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
- 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 and a 15.9% increase quarter-on-quarter, primarily due to an increase in performance-based income generated from overseas private equity products in the fourth quarter of 2025.
- Income from operations for the fourth quarter of 2025 was RMB257.7 million (US$36.9 million), an 87.3% increase from the corresponding period in 2024, primarily due to a 12.5% increase in net revenues, as well as our cost control strategy on employee compensation in the fourth quarter of 2025.
- Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024, primarily due to an increase in loss from fair value changes in underlying investments made by certain investment in affiliates in the fourth quarter of 2025.
- Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.
[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
- Net revenues in the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase compared with the corresponding period in 2024.
- Income from operations in the full year 2025 was RMB776.7 million (US$111.1 million), a 22.5% increase from 2024, primarily due to our cost control strategy on employee compensation.
- Net income attributable to Noah shareholders in the full year 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024, primarily due to our cost control strategy on employee compensation and a decrease in loss from fair value changes in underlying investments made by certain investment in affiliates, partially offset by contingent litigation expenses related to Camsing Incident.
- Non-GAAP net income attributable to Noah shareholders in the full year 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.
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.
- Total number of registered clients as of December 31, 2025 was 467,870, a 1.3% increase from December 31, 2024 and a 0.4% increase from September 30, 2025. Among registered clients as of December 31, 2025, the number of overseas registered clients was 19,993, a 13.2% increase from December 31, 2024, and a 2.3% increase from September 30, 2025.
- Total number of active clients[3] for the fourth quarter of 2025 was 10,261, an increase of 15.8% from the fourth quarter of 2024 and a 3.7% decrease from the third quarter of 2025. Among active clients during the fourth quarter of 2025, the number of overseas active clients was 3,263, a 12.0% increase from the fourth quarter of 2024 and an 8.4% decrease from the third quarter of 2025. Total number of active clients in the full year 2025 was 18,450, an increase of 7.2% from 2024. Among active clients during the full year 2025, the number of overseas active clients was 6,231, a 12.4% increase from 2024.
- Aggregate value of investment products distributed during the fourth quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 4.4% increase from the corresponding period in 2024 and a decrease of 0.1% quarter-on-quarter. Among the investment products distributed during the fourth quarter of 2025, Noah distributed RMB8.8 billion (US$1.3 billion) of overseas investment products, a 24.3% increase from the corresponding period in 2024, primarily due to a 28.9% increase in distribution of overseas mutual fund products and a 28.4% increase in distribution of overseas private secondary products, respectively.
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 %
- Aggregate value of investment products distributed during the full year 2025 was RMB67.0 billion (US$9.6 billion), a 5.0% increase from 2024, primarily due to a significant 107.2% increase in distribution of domestic private secondary products partially offset by a decrease in distribution of mutual fund products. Among the investment products distributed during the full year 2025, Noah distributed RMB33.7 billion (US$4.8 billion) of overseas investment products, an 8.1% increase from the corresponding period of 2024, primarily due to increases in distribution of overseas mutual fund products and in overseas private secondary products, respectively.
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 %
- Coverage network in mainland China included 16 cities as of December 31, 2025, compared with 11 cities as of December 31, 2024, and 16 cities as of September 30, 2025.
- Aggregate number of overseas relationship managers was 140 as of December 31, 2025, an increase of 1.4% from December 31, 2024, and an increase of 2.9% from September 30, 2025.
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 as of December 31, 2025 remained relatively stable at RMB141.7 billion (US$20.3 billion), compared with RMB143.5 billion as of September 30, 2025 and RMB151.5 billion as of December 31, 2024. Mainland China assets under management as of December 31, 2025 were RMB99.3 billion (US$14.2 billion), compared with RMB108.9 billion as of December 31, 2024, and RMB101.3 billion as of September 30, 2025. Overseas assets under management as of December 31, 2025 were RMB42.4 billion (US$6.1 billion), compared with RMB42.6 billion as of December 31, 2024, and RMB42.2 billion as of September 30, 2025.
Total assets under management, categorized by investment type, are as follows:
Investment type As of As of
September 30, Growth Allocation/ December 31,
2025 Redemption
[5] 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 As of
December 31, Growth Allocation/ December 31,
2024 Redemption 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 As of Allocation/ As of
Investment type September 30, Growth December 31,
2025 Redemption 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 As of Allocation/ As of
Investment type December 31, Growth December 31,
2024 Redemption 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 As of Allocation/ As of
Growth December 31,
Investment type September 30, Redemption 2025
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 As of Allocation/ As of
Growth December 31,
Investment type December 31, Redemption 2025
2024
(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, Q4 2024 Q4 2025 YoY Change
except percentages)
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 %
- Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB191.4 million (US$27.4 million), a 30.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.
- Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB159.1 million (US$22.8 million), a 20.0% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees and performance-based income generated from domestic private equity products.
- Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2025 were RMB0.3 million, a 91.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.
- Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the fourth quarter of 2025 were RMB109.9 million (US$15.7 million), a 29.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.
- Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB216.1 million (US$30.9 million), a significant 113.2% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity investment products.
- Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the fourth quarter of 2025 were RMB42.4 million (US$6.1 million), a 33.0% increase from the corresponding period in 2024, primarily due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.
- Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the fourth quarter of 2025 were RMB14.0 million (US$2.0 million), compared with RMB13.2 million for the corresponding period in 2024, maintaining a relatively stable trend.
[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).
- Operating costs and expensesfor domestic public securities for the fourth quarter of 2025 were RMB47.7 million (US$6.8 million), a 44.0% increase from the corresponding period in 2024, mainly due to an increase in general marketing activities and a decrease in income gained from government subsidies in the fourth quarter of 2025.
- Operating costs and expensesfor domestic asset management for the fourth quarter of 2025 were RMB37.2 million (US$5.3 million), an 8.8% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the fourth quarter of 2025.
- Operating costs and expensesfordomestic insurance for the fourth quarter of 2025 were RMB6.9 million (US$1.0 million), a 57.1% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.
- Operating costs and expenses for overseas wealth management for the fourth quarter of 2025 were RMB101.8 million (US$14.6 million), a 30.9% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions, as well as decreases in other compensation and general marketing activities.
- Operating costs and expensesfor overseas asset management for the fourth quarter of 2025 were RMB49.8 million (US$7.1 million), a 158.5% increase from the corresponding period in 2024, which is consistent with the growth in our revenue from overseas investment products.
- Operating costs and expensesfor overseas insurance and comprehensive services for the fourth quarter of 2025 were RMB33.3 million (US$4.8 million), an 8.8% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.
- Operating costs and expenses for headquarters for the fourth quarter of 2025 were RMB198.8 million (US$28.4 million), a 12.5% decrease from the corresponding period in 2024, primarily due to cost control measures on employee compensation, as well as decreases in provisions for credit losses related to the suspended lending business.
Income(loss) from operations
Income(loss) from operations under the segmentation is as follows:
(RMB millions, Q4 2024 Q4 2025 YoY Change
except percentages)
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 %
- Income from operations for domestic public securities for the fourth quarter of 2025 was RMB 143.7million (US$20.5 million), a 27.0% increase from the corresponding period in 2024.
- Income from operations for domestic asset management for the fourth quarter of 2025 was RMB121.9 million (US$17.4 million), a 22.8% decrease from the corresponding period in 2024.
- Loss from operationsfor domestic insurance for the fourth quarter of 2025 was RMB6.5 million (US$0.9 million), a 45.8% decrease from the corresponding period in 2024.
- Income from operations for overseas wealth management for the fourth quarter of 2025 was RMB8.1 million (US$1.2 million), an 11.9% decrease from the corresponding period in 2024.
- Income from operations for overseas asset management for the fourth quarter of 2025 was RMB166.3 million (US$23.8 million), a 102.5% increase from the corresponding period in 2024.
- Income from operations for overseas insurance and comprehensive services for the fourth quarter of 2025 was RMB9.1 million (US$1.3 million), a 613.4% increase from the corresponding period in 2024.
- Loss from operationsfor headquarters for the fourth quarter of 2025 was RMB184.9 million (US$26.4 million), a 13.7% decrease from the corresponding period in 2024.
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
- Net income for the fourth quarter of 2025 was RMB10.0 million (US$1.4 million), a 91.2% decrease from the corresponding period in 2024.
- Net margin for the fourth quarter of 2025 was 1.4%, compared with 17.4% for the corresponding period in 2024.
- Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024.
- Net margin attributable to Noah shareholders for the fourth quarter of 2025 was 1.7%, compared with 16.8% for the corresponding period in 2024.
- Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2025 was RMB0.18 (US$0.03) and RMB0.18 (US$0.03), respectively, compared with RMB1.56 and RMB1.55 respectively, for the corresponding period in 2024.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.
- Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2025 was 3.4%, compared with 20.3% for the corresponding period in 2024.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2025 was RMB0.36 (US$0.05), compared with RMB1.87 for the corresponding period in 2024.
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, FY 2024 FY 2025 YoY Change
except percentages)
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 %
- Net revenues for domestic public securities for 2025 were RMB566.5 million (US$81.0 million), a 15.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from domestic private secondary products.
- Net revenues fordomestic asset management for 2025 were RMB692.5 million (US$99.0 million), a 10.3% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees from domestic private equity products.
- Net revenues fordomestic insurance for 2025 were RMB18.6 million (US$2.7 million), a 56.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.
- Net revenues foroverseas wealth management for 2025 were RMB547.5 million (US$78.3 million), an 18.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.
- Net revenues foroverseas asset management for 2025 were RMB553.9 million (US$79.2 million), a 26.3% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity products, as well as increases in one-time commissions and recurring service fees gained from the distribution of overseas private investment products.
- Net revenues foroverseas insurance and comprehensive services for 2025 were RMB178.8 million (US$25.6 million), a 28.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.
- Net revenues forheadquarters for 2025 were RMB52.4 million (US$7.5 million), a 15.9% increase from the corresponding period in 2024, primarily due to more value-added services that we offered to our high net worth clients.
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).
- Operating costs and expenses for domestic public securities for 2025 were RMB139.1 million (US$19.9 million), an 18.1% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025.
- Operating costs and expensesfor domestic asset management for 2025 were RMB126.2 million (US$18.0 million), a 36.3% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a decrease in one-off expenses that Gopher paid to one of its funds as a general partner.
- Operating costs and expensesfor domestic insurance for 2025 were RMB53.1 million (US$7.6 million), a 57.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.
- Operating costs and expenses for overseas wealth management for 2025 were RMB404.9 million (US$57.9 million), a 28.9% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.
- Operating costs and expensesfor overseas asset management for 2025 were RMB144.7 million (US$20.7 million), a 70.4% increase from the corresponding period in 2024, which is consistent with the growth in revenue from overseas investment products managed by Olive Asset Management.
- Operating costs and expensesfor overseas insurance and comprehensive services for 2025 were RMB124.9 million (US$17.9 million), a 33.7% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.
- Operating costs and expenses for headquarters for 2025 were RMB840.7 million (US$120.2 million), a 15.6% increase from the corresponding period in 2024, primarily due to an increase in provisions for credit losses related to the suspended lending business, as well as an increase in professional consulting and legal services fees.
Income(loss) from operations
Income(loss) from operations under the segmentation is as follows:
(RMB millions, FY 2024 FY 2025 YoY Change
except percentages)
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 %
- Income from operations for domestic public securities for 2025 was RMB427.4 million (US$61.1 million), a 34.0% increase from the corresponding period in 2024.
- Income from operations for domestic asset management for 2025 was RMB566.3 million (US$81.0 million), a 1.4% decrease from the corresponding period in 2024.
- Loss from operationsfor domestic insurance for 2025 was RMB34.5 million (US$4.9 million), a 57.8% decrease from the corresponding period in 2024.
- Income from operations for overseas wealth management for 2025 was RMB142.7 million (US$20.4 million), a 35.3% increase from the corresponding period in 2024.
- Income from operations for overseas asset management for 2025 was RMB409.2 million (US$58.5 million), a 15.7% increase from the corresponding period in 2024.
- Income from operations for overseas insurance and comprehensive services for 2025 was RMB53.9 million (US$7.7 million), an 18.6% increase from the corresponding period in 2024.
- Loss from operationsfor headquarters for 2025 was RMB788.3 million (US$112.7 million), a 15.6% increase from the corresponding period in 2024.
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
- Net income for 2025 was RMB557.2 million (US$79.7 million), a 14.4% increase from 2024.
- Net margin for 2025 was 21.3%, compared with 18.7% for 2024.
- Net income attributable to Noah shareholders for 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024.
- Net margin attributable to Noah shareholders for 2025 was 21.4%, compared with 18.3% for the corresponding period in 2024.
- Net income attributable to Noah shareholders per basic and diluted ADS for 2025 was RMB8.01 (US$1.15) and RMB7.94 (US$1.14), respectively, compared with RMB6.78 and RMB6.75, respectively, for the corresponding period in 2024.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.
- Non-GAAP net margin attributable to Noah shareholders for 2025 was 23.4%, compared with 21.2% for the corresponding period in 2024.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2025 was RMB8.69 (US$1.24), compared with RMB7.81 for the corresponding period in 2024.
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
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)
As of
September 30, December 31, December
31,2025
2025 2025
RMB'000 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, December 31, December 31, Change
2024 2025 2025
Revenues: RMB'000 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 280,712 345,379 49,389 23.0 %
Gopher/Olive manages
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 (149,641) (126,011) (18,019) (15.8 %)
compensation
Other compensations (204,031) (167,567) (23,963) (17.9 %)
Total compensation and (353,672) (293,578) (41,982) (17.0 %)
benefits
Selling expenses (78,877) (60,802) (8,695) (22.9 %)
General and administrative (73,483) (98,077) (14,025) 33.5 %
expenses
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 (514,333) (475,503) (67,998) (7.5 %)
expenses
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 14,000 (50,525) (7,225) N.A.
expenses, net
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 253,177 237,761 33,998 (6.1 %)
income from equity in
affiliates
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 109,751 12,823 1,832 (88.3 %)
Noah shareholders
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 % 35.2 %
Net margin 17.4 % 1.4 % 1.4 %
Weighted average ADS
equivalent[1]:
Basic 70,296,590 69,650,605 69,650,605
Diluted 70,901,802 70,429,668 70,429,668
ADS equivalent outstanding at 66,078,707 66,674,068 66,674,068
end of period
[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, December 31, December 31, Change
2024 2025 2025
(audited) (unaudited) (unaudited)
Revenues:
RMB'000 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 1,141,622 1,153,397 164,934 1.0 %
Gopher/Olive manages
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 (562,523) (498,454) (71,278) (11.4 %)
compensation
Other compensations (786,928) (718,098) (102,687) (8.7 %)
Total compensation and (1,349,451) (1,216,552) (173,965) (9.8 %)
benefits
Selling expenses (269,038) (242,808) (34,721) (9.7 %)
General and administrative (296,751) (305,590) (43,699) 3.0 %
expenses
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 (1,967,093) (1,833,576) (262,199) (6.8 %)
expenses
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, 14,000 (50,182) (7,176) N.A.
net
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 867,605 856,425 122,466 (1.3 %)
income from equity in affiliates
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) 11,559 (1,638) (234) N.A.
attributable to non-controlling
interests
Net income attributable to 475,445 558,857 79,915 17.5 %
Noah shareholders
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 % 29.8 %
Net margin 18.7 % 21.3 % 21.3 %
Weighted average ADS
equivalent[1]:
Basic 70,169,529 69,754,984 69,754,984
Diluted 70,470,251 70,392,528 70,392,528
ADS equivalent outstanding at 66,078,707 66,674,068 66,674,068
end of period
[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, December 31, December 31, Change
2024 2025 2025
RMB'000 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 N.A.
Investment (after tax)
- 238 34
Comprehensive income (loss) 235,151 (49,772) (7,119) N.A.
Less: Comprehensive income (loss) N.A.
attributable to non-controlling interests
3,918 (2,674) (382)
Comprehensive income (loss) attributable to 231,233 (47,098) (6,737) N.A.
Noah shareholders
Noah Holdings Limited
Condensed Comprehensive Income Statements
Twelve months ended
December 31, December 31, December 31, Change
2024 2025 2025
(audited) (unaudited) (unaudited)
RMB'000 RMB'000 USD'000
Net income 487,004 557,219 79,681 14.4 %
Other comprehensive income, net of tax:
Foreign currency translation (145,751) (20,842) N.A.
adjustments
112,131
Fair value fluctuation of available for 945 135 N.A.
sale Investment (after tax)
-
Comprehensive income 599,135 412,413 58,974 (31.2 %)
Less: Comprehensive income (loss) (1,647) (236) N.A.
attributable to non-controlling interests
11,758
Comprehensive income attributable to 414,060 59,210 (29.5 %)
Noah shareholders
587,377
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended December 31, 2025
Domestic Domestic Domestic Overseas Overseas Overseas Headquarters Total
public asset insurance wealth asset insurance
securities management management management and
comprehensive
services
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 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 5 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 1,173
Recurring service fees 7,601 121,153 29,858 69,665 228,277
Performance-based income 63 924 114,942 115,929
Total revenues from funds 29,858 184,607
Gopher/Olive manages
8,837 122,077 345,379
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 (32,202) (7,990) (508) (60,769) (15,911) (8,631) (126,011)
compensation
Other compensations (6,172) (15,882) (3,178) (17,645) (18,464) (11,797) (94,429) (167,567)
Total compensation and (38,374) (23,872) (3,686) (78,414) (34,375) (20,428) (94,429) (293,578)
benefits
Selling expenses (8,418) (3,091) (309) (16,058) (10,545) (8,597) (13,784) (60,802)
General and administrative (702) (3,800) (2,859) (2,473) (4,118) (2,022) (82,103) (98,077)
expenses
Provision for (reversal of) (10) (4,282) 2,534 (1,766) (3,524)
credit losses
Other operating expenses (200) (3,124) (4,888) (807) (4,758) (8,431) (22,208)
Government subsidies 6 988 1,692 2,686
Total operating costs and (47,698) (37,181) (6,854) (101,833) (49,845) (33,271) (198,821) (475,503)
expenses
Income (loss) from 143,675 121,877 (6,519) 8,110 166,277 9,096 (184,773) 257,743
operations
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended December 31, 2024
Domestic Domestic Domestic Overseas Overseas Overseas Headquarters Total
public asset insurance wealth asset insurance
securities management management management and
comprehensive
services
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others
One-time commissions 10,448 55 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 51 6,712 7,727 14,490
Total revenues from funds 32,287 81,160
Gopher/Olive manages
15,147 152,118 280,712
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 (29,268) (4,435) (88,651) (575) (4,540)
compensation
(22,172) (149,641)
Other compensations (8,645) (15,709) (7,520) (29,584) (13,843) (11,468) (117,262) (204,031)
Total compensation and (37,913) (37,881) (11,955) (118,235) (14,418) (16,008) (117,262) (353,672)
benefits
Selling expenses (2,689) (3,493) (1,100) (26,829) (3,545) (5,036) (36,185) (78,877)
General and administrative (535) (5,022) (2,963) (2,314) (1,322) (3,497) (57,830) (73,483)
expenses
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 (33,129) (40,773) (15,978) (147,378) (19,285) (30,575) (227,215) (514,333)
expenses
Income (loss) from 113,106 157,932 (12,033) 9,203 82,104 1,275 (214,013) 137,574
operations
Noah Holdings Limited
Segment Condensed Income Statements
(
unaudited
)
Twelve months ended December 31, 2025
Domestic Domestic Domestic Overseas Overseas Overseas Headquarters Total
public asset insurance wealth asset insurance
securities management management management and
comprehensive
services
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 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 122,772 433,082 1,153,397
Gopher/Olive manages
49,313 548,230
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 (107,156) (45,299) (15,462) (254,769) (44,221) (31,547) (498,454)
compensation
Other compensations (26,423) (63,870) (22,190) (79,764) (63,510) (48,202) (414,139) (718,098)
Total compensation and (133,579) (109,169) (37,652) (334,533) (107,731) (79,749) (414,139) (1,216,552)
benefits
Selling expenses (17,279) (9,405) (5,025) (59,625) (30,361) (18,680) (102,433) (242,808)
General and administrative (898) (10,154) (10,034) (5,829) (5,829) (6,516) (266,330) (305,590)
expenses
(Reversal of) provision for 2,424 (9,071) 0 5,356 (50,935) (52,226)
credit losses
Other operating expenses (1,757) 1,891 (406) (4,888) (807) (25,284) (31,621) (62,872)
Government subsidies 11,977 9,705 12 11 22 24,745 46,472
Total operating costs and (139,112) (126,203) (53,105) (404,875) (144,717) (124,851) (840,713) (1,833,576)
expenses
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 Domestic Domestic Overseas Overseas Overseas Headquarters Total
public asset insurance wealth asset insurance
securities management management management and
comprehensive
services
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 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 126,220 365,901 1,141,622
Gopher/Olive manages
71,100 578,401
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 (128,189) (71,316) (53,904) (294,973) (3,730) (10,411) (562,523)
compensation
Other compensations (42,730) (80,182) (41,280) (154,506) (55,104) (46,253) (366,873) (786,928)
Total compensation and (170,919) (151,498) (95,184) (449,479) (58,834) (56,664) (366,873) (1,349,451)
benefits
Selling expenses (8,429) (10,574) (5,599) (106,175) (22,321) (12,177) (103,763) (269,038)
General and administrative (2,012) (12,807) (23,696) (13,589) (3,759) (7,307) (233,581) (296,751)
expenses
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 (169,771) (197,995) (124,449) (569,243) (84,914) (93,399) (727,322) (1,967,093)
expenses
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 Asset Other Total
Management Management Businesses
Business Business
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others
One-time commissions 106,411 106,411
Recurring service fees 162,613 162,613
Performance-based income 82,361 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 - 115,929 115,929
Total revenues from funds 345,379
Gopher/Olive manages
45,578 299,801
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 (122,938) (3,073) (126,011)
compensation
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 (63,806) (24,849) (9,422) (98,077)
expenses
(Reversal of) provision for credit 758 (4,282) (3,524)
losses
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 Asset Other Total
Management Management Businesses
Business Business
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others
One-time commissions 131,086 131,086
Recurring service fees 158,733 158,733
Performance-based income 34,824 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 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 (140,276) (9,365) (149,641)
compensation
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 (41,706) (20,334) (11,443) (73,483)
expenses
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 11 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 Asset Other Total
Management Management Businesses
Business Business
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others
One-time commissions 574,255 574,255
Recurring service fees 624,589 624,589
Performance-based income 116,247 116,247
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 - 155,598 155,598
Total revenues from funds 293,649 859,748 1,153,397
Gopher/Olive manages
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 (490,947) (7,507) (498,454)
compensation
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 (197,361) (71,669) (36,560) (305,590)
expenses
(Reversal of) provision for credit 225 (9,040) (43,411) (52,226)
losses
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 Asset Other Total
Management Management Businesses
Business Business
RMB'000 RMB'000 RMB'000 RMB'000
Revenues:
Revenues from others
One-time commissions 614,258 614,258
Recurring service fees 631,505 631,505
Performance-based income 47,841 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 373,197 768,425 1,141,622
Gopher/Olive manages
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 (531,172) (31,351) (562,523)
compensation
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 (184,688) (70,795) (41,268) (296,751)
expenses
Provision for (reversal of) credit (22,157) (3,698) 1,973 (23,882)
losses
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, December 31, Change
2024 2025
(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, December 31, Change
2024 2025
(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, December 31, Change
2024 2025
(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, December 31, Change
2024 2025
(unaudited) (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, December 31, Change
2024 2025
Number of registered clients 462,049 467,870 1.3 %
Three months ended
December 31, December 31, Change
2024 2025
(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, December 31, Change
2024 2025
(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, December 31, Change
2024 2025
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, December 31, Change
2024 2025
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, December 31, Change
2024 2025
RMB'000 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- (81.1 %)
GAAP)
132,448 25,076
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, 1.55
diluted
0.18 (88.4 %)
Non-GAAP net income attributable to Noah shareholders 1.87
per ADS, diluted
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 December 31 Change
2024 2025
RMB'000 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 %
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SOURCE Noah Holdings Limited
