# EDGAR Filing Document

**Accession Number:** 0001499543
**File Stem:** 0001104659-25-084079
**Filing Date:** 2025-8
**Character Count:** 75155
**Document Hash:** fb47cef83246bc37ff4e82e56a15f338
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084079.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-084079

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250827

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOAH HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001499543
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34936
- **FILM NUMBER:** 251266426

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** 1226 SHENBIN SOUTH ROAD MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 201107
- **BUSINESS PHONE:** (86) 21 8035 8292

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** 1226 SHENBIN SOUTH ROAD MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 201107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Noah Holdings Ltd
- **DATE OF NAME CHANGE:** 20100818

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE<br> 13a-16 OR 15d-16 UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of** **August 2025**

**Commission File Number** **: 001-34936**

**Noah Holdings Limited**

(Registrant's name)

**No. 1226, South Shenbin Road, Minhang District, Shanghai, People's Republic of China**

**+86 (21) 8035-8292**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [Exhibit 99.1](tm2524507d1_ex99-1.htm) | [Press Release — Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2025](tm2524507d1_ex99-1.htm) |
| [Exhibit 99.2](tm2524507d1_ex99-2.htm) | [Press Release — Noah Holdings Limited Announces Strategic Investment in Digital Yield Fund](tm2524507d1_ex99-2.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Noah Holdings Limited** | **Noah Holdings Limited** |
|  | By: | /s/ Qing Pan |
|  | Name: | Qing Pan |
|  | Title: | Chief Financial Officer |
| Date: August 27, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**N** **OAH HOLDINGS LIMITED ANNOUNCES UNAUDITED**

**FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025**

SHANGHAI, August 28, 2025 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted a refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this reporting structure better reflects its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information of the corresponding periods in 2024 has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

**SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS**

· **Net revenues** for the second quarter of 2025 were RMB629.5 million
(US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increased distribution of overseas private
secondary products and domestic private secondary products. Net revenues increased by 2.4% from the first quarter of 2025, primarily due
to an increase in revenue contributed by distribution of investment products.

· **Net revenues from overseas** for the second
quarter of 2025 were RMB296.7 million (US$41.4 million), compared with RMB278.6 million for the corresponding period in 2024, primarily
due to an increase in net revenues from overseas investment products. Net revenues decreased by 2.5% from the first quarter of 2025, primarily
due to a decrease in one-time commissions generated from distribution of overseas insurance products.

· **Income from operations** for the second
quarter of 2025 was RMB161.0 million (US$22.5 million), a 20.2% increase from the corresponding period in 2024, primarily due to a 2.2%
increase in net revenues and a decrease in one-off expense Gopher paid to one of its funds as general partner.

· **Net income attributable to Noah shareholders** for the second quarter
of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024, primarily due to a 2.2% increase
in net revenues and an increase in the fair value of the funds that Gopher manages and co-invested in.

· **Non-GAAP<sup>1</sup> net income attributable to Noah shareholders** for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024.

**SECOND QUARTER 2025 OPERATIONAL UPDATES**

**Wealth Management Business**

Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

· **Total number of registered clients** as of June 30, 2025 was 464,631,
a 1.2% increase from June 30, 2024, and a 0.3% increase from March 31, 2025. Among such clients, the number of overseas registered
clients as of June 30, 2025 was 18,967, a 13.0% increase from June 30, 2024 and a 4.2% increase from March 31, 2025.

· **Total number of active clients<sup>2</sup>** who transacted with us
during the second quarter of 2025 was 9,160, a 6.1% increase from the second quarter of 2024, and a 3.8% increase from the first quarter
of 2025. Among such clients, the number of overseas active clients who transacted with us during the second quarter of 2025 was 3,650,
a 12.5% increase from the second quarter of 2024, and a 7.9% increase from the first quarter of 2025.

<sup>1</sup> Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

<sup>2</sup> "Active clients" for a given period refers to registered investors who purchased investment products distributed or received services provided by us during that given period.

· **Aggregate value of investment products distributed** during the second
quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 17.7% increase from the second quarter of 2024, mainly due to a 44.4% increase
in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.3 billion (US$1.2 billion) of overseas
investment products, a 5.1% increase from the second quarter of 2024, mainly due to a 10.3% increase in distribution of private secondary
products.

**The aggregate value of investment products distributed, categorized by product type, is as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** |
| Mutual fund products | 8.5 | 59.0% | 9.2 | 54.1% |
| Private secondary products | 4.1 | 28.7% | 6 | 35.3% |
| Private equity products | 1.1 | 7.7% | 1 | 5.9% |
| Other products**<sup>3</sup>** | 0.7 | 4.6% | 0.8 | 4.7% |
| **All products** | **14.4** | **100.0%** | **17.0** | **100.0%** |

---

**The aggregate value of investment products distributed, categorized by geography, is as follows：**

**Type of products in Mainland China**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** |
| Mutual fund products | 5.0 | 77.1% | 5.7 | 65.5% |
| Private secondary products | 1.2 | 18.9% | 2.8 | 32.2% |
| Other products | 0.3 | 4.0% | 0.2 | 2.3% |
| **All products in Mainland China** | **6.5** | **100.0%** | **8.7** | **100.0%** |

---

**Type of overseas products**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** | **(RMB in billions, except percentages)** |
| Mutual fund products | 3.5 | 44.2% | 3.5 | 42.2% |
| Private secondary products | 2.9 | 36.7% | 3.2 | 38.6% |
| Private equity products | 1.1 | 13.9% | 1 | 12.0% |
| Other products | 0.4 | 5.2% | 0.6 | 7.2% |
| **All Overseas products** | **7.9** | **100.0%** | **8.3** | **100.0%** |

---

· **Coverage network** in mainland China included 12 cities as of June 30,
2025, compared with 15 cities as of June 30, 2024 and 11 cities as of March 31, 2025, primarily due to the continued streamlining
of the Company's domestic coverage network.

· **Aggregate number of overseas relationship managers** was 152 as of June 30,
2025, a 34.5% increase from June 30, 2024, and a 16.0% increase from March 31, 2025.

<sup>3</sup> "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

**Asset Management Business**

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi-asset manager in mainland China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Japan and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.

· **Total assets under management** as of June 30,
2025 remained relatively stable at RMB145.1 billion (US$20.3 billion), compared with RMB154.0 billion as of June 30, 2024 and RMB149.3
billion as of March 31, 2025. Mainland China assets under management as of June 30, 2025 were RMB103.7 billion (US$14.5 billion),
compared with RMB114.9 billion as of June 30, 2024 and RMB106.6 billion as of March 31, 2025. Overseas assets under management
as of June 30, 2025 were RMB41.4 billion (US$5.8 billion), compared with RMB39.1 billion as of June 30, 2024 and RMB42.7 billion
as of March 31, 2025.

**Total assets under management, categorized by investment type, are as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment type** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2025** | **Growth** | **Allocation/<br> Redemption<sup>4</sup>** | **As of<br> June 30, <br> 2025** | **As of<br> June 30, <br> 2025** |
|  | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** |
| Private equity | 130.4 | 87.4% | 0.2 | 1.3 | 129.3 | 89.1% |
| Public securities**<sup>5</sup>** | 9.4 | 6.3% | 1.6 | 1.7 | 9.3 | 6.4% |
| Real estate | 5.1 | 3.4% |  | 0.5 | 4.6 | 3.2% |
| Multi-strategies | 3.9 | 2.6% |  | 2.0 | 1.9 | 1.3% |
| Others | 0.5 | 0.3% | - | 0.5 | - | - |
| **All Investments** | **149.3** | **100.0%** | **1.8** | **6.0** | **145.1** | **100.0%** |

---

**Total assets under management, categorized by geography, are as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mainland China <br> Investment type** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2025** | **Growth** | **Allocation/<br> Redemption** | **As of<br> June 30, <br> 2025** | **As of<br> June 30, <br> 2025** |
|  | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** |
| Private equity | 97.3 | 91.2% |  | 0.8 | 96.5 | 93.1% |
| Public securities | 5.3 | 5.0% | 0.2 | 0.4 | 5.1 | 4.9% |
| Real estate | 1.2 | 1.1% |  | 0.5 | 0.7 | 0.7% |
| Multi-strategies | 2.3 | 2.2% |  | 0.9 | 1.4 | 1.3% |
| Others | 0.5 | 0.5% | - | 0.5 | - | - |
| **All Investments** | **106.6** | **100.0%** | **0.2** | **3.1** | **103.7** | **100.0%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Overseas<br> Investment type** | **As of <br> March 31, <br> 2025** | **As of <br> March 31, <br> 2025** | **Growth** | **Allocation/<br> Redemption** | **As of<br> June 30, <br> 2025** | **As of<br> June 30, <br> 2025** |
|  | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** | **(RMB billions, except percentages)** |
| Private equity | 33.1 | 77.5% | 0.2 | 0.5 | 32.8 | 79.3% |
| Public securities | 4.1 | 9.6% | 1.4 | 1.3 | 4.2 | 10.1% |
| Real estate | 3.9 | 9.1% |  |  | 3.9 | 9.4% |
| Multi-strategies | 1.6 | 3.8% | - | 1.1 | 0.5 | 1.2% |
| **All Investments** | **42.7** | **100.0%** | **1.6** | **2.9** | **41.4** | **100.0%** |

---

<sup>4</sup> The asset allocation/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates.

<sup>5</sup> The asset allocation/redemption of public securities also includes the impact from market value appreciation or depreciation.

**Other Businesses**

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products.

Ms. Jingbo Wang, Co-founder and Chairwoman of Noah Holdings, commented, "We are pleased to report that Noah has made steady progress in navigating through a challenging period in the wealth management industry. This quarter, we have seen a recovery in both profitability and revenue, reflecting the positive impact of our strategic initiatives. Our operational income saw a solid 20.2% year-on-year growth, while non-GAAP net profit surged by an impressive 78.2% year-on-year, contributed by strong growth in the distribution of investment products and an uptick in management fees. Additionally, our international revenue continues to grow, now representing nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy. As we continue to work toward strengthening our position in the market, we recognize that the broader economic environment presents uncertainties, and we remain vigilant in managing these challenges. Our focus remains on executing our strategy to drive long-term, sustainable growth while maintaining prudent oversight of market conditions to deliver steady returns for our shareholders."

**SECOND QUARTER 2025 FINANCIAL RESULTS**

***Net Revenues***

**Net revenues** for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increase in distribution of overseas private secondary products and domestic private secondary products.

**Net Revenues under the segmentation adopted in Q4 2024 is as follows:**

---

| | | | |
|:---|:---|:---|:---|
| **(RMB millions,**<br> **except percentages)** | Q2 2024 | Q2 2025 | YoY Change |
| Domestic public securities**<sup>6</sup>** | 116.8 | 131.8 | 12.8% |
| Domestic asset management***<sup>7</sup>*** | 198.1 | 177.1 | (10.6)% |
| Domestic insurance***<sup>8</sup>*** | 11.7 | 7.2 | (38.7)% |
| Overseas wealth management***<sup>9</sup>*** | 150.6 | 129.4 | (14.1)% |
| Overseas asset management***<sup>10</sup>*** | 97.1 | 108.3 | 11.5% |
| Overseas insurance and comprehensive services***<sup>11</sup>*** | 30.9 | 59.0 | 90.9% |
| Headquarters | 10.6 | 16.7 | 57.3% |
| **Total net revenues** | 615.8 | 629.5 | 2.2% |

---

·  ***Domestic public securities*** is the
business that distributes mutual funds and private secondary products. Net revenues for the second quarter of 2025 were RMB131.8 million
(US$18.4 million), a 12.8% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated
from distribution of private secondary products.

·  ***Domestic asset management*** is the
business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025
were RMB177.1 million (US$24.7 million), a 10.6% decrease from the corresponding period in 2024, primarily due to decreases in recurring
service fees and performance-based income generated from private equity products.

·  ***Domestic insurance*** is the business
that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the second quarter of 2025
were RMB7.2 million (US$1.0 million), a 38.7% decrease from the corresponding period in 2024, mainly due to a decrease in distribution
of domestic insurance products.

·  ***Overseas wealth management*** is the
business that provides offline and online wealth management services. Net revenues for the second quarter of 2025 were RMB129.4 million
(US$18.1 million), a 14.1% decrease from the corresponding period in 2024, mainly due to a decrease in allocated commission gained from
distribution of overseas insurance products.

<sup>6</sup> Operates under the Noah Upright brand

<sup>7</sup> Operates under the Gopher Asset Management brand

<sup>8</sup> Operates under the Glory brand

<sup>9</sup> Operates under the ARK Wealth Management brand

<sup>10</sup> Operates under the Olive Asset Management brand

<sup>11</sup> Operates under the Glory Family Heritage brand

·  ***Overseas asset management*** is the
business that manages USD-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025
were RMB108.3 million (US$15.1 million), a 11.5% increase from the corresponding period in 2024, due to an increase in net revenues contributed
by private equity investment products managed by Olive.

·  ***Overseas insurance and comprehensive services*** is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the
second quarter of 2025 were RMB59.0 million (US$8.2 million), a 90.9% increase from the corresponding period in 2024, mainly due to an
increase in allocated commission gained from distribution of overseas insurance products by commission-only brokers .

·  ***Headquarters*** reflects revenue generated
from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly
allocated to the aforementioned six business segments. Net revenues during the second quarter of 2025 were RMB16.7 million (US$2.3 million),
compared with RMB10.6 million for the corresponding period in 2024, primarily due to an increase in the value-added services Noah offers
to its high-net-worth clients.

***Operating Costs and Expenses***

**Operating costs and expenses** for the second quarter of 2025 were RMB468.5 million (US$65.4 million), a 2.8% decrease from the corresponding period in 2024. Operating costs and expenses for the second quarter of 2025 primarily consisted of (i) compensation and benefits of RMB299.3 million (US$41.8 million); (ii) selling expenses of RMB62.3 million (US$8.7 million); (iii) general and administrative expenses of RMB71.2 million (US$9.9 million); (iv) provision for credit losses of RMB41.2 million (US$5.8 million); (v) other operating expenses of RMB8.6 million (US$1.2 million); and (vi) income gained from government subsidies of RMB14.1 million (US$2.0 million).

· **Operating costs and expenses for Domestic public securities** for the second quarter of 2025 were RMB23.9 million (US$3.3 million), a 57.4% decrease from the corresponding period
in 2024, primarily due to a decrease in relationship manager compensation and an increase in government subsidies.

· **Operating costs and expenses for Domestic asset management** for the second quarter of 2025 were RMB22.0 million (US$3.1 million), a 72.4% decrease from the corresponding period
in 2024, primarily due to a decrease in one-off expense Gopher paid to one of its funds as general partner.

· **Operating costs and expenses for Domestic insurance** for the second quarter of 2025 were RMB14.8 million (US$2.1 million), a 60.3% decrease from the corresponding period in
2024, primarily due to a decrease in our domestic insurance business activities.

· **Operating costs and expenses for Overseas wealth management** for the second quarter of 2025 were RMB101.6 million (US$14.2 million), a 10.5% decrease from the corresponding
period in 2024, primarily due to a decrease in other compensations **.** 

· **Operating costs and expenses for Overseas asset management** for the second quarter of 2025 were RMB35.7 million (US$5.0 million), a 55.6% increase from the corresponding period
in 2024, primarily due to the increase in relationship manager compensation.

· **Operating costs and expenses for Overseas insurance and comprehensive services** for the second quarter of 2025 were RMB29.3 million (US$4.1 million), a 42.4% increase from the
corresponding period in 2024, primarily driven by higher costs relating to overseas insurance business.

· **Operating costs and expenses for Headquarters** for the second quarter of 2025 were RMB241.2 million (US$33.7 million), a 58.9% increase from the corresponding period in 2024, primarily
due an increase in provision for credit losses related to the suspended lending business.

**Income(loss) from operations**

**Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:**

---

| | | | |
|:---|:---|:---|:---|
| **(RMB millions,**<br> **except percentages)** | Q2 2024 | Q2 2025 | YoY Change |
| Domestic public securities | 60.7 | 107.8 | 77.8% |
| Domestic asset management | 118.4 | 155.1 | 31.0% |
| Domestic insurance | (25.6) | (7.6) | (70.2)% |
| Overseas wealth management | 37.1 | 27.8 | (25.1)% |
| Overseas asset management | 74.2 | 72.6 | (2.1)% |
| Overseas insurance and comprehensive services | 10.4 | 29.8 | 186.8% |
| Headquarters | (141.2) | (224.5) | 59.1% |
| **Total income from operations** | **134.0** | **161.0** | **20.2%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations for Domestic public securities** for the second quarter of 2025 was RMB107.8 million (US$15.1 million), a 77.8% increase from the corresponding period in
2024. &nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations for Domestic asset management** for the second quarter of 2025 was RMB155.1 million (US$21.7 million), a 31.0% increase from the corresponding period in
2024. &nbsp;&nbsp;&nbsp;&nbsp;· **Loss from operations for Domestic insurance** for the second quarter of 2025 was RMB7.6 million (US$1.1 million), a 70.2% decrease from the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations for Overseas wealth management** for the second quarter of 2025 was RMB27.8 million (US$3.9 million), a 25.1% decrease from the corresponding period in
2024. &nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations for Overseas asset management** for the second quarter of 2025 was RMB72.6 million (US$10.1 million), a 2.1% decrease from the corresponding period in
2024. &nbsp;&nbsp;&nbsp;&nbsp;· **Income from operations for Overseas insurance and comprehensive services** for the second quarter of 2025 RMB29.8 million (US$4.2 million), a 186.8% increase from the corresponding
period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Loss from operations for Headquarters** for
the second quarter of 2025 was RMB224.5 million (US$31.3 million), a 59.1% increase from the corresponding period in 2024.

***Operating Margin***

**Operating margin** for the second quarter of 2025 was 25.6%, compared with 21.8% for the corresponding period in 2024.

***Interest Income***

**Interest income** for the second quarter of 2025 was RMB33.5 million (US$4.7 million), a 21.3% decrease from the corresponding period in 2024.

***Investment Loss/Income***

**Investment loss** for the second quarter of 2025 was RMB13.9 million (US$1.9 million), compared with investment income of RMB10.4 million in the corresponding period in 2024, primarily due to unrealized loss from fair value changes on equity investments.

***Income Tax Expense***

**Income tax expense** for the second quarter of 2025 were RMB63.7 million (US$8.9 million), a 58.2% increase from the corresponding period in 2024, primarily due to increases in effective tax rate relating to dividend withholding tax in mainland China.

***Net Income***

· **Net Income** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income** for the second quarter of 2025
was RMB178.5 million (US$24.9 million), a 72.2% increase from the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net margin** for the second quarter of 2025
was 28.4%, compared with 16.8% for the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income attributable to Noah shareholders** for the second quarter of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net margin attributable to Noah shareholders** for the second quarter of 2025 was 28.4%, compared with 16.2% for the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net income attributable to Noah shareholders per basic and diluted ADS** for the second quarter of 2025 was RMB2.56 (US$0.36) and RMB2.54 (US$0.35), compared with RMB1.42 and RMB1.42
for the corresponding period in 2024, respectively.

· **Non-GAAP Net Income Attributable to Noah Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-GAAP net income attributable to Noah shareholders** for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-GAAP net margin attributable to Noah shareholders** for the second quarter of 2025 was 30.0%, compared with 17.2% for the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-GAAP net income attributable to Noah shareholders per diluted ADS** for the second quarter of 2025 was RMB2.69 (US$0.38), compared with RMB1.51 for the corresponding period in 2024.

***Balance Sheet and Cash Flow***

As of June 30, 2025, the Company had RMB3,821.8 million (US$533.5 million) in cash and cash equivalents, compared with RMB4,075.4 million as of March 31, 2025 and RMB4,604.9 million as of June 30, 2024, respectively.

Net cash inflow from the Company's operating activities during the second quarter of 2025 was RMB27.6 million (US$3.8 million), compared with net cash inflow of RMB49.7 million in the corresponding period in 2024, mainly due to a decrease in redemption of trading debt securities in the second quarter of 2025.

Net cash outflow from the Company's investing activities during the second quarter of 2025 was RMB171.7 million (US$24.0 million), compared with net cash outflow of RMB548.2 million in the corresponding period in 2024, primarily due to a decrease in purchase of held-to-maturity investments in the second quarter of 2025.

Net cash outflow to the Company's financing activities was RMB71.5 million (US$10.0 million) in the second quarter of 2025, compared with net cash outflow of RMB44.6 million in the corresponding period in 2024, primarily due to share repurchases in the second quarter of 2025.

**CONFERENCE CALL**

Senior management will host a combined English and Chinese language conference call to discuss the Company's second quarter of 2025 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

**Dial-in details:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conference title: | Noah Second Quarter and Half Year 2025 Earnings Conference Call |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date/Time: | Wednesday, August 27, 2025, at 8:00 p.m., U.S. Eastern Time<br> Thursday, August 28, 2025, at 8:00 a.m., Hong Kong Time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dial in: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Hong Kong Toll Free: | 800-963976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– United States Toll Free: | 1-888-317-6003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Mainland China Toll Free: | 4001-206115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– International Toll: | 1-412-317-6061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant Password: | <u>6509383</u> |

---

A telephone replay will be available starting approximately one hour after the end of the conference until September 3, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8450356.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at <u>http://ir.noahgroup.com.</u>

**DISCUSSION ON NON-GAAP MEASURES**

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

**ABOUT NOAH HOLDINGS LIMITED**

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.

In the first half of 2025, Noah distributed RMB33.1 billion (US$4.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion (US$20.3 billion) as of June 30, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 464,631 registered clients as of June 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategies and other investments denominated in RMB and other currencies. The Company also operates other businesses.

For more information, please visit Noah at *ir.noahgroup.com*.

**FOREIGN CURRENCY TRANSLATION**

In this announcement, the unaudited financial results for the second quarter of 2025 ended June 30, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1636 to US$1.00, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

**SAFE HARBOR STATEMENT**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

**Contacts:**

**Noah Holdings Limited**

Rick Chan

Tel: +86-21-8035-8292

ir@noahgroup.com

_________________

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

**Noah Holdings Limited <br> Condensed Consolidated Balance Sheets<br> (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | As of | As of | As of |
|  | March 31,<br>2025 | June 30,<br>2025 | June 30,<br>2025 |
|  | RMB'000 | RMB'000 | USD'000 |
| **Assets** |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4075358 | 3821846 | 533509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 8435 | 10617 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1316190 | 1602362 | 223681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 406167 | 403226 | 56288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 536316 | 591977 | 82637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 158990 | 122658 | 17122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 217566 | 223676 | 31222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6719022 | 6776362 | 945941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, net | 888987 | 712155 | 99413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in affiliates | 1328980 | 1363061 | 190276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 2368830 | 2346487 | 327557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 113827 | 109688 | 15312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 317107 | 317124 | 44269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 136959 | 120005 | 16752 |
| **Total Assets** | **11873712** | **11744882** | **1639520** |
| **Liabilities and Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and welfare expenses | 422444 | 324621 | 45315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 75108 | 55491 | 7746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 72415 | 62097 | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable |  | 550000 | 76777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent liabilities | 473328 | 467255 | 65226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 353214 | 302049 | 42164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1396509 | 1761513 | 245896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 244205 | 242254 | 33817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 64066 | 69597 | 9715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 14003 | 9755 | 1362 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **1718783** | **2083119** | **290790** |
| &nbsp;&nbsp;&nbsp;**Equity** | **10154929** | **9661763** | **1348730** |
| **Total Liabilities and Equity** | **11873712** | **11744882** | **1639520** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Noah Holdings Limited** | **Noah Holdings Limited** | **Noah Holdings Limited** | **Noah Holdings Limited** | **Noah Holdings Limited** |
| **Condensed Consolidated Income Statements** | **Condensed Consolidated Income Statements** | **Condensed Consolidated Income Statements** | **Condensed Consolidated Income Statements** | **Condensed Consolidated Income Statements** |
| **(In RMB'000, except for ADS data, per ADS data and percentages)** | **(In RMB'000, except for ADS data, per ADS data and percentages)** | **(In RMB'000, except for ADS data, per ADS data and percentages)** | **(In RMB'000, except for ADS data, per ADS data and percentages)** | **(In RMB'000, except for ADS data, per ADS data and percentages)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | June 30, | June 30, | June 30, |  |
|  | 2024 | 2025 | 2025 | Change |
|  | RMB'000 | RMB'000 | USD'000 |  |
| **Revenues:** |  |  |  |  |
| Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 127894 | 154467 | 21563 | 20.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 151469 | 162047 | 22621 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 4515 | 13892 | 1939 | 207.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 49950 | 48736 | 6803 | (2.4)% |
| Total revenues from others | 333828 | 379142 | 52926 | 13.6% |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 9129 | 1431 | 200 | (84.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 254205 | 244753 | 34166 | (3.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 23413 | 9301 | 1298 | (60.3)% |
| Total revenues from funds Gopher/Olive manages | 286747 | 255485 | 35664 | (10.9)% |
| Total revenues | 620575 | 634627 | 88590 | 2.3% |
| Less: VAT related surcharges | (4721) | (5126) | (716) | 8.6% |
| **Net revenues** | **615854** | **629501** | **87874** | **2.2%** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship manager compensation | (131505) | (123716) | (17270) | (5.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (165505) | (175551) | (24507) | 6.1% |
| &nbsp;&nbsp;Total compensation and benefits | (297010) | (299267) | (41777) | 0.8% |
| &nbsp;&nbsp;Selling expenses | (61890) | (62311) | (8698) | 0.7% |
| &nbsp;&nbsp;General and administrative expenses | (79902) | (71196) | (9939) | (10.9)% |
| &nbsp;&nbsp;Reversal of (provision for) credit losses | 331 | (41228) | (5755) | .N.A |
| &nbsp;&nbsp;Other operating expenses | (46007) | (8576) | (1197) | (81.4)% |
| &nbsp;&nbsp;Government subsidies | 2639 | 14103 | 1969 | 434.4% |
| Total operating costs and expenses | (481839) | (468475) | (65397) | (2.8)% |
| **Income from operations** | **134015** | **161026** | **22477** | **20.2%** |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;Interest income | 42587 | 33505 | 4677 | (21.3)% |
| &nbsp;&nbsp;Investment income (loss) | 10400 | (13938) | (1946) | .N.A |
| &nbsp;&nbsp;Reversal of settlement expenses | 11476 |  |  |  |
| &nbsp;&nbsp;Other (expenses) income | (2828) | 14391 | 2009 | .N.A |
| Total other income | 61635 | 33958 | 4740 | (44.9)% |
| Income before taxes and income from equity in affiliates | 195650 | 194984 | 27217 | (0.3)% |
| Income tax expense | (40257) | (63690) | (8891) | 58.2% |
| (Loss) income from equity in affiliates | (51700) | 47243 | 6595 | .N.A |
| **Net income** | **103693** | **178537** | **24921** | **72.2%** |
| Less: net income (loss) attributable to non-controlling interests | 3906 | (39) | (5) | .N.A |
| **Net income attributable to Noah shareholders** | **99787** | 178576 | 24926 | 79.0% |
| Income per ADS, basic | 1.42 | 2.56 | 0.36 | 80.3% |
| Income per ADS, diluted | 1.42 | 2.54 | 0.35 | 78.9% |
| **Margin analysis:** |  |  |  |  |
| Operating margin | 21.8% | 25.6% | 25.6% |  |
| Net margin | 16.8% | 28.4% | 28.4% |  |
| Weighted average ADS equivalent [1]: |  |  |  |  |
| Basic | 70229503 | 69778574 | 69778574 |  |
| Diluted | 70429388 | 70174751 | 70174751 |  |
| ADS equivalent outstanding at end of period | 65806082 | 65830895 | 65830895 |  |

---

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADS.

**Noah Holdings Limited** **<br> Condensed Consolidated Income Statements** **<br> (In RMB'000, except for USD data, per ADS data and percentages)** **<br> (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended | Six months ended | Six months ended | Six months ended |
|  | June 30,<br>2024 | June 30,<br>2025 | June 30,<br>2025 |<br>Change |
|  | RMB'000 | RMB'000 | USD'000 | |
| **Revenues:** |  |  |  |  |
| Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 313149 | 309458 | 43199 | (1.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 306634 | 313643 | 43783 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 10043 | 27878 | 3892 | 177.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 84910 | 85599 | 11949 | 0.8% |
| Total revenues from others | 714736 | 736578 | 102823 | 3.1% |
| Revenues from funds Gopher/ Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 10956 | 5181 | 723 | (52.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 516894 | 489133 | 68280 | (5.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 32257 | 23830 | 3327 | (26.1)% |
| Total revenues from funds Gopher/Olive manages | 560107 | 518144 | 72330 | (7.5)% |
| Total revenues | 1274843 | 1254722 | 175153 | (1.6)% |
| Less: VAT related surcharges | (9454) | (10627) | (1483) | 12.4% |
| **Net revenues** | **1265389** | **1244095** | **173670** | **(1.7)%** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (275800) | (246284) | (34380) | (10.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (409995) | (356878) | (49818) | (13.0)% |
| &nbsp;&nbsp;Total compensation and benefits | (685795) | (603162) | (84198) | (12.0)% |
| &nbsp;&nbsp;Selling expenses | (124222) | (113383) | (15828) | (8.7)% |
| &nbsp;&nbsp;General and administrative expenses | (151018) | (135637) | (18934) | (10.2)% |
| &nbsp;&nbsp;Reversal of (provision for) credit losses | 428 | (44038) | (6147) | .N.A |
| &nbsp;&nbsp;Other operating expenses | (63153) | (24275) | (3389) | (61.6)% |
| &nbsp;&nbsp;Government subsidies | 13872 | 23434 | 3271 | 68.9% |
| Total operating costs and expenses | (1009888) | (897061) | (125225) | (11.2)% |
| **Income from operations** | **255501** | **347034** | **48445** | **35.8%** |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;Interest income | 88772 | 66306 | 9256 | (25.3)% |
| &nbsp;&nbsp;Investment income (loss) | 15585 | (7668) | (1070) | .N.A |
| &nbsp;&nbsp;Reversal of settlement expenses | 11476 |  |  | .N.A |
| &nbsp;&nbsp;Other income | 1107 | 11310 | 1579 | 921.7% |
| Total other income | 116940 | 69948 | 9765 | (40.2)% |
| Income before taxes and income from equity in affiliates | 372441 | 416982 | 58210 | 12.0% |
| Income tax expense | (82943) | (124295) | (17351) | 49.9% |
| (Loss) income from equity in affiliates | (53942) | 35669 | 4979 | N.A. |
| **Net income** | **235556** | **328356** | **45838** | **39.4%** |
| Less: net income attributable to non-controlling interests | 4278 | 816 | 114 | (80.9)% |
| **Net income attributable to Noah shareholders** | **231278** | **327540** | **45724** | **41.6%** |
| Income per ADS, basic | 3.30 | 4.69 | 0.65 | 42.1% |
| Income per ADS, diluted | 3.30 | 4.65 | 0.65 | 40.9% |
| **Margin analysis:** |  |  |  |  |
| Operating margin | 20.2% | 27.9% | 27.9% |  |
| Net margin | 18.6% | 26.4% | 26.4% |  |
| Weighted average ADS equivalent<sup>[1]</sup>: |  |  |  |  |
| Basic | 70036724 | 69856207 | 69856207 |  |
| Diluted | 70163305 | 70387492 | 70387492 |  |
| ADS equivalent outstanding at end of period | 65806082 | 65830895 | 65830895 |  |

---

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

**Noah Holdings Limited**

**Condensed Comprehensive Income Statements**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | |
|  | June 30, <br>2024 | June 30,<br> 2025 | June 30,<br> 2025 |<br>Change |
|  | RMB'000 | RMB'000 | USD'000 | |
| Net income | 103693 | 178537 | 24921 | 72.2% |
| Other comprehensive income, net of tax: |  |  |  |  |
| Foreign currency translation adjustments | 29283 | (64764) | (9041) | N.A. |
| Fair value fluctuation of available-for-sale investment | - | 236 | 33 | N.A. |
| Comprehensive income | **132976** | **114009** | **15913** | **(14.3)%** |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive gain (loss) attributable to non-controlling interests | 3510 | (401) | (56) | N.A. |
| Comprehensive income attributable to Noah shareholders | **129466** | **114410** | **15969** | **(11.6)%** |

---

**Noah Holdings Limited**

**Condensed Comprehensive Income Statements**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended | Six months ended | Six months ended | |
|  | June 30, <br>2024 | June 30,<br> 2025 | June 30,<br> 2025 |<br>Change |
|  | RMB'000 | RMB'000 | USD'000 | |
| Net income | 235556 | 328356 | 45838 | 39.4% |
| Other comprehensive income, net of tax: |  |  |  |  |
| Foreign currency translation adjustments | 82683 | (87598) | (12228) | N.A. |
| Fair value fluctuation of available-for-sale investment | - | 469 | 65 | N.A. |
| Comprehensive income | **318239** | **241227** | **33675** | **(24.2)%** |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive gain attributable to non-controlling interests | 3018 | 509 | 71 | (83.1)% |
| Comprehensive income attributable to Noah shareholders | **315221** | **240718** | **33604** | **(23.6)%** |

---

**Noah Holdings Limited**

**Segment Condensed Income Statements**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** |
|  | Domestic<br> public<br> securities | Domestic<br> asset<br> management | Domestic<br> insurance | Overseas<br> wealth<br> management | Overseas<br> asset<br> management | Overseas<br> insurance<br> and<br> comprehensive<br> services | Headquarters | Total |
|  | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 |
| **Revenues:** |  |  |  |  |  |  |  |  |
| Revenues from others |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 16884 | 125 | 7199 | 70715 | 8662 | 50882 |  | 154467 |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 85443 | 43427 |  | 9954 | 23223 |  |  | 162047 |
| &nbsp;&nbsp;&nbsp;Performance-based income | 13889 |  |  |  | 3 |  |  | 13892 |
| &nbsp;&nbsp;&nbsp;Other service fees | - | - | - | 19088 | - | 8180 | 21468 | 48736 |
| Total revenues from others | 116216 | 43552 | 7199 | 99757 | 31888 | 59062 | 21468 | 379142 |
| Revenues from funds Gopher/Olive manages |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 1243 | 188 |  |  |  |  |  | 1431 |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 13886 | 132139 |  | 29618 | 69110 |  |  | 244753 |
| &nbsp;&nbsp;&nbsp;Performance-based income | 722 | 1308 | - | - | 7271 | - | - | 9301 |
| Total revenues from funds Gopher/Olive manages | 15851 | 133635 | - | 29618 | 76381 | - | - | 255485 |
| Total revenues | 132067 | 177187 | 7199 | 129375 | 108269 | 59062 | 21468 | 634627 |
| Less: VAT related surcharges | (281) | (30) | (35) | - | - | - | (4780) | (5126) |
| **Net revenues** | **131786** | **177157** | **7164** | **129375** | **108269** | **59062** | **16688** | **629501** |
| Operating costs and expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (26417) | (10746) | (3914) | (62873) | (13763) | (6003) |  | (123716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (6671) | (16209) | (7722) | (20830) | (12476) | (12540) | (99103) | (175551) |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (33088) | (26955) | (11636) | (83703) | (26239) | (18543) | (99103) | (299267) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (2200) | (1807) | (782) | (15888) | (8698) | (2713) | (30223) | (62311) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (53) | (1735) | (2358) | (2010) | (731) | (1576) | (62733) | (71196) |
| &nbsp;&nbsp;&nbsp;Reversal of (provision for) credit losses | 119 | 77 |  |  |  | 1710 | (43134) | (41228) |
| &nbsp;&nbsp;&nbsp;Other operating expenses (income) | (632) | 8067 |  |  |  | (8174) | (7837) | (8576) |
| &nbsp;&nbsp;&nbsp;Government subsidies | 11931 | 327 | - | - | 11 | 22 | 1812 | 14103 |
| Total operating costs and expenses | (23923) | (22026) | (14776) | (101601) | (35657) | (29274) | (241218) | (468475) |
| **Income (loss) from operations** | **107863** | **155131** | **(7612)** | **27774** | **72612** | **29788** | **(224530)** | **161026** |

---

**Noah Holdings Limited**

**Segment Condensed Income Statements**

**(unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
|  | Domestic<br> public<br> securities | Domestic<br> asset<br> management | Domestic<br> insurance | Overseas<br> wealth<br> management | Overseas<br> asset<br> management | Overseas<br> insurance<br> and<br> comprehensive<br> services | Headquarters | Total |
|  | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 |
| **Revenues:** |  |  |  |  |  |  |  |  |
| Revenues from others |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 3059 | 563 | 11753 | 88822 | 3581 | 20116 |  | 127894 |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 94169 | 42015 |  | 4477 | 10446 |  | 362 | 151469 |
| &nbsp;&nbsp;&nbsp;Performance-based income | 980 |  |  |  | 3535 |  |  | 4515 |
| &nbsp;&nbsp;&nbsp;Other service fees | 0 | - | - | 25240 | - | 10824 | 13886 | 49950 |
| Total revenues from others | 98208 | 42578 | 11753 | 118539 | 17562 | 30940 | 14248 | 333828 |
| Revenues from funds Gopher/Olive manages |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 5115 |  |  | 2810 | 1204 |  |  | 9129 |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 14372 | 142442 |  | 29217 | 68174 |  |  | 254205 |
| &nbsp;&nbsp;&nbsp;Performance-based income | 45 | 13188 | - | - | 10180 | - | - | 23413 |
| Total revenues from funds Gopher/Olive manages | 19532 | 155630 | - | 32027 | 79558 | - | - | 286747 |
| Total revenues | 117740 | 198208 | 11753 | 150566 | 97120 | 30940 | 14248 | 620575 |
| Less: VAT related surcharges | (866) | (155) | (63) | - | - | - | (3637) | (4721) |
| **Net revenues** | **116874** | **198053** | **11690** | **150566** | **97120** | **30940** | **10611** | **615854** |
| Operating costs and expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (40846) | (22071) | (19862) | (44751) | (1504) | (2471) |  | (131505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (13650) | (23500) | (11706) | (44350) | (14826) | (11486) | (45987) | (165505) |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (54496) | (45571) | (31568) | (89101) | (16330) | (13957) | (45987) | (297010) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (2504) | (1704) | (1662) | (19647) | (6383) | (2742) | (27248) | (61890) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (460) | (1063) | (4033) | (4722) | (203) | (1080) | (68341) | (79902) |
| Provision for (reversal of) credit losses | (88) | (9359) |  |  |  | 285 | 9493 | 331 |
| Other operating expenses | (228) | (22323) |  |  |  | (3061) | (20395) | (46007) |
| Government subsidies | 1584 | 343 | 2 | - | - | - | 710 | 2639 |
| Total operating costs and expenses | (56192) | (79677) | (37261) | (113470) | (22916) | (20555) | (151768) | (481839) |
| **Income (loss) from operations** | **60682** | **118376** | **(25571)** | **37096** | **74204** | **10385** | **(141157)** | **134015** |

---

**Noah Holdings Limited** 

**Additional Business Information**

**(unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 |
|  | Wealth <br> Management<br> Business | Asset <br> Management<br> Business | Other <br> Businesses | Total |
|  | RMB'000 | RMB'000 | RMB'000 | RMB'000 |
| **Revenues:** |  |  |  |  |
| Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 154467 |  |  | 154467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 162047 |  |  | 162047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 13892 |  |  | 13892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 30891 | - | 17845 | 48736 |
| Total revenues from others | 361297 | - | 17845 | 379142 |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 662 | 769 |  | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 70607 | 174146 |  | 244753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | - | 9301 | - | 9301 |
| Total revenues from funds Gopher/Olive manages | 71269 | 184216 | - | 255485 |
| Total revenues | 432566 | 184216 | 17845 | 634627 |
| Less: VAT related surcharges | (1308) | (30) | (3788) | (5126) |
| **Net revenues** | **431258** | **184186** | **14057** | **629501** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship manager compensation | (121392) | (2324) |  | (123716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (119549) | (50521) | (5481) | (175551) |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (240941) | (52845) | (5481) | (299267) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (42746) | (14150) | (5415) | (62311) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (46109) | (16685) | (8402) | (71196) |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) credit losses | (5089) | 546 | (36685) | (41228) |
| &nbsp;&nbsp;&nbsp;Other operating expenses(income) | (10297) | 8067 | (6346) | (8576) |
| &nbsp;&nbsp;&nbsp;Government subsidies | 13746 | 345 | 12 | 14103 |
| Total operating costs and expenses | (331436) | (74722) | (62317) | (468475) |
| **Income (loss) from operations** | **99822** | **109464** | **(48260)** | **161026** |

---

**Noah Holdings Limited** 

**Additional Business Information**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Three months ended June 30, 2024 |
|  | Wealth <br> Management<br> Business | Asset <br> Management<br> Business | Other <br> Businesses | Total |
|  | RMB'000 | RMB'000 | RMB'000 | RMB'000 |
| **Revenues:** |  |  |  |  |
| Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 127894 |  |  | 127894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 151469 |  |  | 151469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 4515 |  |  | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 39382 | - | 10568 | 49950 |
| Total revenues from others | 323260 | - | 10568 | 333828 |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 9119 | 10 |  | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 85165 | 169040 |  | 254205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | - | 23413 | - | 23413 |
| Total revenues from funds Gopher/Olive manages | 94284 | 192463 | - | 286747 |
| Total revenues | 417544 | 192463 | 10568 | 620575 |
| Less: VAT related surcharges | (1918) | (162) | (2641) | (4721) |
| **Net revenues** | **415626** | **192301** | **7927** | **615854** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship manager compensation | (124857) | (6648) |  | (131505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (114162) | (48285) | (3058) | (165505) |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (239019) | (54933) | (3058) | (297010) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (43303) | (12411) | (6176) | (61890) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (53575) | (16356) | (9971) | (79902) |
| &nbsp;&nbsp;&nbsp;Reversal of credit losses | 60 | 78 | 193 | 331 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (16517) | (22487) | (7003) | (46007) |
| &nbsp;&nbsp;&nbsp;Government subsidies | 2221 | 343 | 75 | 2639 |
| Total operating costs and expenses | (350133) | (105766) | (25940) | (481839) |
| **Income (loss) from operations** | **65493** | **86535** | **(18013)** | **134015** |

---

**Noah Holdings Limited**

**Supplement Revenue Information by Geography**

**(unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | June 30,<br> 2024 | June 30, <br> 2025 |<br>Change |
|  | (in thousands of RMB, except percentages) | (in thousands of RMB, except percentages) | (in thousands of RMB, except percentages) |
| **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mainland China | 341949 | 337921 | (1.2)% |
| &nbsp;&nbsp;&nbsp;Hong Kong | 208707 | 231608 | 11.0% |
| &nbsp;&nbsp;&nbsp;Others | 69919 | 65098 | (6.9)% |
| **Total revenues** | **620575** | **634627** | **2.3%** |

---

**Noah Holdings Limited**

**Supplement Revenue Information by Product Types**

**(unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | June 30, <br> 2024 | June 30, <br> 2025 |<br>Change |
|  | (in thousands of RMB, except percentages) | (in thousands of RMB, except percentages) | (in thousands of RMB, except percentages) |
| **Mainland China:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Public securities products [1] | 117740 | 132068 | 12.2% |
| &nbsp;&nbsp;&nbsp;Private equity products | 198208 | 176876 | (10.8)% |
| &nbsp;&nbsp;&nbsp;Insurance products | 11753 | 7199 | (38.7)% |
| &nbsp;&nbsp;&nbsp;Others | 14248 | 21778 | 52.8% |
| &nbsp;&nbsp;&nbsp;Subtotal | **341949** | **337921** | **(1.2)%** |
| **Overseas:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment products [2] | 136519 | 160393 | 17.5% |
| &nbsp;&nbsp;&nbsp;Insurance products | 100582 | 101387 | 0.8% |
| &nbsp;&nbsp;&nbsp;Online business [3] | 7246 | 10459 | 44.3% |
| &nbsp;&nbsp;&nbsp;Others | 34279 | 24467 | (28.6)% |
| &nbsp;&nbsp;&nbsp;Subtotal | **278626** | 296706 | 6.5% |
| **Total revenues** | **620575** | **634627** | **2.3%** |

---

---

| | |
|:---|:---|
| [1] | Includes mutual funds and private secondary products. |
| [2] | Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. |
| [3] | Includes money market mutual fund products, securities brokerage business. |

---

**Noah Holdings Limited**

**Supplemental Information** 

&nbsp;&nbsp;&nbsp;&nbsp;**(unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | As of | As of | |
|  | June 30, <br> 2024 | June 30, <br> 2025 |<br>Change |
| Number of registered clients | 459072 | 464631 | 1.2% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | June 30,<br> 2024 | June 30, <br> 2025 |<br>Change |
|  | (in millions of RMB, except number of active clients and<br> percentages) | (in millions of RMB, except number of active clients and<br> percentages) | (in millions of RMB, except number of active clients and<br> percentages) |
| Number of active clients | 8634 | 9160 | 6.1% |
| Transaction value: |  |  |  |
| &nbsp;&nbsp;&nbsp;Private equity products | 1103 | 1000 | (9.3)% |
| &nbsp;&nbsp;&nbsp;Private secondary products | 4137 | 5975 | 44.4% |
| &nbsp;&nbsp;&nbsp;Mutual fund products | 8501 | 9264 | 9.0% |
| &nbsp;&nbsp;&nbsp;Other products | 676 | 736 | 8.9% |
| **Total transaction value** | **14417** | **16975** | **17.7%** |

---

**Noah Holdings Limited**

**Supplement Information of Overseas Business**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | June 30, <br> 2024 | June 30, <br> 2025 |<br>Change |
| Net Revenues from Overseas (RMB, million) | 278.6 | 296.7 | 6.5% |
| Number of Overseas Registered Clients | 16786 | 18967 | 13.0% |
| Number of Overseas Active Clients | 3244 | 3650 | 12.5% |
| Transaction Value of Overseas Investment Products (RMB, billion) | 7.9 | 8.3 | 5.1% |
| Number of Overseas Relationship Managers | 113 | 152 | 34.5% |
| Overseas Assets Under Management (RMB, billion) | 39.1 | 41.4 | 5.9% |

---

**Noah Holdings Limited**

**Reconciliation of GAAP to Non-GAAP Results** 

**(In RMB, except for per ADS data and percentages)** 

**(unaudited) <sup>12</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | June 30,<br>2024 | June 30,<br>2025 |<br>Change |
|  | RMB'000 | RMB'000 | |
| Net income attributable to Noah shareholders | 99787 | 178576 | 79.0% |
| Adjustment for share-based compensation | 21880 | 13008 | (40.5)% |
| Add: settlement reversal | (11476) |  | N.A |
| Less: Tax effect of adjustments | 4139 | 2602 | (37.1)% |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | **106052** | **188982** | **78.2%** |
| Net margin attributable to Noah shareholders | 16.2% | 28.4% |  |
| Non-GAAP net margin attributable to Noah shareholders | 17.2% | 30.0% |  |
| Net income attributable to Noah shareholders per ADS, diluted | 1.42 | 2.54 | 78.9% |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | 1.51 | 2.69 | 78.1% |

---

**Noah Holdings Limited**

**Reconciliation of GAAP to Non-GAAP Results** 

**(In RMB, except for per ADS data and percentages)** 

**(unaudited) <sup>12</sup>**

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended | Six months ended | |
|  | June 30,<br>2024 | June 30,<br>2025 |<br>Change |
|  | RMB'000 | RMB'000 | |
| Net income attributable to Noah shareholders | 231278 | 327540 | 41.6% |
| Adjustment for share-based compensation | 58479 | 37788 | (35.4)% |
| Add: settlement reversal | (11476) |  | N.A |
| Less: Tax effect of adjustments | 11061 | 7558 | (31.7)% |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | **267220** | **357770** | 33.9% |
| Net margin attributable to Noah shareholders | 18.3% | 26.3% |  |
| Non-GAAP net margin attributable to Noah shareholders | 21.1% | 28.8% |  |
| Net income attributable to Noah shareholders per ADS, diluted | 3.30 | 4.65 | 40.9% |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | 3.81 | 5.08 | 33.3% |

---

<sup>12</sup> Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any.

## Exhibit 99.2

**Exhibit 99.2**

**Noah Holdings Limited Announces Strategic Investment in Digital Yield Fund**

SHANGHAI, August 28, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced that on August 27, 2025, a subsidiary of the Company committed to subscribing for certain interests in a private credit digital yield fund with a total capital commitment of US$50 million, subject to the terms and conditions provided in the subscription documents. This digital yield fund is managed by Olive, the overseas asset management arm of Noah, and is the first stablecoin yield fund established by Olive in cooperation with Coinbase.

Guided by its primary treasury objective of enhancing returns on the basis of capital preservation, the Company's subscription in this digital yield fund represents a strategic allocation to a "cash management plus" product. The investment employs a dual-allocation strategy, focusing primarily on generating stable income from a risk-defined credit portfolio, while obtaining controlled and ancillary exposure to the digital asset ecosystem for the purposes of long-term diversification and capability-building.

Ms. Jingbo Wang, Co-founder and Chairwoman of Noah, commented, "This investment reflects our commitment to prudent capital allocation, portfolio diversification, and capturing growth opportunities in emerging sectors. It aligns with our long-term objectives of delivering consistent, risk-adjusted returns for our shareholders."

**ABOUT NOAH HOLDINGS LIMITED**

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.

In the first half of 2025, Noah distributed RMB33.1 billion (US$4.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion (US$20.3 billion) as of June 30, 2025.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 464,631 registered clients as of June 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategies and other investments denominated in RMB and other currencies. The Company also operates other businesses.

For more information, please visit Noah at *ir.noahgroup.com*.

**SAFE HARBOR STATEMENT**

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

**Contacts:**

**Noah Holdings Limited**

Rick Chan

Tel: +86-21-8035-8292

ir@noahgroup.com