SINGAPORE, May 27, 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, announced its unaudited financial results for the first quarter of 2026.
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products, and a 14.7% decrease quarter-on-quarter, primarily due to a decrease in performance-based income from overseas private equity products as compared with the fourth quarter of 2025.
- Income from operations for the first quarter of 2026 was RMB236.4 million (US$34.3 million), a 27.1% increase from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.
- Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025, primarily due to a higher loss from equity in affiliates, partially offset by lower operating costs and expenses.
- Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.
FIRST QUARTER 2026 OPERATIONAL UPDATES
The Company reports its operational performance across six business segments -- three domestic and three overseas -- plus headquarters. The following updates provide segment-specific operating metrics and developments during the first quarter of 2026.
Group-wide Operating Metrics
- Total number of registered clients as of March 31, 2026 was 468,983, a 1.3% increase from March 31, 2025, and a 0.2% increase from December 31, 2025.
- Total number of active clients[2] for the first quarter of 2026 was 10,742, a 21.8% increase from the first quarter of 2025 and a 4.7% increase from the fourth quarter of 2025.
- Aggregate value of investment products distributed during the first quarter of 2026 was RMB23.3 billion (US$3.4 billion), compared with RMB16.1 billion in the first quarter of 2025 and RMB17.0 billion in the fourth quarter of 2025, mainly due to increases of distributing domestic public securities.
- Total assets under management as of March 31, 2026 were RMB140.2 billion (US$20.3 billion), compared with RMB149.3 billion as of March 31, 2025 and RMB141.7 billion as of December 31, 2025, mainly due to continuous allocation of domestic private equity products.
Distribution of Investment Products
- The aggregate value of investment products distributed, categorized by product type, is as follows:
Three months ended March 31,
2025 2026
(RMB in billions, except percentages)
Mutual fund products 7.6 47.2 % 12.9 55.3 %
Private secondary products 6.1 37.9 % 8.4 36.1 %
Private equity products 1.5 9.3 % 1.2 5.2 %
Other products[3] 0.9 5.6 % 0.8 3.4 %
All products 16.1 100.0 % 23.3 100.0 %
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation 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 purchase investment products distributed or receive 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.
- The aggregate value of investment products distributed, categorized by geography, is as follows?
Type of products in mainland
Three months ended March 31,
China 2025 2026
(RMB in billions, except percentages)
Mutual fund products 4.3 53.7 % 9.9 64.7 %
Private secondary products 3.3 41.3 % 5.4 35.3 %
Other products 0.4 5.0 %
All products in mainland China 8.0 100.0 % 15.3 100.0 %
Three months ended March 31,
Type of overseas products 2025 2026
(RMB in billions, except percentages)
Mutual fund products 3.3 40.7 % 3.0 37.5 %
Private secondary products 2.8 34.6 % 3.0 37.5 %
Private equity products 1.5 18.5 % 1.2 15.0 %
Other products 0.5 6.2 % 0.8 10.0 %
All overseas products 8.1 100.0 % 8.0 100.0 %
Assets Under Management
- Total assets under management, categorized by investment type, are as follows:
Investment type
As of Growth Allocation/
As of
December 31, Redemption[4] March 31,
2025 2026
(RMB billions, except percentages)
Private equity 127.0 89.6 % 0.4 1.4 126.0 89.8 %
Public securities[5] 8.6 6.1 % 0.8 1.0 8.4 6.0 %
Real estate 4.1 2.9 % 0.1 4.0 2.9 %
Multi-strategies 2.0 1.4 % 0.2 1.8 1.3 %
All Investments 141.7 100.0 % 1.2 2.7 140.2 100.0 %
- Total assets under management, categorized by geography, are as follows:
Mainland China
As of Growth Allocation/
As of
December 31, Redemption[5] March 31,
2025 2026
Investment type
(RMB billions, except percentages)
Private equity 93.6 94.3 % 1.3 92.3 94.6 %
Public securities 4.1 4.1 % 0.2 0.5 3.8 3.9 %
Real estate 0.2 0.2 % 0.1 0.1 0.1 %
Multi-strategies 1.4 1.4 % 1.4 1.4 %
All Investments 99.3 100.0 % 0.2 1.9 97.6 100.0 %
Overseas
As of Growth Allocation/
As of
December 31, Redemption[5] March 31,
Investment type 2025 2026
(RMB billions, except percentages)
Private equity 33.4 78.8 % 0.4 0.1 33.7 79.1 %
Public securities 4.5 10.6 % 0.6 0.5 4.6 10.8 %
Real estate 3.9 9.2 % 3.9 9.2 %
Multi-strategies 0.6 1.4 % 0.2 0.4 0.9 %
All Investments 42.4 100.0 % 1.0 0.8 42.6 100.0 %
[4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.
[5] The asset allocation/redemption of public securities also includes market appreciation or depreciation.
Segment Operating Metrics
Domestic Business
Our domestic operations are organized into three reportable segments: Domestic public securities, Domestic asset management, and Domestic insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.
Domestic public securities
Domestic public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an "online-first, offline-supported" business model, with the goal of facilitating global asset allocation through RMB-denominated products.
- Transaction value of public securities products distributed in mainland China during the first quarter of 2026 was RMB9.9 billion (US$1.4 billion), a 130.2% increase from RMB4.3 billion in the first quarter of 2025 and a 67.8% increase from RMB5.9 billion in the fourth quarter of 2025.
- Transaction value of RMB-denominated private secondary productsdistributed in mainland China during the first quarter of 2026 was RMB5.4 billion (US$0.8 billion), a 63.6% increase from RMB3.3 billion in the first quarter of 2025 and a 145.5% increase from RMB2.2 billion in the fourth quarter of 2025.
- Number of active clients in this segment during the first quarter of 2026 was 7,877, a 36.1% increase from the first quarter of 2025.
- Number of licensed relationship managers serving this segment was 201 as of March 31, 2026, compared with 198 as of March 31, 2025.
Domestic asset management
Domestic asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.
- AUM of RMB-denominated private equity products as of March 31, 2026 was RMB92.3 billion (US$13.4 billion), compared with RMB97.3 billion as of March 31, 2025 and RMB93.6 billion as of December 31, 2025, mainly due to our continuous effort on exiting private equity products.
- AUM of RMB-denominated public securities products as of March 31, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.3 billion as of March 31, 2025 and RMB4.1 billion as of December 31, 2025.
- Net flow during the quarter: new AUM added was RMB0.2 billion (US$2.9 million) and AUM allocated/redeemed was RMB1.9 billion (US$0.3 billion) during the first quarter of 2026.
Domestic insurance
Domestic insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the first quarter of 2026 were RMB1.4 million (US$0.2 million).
Overseas Business
Our overseas operations are organized into three reportable segments: Overseas wealth management, Overseas asset management, and Overseas insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.
Overseas wealth management
Overseas wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to provide comprehensive services using our booking center in Hong Kong and Singapore.
- Number of overseas registered clients as of March 31, 2026 was 20,373, an 11.9% increase from March 31, 2025 and a 1.9% increase from December 31, 2025.
- Number of overseas active clients who transacted with us during the first quarter of 2026 was 3,219, a 4.9% decrease from the first quarter of 2025 and a 1.3% decrease from the fourth quarter of 2025, mainly due to decreased transactions of insurance products.
- Transaction value of overseas investment products distributed during the first quarter of 2026 was RMB8.0 billion (US$1.2 billion), compared with RMB8.1 billion in the first quarter of 2025 and RMB8.8 billion in the fourth quarter of 2025.
- Overseas AUA (assets under advisory, including distributed products) as of March 31, 2026 was RMB66.1 billion (US$9.6 billion), compared with RMB66.4 billion as of December 31, 2025 and RMB65.7 billion as of March 31, 2025.
- Number of overseas relationship managers working under this segment was 89 as of March 31, 2026, compared with 96 as of March 31, 2025 and 94 as of December 31, 2025.
- AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 191.7% growth in AUA from December 31, 2025 to March 31, 2026.
Overseas asset management
Overseas asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.
- Actively managed overseas AUM as of March 31, 2026 was RMB42.6 billion (US$6.2 billion), compared with RMB42.4 billion as of December 31, 2025 and RMB42.7 billion as of March 31, 2025.
- Number of relationship managers working under this segment was 43 as of March 31, 2026, compared with 35 as of March 31, 2025 and 46 as of December 31, 2025.
Overseas insurance and comprehensive services
Overseas insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive overseas services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.
- Number of active clients in this segment during the first quarter of 2026 was 79, compared with 159 during the first quarter of 2025 and 90 during the fourth quarter of 2025.
- Number of clients receiving comprehensive services was 727 as of March 31, 2026, compared with 709 as of March 31, 2025.
Headquarters
Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.
Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: "Entering 2026, Noah stands structurally different and is entering what we define as the 'growth verification phase'. Our performance in the first quarter reflects this momentum, with income from operations reaching RMB236.4 million, a 27.1% increase from the corresponding period in 2025. This growth was driven by disciplined cost controls and a robust recovery in our domestic public securities segment, which saw a 75.7% surge in operating income.
Our vision for 2026 and beyond is anchored in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core part of our structural infrastructure. Strategically, we are moving beyond single-market reliance to a model of global multi-market synergy. Our global architecture--comprising ARK for client connectivity, Olive for global asset management, and Glory for family heritage services--is now firmly in place. In Singapore, we pioneered the 'AI + Wealth Management' department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by a 191.7% growth in AUA from December 31, 2025 to March 31, 2026. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.
With a solid balance sheet and a commitment to long-term value, we remain focused on sharing our success with shareholders. While the environment remains dynamic, the combination of our structural resilience, international breakthrough, and AI-driven evolution positions Noah to follow a more sustainable and prosperous path over time."
FIRST QUARTER 2026 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products.
Net Revenues under the segmentation are as follows:
(RMB millions, Q1 2025 Q1 2026 YoY Change
except percentages)
Domestic public securities 127.5 207.8 63.1 %
Domestic asset management 167.0 174.5 4.5 %
Domestic insurance 6.4 1.4 (78.9 %)
Overseas wealth management 162.0 104.0 (35.8 %)
Overseas asset management 112.0 91.7 (18.1 %)
Overseas insurance and comprehensive services 30.2 37.6 24.4 %
Headquarters 9.5 8.8 (7.8 %)
Total net revenues 614.6 625.8 1.8 %
- Net revenues for domestic public securities for the first quarter of 2026 were RMB207.8 million (US$30.1 million), a 63.1% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.
- Net revenues for domestic asset management for the first quarter of 2026 were RMB174.5 million (US$25.3 million), a 4.5% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from domestic asset management products, partially offset by a decrease in recurring service fees from private equity products.
- Net revenues for domestic insurance for the first quarter of 2026 were RMB1.4 million (US$0.2 million), a 78.9% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.
- Net revenues for overseas wealth management for the first quarter of 2026 were RMB104.0 million (US$15.1 million), a 35.8% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of overseas products.
- Net revenues for overseas asset management for the first quarter of 2026 were RMB91.7 million (US$13.3 million), an 18.1% decrease from the corresponding period in 2025, primarily due to a decrease in performance-based income from overseas private equity products as compared with the corresponding period in 2025.
- Net revenues for overseas insurance and comprehensive services for the first quarter of 2026 were RMB37.6 million (US$5.4 million), a 24.4% increase from the corresponding period in 2025, primarily due to an increase in other service fees.
- Net revenues for Headquarters for the first quarter of 2026 were RMB8.8 million (US$1.3 million), a 7.8% decrease from RMB9.5 million for the corresponding period in 2025.
Operating Costs and Expenses
- Operating costs and expenses for the first quarter of 2026 were RMB389.3 million (US$56.4 million), a 9.2% decrease from the corresponding period in 2025. Operating costs and expenses for the first quarter of 2026 primarily consisted of (i) compensation and benefits of RMB266.7 million (US$38.7 million); (ii) selling expenses of RMB36.2 million (US$5.2 million); (iii) general and administrative expenses of RMB66.8 million (US$9.7 million); (iv) provision for credit losses of RMB3.2 million (US$0.5 million); and (v) other operating expenses of RMB16.6 million (US$2.4 million).
- Operating costs and expenses for domestic public securities for the first quarter of 2026 were RMB40.9 million (US$5.9 million), a 26.0% increase from the corresponding period in 2025, mainly due to an increase in compensation and benefits in line with revenue growth.
- Operating costs and expenses for domestic asset management for the first quarter of 2026 were RMB23.1 million (US$3.4 million), a 25.6% decrease from the corresponding period in 2025, mainly attributable to our continuous decreases of headcounts within this segment.
- Operating costs and expenses for domestic insurance for the first quarter of 2026 were RMB5.0 million (US$0.7 million), a 77.6% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from domestic insurance business.
- Operating costs and expenses for overseas wealth management for the first quarter of 2026 were RMB78.6 million (US$11.4 million), a 24.4% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.
- Operating costs and expenses for overseas asset management for the first quarter of 2026 were RMB32.6 million (US$4.7 million), a 49.3% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with overseas asset management business expansion.
- Operating costs and expenses for overseas insurance and comprehensive services for the first quarter of 2026 were RMB32.6 million (US$4.7 million), an 18.9% increase from the corresponding period in 2025, primarily due to an increase in costs related to commission-only brokers and provision for credit losses.
- Operating costs and expenses for headquarters for the first quarter of 2026 were RMB176.5 million (US$25.6 million), a 6.9% decrease from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.
Income(loss) from operations
Income(loss) from operations under the segmentation is as follows:
(RMB millions, Q1 2025 Q1 2026 YoY Change
except percentages)
Domestic public securities 95.0 166.9 75.7 %
Domestic asset management 135.9 151.4 11.4 %
Domestic insurance (15.7) (3.6) (77.1 %)
Overseas wealth management 58.1 25.4 (56.2 %)
Overseas asset management 90.1 59.1 (34.5 %)
Overseas insurance and comprehensive services 2.7 4.9 79.7 %
Headquarters (180.1) (167.7) (6.9 %)
Total income from operations 186.0 236.4 27.1 %
- Income from operations for domestic public securities for the first quarter of 2026 was RMB166.9 million (US$24.2 million), a 75.7% increase from the corresponding period in 2025.
- Income from operations for domestic asset management for the first quarter of 2026 was RMB151.4 million (US$21.9 million), an 11.4% increase from the corresponding period in 2025.
- Loss from operations for domestic insurance for the first quarter of 2026 was RMB3.6 million (US$0.5 million), a 77.1% decrease from the corresponding period in 2025, reflecting a narrower loss.
- Income from operations for overseas wealth management for the first quarter of 2026 was RMB25.4 million (US$3.7 million), a 56.2% decrease from the corresponding period in 2025.
- Income from operations for overseas asset management for the first quarter of 2026 was RMB59.1 million (US$8.6 million), a 34.5% decrease from the corresponding period in 2025.
- Income from operations for overseas insurance and comprehensive services for the first quarter of 2026 was RMB4.9 million (US$0.7 million), a 79.7% increase from the corresponding period in 2025.
- Loss from operations for headquarters for the first quarter of 2026 was RMB167.7 million (US$24.3 million), a 6.9% decrease from the corresponding period in 2025, reflecting disciplined cost control on employee compensation.
Operating Margin
Operating margin for the first quarter of 2026 was 37.8%, compared with 30.3% for the corresponding period in 2025.
Interest Income
Interest income for the first quarter of 2026 was RMB32.0 million (US$4.6 million), a 2.3% decrease from the corresponding period in 2025.
Investment (Loss) Income
Investment loss for the first quarter of 2026 was RMB2.0 million (US$0.3 million), compared with income of RMB6.3 million in the corresponding period in 2025, primarily due to unrealized losses resulting from fair value changes in certain equity securities.
Income Tax Expense
Income tax expense for the first quarter of 2026 was RMB66.7 million (US$9.7 million), a 10.0% increase from the corresponding period in 2025.
Net Income
- Net income for the first quarter of 2026 was RMB123.2 million (US$17.9 million), a 17.8% decrease from the corresponding period in 2025.
- Net margin for the first quarter of 2026 was 19.7%, compared with 24.4% for the corresponding period in 2025.
- Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025.
- Net margin attributable to Noah shareholders for the first quarter of 2026 was 19.9%, compared with 24.2% for the corresponding period in 2025.
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2026 was RMB1.81 (US$0.26) and RMB1.79 (US$0.26), respectively, compared with RMB2.13 and RMB2.11, respectively, for the corresponding period in 2025.
Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.
- Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2026 was 21.4%, compared with 27.5% for the corresponding period in 2025.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2026 was RMB1.92 (US$0.28), compared with RMB2.39 for the corresponding period in 2025.
BALANCE SHEET AND CASH FLOW
As of March 31, 2026, the Company had RMB4,280.7 million (US$620.6 million) in cash and cash equivalents, compared with RMB4,360.9 million as of December 31, 2025 and RMB4,075.4 million as of March 31, 2025.
Net cash inflow from the Company's operating activities during the first quarter of 2026 was RMB212.4 million (US$30.8 million), compared with RMB253.4 million in the corresponding period in 2025, primarily attributable to changes in net income and the non-cash adjustment for equity method investments.
Net cash outflow from the Company's investing activities during the first quarter of 2026 was RMB123.7 million (US$17.9 million), compared with a net cash inflow of RMB20.0 million in the corresponding period in 2025, primarily due to the purchase of certain time deposits with a maturity of more than three months in the first quarter of 2026.
Net cash outflow from the Company's financing activities was RMB129.0 million (US$18.7 million) in the first quarter of 2026, compared to net cash outflow of RMB9.4 million in the corresponding period in 2025, primarily due to share repurchases in the first quarter of 2026.
CONFERENCE CALL
The Company's senior management will host an earnings conference call to discuss its Q1 2026 Results and recent business activities. Details of the conference call are as follows:
Dial-in details
?
Conference title? Noah Holdings 1Q 2026 Earnings Conference Call
Date/Time? Wednesday, May 27, 2026 at 8:00 p.m., U.S.
Eastern Time
Thursday, May 28, 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:
+86-4001-206115
- International Toll:
1-412-317-6061
Participant Password: 4079483
A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.
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 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 the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026.
Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments -- Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) -- plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.
For more information, please visit Noah's investor relations website at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 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
December 31, March 31, March 31,
2025 2026 2026
RMB'000 RMB'000 USD'000
Assets
Current assets:
Cash and cash equivalents 4,360,918 4,280,733 620,576
Restricted cash 11,143 11,247 1,630
Short-term investments 657,563 833,752 120,869
Accounts receivable, net 420,132 334,686 48,519
Amounts due from related parties 596,800 680,951 98,717
Loans receivable, net 112,416 111,690 16,192
Other current assets 201,573 211,822 30,708
Total current assets 6,360,545 6,464,881 937,211
Long-term investments, net 1,172,012 1,160,937 168,301
Investment in affiliates 1,326,131 1,142,706 165,658
Property and equipment, net 2,356,440 2,325,755 337,164
Operating lease right-of-use assets, net 103,027 92,047 13,344
Deferred tax assets 310,287 310,049 44,948
Other non-current assets 112,492 115,565 16,753
Total Assets 11,740,934 11,611,940 1,683,379
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses 407,558 404,475 58,637
Income tax payable 147,510 146,668 21,262
Deferred revenues 54,398 58,961 8,548
Contingent liabilities 505,496 504,920 73,198
Other current liabilities 312,240 244,855 35,497
Total current liabilities 1,427,202 1,359,879 197,142
Deferred tax liabilities 263,608 261,653 37,932
Operating lease liabilities, non-current 60,344 52,475 7,607
Other non-current liabilities 6,820 6,936 1,006
Total Liabilities 1,757,974 1,680,943 243,687
Equity 9,982,960 9,930,997 1,439,692
Total Liabilities and Equity 11,740,934 11,611,940 1,683,379
Noah Holdings Limited
Condensed Consolidated Income Statements
(unaudited)
Three months ended
March 31, March 31, March 31,
2025 2026 2026 Change
RMB'000 RMB'000 USD'000
Revenues:
Revenues from others:
One-time commissions 154,991 113,065 16,391 (27.1 %)
Recurring service fees 151,596 147,525 21,387 (2.7 %)
Performance-based income 13,986 80,585 11,682 476.2 %
Other service fees 36,863 33,878 4,911 (8.1 %)
Total revenues from others 357,436 375,053 54,371 4.9 %
Revenues from funds Gopher/Olive manages:
One-time commissions 3,750 1,191 173 (68.2 %)
Recurring service fees 244,380 234,594 34,009 (4.0 %)
Performance-based income 14,529 20,074 2,910 38.2 %
Total revenues from funds Gopher/Olive manages 262,659 255,859 37,092 (2.6 %)
Total revenues 620,095 630,912 91,463 1.7 %
Less: VAT related surcharges (5,501) (5,161) (748) (6.2 %)
Net revenues 614,594 625,751 90,715 1.8 %
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation (122,568) (102,462) (14,854) (16.4 %)
Other compensations (181,327) (164,280) (23,817) (9.4 %)
Total compensation and benefits (303,895) (266,742) (38,671) (12.2 %)
Selling expenses (51,072) (36,207) (5,249) (29.1 %)
General and administrative expenses (64,441) (66,835) (9,689) 3.7 %
Provision for credit losses (2,810) (3,170) (460) 12.8 %
Other operating expenses (15,699) (16,574) (2,403) 5.6 %
Government subsidies 9,331 215 31 (97.7 %)
Total operating costs and expenses (428,586) (389,313) (56,441) (9.2 %)
Income from operations 186,008 236,438 34,274 27.1 %
Other income (expense):
Interest income 32,801 32,048 4,646 (2.3 %)
Investment income (loss) 6,270 (2,011) (292) N.A.
Contingent litigation expenses, net (2,730) (396) N.A.
Other expense (3,081) (8,528) (1,236) 176.8 %
Total other income 35,990 18,779 2,722 (47.8 %)
Income before taxes and income from equity in affiliates 221,998 255,217 36,996 15.0 %
Income tax expense (60,605) (66,660) (9,664) 10.0 %
Loss from equity in affiliates (11,574) (65,343) (9,473) 464.6 %
Net income 149,819 123,214 17,859 (17.8 %)
Less: net income (loss) attributable to non-controlling 855 (1,501) (218) N.A.
interests
Net income attributable to Noah shareholders 148,964 124,715 18,077 (16.3 %)
Income per ADS, basic 2.13 1.81 0.26 (15.0 %)
Income per ADS, diluted 2.11 1.79 0.26 (15.2 %)
Margin analysis:
Operating margin 30.3 % 37.8 % 37.8 %
Net margin 24.4 % 19.7 % 19.7 %
Weighted average ADS equivalent [1]:
Basic 69,913,957 69,020,208 69,020,208
Diluted 70,600,397 69,819,250 69,819,250
ADS equivalent outstanding at end of period 66,508,418 65,446,158 65,446,158
[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
March 31, March 31, March 31,
2025 2026 2026 Change
RMB'000 RMB'000 USD'000
Net income 149,819 123,214 17,859 (17.8 %)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (22,834) (58,364) (8,461) 155.6 %
Fair value fluctuation of available-for-sale Investment 233 233 34
(after tax)
Comprehensive income 127,218 65,083 9,432 (48.8 %)
Less: Comprehensive income (loss) attributable to 910 (1,421) (206) N.A.
non-controlling interests
Comprehensive income attributable to Noah 126,308 66,504 9,638 (47.3 %)
shareholders
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended March 31, 2026
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 25,733 684 1,362 54,565 7,614 23,107 113,065
Recurring service fees 91,475 26,029 13,493 16,528 147,525
Performance-based income 80,569 16 80,585
Other service fees 7,389 14,450 12,039 33,878
Total revenues from others 197,777 26,713 1,362 75,447 24,158 37,557 12,039 375,053
Revenues from funds Gopher/Olive
manages
One-time commissions 1,021 170 1,191
Recurring service fees 8,375 131,000 28,567 66,652 234,594
Performance-based income 2,205 17,029 840 20,074
Total revenues from funds 11,601 148,199 28,567 67,492 255,859
Gopher/Olive manages
Total revenues 209,378 174,912 1,362 104,014 91,650 37,557 12,039 630,912
Less: VAT related surcharges (1,541) (364) (5) (3,251) (5,161)
Net revenues 207,837 174,548 1,357 104,014 91,650 37,557 8,788 625,751
Operating costs and expenses:
Compensation and benefits (30,398) (4,728) (508) (51,913) (9,879) (5,036) (102,462)
Relationship manager compensation
Other compensations (7,130) (17,001) (2,820) (15,947) (19,492) (11,215) (90,675) (164,280)
Total compensation and benefits (37,528) (21,729) (3,328) (67,860) (29,371) (16,251) (90,675) (266,742)
Selling expenses (2,986) (1,105) (144) (8,865) (3,390) (2,461) (17,256) (36,207)
General and administrative (15) (955) (1,486) (560) (500) (2,013) (61,306) (66,835)
expenses
Reversal of (Provision for) credit 646 (3,476) (340) (3,170)
losses
Other operating expenses (388) (204) (1,280) 673 (8,440) (6,935) (16,574)
Government subsidies 6 207 2 215
Total operating costs and expenses (40,911) (23,140) (4,956) (78,565) (32,588) (32,641) (176,512) (389,313)
Income (loss) from operations 166,926 151,408 (3,599) 25,449 59,062 4,916 (167,724) 236,438
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
Three months ended March 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 14,034 68 6,474 105,689 5,532 23,194 154,991
Recurring service fees 85,803 35,392 9,120 21,281 151,596
Performance-based income 13,800 45 141 13,986
Other service fees 16,315 6,992 13,556 36,863
Total revenues from others 113,637 35,505 6,474 131,124 26,954 30,186 13,556 357,436
Revenues from funds Gopher/Olive
manages
One-time commissions 3,336 290 124 3,750
Recurring service fees 10,669 131,673 30,611 71,427 244,380
Performance-based income 1,076 13,453 14,529
Total revenues from funds 15,081 131,673 30,901 85,004 262,659
Gopher/Olive manages
Total revenues 128,718 167,178 6,474 162,025 111,958 30,186 13,556 620,095
Less: VAT related surcharges (1,252) (186) (37) (4,026) (5,501)
Net revenues 127,466 166,992 6,437 162,025 111,958 30,186 9,530 614,594
Operating costs and expenses:
Compensation and benefits (21,798) (14,966) (8,692) (70,217) (1,303) (5,592) (122,568)
Relationship manager compensation
Other compensations (7,050) (15,918) (7,598) (19,840) (14,956) (11,554) (104,411) (181,327)
Total compensation and benefits (28,848) (30,884) (16,290) (90,057) (16,259) (17,146) (104,411) (303,895)
Selling expenses (3,140) (2,044) (3,669) (12,857) (5,361) (2,606) (21,395) (51,072)
General and administrative (118) (1,092) (2,213) (1,047) (205) (575) (59,191) (64,441)
expenses
Provision for credit losses (1,600) (1,210) (2,810)
Other operating expenses (410) (2,380) (5,523) (7,386) (15,699)
Government subsidies 40 5,309 12 3,970 9,331
Total operating costs and expenses (32,476) (31,091) (22,160) (103,961) (21,825) (27,450) (189,623) (428,586)
Income (loss) from operations 94,990 135,901 (15,723) 58,064 90,133 2,736 (180,093) 186,008
Noah Holdings Limited
Supplemental Revenue Information by Geography
(unaudited)
Three months ended
March 31, March 31, Change
2025 2026
(in thousands of RMB, except percentages)
Revenues:
Mainland
China 315,927 397,691 25.9 %
Hong
Kong 227,148 174,242 (23.3 %)
Others 77,020 58,979 (23.4 %)
Total
revenues 620,095 630,912 1.7 %
Noah Holdings Limited
Supplemental Business Information by Product Types
(unaudited)
Three months ended
March 31, March 31, Change
2025 2026
(in thousands of RMB, except percentages)
Mainland China:
Public securities products [1] 128,720 209,378 62.7 %
Private equity products 166,769 174,912 4.9 %
Insurance products 6,474 1,362 (79.0 %)
Others 13,964 12,039 (13.8 %)
Subtotal 315,927 397,691 25.9 %
Overseas:
Investment products [2] 156,714 145,065 (7.4 %)
Insurance products 115,976 59,908 (48.3 %)
Online business [3] 10,495 9,378 (10.6 %)
Others 20,983 18,870 (10.1 %)
Subtotal 304,168 233,221 (23.3 %)
Total revenues 620,095 630,912 1.7 %
[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 Operational Information
(unaudited)
As of
March 31, March 31, Change
2025 2026
Number of registered clients 463,161 468,983 1.3 %
Three months ended
March 31, March 31, Change
2025 2026
(in millions of RMB, except number of active
clients and
percentages)
Number of active clients 8,822 10,742 21.8 %
Transaction value:
Private equity products 1,461 1,189 (18.6 %)
Private secondary products 6,114 8,367 36.8 %
Mutual fund products 7,595 12,899 69.8 %
Other products 934 864 (7.5 %)
Total transaction value 16,104 23,319 44.8 %
Noah Holdings Limited
Supplemental Information of Overseas Business
(unaudited)
Three months ended
March 31, March 31, Change
2025 2026
Net Revenues from Overseas (RMB, million) 304.2 233.2 (23.3 %)
Number of Overseas Registered Clients 18,207 20,373 11.9 %
Number of Overseas Active Clients 3,384 3,219 (4.9 %)
Transaction Value of Overseas Investment Products (RMB, billion) 8.1 8.0 (1.2 %)
Number of Overseas Relationship Managers 131 132 0.8 %
Overseas Assets Under Management (RMB, billion) 42.7 42.6 (0.2 %)
Overseas Assets Under Advisory (RMB, billion) 65.7 66.1 0.7 %
Noah Holdings Limited
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
Three months ended
March 31, March 31,
2025 2026 Change
RMB'000 RMB'000
Net income attributable to Noah shareholders 148,964 124,715 (16.3 %)
Adjustment for share-based compensation 24,780 11,349 (54.2 %)
Less: tax effect of adjustments 4,956 2,200 (55.6 %)
Adjusted net income attributable to Noah shareholders (non-GAAP) 168,788 133,864 (20.7 %)
Net margin attributable to Noah shareholders 24.2 % 19.9 %
Non-GAAP net margin attributable to Noah shareholders 27.5 % 21.4 %
Net income attributable to Noah shareholders per ADS, diluted 2.11 1.79 (15.2 %)
Non-GAAP net income attributable to Noah shareholders per ADS, diluted 2.39 1.92 (19.7 %)
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SOURCE Noah Holdings Limited
