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Noah Holdings (NOAH) investor relations material
Noah Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Non-GAAP net income rose 52.2% year-over-year to RMB 229 million in Q3, with margins and profitability improving despite revenue pressure.
Net income attributable to shareholders surged 62.6% year-over-year to RMB 218.5 million, driven by higher fair value of investments in affiliates.
Investment products accelerated, now 28% of new revenue versus 18% a year ago, reflecting a successful revenue mix shift.
Registered clients grew 1.3% year-over-year to 466,153, with overseas registered clients up 13.1%.
Four overseas booking centers established and AI initiatives moved from planning to implementation, supporting global expansion and operational efficiency.
Financial highlights
Q3 net revenues were RMB 633 million, down 7.4% year-over-year but up sequentially for the second consecutive quarter.
Non-GAAP net income for Q3 was RMB 229 million, up 52.2% year-over-year and 21.2% sequentially, with a margin of 36.2%.
Operating income for Q3 2025 was RMB 172 million, a 28.6% decrease year-over-year.
Total transaction value in Q3 was RMB 17 billion, up 19.1% year-over-year.
Recurring service fees rose 4.7% year-over-year and 3.6% sequentially to RMB 421 million.
Outlook and guidance
Management expects continued focus on investment product growth, AI-driven operational efficiency, and global platform expansion.
Some moderation in Q4 performance anticipated as market conditions evolve.
Fair value impact on net income sustainability?
Overseas RM team expansion vs. revenue decline?
Impact of AI/broker license on HQ costs?
How will AI adoption impact RM capacity and costs?
Overseas RM target: Any change with AI adoption?
What is the target investment product revenue mix?
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Next Noah Holdings earnings date
Q4 202525 Mar, 2026
Next Noah Holdings earnings date
Q4 202525 Mar, 2026
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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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