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

By PR Newswire | May 28, 2025, 4:30 PM

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:

Investment type

As of 

December 31, 

2024





Growth



Allocation/ Redemption[4]



As of

March 31, 

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:

Mainland China

Investment type

As of 

December 31, 

2024





Growth



Allocation/

Redemption



As of

March 31, 

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 %

 

Overseas

Investment type

As of 

December 31, 

2024





Growth



Allocation/

Redemption



As of

March 31, 

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: 

Conference title:

Noah First Quarter 2025 Earnings Conference Call

Date/Time:

Wednesday, May 28, 2025, at 8:00 p.m., U.S. Eastern Time

Thursday, May 29, 2025, 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 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

compensation

 

(144,295)



 

(122,568)



 

(16,890)



 

(15.1 %)

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 costs and expenses 

 

(528,049)



 

(428,586)



 

(59,061)



 

(18.8 %)

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 outstanding at end

of period

65,685,535



 

66,508,418



 

66,508,418









 

[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,

2024



March 31,

2025



March 31,

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

   shareholders

185,755



126,308



17,403



 

(32.0 %)











































 

Noah Holdings Limited

Supplemental Information 

(unaudited) 



As of 







March 31, 

2024



March 31, 

2025



Change













Number of registered clients 

457,705



463,161



1.2 %































































Three months ended 







March 31,

2024



March 31, 

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







































Domestic

public

securities



Domestic

asset

management



Domestic

insurance



Overseas

wealth

management



Overseas

asset

management



Overseas

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



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)



(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



Domestic

public

securities



Domestic

asset

management



Domestic

insurance



Overseas

wealth

management



Overseas

asset

management



Overseas

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

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 

Management

Business



Asset 

Management

Business



Other

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 

Management

Business



Asset 

Management

Business



Other

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,

2024



March 31, 

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,

2024



March 31, 

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,

2024



March 31, 

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

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