# EDGAR Filing Document

**Accession Number:** 0001499543
**File Stem:** 0001104659-25-116023
**Filing Date:** 2025-11
**Character Count:** 62638
**Document Hash:** 983fac56ca9ebcab4715421f590d9587
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116023.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001104659-25-116023

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251125

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251522393

**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** **November 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](tm2532162d1_ex99-1.htm) [Press Release — Noah Holdings Limited Announces Unaudited Financial Results for the Third Quarter of 2025](tm2532162d1_ex99-1.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: November 25, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED** 

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

SHANGHAI, November 26, 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 third quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect 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 has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

**THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS**

• **Net revenues** for the third quarter of 2025 were RMB632.9 million (US$88.9
million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in revenues from one-time commissions as
a result of decreases in insurance product distribution and performance-based income. Net revenues remained relatively stable on a sequential
basis.

• **Income from operations** for the third quarter
of 2025 was RMB171.9 million (US$24.1 million), a 28.6% decrease from the corresponding period in 2024, primarily due to a 7.4% decrease
in net revenues.

• **Net income attributable to Noah shareholders** for the third quarter
of 2025 was RMB218.5 million (US$30.7 million), a significant 62.6% increase from the corresponding period in 2024, primarily due to an
increase in fair value of investments in affiliates.

• **Non-GAAP<sup>1</sup> net income attributable to Noah shareholders** for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.

**THIRD 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 September 30, 2025 was
466,153, a 1.3% increase from September 30, 2024, and a 0.3% increase from June 30, 2025. Among such clients, the number of
overseas registered clients as of September 30, 2025, was 19,543, a 13.1% increase from September 30, 2024, and a 3.0% increase
from June 30, 2025.

• **Total number of active clients<sup>2</sup>** who transacted with us
during the third quarter of 2025 was 10,650, a 35.5% increase from the third quarter of 2024, and a 16.3% increase from the second quarter
of 2025. Among such clients, the number of overseas active clients who transacted with us during the third quarter of 2025 was 3,561,
a 13.4% increase from the third quarter of 2024, and a 2.4% decrease from the second quarter of 2025.

• **Aggregate value of investment products distributed** during the third
quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 19.1% increase from the third quarter of 2024, mainly due to a 66.9% increase
in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.6 billion (US$1.2 billion) of overseas
investment products, an 11.2% increase from the third quarter of 2024, mainly due to an increase in distribution of overseas mutual fund
products.

<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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 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 | 8.6 | 60.6% | 9.2 | 54.1% |
| Private secondary products | 3.6 | 25.0% | 5.9 | 34.7% |
| Private equity products | 1.1 | 7.5% | 1.1 | 6.5% |
| Other products**<sup>3</sup>** | 1 | 6.9% | 0.8 | 4.7% |
| **All products** | **14.3** | **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 September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 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 | 5.2 | 80.2% | 5.3 | 63.1% |
| Private secondary products | 0.8 | 12.3% | 2.8 | 33.3% |
| Other products | 0.5 | 7.5% | 0.3 | 3.6% |
| **All products in Mainland China** | **6.5** | **100.0%** | **8.4** | **100.0%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of overseas products** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 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 | 3.4 | 44.6% | 3.9 | 45.4% |
| Private secondary products | 2.8 | 35.7% | 3.1 | 36.0% |
| Private equity products | 1.1 | 13.7% | 1.1 | 12.8% |
| Other products | 0.5 | 6.0% | 0.5 | 5.8% |
| **All Overseas products** | **7.8** | **100.0%** | **8.6** | **100.0%** |

---

● **Coverage network** in mainland China included 16 cities as of September 30, 2025, compared with 13 cities as of September 30, 2024 and 12 cities as of June 30, 2025.

● **Aggregate number of overseas relationship managers** was 136 as of September 30, 2025, a 6.8% decrease from September 30, 2024, and a 10.5% decrease from June 30, 2025.

**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 September 30, 2025, remained relatively stable at RMB143.5 billion (US$20.2 billion), compared with RMB150.1 billion as of September 30, 2024, and RMB145.1 billion as of June 30, 2025. Mainland China assets under management as of September 30, 2025 were RMB101.3 billion (US$14.2 billion), compared with RMB110.6 billion as of September 30, 2024 and RMB103.7 billion as of June 30, 2025. Overseas assets under management as of September 30, 2025 were RMB42.2 billion (US$5.9 billion), compared with RMB39.5 billion as of September 30, 2024 and RMB41.4 billion as of June 30, 2025.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment type** | **As of <br> June 30, <br> 2025** | **As of <br> June 30, <br> 2025** | **Growth** | **Allocation/<br> Redemption<sup>4</sup>** | **As of<br> September 30, <br> 2025** | **As of<br> September 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 | 129.3 | 89.1% | 0.2 | 1.4 | 128.1 | 89.3% |
| Public securities**<sup>5</sup>** | 9.3 | 6.4% | 1.6 | 2.1 | 8.8 | 6.1% |
| Real estate | 4.6 | 3.2% | 0.1 |  | 4.7 | 3.3% |
| Multi-strategies | 1.9 | 1.3% | - | - | 1.9 | 1.3% |
| **All Investments** | **145.1** | **100.0%** | **1.9** | **3.5** | **143.5** | **100.0%** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mainland China Investment type** | **As of <br> June 30, <br> 2025** | **As of <br> June 30, <br> 2025** | **Growth** | **Allocation/**<br> **Redemption** | **As of<br> September 30, <br> 2025** | **As of<br> September 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 | 96.5 | 93.1% |  | 1.7 | 94.8 | 93.6% |
| Public securities | 5.1 | 4.9% | 0.2 | 0.9 | 4.4 | 4.3% |
| Real estate | 0.7 | 0.7% |  |  | 0.7 | 0.7% |
| Multi-strategies | 1.4 | 1.3% | - | - | 1.4 | 1.4% |
| **All Investments** | **103.7** | **100.0%** | **0.2** | **2.6** | **101.3** | **100.0%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Overseas**<br> **Investment type** | **As of <br> June 30, <br> 2025** | **As of <br> June 30, <br> 2025** | **Growth** | **Allocation/**<br> **Redemption** | **As of<br> September 30, <br> 2025** | **As of<br> September 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 | 32.8 | 79.3% | 0.2 | (0.3) | 33.3 | 78.9% |
| Public securities | 4.2 | 10.1% | 1.4 | 1.2 | 4.4 | 10.4% |
| Real estate | 3.9 | 9.4% | 0.1 |  | 4.0 | 9.5% |
| Multi-strategies | 0.5 | 1.2% | - | - | 0.5 | 1.2% |
| **All Investments** | **41.4** | **100.0%** | **1.7** | **0.9** | **42.2** | **100.0%** |

---

**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, commented, "We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. While net revenues increased slightly on a sequential basis to RMB632.9 million, non-GAAP net income grew significantly to RMB229.1 million, a robust 52.2% year-over-year increase.

During the quarter, we obtained a U.S. broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey. We believe our strong balance sheet provides a solid foundation for future investments and our long-term growth. Moving forward, we remain committed to executing our strategies with discipline and focus, driving sustainable development while maintaining prudent oversight of market conditions to create lasting value for shareholders."

<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.

**THIRD QUARTER 2025 FINANCIAL RESULTS**

***Net Revenues***

**Net revenues** for the third quarter of 2025 were RMB632.9 million (US$88.9 million), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in net revenues from overseas.

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

---

| | | | |
|:---|:---|:---|:---|
| **(RMB millions,**<br> **except percentages)** | Q3 2024 | Q3 2025 | YoY Change |
| Domestic public securities**<sup>6</sup>** | 106.6 | 115.9 | 8.7% |
| Domestic asset management***<sup>7</sup>*** | 180.4 | 189.3 | 4.9% |
| Domestic insurance***<sup>8</sup>*** | 8.5 | 4.7 | (44.8)% |
| Overseas wealth management***<sup>9</sup>*** | 189.0 | 146.2 | (22.7)% |
| Overseas asset management***<sup>10</sup>*** | 148.5 | 117.6 | (20.8)% |
| Overseas insurance and comprehensive services***<sup>11</sup>*** | 39.4 | 47.1 | 19.8% |
| Headquarters | 11.3 | 12.1 | 7.3% |
| **Total net revenues** | **683.7** | **632.9** | **(7.4)%** |

---

●  ***Domestic public securities*** is the business that distributes mutual funds and private secondary products. Net revenues for the third quarter of 2025 were RMB115.9 million (US$16.3 million), an 8.7% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from distribution of domestic private secondary products.

●  ***Domestic asset management*** is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were RMB189.3 million (US$26.6 million), a 4.9% increase from the corresponding period in 2024, primarily due to increases in recurring service fees from RMB private equity products.

●  ***Domestic insurance*** is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the third quarter of 2025 were RMB4.7 million (US$0.7 million), a 44.8% 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 third quarter of 2025 were RMB146.2 million (US$20.5 million), a 22.7% decrease from the corresponding period in 2024, mainly due to a decrease in allocated referral fees for assistance in distribution of overseas insurance products.

●  ***Overseas asset management*** is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were RMB117.6 million (US$16.5 million), a 20.8% decrease from the corresponding period in 2024, primarily due to a decrease in performance-based income from 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 third quarter of 2025 were RMB47.1 million (US$6.6 million), a 19.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.

<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

●  ***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 third quarter of 2025 were RMB12.1 million (US$1.7 million), compared with RMB11.3 million for the corresponding period in 2024, maintaining a relatively stable trend.

***Operating Costs and Expenses***

**Operating costs and expenses** for the third quarter of 2025 were RMB461.0 million (US$64.8 million), a 4.1% increase from the corresponding period in 2024. Operating costs and expenses for the third quarter of 2025 primarily consisted of (i) compensation and benefits of RMB319.8 million (US$44.9 million); (ii) selling expenses of RMB68.6 million (US$9.6 million); (iii) general and administrative expenses of RMB71.9 million (US$10.1 million); (iv) provision for credit losses of RMB4.7 million (US$0.7 million); (v) other operating expenses of RMB16.4 million (US$2.3 million); and (vi) income gained from government grants of RMB20.4 million (US$2.9 million).

● **Operating costs and expenses for domestic public securities** for the third quarter of 2025 were RMB35.0 million (US$4.9 million), a 15.9% decrease from the corresponding period in 2024, mainly due to a decrease in compensation and benefits in the third quarter of 2025.

● **Operating costs and expenses for domestic asset management** for the third quarter of 2025 were RMB35.9 million (US$5.0 million), a 15.9% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the third quarter of 2025.

● **Operating costs and expenses for domestic insurance** for the third quarter of 2025 were RMB9.3 million (US$1.3 million), a 64.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.

● **Operating costs and expenses for overseas wealth management** for the third quarter of 2025 were RMB97.5 million (US$13.7 million), a 27.6% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.

● **Operating costs and expenses for overseas asset management** for the third quarter of 2025 were RMB37.4 million (US$5.3 million), compared with RMB19.8 million for the corresponding period in 2024, primarily due to the expansion of the relationship management team which drove up relationship manager compensation.

● **Operating costs and expenses for overseas insurance and comprehensive services** for the third quarter of 2025 were RMB34.9 million (US$4.9 million), a 43.4% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.

● **Operating costs and expenses for headquarters** for the third quarter of 2025 were RMB211.0 million (US$29.6 million), a 37.3% increase from the corresponding period in 2024, primarily due to an increase in compensation and benefits.

**Income(loss) from operations**

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

---

| | | | |
|:---|:---|:---|:---|
| **(RMB millions,**<br> **except percentages)** | Q3 2024 | Q3 2025 | YoY Change |
| Domestic public securities | 65.0 | 80.8 | 24.4% |
| Domestic asset management | 137.8 | 153.4 | 11.3% |
| Domestic insurance | (17.5) | (4.6) | (73.7)% |
| Overseas wealth management | 54.4 | 48.7 | (10.5)% |
| Overseas asset management | 128.6 | 80.2 | (37.6)% |
| Overseas insurance and comprehensive services | 15.1 | 12.3 | (18.2)% |
| Headquarters | (142.6) | (198.9) | 39.6% |
| **Total income from operations** | **240.8** | **171.9** | **(28.6)%** |

---

● **Income from operations for domestic public securities** for the third quarter of 2025 was RMB80.8 million (US$11.3 million), a 24.4% increase from the corresponding period in 2024.

● **Income from operations for domestic asset management** for the third quarter of 2025 was RMB153.4 million (US$21.5 million), a 11.3% increase from the corresponding period in 2024.

● **Loss from operations for domestic insurance** for the third quarter of 2025 was RMB4.6 million (US$0.6 million), a 73.7% decrease from the corresponding period in 2024.

● **Income from operations for overseas wealth management** for the third quarter of 2025 was RMB48.7 million (US$6.8 million), a 10.5% decrease from the corresponding period in 2024.

● **Income from operations for overseas asset management** for the third quarter of 2025 was RMB80.2 million (US$11.3 million), a 37.6% decrease from the corresponding period in 2024.

● **Income from operations for overseas insurance and comprehensive services** for the third quarter of 2025 was RMB12.3 million (US$1.7 million), an 18.2% decrease from the corresponding period in 2024.

● **Loss from operations for headquarters** for the third quarter of 2025 was RMB198.9 million (US$27.9 million), a 39.6% increase from the corresponding period in 2024.

***Operating Margin***

**Operating margin** for the third quarter of 2025 was 27.2%, compared with 35.2% for the corresponding period in 2024.

***Interest Income***

**Interest income** for the third quarter of 2025 was RMB28.7 million (US$4.0 million), a 0.9% increase from the corresponding period in 2024.

***Investment Income***

**Investment income** for the third quarter of 2025 was RMB20.6 million (US$2.9 million), compared with investment income of RMB16.3 million in the corresponding period in 2024, primarily due to an increase in income from our private equity fund investment.

***Income Tax Expense***

**Income tax expense** for the third quarter of 2025 were RMB67.5 million (US$9.5 million), a 24.2% decrease from the corresponding period in 2024, primarily due to a decrease in income tax expenses associated with dividend withholding tax for offshore dividend payments from PRC subsidiaries in the third quarter of 2025.

***Net Income***

● **Net Income** 

● **Net income** for the third quarter of 2025 was RMB218.9 million (US$30.7 million), a 58.9% increase from the corresponding period in 2024.

● **Net margin** for the third quarter of 2025 was 34.6%, compared with 20.2% for the corresponding period in 2024.

● **Net income attributable to Noah shareholders** for the third quarter of 2025 was RMB218.5 million (US$30.7 million), a 62.6% increase from the corresponding period in 2024.

● **Net margin attributable to Noah shareholders** for the third quarter of 2025 was 34.5%, compared with 19.7% for the corresponding period in 2024.

● **Net income attributable to Noah shareholders per basic and diluted ADS** for the third quarter of 2025 was RMB3.14 (US$0.44) and RMB3.11 (US$0.44), compared with RMB1.91 and RMB1.91 for the corresponding period in 2024, respectively.

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

● **Non-GAAP net income attributable to Noah shareholders** for the third quarter of 2025 was RMB229.1 million (US$32.2 million), a 52.2% increase from the corresponding period in 2024.

● **Non-GAAP net margin attributable to Noah shareholders** for the third quarter of 2025 was 36.2%, compared with 22.0% for the corresponding period in 2024.

● **Non-GAAP net income attributable to Noah shareholders per diluted ADS** for the third quarter of 2025 was RMB3.26 (US$0.46), compared with RMB2.14 for the corresponding period in 2024.

***Balance Sheet and Cash Flow***

As of September 30, 2025, the Company had RMB3,837.4 million (US$539.0 million) in cash and cash equivalents, compared with RMB3,821.8 million as of June 30, 2025 and RMB3,435.8 million as of September 30, 2024, respectively.

Net cash inflow from the Company's operating activities during the third quarter of 2025 was RMB316.9 million (US$44.5 million), compared with net cash inflow of RMB237.2 million in the corresponding period in 2024, mainly due to increased cash inflow generated from net income from operations and enhanced working capital management.

Net cash inflow from the Company's investing activities during the third quarter of 2025 was RMB253.7 million (US$35.6 million), compared with net cash outflow of RMB53.7 million in the corresponding period in 2024, primarily due to the cash inflows from the maturity of some held-to-maturity investments in the third quarter of 2025.

Net cash outflow to the Company's financing activities was RMB549.9 million (US$77.3 million) in the third quarter of 2025, compared with net cash outflow of RMB1,010.8 million in the corresponding period in 2024, primarily due to a decrease in dividend payment to the Company's shareholders in the third quarter of 2025.

***Treasury Shares***

As of the date of the 2024 annual report of the Company, for the 3,063,510 ordinary shares held in treasury as of December 31, 2024, the Company intended to cancel or to hold these shares in treasury for any purpose as long as it is in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "**Hong Kong Listing Rules**") (e.g., providing incentives to employees, reselling, or otherwise using such treasury shares subject to market conditions and the Company's capital management needs, in compliance with the Hong Kong Listing Rules). After evaluating recent market conditions as well as the Company's capital management plan, on November 21, 2025 (Hong Kong Time), the Company cancelled 6,762,680 ordinary shares it held in treasury as of September 30, 2025. The Company may continue to repurchase its shares under its Share Repurchase Program (as defined in the Company's announcement dated August 29, 2024) and will hold the repurchased shares in treasury for purposes permitted under the Hong Kong Listing Rules or cancel them periodically, depending on market conditions.

**CONFERENCE CALL**

Senior management will host a combined English and Chinese language conference call to discuss the Company's third 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:**

---

| | |
|:---|:---|
| Conference title: | Noah Third Quarter 2025 Earnings Conference Call |
| Date/Time: | Tuesday, November 25, 2025, at 7:00 p.m., U.S. Eastern Time Wednesday, November 26, 2025, at 8:00 a.m., Hong Kong Time |
| Dial in: |  |
| – Hong Kong Toll Free: | 800-963976 |
| – United States Toll Free: | 1-888-317-6003 |
| – Mainland China Toll Free: | 4001-206115 |
| – International Toll: | 1-412-317-6061 |
| Participant Password: | 4879767 |

---

A telephone replay will be available starting approximately one hour after the end of the conference until December 2, 2025 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2159903.

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 http://ir.noahgroup.com.

**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 represent five ordinary shares, par value $0.00005 per share.

In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 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 466,153 registered clients as of September 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-strategy 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 third quarter of 2025 ended September 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 RMB7.119 to US$1.00, the effective noon buying rate for September 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** 

Tel: +86-21-8035-8292

ir@noahgroup.com

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

&nbsp;&nbsp;&nbsp;&nbsp;**Noah Holdings Limited**

**Condensed Consolidated Balance Sheets**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | As of | As of | As of |
|  | June 30,<br>2025 | September 30,<br>2025 | September 30,<br>2025 |
|  | RMB'000 | RMB'000 | USD'000 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3821846 | 3837367 | 539032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 10617 | 6071 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1602362 | 1157410 | 162580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 403226 | 358143 | 50308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due from related parties | 591977 | 568979 | 79924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 122658 | 117598 | 16519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 223676 | 330699 | 46454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6776362 | 6376267 | 895670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, net | 712155 | 785992 | 110408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in affiliates | 1363061 | 1469275 | 206388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 2346487 | 2377786 | 334006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 109688 | 98947 | 13899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 317124 | 317007 | 44530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 120005 | 120668 | 16950 |
| **Total Assets** | **11744882** | **11545942** | **1621851** |
| **Liabilities and Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and welfare expenses | 324621 | 346233 | 48635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 55491 | 117029 | 16439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 62097 | 72207 | 10143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 550000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent liabilities | 467255 | 462042 | 64903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 302049 | 340086 | 47772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1761513 | 1337597 | 187892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 242254 | 240363 | 33764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 69597 | 59634 | 8377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 9755 | 9701 | 1363 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **2083119** | **1647295** | **231396** |
| &nbsp;&nbsp;&nbsp;**Equity** | **9661763** | **9898647** | **1390455** |
| **Total Liabilities and Equity** | **11744882** | **11545942** | **1621851** |

---

**Noah Holdings Limited**

**Condensed Consolidated Income Statements**

**(In RMB'000, except for ADS data, per ADS data and percentages)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | September 30,<br>2024 | September 30,<br>2025 | September 30,<br>2025 |<br>Change |
|  | RMB'000 | RMB'000 | USD'000 | |
| **Revenues:** |  |  |  |  |
| Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 170023 | 158386 | 22248 | (6.8)% |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 166138 | 148333 | 20836 | (10.7)% |
| &nbsp;&nbsp;&nbsp;Performance-based income | 2974 | 6008 | 844 | 102.0% |
| &nbsp;&nbsp;&nbsp;Other service fees | 48764 | 35450 | 4980 | (27.3)% |
| Total revenues from others | 387899 | 348177 | 48908 | (10.2)% |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;One-time commissions | 6014 | 930 | 131 | (84.5)% |
| &nbsp;&nbsp;&nbsp;Recurring service fees | 236638 | 273105 | 38363 | 15.4% |
| &nbsp;&nbsp;&nbsp;Performance-based income | 58151 | 15839 | 2225 | (72.8)% |
| Total revenues from funds Gopher/Olive manages | 300803 | 289874 | 40719 | (3.6)% |
| Total revenues | 688702 | 638051 | 89627 | (7.4)% |
| Less: VAT related surcharges | (5016) | (5152) | (724) | 2.7% |
| **Net revenues** | **683686** | **632899** | **88903** | **(7.4)%** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (137082) | (126159) | (17721) | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (172902) | (193653) | (27203) | 12.0% |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (309984) | (319812) | (44924) | 3.2% |
| &nbsp;&nbsp;&nbsp;Selling expenses | (65939) | (68623) | (9639) | 4.1% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (72250) | (71876) | (10096) | (0.5)% |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | (5416) | (4664) | (655) | (13.9)% |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (12859) | (16389) | (2302) | 27.5% |
| &nbsp;&nbsp;&nbsp;Government grants | 23576 | 20352 | 2859 | (13.7)% |
| Total operating costs and expenses | (442872) | (461012) | (64757) | 4.1% |
| **Income from operations** | **240814** | **171887** | **24146** | **(28.6)%** |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 28416 | 28683 | 4029 | 0.9% |
| &nbsp;&nbsp;&nbsp;Investment income | 16334 | 20569 | 2889 | 25.9% |
| &nbsp;&nbsp;&nbsp;Settlement reversal |  | 1356 | 190 | N.A. |
| &nbsp;&nbsp;&nbsp;Other expenses | (43577) | (20813) | (2924) | (52.2)% |
| Total other income | 1173 | 29795 | 4184 | 2440.1% |
| Income before taxes and income from equity in affiliates | 241987 | 201682 | 28330 | (16.7)% |
| Income tax expense | (89036) | (67471) | (9478) | (24.2)% |
| (Loss) income from equity in affiliates | (15184) | 84649 | 11891 | N.A. |
| **Net income** | **137767** | **218860** | **30743** | **58.9%** |
| Less: net gain attributable to non-controlling interests | 3351 | 366 | 51 | (89.1)% |
| **Net income attributable to Noah shareholders** | **134416** | **218494** | **30692** | **62.6%** |
| Income per ADS, basic | 1.91 | 3.14 | 0.44 | 64.4% |
| Income per ADS, diluted | 1.91 | 3.11 | 0.44 | 62.8% |
| **Margin analysis:** |  |  |  |  |
| Operating margin | 35.2% | 27.2% | 27.2% |  |
| Net margin | 20.2% | 34.6% | 34.6% |  |
| <br>Weighted average ADS equivalent<sup>[1]</sup>: |  |  |  |  |
| Basic | 70334784 | 69617957 | 69617957 |  |
| Diluted | 70396502 | 70324538 | 70324538 |  |
| ADS equivalent outstanding at end of period | 65824608 | 65854612 | 65854612 |  |

---

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

**Noah Holdings Limited** 

**Condensed Comprehensive Income Statements** 

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended |
|  | September 30, <br>2024 | September 30, <br>2025 | September 30, <br>2025 | Change |
|  | RMB'000 | RMB'000 | USD'000 | |
| Net income | 137767 | 218860 | 30743 | 58.9% |
| Other comprehensive (loss) income, net of tax: |  |  |  |  |
| Foreign currency translation adjustments | (92022) | 1860 | 261 | N.A. |
| Fair value fluctuation of available-for-sale investment | - | 238 | 33 | <br>N.A. |
| Comprehensive income | **45745** | **220958** | **31037** | **383.0%** |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive gain attributable to non-controlling interests | 4822 | 518 | 73 | (89.3)% |
| Comprehensive income attributable to Noah shareholders | **40923** | **220440** | **30964** | **438.7%** |

---

**Noah Holdings Limited**

**Segment Condensed Income Statements** 

**(unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 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;&nbsp;One-time commissions | 12556 | 665 | 4756 | 90767 | 8247 | 41395 |  | 158386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 88580 | 27966 |  | 9539 | 22248 |  |  | 148333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 6007 |  |  |  | 1 |  |  | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service fees | - | - | - | 13496 | - | 5784 | 16170 | 35450 |
| Total revenues from others | 107143 | 28631 | 4756 | 113802 | 30496 | 47179 | 16170 | 348177 |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 930 |  |  |  |  |  |  | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 8552 | 156572 |  | 32395 | 75586 |  |  | 273105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 62 | 4273 | - | - | 11504 | - | - | 15839 |
| Total revenues from funds Gopher/Olive manages | 9544 | 160845 | - | 32395 | 87090 | - | - | 289874 |
| Total revenues | 116687 | 189476 | 4756 | 146197 | 117586 | 47179 | 16170 | 638051 |
| Less: VAT related surcharges | (823) | (215) | (44) | - | - | - | (4070) | (5152) |
| **Net revenues** | **115864** | **189261** | **4712** | **146197** | **117586** | **47179** | **12100** | **632899** |
| Operating costs and expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (26739) | (11597) | (2348) | (60910) | (13244) | (11321) |  | (126159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (6530) | (15861) | (3692) | (21449) | (17614) | (12311) | (116196) | (193653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total compensation and benefits | (33269) | (27458) | (6040) | (82359) | (30858) | (23632) | (116196) | (319812) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling expenses | (3521) | (2463) | (265) | (14822) | (5757) | (4764) | (37031) | (68623) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (25) | (3527) | (2604) | (299) | (775) | (2343) | (62303) | (71876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of (provision for) credit losses | 2315 | (4866) |  |  |  | 2712 | (4825) | (4664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | (515) | (672) | (406) |  |  | (6829) | (7967) | (16389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grants | - | 3081 | - | - | - | - | 17271 | 20352 |
| Total operating costs and expenses | (35015) | (35905) | (9315) | (97480) | (37390) | (34856) | (211051) | (461012) |
| **Income (loss) from operations** | **80849** | **153356** | **(4603)** | **48717** | **80196** | **12323** | **(198951)** | **171887** |

---

**Noah Holdings Limited**

**Segment Condensed Income Statements** 

**(unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 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;&nbsp;One-time commissions | 1796 | 79 | 8617 | 126166 | 4377 | 28988 |  | 170023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 87108 | 56575 |  | 6624 | 15455 |  | 376 | 166138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 2972 |  |  |  | 2 |  |  | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service fees | - | - | - | 24217 | - | 10379 | 14168 | 48764 |
| Total revenues from others | 91876 | 56654 | 8617 | 157007 | 19834 | 39367 | 14544 | 387899 |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 3671 |  |  | 1640 | 703 |  |  | 6014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 12442 | 122857 |  | 30402 | 70937 |  |  | 236638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 49 | 1125 | - | - | 56977 | - | - | 58151 |
| Total revenues from funds Gopher/Olive manages | 16162 | 123982 | - | 32042 | 128617 | - | - | 300803 |
| Total revenues | 108038 | 180636 | 8617 | 189049 | 148451 | 39367 | 14544 | 688702 |
| Less: VAT related surcharges | (1458) | (208) | (85) | - | - | - | (3265) | (5016) |
| **Net revenues** | **106580** | **180428** | **8532** | **189049** | **148451** | **39367** | **11279** | **683686** |
| Operating costs and expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (28914) | (17842) | (10505) | (76089) | (474) | (3258) |  | (137082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (11201) | (17791) | (9668) | (31228) | (13193) | (11851) | (77970) | (172902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total compensation and benefits | (40115) | (35633) | (20173) | (107317) | (13667) | (15109) | (77970) | (309984) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling expenses | (269) | (2807) | (2012) | (26011) | (5739) | (4131) | (24970) | (65939) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (819) | (3720) | (3871) | (1288) | (439) | (1660) | (60453) | (72250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses |  | (724) |  |  |  | (2043) | (2649) | (5416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | (411) | (18) | (2) |  |  | (1358) | (11070) | (12859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grants | - | 226 | - | - | - | - | 23350 | 23576 |
| Total operating costs and expenses | (41614) | (42676) | (26058) | (134616) | (19845) | (24301) | (153762) | (442872) |
| **Income (loss) from operations** | **64966** | **137752** | **(17526)** | **54433** | **128606** | **15066** | **(142483)** | **240814** |

---

 **Noah Holdings Limited** 

**Additional Business Information**

**(unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2025 | Three months ended September 30, 2025 |
|  | Wealth <br> Management<br> Business | Asset <br> Management<br> Business | Other <br> Businesses | Total |
|  | RMB'000 | RMB'000 | RMB'000 | RMB'000 |
| &nbsp;&nbsp;&nbsp;**Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenues from others: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 158386 |  |  | 158386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 148333 |  |  | 148333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 6008 |  |  | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 23352 | - | 12098 | 35450 |
| &nbsp;&nbsp;&nbsp;Total revenues from others | 336079 | - | 12098 | 348177 |
| &nbsp;&nbsp;&nbsp;Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 306 | 624 |  | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 92431 | 180674 |  | 273105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | - | 15839 | - | 15839 |
| &nbsp;&nbsp;&nbsp;Total revenues from funds Gopher/Olive manages | 92737 | 197137 | - | 289874 |
| &nbsp;&nbsp;&nbsp;Total revenues | 428816 | 197137 | 12098 | 638051 |
| &nbsp;&nbsp;&nbsp;Less: VAT related surcharges | (1321) | (215) | (3616) | (5152) |
| &nbsp;&nbsp;&nbsp;**Net revenues** | **427495** | **196922** | **8482** | **632899** |
| &nbsp;&nbsp;&nbsp;Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relationship managers compensation | (124514) | (1645) |  | (126159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (129633) | (58074) | (5946) | (193653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total compensation and benefits | (254147) | (59719) | (5946) | (319812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses | (50133) | (12774) | (5716) | (68623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (45250) | (16884) | (9742) | (71876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit losses | 5775 | (4866) | (5573) | (4664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | (7667) | (1968) | (6754) | (16389) |
| &nbsp;&nbsp;&nbsp;Government grants | 17265 | 3087 | - | 20352 |
| Total operating costs and expenses | (334157) | (93124) | (33731) | (461012) |
| **Income (loss) from operations** | **93338** | **103798** | **(25249)** | **171887** |

---

**Noah Holdings Limited** 

**Additional Business Information**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 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 | 170023 |  |  | 170023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 166138 |  |  | 166138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 2974 |  |  | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other service fees | 36087 | - | 12677 | 48764 |
| Total revenues from others | 375222 | - | 12677 | 387899 |
| Revenues from funds Gopher/Olive manages: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-time commissions | 5776 | 238 |  | 6014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring service fees | 85850 | 150788 |  | 236638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance-based income | 50 | 58101 | - | 58151 |
| Total revenues from funds Gopher/Olive manages | 91676 | 209127 | - | 300803 |
| Total revenues | 466898 | 209127 | 12677 | 688702 |
| Less: VAT related surcharges | (1881) | (208) | (2927) | (5016) |
| **Net revenues** | **465017** | **208919** | **9750** | **683686** |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits Relationship managers compensation | (129395) | (7687) |  | (137082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other compensations | (118388) | (47556) | (6958) | (172902) |
| &nbsp;&nbsp;&nbsp;Total compensation and benefits | (247783) | (55243) | (6958) | (309984) |
| &nbsp;&nbsp;&nbsp;Selling expenses | (48392) | (11704) | (5843) | (65939) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (45766) | (17500) | (8984) | (72250) |
| &nbsp;&nbsp;&nbsp;Reversal of credit losses | (1758) | (2203) | (1455) | (5416) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (5708) | (22) | (7129) | (12859) |
| &nbsp;&nbsp;&nbsp;Government grants | 23350 | 226 | - | 23576 |
| Total operating costs and expenses | (326057) | (86446) | (30369) | (442872) |
| **Income (loss) from operations** | **138960** | **122473** | **(20619)** | **240814** |

---

**Noah Holdings Limited**

**Supplemental Revenue Information by Geography**

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

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | September 30,<br> 2024 | September 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 | 311835 | 327089 | 4.9% |
| &nbsp;&nbsp;&nbsp;Hong Kong | 286766 | 226139 | (21.1)% |
| &nbsp;&nbsp;&nbsp;Others | 90101 | 84823 | (5.9)% |
| **Total revenues** | **688702** | **638051** | **(7.4)%** |

---

**Noah Holdings Limited**

**Supplemental Revenue Information by Product Types**

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

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | September 30, <br> 2024 | September 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] | 108038 | 116687 | 8.0% |
| &nbsp;&nbsp;&nbsp;Private equity products | 180636 | 189476 | 4.9% |
| &nbsp;&nbsp;&nbsp;Insurance products | 8617 | 4756 | (44.8)% |
| &nbsp;&nbsp;&nbsp;Others | 14544 | 16170 | 11.2% |
| &nbsp;&nbsp;&nbsp;Subtotal | 311835 | 327089 | 4.9% |
| **Overseas:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment products [2] | 191200 | 170962 | (10.6)% |
| &nbsp;&nbsp;&nbsp;Insurance products | 144942 | 112921 | (22.1)% |
| &nbsp;&nbsp;&nbsp;Online business [3] | 7865 | 11998 | 52.5% |
| &nbsp;&nbsp;&nbsp;Others | 32860 | 15081 | (54.1)% |
| &nbsp;&nbsp;&nbsp;Subtotal | 376867 | 310962 | (17.5)% |
| **Total revenues** | **688702** | **638051** | **(7.4)%** |

---

[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** 

**(unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | As of | As of | |
|  | September 30, <br> 2024 | September 30, <br> 2025 |<br>Change |
| Number of registered clients | 460380 | 466153 | 1.3% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | September 30,<br> 2024 | September 30, <br> 2025 |<br>Change |
|  | (in millions of RMB, except number of active clients and percentages) | (in millions of RMB, except number of active clients and percentages) | (in millions of RMB, except number of active clients and percentages) |
| Number of active clients | 7857 | 10650 | 35.5% |
| Transaction value: |  |  |  |
| &nbsp;&nbsp;&nbsp;Private equity products | 1070 | 1097 | 2.6% |
| &nbsp;&nbsp;&nbsp;Private secondary products | 3560 | 5940 | 66.9% |
| &nbsp;&nbsp;&nbsp;Mutual fund products | 8651 | 9159 | 5.9% |
| &nbsp;&nbsp;&nbsp;Other products | 977 | 790 | (19.2)% |
| **Total transaction value** | **14258** | **16986** | **19.1%** |

---

**Noah Holdings Limited**

**Supplemental Information of Overseas Business**

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | |
|  | September 30, <br> 2024 | September 30, <br> 2025 |<br>Change |
| Net Revenues from Overseas (RMB, million) | 376.9 | 311.0 | (17.5)% |
| Number of Overseas Registered Clients | 17287 | 19543 | 13.1% |
| Number of Overseas Active Clients | 3139 | 3561 | 13.4% |
| Transaction Value of Overseas Investment Products (RMB, billion) | 7.8 | 8.6 | 11.2% |
| Number of Overseas Relationship Managers | 146 | 136 | (6.8)% |
| Overseas Assets Under Management (RMB, billion) | 39.5 | 42.2 | 6.8% |

---

**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 | |
|  | September 30,<br>2024 | September 30,<br>2025 |<br>Change |
|  | RMB'000 | RMB'000 | |
| Net income attributable to Noah shareholders | 134416 | 218494 | 62.6% |
| Adjustment for share-based compensation | 19846 | 14920 | (24.8)% |
| Add: settlement reversal |  | (1356) | N.A. |
| Less: Tax effect of adjustments | 3745 | 2984 | (20.3)% |
| Adjusted net income attributable to Noah shareholders (non-GAAP) | **150517** | **229074** | **52.2%** |
| Net margin attributable to Noah shareholders | 19.7% | 34.5% |  |
| Non-GAAP net margin attributable to Noah shareholders | 22.0% | 36.2% |  |
| Net income attributable to Noah shareholders per ADS, diluted | 1.91 | 3.11 | 62.8% |
| Non-GAAP net income attributable to Noah shareholders per ADS, diluted | 2.14 | 3.26 | 52.3% |

---

<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.