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Visual21 Nov 2025
Data center suppliers
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.Q2 2025 earnings summary28 Aug, 2025
Executive summary
Achieved strong operational and financial performance in Q2 2025, with net revenues of RMB 630 million and non-GAAP net income up 78.2% year-over-year to RMB 189 million.
Net income attributable to shareholders surged 79.0% year-over-year to RMB 178.6 million.
First half 2025 net revenues reached RMB 1.2 billion, with non-GAAP net income of RMB 358 million, up 33.9% year-over-year.
Active client base grew 6.1% year-over-year, with overseas active clients up 12.5%.
Over 95% of black card clients realized cumulative gains by quarter-end, reflecting robust client investment returns.
Financial highlights
Q2 2025 net revenues: RMB 630 million, up 2.2% year-over-year and 2.4% sequentially.
Non-GAAP net income: RMB 189 million in Q2, up 78.2% year-over-year and 12% sequentially; H1 non-GAAP net income: RMB 358 million, up 33.9% year-over-year.
Operating profit for H1: RMB 347 million, up 35.8% year-over-year; operating margin improved to 27.9% from 20.2% last year.
Operating income for Q2 2025 was RMB 161.0 million, a 20.2% increase year-over-year.
Total AUM as of June 30, 2025: RMB 145.1 billion; U.S. Dollar AUM up 7.4% year-over-year to $5.8 billion.
Outlook and guidance
Strategic focus on expanding high-net-worth client base, especially in the U.S., Canada, and Japan.
Plans to enrich global product offerings, including digital assets and stablecoin yield funds in partnership with Coinbase Asset Management.
Continued investment in AI and digital platforms to enhance operational efficiency and client experience.
Management remains focused on global expansion and prudent risk management amid ongoing market uncertainties.
Commitment to maintaining strong capital returns to shareholders and disciplined cost management.
Details on stablecoin yield fund strategy?
Overseas expansion impact on OpEx and growth?
Client demand for offshore vs. onshore products?
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Next Noah Holdings earnings date
Q3 202526 Nov, 2025
Next Noah Holdings earnings date
Q3 202526 Nov, 2025
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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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