Strong Profitability Amid Revenue …

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• Net Revenue: RMB633 million for Q3, down year over year but up sequentially.

• Non-GAAP Net Income: RMB229 million for Q3, up over 50% year over year.

• Total Transaction Value: RMB17 billion, up 19.1% year over year.

• Overseas Net Revenue: RMB311 million, contributing 49.1% of total net revenues.

• Operating Margin: 27.2% for Q3.

• Total Assets Under Management (AUM): RMB143.5 billion as of September 30, 2025.

• Cash and Short-term Investments: RMB5.0 billion as of September 30, 2025.

• US Dollar Denominated AUM: USD5.9 billion, up 5.3% year over year.

• US Dollar Denominated Assets Under Advisory (AUA): USD9.3 billion, up 6.8% year over year.

• Operating Expenses: RMB461 million for Q3, down 1.6% sequentially.

• Registered Clients: Up 13.1% year over year, with active clients reaching 3,561.

Release Date: November 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Noah Holdings Ltd (NYSE:NOAH) reported a significant improvement in profitability and margins, with non-GAAP net income increasing by over 50% year on year.

• Investment products have seen accelerated growth, accounting for a larger share of new revenue, increasing from 18% to 28% year on year.

• The company has successfully established four overseas booking centers, enhancing its global operational system.

• AI-related projects have transitioned from planning to implementation, improving client outreach and operational efficiency.

• Noah Holdings Ltd (NYSE:NOAH) maintained a strong balance sheet, remaining debt-free with significant liquidity and flexibility to support global growth and technology investments.

• Net revenues for the third quarter were down slightly year on year, primarily due to continued softness in both domestic and overseas insurance businesses.

• Overseas net revenues decreased by 22.7% year on year, mainly due to a decline in revenue contribution from the distribution of insurance products.

• The domestic insurance business saw a significant decline in net revenues, down 44.8% year on year.

• The company anticipates potential moderation in the fourth quarter as market conditions evolve.

• Recurring income may face pressure in the near term due to slower-than-expected domestic exit activities.

Q: Can you provide insights on the potential financial impact of your strategic initiatives, such as AI adoption and the establishment of booking centers? A: Qing Pan, CFO, explained that the focus is on optimizing revenue structure by increasing the proportion of investment-related products. AI investments are expected to enhance client acquisition and business model innovation. The US booking center will require some infrastructure investment, but it is not expected to significantly increase operating expenses. The aim is to improve client acquisition and operational efficiency through AI, starting strategic investments in 2026.