NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026 USA - English APAC - English

SINGAPORE, May 27, 2026 /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, announced its unaudited financial results for the first quarter of 2026.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

FIRST QUARTER 2026 OPERATIONAL UPDATES

The Company reports its operational performance across six business segments — three domestic and three overseas — plus headquarters. The following updates provide segment-specific operating metrics and developments during the first quarter of 2026.

Group-wide Operating Metrics

Distribution of Investment Products

Three months ended March 31,

2025

2026

(RMB in billions, except percentages)

Mutual fund products

7.6

47.2 %

12.9

55.3 %

Private secondary products

6.1

37.9 %

8.4

36.1 %

Private equity products

1.5

9.3 %

1.2

5.2 %

Other products [3]

0.9

5.6 %

0.8

3.4 %

All products

16.1

100.0 %

23.3

100.0 %

[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

[2] "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.

Type of products in mainland

Three months ended March 31,

China

2025

2026

(RMB in billions, except percentages)

Mutual fund products

4.3

53.7 %

9.9

64.7 %

Private secondary products

3.3

41.3 %

5.4

35.3 %

Other products

0.4

5.0 %

All products in mainland China

8.0

100.0 %

15.3

100.0 %

Three months ended March 31,

Type of overseas products

2025

2026

(RMB in billions, except percentages)

Mutual fund products

3.3

40.7 %

3.0

37.5 %

Private secondary products

2.8

34.6 %

3.0

37.5 %

Private equity products

1.5

18.5 %

1.2

15.0 %

Other products

0.5

6.2 %

0.8

10.0 %

All overseas products

8.1

100.0 %

8.0

100.0 %

Assets Under Management

Investment type

As of

December 31,

2025

Growth

Allocation/

Redemption [4]

As of

March 31,

2026

(RMB billions, except percentages)

Private equity

127.0

89.6 %

0.4

1.4

126.0

89.8 %

Public securities [5]

8.6

6.1 %

0.8

1.0

8.4

6.0 %

Real estate

4.1

2.9 %

0.1

4.0

2.9 %

Multi-strategies

2.0

1.4 %

0.2

1.8

1.3 %

All Investments

141.7

100.0 %

1.2

2.7

140.2

100.0 %

Mainland China

Investment type

As of

December 31,

2025

Growth

Allocation/

Redemption [5]

As of

March 31,

2026

(RMB billions, except percentages)

Private equity

93.6

94.3 %

1.3

92.3

94.6 %

Public securities

4.1

4.1 %

0.2

0.5

3.8

3.9 %

Real estate

0.2

0.2 %

0.1

0.1 %

Multi-strategies

1.4

1.4 %

1.4

1.4 %

All Investments

99.3

100.0 %

0.2

1.9

97.6

100.0 %

Overseas

Investment type

As of

December 31,

2025

Growth

Allocation/

Redemption [5]

As of

March 31,

2026

(RMB billions, except percentages)

Private equity

33.4

78.8 %

0.4

0.1

33.7

79.1 %

Public securities

4.5

10.6 %

0.6

0.5

4.6

10.8 %

Real estate

3.9

9.2 %

3.9

9.2 %

Multi-strategies

0.6

1.4 %

0.2

0.4

0.9 %

All Investments

42.4

100.0 %

1.0

0.8

42.6

100.0 %

[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.

Segment Operating Metrics

Domestic Business

Our domestic operations are organized into three reportable segments: Domestic public securities, Domestic asset management, and Domestic insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.

Domestic public securities

Domestic public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an "online-first, offline-supported" business model, with the goal of facilitating global asset allocation through RMB-denominated products.

Domestic asset management

Domestic asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.

Domestic insurance

Domestic insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the first quarter of 2026 were RMB1.4 million (US$0.2 million).

Overseas Business

Our overseas operations are organized into three reportable segments: Overseas wealth management, Overseas asset management, and Overseas insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.

Overseas wealth management

Overseas wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to provide comprehensive services using our booking center in Hong Kong and Singapore.

Overseas asset management

Overseas asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.

Overseas insurance and comprehensive services

Overseas insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive overseas services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.

Headquarters

Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: "Entering 2026, Noah stands structurally different and is entering what we define as the 'growth verification phase'. Our performance in the first quarter reflects this momentum, with income from operations reaching RMB236.4 million, a 27.1% increase from the corresponding period in 2025. This growth was driven by disciplined cost controls and a robust recovery in our domestic public securities segment, which saw a 75.7% surge in operating income.

Our vision for 2026 and beyond is anchored in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core part of our structural infrastructure. Strategically, we are moving beyond single-market reliance to a model of global multi-market synergy. Our global architecture—comprising ARK for client connectivity, Olive for global asset management, and Glory for family heritage services—is now firmly in place. In Singapore, we pioneered the 'AI + Wealth Management' department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by a 191.7% growth in AUA from December 31, 2025 to March 31, 2026. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.

With a solid balance sheet and a commitment to long-term value, we remain focused on sharing our success with shareholders. While the environment remains dynamic, the combination of our structural resilience, international breakthrough, and AI-driven evolution positions Noah to follow a more sustainable and prosperous path over time."

FIRST QUARTER 2026 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products.

Net Revenues under the segmentation are as follows:

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

127.5

207.8

63.1 %

Domestic asset management

167.0

174.5

4.5 %

Domestic insurance

6.4

1.4

(78.9 %)

Overseas wealth management

162.0

104.0

(35.8 %)

Overseas asset management

112.0

91.7

(18.1 %)

Overseas insurance and comprehensive services

30.2

37.6

24.4 %

Headquarters

9.5

8.8

(7.8 %)

Total net revenues

614.6

625.8

1.8 %

Operating Costs and Expenses

Income(loss) from operations

Income(loss) from operations under the segmentation is as follows:

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

95.0

166.9

75.7 %

Domestic asset management

135.9

151.4

11.4 %

Domestic insurance

(15.7)

(3.6)

(77.1 %)

Overseas wealth management

58.1

25.4

(56.2 %)

Overseas asset management

90.1

59.1

(34.5 %)

Overseas insurance and comprehensive services

2.7

4.9

79.7 %

Headquarters

(180.1)

(167.7)

(6.9 %)

Total income from operations

186.0

236.4

27.1 %

Operating Margin

Operating margin for the first quarter of 2026 was 37.8%, compared with 30.3% for the corresponding period in 2025.

Interest Income

Interest income for the first quarter of 2026 was RMB32.0 million (US$4.6 million), a 2.3% decrease from the corresponding period in 2025.

Investment (Loss) Income

Investment loss for the first quarter of 2026 was RMB2.0 million (US$0.3 million), compared with income of RMB6.3 million in the corresponding period in 2025, primarily due to unrealized losses resulting from fair value changes in certain equity securities.

Income Tax Expense

Income tax expense for the first quarter of 2026 was RMB66.7 million (US$9.7 million), a 10.0% increase from the corresponding period in 2025.

Net Income

Non-GAAP Net Income Attributable to Noah Shareholders

BALANCE SHEET AND CASH FLOW

As of March 31, 2026, the Company had RMB4,280.7 million (US$620.6 million) in cash and cash equivalents, compared with RMB4,360.9 million as of December 31, 2025 and RMB4,075.4 million as of March 31, 2025.

Net cash inflow from the Company's operating activities during the first quarter of 2026 was RMB212.4 million (US$30.8 million), compared with RMB253.4 million in the corresponding period in 2025, primarily attributable to changes in net income and the non-cash adjustment for equity method investments.

Net cash outflow from the Company's investing activities during the first quarter of 2026 was RMB123.7 million (US$17.9 million), compared with a net cash inflow of RMB20.0 million in the corresponding period in 2025, primarily due to the purchase of certain time deposits with a maturity of more than three months in the first quarter of 2026.

Net cash outflow from the Company's financing activities was RMB129.0 million (US$18.7 million) in the first quarter of 2026, compared to net cash outflow of RMB9.4 million in the corresponding period in 2025, primarily due to share repurchases in the first quarter of 2026.

CONFERENCE CALL

The Company's senior management will host an earnings conference call to discuss its Q1 2026 Results and recent business activities. Details of the conference call are as follows:

Dial-in details：

Conference title：

Noah Holdings 1Q 2026 Earnings Conference Call

Date/Time：

Wednesday, May 27, 2026 at 8:00 p.m., U.S. Eastern Time

Thursday, May 28, 2026 at 8:00 a.m., Hong Kong Time

Dial in:

– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

+86-4001-206115

– International Toll:

1-412-317-6061

Participant Password:

4079483

A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

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

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

ABOUT NOAH HOLDINGS LIMITED

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

In the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026.

Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.

For more information, please visit Noah's investor relations website at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 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,

2025

March 31,

2026

March 31,

2026

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

4,360,918

4,280,733

620,576

Restricted cash

11,143

11,247

1,630

Short-term investments

657,563

833,752

120,869

Accounts receivable, net

420,132

334,686

48,519

Amounts due from related parties

596,800

680,951

98,717

Loans receivable, net

112,416

111,690

16,192

Other current assets

201,573

211,822

30,708

Total current assets

6,360,545

6,464,881

937,211

Long-term investments, net

1,172,012

1,160,937

168,301

Investment in affiliates

1,326,131

1,142,706

165,658

Property and equipment, net

2,356,440

2,325,755

337,164

Operating lease right-of-use assets, net

103,027

92,047

13,344

Deferred tax assets

310,287

310,049

44,948

Other non-current assets

112,492

115,565

16,753

Total Assets

11,740,934

11,611,940

1,683,379

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

407,558

404,475

58,637

Income tax payable

147,510

146,668

21,262

Deferred revenues

54,398

58,961

8,548

Contingent liabilities

505,496

504,920

73,198

Other current liabilities

312,240

244,855

35,497

Total current liabilities

1,427,202

1,359,879

197,142

Deferred tax liabilities

263,608

261,653

37,932

Operating lease liabilities, non-current

60,344

52,475

7,607

Other non-current liabilities

6,820

6,936

1,006

Total Liabilities

1,757,974

1,680,943

243,687

Equity

9,982,960

9,930,997

1,439,692

Total Liabilities and Equity

11,740,934

11,611,940

1,683,379

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

March 31,

2025

2026

Change

RMB'000

USD'000

Revenues:

Revenues from others:

One-time commissions

154,991

113,065

16,391

(27.1 %)

Recurring service fees

151,596

147,525

21,387

(2.7 %)

Performance-based income

13,986

80,585

11,682

476.2 %

Other service fees

36,863

33,878

4,911

(8.1 %)

Total revenues from others

357,436

375,053

54,371

4.9 %

Revenues from funds Gopher/Olive manages:

One-time commissions

3,750

1,191

173

(68.2 %)

Recurring service fees

244,380

234,594

34,009

(4.0 %)

Performance-based income

14,529

20,074

2,910

38.2 %

Total revenues from funds Gopher/Olive manages

262,659

255,859

37,092

(2.6 %)

Total revenues

620,095

630,912

91,463

1.7 %

Less: VAT related surcharges

(5,501)

(5,161)

(748)

(6.2 %)

Net revenues

614,594

625,751

90,715

1.8 %

Operating costs and expenses:

Compensation and benefits

Relationship manager compensation

(122,568)

(102,462)

(14,854)

(16.4 %)

Other compensations

(181,327)

(164,280)

(23,817)

(9.4 %)

Total compensation and benefits

(303,895)

(266,742)

(38,671)

(12.2 %)

Selling expenses

(51,072)

(36,207)

(5,249)

(29.1 %)

General and administrative expenses

(64,441)

(66,835)

(9,689)

3.7 %

Provision for credit losses

(2,810)

(3,170)

(460)

12.8 %

Other operating expenses

(15,699)

(16,574)

(2,403)

5.6 %

Government subsidies

9,331

215

(97.7 %)

Total operating costs and expenses

(428,586)

(389,313)

(56,441)

(9.2 %)

Income from operations

186,008

236,438

34,274

27.1 %

Other income (expense):

Interest income

32,801

32,048

4,646

(2.3 %)

Investment income (loss)

6,270

(2,011)

(292)

N.A.

Contingent litigation expenses, net

(2,730)

(396)

N.A.

Other expense

(3,081)

(8,528)

(1,236)

176.8 %

Total other income

35,990

18,779

2,722

(47.8 %)

Income before taxes and income from equity in affiliates

221,998

255,217

36,996

15.0 %

Income tax expense

(60,605)

(66,660)

(9,664)

10.0 %

Loss from equity in affiliates

(11,574)

(65,343)

(9,473)

464.6 %

Net income

149,819

123,214

17,859

(17.8 %)

Less: net income (loss) attributable to non-controlling

interests

855

(1,501)

(218)

N.A.

Net income attributable to Noah shareholders

148,964

124,715

18,077

(16.3 %)

Income per ADS, basic

2.13

1.81

0.26

(15.0 %)

Income per ADS, diluted

2.11

1.79

0.26

(15.2 %)

Margin analysis:

Operating margin

30.3 %

37.8 %

Net margin

24.4 %

19.7 %

Weighted average ADS equivalent [1]:

Basic

69,913,957

69,020,208

Diluted

70,600,397

69,819,250

ADS equivalent outstanding at end of period

66,508,418

65,446,158

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

March 31,

2025

2026

Change

RMB'000

USD'000

Net income

149,819

123,214

17,859

(17.8 %)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

(22,834)

(58,364)

(8,461)

155.6 %

Fair value fluctuation of available-for-sale Investment

(after tax)

233

Comprehensive income

127,218

65,083

9,432

(48.8 %)

Less: Comprehensive income (loss) attributable to

non-controlling interests

910

(1,421)

(206)

N.A.

Comprehensive income attributable to Noah

shareholders

126,308

66,504

9,638

(47.3 %)

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31, 2026

Domestic

public

securities

Domestic

asset

management

Domestic

insurance

Overseas

wealth

management

Overseas

asset

management

Overseas

insurance

and

comprehensive

services

Headquarters

Total

RMB'000

Revenues:

Revenues from others

One-time commissions

25,733

684

1,362

54,565

7,614

23,107

113,065

Recurring service fees

91,475

26,029

13,493

16,528

147,525

Performance-based income

80,569

80,585

Other service fees

7,389

14,450

12,039

33,878

Total revenues from others

197,777

26,713

1,362

75,447

24,158

37,557

12,039

375,053

Revenues from funds Gopher/Olive

manages

One-time commissions

1,021

170

1,191

Recurring service fees

8,375

131,000

28,567

66,652

234,594

Performance-based income

2,205

17,029

840

20,074

Total revenues from funds

Gopher/Olive manages

11,601

148,199

28,567

67,492

255,859

Total revenues

209,378

174,912

1,362

104,014

91,650

37,557

12,039

630,912

Less: VAT related surcharges

(1,541)

(364)

(5)

(3,251)

(5,161)

Net revenues

207,837

174,548

1,357

104,014

91,650

37,557

8,788

625,751

Operating costs and expenses:

Compensation and benefits

Relationship manager compensation

(30,398)

(4,728)

(508)

(51,913)

(9,879)

(5,036)

(102,462)

Other compensations

(7,130)

(17,001)

(2,820)

(15,947)

(19,492)

(11,215)

(90,675)

(164,280)

Total compensation and benefits

(37,528)

(21,729)

(3,328)

(67,860)

(29,371)

(16,251)

(90,675)

(266,742)

Selling expenses

(2,986)

(1,105)

(144)

(8,865)

(3,390)

(2,461)

(17,256)

(36,207)

General and administrative

expenses

(15)

(955)

(1,486)

(560)

(500)

(2,013)

(61,306)

(66,835)

Reversal of (Provision for) credit

losses

646

(3,476)

(340)

(3,170)

Other operating expenses

(388)

(204)

(1,280)

673

(8,440)

(6,935)

(16,574)

Government subsidies

207

215

Total operating costs and expenses

(40,911)

(23,140)

(4,956)

(78,565)

(32,588)

(32,641)

(176,512)

(389,313)

Income (loss) from operations

166,926

151,408

(3,599)

25,449

59,062

4,916

(167,724)

236,438

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

Revenues:

Revenues from others

One-time commissions

14,034

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

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 manager 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 subsidies

5,309

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

Supplemental Revenue Information by Geography

(unaudited)

Three months ended

March 31,

2025

March 31,

2026

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

315,927

397,691

25.9 %

Hong Kong

227,148

174,242

(23.3 %)

Others

77,020

58,979

(23.4 %)

Total revenues

620,095

630,912

1.7 %

Noah Holdings Limited

Supplemental Business Information by Product Types

(unaudited)

Three months ended

March 31,

2025

March 31,

2026

Change

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

128,720

209,378

62.7 %

Private equity products

166,769

174,912

4.9 %

Insurance products

6,474

1,362

(79.0 %)

Others

13,964

12,039

(13.8 %)

Subtotal

315,927

397,691

25.9 %

Overseas:

Investment products [2]

156,714

145,065

(7.4 %)

Insurance products

115,976

59,908

(48.3 %)

Online business [3]

10,495

9,378

(10.6 %)

Others

20,983

18,870

(10.1 %)

Subtotal

304,168

233,221

(23.3 %)

Total revenues

620,095

630,912

1.7 %

[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

Supplemental Operational Information

(unaudited)

As of

March 31,

2025

March 31,

2026

Change

Number of registered clients

463,161

468,983

1.3 %

Three months ended

March 31,

2025

March 31,

2026

Change

(in millions of RMB, except number of active clients and

percentages)

Number of active clients

8,822

10,742

21.8 %

Transaction value:

Private equity products

1,461

1,189

(18.6 %)

Private secondary products

6,114

8,367

36.8 %

Mutual fund products

7,595

12,899

69.8 %

Other products

934

864

(7.5 %)

Total transaction value

16,104

23,319

44.8 %

Noah Holdings Limited

Supplemental Information of Overseas Business

(unaudited)

Three months ended

March 31,

2025

March 31,

2026

Change

Net Revenues from Overseas (RMB, million)

304.2

233.2

(23.3 %)

Number of Overseas Registered Clients

18,207

20,373

11.9 %

Number of Overseas Active Clients

3,384

3,219

(4.9 %)

Transaction Value of Overseas Investment Products (RMB, billion)

8.1

8.0

(1.2 %)

Number of Overseas Relationship Managers

131

132

0.8 %

Overseas Assets Under Management (RMB, billion)

42.7

42.6

(0.2 %)

Overseas Assets Under Advisory (RMB, billion)

65.7

66.1

0.7 %

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Three months ended

March 31,

2025

2026

Change

RMB'000

Net income attributable to Noah shareholders

148,964

124,715

(16.3 %)

Adjustment for share-based compensation

24,780

11,349

(54.2 %)

Less: tax effect of adjustments

4,956

2,200

(55.6 %)

Adjusted net income attributable to Noah shareholders (non-GAAP)

168,788

133,864

(20.7 %)

Net margin attributable to Noah shareholders

24.2 %

19.9 %

Non-GAAP net margin attributable to Noah shareholders

27.5 %

21.4 %

Net income attributable to Noah shareholders per ADS, diluted

2.11

1.79

(15.2 %)

Non-GAAP net income attributable to Noah shareholders per ADS, diluted

2.39

1.92

(19.7 %)

SOURCE Noah Holdings Limited