Noah Holdings Ltd
NYSE:NOAH

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Noah Holdings Ltd
NYSE:NOAH
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Price: 10.02 USD 0.8% Market Closed
Market Cap: $666m

Noah Holdings Ltd
Investor Relations

Noah Holdings Ltd. provides investment advisory and wealth management services. The company is headquartered in Shanghai, Shanghai and currently employs 3,148 full-time employees. The company went IPO on 2010-11-10. The firm operates through three segments: wealth management, asset management and Internet finance. The company also provides Internet finance services to clients in China. The company provides direct access to China's high net worth population. With approximately 1,100 relationship managers in over 130 branch offices, its coverage network includes China's regions where high net worth population is concentrated, including the Yangtze River Delta, the Pearl River Delta, the Bohai Rim and other regions. Its product offerings consist primarily of over-the-counter (OTC) wealth management and OTC asset management products, mutual fund products and asset management plans originated in China and designed to cater to the needs of China's high net worth population.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 25, 2026
AI Summary
Q4 2025

Profitability: Operating profit rose to RMB 777 million (up 22.5% YoY) and operating margin expanded to 29.8%, driven by a shift toward investment-related income and cost optimization.

Revenue: Full-year net revenue was RMB 2.6 billion, broadly flat year‑over‑year; Q4 revenue was RMB 733 million, up 12.5% YoY.

Transformation: Management says Noah is shifting from product-driven sales to a platform centered on asset allocation, global structuring and AI, and that the 2025 results show early benefits of that rebuild.

Investment mix: Investment product commissions increased 79.7% YoY and performance-based income rose 78%; overseas revenue now ~49% of total.

Balance sheet & returns: Cash and short-term investments RMB 5.0 billion, no interest-bearing debt, shareholders' equity ~RMB 9.9 billion; Board approved total dividend RMB 612 million equal to 100% of 2025 non-GAAP net income (50% regular + 50% special).

AI & efficiency: Headcount down 11% YoY while revenue stayed stable; management attributes higher per‑capita output to AI tools and an RM+AI service model.

Legacy provisions: Q4 included a ~RMB 120 million loss from equity in affiliates and ~RMB 50 million of contingent expenses; total provisions now RMB 505 million (~63% of unsettled principal).

Key Financials
Net revenue (full year 2025)
RMB 2.6 billion
Operating profit (full year 2025)
RMB 777 million
Operating margin (full year 2025)
29.8%
Non-GAAP net income (full year 2025)
RMB 612 million
Adjusted non-GAAP net income (ex nonoperational items)
approximately RMB 753 million
Revenue (Q4 2025)
RMB 733 million
Operating profit (Q4 2025)
RMB 258 million
Operating margin (Q4 2025)
35.2%
Overseas wealth management net revenues (2025)
RMB 550 million
Overseas AUM (2025)
USD 9.5 billion
Olive net revenues (2025)
RMB 550 million
Olive overseas AUM (2025)
USD 6.1 billion
Glory Family Heritage net revenues (2025)
RMB 180 million
Noah Upright net revenue (2025)
RMB 570 million
RMB-denominated private secondary transaction value (2025)
RMB 11.2 billion
Gopher net revenues (2025)
RMB 690 million
Gopher private equity exits and distribution (2025)
RMB 5 billion
Glory domestic insurance net revenues (2025)
RMB 19 million
Headcount change (2025)
down 11% year-over-year
Provisions (total)
RMB 505 million
Income from equity in affiliates (Q4 2025 loss)
approximately RMB 120 million loss
Contingent expenses recognized (Q4 2025)
approximately RMB 50 million
Cash and short-term investments (Dec 31, 2025)
RMB 5.0 billion
Asset-liability ratio
15%
Current ratio
4.5x
Shareholders' equity
about RMB 9.9 billion
Price-to-book (approx)
0.57x book value
Operating return on equity
close to 8%
Total dividend approved (2025)
RMB 612 million
Dividend payout as % of non-GAAP net income
100%
Share repurchase completed (2025)
RMB 50 million
Shares repurchased (cumulative)
about 4.3% of total shares outstanding
Implied dividend yield (at current market prices)
approximately 11%
Total cash return yield (including buybacks)
approximately 12%
USD‑denominated private secondary transaction value (2025)
USD 950 million
Earnings Call Recording
Other Earnings Calls

Management

Ms. Jingbo Wang
Co-Founder & Chairwoman
No Bio Available
Mr. Zhe Yin
Co-Founder, CEO & Director
No Bio Available
Mr. Boquan He
Co-Founder & Independent Non-Executive Director
No Bio Available
Mr. Qing Pan
Group Chief Financial Officer
No Bio Available
Ms. Sonia Han
Investor Relations Contact
No Bio Available
Mr. Hong Li
Chief Digital Officer
No Bio Available
Melo Xi
Director of Investor Relations
No Bio Available

Contacts

Address
SHANGHAI
Shanghai
No. 1687 Changyang Road, Changyang Valley, Building 2
Contacts
+862180359221.0
www.noahgroup.com
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