Noah Holdings (NOAH) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with improved profitability structure and one of the highest operating margins in recent years, supported by disciplined cost control and AI-driven transformation enhancing efficiency and scalability.

• Domestic business saw double-digit growth in active clients and transaction value, while overseas business advanced with strategic revenue mix adjustments despite some revenue declines.

• Officially launched Japan office and completed U.S. broker-dealer license approval, marking a shift from license deployment to operational execution.

• Registered clients grew 1.3% year-over-year to 468,983, with active clients up 21.8% to 10,742.

Financial highlights

• Net revenues were RMB 626 million, up 1.8% year-over-year, but down 14.7% sequentially due to lower insurance and seasonal performance fees.

• Operating profit reached RMB 236 million, up 27.1% year-over-year; operating margin expanded to 37.8%.

• Non-GAAP net income was RMB 134 million; excluding mark-to-market impacts, would have been RMB 216 million, up 28% year-over-year.

• Total transaction value reached RMB 23.3 billion, up 44.8% year-over-year and 37.5% quarter-over-quarter.

• Group AUM was RMB 140.2 billion as of March 31, 2026, down from RMB 149.3 billion a year earlier; AUA was RMB 233.5 billion.

Outlook and guidance

• Full-year operating margin expected to remain above 30%, with natural quarter-to-quarter fluctuations.

• Management emphasizes a transition to a 'growth verification phase' with a focus on AI integration, global platform expansion, and multi-market synergy.

• No set headcount growth target; continued investment in AI and technology with selective hiring in key markets.