3,063,510 ordinary shares held in treasury as of December 31, 2024, the Company intended to cancel or to hold these shares in treasury for any purpose as long as it is in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules ") (e.g., providing incentives to employees, reselling, or otherwise using such treasury shares subject to market conditions and the Company's capital management needs, in compliance with the Hong Kong Listing Rules). After evaluating recent market conditions as well as the Company's capital management plan, on November 21, 2025 (Hong Kong Time), the Company cancelled 6,762,680 ordinary shares it held in treasury as of September 30, 2025. The Company may continue to repurchase its shares under its Share Repurchase Program (as defined in the Company's announcement dated August 29, 2024) and will hold the repurchased shares in treasury for purposes permitted under the Hong Kong Listing Rules or cancel them periodically, depending on market conditions.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's third quarter of 2025 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

Dial-in details:

Conference title:

Noah Third Quarter 2025 Earnings Conference Call

Date/Time:

Tuesday, November 25, 2025, at 7:00 p.m., U.S. Eastern Time

Wednesday, November 26, 2025, 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:

4879767

A telephone replay will be available starting approximately one hour after the end of the conference until December 2, 2025 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2159903.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at http://ir.noahgroup.com.

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 represent five ordinary shares, par value $0.00005 per share.

In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.

For more information, please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the third quarter of 2025 ended September 30, 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 RMB7.119 to US$1.00, the effective noon buying rate for September 30, 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.

_________________

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

June 30,

September 30,

2025

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

3,821,846

3,837,367

539,032

Restricted cash

10,617

6,071

853

Short-term investments

1,602,362

1,157,410

162,580

Accounts receivable, net

403,226

358,143

50,308

Amounts due from related parties

591,977

568,979

79,924

Loans receivable, net

122,658

117,598

16,519

Other current assets

223,676

330,699

46,454

Total current assets

6,776,362

6,376,267

895,670

Long-term investments, net

712,155

785,992

110,408

Investment in affiliates

1,363,061

1,469,275

206,388

Property and equipment, net

2,346,487

2,377,786

334,006

Operating lease right-of-use assets, net

109,688

98,947

13,899

Deferred tax assets

317,124

317,007

44,530

Other non-current assets

120,005

120,668

16,950

Total Assets

11,744,882

11,545,942

1,621,851

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

324,621

346,233

48,635

Income tax payable

55,491

117,029

16,439

Deferred revenues

62,097

72,207

10,143

Dividend payable

550,000

Contingent liabilities

467,255

462,042

64,903

Other current liabilities

302,049

340,086

47,772

Total current liabilities

1,761,513

1,337,597

187,892

Deferred tax liabilities

242,254

240,363

33,764

Operating lease liabilities, non-current

69,597

59,634

8,377

Other non-current liabilities

9,755

9,701

1,363

Total Liabilities

2,083,119

1,647,295

231,396

Equity

9,661,763

9,898,647

1,390,455

Total Liabilities and Equity

11,744,882

11,545,942

1,621,851

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000, except for ADS data, per ADS data and percentages)

(unaudited)

Three months ended

September 30,

Change

2024

2025

Revenues:

RMB'000

USD'000

Revenues from others:

One-time commissions

170,023

158,386

22,248

(6.8 %)

Recurring service fees

166,138

148,333

20,836

(10.7 %)

Performance-based income

2,974

6,008

844

102.0 %

Other service fees

48,764

35,450

4,980

(27.3 %)

Total revenues from others

387,899

348,177

48,908

(10.2 %)

Revenues from funds Gopher/Olive

manages:

One-time commissions

6,014

930

131

(84.5 %)

Recurring service fees

236,638

273,105

38,363

15.4 %

Performance-based income

58,151

15,839

2,225

(72.8 %)

Total revenues from funds

Gopher/Olive manages

300,803

289,874

40,719

(3.6 %)

Total revenues

688,702

638,051

89,627

(7.4 %)

Less: VAT related surcharges

(5,016)

(5,152)

(724)

2.7 %

Net revenues

683,686

632,899

88,903

(7.4 %)

Operating costs and expenses:

Compensation and benefits

Relationship managers

compensation

(137,082)

(126,159)

(17,721)

(8.0 %)

Other compensations

(172,902)

(193,653)

(27,203)

12.0 %

Total compensation and benefits

(309,984)

(319,812)

(44,924)

3.2 %

Selling expenses

(65,939)

(68,623)

(9,639)

4.1 %

General and administrative

expenses

(72,250)

(71,876)

(10,096)

(0.5 %)

Provision for credit losses

(5,416)

(4,664)

(655)

(13.9 %)

Other operating expenses

(12,859)

(16,389)

(2,302)

27.5 %

Government grants

23,576

20,352

2,859

(13.7 %)

Total operating costs and

expenses

(442,872)

(461,012)

(64,757)

4.1 %

Income from operations

240,814

171,887

24,146

(28.6 %)

Other income:

Interest income

28,416

28,683

4,029

0.9 %

Investment income

16,334

20,569

2,889

25.9 %

Settlement reversal

1,356

190

N.A.

Other expenses

(43,577)

(20,813)

(2,924)

(52.2 %)

Total other income

1,173

29,795

4,184

2,440.1 %

Income before taxes and income

from equity in affiliates

241,987

201,682

28,330

(16.7 %)

Income tax expense

(89,036)

(67,471)

(9,478)

(24.2 %)

(Loss) income from equity in

affiliates

(15,184)

84,649

11,891

N.A.

Net income

137,767

218,860

30,743

58.9 %

Less: net gain attributable to non-

controlling interests

3,351

366

(89.1 %)

Net income attributable to Noah

shareholders

134,416

218,494

30,692

62.6 %

Income per ADS, basic

1.91

3.14

0.44

64.4 %

Income per ADS, diluted

1.91

3.11

0.44

62.8 %

Margin analysis:

Operating margin

35.2 %

27.2 %

Net margin

20.2 %

34.6 %

Weighted average ADS

equivalent [1]:

Basic

70,334,784

69,617,957

Diluted

70,396,502

70,324,538

ADS equivalent outstanding at end

of period

65,824,608

65,854,612

[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

September 30,

2024

September 30,

2025

September 30,

2025

Change

RMB'000

USD'000

Net income

137,767

218,860

30,743

58.9 %

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustments

(92,022)

1,860

261

N.A.

Fair value fluctuation of available-for-sale

investment

238

N.A.

Comprehensive income

45,745

220,958

31,037

383.0 %

Less: Comprehensive gain attributable to non-

controlling interests

4,822

518

(89.3 %)

Comprehensive income attributable to Noah

shareholders

40,923

220,440

30,964

438.7 %

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30, 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

12,556

665

4,756

90,767

8,247

41,395

158,386

Recurring service fees

88,580

27,966

9,539

22,248

148,333

Performance-based income

6,007

6,008

Other service fees

13,496

5,784

16,170

35,450

Total revenues from others

107,143

28,631

4,756

113,802

30,496

47,179

16,170

348,177

Revenues from funds

Gopher/Olive manages:

One-time commissions

930

Recurring service fees

8,552

156,572

32,395

75,586

273,105

Performance-based income

4,273

11,504

15,839

Total revenues from funds

Gopher/Olive manages

9,544

160,845

32,395

87,090

289,874

Total revenues

116,687

189,476

4,756

146,197

117,586

47,179

16,170

638,051

Less: VAT related surcharges

(823)

(215)

(44)

(4,070)

(5,152)

Net revenues

115,864

189,261

4,712

146,197

117,586

47,179

12,100

632,899

Operating costs and expenses:

Compensation and benefits

Relationship managers

compensation

(26,739)

(11,597)

(2,348)

(60,910)

(13,244)

(11,321)

(126,159)

Other compensations

(6,530)

(15,861)

(3,692)

(21,449)

(17,614)

(12,311)

(116,196)

(193,653)

Total compensation and

benefits

(33,269)

(27,458)

(6,040)

(82,359)

(30,858)

(23,632)

(116,196)

(319,812)

Selling expenses

(3,521)

(2,463)

(265)

(14,822)

(5,757)

(4,764)

(37,031)

(68,623)

General and administrative

expenses

(25)

(3,527)

(2,604)

(299)

(775)

(2,343)

(62,303)

(71,876)

Reversal of (provision for)

credit losses

2,315

(4,866)

2,712

(4,825)

(4,664)

Other operating expenses

(515)

(672)

(406)

(6,829)

(7,967)

(16,389)

Government grants

3,081

17,271

20,352

Total operating costs and

expenses

(35,015)

(35,905)

(9,315)

(97,480)

(37,390)

(34,856)

(211,051)

(461,012)

Income (loss) from

operations

80,849

153,356

(4,603)

48,717

80,196

12,323

(198,951)

171,887

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30, 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

1,796

8,617

126,166

4,377

28,988

170,023

Recurring service fees

87,108

56,575

6,624

15,455

376

166,138

Performance-based income

2,972

2,974

Other service fees

24,217

10,379

14,168

48,764

Total revenues from others

91,876

56,654

8,617

157,007

19,834

39,367

14,544

387,899

Revenues from funds

Gopher/Olive manages:

One-time commissions

3,671

1,640

703

6,014

Recurring service fees

12,442

122,857

30,402

70,937

236,638

Performance-based income

1,125

56,977

58,151

Total revenues from funds

Gopher/Olive manages

16,162

123,982

32,042

128,617

300,803

Total revenues

108,038

180,636

8,617

189,049

148,451

39,367

14,544

688,702

Less: VAT related surcharges

(1,458)

(208)

(85)

(3,265)

(5,016)

Net revenues

106,580

180,428

8,532

189,049

148,451

39,367

11,279

683,686

Operating costs and expenses:

Compensation and benefits

Relationship managers

compensation

(28,914)

(17,842)

(10,505)

(76,089)

(474)

(3,258)

(137,082)

Other compensations

(11,201)

(17,791)

(9,668)

(31,228)

(13,193)

(11,851)

(77,970)

(172,902)

Total compensation and

benefits

(40,115)

(35,633)

(20,173)

(107,317)

(13,667)

(15,109)

(77,970)

(309,984)

Selling expenses

(269)

(2,807)

(2,012)

(26,011)

(5,739)

(4,131)

(24,970)

(65,939)

General and administrative

expenses

(819)

(3,720)

(3,871)

(1,288)

(439)

(1,660)

(60,453)

(72,250)

Provision for credit losses

(724)

(2,043)

(2,649)

(5,416)

Other operating expenses

(411)

(18)

(2)

(1,358)

(11,070)

(12,859)

Government grants

226

23,350

23,576

Total operating costs and

expenses

(41,614)

(42,676)

(26,058)

(134,616)

(19,845)

(24,301)

(153,762)

(442,872)

Income (loss) from

operations

64,966

137,752

(17,526)

54,433

128,606

15,066

(142,483)

240,814

Noah Holdings Limited

Additional Business Information

(unaudited)

Three months ended September 30, 2025

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others:

One-time commissions

158,386

Recurring service fees

148,333

Performance-based income

6,008

Other service fees

23,352

12,098

35,450

Total revenues from others

336,079

12,098

348,177

Revenues from funds

Gopher/Olive manages:

One-time commissions

306

624

930

Recurring service fees

92,431

180,674

273,105

Performance-based income

15,839

Total revenues from funds

Gopher/Olive manages

92,737

197,137

289,874

Total revenues

428,816

197,137

12,098

638,051

Less: VAT related surcharges

(1,321)

(215)

(3,616)

(5,152)

Net revenues

427,495

196,922

8,482

632,899

Operating costs and expenses:

Compensation and benefits

Relationship managers

compensation

(124,514)

(1,645)

(126,159)

Other compensations

(129,633)

(58,074)

(5,946)

(193,653)

Total compensation and benefits

(254,147)

(59,719)

(5,946)

(319,812)

Selling expenses

(50,133)

(12,774)

(5,716)

(68,623)

General and administrative

expenses

(45,250)

(16,884)

(9,742)

(71,876)

Provision for (reversal of) credit

losses

5,775

(4,866)

(5,573)

(4,664)

Other operating expenses

(7,667)

(1,968)

(6,754)

(16,389)

Government grants

17,265

3,087

20,352

Total operating costs and expenses

(334,157)

(93,124)

(33,731)

(461,012)

Income (loss) from operations

93,338

103,798

(25,249)

171,887

Noah Holdings Limited

Additional Business Information

(unaudited)

Three months ended September 30, 2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

Revenues:

Revenues from others:

One-time commissions

170,023

Recurring service fees

166,138

Performance-based income

2,974

Other service fees

36,087

12,677

48,764

Total revenues from others

375,222

12,677

387,899

Revenues from funds Gopher/Olive

manages:

One-time commissions

5,776

238

6,014

Recurring service fees

85,850

150,788

236,638

Performance-based income

58,101

58,151

Total revenues from funds

Gopher/Olive manages

91,676

209,127

300,803

Total revenues

466,898

209,127

12,677

688,702

Less: VAT related surcharges

(1,881)

(208)

(2,927)

(5,016)

Net revenues

465,017

208,919

9,750

683,686

Operating costs and expenses:

Compensation and benefits

Relationship managers

compensation

(129,395)

(7,687)

(137,082)

Other compensations

(118,388)

(47,556)

(6,958)

(172,902)

Total compensation and benefits

(247,783)

(55,243)

(6,958)

(309,984)

Selling expenses

(48,392)

(11,704)

(5,843)

(65,939)

General and administrative

expenses

(45,766)

(17,500)

(8,984)

(72,250)

Reversal of credit losses

(1,758)

(2,203)

(1,455)

(5,416)

Other operating expenses

(5,708)

(22)

(7,129)

(12,859)

Government grants

23,350

226

23,576

Total operating costs and

expenses

(326,057)

(86,446)

(30,369)

(442,872)

Income (loss) from operations

138,960

122,473

(20,619)

240,814

Noah Holdings Limited

Supplemental Revenue Information by Geography

(unaudited)

Three months ended

September 30,

2024

September 30,

2025

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

311,835

327,089

4.9 %

Hong Kong

286,766

226,139

(21.1 %)

Others

90,101

84,823

(5.9 %)

Total revenues

688,702

638,051

(7.4 %)

Noah Holdings Limited

Supplemental Revenue Information by Product Types

(unaudited)

Three months ended

September 30,

2024

September 30,

2025

Change

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

108,038

116,687

8.0 %

Private equity products

180,636

189,476

4.9 %

Insurance products

8,617

4,756

(44.8 %)

Others

14,544

16,170

11.2 %

Subtotal

311,835

327,089

4.9 %

Overseas:

Investment products [2]

191,200

170,962

(10.6 %)

Insurance products

144,942

112,921

(22.1 %)

Online business [3]

7,865

11,998

52.5 %

Others

32,860

15,081

(54.1 %)

Subtotal

376,867

310,962

(17.5 %)

Total revenues

688,702

638,051

(7.4 %)

[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

September 30,

2024

September 30,

2025

Change

Number of registered clients

460,380

466,153

1.3 %

Three months ended

September 30,

2024

September 30,

2025

Change

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

Number of active clients

7,857

10,650

35.5 %

Transaction value:

Private equity products

1,070

1,097

2.6 %

Private secondary products

3,560

5,940

66.9 %

Mutual fund products

8,651

9,159

5.9 %

Other products

977

790

(19.2 %)

Total transaction value

14,258

16,986

19.1 %

Noah Holdings Limited

Supplemental Information of Overseas Business

(unaudited)

Three months ended

September 30,

2024

September 30,

2025

Change

Net Revenues from Overseas (RMB, million)

376.9

311.0

(17.5 %)

Number of Overseas Registered Clients

17,287

19,543

13.1 %

Number of Overseas Active Clients

3,139

3,561

13.4 %

Transaction Value of Overseas Investment

Products (RMB, billion)

7.8

8.6

11.2 %

Number of Overseas Relationship Managers

146

136

(6.8 %)

Overseas Assets Under Management (RMB,

billion)

39.5

42.2

6.8 %

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited) [12]

Three months ended

September 30,

Change

2024

2025

RMB'000

Net income attributable to Noah shareholders

134,416

218,494

62.6 %

Adjustment for share-based compensation

19,846

14,920

(24.8 %)

Add: settlement reversal

(1,356)

N.A.

Less: Tax effect of adjustments

3,745

2,984

(20.3 %)

Adjusted net income attributable to Noah shareholders

(non-GAAP)

150,517

229,074

52.2 %

Net margin attributable to Noah shareholders

19.7 %

34.5 %

Non-GAAP net margin attributable to Noah

shareholders

22.0 %

36.2 %

Net income attributable to Noah shareholders per ADS,

diluted

1.91

3.11

62.8 %

Non-GAAP net income attributable to Noah

shareholders per ADS, diluted

2.14

3.26

52.3 %

[12] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any.

SOURCE Noah Holdings Limited