SHANGHAI, November 25, 2025 — Noah Holdings Limited (NYSE: NOAH, HKEX: 6686) today announced its unaudited financial results for the third quarter of 2025. Against a backdrop of ongoing macroeconomic volatility and general pressure on industry revenues, Noah delivered a quarterly performance defined by "strong profitability, comprehensive structural upgrades, and the synchronized deployment of global and AI strategies." Through continuous structural optimization, global expansion, and intelligent empowerment, Noah has demonstrated robust and efficient operational resilience, accelerating its transformation from a traditional wealth management company into a leading intelligent cross-border wealth management platform for global Chinese.

This quarter, the Company achieved critical breakthroughs in its dual strategies of globalization and digitalization. With the comprehensive deployment of its AI strategy, the Group has deeply integrated digital empowerment across the entire chain, from client insights to operations. At the same time, the company continues to refine its global service network through booking centers. This expansion strengthens crosstimezone and multicurrency asset allocation capabilities, further solidifying the Company's future-oriented core competitiveness while demonstrating strong strategic execution and operational resilience. Operational efficiency and profit elasticity continue to improve, with investment products emerging as a new engine for growth.

Four Booking Centers Established in the United States, Singapore, Hong Kong, and Shanghai

Third Quarter 2025 Financial Highlights

Robust Financial Performance, Continually Strengthening Profitability

In the third quarter, Noah Holdings achieved a Non-GAAP net income of RMB 229 million, a year-over-year increase of 52.2% and a quarter-over-quarter increase of 21.2%. For the first three quarters of 2025, cumulative Non-GAAP net income reached RMB 587 million, up 40.5% year-over-year. Net revenues were RMB 633 million, remaining stable quarter-over-quarter and marking two consecutive quarters of sequential growth.

Driven by prudent investment strategies, strict cost control, and growth in investment income, the Company's net income significantly improved this quarter. As of the end of the third quarter, total cash and short-term investments remained stable at RMB 5.0 billion, underpinning a strong financial foundation to support ongoing business expansion.

In the third quarter, the Group's total transaction value reached RMB 17.0 billion, a year-over-year increase of 19.1%.

Robust AUM/AUA Growth, Overseas Markets Become Core Incremental Engine

In the third quarter, overseas business performance was outstanding, with net revenues reaching RMB 311 million, accounting for 49.1% of total net revenues, highlighting the effectiveness of the global layout. US dollar Assets Under Allocation (AUA) reached US$9.3 billion, up 6.8% year-over-year; US dollar Assets Under Management (AUM) were US$5.9 billion, up 5.3% year-over-year. The continued expansion of US dollar asset categories underscores Noah's ongoing success in capturing offshore investment demand and strengthening its international influence. The number of registered overseas clients increased to 19,543, up 13.1% year-over-year.

Domestic business developed steadily. Benefiting from an active A-share market, the transaction value of RMB private secondary products in the first three quarters surged 206% year-over-year. In the third quarter, Noah Upright saw an 8.7% year-over-year increase in net revenues, reflecting the directional success of Noah's strategy to "drive AUA growth through investment capabilities." Gopher Asset Management's net revenues grew steadily by 4.9%.

AI Strategy Enters "Institutionalized Operation," Building a Second Growth Curve

Noah Holdings continues to deepen its global operating system of "Four Global Booking Centers." The US entity will continue to advance its business steadily in accordance with regulatory requirements, while the Singapore, Hong Kong, and Shanghai hubs work in synergy. The global service network is constantly being refined to support a cross-market operations-driven model.

Regarding AI strategy, the Company launched the AI RM "Noya" in the third quarter. It is deeply integrated with professional investment research rationale, possessing capabilities in financial context understanding, investment strategy analysis, and market trend tracking. Under the supervision of licensed financial advisors, this innovative tool offers intelligent insights to clients through the iARK app, significantly enhancing the client experience. The operations-driven model uses an AI wealth management team to enhance data analysis and client service, enabling coverage of more clients.

Simultaneously, the Company officially launched its internal intelligent customer service system, "Noah Chat." Covering product inquiries, HR policies, market trends, and other information queries, it significantly improves the efficiency of middle- and back-office operations. These measures effectively drive the comprehensive application of AI technology across the entire business chain, bringing technological momentum into wealth management.

 Established Four Booking Centers Globally, Three Major Businesses Fully Delivered

In the third quarter, Noah's globalization strategy advanced further. Noah established its fourth booking center, marking the completion of the foundation for its global operational system. Key achievements included securing licenses in the US, expanding the team in Singapore, and reinforcing the roles of Hong Kong and Shanghai as core hubs for operations, compliance, and support. This increasingly refined global framework has laid a solid foundation for future cross-regional services and asset allocation.

Across business segments, Noah Holdings has established a pattern of differentiated development between domestic and overseas markets. Its overseas business maintained an overall configuration of "strong investment, weaker insurance," with the three core segments demonstrating effective synergy.

Regarding the overseas wealth management business, In the third quarter, Ark Wealth generated net revenues of RMB 150 million. While year-over-year performance was affected by softer overseas insurance sales, the business achieved robust 13.0% growth compared with the previous quarter. As of the end of Q3, the transaction volume of US dollar-denominated private secondary products for the first three quarters rose nearly 2.5-fold year-over-year, reflecting strong momentum in cross-border investment activity.

For the overseas asset management business, Olive Asset Management reported net revenues of RMB 120 million in the third quarter, marking an 8.6% increase quarter-over-quarter. This growth was primarily driven by higher management fees stemming from continuous AUM expansion, reflecting the Company’s deepening expertise in the overseas asset management market.

For the overseas comprehensive services, Glory Family Heritage generated net revenues of RMB 50 million in the third quarter, representing a 19.8% year-over-year increase. Leveraging a commission-only agent model, the business continues to operate its insurance segment in an asset-light manner, delivering more comprehensive service solutions to clients while maintaining a strategic focus on its core investment offerings.

Upgraded Client Full-Lifecycle Service Experience: More Robust, Healthier, and More Sustainable

Client assets increased significantly, attributable to strong investment results. As of the end of the third quarter, the Group's total number of registered clients reached 466,153, a 1.3% increase year-over-year, maintaining a stable client base. The number of Black Diamond clients reached 9,280, with overseas Black Diamond clients totaling 1,647, a year-over-year increase of 5.8%. The number of active clients was particularly impressive this quarter, reaching 10,650, a significant year-over-year increase of 35.5%.

The Group continues to upgrade its membership service system, building a service ecosystem covering the client's full lifecycle through the Noah Global Client “Noah Token” Program, Meanwhile, the Global Black Diamond Client Annual Meeting has developed into a high-end exchange platform for global Chinese high-net-worth clients, further consolidating client relationships.

Management Strategic Insights

Jingbo Wang, Co-Founder and Chairwoman of Noah Holdings

"In the third quarter, our global strategic layout made critical progress. By deepening our local operational capabilities in core markets like the US, we have further solidified our presence in key global markets. By fully integrating AI technology to enhance client acquisition and operational efficiency, we have taken a key step in our digital transformation. AI will bring structural changes to wealth management, shifting from a human-driven model to an operations-driven model within the next three to five years. Looking ahead, we will navigate cycles with robust operations and drive new growth with technology and globalization. Noah is entering a new cycle characterized by a light model, high efficiency, and service focus."

Zander Yin, Co-Founder and CEO of Noah Holdings

"The third quarter results validate the foresight of our strategic transformation. The increased proportion of investment products, along with global booking centers and AI projects moving from planning to deployment, highlight the effectiveness of our transformation. Moving forward, we will firmly proceed around three cores:
Firstly, with AUA and AUM as the fundamental growth metrics, we will deepen client engagement through full-lifecycle services, enhance client value, continuously drive client participation and penetration in investment products, and steadily promote AUA and AUM growth. 

Secondly, we will fully embrace AI, making technology an organizational capability and system to create better experiences for clients, improve efficiency for employees, and ultimately deliver sustainable returns for shareholders. At Noah, AI is not a 'PPT concept' but a truly institutionalized operational capability. We will advance the construction of full-link AI capabilities on a steady path.
Thirdly, we will deepen our global layout, using the four booking centers and three clear business units as leverage to continuously solidify our infrastructure capabilities for cross-border asset allocation."