NOAH 6-K
Noah Holdings Ltd (NOAH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-34936
Noah Holdings Limited
(Registrant’s name)
333 North Bridge Road, #05-11
Odeon 333
Singapore 188721
+65 6911-8211
(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 2026 |
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 25, 2026 | ||
Exhibit 99.1
NOAH HOLDINGS LIMITED ANNOUNCES
UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026
SINGAPORE, August 26, 2026 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2026.
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
| · | Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by a significant increase in performance-based income from mainland China private secondary products, and a 0.9% decrease quarter-on-quarter, primarily due to lower one-time commissions and recurring service fees, largely offset by an increase in performance-based income from mainland China products. |
| · | Income from operations for the second quarter of 2026 was RMB215.8 million (US$31.8 million), a 34.0% increase from the corresponding period in 2025, primarily due to lower operating costs and expenses, including lower compensation and benefits expenses resulting from our disciplined cost control measures and a decrease in provision for credit losses. |
| · | Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025, primarily due to higher income from operations and an increase in investment income, partially offset by higher income tax expense. |
| · | Non-GAAP1 net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025. |
SECOND QUARTER 2026 OPERATIONAL UPDATES
The Company reports its operational performance across six business segments — three mainland China and three international 2— plus headquarters. The following updates provide segment-specific operating metrics and developments during the second quarter of 2026.
Group-wide Operating Metrics
| · | Total number of registered clients as of June 30, 2026 was 469,987, a 1.2% increase from June 30, 2025, and a 0.2% increase from March 31, 2026. |
| · | Total number of active clients3 for the second quarter of 2026 was 10,296, a 12.4% increase from the second quarter of 2025 and a 4.2% decrease from the first quarter of 2026. |
| · | Aggregate value of investment products distributed during the second quarter of 2026 was RMB17.1 billion (US$2.5 billion), compared with RMB17.0 billion in the second quarter of 2025 and RMB23.3 billion in the first quarter of 2026. The quarter-over-quarter decrease was mainly attributable to lower distribution of mutual fund and private secondary products in mainland China. |
| · | Total assets under management as of June 30, 2026 were RMB140.9 billion (US$20.8 billion), compared with RMB145.1 billion as of June 30, 2025 and RMB140.2 billion as of March 31, 2026, mainly due to the continuous allocation and exit of mainland China private equity products. |
Distribution of Investment Products
| · | The aggregate value of investment products distributed, categorized by product type, is as follows: |
| Three months ended June 30, | ||||||||||||||||
| 2025 | 2026 | |||||||||||||||
| (RMB in billions, except percentages) | ||||||||||||||||
| Mutual fund products | 9.2 | 54.1 | % | 9.1 | 53.2 | % | ||||||||||
| Private secondary products | 6.0 | 35.3 | % | 5.8 | 33.9 | % | ||||||||||
| Private equity products | 1.0 | 5.9 | % | 1.6 | 9.4 | % | ||||||||||
| Other products4 | 0.8 | 4.7 | % | 0.6 | 3.5 | % | ||||||||||
| All products | 17.0 | 100.0 | % | 17.1 | 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 For classification of the Group’s business segments for the purposes of this announcement, “international” refers to business activities conducted in, or relating to, countries and regions outside Mainland China.
3 “Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.
4 “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.
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| · | The aggregate value of investment products distributed, categorized by geography, is as follows： |
| Type of products in mainland | Three months ended June 30, | |||||||||||||||
| China | 2025 | 2026 | ||||||||||||||
| (RMB in billions, except percentages) | ||||||||||||||||
| Mutual fund products | 5.7 | 65.5 | % | 5.5 | 65.5 | % | ||||||||||
| Private secondary products | 2.8 | 32.2 | % | 2.8 | 33.3 | % | ||||||||||
| Other products | 0.2 | 2.3 | % | 0.1 | 1.2 | % | ||||||||||
| All products in mainland China | 8.7 | 100.0 | % | 8.4 | 100.0 | % | ||||||||||
| Three months ended June 30, | ||||||||||||||||
| Type of international products | 2025 | 2026 | ||||||||||||||
| (RMB in billions, except percentages) | ||||||||||||||||
| Mutual fund products | 3.5 | 42.2 | % | 3.6 | 41.4 | % | ||||||||||
| Private secondary products | 3.2 | 38.6 | % | 3.0 | 34.5 | % | ||||||||||
| Private equity products | 1.0 | 12.0 | % | 1.6 | 18.4 | % | ||||||||||
| Other products | 0.6 | 7.2 | % | 0.5 | 5.7 | % | ||||||||||
| All international products | 8.3 | 100.0 | % | 8.7 | 100.0 | % | ||||||||||
Assets Under Management
| · | Total assets under management, categorized by investment type, are as follows: |
| Investment type | As of March 31, 2026 | Growth | Allocation/ Redemption5 | As of June 30, 2026 | ||||||||||||||||||||
| (RMB billions, except percentages) | ||||||||||||||||||||||||
| Private equity | 126.0 | 89.8 | % | 1.0 | 0.5 | 126.5 | 89.8 | % | ||||||||||||||||
| Public securities6 | 8.4 | 6.0 | % | 1.0 | 0.8 | 8.6 | 6.1 | % | ||||||||||||||||
| Real estate | 4.0 | 2.9 | % | 0.1 | 0.1 | 4.0 | 2.8 | % | ||||||||||||||||
| Multi-strategies | 1.8 | 1.3 | % | — | — | 1.8 | 1.3 | % | ||||||||||||||||
| All Investments | 140.2 | 100.0 | % | 2.1 | 1.4 | 140.9 | 100.0 | % | ||||||||||||||||
| · | Total assets under management, categorized by geography, are as follows: |
| Mainland China Investment type | As of March 31, 2026 | Growth | Allocation/ Redemption | As of June 30, 2026 | ||||||||||||||||||||
| (RMB billions, except percentages) | ||||||||||||||||||||||||
| Private equity | 92.3 | 94.6 | % | — | 0.5 | 91.8 | 94.6 | % | ||||||||||||||||
| Public securities | 3.8 | 3.9 | % | 0.2 | 0.2 | 3.8 | 3.9 | % | ||||||||||||||||
| Real estate | 0.1 | 0.1 | % | — | — | 0.1 | 0.1 | % | ||||||||||||||||
| Multi-strategies | 1.4 | 1.4 | % | — | — | 1.4 | 1.4 | % | ||||||||||||||||
| All Investments | 97.6 | 100.0 | % | 0.2 | 0.7 | 97.1 | 100.0 | % | ||||||||||||||||
5 The asset allocation/redemption of international investment products includes the fluctuation result of foreign currencies exchange rate.
6 The asset allocation/redemption of public securities also includes market appreciation or depreciation.
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International Investment type | As of March 31, 2026 | Growth | Allocation/ Redemption | As of June 30, 2026 | ||||||||||||||||||||
| (RMB billions, except percentages) | ||||||||||||||||||||||||
| Private equity | 33.7 | 79.1 | % | 1.0 | — | 34.7 | 79.2 | % | ||||||||||||||||
| Public securities | 4.6 | 10.8 | % | 0.8 | 0.6 | 4.8 | 11.0 | % | ||||||||||||||||
| Real estate | 3.9 | 9.2 | % | 0.1 | 0.1 | 3.9 | 8.9 | % | ||||||||||||||||
| Multi-strategies | 0.4 | 0.9 | % | — | — | 0.4 | 0.9 | % | ||||||||||||||||
| All Investments | 42.6 | 100.0 | % | 1.9 | 0.7 | 43.8 | 100.0 | % | ||||||||||||||||
Segment Operating Metrics
Mainland China Business
Our Mainland China operations are organized into three reportable segments: mainland China public securities, mainland China asset management, and mainland China insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.
Mainland China public securities
Mainland China 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 mutual fund products distributed in mainland China during the second quarter of 2026 was RMB5.5 billion (US$0.8 billion), compared with RMB5.7 billion in the second quarter of 2025 and RMB9.9 billion in the first quarter of 2026. |
| · | Transaction value of RMB-denominated private secondary products distributed in mainland China during the second quarter of 2026 was RMB2.8 billion (US$0.4 billion), unchanged from RMB2.8 billion in the second quarter of 2025 and a 48.1% decrease from RMB5.4 billion in the first quarter of 2026. |
| · | Number of active clients in this segment during the second quarter of 2026 was 7,052, an 18.5% increase from the second quarter of 2025. |
| · | Number of licensed relationship managers serving this segment was 192 as of June 30, 2026, compared with 207 as of June 30, 2025. |
Mainland China asset management
Mainland China 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 June 30, 2026 was RMB91.8 billion (US$13.5 billion), compared with RMB96.5 billion as of June 30, 2025 and RMB92.3 billion as of March 31, 2026, mainly due to our continuous effort on exiting private equity products. |
| · | AUM of RMB-denominated public securities products as of June 30, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.1 billion as of June 30, 2025 and RMB3.8 billion as of March 31, 2026. |
| · | Net flow during the quarter: new AUM added was RMB0.2 billion (US$29.5 million) and AUM allocated/redeemed was RMB0.7 billion (US$103.2 million) during the second quarter of 2026. |
Mainland China insurance
Mainland China 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 second quarter of 2026 were RMB2.0 million (US$0.3 million).
International Business
Our international operations are organized into three reportable segments: international wealth management, international asset management, and international 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.
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International wealth management
International 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 providing comprehensive services using our booking centers in Hong Kong and Singapore.
| · | Number of international registered clients as of June 30, 2026 was 21,059, an 11.0% increase from June 30, 2025 and a 3.4% increase from March 31, 2026. |
| · | Number of international active clients who transacted with us during the second quarter of 2026 was 3,494, a 4.3% decrease from the second quarter of 2025 and an 8.5% increase from the first quarter of 2026. |
| · | Transaction value of international investment products distributed during the second quarter of 2026 was RMB8.7 billion (US$1.3 billion), compared with RMB8.3 billion in the second quarter of 2025 and RMB8.0 billion in the first quarter of 2026. |
| · | International AUA (assets under advisory, including distributed products, but excluding AUA associated with our online securities services) as of June 30, 2026 was RMB66.3 billion (US$9.8 billion), compared with RMB66.1 billion as of March 31, 2026 and RMB65.2 billion as of June 30, 2025. In addition, AUA associated with our online securities services, which is not included in the International AUA figures presented above, was RMB2.8 billion (US$0.4 billion) as of June 30, 2026, compared with RMB2.8 billion as of March 31, 2026 and RMB2.6 billion as of June 30, 2025. |
| · | Number of international relationship managers working under this segment was 56 as of June 30, 2026, compared with 107 as of June 30, 2025 and 89 as of March 31, 2026. |
| · | AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 140.0% growth in AUA from June 30, 2025 to June 30, 2026. |
International asset management
International 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 international AUM as of June 30, 2026 was RMB43.8 billion (US$6.5 billion), compared with RMB42.6 billion as of March 31, 2026 and RMB41.4 billion as of June 30, 2025. |
| · | Number of relationship managers working under this segment was 41 as of June 30, 2026, compared with 45 as of June 30, 2025 and 43 as of March 31, 2026. |
International insurance and comprehensive services
International insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive international 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 second quarter of 2026 was 58, compared with 186 during the second quarter of 2025 and 79 during the first quarter of 2026. |
| · | Number of clients receiving comprehensive services was 714 as of June 30, 2026, compared with 717 as of June 30, 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, the global macroeconomic landscape has become increasingly complex, marked by rapid policy shifts across jurisdictions and heightened geopolitical tensions. Yet, amidst these uncertainties lie significant opportunities. For Chinese high-net-worth individuals (HNWIs), the need for professional, globalized, and resilient wealth management has never been more critical.
Our forward-looking global deployment and newly optimized cost structure firmly position Noah to navigate these dynamics, ensuring sustainable and high-quality growth for the long term. In the first half of 2026, our proactive multi-market strategy—anchored by our booking centers in major financial centers and robust infrastructure—has enabled us to serve as a trusted partner for our clients in safeguarding and growing their wealth across market cycles.
Looking ahead, we remain committed to enhancing our global capabilities, maintaining disciplined risk management, and leveraging technology to create lasting value for our clients and shareholders.”
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SECOND QUARTER 2026 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by an increase in performance-based income from mainland China private secondary products.
Net revenues under the segmentation7 are as follows:
(RMB millions, except percentages) | Q2 2025 | Q2 2026 | YoY Change | |||||||||
| Mainland China public securities | 131.8 | 206.5 | 56.7 | % | ||||||||
| Mainland China asset management | 177.1 | 165.4 | (6.6 | )% | ||||||||
| Mainland China insurance | 7.2 | 2.0 | (71.7 | )% | ||||||||
| International wealth management | 129.4 | 88.9 | (31.3 | )% | ||||||||
| International asset management | 108.3 | 106.4 | (1.8 | )% | ||||||||
| International insurance and comprehensive services | 59.0 | 40.7 | (31.1 | )% | ||||||||
| Headquarters | 16.7 | 10.0 | (40.0 | )% | ||||||||
| Total net revenues | 629.5 | 619.9 | (1.5 | )% | ||||||||
| · | Net revenues for mainland China public securities for the second quarter of 2026 were RMB206.5 million (US$30.4 million), a 56.7% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of Mainland China private secondary products. |
| · | Net revenues for mainland China asset management for the second quarter of 2026 were RMB165.4 million (US$24.4 million), a 6.6% decrease from the corresponding period in 2025, primarily due to a decrease in recurring service fees from private equity products, partially offset by an increase in performance-based income. |
| · | Net revenues for mainland China insurance for the second quarter of 2026 were RMB2.0 million (US$0.3 million), a 71.7% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products. |
| · | Net revenues for international wealth management for the second quarter of 2026 were RMB88.9 million (US$13.1 million), a 31.3% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of International products. |
| · | Net revenues for international asset management for the second quarter of 2026 were RMB106.4 million (US$15.7 million), a 1.8% decrease from the corresponding period in 2025. |
| · | Net revenues for international insurance and comprehensive services for the second quarter of 2026 were RMB40.7 million (US$6.0 million), a 31.1% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from insurance products. |
| · | Net revenues for headquarters for the second quarter of 2026 were RMB10.0 million (US$1.5 million), a 40.0% decrease from RMB16.7 million for the corresponding period in 2025. |
Operating Costs and Expenses
Operating costs and expenses for the second quarter of 2026 were RMB404.1 million (US$59.5 million), a 13.7% decrease from the corresponding period in 2025. Operating costs and expenses for the second quarter of 2026 primarily consisted of (i) compensation and benefits of RMB260.1 million (US$38.3 million); (ii) selling expenses of RMB56.1 million (US$8.3 million); (iii) general and administrative expenses of RMB74.8 million (US$11.0 million); (iv) provision for credit losses of RMB7.7 million (US$1.1 million); (v) other operating expenses of RMB22.5 million (US$3.3 million); and (vi) income gained from government subsidies of RMB17.1 million (US$2.5 million).
| · | Operating costs and expenses for mainland China public securities for the second quarter of 2026 were RMB27.9 million (US$4.1 million), a 16.6% increase from the corresponding period in 2025, mainly due to a decrease in government subsidies. |
| · | Operating costs and expenses for mainland China asset management for the second quarter of 2026 were RMB22.7 million (US$3.3 million), a 3.1% increase from the corresponding period in 2025. |
7 The business segments now referred to as “mainland China public securities,” “mainland China asset management,” “mainland China insurance,” “international wealth management,” “international asset management” and “international insurance and comprehensive services” were previously referred to as “domestic public securities,” “domestic asset management,” “domestic insurance,” “overseas wealth management,” “overseas asset management” and “overseas insurance and comprehensive services,” respectively. These are changes in segment names only and do not involve any material change in the nature or scope of the underlying business activities included in the respective segments. Accordingly, the financial and operating information presented under the renamed segments remains comparable to the corresponding information previously presented under the former segment names.
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| · | Operating costs and expenses for mainland China insurance for the second quarter of 2026 were RMB5.6 million (US$0.8 million), a 62.0% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from mainland China insurance business. |
| · | Operating costs and expenses for international wealth management for the second quarter of 2026 were RMB92.2 million (US$13.6 million), a 9.2% 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 international asset management for the second quarter of 2026 were RMB44.7 million (US$6.6 million), a 25.5% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with international asset management business expansion. |
| · | Operating costs and expenses for international insurance and comprehensive services for the second quarter of 2026 were RMB26.6 million (US$3.9 million), a 9.1% decrease from the corresponding period in 2025, mainly due to lower compensation and benefits. |
| · | Operating costs and expenses for headquarters for the second quarter of 2026 were RMB184.3 million (US$27.2 million), a 23.6% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business. |
Income (Loss) from Operations
Income (loss) from operations under the segmentation is as follows:
(RMB millions, except percentages) | Q2 2025 | Q2 2026 | YoY Change | |||||||||
| Mainland China public securities | 107.8 | 178.6 | 65.5 | % | ||||||||
| Mainland China asset management | 155.1 | 142.7 | (8.0 | )% | ||||||||
| Mainland China insurance | (7.6 | ) | (3.6 | ) | (52.8 | )% | ||||||
| International wealth management | 27.8 | (3.3 | ) | N.A. | ||||||||
| International asset management | 72.6 | 61.6 | (15.2 | )% | ||||||||
| International insurance and comprehensive services | 29.8 | 14.1 | (52.7 | )% | ||||||||
| Headquarters | (224.5 | ) | (174.3 | ) | (22.4 | )% | ||||||
| Total income from operations | 161.0 | 215.8 | 34.0 | % | ||||||||
| · | Income from operations for mainland China public securities for the second quarter of 2026 was RMB178.6 million (US$26.3 million), a 65.5% increase from the corresponding period in 2025. |
| · | Income from operations for mainland China asset management for the second quarter of 2026 was RMB142.7 million (US$21.0 million), an 8.0% decrease from the corresponding period in 2025. |
| · | Loss from operations for mainland China insurance for the second quarter of 2026 was RMB3.6 million (US$0.5 million), a 52.8% decrease from the corresponding period in 2025, reflecting a narrower loss. |
| · | Loss from operations for international wealth management for the second quarter of 2026 was RMB3.3 million (US$0.5 million), compared with income from operations of RMB27.8 million in the corresponding period in 2025. |
| · | Income from operations for international asset management for the second quarter of 2026 was RMB61.6 million (US$9.1 million), a 15.2% decrease from the corresponding period in 2025. |
| · | Income from operations for international insurance and comprehensive services for the second quarter of 2026 was RMB14.1 million (US$2.1 million), a 52.7% decrease from the corresponding period in 2025. |
| · | Loss from operations for headquarters for the second quarter of 2026 was RMB174.3 million (US$25.7 million), a 22.4% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business and lower compensation and benefits expenses resulting from disciplined cost control measures. |
Operating Margin
Operating margin for the second quarter of 2026 was 34.8%, compared with 25.6% for the corresponding period in 2025.
Interest Income
Interest income for the second quarter of 2026 was RMB30.4 million (US$4.5 million), a 9.1% decrease from the corresponding period in 2025.
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Investment Income (Loss)
Investment income for the second quarter of 2026 was RMB41.8 million (US$6.2 million), compared with an investment loss of RMB13.9 million in the corresponding period in 2025, primarily due to gains resulting from fair value changes in certain equity securities.
Income Tax Expense
Income tax expense for the second quarter of 2026 was RMB89.9 million (US$13.3 million), a 41.2% increase from the corresponding period in 2025.
Net Income
| · | Net income for the second quarter of 2026 was RMB236.9 million (US$34.9 million), a 32.7% increase from the corresponding period in 2025. |
| · | Net margin for the second quarter of 2026 was 38.2%, compared with 28.4% for the corresponding period in 2025. |
| · | Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025. |
| · | Net margin attributable to Noah shareholders for the second quarter of 2026 was 37.5%, compared with 28.4% for the corresponding period in 2025. |
| · | Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2026 was RMB3.40 (US$0.50) and RMB3.37 (US$0.50), respectively, compared with RMB2.56 and RMB2.54, 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 second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025. |
| · | Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2026 was 38.4%, compared with 30.0% for the corresponding period in 2025. |
| · | Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2026 was RMB3.46 (US$0.51), compared with RMB2.69 for the corresponding period in 2025. |
BALANCE SHEET AND CASH FLOW
As of June 30, 2026, the Company had RMB4,322.7 million (US$637.1 million) in cash and cash equivalents, compared with RMB4,280.7 million as of March 31, 2026 and RMB3,821.8 million as of June 30, 2025.
Net cash outflow from the Company’s operating activities during the second quarter of 2026 was RMB15.0 million (US$2.2 million), compared with a net cash inflow of RMB27.6 million in the corresponding period in 2025, primarily due to an increase in amounts due from related parties and payments of accrued payroll and welfare expenses.
Net cash inflow from the Company’s investing activities during the second quarter of 2026 was RMB108.8 million (US$16.0 million), compared with a net cash outflow of RMB171.7 million in the corresponding period in 2025, primarily due to redemptions of held-to-maturity investments.
Net cash outflow from the Company’s financing activities during the second quarter of 2026 was RMB14.7 million (US$2.2 million), compared with RMB71.5 million in the corresponding period in 2025, primarily due to a decrease in share repurchases.
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CONFERENCE CALL
The Company's senior management will host an earnings conference call to discuss its Q2 2026 Results and recent business activities. Details of the conference call are as follows:
| Dial-in details: | |
| Conference title: | Noah Holdings Second Quarter and Half Year 2026 Earnings Conference Call |
| Date/Time: |
Tuesday, August 25, 2026 at 8:00 p.m., U.S. Eastern Time Wednesday, August 26, 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 Local Toll: | +86-4001-206115 |
| – International Toll: | 1-412-317-6061 |
| Participant Password: | 4116275 |
A telephone replay will be available starting approximately one hour after the end of the conference until August 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8252319.
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 half of 2026, Noah distributed RMB40.4 billion (US$6.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.9 billion (US$20.8 billion) as of June 30, 2026.
Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of June 30, 2026, Noah had 469,987 registered clients. The Company reports its operations under six business segments — Mainland China public securities (Noah Upright), Mainland China asset management (Gopher Asset Management), Mainland China insurance (Glory), International wealth management (ARK Wealth Management), International asset management (Olive Asset Management), and International insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of June 30, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.
For more information, please visit Noah’s investor relations website at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the second quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.
8 / 19
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-8292
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
9 / 19
Noah Holdings Limited
Condensed Consolidated Balance Sheets
(unaudited)
| As of | ||||||||||||
| March 31, 2026 | June 30, 2026 | June 30, 2026 | ||||||||||
| RMB'000 | RMB'000 | USD'000 | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 4,280,733 | 4,322,663 | 637,082 | |||||||||
| Restricted cash | 11,247 | 10,183 | 1,501 | |||||||||
| Short-term investments | 833,752 | 711,704 | 104,892 | |||||||||
| Accounts receivable, net | 334,686 | 323,537 | 47,683 | |||||||||
| Amounts due from related parties | 680,951 | 826,165 | 121,762 | |||||||||
| Loans receivable, net | 111,690 | 133,506 | 19,676 | |||||||||
| Other current assets | 211,822 | 248,491 | 36,623 | |||||||||
| Total current assets | 6,464,881 | 6,576,249 | 969,219 | |||||||||
| Long-term investments, net | 1,160,937 | 1,051,622 | 154,990 | |||||||||
| Investment in affiliates | 1,142,706 | 1,157,714 | 170,626 | |||||||||
| Property and equipment, net | 2,325,755 | 2,299,705 | 338,935 | |||||||||
| Operating lease right-of-use assets, net | 92,047 | 97,419 | 14,358 | |||||||||
| Deferred tax assets | 310,049 | 315,333 | 46,474 | |||||||||
| Other non-current assets | 115,565 | 138,862 | 20,466 | |||||||||
| Total Assets | 11,611,940 | 11,636,904 | 1,715,068 | |||||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accrued payroll and welfare expenses | 404,475 | 285,789 | 42,120 | |||||||||
| Income tax payable | 146,668 | 101,738 | 14,994 | |||||||||
| Deferred revenues | 58,961 | 63,086 | 9,298 | |||||||||
| Dividend payable | — | 612,000 | 90,198 | |||||||||
| Contingent liabilities | 504,920 | 454,531 | 66,990 | |||||||||
| Other current liabilities | 244,855 | 306,986 | 45,244 | |||||||||
| Total current liabilities | 1,359,879 | 1,824,130 | 268,844 | |||||||||
| Deferred tax liabilities | 261,653 | 259,678 | 38,272 | |||||||||
| Operating lease liabilities, non-current | 52,475 | 51,022 | 7,520 | |||||||||
| Other non-current liabilities | 6,936 | 13,111 | 1,932 | |||||||||
| Total Liabilities | 1,680,943 | 2,147,941 | 316,568 | |||||||||
| Equity | 9,930,997 | 9,488,963 | 1,398,500 | |||||||||
| Total Liabilities and Equity | 11,611,940 | 11,636,904 | 1,715,068 | |||||||||
10 / 19
Noah Holdings Limited
Condensed Consolidated Income Statements
(unaudited)
| Three months ended | ||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||
| 2025 | 2026 | 2026 | Change | |||||||||||||
| RMB'000 | RMB'000 | USD'000 | ||||||||||||||
| Revenues: | ||||||||||||||||
| Revenues from others: | ||||||||||||||||
| One-time commissions | 154,467 | 86,680 | 12,775 | (43.9 | )% | |||||||||||
| Recurring service fees | 162,047 | 155,902 | 22,977 | (3.8 | )% | |||||||||||
| Performance-based income | 13,892 | 96,578 | 14,234 | 595.2 | % | |||||||||||
| Other service fees | 48,736 | 35,716 | 5,264 | (26.7 | )% | |||||||||||
| Total revenues from others | 379,142 | 374,876 | 55,250 | (1.1 | )% | |||||||||||
| Revenues from funds Gopher/Olive manages: | ||||||||||||||||
| One-time commissions | 1,431 | 632 | 93 | (55.8 | )% | |||||||||||
| Recurring service fees | 244,753 | 207,584 | 30,594 | (15.2 | )% | |||||||||||
| Performance-based income | 9,301 | 42,788 | 6,306 | 360.0 | % | |||||||||||
| Total revenues from funds Gopher/Olive manages | 255,485 | 251,004 | 36,993 | (1.8 | )% | |||||||||||
| Total revenues | 634,627 | 625,880 | 92,243 | (1.4 | )% | |||||||||||
| Less: VAT related surcharges | (5,126 | ) | (5,981 | ) | (881 | ) | 16.7 | % | ||||||||
| Net revenues | 629,501 | 619,899 | 91,362 | (1.5 | )% | |||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Compensation and benefits | ||||||||||||||||
| Relationship manager compensation | (123,716 | ) | (99,446 | ) | (14,657 | ) | (19.6 | )% | ||||||||
| Other compensations | (175,551 | ) | (160,661 | ) | (23,680 | ) | (8.5 | )% | ||||||||
| Total compensation and benefits | (299,267 | ) | (260,107 | ) | (38,337 | ) | (13.1 | )% | ||||||||
| Selling expenses | (62,311 | ) | (56,082 | ) | (8,265 | ) | (10.0 | )% | ||||||||
| General and administrative expenses | (71,196 | ) | (74,849 | ) | (11,031 | ) | 5.1 | % | ||||||||
| Provision for credit losses | (41,228 | ) | (7,669 | ) | (1,130 | ) | (81.4 | )% | ||||||||
| Other operating expenses | (8,576 | ) | (22,530 | ) | (3,321 | ) | 162.7 | % | ||||||||
| Government subsidies | 14,103 | 17,143 | 2,527 | 21.6 | % | |||||||||||
| Total operating costs and expenses | (468,475 | ) | (404,094 | ) | (59,557 | ) | (13.7 | )% | ||||||||
| Income from operations | 161,026 | 215,805 | 31,805 | 34.0 | % | |||||||||||
| Other income: | ||||||||||||||||
| Interest income | 33,505 | 30,447 | 4,487 | (9.1 | )% | |||||||||||
| Investment (loss) income | (13,938 | ) | 41,800 | 6,161 | N.A. | |||||||||||
| Reversal of contingent litigation expenses | — | 7,682 | 1,132 | N.A. | ||||||||||||
| Other income (expense) | 14,391 | (23,843 | ) | (3,514 | ) | N.A. | ||||||||||
| Total other income | 33,958 | 56,086 | 8,266 | 65.2 | % | |||||||||||
| Income before taxes and income from equity in affiliates | 194,984 | 271,891 | 40,071 | 39.4 | % | |||||||||||
| Income tax expense | (63,690 | ) | (89,944 | ) | (13,256 | ) | 41.2 | % | ||||||||
| Income from equity in affiliates | 47,243 | 54,917 | 8,094 | 16.2 | % | |||||||||||
| Net income | 178,537 | 236,864 | 34,909 | 32.7 | % | |||||||||||
| Less: net (loss) income attributable to non-controlling interests | (39 | ) | 4,681 | 690 | N.A. | |||||||||||
| Net income attributable to Noah shareholders | 178,576 | 232,183 | 34,219 | 30.0 | % | |||||||||||
| Income per ADS, basic | 2.56 | 3.40 | 0.50 | 32.8 | % | |||||||||||
| Income per ADS, diluted | 2.54 | 3.37 | 0.50 | 32.7 | % | |||||||||||
| Margin analysis: | ||||||||||||||||
| Operating margin | 25.6 | % | 34.8 | % | 34.8 | % | ||||||||||
| Net margin | 28.4 | % | 38.2 | % | 38.2 | % | ||||||||||
| Weighted average ADS equivalent [1]: | ||||||||||||||||
| Basic | 69,778,574 | 68,339,431 | 68,339,431 | |||||||||||||
| Diluted | 70,174,751 | 68,802,162 | 68,802,162 | |||||||||||||
| ADS equivalent outstanding at end of period | 65,830,895 | 68,329,861 | 68,329,861 | |||||||||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.
11 / 19
Noah Holdings Limited
Condensed Consolidated Income Statements
(unaudited)
| Six months ended | ||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||
| 2025 | 2026 | 2026 | Change | |||||||||||||
| RMB'000 | RMB'000 | USD'000 | ||||||||||||||
| Revenues: | ||||||||||||||||
| Revenues from others: | ||||||||||||||||
| One-time commissions | 309,458 | 199,745 | 29,439 | (35.5 | )% | |||||||||||
| Recurring service fees | 313,643 | 303,427 | 44,720 | (3.3 | )% | |||||||||||
| Performance-based income | 27,878 | 177,163 | 26,111 | 535.5 | % | |||||||||||
| Other service fees | 85,599 | 69,594 | 10,257 | (18.7 | )% | |||||||||||
| Total revenues from others | 736,578 | 749,929 | 110,527 | 1.8 | % | |||||||||||
| Revenues from funds Gopher/Olive manages: | ||||||||||||||||
| One-time commissions | 5,181 | 1,823 | 269 | (64.8 | )% | |||||||||||
| Recurring service fees | 489,133 | 442,178 | 65,169 | (9.6 | )% | |||||||||||
| Performance-based income | 23,830 | 62,862 | 9,265 | 163.8 | % | |||||||||||
| Total revenues from funds Gopher/Olive manages | 518,144 | 506,863 | 74,703 | (2.2 | )% | |||||||||||
| Total revenues | 1,254,722 | 1,256,792 | 185,230 | 0.2 | % | |||||||||||
| Less: VAT related surcharges | (10,627 | ) | (11,142 | ) | (1,642 | ) | 4.8 | % | ||||||||
| Net revenues | 1,244,095 | 1,245,650 | 183,588 | 0.1 | % | |||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Compensation and benefits | ||||||||||||||||
| Relationship manager compensation | (246,284 | ) | (201,908 | ) | (29,758 | ) | (18.0 | )% | ||||||||
| Other compensations | (356,878 | ) | (324,941 | ) | (47,890 | ) | (8.9 | )% | ||||||||
| Total compensation and benefits | (603,162 | ) | (526,849 | ) | (77,648 | ) | (12.7 | )% | ||||||||
| Selling expenses | (113,383 | ) | (92,289 | ) | (13,602 | ) | (18.6 | )% | ||||||||
| General and administrative expenses | (135,637 | ) | (141,684 | ) | (20,882 | ) | 4.5 | % | ||||||||
| Provision for credit losses | (44,038 | ) | (10,839 | ) | (1,597 | ) | (75.4 | )% | ||||||||
| Other operating expenses | (24,275 | ) | (39,104 | ) | (5,763 | ) | 61.1 | % | ||||||||
| Government subsidies | 23,434 | 17,358 | 2,558 | (25.9 | )% | |||||||||||
| Total operating costs and expenses | (897,061 | ) | (793,407 | ) | (116,934 | ) | (11.6 | )% | ||||||||
| Income from operations | 347,034 | 452,243 | 66,654 | 30.3 | % | |||||||||||
| Other income: | ||||||||||||||||
| Interest income | 66,306 | 62,495 | 9,211 | (5.7 | )% | |||||||||||
| Investment (loss) income | (7,668 | ) | 39,789 | 5,864 | N.A. | |||||||||||
| Reversal of contingent litigation expenses | 343 | 4,952 | 730 | 1343.7 | % | |||||||||||
| Other income (expense) | 10,967 | (32,371 | ) | (4,771 | ) | N.A. | ||||||||||
| Total other income | 69,948 | 74,865 | 11,034 | 7.0 | % | |||||||||||
| Income before taxes and income from equity in affiliates | 416,982 | 527,108 | 77,688 | 26.4 | % | |||||||||||
| Income tax expense | (124,295 | ) | (156,604 | ) | (23,081 | ) | 26.0 | % | ||||||||
| Income (loss) from equity in affiliates | 35,669 | (10,426 | ) | (1,537 | ) | N.A. | ||||||||||
| Net income | 328,356 | 360,078 | 53,070 | 9.7 | % | |||||||||||
| Less: net income attributable to non-controlling interests | 816 | 3,180 | 469 | 289.7 | % | |||||||||||
| Net income attributable to Noah shareholders | 327,540 | 356,898 | 52,601 | 9.0 | % | |||||||||||
| Income per ADS, basic | 4.69 | 5.20 | 0.77 | 10.9 | % | |||||||||||
| Income per ADS, diluted | 4.65 | 5.15 | 0.76 | 10.8 | % | |||||||||||
| Margin analysis: | ||||||||||||||||
| Operating margin | 27.9 | % | 36.3 | % | 36.3 | % | ||||||||||
| Net margin | 26.4 | % | 28.9 | % | 28.9 | % | ||||||||||
| Weighted average ADS equivalent [1]: | ||||||||||||||||
| Basic | 69,856,207 | 68,686,576 | 68,686,576 | |||||||||||||
| Diluted | 70,387,492 | 69,311,742 | 69,311,742 | |||||||||||||
| ADS equivalent outstanding at end of period | 65,830,895 | 68,329,861 | 68,329,861 | |||||||||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.
12 / 19
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
| Three months ended | ||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||
| 2025 | 2026 | 2026 | Change | |||||||||||||
| RMB'000 | RMB'000 | USD'000 | ||||||||||||||
| Net income | 178,537 | 236,864 | 34,909 | 32.7 | % | |||||||||||
| Other comprehensive (loss) income, net of tax: | ||||||||||||||||
| Foreign currency translation adjustments | (64,764 | ) | (59,540 | ) | (8,775 | ) | (8.1 | )% | ||||||||
| Fair value fluctuation of available-for-sale investments (after tax) | 236 | 121 | 18 | (48.7 | )% | |||||||||||
| Comprehensive income | 114,009 | 177,445 | 26,152 | 55.6 | % | |||||||||||
| Less: Comprehensive (loss) income attributable to non-controlling interests | (401 | ) | 5,048 | 744 | N.A. | |||||||||||
| Comprehensive income attributable to Noah shareholders | 114,410 | 172,397 | 25,408 | 50.7 | % | |||||||||||
Noah Holdings Limited
Condensed Comprehensive Income Statements
(unaudited)
| Six months ended | ||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||
| 2025 | 2026 | 2026 | Change | |||||||||||||
| RMB'000 | RMB'000 | USD'000 | ||||||||||||||
| Net income | 328,356 | 360,078 | 53,070 | 9.7 | % | |||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||
| Foreign currency translation adjustments | (87,598 | ) | (117,904 | ) | (17,377 | ) | 34.6 | % | ||||||||
| Fair value fluctuation of available-for-sale investments (after tax) | 469 | 354 | 52 | (24.5 | )% | |||||||||||
| Comprehensive income | 241,227 | 242,528 | 35,745 | 0.5 | % | |||||||||||
| Less: Comprehensive income attributable to non-controlling interests | 509 | 3,627 | 535 | 612.6 | % | |||||||||||
| Comprehensive income attributable to Noah shareholders | 240,718 | 238,901 | 35,210 | (0.8 | )% | |||||||||||
13 / 19
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
| Three months ended June 30, 2026 | ||||||||||||||||||||||||
| Mainland China public securities | Mainland China asset management | Mainland China insurance | International wealth management | International asset management | International insurance and comprehensive services | Headquarters | Total | |||||||||||||||||
| RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Revenues from others | ||||||||||||||||||||||||
| One-time commissions | 11,777 | 201 | 2,032 | 40,020 | 8,763 | 23,887 | — | 86,680 | ||||||||||||||||
| Recurring service fees | 91,332 | 29,342 | — | 15,000 | 20,228 | — | — | 155,902 | ||||||||||||||||
| Performance-based income | 95,716 | 861 | — | — | 1 | — | — | 96,578 | ||||||||||||||||
| Other service fees | — | — | — | 4,549 | — | 16,794 | 14,373 | 35,716 | ||||||||||||||||
| Total revenues from others | 198,825 | 30,404 | 2,032 | 59,569 | 28,992 | 40,681 | 14,373 | 374,876 | ||||||||||||||||
| Revenues from funds Gopher/Olive manages | ||||||||||||||||||||||||
| One-time commissions | 632 | — | — | — | — | — | — | 632 | ||||||||||||||||
| Recurring service fees | 8,049 | 101,616 | — | 29,376 | 68,543 | — | — | 207,584 | ||||||||||||||||
| Performance-based income | 366 | 33,600 | — | — | 8,822 | — | — | 42,788 | ||||||||||||||||
| Total revenues from funds Gopher/Olive manages | 9,047 | 135,216 | — | 29,376 | 77,365 | — | — | 251,004 | ||||||||||||||||
| Total revenues | 207,872 | 165,620 | 2,032 | 88,945 | 106,357 | 40,681 | 14,373 | 625,880 | ||||||||||||||||
| Less: VAT related surcharges | (1,426 | ) | (181 | ) | (7 | ) | — | — | — | (4,367 | ) | (5,981 | ) | |||||||||||
| Net revenues | 206,446 | 165,439 | 2,025 | 88,945 | 106,357 | 40,681 | 10,006 | 619,899 | ||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||||
| Compensation and benefits Relationship manager compensation | (26,742 | ) | (5,621 | ) | (520 | ) | (53,007 | ) | (10,933 | ) | (2,622 | ) | (1 | ) | (99,446 | ) | ||||||||
| Other compensations | (4,547 | ) | (15,204 | ) | (2,540 | ) | (22,846 | ) | (22,569 | ) | (10,184 | ) | (82,771 | ) | (160,661 | ) | ||||||||
| Total compensation and benefits | (31,289 | ) | (20,825 | ) | (3,060 | ) | (75,853 | ) | (33,502 | ) | (12,806 | ) | (82,772 | ) | (260,107 | ) | ||||||||
| Selling expenses | (2,627 | ) | (1,575 | ) | (76 | ) | (14,093 | ) | (9,501 | ) | (2,275 | ) | (25,935 | ) | (56,082 | ) | ||||||||
| General and administrative expenses | (56 | ) | (2,156 | ) | (2,481 | ) | (1,044 | ) | (1,541 | ) | (951 | ) | (66,620 | ) | (74,849 | ) | ||||||||
| Provision for credit losses | — | — | — | — | — | (813 | ) | (6,856 | ) | (7,669 | ) | |||||||||||||
| Other operating expenses | (422 | ) | (2,753 | ) | — | (1,252 | ) | (205 | ) | (9,782 | ) | (8,116 | ) | (22,530 | ) | |||||||||
| Government subsidies | 6,500 | 4,608 | — | — | — | 21 | 6,014 | 17,143 | ||||||||||||||||
| Total operating costs and expenses | (27,894 | ) | (22,701 | ) | (5,617 | ) | (92,242 | ) | (44,749 | ) | (26,606 | ) | (184,285 | ) | (404,094 | ) | ||||||||
| Income (loss) from operations | 178,552 | 142,738 | (3,592 | ) | (3,297 | ) | 61,608 | 14,075 | (174,279 | ) | 215,805 | |||||||||||||
14 / 19
Noah Holdings Limited
Segment Condensed Income Statements
(unaudited)
| Three months ended June 30, 2025 | ||||||||||||||||||||||||
| Mainland China public securities | Mainland China asset management | Mainland China insurance | International wealth management | International asset management | International insurance and comprehensive services | Headquarters | Total | |||||||||||||||||
| RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Revenues from others | ||||||||||||||||||||||||
| One-time commissions | 16,884 | 125 | 7,199 | 70,715 | 8,662 | 50,882 | — | 154,467 | ||||||||||||||||
| Recurring service fees | 85,443 | 43,427 | — | 9,954 | 23,223 | — | — | 162,047 | ||||||||||||||||
| Performance-based income | 13,889 | — | — | — | 3 | — | — | 13,892 | ||||||||||||||||
| Other service fees | — | — | — | 19,088 | — | 8,180 | 21,468 | 48,736 | ||||||||||||||||
| Total revenues from others | 116,216 | 43,552 | 7,199 | 99,757 | 31,888 | 59,062 | 21,468 | 379,142 | ||||||||||||||||
| Revenues from funds Gopher/Olive manages | ||||||||||||||||||||||||
| One-time commissions | 1,243 | 188 | — | — | — | — | — | 1,431 | ||||||||||||||||
| Recurring service fees | 13,886 | 132,139 | — | 29,618 | 69,110 | — | — | 244,753 | ||||||||||||||||
| Performance-based income | 722 | 1,308 | — | — | 7,271 | — | — | 9,301 | ||||||||||||||||
| Total revenues from funds Gopher/Olive manages | 15,851 | 133,635 | — | 29,618 | 76,381 | — | — | 255,485 | ||||||||||||||||
| Total revenues | 132,067 | 177,187 | 7,199 | 129,375 | 108,269 | 59,062 | 21,468 | 634,627 | ||||||||||||||||
| Less: VAT related surcharges | (281 | ) | (30 | ) | (35 | ) | — | — | — | (4,780 | ) | (5,126 | ) | |||||||||||
| Net revenues | 131,786 | 177,157 | 7,164 | 129,375 | 108,269 | 59,062 | 16,688 | 629,501 | ||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||||
| Compensation and benefits Relationship manager compensation | (26,417 | ) | (10,746 | ) | (3,914 | ) | (62,873 | ) | (13,763 | ) | (6,003 | ) | — | (123,716 | ) | |||||||||
| Other compensations | (6,671 | ) | (16,209 | ) | (7,722 | ) | (20,830 | ) | (12,476 | ) | (12,540 | ) | (99,103 | ) | (175,551 | ) | ||||||||
| Total compensation and benefits | (33,088 | ) | (26,955 | ) | (11,636 | ) | (83,703 | ) | (26,239 | ) | (18,543 | ) | (99,103 | ) | (299,267 | ) | ||||||||
| Selling expenses | (2,200 | ) | (1,807 | ) | (782 | ) | (15,888 | ) | (8,698 | ) | (2,713 | ) | (30,223 | ) | (62,311 | ) | ||||||||
| General and administrative expenses | (53 | ) | (1,735 | ) | (2,358 | ) | (2,010 | ) | (731 | ) | (1,576 | ) | (62,733 | ) | (71,196 | ) | ||||||||
| (Reversal of) provision for credit losses | 119 | 77 | — | — | — | 1,710 | (43,134 | ) | (41,228 | ) | ||||||||||||||
| Other operating expenses | (632 | ) | 8,067 | — | — | — | (8,174 | ) | (7,837 | ) | (8,576 | ) | ||||||||||||
| Government subsidies | 11,931 | 327 | — | — | 11 | 22 | 1,812 | 14,103 | ||||||||||||||||
| Total operating costs and expenses | (23,923 | ) | (22,026 | ) | (14,776 | ) | (101,601 | ) | (35,657 | ) | (29,274 | ) | (241,218 | ) | (468,475 | ) | ||||||||
| Income (loss) from operations | 107,863 | 155,131 | (7,612 | ) | 27,774 | 72,612 | 29,788 | (224,530 | ) | 161,026 | ||||||||||||||
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Noah Holdings Limited
Supplemental Revenue Information by Geography
(unaudited)
| Three months ended | ||||||||||||
| June 30, 2025 | June 30, 2026 | Change | ||||||||||
| (in thousands of RMB, except percentages) | ||||||||||||
| Revenues: | ||||||||||||
| Mainland China | 337,921 | 389,897 | 15.4 | % | ||||||||
| Hong Kong | 231,608 | 172,922 | (25.3 | )% | ||||||||
| Others | 65,098 | 63,061 | (3.1 | )% | ||||||||
| Total revenues | 634,627 | 625,880 | (1.4 | )% | ||||||||
Noah Holdings Limited
Supplemental Business Information by Product Types
(unaudited)
| Three months ended | ||||||||||||
| June 30, 2025 | June 30, 2026 | Change | ||||||||||
| (in thousands of RMB, except percentages) | ||||||||||||
| Mainland China: | ||||||||||||
| Public securities products [1] | 132,068 | 207,872 | 57.4 | % | ||||||||
| Private equity products | 176,876 | 165,620 | (6.4 | )% | ||||||||
| Insurance products | 7,199 | 2,032 | (71.8 | )% | ||||||||
| Others | 21,778 | 14,373 | (34.0 | )% | ||||||||
| Subtotal | 337,921 | 389,897 | 15.4 | % | ||||||||
| International: | ||||||||||||
| Investment products [2] | 160,393 | 164,626 | 2.6 | % | ||||||||
| Insurance products | 101,387 | 43,461 | (57.1 | )% | ||||||||
| Online business [3] | 10,459 | 10,097 | (3.5 | )% | ||||||||
| Others | 24,467 | 17,799 | (27.3 | )% | ||||||||
| Subtotal | 296,706 | 235,983 | (20.5 | )% | ||||||||
| Total revenues | 634,627 | 625,880 | (1.4 | )% | ||||||||
[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.
16 / 19
Noah Holdings Limited
Supplemental Operational Information
(unaudited)
| As of | ||||||||||||
| June 30, 2025 | June 30, 2026 | Change | ||||||||||
| Number of registered clients | 464,631 | 469,987 | 1.2 | % | ||||||||
| Three months ended | ||||||||||||
| June 30, 2025 | June 30, 2026 | Change | ||||||||||
| (in millions of RMB, except number of active clients and percentages) | ||||||||||||
| Number of active clients | 9,160 | 10,296 | 12.4 | % | ||||||||
| Transaction value: | ||||||||||||
| Private equity products | 1,000 | 1,620 | 62.0 | % | ||||||||
| Private secondary products | 5,975 | 5,806 | (2.8 | )% | ||||||||
| Mutual fund products | 9,264 | 9,122 | (1.5 | )% | ||||||||
| Other products | 736 | 619 | (15.9 | )% | ||||||||
| Total transaction value | 16,975 | 17,167 | 1.1 | % | ||||||||
17 / 19
Noah Holdings Limited
Supplemental Information of International Business
(unaudited)
| Three months ended | ||||||||||||
| June 30, 2025 | June 30, 2026 | Change | ||||||||||
| Net Revenues from International (RMB, million) | 296.7 | 236.0 | (20.5 | )% | ||||||||
| Number of International Registered Clients | 18,967 | 21,059 | 11.0 | % | ||||||||
| Number of International Active Clients | 3,650 | 3,494 | (4.3 | )% | ||||||||
| Transaction Value of International Investment Products (RMB, billion) | 8.3 | 8.7 | 4.8 | % | ||||||||
| Number of International Relationship Managers | 152 | 97 | (36.2 | )% | ||||||||
| International Assets Under Management (RMB, billion) | 41.4 | 43.8 | 5.8 | % | ||||||||
| International Assets Under Advisory (RMB, billion) | 65.2 | 66.3 | 1.8 | % | ||||||||
18 / 19
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, | |||||||||||
| 2025 | 2026 | Change | ||||||||||
| RMB'000 | RMB'000 | |||||||||||
| Net income attributable to Noah shareholders | 178,576 | 232,183 | 30.0 | % | ||||||||
| Adjustment for share-based compensation | 13,008 | 7,242 | (44.3 | )% | ||||||||
| Less: tax effect of adjustments | 2,602 | 1,404 | (46.0 | )% | ||||||||
| Adjusted net income attributable to Noah shareholders (non-GAAP) | 188,982 | 238,021 | 25.9 | % | ||||||||
| Net margin attributable to Noah shareholders | 28.4 | % | 37.5 | % | ||||||||
| Non-GAAP net margin attributable to Noah shareholders | 30.0 | % | 38.4 | % | ||||||||
| Net income attributable to Noah shareholders per ADS, diluted | 2.54 | 3.37 | 32.7 | % | ||||||||
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | 2.69 | 3.46 | 28.6 | % | ||||||||
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, | |||||||||||
| 2025 | 2026 | Change | ||||||||||
| RMB'000 | RMB'000 | |||||||||||
| Net income attributable to Noah shareholders | 327,540 | 356,898 | 9.0 | % | ||||||||
| Adjustment for share-based compensation | 37,788 | 18,591 | (50.8 | )% | ||||||||
| Less: tax effect of adjustments | 7,558 | 3,604 | (52.3 | )% | ||||||||
| Adjusted net income attributable to Noah shareholders (non-GAAP) | 357,770 | 371,885 | 3.9 | % | ||||||||
| Net margin attributable to Noah shareholders | 26.3 | % | 28.7 | % | ||||||||
| Non-GAAP net margin attributable to Noah shareholders | 28.8 | % | 29.9 | % | ||||||||
| Net income attributable to Noah shareholders per ADS, diluted | 4.65 | 5.15 | 10.8 | % | ||||||||
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | 5.08 | 5.37 | 5.7 | % | ||||||||
19 / 19