Press Release: NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025

Dow Jones
29 May

SHANGHAI, May 28, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the first quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

   -- Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 
      million), a 5.4% decrease from the corresponding period in 2024, mainly 
      due to a decrease in distribution of insurance products. Net revenues 
      decreased by 5.7% from the fourth quarter of 2024, primarily due to 
      decreases in performance-based income generated from RMB private equity 
      products and private secondary products and recurring service fees 
      generated from RMB private equity products. 
 
   -- Net revenues from overseas for the first quarter of 2025 was RMB304.2 
      million (US$41.9 million), compared with RMB306.7 million for the 
      corresponding period in 2024, which was effectively flat. Net revenues 
      increased by 5.0% from the fourth quarter of 2024, primarily due to 
      increases in distribution of overseas insurance products. 
 
   -- Income from operations for the first quarter of 2025 was RMB186.0 million 
      (US$25.6 million), a 53.1% increase from the corresponding period in 
      2024, primarily due to a 21.8% decrease in compensation and benefits. 
 
   -- Net income attributable to Noah shareholders for the first quarter of 
      2025 was RMB149.0 million (US$20.5 million), a 13.3% increase from the 
      corresponding period in 2024, mainly due to a 53.1% increase in income 
      from operations, and partially offset by a 29.0% decrease in interest 
      income, a 42.0% increase in income tax expenses and a loss from equity in 
      affiliates. 
 
   -- Non-GAAP[1] net income attributable to Noah shareholders for the first 
      quarter of 2025 was RMB168.8 million (US$23.3 million), a 4.7% increase 
      from the corresponding period in 2024. 

FIRST QUARTER 2025 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Chinese 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 March 31, 2025 was 463,161, a 
      1.2% increase from March 31, 2024, and a 0.2% increase from December 31, 
      2024. Among such clients, the number of overseas registered clients as of 
      March 31, 2025 was 18,207, a 15.8% increase from March 31, 2024 and a 
      3.1% increase from December 31, 2024. 
 
   -- Total number of active clients[2] who transacted with us during the first 
      quarter of 2025 was 8,822, a 15.1% decrease from the first quarter of 
      2024, and a 0.5% decrease from the fourth quarter of 2024. Among such 
      clients, the number of overseas active clients who transacted with us 
      during the first quarter of 2025 was 3,384, a 23.3% increase from the 
      first quarter of 2024, and a 16.1% increase from the fourth quarter of 
      2024. 
 
   -- Aggregate value of investment products distributed during the first 
      quarter of 2025 was RMB16.1 billion (US$2.2 billion), a 14.7% decrease 
      from the first quarter of 2024, mainly due to a 39.8% decrease in 
      distribution of mutual fund products. Among such products distributed, 
      Noah distributed RMB8.1 billion (US$1.1 billion) of overseas investment 
      products, a 3.6% decrease from the first quarter of 2024, mainly due to a 
      13.2% decrease in distribution of mutual fund products and partially 
      offset by a 25.0% increase in distribution of private equity products. 

The aggregate value of investment products distributed, categorized by product type, is as follows:

 
                                    Three months ended March 31, 
                             ------------------------------------------- 
                                     2024                   2025 
                             ---------------------  -------------------- 
                                (RMB in billions, except percentages) 
Mutual fund products            12.6        66.8 %      7.6       47.2 % 
Private secondary products       3.8        20.0 %      6.1       37.9 % 
Private equity products          1.2         6.3 %      1.5        9.3 % 
Other products([3])              1.3         6.9 %      0.9        5.6 % 
                             -------  ------------  -------  ----------- 
All products                    18.9       100.0 %     16.1      100.0 % 
                             =======  ============  =======  =========== 
 

The aggregate value of investment products distributed, categorized by geography, is as follows

 
Type of products in 
Mainland China                      Three months ended March 31, 
                             ------------------------------------------- 
                                      2024                  2025 
                             ----------------------  ------------------- 
                                (RMB in billions, except percentages) 
Mutual fund products              8.8        84.3 %    4.3        53.7 % 
Private secondary products        1.0         8.8 %    3.3        41.3 % 
Other products                    0.7         6.9 %    0.4         5.0 % 
                             --------  ------------  -----  ------------ 
All products in Mainland 
 China                           10.5       100.0 %    8.0       100.0 % 
                             ========  ============  =====  ============ 
 
 
Type of overseas products           Three months ended March 31, 
                             ------------------------------------------- 
                                     2024                   2025 
                             ---------------------  -------------------- 
                                (RMB in billions, except percentages) 
Mutual fund products            3.8         44.9 %     3.3        40.7 % 
Private secondary products      2.8         33.9 %     2.8        34.6 % 
Private equity products         1.2         14.2 %     1.5        18.5 % 
Other products                  0.6          7.0 %     0.5         6.2 % 
                             ------  -------------  ------  ------------ 
All Overseas products           8.4        100.0 %     8.1       100.0 % 
                             ======  =============  ======  ============ 
 
   -- Coverage network in mainland China included 11 cities as of March 31, 
      2025, compared with 18 cities as of March 31, 2024 and 11 cities as of 
      December 31, 2024, primarily due to the continued streamlining of the 
      Company's domestic coverage network. 
 
   -- Aggregate number of overseas relationship managers was 131 as of March 
      31, 2025, a 44.0% increase from March 31, 2024, and a 5.1% decrease from 
      December 31, 2024. 

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi-asset manager in China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States. Gopher Asset Management and Olive Asset Management develop and manage 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 March 31, 2025 remained relatively 
      stable at RMB149.3 billion (US$20.6 billion), compared with RMB153.3 
      billion as of March 31, 2024 and RMB151.5 billion as of December 31, 
      2024. Mainland China assets under management as of March 31, 2025 were 
      RMB106.6 billion (US$14.7 billion), compared with RMB116.1 billion as of 
      March 31, 2024 and RMB108.9 billion as of December 31, 2024. Overseas 
      assets under management as of March 31, 2025 were RMB42.7 billion (US$5.9 
      billion), compared with RM37.2 billion as of March 31, 2024 and RMB42.6 
      billion as of December 31, 2024. 

Total assets under management, categorized by investment type, are as follows:

 
                       As of                                                 As of 
                    December 31,                                           March 31, 
Investment type          2024       Growth  Allocation/ Redemption([4])       2025 
                   ---------------  ------  ---------------------------  -------------- 
                                    (RMB billions, except percentages) 
Private equity     131.5    86.8 %     0.4                          1.5  130.4   87.4 % 
Public 
 securities([5])     9.4     6.2 %     1.6                          1.6    9.4    6.3 % 
Real estate          6.2     4.1 %       -                          1.1    5.1    3.4 % 
Multi-strategies     3.9     2.6 %       -                            -    3.9    2.6 % 
Others               0.5     0.3 %       -                            -    0.5    0.3 % 
                   -----  --------  ------  ---------------------------  -----  ------- 
All Investments    151.5   100.0 %     2.0                          4.2  149.3  100.0 % 
                   =====  ========  ======  ===========================  =====  ======= 
 

Total assets under management, categorized by geography, are as follows:

 
                       As of                                 As of 
Mainland China      December 31,            Allocation/    March 31, 
 Investment type         2024       Growth   Redemption       2025 
                   ---------------  ------  -----------  -------------- 
                            (RMB billions, except percentages) 
Private equity      98.6    90.5 %       -          1.3   97.3   91.2 % 
Public securities    5.3     4.9 %     0.5          0.5    5.3    5.0 % 
Real estate          2.2     2.0 %       -          1.0    1.2    1.1 % 
Multi-strategies     2.3     2.1 %       -            -    2.3    2.2 % 
Others               0.5     0.5 %       -            -    0.5    0.5 % 
                   -----  --------  ------  -----------  -----  ------- 
All Investments    108.9   100.0 %     0.5          2.8  106.6  100.0 % 
                   =====  ========  ======  ===========  =====  ======= 
 
 
                       As of                                As of 
Overseas            December 31,           Allocation/    March 31, 
 Investment type        2024       Growth   Redemption       2025 
                   --------------  ------  -----------  ------------- 
                           (RMB billions, except percentages) 
Private equity     32.9    77.2 %     0.4          0.2  33.1   77.5 % 
Public securities   4.1     9.6 %     1.1          1.1   4.1    9.6 % 
Real estate         4.0     9.4 %       -          0.1   3.9    9.1 % 
Multi-strategies    1.6     3.8 %       -            -   1.6    3.8 % 
All Investments    42.6   100.0 %     1.5          1.4  42.7  100.0 % 
                   ====  ========  ======  ===========  ====  ======= 
 

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses (under the Company's traditional segmentation) also include headquarters rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "We have been making progress since last year in repositioning ourselves to drive growth in this challenging market environment. We are delighted to announce that the Group achieved a recovery in profitability this quarter, reflecting improved operational efficiency and strategic progress. Income from operations grew by 53.1% year-on-year and 35.2% quarter-on-quarter, while non-GAAP net profit rose by 27.4% quarter-on-quarter. Net revenues declined due to a decrease in distribution of domestic insurance products and RMB private equity management fees; however, overseas revenue continued to grow and now accounts for nearly 50% of total net revenues, showcasing our diversification efforts. Looking ahead, we remain committed to advancing our strategy, driving sustainable growth, and delivering reasonable shareholders returns."

FIRST QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 million), a 5.4% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products.

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

 
(RMB millions, 
 except percentages)              Q1 2024  Q1 2025  YoY Change 
                                  -------  -------  ---------- 
Domestic public securities([6])     119.0    127.5       7.1 % 
Domestic asset management([7])      194.9    167.0    (14.3 %) 
Domestic insurance([8])              18.7      6.4    (65.6 %) 
Overseas wealth management([9])     178.5    162.0     (9.2 %) 
Overseas asset management([10])      91.6    112.0      22.3 % 
Overseas insurance and 
 comprehensive services([11])        36.7     30.2    (17.8 %) 
Headquarters                         10.1      9.5     (5.5 %) 
Total net revenues                  649.5    614.6     (5.4 %) 
                                  =======  =======  ========== 
 
   -- Domestic public securities is the business that distributes mutual funds 
      and private secondary products. Net revenues for the first quarter of 
      2025 were RMB127.5 million (US$17.6 million), a 7.1% increase from the 
      corresponding period in 2024, mainly due to an increase in distribution 
      of private secondary products. 
 
   -- Domestic asset management is the business that manages RMB-denominated 
      private equity funds and private secondary products. Net revenues for the 
      first quarter of 2025 were RMB167.0 million (US$23.0 million), a 14.3% 
      decrease from the corresponding period in 2024, primarily due to 
      decreases in recurring service fees generated from private equity 
      products. 
 
   -- Domestic insurance is the business that distributes insurance products, 
      consisting mainly of life and health insurance products. Net revenues for 
      the first quarter of 2025 were RMB6.4 million (US$0.9 million), a 65.6% 
      decrease from the corresponding period in 2024, mainly due to a decrease 
      in distribution of insurance products. 
 
   -- Overseas wealth management is the business that provides offline and 
      online wealth management services. Net revenues for the first quarter of 
      2025 were RMB162.0 million (US$22.3 million), a 9.2% decrease from the 
      corresponding period in 2024, mainly due to a decrease in allocated 
      commission gained from distribution of overseas insurance products. 
 
   -- Overseas asset management is the business that manages USD-denominated 
      private equity funds and private secondary products. Net revenues for the 
      first quarter of 2025 were RMB112.0 million (US$15.4 million),a 22.3% 
      increase from the corresponding period in 2024, due to an increase in the 
      amount of private equity investments managed by Olive. 
 
   -- Overseas insurance and comprehensive services is the business that 
      provides comprehensive overseas services such as insurance, trust 
      services and other services. Net revenues for the first quarter of 2025 
      were RMB30.2 million (US$4.2 million), a 17.8% decrease from the 
      corresponding period in 2024, mainly due to a decrease in distribution of 
      overseas insurance products. 
 
   -- Headquarters reflects revenue generated from corporate operations at the 
      Company's headquarters in Shanghai as well as administrative costs and 
      expenses that were not directly allocated to the aforementioned six 
      business segments. Net revenues during the first quarter of 2025 were 
      RMB9.5 million (US$1.3 million), compared with RMB10.1 million for the 
      corresponding period in 2024, which effectively remained flat. 

Operating Costs and Expenses

Operating costs and expenses for the first quarter of 2025 were RMB428.6 million (US$59.1 million), an 18.8% decrease from the corresponding period in 2024. Operating costs and expenses for the first quarter of 2025 primarily consisted of (i) compensation and benefits of RMB303.9 million (US$41.9 million); (ii) selling expenses of RMB51.1 million (US$7.0 million); (iii) general and administrative expenses of RMB64.4 million (US$8.9 million); (iv) provision for credit losses of RMB2.8 million (US$0.4 million); (v) other operating expenses of RMB15.7 million (US$2.2 million); and (vi) income gained from government subsidies of RMB9.3 million (US$1.3 million).

   -- Operating costs and expenses for Domestic public securities for the first 
      quarter of 2025 were RMB32.5 million (US$4.5 million), a 16.4% decrease 
      from the corresponding period in 2024, primarily due to the decrease in 
      relationship manager compensation. 
 
   -- Operating costs and expenses for Domestic asset management for the first 
      quarter of 2025 were RMB31.1 million (US$4.3 million), a 10.8% decrease 
      from the corresponding period in 2024, primarily due to the decrease in 
      general and administrative expenses. 
 
   -- Operating costs and expenses for Domestic insurance for the first quarter 
      of 2025 were RMB22.2 million (US$3.1 million), a 50.9% decrease from the 
      corresponding period in 2024, primarily due to the decrease in consulting 
      fee. 
 
   -- Operating costs and expenses for Overseas wealth management for the first 
      quarter of 2025 were RMB104.0 million (US$14.3 million), a 40.2% decrease 
      from the corresponding period in 2024, primarily due to the decrease in 
      marketing activities and travel expenses. 
 
   -- Operating costs and expenses for Overseas asset management for the first 
      quarter of 2025 were RMB21.8 million (US$3.0 million), a 4.6% decrease 
      from the corresponding period in 2024, which effectively remained flat. 
 
   -- Operating costs and expenses for Overseas insurance and comprehensive 
      services for the first quarter of 2025 were RMB27.5 million (US$3.8 
      million), a 52.8% increase from the corresponding period in 2024, 
      primarily due to the increase in other operating expenses. 
 
   -- Operating costs and expenses for Headquarters for the first quarter of 
      2025 were RMB189.6 million (US$26.1 million), a 2.5% decrease from the 
      corresponding period in 2024, which effectively remained flat. 

Income(loss) from operations

Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:

 
(RMB millions, 
 except percentages)           Q1 2024  Q1 2025  YoY Change 
                               -------  -------  ---------- 
Domestic public securities        80.3     95.0      18.4 % 
Domestic asset management        160.1    135.9    (15.1 %) 
Domestic insurance              (26.5)   (15.7)      40.6 % 
Overseas wealth management         4.7     58.1    1129.6 % 
Overseas asset management         68.7     90.1      31.2 % 
Overseas insurance and 
 comprehensive services           18.7      2.7    (85.4 %) 
Headquarters                   (184.5)  (180.1)       2.4 % 
                               -------  -------  ---------- 
Total income from operations     121.5    186.0      53.1 % 
                               =======  =======  ========== 
 
   -- Income from operations for Domestic public securities for the first 
      quarter of 2025 was RMB95.0 million (US$13.1 million), an 18.4% increase 
      from the corresponding period in 2024, primarily due to increases in 
      one-time commissions generated from private secondary products. 
 
   -- Income from operations for Domestic asset management for the first 
      quarter of 2025 RMB135.9 million (US$18.7 million), a 15.1% decrease from 
      the corresponding period in 2024, primarily due to decreases in recurring 
      service fees generated from RMB private equity products. 
 
   -- Loss from operations for Domestic insurance for the first quarter of 2025 
      was RMB15.7 million (US$2.2 million), a 40.6% decrease from the 
      corresponding period in 2024, primarily due to the decrease in operating 
      expenses. 
 
   -- Income from operations for Overseas wealth management for the first 
      quarter of 2025 was RMB58.1 million (US$8.0 million), compared with 
      RMB4.7 million for the corresponding period in 2024, primarily due to a 
      decrease in compensation and benefits in the first quarter of 2025. 
 
   -- Income from operations for Overseas asset management for the first 
      quarter of 2025 was RMB90.1 million (US$12.4 million), a 31.2% increase 
      from the corresponding period in 2024, primarily due to a 22.3% increase 
      in net revenues of the segment. 
 
   -- Income from operations for Overseas insurance and comprehensive services 
      for the first quarter of 2025 RMB2.7 million (US$0.4 million), an 85.4% 
      decrease from the corresponding period in 2024, primarily due to a 17.8% 
      decrease in net revenues of the segment and an increase in operating 
      expenses. 
 
   -- Loss from operations for Headquarters for the first quarter of 2025 was 
      RMB180.1 million (US$24.8 million), a 2.4% slight decrease from the 
      corresponding period in 2024. 

Operating Margin

Operating margin for the first quarter of 2025 was 30.3%, compared with 18.7% for the corresponding period in 2024, primarily due to a 21.8% decrease in compensation and benefits.

Interest Income

Interest income for the first quarter of 2025 was RMB32.8 million (US$4.5 million), a 29.0% decrease from the corresponding period in 2024.

Investment Income

Investment income for the first quarter of 2025 was RMB6.3 million (US$0.9 million), a 20.9% increase from the corresponding period in 2024.

Income Tax Expense

Income tax expense for the first quarter of 2025 were RMB60.6 million (US$8.4 million), a 42.0% increase from the corresponding period in 2024.

Net Income

   -- Net Income 
 
          -- Net income for the first quarter of 2025 was RMB149.8 million 
             (US$20.6 million), a 13.6% increase from the corresponding period 
             in 2024. 
 
          -- Net margin for the first quarter of 2025 was 24.4%, up from 20.3% 
             for the corresponding period in 2024. 
 
          -- Net income attributable to Noah shareholders for the first quarter 
             of 2025 was RMB149.0 million (US$20.5 million), a 13.3% increase 
             from the corresponding period in 2024. 
 
          -- Net margin attributable to Noah shareholders for the first quarter 
             of 2025 was 24.2%, up from 20.2% for the corresponding period in 
             2024. 
 
          -- Net income attributable to Noah shareholders per basic and diluted 
             ADS for the first quarter of 2025 was RMB2.13 (US$0.29) and 
             RMB2.11 (US$0.29), compared with RMB1.88 and RMB1.88 for the 
             corresponding period in 2024, respectively. 
 
   -- Non-GAAP Net Income Attributable to Noah Shareholders 
 
          -- Non-GAAP net income attributable to Noah shareholders for the 
             first quarter of 2025 was RMB168.8 million (US$23.3 million), a 
             4.7% increase from the corresponding period in 2024. 
 
          -- Non-GAAP net margin attributable to Noah shareholders for the 
             first quarter of 2025 was 27.5%, up from 24.8% for the 
             corresponding period in 2024. 
 
          -- Non-GAAP net income attributable to Noah shareholders per diluted 
             ADS for the first quarter of 2025 was RMB2.39 (US$0.33), up from 
             RMB2.31 for the corresponding period in 2024. 

Balance Sheet and Cash Flow

As of March 31, 2025, the Company had RMB4,075.4 million (US$561.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB5,129.4 million as of March 31, 2024, respectively.

Net cash inflow from the Company's operating activities during the first quarter of 2025 was RMB253.4 million (US$34.9 million), compared with net cash outflow of RMB181.8 million in the corresponding period in 2024, primarily due to cash inflow generated from net income from operations in the first quarter of 2025.

Net cash inflow from the Company's investing activities during the first quarter of 2025 was RMB20.0 million (US$2.8 million), compared with net cash outflow of RMB59.1 million in the corresponding period in 2024, primarily due to increased redemptions of term deposits in the first quarter of 2025.

Net cash outflow to the Company's financing activities was RMB9.4 million (US$1.3 million) in the first quarter of 2025, compared with net cash outflow of RMB12.3 million in the corresponding period in 2024.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter of 2025 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

Dial-in details:

 
                               Noah First Quarter 2025 Earnings Conference 
Conference title:              Call 
                               Wednesday, May 28, 2025, at 8:00 p.m., U.S. 
                               Eastern Time Thursday, May 29, 2025, at 8:00 
Date/Time:                     a.m., Hong Kong Time 
Dial in: 
-- Hong Kong Toll Free:        800-963976 
-- United States Toll Free:    1-888-317-6003 
-- Mainland China Toll Free:   4001-206115 
-- International Toll:         1-412-317-6061 
Participant Password:          1593238 
                               ----------------------------------------------- 
 

A telephone replay will be available starting approximately one hour after the end of the conference until June 5, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9541104.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at http://ir.noahgroup.com.

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, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.

In the first quarter of 2025, Noah distributed RMB16.1 billion (US$2.2 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB149.3 billion (US$20.6 billion) as of March 31, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 463,161 registered clients as of March 31, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses.

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

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2025 ended March 31, 2025 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 RMB7.2567 to US$1.00, the effective noon buying rate for March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

 
                         Noah Holdings Limited 
                 Condensed Consolidated Balance Sheets 
                              (unaudited) 
                                                    As of 
                                     December 31,  March 31,   March 31, 
                                         2024         2025       2025 
                                     ------------  ----------  --------- 
                                       RMB'000      RMB'000     USD'000 
Assets 
 Current assets: 
  Cash and cash equivalents             3,822,339   4,075,358    561,599 
  Restricted cash                           8,696       8,435      1,162 
  Short-term investments                1,274,609   1,316,190    181,376 
  Accounts receivable, net                473,490     406,167     55,971 
  Amounts due from related parties        499,524     536,316     73,906 
  Loans receivable, net                   169,108     158,990     21,909 
  Other current assets                    226,965     217,566     29,982 
                                     ------------  ----------  --------- 
  Total current assets                  6,474,731   6,719,022    925,905 
 Long-term investments, net               971,099     888,987    122,506 
 Investment in affiliates               1,373,156   1,328,980    183,138 
 Property and equipment, net            2,382,247   2,368,830    326,434 
 Operating lease right-of-use 
   assets, net                            121,115     113,827     15,686 
 Deferred tax assets                      319,206     317,107     43,699 
 Other non-current assets                 137,291     136,959     18,873 
                                     ------------  ----------  --------- 
Total Assets                           11,778,845  11,873,712  1,636,241 
                                     ============  ==========  ========= 
 
Liabilities and Equity 
 Current liabilities: 
  Accrued payroll and welfare 
     expenses                             412,730     422,444     58,214 
  Income tax payable                       63,892      75,108     10,350 
  Deferred revenues                        72,259      72,415      9,979 
  Contingent liabilities                  476,107     473,328     65,226 
  Other current liabilities               404,288     353,214     48,674 
                                     ------------  ----------  --------- 
  Total current liabilities             1,429,276   1,396,509    192,443 
                                     ------------  ----------  --------- 
 Deferred tax liabilities                 246,093     244,205     33,652 
 Operating lease liabilities, non- 
   current                                 75,725      64,066      8,829 
 Other non-current liabilities             15,011      14,003      1,930 
                                     ------------  ----------  --------- 
 Total Liabilities                      1,766,105   1,718,783    236,854 
                                     ------------  ----------  --------- 
 Equity                                10,012,740  10,154,929  1,399,387 
                                     ------------  ----------  --------- 
Total Liabilities and Equity           11,778,845  11,873,712  1,636,241 
                                     ============  ==========  ========= 
 
 
                 Noah Holdings Limited 
             Condensed Consolidated Income Statements 
 (In RMB'000, except for ADS data, per ADS data and percentages) 
                           (unaudited) 
 
                                  Three months ended 
                     March 31,   March 31,   March 31,    Change 
                        2024        2025        2025 
                      RMB'000     RMB'000     USD'000 
Revenues: 
Revenues from 
others: 
 One-time 
  commissions           185,255     154,991      21,358   (16.3 %) 
 Recurring service 
  fees                  155,165     151,596      20,890    (2.3 %) 
 Performance-based 
  income                  5,528      13,986       1,927    153.0 % 
 Other service fees      34,960      36,863       5,080      5.4 % 
                     ----------              ---------- 
Total revenues from 
 others                 380,908     357,436      49,255    (6.2 %) 
Revenues from funds 
Gopher/Olive 
manages: 
 One-time 
  commissions             1,827       3,750         517    105.3 % 
 Recurring service 
  fees                  262,689     244,380      33,676    (7.0 %) 
 Performance-based 
  income                  8,844      14,529       2,002     64.3 % 
                     ----------  ----------  ----------  --------- 
Total revenues from 
funds 
  Gopher/Olive 
manages                 273,360     262,659      36,195    (3.9 %) 
                     ----------  ----------  ----------  --------- 
Total revenues          654,268     620,095      85,450    (5.2 %) 
Less: VAT related 
 surcharges             (4,733)     (5,501)       (758)     16.2 % 
                     ----------  ----------  ----------  --------- 
Net revenues            649,535     614,594      84,692    (5.4 %) 
                     ----------  ----------  ----------  --------- 
Operating costs and 
expenses: 
 Compensation and 
 benefits 
   Relationship 
   manager                                                (15.1 %) 
   compensation       (144,295)   (122,568)    (16,890) 
   Other 
    compensations     (244,490)   (181,327)    (24,989)   (25.8 %) 
                     ----------  ----------  ----------  --------- 
 Total compensation 
  and benefits        (388,785)   (303,895)    (41,879)   (21.8 %) 
 Selling expenses      (62,332)    (51,072)     (7,038)   (18.1 %) 
 General and 
 administrative 
    expenses           (71,116)    (64,441)     (8,880)    (9.4 %) 
 Reversal of 
  (provision for) 
  credit    losses           97     (2,810)       (387)  .N.A 
 Other operating 
  expenses             (17,146)    (15,699)     (2,163)    (8.4 %) 
 Government grants       11,233       9,331       1,286   (16.9 %) 
                     ----------  ----------  ----------  --------- 
Total operating                                           (18.8 %) 
costs and expenses    (528,049)   (428,586)    (59,061) 
                     ----------  ----------  ----------  --------- 
Income from 
 operations             121,486     186,008      25,631     53.1 % 
                     ----------  ----------  ----------  --------- 
Other income: 
 Interest income         46,185      32,801       4,520   (29.0 %) 
 Investment income        5,185       6,270         864     20.9 % 
 Other income 
  (expenses)              3,935     (3,081)       (425)  .N.A 
                     ----------  ----------  ----------  --------- 
Total other income       55,305      35,990       4,959   (34.9 %) 
                     ----------  ----------  ----------  --------- 
Income before taxes 
 and income    from 
 equity in 
 affiliates             176,791     221,998      30,590     25.6 % 
Income tax expense     (42,686)    (60,605)     (8,352)     42.0 % 
Loss from equity in 
 affiliates             (2,242)    (11,574)     (1,595)    416.2 % 
                     ----------  ----------  ----------  --------- 
Net income              131,863     149,819      20,643     13.6 % 
Less: net income 
attributable to 
   non-controlling 
interests                   372         855         118    129.8 % 
                     ----------  ----------  ----------  --------- 
Net income 
attributable to 
Noah 
   shareholders         131,491     148,964      20,525     13.3 % 
                     ==========  ==========  ==========  ========= 
 
Income per ADS, 
 basic                     1.88        2.13        0.29     13.3 % 
Income per ADS, 
 diluted                   1.88        2.11        0.29     12.2 % 
 
 Margin analysis: 
Operating margin         18.7 %      30.3 %      30.3 % 
Net margin               20.3 %      24.4 %      24.4 % 
Weighted average 
ADS equivalent 
([1]) : 
Basic                69,781,578  69,913,957  69,913,957 
Diluted              69,788,638  70,600,397  70,600,397 
ADS equivalent       65,685,535  66,508,418  66,508,418 
 outstanding at end 
 of period 
 
([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 
                        March 31,  March 31,  March 31, 
                           2024       2025       2025     Change 
                        ---------  ---------  ---------  --------- 
                         RMB'000    RMB'000    USD'000 
Net income                131,863    149,819     20,643     13.6 % 
Other comprehensive 
income, net of tax: 
Foreign currency 
 translation 
 adjustments               53,400   (22,834)    (3,147)       N.A. 
Fair value fluctuation 
 of available-for-sale 
 investment                     -        233         32       N.A. 
Comprehensive income      185,263    127,218     17,528   (31.3 %) 
 Less: Comprehensive 
  (loss) gain 
  attributable to 
  non-controlling 
  interests                 (492)        910        125       N.A. 
                        ---------  ---------  ---------  --------- 
Comprehensive income 
 attributable to Noah                                     (32.0 %) 
   shareholders           185,755    126,308     17,403 
                        =========  =========  =========  ========= 
 
 
 
 
                          Noah Holdings Limited 
                         Supplemental Information 
                               (unaudited) 
                                   As of 
                       March 31,          March 31, 
                           2024               2025             Change 
                    -----------------  -----------------  ---------------- 
 
Number of 
 registered 
 clients                      457,705            463,161             1.2 % 
 
 
 
 
 
                             Three months ended 
                        March 31,         March 31, 
                           2024               2025             Change 
                    -----------------  -----------------  ---------------- 
                     (in millions of RMB, except number of active clients 
                                       and percentages) 
Number of active 
 clients                       10,391              8,822          (15.1 %) 
Transaction value: 
   Private equity 
    products                    1,195              1,461            22.3 % 
   Private 
    secondary 
    products                    3,772              6,114            62.1 % 
   Mutual fund 
    products                   12,610              7,595          (39.8 %) 
   Other products               1,309                934          (28.6 %) 
                    -----------------  -----------------  ---------------- 
Total transaction 
 value                         18,886             16,104          (14.7 %) 
 
 
                                                 Noah Holdings Limited 
                                     Segment Condensed Income Statements 
                                                 (unaudited) 
 
                                                           Three months ended March 31, 2025 
 
                                                                                    Overseas 
                        Domestic    Domestic               Overseas    Overseas   insurance and 
                         public      asset     Domestic     wealth      asset     comprehensive 
                       securities  management  insurance  management  management    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             14,034          68      6,474     105,689       5,532         23,194             -    154,991 
  Recurring service 
   fees                    85,803      35,392          -       9,120      21,281              -             -    151,596 
  Performance-based 
   income                  13,800          45          -           -         141              -             -     13,986 
  Other service fees            -           -          -      16,315           -          6,992        13,556     36,863 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues from 
 others                   113,637      35,505      6,474     131,124      26,954         30,186        13,556    357,436 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Revenues from funds 
Gopher/Olive 
manages 
  One-time 
   commissions              3,336           -          -         290         124              -             -      3,750 
  Recurring service 
   fees                    10,669     131,673          -      30,611      71,427              -             -    244,380 
  Performance-based 
   income                   1,076           -          -           -      13,453              -             -     14,529 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues from 
 funds  Gopher/Olive 
 manages                   15,081     131,673          -      30,901      85,004              -             -    262,659 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues            128,718     167,178      6,474     162,025     111,958         30,186        13,556    620,095 
Less: VAT related 
 surcharges               (1,252)       (186)       (37)           -           -              -       (4,026)    (5,501) 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Net revenues              127,466     166,992      6,437     162,025     111,958         30,186         9,530    614,594 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Operating costs and 
expenses: 
  Compensation and 
  benefits 
  Relationship 
   managers 
   compensation          (21,798)    (14,966)    (8,692)    (70,217)     (1,303)        (5,592)             -  (122,568) 
  Other compensations     (7,050)    (15,918)    (7,598)    (19,840)    (14,956)       (11,554)     (104,411)  (181,327) 
                                   ----------  ---------  ---------- 
 Total compensation 
  and benefits           (28,848)    (30,884)   (16,290)    (90,057)    (16,259)       (17,146)     (104,411)  (303,895) 
 Selling expenses         (3,140)     (2,044)    (3,669)    (12,857)     (5,361)        (2,606)      (21,395)   (51,072) 
 General and 
  administrative 
     expenses               (118)     (1,092)    (2,213)     (1,047)       (205)          $(575.SI)$      (59,191)   (64,441) 
 Provision for credit 
  losses                        -           -          -           -           -        (1,600)       (1,210)    (2,810) 
 Other operating 
  expenses                  (410)     (2,380)          -           -           -        (5,523)       (7,386)   (15,699) 
 Government grants             40       5,309         12           -           -              -         3,970      9,331 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total operating costs 
 and   expenses          (32,476)    (31,091)   (22,160)   (103,961)    (21,825)       (27,450)     (189,623)  (428,586) 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Income (loss) from 
 operations                94,990     135,901   (15,723)      58,064      90,133          2,736     (180,093)    186,008 
                       ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
 
 
                                                    Noah Holdings Limited 
                                              Segment Condensed Income Statements 
                                                          (unaudited) 
 
                                                              Three months ended March 31, 2024 
                                                                                          Overseas 
                              Domestic    Domestic               Overseas    Overseas   insurance and 
                               public      asset     Domestic     wealth      asset     comprehensive 
                             securities  management  insurance  management  management    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             3,316         657     18,863     128,715       3,661         30,043             -    185,255 
 Recurring service fees          92,210      48,060          -       4,356      10,164              -           375    155,165 
 Performance-based income         4,366           -          -           -       1,162              -             -      5,528 
 Other service fees                   -           -          -      15,566           -          6,666        12,728     34,960 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues from others       99,892      48,717     18,863     148,637      14,987         36,709        13,103    380,908 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Revenues from funds 
 Gopher/Olive manages 
 One-time commissions             1,683           -          -         101          43              -             -      1,827 
 Recurring service fees          17,420     146,037          -      29,763      69,469              -             -    262,689 
 Performance-based income         1,156         634          -           -       7,054              -             -      8,844 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues from funds 
    Gopher/Olive manages         20,259     146,671          -      29,864      76,566              -             -    273,360 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total revenues                  120,151     195,388     18,863     178,501      91,553         36,709        13,103    654,268 
Less: VAT related 
 surcharges                     (1,088)       (467)      (163)           -           -              -       (3,015)    (4,733) 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Net revenues                    119,063     194,921     18,700     178,501      91,553         36,709        10,088    649,535 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Operating costs and 
expenses: 
 Compensation and benefits 
      Relationship managers 
       compensation            (29,161)     (9,231)   (19,102)    (85,482)     (1,177)          (142)             -  (144,295) 
      Other compensations       (9,234)    (23,182)   (12,386)    (49,344)    (13,242)       (11,448)     (125,654)  (244,490) 
 Total compensation and 
  benefits                     (38,395)    (32,413)   (31,488)   (134,826)    (14,419)       (11,590)     (125,654)  (388,785) 
 Selling expenses               (2,967)     (2,570)      (825)    (33,688)     (6,654)          (268)      (15,360)   (62,332) 
 General and administrative 
   expenses                       (198)     (3,002)   (12,829)     (5,265)     (1,795)        (1,070)      (46,957)   (71,116) 
 (Provision for) reversal 
  of  credit losses                   -           -          -           -           -        (3,637)         3,734         97 
 Other operating expenses         (451)       (976)       (17)           -           -        (1,403)      (14,299)   (17,146) 
 Government grants                3,175       4,092          7           -           -              -         3,959     11,233 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Total operating costs and 
  expenses                     (38,836)    (34,869)   (45,152)   (173,779)    (22,868)       (17,968)     (194,577)  (528,049) 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
Income (loss) from 
 operations                      80,227     160,052   (26,452)       4,722      68,685         18,741     (184,489)    121,486 
                             ----------  ----------  ---------  ----------  ----------  -------------  ------------  --------- 
 
 
 
                          Noah Holdings Limited 
                    Additional Business Information 
                              (unaudited) 
 
                               Three months ended March 31, 2025 
                         Wealth       Asset 
                        Management   Management     Other 
                         Business     Business    Businesses    Total 
                       -----------  -----------  -----------  ---------- 
                         RMB'000      RMB'000      RMB'000     RMB'000 
 
Revenues: 
Revenues from others: 
   One-time 
    commissions            154,991            -            -     154,991 
   Recurring service 
    fees                   151,596            -            -     151,596 
   Performance-based 
    income                  13,986            -            -      13,986 
   Other service fees       25,477            -       11,386      36,863 
                       -----------  -----------  -----------  ---------- 
Total revenues from 
 others                    346,050            -       11,386     357,436 
                       -----------  -----------  -----------  ---------- 
Revenues from funds 
Gopher/Olive 
manages: 
   One-time 
    commissions              2,639        1,111            -       3,750 
   Recurring service 
    fees                    81,426      162,954            -     244,380 
   Performance-based 
    income                       -       14,529            -      14,529 
Total revenues from 
funds    Gopher/Olive 
manages                     84,065      178,594            -     262,659 
                       -----------  -----------  -----------  ---------- 
Total revenues             430,115      178,594       11,386     620,095 
Less: VAT related 
 surcharges                (2,008)        (188)      (3,305)     (5,501) 
Net revenues               428,107      178,406        8,081     614,594 
                       -----------  -----------  -----------  ---------- 
Operating costs and 
expenses: 
 Compensation and 
 benefits 
     Relationship 
     manager 
     compensation        (122,103)        (465)            -   (122,568) 
     Other 
      compensations      (118,617)     (53,594)      (9,116)   (181,327) 
                       -----------  -----------  -----------  ---------- 
 Total compensation 
  and benefits           (240,720)     (54,059)      (9,116)   (303,895) 
 Selling expenses         (35,429)     (10,210)      (5,433)    (51,072) 
 General and 
 administrative 
  expenses                (42,196)     (13,251)      (8,994)    (64,441) 
 Provision for credit 
  losses                   (1,219)        (438)      (1,153)     (2,810) 
 Other operating 
  expenses                 (7,644)      (2,380)      (5,675)    (15,699) 
 Government grants           4,002        5,315           14       9,331 
                                    -----------  -----------  ---------- 
Total operating costs 
 and expenses            (323,206)     (75,023)     (30,357)   (428,586) 
                       -----------  -----------  -----------  ---------- 
Income (loss) from 
 operations                104,901      103,383     (22,276)     186,008 
                       -----------  -----------  -----------  ---------- 
 
 
                         Noah Holdings Limited 
                    Additional Business Information 
                              (unaudited) 
 
                               Three months ended March 31, 2024 
                         Wealth       Asset 
                        Management   Management     Other 
                         Business     Business    Businesses    Total 
                       -----------  -----------  -----------  ---------- 
                         RMB'000      RMB'000      RMB'000     RMB'000 
 
Revenues: 
Revenues from others: 
   One-time 
    commissions            185,255            -            -     185,255 
   Recurring service 
    fees                   155,165            -            -     155,165 
   Performance-based 
    income                   5,528            -            -       5,528 
   Other service fees       25,711            -        9,249      34,960 
                       -----------  -----------  -----------  ---------- 
Total revenues from 
 others                    371,659            -        9,249     380,908 
                       -----------  -----------  -----------  ---------- 
Revenues from funds 
Gopher/Olive 
manages: 
   One-time 
    commissions              1,793           34            -       1,827 
   Recurring service 
    fees                    89,719      172,970            -     262,689 
   Performance-based 
    income                   1,039        7,805            -       8,844 
Total revenues from 
funds    Gopher/Olive 
manages                     92,551      180,809            -     273,360 
                       -----------  -----------  -----------  ---------- 
Total revenues             464,210      180,809        9,249     654,268 
Less: VAT related 
 surcharges                (1,530)        (440)      (2,763)     (4,733) 
Net revenues               462,680      180,369        6,486     649,535 
                       -----------  -----------  -----------  ---------- 
Operating costs and 
expenses: 
 Compensation and 
 benefits 
     Relationship 
     manager 
     compensation        (136,644)      (7,651)            -   (144,295) 
     Other 
      compensations      (164,652)     (61,548)     (18,290)   (244,490) 
                       -----------  -----------  -----------  ---------- 
 Total compensation 
  and benefits           (301,296)     (69,199)     (18,290)   (388,785) 
 Selling expenses         (47,547)     (11,825)      (2,960)    (62,332) 
 General and 
 administrative 
  expenses                (43,641)     (16,605)     (10,870)    (71,116) 
 (Provision for) 
 reversal of credit 
  losses                   (4,735)        (996)        5,828          97 
 Other operating 
  expenses                 (7,306)        (974)      (8,866)    (17,146) 
 Government grants           7,108        4,093           32      11,233 
                                    -----------  -----------  ---------- 
Total operating costs 
 and expenses            (397,417)     (95,506)     (35,126)   (528,049) 
                       -----------  -----------  -----------  ---------- 
Income (loss) from 
 operations                 65,263       84,863     (28,640)     121,486 
                       -----------  -----------  -----------  ---------- 
 
 
                       Noah Holdings Limited 
            Supplement Revenue Information by Geography 
                            (unaudited) 
 
                                  Three months ended 
                        March 31,       March 31, 
                           2024             2025         Change 
                     ---------------  ---------------  ----------- 
                       (in thousands of RMB, except percentages) 
 
Revenues: 
   Mainland China    347,505          315,927          (9.1 %) 
   Hong Kong         234,403          227,148          (3.1 %) 
   Others            72,360           77,020           6.4 % 
                     ---------------  ---------------  ----------- 
Total revenues       654,268          620,095          (5.2 %) 
                     ---------------  ---------------  ----------- 
 
 
                         Noah Holdings Limited 
            Supplement Revenue Information by Product Types 
                              (unaudited) 
 
                                      Three months ended 
                           March 31,       March 31, 
                              2024             2025          Change 
                         --------------  ---------------  ------------ 
                           (in thousands of RMB, except percentages) 
 
Mainland China: 
   Public securities 
    products [1]         120,151         128,720          7.1 % 
   Private equity 
    products             195,388         166,769          (14.6 %) 
   Insurance products    18,863          6,474            (65.7 %) 
   Others                13,103          13,964           6.6 % 
                         --------------  ---------------  ------------ 
   Subtotal              347,505         315,927          (9.1 %) 
 
Overseas: 
   Investment products 
    [2]                  130,238         156,714          20.3 % 
   Insurance products    150,217         115,976          (22.8 %) 
   Online business [3]   5,139           10,495           104.2 % 
   Others                21,169          20,983           (0.9 %) 
                         --------------  ---------------  ------------ 
   Subtotal              306,763         304,168          (0.8 %) 
                         --------------  ---------------  ------------ 
Total revenues           654,268         620,095          (5.2 %) 
 

[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 
                                         March 31,  March 31, 
                                            2024       2025      Change 
                                         ---------  ----------  -------- 
 
 
Net Revenues from Overseas (RMB, 
 million)                                    306.8       304.2   (0.8 %) 
 
Number of Overseas Registered Clients       15,725      18,207    15.8 % 
 
Number of Overseas Active Clients            2,745       3,384    23.3 % 
Transaction Value of Overseas 
 Investment Products    (RMB, billion)         8.4         8.1   (3.6 %) 
Number of Overseas Relationship 
 Managers                                       91         131    44.0 % 
Overseas Assets Under Management (RMB, 
 billion)                                     37.2        42.7    14.8 % 
 
 
                         Noah Holdings Limited 
               Reconciliation of GAAP to Non-GAAP Results 
           (In RMB, except for per ADS data and percentages) 
                           (unaudited) ([12]) 
                                                Three months ended 
                                          March 31,  March 31,   Change 
                                            2024       2025 
                                          ---------  ---------  -------- 
                                           RMB'000    RMB'000 
 
Net income attributable to Noah 
 shareholders                               131,491    148,964    13.3 % 
Adjustment for share-based compensation      36,599     24,780  (32.3 %) 
Less: Tax effect of adjustments               6,922      4,956  (28.4 %) 
Adjusted net income attributable to Noah 
   shareholders (non-GAAP)                  161,168    168,788     4.7 % 
 
Net margin attributable to Noah 
 shareholders                                20.2 %     24.2 % 
Non-GAAP net margin attributable to Noah 
   shareholders                              24.8 %     27.5 % 
 
Net income attributable to Noah 
 shareholders per   ADS, diluted               1.88       2.11    12.2 % 
Non-GAAP net income attributable to Noah 
   shareholders per ADS, diluted               2.31       2.39     3.5 % 
 
 
([1]) Noah's Non-GAAP financial measures are its corresponding GAAP financial 
measures excluding the effects of all forms of share-based compensation 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 investors who 
purchase investment products distributed or receive services provided by us 
during that given period. 
([3]) "Other products" refers to other investment products, which includes 
insurance products, multi-strategies products and others. 
([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. 
([6]) Operates under the Noah Upright brand 
([7]) Operates under the Gopher Asset Management brand 
([8]) Operates under the Glory brand 
([9]) Operates under the ARK Wealth Management brand 
([10]) Operates under the Olive Asset Management brand 
([11]) Operates under the Glory Family Heritage brand 
([12]) Noah's Non-GAAP financial measures reflect the respective most directly 
comparable GAAP financial measures excluding the effects of all forms of 
share-based compensation and net of relevant tax impact, if any. 
 

View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2025-302467305.html

SOURCE Noah Holdings Limited

 

(END) Dow Jones Newswires

May 28, 2025 16:30 ET (20:30 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10