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Noah Holdings (NOAH) investor relations material

Noah Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Net revenues for Q2 2025 reached RMB630 million, up 2.2% year over year, with non-GAAP net income up 78.2% to RMB189 million and net income attributable to shareholders up 79.0%.

  • Overseas business accounted for 47.1% of total net revenue, with significant growth in client base and transaction value.

  • Active client base grew 6.1% year over year, with overseas active clients up 12.5%.

  • Expanded global product offerings, including VC/PE funds, private credit, hedge funds, and digital asset solutions.

  • Assets under management remained stable at RMB145.1 billion, with overseas AUM rising 5.9% year over year.

Financial highlights

  • Q2 net revenues: RMB630 million; H1 net revenues: RMB1.2 billion.

  • Q2 non-GAAP net income: RMB189 million, up 78.2% year over year and 12% sequentially; H1 non-GAAP net income: RMB358 million, up 33.9% year over year.

  • Operating margin improved to 25.6% from 21.8% a year ago.

  • Net margin attributable to shareholders rose to 28.4% from 16.2% in Q2 2024.

  • Total transaction value reached RMB17 billion, up 17.7% year over year.

Outlook and guidance

  • Focus on high net worth clients and expansion into the US, Canada, and Japan.

  • Continued enrichment of global product offerings, including digital assets and stablecoin yield funds.

  • Ongoing integration of AI to enhance operational efficiency and client experience.

  • Management remains focused on global expansion and prudent risk management amid ongoing market uncertainties.

  • Strategic initiatives are expected to drive long-term, sustainable growth.

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Frequently asked questions

Noah Holdings Limited is a wealth and asset management service provider in China, offering comprehensive advisory services on global investment and asset allocation primarily for high net worth investors. With its operations spanning Mainland China, Hong Kong, and internationally, Noah Holdings operates through three segments: Wealth Management, Asset Management, and Other Businesses. The company's services encompass a wide range of investment products, including both domestic and overseas investment funds, privately-raised investment funds, private equity products, as well as customized financial services such as investor education, trust services, and insurance brokerage. The company is headquartered in Shanghai, China, and its shares are listed on the New York Stock Exchange and the Hong Kong Stock Exchange.

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