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Noah Holdings
Noah Holdings (NOAH) investor relations material
Noah Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Aug, 2026
Executive summary
Transformation to an AI-driven operating model advanced, with legacy revenue streams phased out and new AI-enabled models generating revenue, asset growth, and profit, especially in Singapore.
AI Wealth Management Department achieved monthly profitability in Singapore, validating the new model and enabling asset growth decoupled from RM headcount.
Strategic focus shifted from traditional RM-driven growth to platform-based, scalable, and efficient global expansion.
Net revenues for Q2 2026 were RMB619.9 million, down 1.5% year-over-year, mainly due to lower one-time commissions from insurance and recurring service fees, partially offset by higher performance-based income from mainland China private secondary products.
Income from operations rose 34.0% year-over-year to RMB215.8 million, driven by disciplined cost control and lower provision for credit losses.
Financial highlights
Q2 net revenue was RMB 620 million; operating income RMB 216 million, up 34% year-over-year, with a 34.8% margin.
Non-GAAP net income for Q2 was RMB 238 million, up 25.9% year-over-year and 77.8% sequentially.
First half net revenue was RMB 1.25 billion, flat year-over-year; operating income RMB 452 million, up 30.3%, with a 36.3% margin.
Performance-based income (carry) reached RMB 238 million in H1, up 364% year-over-year.
Cash and cash equivalents stood at RMB4,322.7 million as of June 30, 2026.
Outlook and guidance
Full-year operating margin expected to remain above 30%, with quarterly fluctuations due to product mix and expense timing.
Priority for H2 is replicating the Singapore AI Wealth Management model in Hong Kong, Japan, and other global markets.
Management remains focused on enhancing global capabilities, disciplined risk management, and leveraging technology for long-term value creation.
The company is positioned for sustainable growth despite macroeconomic and geopolitical uncertainties.
Continued focus on AI-driven investment capabilities, infrastructure, and ecosystem partner network expansion.
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Latest events from Noah Holdings
- Record operating margin and domestic growth offset overseas declines; AI boosts efficiency.NOAH
Q1 2026 - Profitability and margins surged in 2025 as investment income and AI-driven efficiency took hold.NOAHQ4 2025
- Net income rose 52.2% year-over-year as investment products and AI initiatives drove growth.NOAHQ3 2025
- Q2 profit and revenue rose, with global expansion and digital asset growth boosting results.NOAHQ2 2025
- Global strategy and digital innovation drive overseas growth among Mandarin-speaking HNWIs.NOAHInvestor Day 2024
- Overseas revenue rose to 55% of total, offsetting domestic declines as net income dropped 42.4%.NOAHQ3 2024
- Q2 net income fell 68% as revenues dropped and overseas business share rose.NOAHQ2 2024
- Operating income up 53% and overseas revenues near half of total, despite revenue decline.NOAHQ1 2025
- 2024 revenue and net income fell sharply, but overseas AUM and client growth accelerated.NOAHQ4 2024
Next Noah Holdings earnings date
Q3 202625 Nov, 2026
Noah Holdings
Next Noah Holdings earnings date
Q3 202625 Nov, 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.