- Steady overseas AUM and AUA growth, with the overseas business emerging as the core engine of incremental momentum.
- AI enters the Company’s full‑chain operational phase, establishing itself as the second growth curve in the future.
- Globalization strategy accelerating, with four major booking centers enhancing cross‑border platform capabilities and strengthening Noah’s global service network.
SHANGHAI, Nov. 26, 2025 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the three months ended September 30, 2025.
While net revenues for the third quarter declined 7.4% year-over-year but increased slightly on a sequential basis for the second consecutive quarter to RMB 632.9 million (US$88.9 million), non-GAAP net income grew a robust 52.2% year-over-year to RMB 229.1 million (US$32.2 million). This powerful bottom-line performance demonstrates significant operating leverage, underpinned by a 6.5% year-over-year reduction in total operating expenses for the first three quarters, and shows how the Company’s transformation strategy is fueling a rebound in profitability.
The Company also continued to strengthen its global footprint, with overseas net revenue of RMB 311 million accounting for 49.1% of total net revenue. Noah also recorded steady overseas AUA and AUM growth. Overseas assets under administration (AUA) reached US$ 9.3 billion, representing a 6.8% increase from a year earlier, while assets under management (AUM) rose 5.3% year over year to US$ 5.9 billion, underscoring the strength of Noah’s expanding global platform.
Jingbo Wang, Co-founder and Chairwoman of Noah, commented, “We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. During the quarter, we obtained a US broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey.”
Zander Yin, CEO of Noah Holdings, said, “Our transformation strategy is progressing steadily. Even as net revenues remained under pressure during this planned period of revenue mix adjustment, our core business demonstrated notable resilience with strong client engagement, a positive shift in product mix, and a disciplined focus on operational efficiency, resulting in an exceptional 52.2% year-over-year increase in our non-GAAP net income. Looking ahead, we will continue improving capital efficiency, optimizing cost structure, and strengthening cash flow, as we continuously enhance our competitiveness and market share in the global Chinese wealth management market.”
Improving Revenue Mix and Client Growth
Noah’s strong bottom-line performance was underpinned by significant growth in client engagement, transaction activity across its platform, and improving revenue mix, which was driven primarily by growing investment products revenues which account for approximately 26% of total one-time commissions during the quarter compared to 13% during the same period last year.
Total number of active clients grew 35.5% year-over-year, reflecting confidence in the Company’s platform and product offerings. This was complemented by a 19.1% year-over-year increase in the aggregate value of investment products distributed, which reached RMB 17.0 billion (US$2.4 billion). Transaction value of RMB and USD-denominated products increased 28.7% and 9.6% year-over-year, respectively, while one-time commissions from investment products grew 85.2% year-over-year, supported by stronger investor sentiment and an expanded range of offerings.
Overseas Expansion Maintains Strong Momentum, Four Global Booking Centers Establish a Cross‑Border Service Foundation
Noah’s global expansion efforts continued to yield results. Net revenues from overseas continued to account for nearly half of total net revenues. The Company’s number of overseas registered clients grew 13.1% year-over-year, and overseas active clients grew 13.4% year-over-year. Overseas assets under management grew 6.8% year-over-year to RMB 42.2 billion (US$5.9 billion), reflecting the progress Noah has been making in capturing offshore investment demand from its growing international presence.
Noah completed the foundation for its global operational system with the establishment of its fourth booking center in the US during the quarter after obtaining a broker-dealer license there. This new center will directly complement and strengthen the capabilities of its Singapore booking center. Meanwhile, Noah continues to build out its teams in Hong Kong and Shanghai, which serve as core hubs for operations, compliance, and support systems.
AI-Driven Transformation Underway
Over the past few months, Noah has started to implement its “AI Wealth Advisor + AI Operations System” plan. Initial pilots were launched during the quarter to improve client outreach, content generation, and back-end operations, as well as cross-departmental collaboration in Singapore specifically.
On the front end, the latest update to Noah’s iARK app unveiled “Noya”, an AI financial advisor designed to provide clients with deeper engagement and interaction. Internally, Noah also established two new business units: the AI Wealth Management Team (serving new clients and reactivating dormant accounts) and the AI Ecosystem Team (supporting the EAM business and commission-based institutions). The Company expects these AI integration initiatives to simultaneously elevate the client experience and streamline core business operations.
Outlook
Looking ahead, Noah will focus on three core priorities to sustain growth and strengthen its competitive position:
- Strengthen investment product selection to further diversify revenue mix, drive product innovation, and capitalize on evolving client demand.
- Leverage AI as a strategic growth driver and fully embed it into the Company’s organizational DNA, as the wealth management industry shifts from a human-driven model to an operations-driven one over the next 3–5 years.
- Activate its four global booking centers to establish a global service platform that delivers an enhanced client experience and unlock new growth opportunities.
During the earnings call, management highlighted that key initiatives, including the establishment of overseas booking centers and the rollout of various AI-related projects, have moved from planning into the implementation phase. Management reiterated its confidence in capturing future opportunities while emphasizing an unwavering commitment to prudent operations, quality growth, and enhancing shareholder returns.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH,” and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represent five ordinary shares, par value US$0.00005 per share.
In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.
Noah’s domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company’s wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.
For more information, please visit Noah at ir.noahgroup.com.
