6-K - NOAH - Equibles

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

Commission File Number: 001-34936

Noah Holdings Limited

(Registrant’s name)

No. 1226, South Shenbin Road, MinhangDistrict,

Shanghai, People’s Republic of China

+86 (21) 8035-8292

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

EXHIBIT INDEX

Exhibit 99.1	Press Release — Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2024
Exhibit 99.2	Press Release — Noah Holdings Announces US$50 Million Share Repurchase Program

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Noah Holdings Limited
	By:	/s/ Qing Pan
	Name:	Qing Pan
	Title:	Chief Financial Officer
Date: August 28, 2024

Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED

FINANCIAL RESULTS FOR THE SECOND QUARTER OF2024

SHANGHAI, August 29, 2024 — 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 Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the second quarter of 2024.

SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS

·	Net revenues for the second quarter of 2024 were RMB615.8 million<br>(US$84.7 million), a 34.6% decrease from the corresponding period in 2023, and a 5.2% decrease from the first quarter of 2024，primarily<br>due to a decrease in distribution of insurance products.

Net revenues from mainland China for the second quarter of 2024 were RMB337.2 million (US$46.4 million), a 38.5% decrease from the corresponding period in 2023, mainly due to a decrease in distribution of insurance products as well as private secondary products.

Net revenues from overseas for the second quarter of 2024 were RMB278.6 million (US$38.3 million), a 29.2% decrease from the corresponding period of 2023, mainly due to a decrease in one-time commissions from insurance products.

Net Revenues by segment is as follows:

(RMB millions,<br> <br>except percentages)
Wealth management	745.3	415.6	(44.2	)%
Asset management	183.4	192.3	4.9	%
Other businesses	13.1	7.9	(39.7	)%
Total net revenues	941.8	615.8	(34.6	)%

Net Revenues by geography is as follows:

(RMB millions,<br> <br>except percentages)	Q2 2023
Mainland China		548.3	337.2	(38.5	)%
Overseas		393.5	278.6	(29.2	)%
Total net revenues		941.8	615.8	(34.6	)%
·	Income from operations for the second quarter of 2024 was RMB134.0<br>million (US$18.4 million), a 61.6% decrease from the corresponding period in 2023, mainly due to the 34.6% decrease in net revenues. Income<br>from operations increased 10.3% sequentially, mainly due to the effective cost control measures implemented in the second quarter of 2024.
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Income from operations by segment is as follows:

(RMB millions,<br> <br>except percentages)
Wealth management	300.2		65.5		(78.2	)%
Asset management	80.9		86.5		6.9	%
Other businesses	(31.7	)	(18.0	)	(43.2	)%
Total income from operations	349.4		134.0		(61.6	)%

·	Net income attributable to Noah shareholders for the second quarter<br>of 2024 was RMB99.8 million (US$13.7 million), a 68.4% decrease from the corresponding period in 2023, mainly due to the 61.6% decrease<br>in income from operations and a loss from equity in affiliates recorded in the second quarter of 2024.
·	Non-GAAP^1^ net incomeattributable to Noah shareholders for the second quarter of 2024 was RMB106.1 million (US$14.6 million), a 66.1% decrease from the<br>corresponding period in 2023.
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SECOND QUARTER 2024 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Mandarin-speaking 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 June 30, 2024, was 459,072,<br>a 2.8% increase from June 30, 2023, and a 0.3% increase from March 31, 2024. Among registered clients as of June 30, 2024,<br>the number of overseas registered clients was 16,786, a 6.7% increase from March 31, 2024, and a 23.0% increase from June 30,<br>2023.
·	Total number of active clients^2^<br>for the second quarter of 2024 was 8,634, a decrease of 25.2% from the second quarter of 2023 and 16.9% from the first quarter of 2024.<br>Among active clients during the second quarter of 2024, the number of overseas active clients was 3,244, a 62.8% increase from the second<br>quarter of 2023, and an 18.2% increase from the first quarter of 2024.
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·	Aggregate value of investment products distributed during the second<br>quarter of 2024 was RMB14.4 billion (US$2.0 billion), a 21.7% decrease from the second quarter of 2023, mainly due to a 29.3% decrease<br>in distribution of mutual fund products. The aggregate value of investment products distributed decreased by 23.7% from the first quarter<br>of 2024, mainly due to the decrease in distribution of mutual fund products. Among the investment products distributed during the second<br>quarter of 2024, Noah distributed RMB7.9 billion (US$1.1 billion) of overseas investment products, a 40.8% increase from the second quarter<br>of 2023, primarily due to an 80.9% increase in distribution of overseas mutual fund products.
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The aggregate value of investment products distributed, categorizedby product type, is as follows:

Product type	Three months ended June 30,
	2023				2024
	(RMB in billions, except percentages)
Mutual fund products		12.0	65.4	%		8.5	59.0	%
Private secondary products		4.3	23.3	%		4.1	28.7	%
Private equity products		0.6	3.3	%		1.1	7.7	%
Other<br> products^3^		1.5	8.0	%		0.7	4.6	%
All products		18.4	100.0	%		14.4	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, non-cash settlement expenses and net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

^2^ “Active clients” for a given period refers to registered clients who purchase investment products distributed or receive services provided by the Company 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 investmentproducts distributed, categorized by geography, is as follows**：**

Type of products in Mainland China	Three months ended June 30,
	2023				2024
	(RMB in billions, except percentages)
Mutual fund products		10.1	79.1	%		5.0	77.1	%
Private secondary products		1.9	15.2	%		1.2	18.9	%
Private equity products		0.1	1.1	%		-	0.0	%
Other products		0.6	4.6	%		0.3	4.0	%
All products in Mainland China		12.8	100.0	%		6.5	100.00	%
Type of overseas products	Three months ended June 30,
---	---	---	---	---	---	---	---	---
	2023				2024
	(RMB in billions, except percentages)
Mutual fund products		1.9	34.4	%		3.5	44.2	%
Private secondary products		2.4	41.7	%		2.9	36.7	%
Private equity products		0.8	13.5	%		1.1	13.9	%
Other products		0.6	10.4	%		0.4	5.2	%
All Overseas products		5.6	100.00	%		7.9	100.00	%
·	Coverage network in mainland China included 15 cities as of June 30,<br>2024, compared with 63 cities as of June 30, 2023, and 18 cities as of March 31, 2024, as the Company continued to streamline<br>its coverage across mainland China.
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·	Aggregate number of overseas relationship managers was 113 as of<br> June 30, 2024, a 24.2% increase from March 31, 2024. Since the Company’s relationship managers in mainland China are divided<br> into different teams, each focusing on an independent business unit dedicated to offering clients mutual fund and private<br> secondary products, insurance products, or private equity products, the Company no longer considers it meaningful to<br> disclose an aggregate number of relationship managers in mainland China.
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Asset Management Business

Noah's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with global investment capabilities and overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.

·	Total assets under management as of June 30, 2024, remained relatively<br>stable at RMB154.0 billion (US$21.2 billion), compared with RMB156.9 billion as of June 30, 2023, and RMB153.3 billion as of March 31,<br>2024.

Mainland China assets under management as of June 30, 2024, were RMB114.9 billion (US$15.8billion), compared with RMB122.7 billion as of June 30, 2023, and RMB116.1 billion as of March 31, 2024.

Overseas assets under management as of June 30, 2024, were RMB39.1 billion (US$5.4 billion), compared with RM34.2 billion as of June 30, 2023, and RMB37.2 billion as of March 31, 2024.

Total assets under management, categorized by investment type, areas follows:

Investment type	As of <br> March 31, <br> 2024
	(RMB billions, except percentages)
Private equity		131.8	85.9	%	0.7	(0.5	)<br> ^4^	133.0	86.4	%
Public<br> securities^5^		10.9	7.1	%	2.5	3.0		10.4	6.7	%
Real estate		5.7	3.7	%	0.2	0.1		5.8	3.8	%
Multi-strategies		4.3	2.9	%	-	0.1		4.2	2.7	%
Others		0.6	0.4	%	-	-		0.6	0.4	%
All Investments		153.3	100.0	%	3.4	2.7		154.0	100.0	%

Total assets under management, categorized by geography, are asfollows:

Mainland China<br><br> Investment type	As of <br> March 31, <br> 2024				Growth		Allocation/<br> <br>Redemption		As of<br> June 30, <br> 2024
	(RMB billions, except percentages)
Private equity		103.5	89.2	%		-		0.1		103.4	90.1	%
Public securities		6.9	6.0	%		-		0.9		6.0	5.2	%
Real estate		2.5	2.2	%		-		0.1		2.4	2.1	%
Multi-strategies		2.6	2.2	%		-		0.1		2.5	2.1	%
Others		0.6	0.4	%		-		-		0.6	0.5	%
All Investments		116.1	100.0	%		-		1.2		114.9	100.0	%
Overseas<br> <br>Investment type	As of <br> March 31, <br> 2024				Growth		Allocation/<br> <br>Redemption			As of<br> June 30, <br> 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	(RMB billions, except percentages)
Private equity		28.3	75.7	%		0.7		(0.6	)		29.6	75.5	%
Public securities		4.0	10.8	%		2.5		2.1			4.4	11.2	%
Real estate		3.2	8.6	%		0.2		-			3.4	8.7	%
Multi-strategies		1.7	4.9	%		-		-			1.7	4.6	%
All Investments		37.2	100.0	%		3.4		1.5			39.1	100.0	%

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, “The pace of our overseas expansion is gaining momentum as client demand for global asset allocation strengthens, with overseas revenue contribution increasing to 46.3% in the first half of 2024. While sluggish domestic markets continued to impact our business during the quarter, our investments in expanding our global product portfolio and distribution networks are starting to yield results, with overseas assets under management increasing 14.3% year-over-year. We have also raised US$338 million for overseas private equity, private credit, and other primary market funds year-to-date, a significant 40.2% year-over-year increase. Additionally, our team of overseas relationship managers directly supporting this expansion grew 101.8% year-over-year and 24.2% sequentially. While we are still in the relatively early stages of our overseas expansion, these results reflect the direction we are headed in going forward.”

^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.

“Domestically, we are focused on stabilizing operations by streamlining our branch network to reduce overhead costs and adjusting our client service model to comply with evolving regulatory requirements by separating relationship and business development managers into different independent business units. While these initiatives may temporarily impact business activity over the next few quarters, they will ensure our ability to effectively and compliantly serve clients with a comprehensive portfolio of products in the long term.”

“In the interim, we are rewarding shareholders with enhanced capital returns for their long-term support with a US$50 million share repurchase program. This share repurchase program, along with the full year 2023 final and special dividend payout we just completed earlier this month, reflects our unwavering commitment to prioritizing shareholder interests and delivering sustained returns. While China’s wealth management industry is navigating a challenging period and undergoing a transition, we remain confident in our unique advantages stemming from our deep understanding of Mandarin-speaking high-net-worth individuals’ (HNWI) needs and our ability to deliver products and services to this still-growing client base. We are one of a few independent firms that maintains access, through years of investor education, to a large group of qualified individual investors who continue to seek professional services. As such, we believe that our stock is deeply undervalued and does not reflect our growth prospects, robust balance sheet and cash reserves, or the special bond we have formed with Mandarin-speaking HNWIs globally. We value both our long-term and new shareholders and are committed to sharing our success with them through more proactive capital allocation policies moving forward.”

SECOND QUARTER 2024 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2024 were RMB615.8 million (US$84.7 million), a 34.6% decrease from the corresponding period in 2023, primarily due to a decrease in distribution of insurance products.

·	Wealth Management Business
·	Net revenues from one-time commissions<br>for the second quarter of 2024 were RMB136.4 million (US$18.8 million), a 66.2% decrease from the corresponding period in 2023, primarily<br>due to a decrease in distribution of insurance products.
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·	Net revenues from recurring service fees<br>for the second quarter of 2024 were RMB235.5 million (US$32.4 million), a 12.5% decrease from the corresponding period in 2023, primarily<br>due to a decrease in recurring service fees from private secondary products associated with the decrease in assets under management in<br>Mainland China.
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·	Net revenues from performance-based income<br>for the second quarter of 2024 were RMB4.5 million (US$0.6 million), a 79.0% decrease from the corresponding period of 2023, primarily<br>due to a decrease in performance-based income from offshore private equity products.
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·	Net revenues from other service fees for<br>the second quarter of 2024 were RMB39.2 million (US$5.4 million), a 22.7% decrease from the corresponding period in 2023, primarily due<br>to a decrease in the value-added services Noah offers to its high-net-worth clients.
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·	Asset Management Business
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·	Net revenues from recurring service fees for<br>the second quarter of 2024 were RMB168.9 million (US$23.2 million), a 4.5% decrease from the corresponding period in 2023, primarily due<br>to a decrease in recurring service fees generated from RMB private equity products.
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·	Net revenues from performance-based incomefor the second quarter of 2024 were RMB23.4 million (US$3.2 million), compared with RMB6.5 million in the corresponding period of<br>2023. The increase was primarily due to an increase in performance-based income realized from private equity products.
·	Other Businesses
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·	Net revenues for the second quarter of<br>2024 were RMB7.9 million (US$1.1 million), compared with RMB13.1 million for the corresponding period in 2023.
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Operating Costs and Expenses

Operating costs andexpenses for the second quarter of 2024 were RMB481.8 million (US$66.3 million), an 18.7% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of 1) compensation and benefits of RMB297.0 million (US$40.9 million); 2) selling expenses of RMB61.9 million (US$8.5 million); 3) general and administrative expenses of RMB79.9 million (US$11.0 million); 4) reversal of credit losses of RMB0.3 million; and 5) other operating expenses of RMB46.0 million (US$6.3 million).

·	Operating costs and expenses for the wealthmanagement business for the second quarter of 2024 were RMB350.1 million (US$48.2 million), a 21.3% decrease from the corresponding<br>period in 2023, primarily due to decreases of 22.6% in compensation and benefits and 49.0% in selling expenses.
·	Operating costs and expenses for the assetmanagement business for the second quarter of 2024 were RMB105.8 million (US$14.6 million), a 3.2% increase from the corresponding<br>period in 2023, primarily due to an increase in other operating expenses which was partially offset by a decrease in compensation and<br>benefits and selling expenses.
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·	Operating costs and expenses for other businesses for the second quarter<br>of 2024 were RMB25.9 million (US$3.6 million), compared with RMB44.8 million from the corresponding period in 2023.
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Operating Margin

Operating margin for the second quarter of 2024 was 21.8%, a decrease from 37.1% in the corresponding period of 2023.

·	Operating margin for the wealth managementbusiness for the second quarter of 2024 was 15.8%, compared with 40.3% for the corresponding period in 2023.
·	Operating margin for the asset managementbusiness for the second quarter of 2024 was 45.0%, compared with 44.1% for the corresponding period in 2023.
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·	Loss from operation for other businesses<br>for the second quarter of 2024 was RMB18.0 million (US$2.5 million), compared with an operating loss of RMB31.7 million for the corresponding<br>period in 2023.
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Interest Income

Interest income for the second quarter of 2024 was RMB42.6 million (US$5.9 million), a 7.3% increase from the corresponding period in 2023, mainly due to an increase in US dollar cash balances.

Investment Income

Investment income for the second quarter of 2024 was RMB10.4 million (US$1.4 million), compared with investment loss RMB4.0 million for the corresponding period in 2023.

Income Tax Expenses

Income tax expense****s for the second quarter of 2024 were RMB40.3 million (US$5.5 million), a 55.4% decrease from the corresponding period in 2023, primarily due to less taxable income compared with the second quarter of 2023.

Net Income

·	Net Income
·	Net income for the second quarter of 2024<br>was RMB103.7 million (US$14.3 million), a 66.8% decrease from the corresponding period in 2023.
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·	Net margin for the second quarter of 2024<br>was 16.8%, a decrease from 33.2% in the corresponding period of 2023.
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·	Net income attributable to Noah shareholdersfor the second quarter of 2024 was RMB99.8 million (US$13.7 million), a 68.4% decrease from the corresponding period in 2023.
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·	Net margin attributable to Noah shareholdersfor the second quarter of 2024 was 16.2%, a decrease from 33.5% in the corresponding period of 2023.
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·	Net income attributable to Noah shareholdersper basic and diluted ADS for the second quarter of 2024 was RMB1.42 (US$0.20) and RMB1.42 (US$0.20), respectively, a decrease from<br>RMB4.54 and RMB4.54 respectively, for the corresponding period in 2023.
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·	Non-GAAP Net Income Attributable to Noah Shareholders
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·	Non-GAAP net income attributable to Noah shareholdersfor the second quarter of 2024 was RMB106.1 million (US$14.6 million), a 66.1% decrease from the corresponding period in 2023.
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·	Non-GAAP net margin attributable to Noah shareholdersfor the second quarter of 2024 was 17.2%, compared with 33.2% for the corresponding period in 2023.
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·	Non-GAAP net income attributable to Noah shareholdersper diluted ADS for the second quarter of 2024 was RMB1.51 (US$0.21), down from RMB4.51 for the corresponding period in 2023.
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Balance Sheet and Cash Flow

As of June 30, 2024, the Company had RMB4,604.9 million (US$633.7 million) in cash and cash equivalents, compared with RMB 5,129.4 million as of March 31, 2024.

Net cash inflow from the Company’s operating activities during the second quarter of 2024 was RMB49.6 million (US$6.8 million), mainly due to cash inflow generated from net income from operations.

Net cash outflow from the Company’s investing activities during the second quarter of 2024 was RMB548.2 million (US$75.4 million), mainly due to cash used for short-term investments.

Net cash outflow from the Company’s financing activities was RMB44.6 million (US$6.1 million) in the second quarter of 2024, compared to net cash inflow of RMB87.0 million in the corresponding period in 2023.

SHARE REPURCHASE PROGRAM

As announced earlier today, as part of its commitment to enhancing shareholder returns, the board of directors of the Company (“the Board”) authorized a share repurchase program under which the Company may repurchase up to US$50 million of its American depositary shares or ordinary shares, effective immediately. The authorized term for carrying out this share repurchase program is two years.

The Company announced in November 2023 that a new capital management and shareholder return policy (the “Policy”) had been adopted, pursuant to which up to 50% the Company's non-GAAP net income attributable to shareholders of the preceding financial year will be allocated to a Corporate Actions Budget which will serve various purposes, including dividend distribution and share repurchases. The share repurchase program announced today does not form a part of the Corporate Actions Budget under the Policy. The Corporate Actions Budget based on the Company’s financial performance in 2024 is expected to be determined and announced alongside the Company’s earnings results for the fourth quarter and full year ending on December 31, 2024.

The share repurchases under the repurchase program announced today will be carried out from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades or through other legally permissible means, depending on market conditions and will be implemented in accordance with applicable rules and regulations. The Board will review the share repurchase program periodically and may authorize adjustments of its terms and size. The Company expects to fund repurchases made under this program from its existing cash balance and cash generated from operations.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss its unaudited financial results and recent business activities for the second quarter and six months ended June 30, 2024. The conference call may be accessed with the following details:

Dial-in details:
Conference Title:	Noah Second Quarter and Half Year 2024 Earnings Conference Call
Date/Time:	Wednesday, August 28, 2024, at 8:00 p.m., U.S. Eastern Time<br><br> <br>Thursday, August 29, 2024, at 8:00 a.m., Hong Kong Time
Dial in:
- Hong Kong Toll Free	800-963-976
- United States Toll Free	+1-888-317-6003
- Mainland China Toll Free	4001-206-115
- International	+1-412-317-6061
Participant Password:	3101709

A telephone replay will be available starting approximately one hour after the end of the conference until September 4, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 3826921.

A live and archived webcast of the conference call will be available at the Company’s investor relations website under the “News & Events” section at http://ir.noahgroup.com.

DISCUSSION OF 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 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 mandarin-speaking 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 half of 2024, Noah distributed RMB33.3 billion (US$4.6 billion) of investment products. As of June 30, 2024, through Gopher Asset Management, Noah managed assets totaling RMB154.0 billion (US$21.2 billion).

Noah's 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 459,072 registered clients as of June 30, 2024. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. Noah also operates other businesses.

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

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2024 ended June 30, 2024 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2672 to US$1.00, the effective noon buying rate for June 28, 2024 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
Melo Xi
Tel: +86-21-8035-8292
ir@noahgroup.com

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

	As of
	March 31,		June 30,		June 30,
	2024		2024		2024
	RMB'000		RMB'000		'000
Assets
Current assets:
Cash and cash equivalents		5,129,437		4,604,946
Restricted cash		2,276		4,574
Short-term investments		747,084		1,287,400
Accounts receivable, net		435,114		429,417
Amounts due from related parties		508,236		444,937
Loans receivable, net		222,516		207,122
Other current assets		178,644		226,332
Total current assets		7,223,307		7,204,728
Long-term investments, net		803,598		742,322
Investment in affiliates		1,522,996		1,445,356
Property and equipment, net		2,450,271		2,416,072
Operating lease right-of-use assets, net		125,475		102,301
Deferred tax assets		427,680		400,401
Other non-current assets		189,794		155,825
Total Assets		12,743,121		12,467,005
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses		585,886		346,543
Income tax payable		98,998		76,318
Deferred revenues		88,182		73,857
Dividend payable		-		1,018,000
Contingent liabilities		490,989		475,777
Other current liabilities		490,529		420,527
Total current liabilities		1,754,584		2,411,022
Deferred tax liabilities		260,976		245,609
Operating lease liabilities, non-current		70,335		55,043
Other non-current liabilities		25,564		24,980
Total Liabilities		2,111,459		2,736,654
Equity		10,631,662		9,730,351
Total Liabilities and Equity		12,743,121		12,467,005

All values are in US Dollars.

Noah Holdings Limited

Condensed Consolidated Income Statements

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

(unaudited)

	Three months ended
	June 30,			June 30,			June 30,
	2023			2024			2024		Change
		RMB'000			RMB'000			'000
Revenues:
Revenues from others:
One-time commissions		399,521			127,894			17,599		(68.0	)%
Recurring service fees		176,355			151,469			20,843		(14.1	)%
Performance-based income		4,328			4,515			621		4.3	%
Other service fees		64,114			49,950			6,873		(22.1	)%
Total revenues from others		644,318			333,828			45,936		(48.2	)%
Revenues from funds Gopher manages:
One-time commissions		5,982			9,129			1,256		52.6	%
Recurring service fees		271,033			254,205			34,980		(6.2	)%
Performance-based income		23,635			23,413			3,222		(0.9	)%
Total revenues from funds Gopher manages		300,650			286,747			39,458		(4.6	)%
Total revenues		944,968			620,575			85,394		(34.3	)%
Less: VAT related surcharges		(3,211	)		(4,721	)		(650		47.0	%
Net revenues		941,757			615,854			84,744		(34.6	)%
Operating costs and expenses:
Compensation and benefits
Relationship managers		(180,304	)		(131,505	)		(18,096		(27.1	)%
Others		(204,798	)		(165,505	)		(22,775		(19.2	)%
Total compensation and benefits		(385,102	)		(297,010	)		(40,871		(22.9	)%
Selling expenses		(112,003	)		(61,890	)		(8,516		(44.7	)%
General and administrative expenses		(63,983	)		(79,902	)		(10,995		24.9	%
(Provision for) reversal of credit losses		(220	)		331			46		N.A.
Other operating expenses		(37,078	)		(46,007	)		(6,331		24.1	%
Government subsidies		6,048			2,639			363		(56.4	)%
Total operating costs and expenses		(592,338	)		(481,839	)		(66,304		(18.7	)%
Income from operations		349,419			134,015			18,440		(61.6	)%
Other income:
Interest income		39,684			42,587			5,860		7.3	%
Investment (loss) income		(3,976	)		10,400			1,431		N.A.
Settlement reversal		-			11,476			1,579		N.A.
Other income (expenses)		15,821			(2,828	)		(389		N.A.
Total other income		51,529			61,635			8,481		19.6	%
Income before taxes and income from equity in affiliates		400,948			195,650			26,921		(51.2	)%
Income tax expense		(90,213	)		(40,257	)		(5,540		(55.4	)%
Income (loss) from equity in affiliates		1,561			(51,700	)		(7,114		N.A.
Net income		312,296			103,693			14,267		(66.8	)%
Less: net (loss) income attributable to non-controlling interests		(3,132	)		3,906			537		N.A.
Net income attributable to Noah shareholders		315,428			99,787			13,730		(68.4	)%
Income per ADS, basic		4.54			1.42			0.20		(68.7	)%
Income per ADS, diluted		4.54			1.42			0.20		(68.7	)%
Margin analysis:
Operating margin		37.1	%		21.8	%		21.8
Net margin		33.2	%		16.8	%		16.8
Weighted average ADS equivalent^[1]^:
Basic		69,469,110			70,229,503			70,229,503
Diluted		69,492,786			70,429,388			70,429,388
ADS equivalent outstanding at end of period		63,137,912			65,806,082			65,806,082

All values are in US Dollars.

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

Noah Holdings Limited

Condensed Consolidated Income Statements

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

(unaudited)

	Six months ended
	June 30,			June 30,			June 30,
	2023			2024			2024		Change
	RMB'000			RMB'000			'000
Revenues:
Revenues from others:
One-time commissions		570,092			313,149					(45.1	)%
Recurring service fees		369,063			306,634					(16.9	)%
Performance-based income		7,758			10,043					29.5	%
Other service fees		136,980			84,910					(38.0	)%
Total revenues from others		1,083,893			714,736					(34.1	)%
Revenues from funds Gopher manages:
One-time commissions		11,878			10,956					(7.8	)%
Recurring service fees		554,505			516,894					(6.8	)%
Performance-based income		103,960			32,257					(69.0	)%
Total revenues from funds Gopher manages		670,343			560,107					(16.4	)%
Total revenues		1,754,236			1,274,843					(27.3	)%
Less: VAT related surcharges		(9,006	)		(9,454	)		)		5.0	%
Net revenues		1,745,230			1,265,389					(27.5	)%
Operating costs and expenses:
Compensation and benefits
Relationship managers		(329,039	)		(275,800	)		)		(16.2	)%
Others		(426,169	)		(409,995	)		)		(3.8	)%
Total compensation and benefits		(755,208	)		(685,795	)		)		(9.2	)%
Selling expenses		(208,672	)		(124,222	)		)		(40.5	)%
General and administrative expenses		(109,683	)		(151,018	)		)		37.7	%
Reversal of credit losses		5,478			428					(92.2	)%
Other operating expenses		(67,875	)		(63,153	)		)		(7.0	)%
Government subsidies		19,032			13,872					(27.1	)%
Total operating costs and expenses		(1,116,928	)		(1,009,888	)		)		(9.6	)%
Income from operations		628,302			255,501					(59.3	)%
Other income:
Interest income		74,072			88,772					19.8	%
Investment (loss) income		(17,559	)		15,585					N.A.
Settlement reversal		-			11,476					N.A.
Other income		25,379			1,107					(95.6	)%
Total other income		81,892			116,940					42.8	%
Income before taxes and income from equity in affiliates		710,194			372,441					(47.6	)%
Income tax expense		(159,793	)		(82,943	)		)		(48.1	)%
Income (loss) from equity in affiliates		5,230			(53,942	)		)		N.A.
Net income		555,631			235,556					(57.6	)%
Less: net (loss) income attributable to non-controlling interests		(4,007	)		4,278					N.A.
Net income attributable to Noah shareholders		559,638			231,278					(58.7	)%
Income per ADS, basic		8.06			3.30					(59.1	)%
Income per ADS, diluted		8.05			3.30					(59.0	)%
Margin analysis:
Operating margin		36.0	%		20.2	%		%
Net margin		31.8	%		18.6	%		%
Weighted average ADS equivalent^[1]^:
Basic		69,468,036			70,036,724
Diluted		69,498,956			70,163,305
ADS equivalent outstanding at end of period		63,137,912			65,806,082

All values are in US Dollars.

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

	Three months ended
	June 30,			June 30,		June 30,
	2023			2024		2024
		RMB'000			RMB'000		'000
Net income		312,296			103,693		14,267	(66.8	)%
Other comprehensive income, net of tax:
Foreign currency translation adjustments		140,753			29,283		4,029	(79.2	)%
Comprehensive income		453,049			132,976		18,296	(70.6	)%
Less: Comprehensive<br> (loss) income attributable to non-controlling interests		(3,269	)		3,510		483	N.A.
Comprehensive income attributable to Noah shareholders		456,318			129,466		17,813	(71.6	)%

All values are in US Dollars.

Noah Holdings Limited

CondensedComprehensive Income Statements

(unaudited)

	Six months<br> ended
	June 30,			June 30,		June 30,
	2023			2024		2024
		RMB'000			RMB'000		'000
Net income		555,631			235,556		32,414	(57.6	)%
Other comprehensive income, net of tax:
Foreign currency translation<br> adjustments		123,918			82,683		11,378	(33.3	)%.
Comprehensive income		679,549			318,239		43,792	(53.2	)%
Less:<br> Comprehensive (loss) income attributable to non-controlling interests		(4,189	)		3,018		415	N.A.
Comprehensive income attributable to Noah shareholders		683,738			315,221		43,377	(53.9	)%

All values are in US Dollars.

NoahHoldings Limited

SupplementalInformation

(unaudited)

	As<br> of
	June<br> 30, <br> 2023	June<br> 30, <br> 2024	Change
Number of registered clients	446,557	459,072	2.8	%

	Three months ended
	June 30, <br><br> 2023		June 30, <br><br> 2024		Change
	(in millions of RMB, except number of active<br> clients and percentages)
Number of active clients		11,548		8,634		(25.2	)%
Transaction value:
Private equity products		618		1,103		78.5	%
Private secondary products		4,293		4,137		(3.6	)%
Mutual fund products		12,031		8,501		(29.3	)%
Other products		1,465		676		(53.9	)%
Total transaction value		18,407		14,417		(21.7	)%

NoahHoldings Limited

SegmentCondensed Income Statements

(unaudited)

	Three months ended June 30, 2024
	Wealth <br><br> Management<br> Business			Asset <br><br> Management<br> Business			Other <br><br> Businesses			Total
		RMB'000			RMB'000			RMB'000			RMB'000
Revenues:
Revenues from others
One-time commissions		127,894			-			-			127,894
Recurring service fees		151,469			-			-			151,469
Performance-based income		4,515			-			-			4,515
Other service fees		39,382			-			10,568			49,950
Total revenues<br> from others		323,260			-			10,568			333,828
Revenues from funds Gopher manages
One-time commissions		9,119			10			-			9,129
Recurring service fees		85,165			169,040			-			254,205
Performance-based<br> income		-			23,413			-			23,413
Total revenues<br> from funds Gopher manages		94,284			192,463			-			286,747
Total revenues		417,544			192,463			10,568			620,575
Less: VAT related<br> surcharges		(1,918	)		(162	)		(2,641	)		(4,721	)
Net revenues		415,626			192,301			7,927			615,854
Operating costs and expenses:
Compensation and benefits
Relationship managers		(124,857	)		(6,648	)		-			(131,505	)
Others		(114,162	)		(48,285	)		(3,058	)		(165,505	)
Total compensation and benefits		(239,019	)		(54,933	)		(3,058	)		(297,010	)
Selling expenses		(43,303	)		(12,411	)		(6,176	)		(61,890	)
General and administrative expenses		(53,575	)		(16,356	)		(9,971	)		(79,902	)
Reversal of credit losses		60			78			193			331
Other operating expenses		(16,517	)		(22,487	)		(7,003	)		(46,007	)
Government subsidies		2,221			343			75			2,639
Total operating costs and expenses		(350,133	)		(105,766	)		(25,940	)		(481,839	)
Income (loss) from operations		65,493			86,535			(18,013	)		134,015

NoahHoldings Limited

SegmentCondensed Income Statements

(unaudited)

	Three months ended June 30, 2023
	Wealth <br><br> Management<br> Business			Asset <br><br> Management<br> Business			Other <br><br> Businesses			Total
		RMB'000			RMB'000			RMB'000			RMB'000
Revenues:
Revenues from others
One-time commissions		399,521			-			-			399,521
Recurring service fees		176,355			-			-			176,355
Performance-based income		4,328			-			-			4,328
Other service fees		50,878			-			13,236			64,114
Total revenues from others		631,082			-			13,236			644,318
Revenues from funds Gopher manages
One-time commissions		5,920			62			-			5,982
Recurring service fees		93,914			177,119			-			271,033
Performance-based income		17,115			6,520			-			23,635
Total revenues from funds Gopher manages		116,949			183,701			-			300,650
Total revenues		748,031			183,701			13,236			944,968
Less: VAT related surcharges		(2,755	)		(312	)		(144	)		(3,211	)
Net revenues		745,276			183,389			13,092			941,757
Operating costs and expenses:
Compensation and benefits
Relationship managers		(175,446	)		(4,858	)		-			(180,304	)
Others		(133,409	)		(63,949	)		(7,440	)		(204,798	)
Total compensation and benefits		(308,855	)		(68,807	)		(7,440	)		(385,102	)
Selling expenses		(84,883	)		(20,839	)		(6,281	)		(112,003	)
General and administrative expenses		(47,431	)		(11,721	)		(4,831	)		(63,983	)
(Provision for) reversal of credit<br> losses		(294	)		74			-			(220	)
Other operating expenses		(9,637	)		(1,230	)		(26,211	)		(37,078	)
Government subsidies		6,002			46			-			6,048
Total operating costs and expenses		(445,098	)		(102,477	)		(44,763	)		(592,338	)
Income (loss) from operations		300,178			80,912			(31,671	)		349,419

NoahHoldings Limited

SupplementRevenue Information by Geography

(unaudited)

	Three months ended June 30, 2024
	Wealth <br><br> Management<br> Business		Asset <br><br> Management<br> Business		Other <br> Businesses		Total
		RMB'000		RMB'000		RMB'000		RMB'000
Revenues:
Mainland China		218,785		112,596		10,568		341,949
Overseas		198,759		79,867		-		278,626
Total revenues		417,544		192,463		10,568		620,575
	Three months ended June 30, 2023
---	---	---	---	---	---	---	---	---
	Wealth <br><br> Management<br> Business		Asset <br><br> Management<br> Business		Other <br> Businesses		Total
		RMB'000		RMB'000		RMB'000		RMB'000
Revenues:
Mainland China		419,220		118,972		13,236		551,428
Overseas		328,811		64,729		-		393,540
Total revenues		748,031		183,701		13,236		944,968

Noah Holdings Limited

Supplement Revenue Information by Product Types

(unaudited)

	Three months ended
	June 30,<br> 2023		June 30, <br> 2024		Change
	(in thousands of RMB, except percentages)
Mainland China:
Public securities products [1]		148,702		117,740		(20.8	)%
Private equity products		209,505		198,208		(5.4	)%
Insurance products		171,543		11,753		(93.1	)%
Others		21,678		14,248		(34.3	)%
Subtotal		551,428		341,949		(38.0	)%
Overseas:
Investment products [2]		136,381		136,519		0.1	%
Insurance products		212,226		100,582		(52.6	)%
Online business [3]		2,251		7,246		221.9	%
Others		42,682		34,279		(19.7	)%
Subtotal		393,540		278,626		(29.2	)%
Total revenue		944,968		620,575		(34.3	)%

[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

Supplement Information of Overseas Business

(unaudited)

	Three months ended
	June 30,<br> 2023		June 30, <br> 2024		Change
Net Revenues from Overseas (RMB, million)		393.5		278.6		(29.2	)%
Number of Overseas Registered Clients		13,650		16,786		23.0	%
Number of Overseas Active Clients		1,993		3,244		62.8	%
Transaction Value of Overseas Investment Products (RMB, billion)		5.6		7.9		40.8	%
Number of Overseas Relationship Managers		56		113		101.8	%
Overseas Assets Under Management (RMB, billion)		34.2		39.1		14.3	%

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

	Three months ended
	June 30,			June 30,
	2023			2024			Change
		RMB'000			RMB'000
Net income attributable to Noah shareholders		315,428			99,787			(68.4	)%
Adjustment for share-based compensation		(3,055	)		21,880			N.A.
Add: settlement reversal		-			(11,476	)		N.A.
Less: tax effect of adjustments		(740	)		4,139			N.A.
Adjusted net income attributable to Noah shareholders (non-GAAP)		313,113			106,052			(66.1	)%
Net margin attributable to Noah shareholders		33.5	%		16.2	%
Non-GAAP net margin attributable to Noah shareholders		33.2	%		17.2	%
Net income attributable to Noah shareholders per ADS, diluted		4.54			1.42			(68.7	)%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		4.51			1.51			(66.5	)%

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

	Six months ended
	June 30,			June 30,
	2023			2024			Change
		RMB'000			RMB'000
Net income attributable to Noah shareholders		559,638			231,278			(58.7	)%
Adjustment for share-based compensation		(9,244	)		58,479			N.A.
Add: settlement reversal		-			(11,476	)		N.A.
Less: tax effect of adjustments		(2,239	)		11,061			N.A.
Adjusted net income attributable to Noah shareholders (non-GAAP)		552,633			267,220			(51.6	)%
Net margin attributable to Noah shareholders		32.1	%		18.3	%
Non-GAAP net margin attributable to Noah shareholders		31.7	%		21.1	%
Net income attributable to Noah shareholders per ADS, diluted		8.05			3.30			(59.0	)%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		7.95			3.81			(52.1	)%

Exhibit 99.2

Noah Holdings AnnouncesUS$50 Million Share Repurchase Program

SHANGHAI, August 29, 2024 /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 Mandarin-speaking high-net-worth investors, today announced that as part of its commitment to enhancing shareholder returns, the board of directors of the Company (the “Board”) authorized a share repurchase program under which the Company may repurchase up to US$50 million of its American depositary shares or ordinary shares, effective immediately. The authorized term for carrying out this share repurchase program is two years.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, “This share repurchase program, along with the dividend payout we just completed, reflects our unwavering commitment to prioritizing shareholder interests and delivering sustained returns. While China’s wealth management industry is navigating a challenging period and undergoing a transition, we remain confident in Noah’s unique advantages stemming from our deep understanding of Mandarin-speaking high-net-worth individuals’ (HNWIs) needs and our ability to deliver products and services to this still-growing client base. We are one of a few independent firms that maintains access, through years of investor education, to a large group of qualified individual investors who continue to seek professional services.”

“As such, we believe that our stock is deeply undervalued and does not reflect our growth prospects, robust balance sheet and cash reserves, or the special bond we have formed with the Mandarin-speaking HNWIs globally. We value both our long-term and new shareholders and are committed to sharing our success with them through more proactive capital allocation policies moving forward.”

Full Year 2023 Dividend Payout

In late July and early August 2024, Noah rewarded shareholders with a record RMB1,018 million (approximately US$140.1 million) dividend payout for full year 2023, equivalent to 100% of its annual non-GAAP net income, including the final dividend under the Policy and a special dividend.

Capital Management and Shareholder Return Policy

In November 2023, the Board adopted the Policy where up to 50% of the Company's non-GAAP net income attributable to shareholders of the preceding financial year will be allocated to a Corporate Actions Budget which will serve various purposes, including dividend distribution and share repurchases.

Under the Policy, no less than 35% of the Company's non-GAAP net income attributable to shareholders of the preceding financial year will be allocated toward dividends to be distributed in each calendar year, subject to various factors.

The Corporate Actions Budget based on the Company’s financial performance in 2024 is expected to be determined and announced alongside the Company’s earnings results for the fourth quarter and full year ending on December 31, 2024.

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 Mandarin-speaking high-net-worth investors. In 2024 Q1, Noah distributed RMB18.9 billion (US$2.6 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB153.3 billion (US$21.2 billion) as of March 31, 2024.

Noah's wealth management business primarily distributes private equity, private secondary, mutual funds, and other 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 457,705 registered clients as of March 31, 2024. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy, and other investments denominated in Renminbi and other currencies. Noah also provides other services.

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

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 reports 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 globally and 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

Melo Xi

Tel: +86-21-8035-8292

ir@noahgroup.com