AI enters the Company's full‑chain operational phase, establishing itself as the second growth curve in the future.
Globalization strategy accelerating, with four major booking centers enhancing cross‑border platform capabilities and strengthening Noah's global service network.
SHANGHAI, Nov. 26, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE:NOAH), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the three months ended September 30, 2025.
While net revenues for the third quarter declined 7.4% year-over-year but increased slightly on a sequential basis for the second consecutive quarter to RMB 632.9 million (US$88.9 million), non-GAAP net income grew a robust 52.2% year-over-year to RMB 229.1 million (US$32.2 million). This powerful bottom-line performance demonstrates significant operating leverage, underpinned by a 6.5% year-over-year reduction in total operating expenses for the first three quarters, and shows how the Company's transformation strategy is fueling a rebound in profitability.
The Company also continued to strengthen its global footprint, with overseas net revenue of RMB 311 million accounting for 49.1% of total net revenue. Noah also recorded steady overseas AUA and AUM growth. Overseas assets under administration (AUA) reached US$ 9.3 billion, representing a 6.8% increase from a year earlier, while assets under management (AUM) rose 5.3% year over year to US$ 5.9 billion, underscoring the strength of Noah's expanding global platform.
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. During the quarter, we obtained a US 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."
Zander Yin, CEO of Noah Holdings, said, "Our transformation strategy is progressing steadily. Even as net revenues remained under pressure during this planned period of revenue mix adjustment, our core business demonstrated notable resilience with strong client engagement, a positive shift in product mix, and a disciplined focus on operational efficiency, resulting in ...
