SHANGHAI, Aug. 29, 2025 – Noah Holdings Limited (NYSE: NOAH and HKEX: 6686), a wealth management pioneer catering to global Chinese high-net-worth investors (HNWIs), today announced its unaudited financial results for the second quarter and first half of 2025. Let’s dive into the numbers and what they mean for the company’s future.
In Q2, Noah reported net revenues of RMB 630 million ($87.9 million USD), a modest 2.2% year-over-year increase. However, the real story lies in profitability: non-GAAP net income surged 78.2% year-over-year and 12.0% sequentially to RMB 189 million ($26.4 million USD). Income from operations also saw a healthy jump, rising 20.2% year-over-year to RMB 161 million ($22.5 million USD). This surge in profitability signals disciplined cost management and improved operating leverage at Noah. For the first half of 2025, Noah generated net revenues of RMB 1.24 billion and non-GAAP net income of RMB 358 million, a notable 33.9% year-over-year improvement.
Zander Yin, Co-Founder and CEO of Noah, highlighted the firm’s resilience in a challenging market: “We are pleased to report a solid performance that reflects our flexibility and resilience in navigating a challenging period for the wealth management industry.” He further emphasized the impact of strategic initiatives: “Profitability and revenue from investment products rebounded strongly on the back of our strategic initiatives over the past few quarters to improve operational efficiency and accelerate our overseas expansion.” Indeed, the numbers back this up, with overseas revenues now approaching 50% of total net revenues, validating Noah’s global expansion strategy.
Adding a dash of future-forward thinking, Yin also announced a strategic partnership with Coinbase Asset Management to launch Olive’s first stablecoin yield fund. “We shall expand our digital asset-related product lines and collaborate with licensed, compliant institutions to capture opportunities in this rapidly growing emerging asset class. This initiative aims to open new growth engines for our clients’ global asset allocation strategies, with future expansion opportunities in compliant digital-asset fund management.” This move positions Noah to capitalize on the growing interest in digital assets among its clientele.
Revenue Structure Gets a Makeover
Noah’s Q2 saw a significant shift in revenue composition. Revenue from distribution of investment products rocketed up 92.0% year-on-year and 30.6% sequentially. Consequently, commissions and service fees from distribution now account for over 30% of one-time commission revenue – a multi-year high. Demand for RMB-denominated products also grew, with transaction value increasing 35.0% year-over-year and 8.3% sequentially. USD-denominated transaction values were also up 5.2% year-over-year and 3.8% sequentially, bringing total transaction value to RMB 17.0 billion, a 17.7% year-over-year and 5.4% sequential rise.
As of June 30, Noah’s total assets under management (AUM) reached RMB 145.1 billion ($20.3 billion USD), with USD-denominated AUM climbing 7.4% to $5.8 billion USD. USD-denominated assets under advisory also saw a 6.6% jump to $9.1 billion USD, demonstrating the strength of Noah’s product offerings and global allocation expertise.
Overseas Expansion: Full Steam Ahead
The surge in Noah’s overseas business is undeniable. Net revenues from overseas products in Q2 hit RMB 297 million ($41.4 million USD), representing 47.1% of total net revenues. A striking 85% of newly generated revenue in the first half of the year came from overseas products, confirming the effectiveness of Noah’s global strategy. The company’s overseas relationship manager team has grown by 34.5% year-over-year to 152, enabling penetration into the market. This increased the total registered overseas client base to over 18,900, while the number of overseas active clients increased by 12.5% year-over-year.
Looking Ahead
Noah is focusing on these three strategic priorities to sustain growth and strengthen its competitive edge:
- Expand its global Chinese HNWI client base through a “Business Partner” model in mature markets like the United States, Canada, and Japan. This aims to foster engagement by pairing local expertise with Noah’s resources.
- Broaden its global product offerings across primary and secondary markets, including customized investment solutions and exclusive opportunities in partnerships and a digital-asset roadmap following the Coinbase stablecoin fund launch.
- Further enhance operational efficiency and client service by embedding AI throughout its functions while pursuing growth. Investments in its global booking-center network and digital platform will streamline client outreach, product integration and cross-border risk controls.
Yin noted, “As we continue to work toward strengthening our position in the market, we recognize that the broader economic environment presents uncertainties, and we remain vigilant in managing these challenges.” He concluded with confidence in the company’s strategy and balance sheet, adding, “Our focus remains on executing our strategy to drive long-term, sustainable growth while maintaining prudent oversight of market conditions to deliver steady returns for our shareholders. With streamlined operations, a fortress balance sheet, and deepening overseas presence, I am confident that we can successfully navigate this uncertain global environment.”
About Noah Holdings Limited
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH,” and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represents five ordinary shares, par value $0.00005 per share.
In the first half of 2025, Noah distributed RMB33.1 billion ($4.6 billion USD) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion ($20.3 billion USD) as of June 30, 2025.
Noah’s domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company’s wealth management business had 464,631 registered clients as of June 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategies and other investments denominated in RMB and other currencies. The Company also operates other businesses.
For more information, please visit Noah at ir.noahgroup.com.
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