NOAH

This article first appeared on GuruFocus. Net Revenue (Q2): RMB620 million, down 1.5% year-over-year. Net Revenue (H1): RMB1.25 billion, broadly flat year-over-year. Operating Income (Q2): RMB216 million, up 34% year-over-year, with an operating margin of 34.8%. Operating Income (H1): RMB452 million, up 30.3% year-over-year, with a record half-year operating margin of 36.3%. Non-GAAP Net Income (Q2): RMB238 million, up 25.9% year-over-year and 77.8% quarter-over-quarter. Non-GAAP Net Income (H1): RMB372 million, up 3.9% year-over-year. Performance-Based Income (Carry): RMB238 million in the first half, up 364% year-over-year. Distribution Income from Investment Products: Increased 13.4% in the first half. One-Time Commission: RMB87 million in Q2, down 44.1% year-over-year. Recurring Management Fees: RMB360 million in Q2, down 10.8% year-over-year. Total Fundraising (H1): RMB40.5 billion, up 22.4% year-over-year. Group AUM: RMB140.9 billion as of June 30, returning to sequential growth. U.S. Dollar-Denominated AUM: US$6.5 billion, up 11.7% year-over-year. U.S. Dollar-Denominated AUA: US$9.78 billion, up 7.5% year-over-year. Operating Costs and Expenses (H1): Declined 11.6% year-over-year, including a 12.7% reduction in personnel costs. Total Compensation and Benefits (Q2): RMB260 million, down 13.1% year-over-year. Selling Expenses (H1): Down 18.6% year-over-year to RMB92 million. Cash and Short-Term Investments: Approximately RMB5.0 billion as of June 30, with zero interest-bearing debt. Mainland China Net Revenues (H1): RMB776 million, up approximately 20.7% year-over-year. International Segment Net Revenues (H1): RMB469 million, accounting for 37.7% of group net revenues, declining 21.9% year-over-year. Singapore AUM: Grew from less than US$100 million to more than US$400 million by Q2, achieving monthly profitability in July. Warning! GuruFocus has detected 5 Warning Signs with NOAH. Is NOAH fairly valued? Test your thesis with our free DCF calculator. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Noah Holdings Ltd (NYSE:NOAH) reported a 34% year-over-year increase in operating income and a record operating margin of 36.3% for the first half of 2026, driven by disciplined cost management and an increasingly efficient operating model. The AI Wealth Management Department model achieved its first meaningful proof point in Singapore, with AUM growing from less than US$100 million to over US$400 million and reaching monthly profitability in July 2026. Performance-based income (carry) reached RMB238 million in the first half of 2026, up 364% year-over-year, demonstrating the strength of the company's investment capabilities. US dollar-denominated AUM increased 11.7% year-over-year, while overseas RM headcount declined 36.2%, indicating a successful decoupling of asset growth from headcount expansion. The company maintains a strong balance sheet with RMB5 billion in cash, zero interest-bearing debt, and a current ratio of 4.3 times, supporting its commitment to shareholder returns. Noah Holdings Ltd (NYSE:NOAH) has made significant progress in resolving the legacy CAMSI matter, with over 80% of affected clients accepting the new settlement plan, reducing uncertainty and contingent liabilities. Net revenues from the international segment declined 21.9% year-over-year in the first half, primarily due to the deliberate contraction of the insurance business and exit from legacy referral channels. One-time commissions fell 44.1% year-over-year in the second quarter, largely due to a 58.2% decline in insurance-related commissions, reflecting a strategic exit from traditional high-commission products. Recurring management fees decreased 10.8% year-over-year in the second quarter, as legacy RMB private equity assets continue to run off. The company faces heightened regulatory headwinds and competition in the insurance market, which has impacted revenue streams. Carry income is inherently volatile and realization-dependent, making it challenging to forecast and not suitable for linear assumptions, which could lead to fluctuations in future earnings. The transformation is still in its early stages, with new growth engines not yet fully offsetting the decline in legacy revenue, as evidenced by the overall flat revenue growth in the first half. Q: Can management provide more color on the recent development of the legacy Camsing litigation and the reversal of contingent litigation expenses in Q2? Can we expect more reversals in the next few quarters?A: Jason Wu (Finance Director) explained that in Q2, the company introduced a new settlement plan for the legacy Camsing matter, and more than 80% of affected clients have now accepted it, substantially reducing the likely risk exposure. The company is adjusting the provision balance quarterly in line with actual settlement progress. While they continue to engage with remaining unsettled clients, they cannot predict future provision reversals as they are still tracking the settlement programs. Q: How long will the current transition period take, and what metrics should investors monitor to track progress? Are there any longer-term targets for the AI strategy over the next 3-5 years?A: Management indicated that under the AI era, change can be very fast, making a 3-5 year target less relevant. They cited Singapore as an example, where the AI Wealth Management Department grew AUM from less than US$100 million to over US$400 million in roughly 10 months. The new model is no longer about hiring more RMs to get clients, but about leveraging an AI-powered platform, licensed professionals, and ecosystem partners. They are now replicating this model from Singapore to Hong Kong and other markets, expecting drastic change in a much shorter time than the traditional model. Q: What are the dividend expectations for the current fiscal year and periods ahead, and what is the anticipated effect of the AI strategy on revenue and profitability in the medium to long term?A: CFO Qing Pan stated that the company has cumulatively distributed about RMB2.2 billion since 2022, maintaining a 100% payout ratio for three consecutive years. While the exact future ratio is not yet decided, they expect to continue distributing a significant portion of income to shareholders. As AI and carry continue to drive profitability and upgrade the business model, they believe they can sustain at least a comparable level of shareholder returns in the future. Q: How do the KPIs for relationship managers under the new AI Wealth Management model compare to the old model, and how is Noah growing its account base? Can you provide examples of how AI has improved RM productivity?A: Management explained that the new model no longer relies solely on individual RMs. In Singapore, a team of only six people can now cover 500 clients, which was previously impossible. The AI Wealth Management Department handles high-frequency, standardized client engagement, while licensed professionals focus on judgment, compliance, and relationship building. Additionally, the AI+ Ecosystem platform allows cooperation with professionals from other industries who have clients with wealth management needs but lack licenses, expanding client reach without proportional headcount growth. Q: Can you elaborate on the financial performance for Q2 and the first half of 2026, particularly regarding revenue composition and operating efficiency?A: CFO Qing Pan reported Q2 net revenue of RMB620 million, with operating income of RMB216 million, up 34% year-over-year, and an operating margin of 34.8%. For the first half, net revenues were RMB1.25 billion, broadly flat year-over-year, but operating income rose 30.3% to RMB452 million with a record margin of 36.3%. This was driven by a 12.7% reduction in personnel costs and an 11.6% decline in total operating costs, demonstrating that the company is delivering the same revenue from a materially smaller cost base. Q: How sustainable is the performance-based income (carry) of RMB238 million in the first half, and is it a one-time event?A: Management emphasized that carry is not a one-off outcome but the result of a long-term systematic investment capability. The model consists of three layers: investing in leading PE funds, using fund-of-funds to observe collective investment decisions, and co-investing/direct investing to convert information advantages into returns. With 67 private equity funds built over a decade across various vintages, the diversified portfolio provides a broad base for future carry realization. However, they cautioned that carry is realization-driven and will fluctuate, not be smooth or linear. Q: Can you provide more details on the growth of the international business, particularly the AI Wealth Management Department in Singapore?A: CEO Zhe Yin highlighted that Singapore has become the first meaningful proof point for the AI Wealth Management Department model. From its launch in Q4 2025, Singapore AUM grew from less than US$100 million to over US$400 million by Q2, achieving monthly profitability in July. Notably, 92% of clients are covered by the AI-enabled service model, and external ecosystem partners contributed 42% of new AUM. This growth was achieved without a large expansion in RM headcount, demonstrating the potential to decouple asset growth from headcount growth. Q: What is the outlook for the Mainland China business, and how is the company navigating the regulatory environment?A: The Mainland China business is returning to the fundamentals of investment and asset allocation, focusing on standardized assets with sustainable long-term value. Net revenues for the first half were RMB776 million, up 20.7% year-over-year. The company has proactively reduced its traditional high-commission insurance product model, shifting to comprehensive services like family succession and heritage planning. The future positioning focuses on secondary market investments, serving clients through professional investment capabilities and using AI to improve client engagement and service efficiency. Q: How is the company planning to replicate the Singapore AI Wealth Management model across other markets?A: Management outlined plans to replicate the Singapore model in Hong Kong and Japan, with gradual expansion into Canada, Australia, the UK, and Europe. The basic architecture will be centralized AI wealth management capabilities plus local licensed professionals plus local ecosystem partners. This approach avoids the traditional model of building heavy physical footprints in every market, potentially improving unit economics and enabling economically viable global coverage for Chinese high-net-worth families. Q: Can you provide details on the partnership with Column National Association and its significance?A: The group established a partnership with U.S.-licensed banking institution Column National Association to enhance account opening, multi-currency settlement, and payment processing capabilities for international clients. This partnership is part of the international middle and back office infrastructure built since 2024, designed to improve client service efficiency and operational scalability across licensed entities in Hong Kong, Singapore, the United States, and Japan. Management emphasized that front-office AI transformation and back-end customization must happen together for global expansion For the complete transcript of the earnings call, please refer to the full earnings call transcript.

1H2026 operating margin reaches 36.3%, up 8.4 percentage points year-over-year; Q2 performance-based fees up 500.9% year-over-year SINGAPORE, Aug. 26, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH; HKEX: 6686), a leading wealth management institution serving global Chinese families, today announced its unaudited financial results for the second quarter ended June 30, 2026. The key signal this quarter: with revenue broadly stable, profit growth accelerated and operating margin expanded significantly, alongside the continued execution of an operating model that has been validated through practice — an institutional productivity system combining an AI-powered wealth management platform, locally licensed professional teams, and ecosystem partners on a single, unified operating infrastructure. About ten months after its launch in Singapore, this model achieved its first month of profitability in July. More importantly, it is shifting the traditional wealth management growth formula away from headcount-driven relationship manager ("RM") expansion: even as the number of international RMs declined year-over-year, Noah's international AUM in USD terms still grew 11.7%, demonstrating the replicability and scalability of an institutionalized service model. Jingbo Wang, Co-Founder and Chairwoman of Noah Holdings, said: "For more than two decades, Noah has walked alongside many families through complete cycles. We are increasingly convinced that what clients truly entrust to Noah is not a sum of money, but a family's plan for its future. That is why Noah operates under license and in compliance in every market we serve, and carries our long-term responsibilities on a balance sheet with zero interest-bearing debt. Real stability never comes from any single correct judgment — it comes from systems and structure. Wealth management is something that can only be proven over a long period of time. Noah will continue to safeguard every family's trust with prudence, discipline, and a long-term view." Zhe Yin, Co-Founder and Chief Executive Officer of Noah Holdings, said: "Wealth management is shifting from a service model built on individual experience to one supported jointly by platforms, professional teams, and global resources. AI amplifies the platform's service capacity, licensed teams take on professional judgment and compliance responsibility, and ecosystem partners help us serve more clients at a lower fixed cost. Only when the three work together can clients receive consistent, professional, and dependable service across markets. Singapore's operating performance has validated this direction, and in the next phase we will extend this model to more markets." In the second quarter, Noah recorded net revenues of RMB620 million; income from operations of RMB216 million, up 34.0% year-over-year, with an operating margin of 34.8%; and non-GAAP net income attributable to Noah shareholders of RMB238 million, up 25.9% year-over-year and 77.8% quarter-over-quarter. For the first half, net revenues were RMB1.246 billion, up 0.1% year-over-year; income from operations was RMB452 million, up 30.3% year-over-year; and operating margin was 36.3%, up 8.4 percentage points year-over-year. This marked Noah's 63rd consecutive quarter of non-GAAP profitability since its listing. Investment capability: performance fees rooted in structure, not a single deal Total revenue in the second quarter was broadly flat year-over-year, but the underlying mix improved markedly. Returns from Noah's investment capabilities are increasingly being realized: net performance-based fees for the first half reached RMB 238 million, up 364.0% year-over-year, while fundraising fees from investment products rose 13.4% year-over-year. Over the same period, operating costs and expenses fell 11.6% year-over-year. Mr. Yin said: "Performance fees are not a one-time revenue item — they are a long-accumulated, systemic capability that can continue to roll forward. They stem from the position Noah has built over more than a decade in global primary markets: as a limited partner in leading global funds, we see the industry's most forward-looking directions; as a manager of funds-of-funds, we see the collective choices of the world's best-performing managers. These informational advantages ultimately convert into returns through investment performance." Noah's global investment system is built on three layers of capability: gaining frontier industry visibility and asset information by investing as an LP in leading global funds; broadening its information base and cross-validating the shared conviction of top global investment managers through its fund-of-funds network; and converting research and information advantages into concrete opportunities through direct project investment. Funds established in different years sit at different stages of their life cycles, with early-vintage funds continually entering their harvest period — providing a rolling basis for performance-fee realization. Noah's Hong Kong platform has cumulatively realized USD 158 million in actual performance fees to date. AI and institutional-grade data systems are reinforcing this structure. On the asset side, Noah cross-validates the directions in which top managers are jointly investing and continuing to add exposure. On the client side, the same data system is used to understand clients' actual needs, risk tolerance, and existing asset structure, improving the efficiency of asset-client matching. Better matching supports stronger investment performance and greater long-term willingness among clients to allocate — forming a positive cycle among investment capability, client value, and business growth. The Company also notes that alternative investments are inherently cyclical, performance fees will fluctuate from year to year, and it does not smooth expectations for this line; it will continue to disclose the latest progress on a quarterly basis. A new model: from a single proof point to a system Singapore is the first fully realized proof point for this model. Since its launch in the fourth quarter of last year, Singapore AUM has grown from under USD 100 million to more than USD 400 million in the second quarter, and the market achieved its first month of profitability in July. AI-enabled teams now handle day-to-day servicing for 92% of clients, with licensed teams responsible for compliance and professional delivery; external partners contributed 42% of net new AUM. The entire growth trajectory was achieved without expanding RM headcount. As of June 30, 2026, Noah's USD-denominated AUM reached USD 6.5 billion, up 11.7% year-over-year; USD-denominated AUA reached USD 9.78 billion, up 7.5% year-over-year; and the number of registered international clients reached 21,059, up 11.0% year-over-year. Operating infrastructure Front-end AI adoption must happen alongside back-end platform modernization. Accounts, transactions, settlement, payments, and compliance form the shared foundation on which the three pillars above stand. This quarter, the Company established a system-level partnership with Column N.A., a U.S.-licensed banking institution, to enhance account opening, multi-currency settlement, and payment processing for international clients; and ArkOS, a client-facing fintech platform, went live in July, driving online and automated account opening, remittance, and settlement. These services are available only to non-Mainland China resident clients in compliance with applicable local laws and regulations. As of June 30, 2026, Noah's total assets under management stood at RMB 140.9 billion, with cash and cash equivalents of RMB 4.323 billion. A resilient balance sheet will continue to support the Company's investment in global operating infrastructure, investment research, AI capability, and client service systems, enabling Noah to provide safe, professional, and dependable long-term wealth management services to global Chinese families. This press release contains forward-looking statements regarding the replicability of the Company's business model, international market expansion, and future investment. Actual results may differ materially from these statements due to macroeconomic conditions, regulatory changes, investment performance, execution risk, and other factors. Except as required by law, the Company undertakes no obligation to publicly revise or update such statements as a result of new information or future events. Historical financial data presented herein does not constitute a guarantee of future performance. View original content:https://www.prnewswire.com/apac/news-releases/noah-holdings-reports-q2-2026-results-operating-margin-rises-to-34-8-institutional-productivity-model-validated-ai-powered-platform--licensed-professionals--ecosystem-partners-architecture-now-replicable-302860551.html

Interested in Noah Holdings Ltd.? Here are five stocks we like better. Profitability improved despite slightly lower revenue: Q2 net revenue fell 1.5% year over year to RMB 620 million, but operating income rose 34% and non-GAAP net income increased 25.9% to RMB 238 million. Lower costs, including a 17% headcount reduction, lifted the operating margin to 34.8%. Carry income offset pressure in legacy businesses: Performance-based income rose sharply to RMB 138 million in Q2, while insurance commissions and recurring management fees declined as Noah continued shifting away from legacy products and channels. AI-driven wealth management showed early traction: Singapore AUM grew from below $100 million to more than $400 million since the model launched, reaching monthly profitability in July. Noah plans to expand the model to Hong Kong and Japan, followed by additional international markets. Noah (NYSE:NOAH) reported second-quarter 2026 net revenue of RMB 620 million, down 1.5% from a year earlier, while operating income rose 34% to RMB 216 million as the wealth manager reduced costs and expanded its operating margin. Non-GAAP net income attributable to Noah reached RMB 238 million, up 25.9% year over year and 77.8% sequentially. The company’s operating margin was 34.8%, compared with 25.6% in the prior-year quarter. For the first half, operating income increased 30.3% to RMB 452 million, producing a 36.3% operating margin. → Rocket Lab's Sell-Off Is Fading—Is It Finally Safe to Buy? Chief Financial Officer Grant Pan said the quarter reflected “the quality of our profitability rather than pure growth in revenue,” citing lower compensation, selling expenses and overall headcount. Total operating costs and expenses declined 13.7% year over year during the quarter, while total headcount was reduced by about 17%. The company said its revenue mix continued to shift away from legacy insurance, referral channels and RMB private-equity-related business. Second-quarter one-time commissions fell 44.1% year over year to RMB 87 million, including a 58.2% decline in insurance commissions. Recurring management fees decreased 10.8% to RMB 360 million, which Pan attributed to the runoff of legacy RMB private equity assets. → Travel + Leisure Goes Big—Is It Ready to Rally? Performance-based income, or carry, was a major contributor to results. Carry totaled RMB 138 million in the second quarter and RMB 238 million in the first half, up 364% from the prior-year first half. Management said it views carry as supported by a portfolio spanning multiple fund vintages, although it cautioned that alternative-investment realizations are cyclical and cannot be expected to be linear from quarter to quarter. Investment income was RMB 42 million in the second quarter, compared with a RMB 14 million loss a year earlier. On a GAAP basis, net income attributable to shareholders was RMB 232 million, up 30% year over year. → What Rising Delivery Forecasts Say About Rivian's Stock Prospects Pan said Noah maintains its expectation for a full-year operating margin above 30%, while noting that quarterly performance may fluctuate based on product mix and expense timing. Management focused much of the call on its AI-enabled wealth-management model, which combines centralized digital client services, licensed professionals and ecosystem partners. Chief Executive Officer Zander Yin said the company is seeking to reduce its historical dependence on expanding relationship-manager headcount to generate client and asset growth. U.S. dollar-denominated assets under management rose 11.7% year over year to $6.5 billion as of June 30, while overseas relationship-manager headcount declined 36.2%. U.S. dollar-denominated assets under advisement increased 7.5% to $9.78 billion. Singapore was the company’s first full test market for its AI Wealth Management Department model. Management said Singapore AUM increased from less than $100 million at the model’s launch in the fourth quarter of 2025 to more than $400 million by the second quarter. The business achieved monthly profitability in July. According to Noah, 92% of Singapore clients are now covered by the AI-enabled service model for day-to-day engagement, while licensed staff handle regulated activities, professional judgment and compliance. Ecosystem and external partners accounted for 42% of new AUM in Singapore. The market raised $158 million in the first half, up 126% year over year. Chairlady Jingbo Wang said that in Singapore, six people have been able to cover about 500 clients, an arrangement she said would have been difficult under the company’s previous operating model. Noah plans to replicate the approach in Hong Kong and Japan before gradually expanding into Canada, Australia, the U.K. and Europe. In Mainland China, second-quarter net revenue was RMB 384 million. First-half Mainland China revenue totaled RMB 776 million, up about 20.7% year over year. Noah Upright, which focuses on standardized investment products, raised RMB 8.27 billion in the first half and generated RMB 414 million in revenue, up 59.8%. The company said its Mainland China product shelf is centered on defensive strategies, including market-neutral quantitative strategies and commodity trading advisors. Noah also said it is moving away from traditional high-commission protection insurance products toward family succession and inheritance-planning services. International segment revenue was RMB 469 million in the first half, down 21.9% year over year and representing 37.7% of group revenue. Management said nearly 90% of the decline stemmed from its intentional insurance contraction and exit from legacy referral channels. Excluding those factors, revenue from U.S. dollar-denominated investment products was broadly flat, according to the company. Registered overseas clients increased 11% to 21,059, while overseas diamond and black-card clients rose 8.9% to 1,791. Active overseas clients reached 3,494 in the second quarter, up 8.5% sequentially. Noah ended the quarter with approximately RMB 5 billion in cash equivalents and short-term investments and no interest-bearing debt. Shareholders’ equity was RMB 9.8 billion, and the current ratio was 4.3 times. Deputy CFO Jason Wu said more than 80% of clients affected by the legacy Camsing matter had accepted the company’s settlement plan as of the call. Contingent liabilities fell to RMB 455 million at June 30 from RMB 505 million at March 31. Wu said the company will adjust provisions based on settlement progress but could not predict future reversals. Pan said Noah completed its 2025 dividend distribution in July, marking its third consecutive year with a 100% net-income payout ratio. Since 2022, cumulative dividends have totaled roughly RMB 2.4 billion. The company had also repurchased more than 3.2 million ADSs for over $34 million under its share-repurchase program. Noah Holdings Limited is a China-based wealth management and asset management firm specializing in tailored advisory services for high-net-worth individuals, family offices and select institutional clients. The company offers a broad range of investment solutions that draw on its deep market research and partner network to provide access to both onshore and offshore products. Noah's business model centers on delivering structured investment products, portfolio management services and family wealth planning solutions designed to meet the evolving needs of affluent clients in China and beyond. Noah's main service lines include discretionary portfolio management, fund distribution, private equity and venture capital fund platforms, and alternative investment strategies such as real estate and insurance-linked products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Noah Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SINGAPORE, Aug. 26, 2026 /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 its unaudited financial results for the second quarter of 2026. SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by a significant increase in performance-based income from mainland China private secondary products, and a 0.9% decrease quarter-on-quarter, primarily due to lower one-time commissions and recurring service fees, largely offset by an increase in performance-based income from mainland China products. Income from operations for the second quarter of 2026 was RMB215.8 million (US$31.8 million), a 34.0% increase from the corresponding period in 2025, primarily due to lower operating costs and expenses, including lower compensation and benefits expenses resulting from our disciplined cost control measures and a decrease in provision for credit losses. Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025, primarily due to higher income from operations and an increase in investment income, partially offset by higher income tax expense. Non-GAAP[1] net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025. SECOND QUARTER 2026 OPERATIONAL UPDATES The Company reports its operational performance across six business segments — three mainland China and three international[2] — plus headquarters. The following updates provide segment-specific operating metrics and developments during the second quarter of 2026. Group-wide Operating Metrics Total number of registered clients as of June 30, 2026 was 469,987, a 1.2% increase from June 30, 2025, and a 0.2% increase from March 31, 2026. Total number of active clients[3] for the second quarter of 2026 was 10,296, a 12.4% increase from the second quarter of 2025 and a 4.2% decrease from the first quarter of 2026. Aggregate value of investment products distributed during the second quarter of 2026 was RMB17.1 billion (US$2.5 billion), compared with RMB17.0 billion in the second quarter of 2025 and RMB23.3 billion in the first quarter of 2026. The quarter-over-quarter decrease was mainly attributable to lower distribution of mutual fund and private secondary products in mainland China. Total assets under management as of June 30, 2026 were RMB140.9 billion (US$20.8 billion), compared with RMB145.1 billion as of June 30, 2025 and RMB140.2 billion as of March 31, 2026, mainly due to the continuous allocation and exit of mainland China private equity products. Distribution of Investment Products The aggregate value of investment products distributed, categorized by product type, is as follows: The aggregate value of investment products distributed, categorized by geography, is as follows： Assets Under Management Total assets under management, categorized by investment type, are as follows: Total assets under management, categorized by geography, are as follows: Segment Operating Metrics Mainland China Business Our Mainland China operations are organized into three reportable segments: mainland China public securities, mainland China asset management, and mainland China insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market. Mainland China public securities Mainland China public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an "online-first, offline-supported" business model, with the goal of facilitating global asset allocation through RMB-denominated products. Transaction value of mutual fund products distributed in mainland China during the second quarter of 2026 was RMB5.5 billion (US$0.8 billion), compared with RMB5.7 billion in the second quarter of 2025 and RMB9.9 billion in the first quarter of 2026. Transaction value of RMB-denominated private secondary products distributed in mainland China during the second quarter of 2026 was RMB2.8 billion (US$0.4 billion), unchanged from RMB2.8 billion in the second quarter of 2025 and a 48.1% decrease from RMB5.4 billion in the first quarter of 2026. Number of active clients in this segment during the second quarter of 2026 was 7,052, an 18.5% increase from the second quarter of 2025. Number of licensed relationship managers serving this segment was 192 as of June 30, 2026, compared with 207 as of June 30, 2025. Mainland China asset management Mainland China asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market. AUM of RMB-denominated private equity products as of June 30, 2026 was RMB91.8 billion (US$13.5 billion), compared with RMB96.5 billion as of June 30, 2025 and RMB92.3 billion as of March 31, 2026, mainly due to our continuous effort on exiting private equity products. AUM of RMB-denominated public securities products as of June 30, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.1 billion as of June 30, 2025 and RMB3.8 billion as of March 31, 2026. Net flow during the quarter: new AUM added was RMB0.2 billion (US$29.5 million) and AUM allocated/redeemed was RMB0.7 billion (US$103.2 million) during the second quarter of 2026. Mainland China insurance Mainland China insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the second quarter of 2026 were RMB2.0 million (US$0.3 million). International Business Our international operations are organized into three reportable segments: international wealth management, international asset management, and international insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley. International wealth management International wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to providing comprehensive services using our booking centers in Hong Kong and Singapore. Number of international registered clients as of June 30, 2026 was 21,059, an 11.0% increase from June 30, 2025 and a 3.4% increase from March 31, 2026. Number of international active clients who transacted with us during the second quarter of 2026 was 3,494, a 4.3% decrease from the second quarter of 2025 and an 8.5% increase from the first quarter of 2026. Transaction value of international investment products distributed during the second quarter of 2026 was RMB8.7 billion (US$1.3 billion), compared with RMB8.3 billion in the second quarter of 2025 and RMB8.0 billion in the first quarter of 2026. International AUA (assets under advisory, including distributed products, but excluding AUA associated with our online securities services) as of June 30, 2026 was RMB66.3 billion (US$9.8 billion), compared with RMB66.1 billion as of March 31, 2026 and RMB65.2 billion as of June 30, 2025. In addition, AUA associated with our online securities services, which is not included in the International AUA figures presented above, was RMB2.8 billion (US$0.4 billion) as of June 30, 2026, compared with RMB2.8 billion as of March 31, 2026 and RMB2.6 billion as of June 30, 2025. Number of international relationship managers working under this segment was 56 as of June 30, 2026, compared with 107 as of June 30, 2025 and 89 as of March 31, 2026. AI technology initiatives: In Singapore, we pioneered the "AI + Wealth Management" department, and have seen a 140.0% growth in AUA from June 30, 2025 to June 30, 2026. International asset management International asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley. Actively managed international AUM as of June 30, 2026 was RMB43.8 billion (US$6.5 billion), compared with RMB42.6 billion as of March 31, 2026 and RMB41.4 billion as of June 30, 2025. Number of relationship managers working under this segment was 41 as of June 30, 2026, compared with 45 as of June 30, 2025 and 43 as of March 31, 2026. International insurance and comprehensive services International insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive international services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients. Number of active clients in this segment during the second quarter of 2026 was 58, compared with 186 during the second quarter of 2025 and 79 during the first quarter of 2026. Number of clients receiving comprehensive services was 714 as of June 30, 2026, compared with 717 as of June 30, 2025. Headquarters Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions. Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: "Entering 2026, the global macroeconomic landscape has become increasingly complex, marked by rapid policy shifts across jurisdictions and heightened geopolitical tensions. Yet, amidst these uncertainties lie significant opportunities. For Chinese high-net-worth individuals (HNWIs), the need for professional, globalized, and resilient wealth management has never been more critical. Our forward-looking global deployment and newly optimized cost structure firmly position Noah to navigate these dynamics, ensuring sustainable and high-quality growth for the long term. In the first half of 2026, our proactive multi-market strategy—anchored by our booking centers in major financial centers and robust infrastructure—has enabled us to serve as a trusted partner for our clients in safeguarding and growing their wealth across market cycles. Looking ahead, we remain committed to enhancing our global capabilities, maintaining disciplined risk management, and leveraging technology to create lasting value for our clients and shareholders." SECOND QUARTER 2026 FINANCIAL RESULTS Net Revenues Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by an increase in performance-based income from mainland China private secondary products. Net revenues[7] under the segmentation are as follows: Net revenues for mainland China public securities for the second quarter of 2026 were RMB206.5 million (US$30.4 million), a 56.7% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of Mainland China private secondary products. Net revenues for mainland China asset management for the second quarter of 2026 were RMB165.4 million (US$24.4 million), a 6.6% decrease from the corresponding period in 2025, primarily due to a decrease in recurring service fees from private equity products, partially offset by an increase in performance-based income. Net revenues for mainland China insurance for the second quarter of 2026 were RMB2.0 million (US$0.3 million), a 71.7% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products. Net revenues for international wealth management for the second quarter of 2026 were RMB88.9 million (US$13.1 million), a 31.3% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of International products. Net revenues for international asset management for the second quarter of 2026 were RMB106.4 million (US$15.7 million), a 1.8% decrease from the corresponding period in 2025. Net revenues for international insurance and comprehensive services for the second quarter of 2026 were RMB40.7 million (US$6.0 million), a 31.1% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from insurance products. Net revenues for headquarters for the second quarter of 2026 were RMB10.0 million (US$1.5 million), a 40.0% decrease from RMB16.7 million for the corresponding period in 2025. Operating Costs and Expenses Operating costs and expenses for the second quarter of 2026 were RMB404.1 million (US$59.5 million), a 13.7% decrease from the corresponding period in 2025. Operating costs and expenses for the second quarter of 2026 primarily consisted of (i) compensation and benefits of RMB260.1 million (US$38.3 million); (ii) selling expenses of RMB56.1 million (US$8.3 million); (iii) general and administrative expenses of RMB74.8 million (US$11.0 million); (iv) provision for credit losses of RMB7.7 million (US$1.1 million); (v) other operating expenses of RMB22.5 million (US$3.3 million); and (vi) income gained from government subsidies of RMB17.1 million (US$2.5 million). Operating costs and expenses for mainland China public securities for the second quarter of 2026 were RMB27.9 million (US$4.1 million), a 16.6% increase from the corresponding period in 2025, mainly due to a decrease in government subsidies. Operating costs and expenses for mainland China asset management for the second quarter of 2026 were RMB22.7 million (US$3.3 million), a 3.1% increase from the corresponding period in 2025. Operating costs and expenses for mainland China insurance for the second quarter of 2026 were RMB5.6 million (US$0.8 million), a 62.0% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from mainland China insurance business. Operating costs and expenses for international wealth management for the second quarter of 2026 were RMB92.2 million (US$13.6 million), a 9.2% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline. Operating costs and expenses for international asset management for the second quarter of 2026 were RMB44.7 million (US$6.6 million), a 25.5% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with international asset management business expansion. Operating costs and expenses for international insurance and comprehensive services for the second quarter of 2026 were RMB26.6 million (US$3.9 million), a 9.1% decrease from the corresponding period in 2025, mainly due to lower compensation and benefits. Operating costs and expenses for headquarters for the second quarter of 2026 were RMB184.3 million (US$27.2 million), a 23.6% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business. Income (Loss) from Operations Income (loss) from operations under the segmentation is as follows: Income from operations for mainland China public securities for the second quarter of 2026 was RMB178.6 million (US$26.3 million), a 65.5% increase from the corresponding period in 2025. Income from operations for mainland China asset management for the second quarter of 2026 was RMB142.7 million (US$21.0 million), an 8.0% decrease from the corresponding period in 2025. Loss from operations for mainland China insurance for the second quarter of 2026 was RMB3.6 million (US$0.5 million), a 52.8% decrease from the corresponding period in 2025, reflecting a narrower loss. Loss from operations for international wealth management for the second quarter of 2026 was RMB3.3 million (US$0.5 million), compared with income from operations of RMB27.8 million in the corresponding period in 2025. Income from operations for international asset management for the second quarter of 2026 was RMB61.6 million (US$9.1 million), a 15.2% decrease from the corresponding period in 2025. Income from operations for international insurance and comprehensive services for the second quarter of 2026 was RMB14.1 million (US$2.1 million), a 52.7% decrease from the corresponding period in 2025. Loss from operations for headquarters for the second quarter of 2026 was RMB174.3 million (US$25.7 million), a 22.4% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business and lower compensation and benefits expenses resulting from disciplined cost control measures. Operating Margin Operating margin for the second quarter of 2026 was 34.8%, compared with 25.6% for the corresponding period in 2025. Interest Income Interest income for the second quarter of 2026 was RMB30.4 million (US$4.5 million), a 9.1% decrease from the corresponding period in 2025. Investment Income (Loss) Investment income for the second quarter of 2026 was RMB41.8 million (US$6.2 million), compared with an investment loss of RMB13.9 million in the corresponding period in 2025, primarily due to gains resulting from fair value changes in certain equity securities. Income Tax Expense Income tax expense for the second quarter of 2026 was RMB89.9 million (US$13.3 million), a 41.2% increase from the corresponding period in 2025. Net Income Net income for the second quarter of 2026 was RMB236.9 million (US$34.9 million), a 32.7% increase from the corresponding period in 2025. Net margin for the second quarter of 2026 was 38.2%, compared with 28.4% for the corresponding period in 2025. Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025. Net margin attributable to Noah shareholders for the second quarter of 2026 was 37.5%, compared with 28.4% for the corresponding period in 2025. Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2026 was RMB3.40 (US$0.50) and RMB3.37 (US$0.50), respectively, compared with RMB2.56 and RMB2.54, respectively, for the corresponding period in 2025. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025. Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2026 was 38.4%, compared with 30.0% for the corresponding period in 2025. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2026 was RMB3.46 (US$0.51), compared with RMB2.69 for the corresponding period in 2025. BALANCE SHEET AND CASH FLOW As of June 30, 2026, the Company had RMB4,322.7 million (US$637.1 million) in cash and cash equivalents, compared with RMB4,280.7 million as of March 31, 2026 and RMB3,821.8 million as of June 30, 2025. Net cash outflow from the Company's operating activities during the second quarter of 2026 was RMB15.0 million (US$2.2 million), compared with a net cash inflow of RMB27.6 million in the corresponding period in 2025, primarily due to an increase in amounts due from related parties and payments of accrued payroll and welfare expenses. Net cash inflow from the Company's investing activities during the second quarter of 2026 was RMB108.8 million (US$16.0 million), compared with a net cash outflow of RMB171.7 million in the corresponding period in 2025, primarily due to redemptions of held‑to‑maturity investments. Net cash outflow from the Company's financing activities during the second quarter of 2026 was RMB14.7 million (US$2.2 million), compared with RMB71.5 million in the corresponding period in 2025, primarily due to a decrease in share repurchases. CONFERENCE CALL The Company's senior management will host an earnings conference call to discuss its Q2 2026 Results and recent business activities. Details of the conference call are as follows: A telephone replay will be available starting approximately one hour after the end of the conference until August 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8252319. 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 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 2026, Noah distributed RMB40.4 billion (US$6.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.9 billion (US$20.8 billion) as of June 30, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of June 30, 2026, Noah had 469,987 registered clients. The Company reports its operations under six business segments — Mainland China public securities (Noah Upright), Mainland China asset management (Gopher Asset Management), Mainland China insurance (Glory), International wealth management (ARK Wealth Management), International asset management (Olive Asset Management), and International insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of June 30, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website at ir.noahgroup.com. FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the second quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 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. -- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- View original content:https://www.prnewswire.com/apac/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2026-302859523.html

SINGAPORE, Aug. 13, 2026 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), 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, today announced that it will report its unaudited financial results for the second quarter and half year ended June 30, 2026, after U.S. markets close on August 25, 2026. Noah's management team will hold an earnings conference call at 8:00 p.m. U.S. Eastern Time on Tuesday, August 25, 2026 (8:00 a.m. Beijing/Hong Kong Time on Wednesday, August 26, 2026). The conference call may be accessed with the following details: Dial-in details: A telephone replay will be available starting approximately one hour after the end of the conference until August 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8252319. A live and archived webcast of the conference call will be available on the Company's investor relations website under the "News & Events" section at http://ir.noahgroup.com. 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 quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website 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 reports 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 globally and 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. View original content:https://www.prnewswire.com/news-releases/noah-to-report-second-quarter-and-half-year-2026-unaudited-financial-results-on-august-25-2026-302850744.html

SINGAPORE, June 11, 2026 /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 its annual general meeting (the "AGM") was held in Hong Kong on June 11, 2026 and that all the proposed resolutions submitted for shareholders' approval as set forth in the notice of the AGM dated April 30, 2026 were duly passed at the AGM. The Company also announced that it will distribute (i) a final dividend of RMB306.0 million (approximately US$45.2 million based on the latest exchange rates available as of the date of this announcement) in aggregate (with a distribution ratio of RMB0.933 (equivalent to approximately US$0.138, or approximately HK$1.073) per share (tax inclusive)) in respect of the year ended December 31, 2025; and (ii) a special dividend of RMB306.0 million (approximately US$45.2 million) in aggregate (with a distribution ratio of RMB0.933 (equivalent to approximately US$0.138, or approximately HK$1.073) per share (tax inclusive)), to shareholders whose names appear on the register of members of the Company as of the close of business on July 9, 2026 (the "Dividend Record Date"). The distribution ratio per share is subject to adjustment to the number of shares of the Company entitled to dividend distribution as of the Dividend Record Date and the equivalent U.S. dollars amount and Hong Kong dollars amount are also subject to exchange rate adjustment. The Company will make further announcement in respect of the final rate of final payment in U.S. dollars (for ADS holders and for holders of ordinary shares whose shares registered on the Company's principal share register in the Cayman Islands) and in Hong Kong dollars (for registered holders of the ordinary shares whose shares registered on the Company's Hong Kong share register in Hong Kong) on or immediately after the Dividend Record Date and in accordance with the Company's memorandum and articles of association, the Hong Kong Listing Rules, and applicable laws and regulations. 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 quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website 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 reports 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 globally and 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. View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-results-of-annual-general-meeting-and-payment-of-final-dividend-and-special-dividend-302798113.html

AI integration and disciplined expansion drive operating margin to 37.8% Domestic business refocusing on long-term investments; RMB-denominated private secondary products increased 63.6% year-over-year Global network transitions from license deployment to active execution, lifting overseas AUA to RMB 66.1 billion (US$9.6 billion) Robust capital return program continues with ongoing share repurchases and proposed dividends representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income SINGAPORE, May 28, 2026 /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, reported unaudited financial results for the first quarter ended March 31, 2026. During the first quarter of 2026, net revenues grew 1.8% year-over-year to RMB625.8 million (US$90.7 million) driven by performance-based income from domestic private secondary products. This was partially offset by a decrease in one-time commissions from insurance products. Income from operations rose 27.1% year-over-year to RMB236.4 million (US$34.3 million), primarily due to disciplined cost control on employee compensation and structural efficiency initiatives. While reported non-GAAP net income was RMB133.9 million (US$19.4 million), underlying core earnings remained highly resilient; excluding non-operational volatility from equity in affiliates, non-GAAP net income would have reached RMB216.4 million, representing 28% year-over-year growth. Jingbo Wang, Co-founder, Chairlady, NOAH Holdings, commented, "Noah's evolution into an AI-driven, global platform serving Chinese families everywhere has shown clear momentum. In the first quarter of 2026, we observed three increasingly visible trends: an improving profitability structure, our domestic business regaining momentum, and overseas business growth. AI continues to fundamentally redefine the wealth management industry, and as our global network moves from license deployment to operational execution, we expect the institutional integration of AI to be a key driver for sustainable, long-term growth." Zander Yin, CEO of Noah Holdings, stated, "Our profitability structure continues to improve, with operating margin this quarter reaching one of the highest quarterly levels in recent years. We expect full-year operating margin to remain in a healthy range above 30%, although quarter-to-quarter fluctuations are natural due to product mix and expense timing. As our various businesses and AI transformation efforts continue to deliver results, we remain confident in our ability to remain profitable over the long term across various market cycles." Domestic Business: Return to Core Asset Allocation Drives Double-Digit Growth Domestically, Noah successfully refocused its strategic resources on long-term investment capabilities. Active clients reached 10,742, up 21.8% year-over-year. Transaction value of RMB-denominated mutual fund products reached RMB 9.9 billion (US$1.4 billion), up 130.2% year-over-year, while transaction value of RMB-denominated private secondary products reached RMB 5.4 billion, up 63.6% year-over-year. This operational momentum was led by Noah Upright, which recorded a 63.1% year-over-year revenue increase to RMB207.8 million (US$30.1 million). Noah is focusing its domestic business on the secondary market and building out its asset allocation capabilities, prioritizing public mutual funds, private secondary products, AI-driven operations, and Noah Upright's distribution platform. Overseas Business: Registered Overseas Clients and AUA Up, New Licenses Secured Noah's overseas expansion continued its steady upward trajectory, with total registered overseas clients reaching 20,373, up 11.9% year-over-year, and overseas assets under advisory (AUA) rising 0.7% year-over-year to RMB 66.1 billion (US$9.6 billion). Quarterly transaction value for U.S. dollar-denominated products held steady at US$1.15 billion. Strategically, the Company advanced from regional license deployment to active global execution, highlighted by the official inauguration of N+ Club in Tokyo on May 8, 2026, and final regulatory approval for its U.S. broker-dealer license. Notably, the Company's Singapore booking center served as a successful pilot for its new "AI + Wealth Management" department, which has helped deliver a 191.7% growth in AUA on top of improvements in client outreach, service responsiveness, and the professionalism of asset allocation. Accelerated AI Integration and Structural Profitability Improvements AI is fundamentally redefining wealth management by shifting the industry away from linear, headcount-driven growth toward a scalable, platform-based model. Noah has translated this trend into concrete operational efficiency, leveraging AI to streamline client research and back-office workflows while driving first-quarter operating margin to a near-record 37.8%. Noah's AI strategy is driven by three collaborative front-office engines: AI-enhanced relationship managers who focus on deep client engagement over repetitive tasks, a lean AI+ Wealth Management Department that uses digital automation to scale client operations globally without headcount expansion, and AI plus ecosystem expansion, which provides external advisors and family offices with an open platform for global assets, compliance, and execution. Looking ahead, Noah will continue to advance its long-term AI buildout across four core dimensions: clients, relationship managers, products, and governance. Balance Sheet and Shareholder Returns Noah's balance sheet remains highly liquid, with RMB5.1 billion in cash, cash equivalents, and short-term investments, and zero interest-bearing debt as of March 31, 2026. Reflecting management's confidence in the Company's intrinsic value, Noah continued its share repurchase program, buying back approximately 1.81 million ADSs for US$20 million during the quarter. Furthermore, the Board of Directors approved an annual dividend of approximately RMB306.0 million (US$43.8 million) and a special dividend of approximately RMB306.0 million (US$43.8 million), pending shareholder approval, representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income attributable to Noah 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 quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website 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 reports 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 globally and 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. View original content:https://www.prnewswire.com/news-releases/noah-reports-q1-2026-earnings-transformation-momentum-continues-driven-by-scalable-ai-breakthroughs-and-long-term-growth-engines-302785189.html

AI integration and disciplined expansion drive operating margin to 37.8% Domestic business refocusing on long-term investments; RMB-denominated private secondary products increased 63.6% year-over-year Global network transitions from license deployment to active execution, lifting overseas AUA to RMB 66.1 billion (US$9.6 billion) Robust capital return program continues with ongoing share repurchases and proposed dividends representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income SINGAPORE, May 29, 2026 /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, reported unaudited financial results for the first quarter ended March 31, 2026. During the first quarter of 2026, net revenues grew 1.8% year-over-year to RMB625.8 million (US$90.7 million) driven by performance-based income from domestic private secondary products. This was partially offset by a decrease in one-time commissions from insurance products. Income from operations rose 27.1% year-over-year to RMB236.4 million (US$34.3 million), primarily due to disciplined cost control on employee compensation and structural efficiency initiatives. While reported non-GAAP net income was RMB133.9 million (US$19.4 million), underlying core earnings remained highly resilient; excluding non-operational volatility from equity in affiliates, non-GAAP net income would have reached RMB216.4 million, representing 28% year-over-year growth. Jingbo Wang, Co-founder, Chairlady, NOAH Holdings, commented, "Noah's evolution into an AI-driven, global platform serving Chinese families everywhere has shown clear momentum. In the first quarter of 2026, we observed three increasingly visible trends: an improving profitability structure, our domestic business regaining momentum, and overseas business growth. AI continues to fundamentally redefine the wealth management industry, and as our global network moves from license deployment to operational execution, we expect the institutional integration of AI to be a key driver for sustainable, long-term growth." Zander Yin, CEO of Noah Holdings, stated, "Our profitability structure continues to improve, with operating margin this quarter reaching one of the highest quarterly levels in recent years. We expect full-year operating margin to remain in a healthy range above 30%, although quarter-to-quarter fluctuations are natural due to product mix and expense timing. As our various businesses and AI transformation efforts continue to deliver results, we remain confident in our ability to remain profitable over the long term across various market cycles." Domestic Business: Return to Core Asset Allocation Drives Double-Digit Growth Domestically, Noah successfully refocused its strategic resources on long-term investment capabilities. Active clients reached 10,742, up 21.8% year-over-year. Transaction value of RMB-denominated mutual fund products reached RMB 9.9 billion (US$1.4 billion), up 130.2% year-over-year, while transaction value of RMB-denominated private secondary products reached RMB 5.4 billion, up 63.6% year-over-year. This operational momentum was led by Noah Upright, which recorded a 63.1% year-over-year revenue increase to RMB207.8 million (US$30.1 million). Noah is focusing its domestic business on the secondary market and building out its asset allocation capabilities, prioritizing public mutual funds, private secondary products, AI-driven operations, and Noah Upright's distribution platform. Overseas Business: Registered Overseas Clients and AUA Up, New Licenses Secured Noah's overseas expansion continued its steady upward trajectory, with total registered overseas clients reaching 20,373, up 11.9% year-over-year, and overseas assets under advisory (AUA) rising 0.7% year-over-year to RMB 66.1 billion (US$9.6 billion). Quarterly transaction value for U.S. dollar-denominated products held steady at US$1.15 billion. Strategically, the Company advanced from regional license deployment to active global execution, highlighted by the official inauguration of N+ Club in Tokyo on May 8, 2026, and final regulatory approval for its U.S. broker-dealer license. Notably, the Company's Singapore booking center served as a successful pilot for its new "AI + Wealth Management" department, which has helped deliver a 191.7% growth in AUA on top of improvements in client outreach, service responsiveness, and the professionalism of asset allocation. Accelerated AI Integration and Structural Profitability Improvements AI is fundamentally redefining wealth management by shifting the industry away from linear, headcount-driven growth toward a scalable, platform-based model. Noah has translated this trend into concrete operational efficiency, leveraging AI to streamline client research and back-office workflows while driving first-quarter operating margin to a near-record 37.8%. Noah's AI strategy is driven by three collaborative front-office engines: AI-enhanced relationship managers who focus on deep client engagement over repetitive tasks, a lean AI+ Wealth Management Department that uses digital automation to scale client operations globally without headcount expansion, and AI plus ecosystem expansion, which provides external advisors and family offices with an open platform for global assets, compliance, and execution. Looking ahead, Noah will continue to advance its long-term AI buildout across four core dimensions: clients, relationship managers, products, and governance. Balance Sheet and Shareholder Returns Noah's balance sheet remains highly liquid, with RMB5.1 billion in cash, cash equivalents, and short-term investments, and zero interest-bearing debt as of March 31, 2026. Reflecting management's confidence in the Company's intrinsic value, Noah continued its share repurchase program, buying back approximately 1.81 million ADSs for US$20 million during the quarter. Furthermore, the Board of Directors approved an annual dividend of approximately RMB306.0 million (US$43.8 million) and a special dividend of approximately RMB306.0 million (US$43.8 million), pending shareholder approval, representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income attributable to Noah 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 quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. For more information, please visit Noah's investor relations website 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 reports 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 globally and 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. View original content:https://www.prnewswire.com/apac/news-releases/noah-reports-q1-2026-earnings-transformation-momentum-continues-driven-by-scalable-ai-breakthroughs-and-long-term-growth-engines-302785196.html

Interested in Noah Holdings Ltd.? Here are five stocks we like better. Profitability jumped in Q1 2026 despite only modest revenue growth: Noah’s net revenues rose 1.8% year over year to RMB 626 million, while operating profit increased 27.1% and operating margin expanded to 37.8%, one of its strongest recent quarterly levels. The domestic business rebounded strongly, with transaction value up 44.8% year over year to RMB 23.3 billion and active clients rising 21.8%. Growth was led by RMB mutual funds and private secondary products, while Noah Upright’s revenue surged 63%. AI and overseas expansion are becoming central to Noah’s strategy, with Japan operations now underway and a U.S. broker-dealer license approved. Management said AI is helping scale wealth management, client service and adviser ecosystems, especially for higher-value clients and global Chinese families. Noah (NYSE:NOAH) reported modest revenue growth but sharply higher operating profit for the first quarter of 2026, as management said the wealth management firm continued shifting toward investment-led products, overseas expansion and AI-enabled operations. Co-founder, Director and CEO Zhe Yin said the company’s transformation had become “clearer than ever before,” citing improved profitability, renewed momentum in the domestic business and continued adjustment of the overseas revenue mix. Noah recorded net revenues of RMB 626 million, up 1.8% year-over-year and down 14.7% from the prior quarter. The sequential decline was mainly attributed to lower insurance business contribution and a seasonal drop in performance fee income from overseas private equity products after year-end recognitions. → Voya Financial Grows Earnings Across All 3 Business Segments Operating profit rose 27.1% year-over-year to RMB 236 million, while operating margin expanded to 37.8%, compared with 30.3% in the first quarter of last year. Yin said the margin was one of the highest quarterly levels in recent years, supported by cost discipline, organizational streamlining and expense control. He said Noah expects full-year operating margin to remain above 30%, while noting that quarterly results may fluctuate with product mix and expense timing. CFO Qing Pan said total operating costs and expenses declined 9.2% year-over-year and 18.1% quarter-over-quarter to RMB 389 million. Group headcount stood at 1,726 at quarter-end, down 10.4% year-over-year, which Pan said reflected productivity gains rather than business contraction. Personnel costs fell 12.2% year-over-year to RMB 267 million, while SG&A expenses declined 10.8% year-over-year to RMB 103 million. → SpaceX Gets the Attention, But These 4 Stocks Could Get the Returns Pan said reported net income was affected by non-operational volatility, primarily mark-to-market accounting adjustments on a specific listed investment recorded under income from equity and affiliates. Non-GAAP net income attributable to Noah was RMB 134 million, with a margin of 21.4%. Excluding that mark-to-market impact, Pan said non-GAAP net income would have reached RMB 216 million, up 28% year-over-year. Noah reported 10,742 active clients in the quarter, up 21.8% year-over-year. Total transaction value reached RMB 23.3 billion, up from RMB 16.1 billion a year earlier and up 44.8% year-over-year, according to Pan. → Quantum Stocks Just Got a Lifeline—Who Benefits Most? In the domestic business, transaction value of RMB-denominated mutual fund products reached RMB 9.9 billion, up 131% year-over-year. RMB-denominated private secondary products reached RMB 5.3 billion, up 61%. Noah Upright recorded net revenues of RMB 208 million, up 63% year-over-year, driven by stronger public fund activity linked to structural opportunities in the A-share market and a recovery in RMB-denominated private secondary fundraising. Yin said the company is focusing its domestic business on secondary markets and asset allocation capabilities, including public mutual funds, private secondary products, AI-driven client operations and Noah Upright’s fund distribution platform. In response to a question from JPMorgan’s Peter Zhang, Yin said domestic investor sentiment had improved compared with two years ago, but emphasized that Noah was trying to promote diversified, multi-strategy allocation rather than simply following market hotspots. As of March 31, overseas registered clients reached 20,373, up 11.9% year-over-year. Overseas assets under advisory were $9.6 billion, up approximately 5.9%, while overseas assets under management reached $6.2 billion, up 5%. Transaction value of U.S. dollar-denominated products was $1.15 billion, broadly flat year-over-year. Yin highlighted two recent milestones: Noah’s Japan office began operations on May 4, and the company’s U.S. broker-dealer license completed final approval, with key team members expected to join in June. He said the developments marked a shift from license deployment to operational execution in the company’s global service network. Noah has built a presence across regions serving global Chinese clients, including Hong Kong, Singapore, Japan, Canada, Europe, Australia and the United States. Yin said clients’ assets, families, identities, education and next-generation planning are becoming increasingly globalized, and argued that AI could help systematize and scale cross-jurisdiction, multilingual and multigenerational service. In response to CICC’s Ying Tang, management said overseas business grew year-over-year despite a sequential decline in some metrics. Yin said the company is focusing resources on higher-value Black Card and Diamond clients and using data and AI tools to match products more efficiently. Total Diamond and Black Card clients reached 9,029, while overseas Diamond and Black Card clients reached 1,781, up 3.8% quarter-over-quarter. Management repeatedly described AI as a structural driver of efficiency and a key element of Noah’s future business model. Yin said Noah is building three front-office engines: AI-enhanced relationship managers, an AI wealth management department and an AI-enabled ecosystem expansion model for independent financial advisers, family offices and external professional firms. Singapore is the first full test market for the AI wealth management department. Yin said AUA in Singapore grew about 192% year-over-year in the quarter, and revenue generation per capita reached 8.5 times. Chairlady Wang Jingbo told analysts that the number of relationship managers may become a less useful metric in the AI era, because clients can be served through AI-supported teams and referral ecosystems as well as traditional RMs. Yin said Noah’s AI RM platform went live in the third quarter of last year and covers client research, allocation recommendation generation, service records and content output. Pan said AI-driven tools now support client engagement, automated reporting, suitability processes and routine workflows that previously required manual work. Noah ended the quarter with RMB 4.3 billion in cash and cash equivalents and RMB 834 million in short-term investments. Total assets were RMB 11.6 billion, total liabilities were RMB 1.7 billion, and the company reported zero interest-bearing debt. Pan said the asset-liability ratio remained low at 14.5%, with a current ratio of 4.8 times. The board has proposed dividends, including a special dividend, totaling 100% of full-year 2025 non-GAAP net income, subject to approval at the June 11 shareholders meeting. Pan said Noah has repurchased 2 million ADSs for about $20 million since the beginning of 2020, and 3 million ADSs for $35 million since launching its shareholder return program in 2024. During the Q&A, Citi’s Calvin Lung asked about China’s tightened regulation of cross-border brokerage businesses. Yin said the company viewed the development as enforcement reinforcement of existing rules and said Noah has operated in compliance across jurisdictions. Wang added that revenue from clients using mainland accounts or identification represented less than 1% of company revenue, and said all money transferred into relevant investment accounts came from overseas banks, not mainland Chinese banks. Management said Noah is reviewing referral requirements for domestic-to-overseas business under the latest regulatory standards. Noah Holdings Limited is a China-based wealth management and asset management firm specializing in tailored advisory services for high-net-worth individuals, family offices and select institutional clients. The company offers a broad range of investment solutions that draw on its deep market research and partner network to provide access to both onshore and offshore products. Noah's business model centers on delivering structured investment products, portfolio management services and family wealth planning solutions designed to meet the evolving needs of affluent clients in China and beyond. Noah's main service lines include discretionary portfolio management, fund distribution, private equity and venture capital fund platforms, and alternative investment strategies such as real estate and insurance-linked products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Noah Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Wednesday, May 27, 2026 at 8 p.m. ET Chief Executive Officer — Zhe Yin Chairlady — Jingbo Wang Chief Financial Officer — Qing Pan Need a quote from a Motley Fool analyst? Email [email protected] Zhe Yin: Investors and analysts, and thank you for joining Noah Holdings' first quarter 26 earnings conference call. As we start 2026, the pace of Noah's transformation has become clearer than ever before. In the first quarter, we observed 3 increasingly visible trends. First, our profitability structure continues to improve. With operating margin reaching 1 of the highest quarterly levels in recent years. Second, our domestic business is regaining momentum in core investment and asset allocation. With both active clients and transaction value achieving double digit growth Third, our overseas business continues to advance in line with our strategy of proactively adjusting our revenue mix. While a new operating model driven by globalization and AI gradually takes shape. Before going into a more detailed review, I would like to share 2 milestones in our global footprint that we recently achieved. Our Japan office officially commenced operations on May 4. And our US broker dealer license has completed the final approval process. With key team members set to officially join in June. These 2 developments mean that our network is entering a new phase. Moving from license deployment to operational execution, Next, I would like to share our progress from 4 perspectives. Financial performance, domestic business, overseas business, and AI strategy. First quarter, we recorded net revenues of RMB 626 million, up 1.8% year over year and down 14.7% quarter over quarter. The sequential decline was mainly due to a further decrease in contribution from insurance business. As well as a seasonal decrease in performance fee income from overseas private equity products following concentrated year end recognitions. However, on the profit side, benefiting from our disciplined cost control, organizational streamlining and expense management, Operating profit reached RMB 236 million up 27.1% year over year. Operating margin was 37.8%. Marking 1 of the highest quarterly levels in recent years. Non GAAP net income was RMB 134 million It is important to note that this quarter's strong margin performance benefited from continued optimization in our business mix. And further release of additional organizational efficiency. We expect full year operating margin to remain in a healthy range above 30%. Although quarter to quarter fluctuations are natural due to product mix and expense timing. This quarter also marked our 62nd consecutive quarter of non-GAAP profitability since listing. This is the discipline we have maintained across multiple market cycles. Our active clients reached 10.7 thousand Up 21.8% year over year. Transaction value reached RMB 23.3 billion, compared with RMB16.1 billion in the same period last year. In our domestic business, transaction value of RMB denominated mutual fund products reached RMB 9.9 billion up 131% year over year. While transaction value of from RMB denominated private secondary products reached RMB 5.3 billion up 61% year over year. Noah Upright recorded net revenues of RMB 28 million up 63% year over year mainly driven by a doubling in public fund transaction volume as a result of structural opportunities in the A share market. Together with a rapid recovery in RMB denominated private secondary fundraising. This series of changes shows that when we refocus our resources on products and investment capabilities, with genuine long term value, the operating performance of our domestic business improves structurally. At the same time, we have become even clearer about the strategic direction of our domestic business going forward. For our domestic business we will continue to focus on the secondary market and building our asset allocation capabilities. With key priorities including public mutual funds, private secondary market products, AI driven client operations, and Noah Upright's fund distribution platform capabilities. We will continue to drive the enhancement of our operations in these areas We believe the domestic wealth management industry is gradually moving away from the past stage which was driven by real estate and non standardized products. And returning to a true long term era centered on investment research and asset allocation. As of March 31, overseas registered clients reached 20.4 thousand Up 11.9% year over year. Overseas AUA was US$9.6 billion up approximately 5.9% year over year. Transaction value of U. S. Dollar denominated products was US$1.15 billion for the quarter. Broadly flat year over year. Our overseas client base and AUA continue to grow steadily, and the pace of our revenue mix adjustment is consistent with the view we shared during our third quarter earnings call last year. Over the past few years, we have continued to build our presence across key regions, serving global Chinese clients, including Hong Kong, Singapore, Japan, Canada, Europe, Australia, and The United States. What we are seeing more clearly is that global Chinese clients are entering a new stage. Their assets, families, identities, education, and next generation planning are becoming increasingly globalized. In the past, serving global Chinese families across multiple languages, and generations was a business that relied heavily on individual experience. And was extremely difficult to scale or replicate. For the first time, AI makes it possible for this kind of service to be globally coordinated in a systematized, platformized, and scalable framework. This is why we believe 1 of our most important long term positions is not only to be a wealth management institution, but also becoming a global wealth management platform, serving Chinese high net worth families around the world. Over the past 2 decades, the logic to drive growth in the wealth management industry was clear. But linear. 1 more relationship manager meant more revenue. 1 more client relationship meant more assets. This logic worked well in the past, but it also meant that the industry's expansion was structurally constrained by labor costs and overall management of the organization. Our view is that AI is fundamentally changing this equation. It is not simply adding another efficiency tool It is redefining the front office structure of the wealth management industry. In the past wealth management was primarily driven by a single RM model Today we are gradually forming a new model driven by the collaboration of 3 front office engines. First, AI enhanced relationship managers. RMs remain the most important long term driver of strong client relationships. But AI is significantly enhancing their ability to cover clients. In the future, RMs will focus more on deep client engagement rather than repetitive process work. Second, AI wealth management department. This is a new type of front office team that we are actively building. The AI wealth management department does not rely on traditional headcount expansion. Instead, it uses AI to drive client operations, content services, allocation support, and global collaboration. Enabling a lighter organizational structure to serve broader client needs. Singapore is the first fully developed testing ground for this model. Over the past quarter, AUA in Singapore grew by approximately 192% year over year and revenue generation per capita reached 8.5x. This is the first validation that without materially expanding the number of relationship managers AI can elevate individual service capacity breadth of coverage, and professionalism of asset allocation by an order of magnitude. Third, AI plus ecosystem expansion. We believe the future of wealth management will not belong only to the internal RM systems of large institutions. More and more independent financial advisors family offices, and external professional firms need a platform that can provide a global asset supply chain. An AI workbench, a compliance foundation, global execution capabilities, and brand credibility. We are gradually building this ecosystem We believe these 3 engines will together form our growth drivers going forward. And the future competitive landscape of the wealth management industry will no longer be defined simply by who has more RMs, but by who has stronger AI capabilities. Who has a more complete global compliance network, who has deeper customer context data, and who has more replicable platform based service capabilities. This is our most important strategic vision for 2025 and 2026. Based on this strategic vision, we have made substantive progress at 3 levels. First level, enhancing organizational efficiency, Last year, while maintaining stable net revenues, our total headcount declined by approximately 11% compared with 2024. In the first quarter of this year, headcount further declined by approximately 3% quarter over quarter. Behind this is the gradual embedding of AI into key areas such as client interaction, content generation, and operational processes. Enabling the same revenue scale to be supported by a more streamlined organization This is the first direct evidence of returns on our AI investment. Second level, productization of operating capabilities. Our i-RM platform officially went live in the third quarter of last year. It covers client research, generation of allocation recommendations, service record keeping, and content output. And is being integrated in parallel across our 4 booking centers. AI is no longer just a back office tool. It is becoming a collaborative partner for our RMs. Third level reconstruction of the operating model itself. AI is not a PowerPoint concept for our organization. It has already become a new operating system that can generate real business results and has the potential to be replicated globally. Supporting these AI capabilities is the global foundation we have already built. Our 3 global platforms, Arc, Olive, and Glory, support client and account execution, asset management, and insurance, trust and inheritance services. And our 4 booking centers in Shanghai, Hong Kong, Singapore and The United States. Together form our compliance and execution infrastructure. Going forward, our long term AI build out will continue to advance across 4 dimensions. Clients, relationship managers, products, and governance. Remainder of 2026 our work will continue to focus on the 3 priority areas clearly set out by our Chairlady in her 2025 letter to shareholders. First, expanding our overseas client base, Second, further growing our global asset allocation capabilities. Third, continue to optimize the revenue structure of Olive. Our asset management business. And lastly, deepen AI applications in our core operating processes. And gradually expand global collaboration capabilities within a compliant framework. As of March 31, we held RMB 5.13 billion in cash. Cash equivalents and short term investment maintained a healthy balance sheet with zero interest bearing debt The board announced a dividend proposal for approval at our shareholders meeting. Including a special dividend that brings the total payout to 100% of full year 2025 non-GAAP net income. Subject to approval at the June 11th meeting, the plan will be implemented. This would extend our shareholder return framework for a third consecutive year based on 100% of non-GAAP net income. We will continue to invest in globalization and building AI capabilities while maintaining financial discipline. We are still in the midst of our transformation The short term pressure points are visible. But the logic of our long term operating model is becoming clearer than ever before. The first quarter is not the destination. It is more like a starting point where our new operating model is beginning to be validated. We are evolving from a traditional wealth management institution into an AI driven global platform serving Chinese families around the world. This process will not happen overnight. But our direction is becoming increasingly clear. Thank you. I will now hand the time over to our CFO, Pan, to review our financial performance in greater detail. Qing Pan: Thank you, Zhe, and good day to everyone joining us. The first quarter of 26 marked a solid start to the year and continued progress on our transition toward a more investment led and quality driven global wealth management platform. Would like to highlight 3 key messages. First, while total revenue remains stable, the quality of our revenue mix improved meaningfully. Driven by strong growth in investment related fundraising fees and performance based income. Second, disciplined cost management and structure efficiency initiatives delivered substantial operating leverage, operating profit increased significantly and operating margin expanded further. Third, reported net income was affected by non operational volatility. This mainly reflected mark to market accounting adjustments on the specific listed investment recorded under income from equity and affiliates. Excluding that specific mark to market impact, non-GAAP net income would have reached RMB 2 million up 28% year over year. For the first quarter, total net revenue was RMB626 million, up 1.8% year over year. This stability was achieved despite a deliberate 49.9% reduction in insurance related revenue as we continued to optimize our business mix. 1 time commissions were RMB 113 million, up 5.9% quarter over quarter. Within this, commissions from newly raised investment products increased to RMB 53 million. up 46.1% year over year and 41.6% quarter over quarter. Recurring management fees were RMB 379 million down 3.4% year over year and 2.5% quarter over quarter. Performance based income reached RMB 100 million, up 253% year over year. Primarily driven by strong realization from RMB denominated private secondary products. Overall, the quarter further demonstrates our continued shift toward a higher quality investment and revenue structure. Our lean operating model continues to deliver measurable financial results with AI increasingly serving as the structural driver of our. Total operating costs and expenses declined to RMB 389 million down 9.2% year over year and 18.1% quarter over quarter. As of the end of the quarter, group headcount was 2.6 thousand down 10.4%. Leading personnel costs to decline 12.2%. Year over year to RMB 267 million This reflects productivity gains rather than business contraction. Our AI strategy focuses on improving output per capita, and operational efficiency. AI driven tools now support client engagement automated reporting suitability processes and routine workflows that previously required manual intervention. This enables us to scale global operations while maintaining disciplined cost control and service quality. SG&A expenses were RMB 103 million down 10.8% year over year and 35.1% quarter over quarter. Total operating costs and expenses were RMB 389 million down 18.1% compared to last quarter. As a result, operating profit increased to RMB 236 million up 27.1%. Year over year. Operating margin, therefore, expanded to 37.8% compared with 30.3% in the first quarter of last year. Excluding government subsidies, operating profit was RMB 2 million up 33.7%. These results highlight the stability of our platform and financial benefits of our structure optimization. Below the operating line, investment, interest and other income totaled RMB 19 million. Interest income was RMB 32 million. Investment income was negative RMB 2 million. Foreign exchange loss was RMB 6 million. And contingent expenses was RMB 3 million. Share of losses from equity affiliates was RMB 65 million. As a result, non-GAAP net income attributable to Noah was RMB 134 million with a margin of 21.4%. Total transaction values reached RMB 23.3 billion. up 44.8% year over year and 37.5% quarter over quarter. U. S. Dollar denominated private secondary products reached US$1.293 billion up 161%. Year over year. When RMB denominated private secondary products reached RMB 5.3 billion up 61% year over year. This fundraising momentum directly supported the growth in investment related commissions and reinforced our strategy. As of the end of the quarter, group AUM was RMB 140.2 billion. And AUA was RMB 233.5 billion. Total AUM and AUA at the group level declined yet our U. S. Dollar denominated base continued to grow. Overseas AUM reached US$6.2 billion up 5%. And overseas AUA reached US$9.6 billion up almost 6% year over year. Total Diamond and Black Card clients reached 9.03 thousand. Overseas, Diamond and Black Card clients reached 1.78 thousand up 3.8% quarter over quarter. Reflecting continued traction in overseas markets. Our balance sheet remains strong and highly liquid. As of the end of the quarter, cash and cash equivalents was RMB 4 billion, and short-term investments were RMB 834 million. Total assets were RMB 11.6 billion and total liabilities were RMB 1.7 billion. Our asset liability ratio remained low at 14.5%. And our current ratio was 4.8x providing ample flexibility for growth and shareholder returns. We believe our current market valuation does not fully reflect the strength of our balance sheet the resilience of core earnings and the scalability of our operating model. With shareholders' equity, of about RMB 9.9 billion, the company is trading at roughly 0.5x book value. When delivering an annualized return on equity of approximately 5.4%. In our view, this does not adequately reflect our intrinsic value of long term earnings potential. And since the beginning of 2020, we have repurchased 2 million ADS for approximately US$20 million representing about 2.7% of outstanding shares. And since launching the program, shareholder return in 2024, we have cumulatively repurchased 3 million ADS, US$35 million plus we have declared to distribute 100% of our non-GAAP net income as dividends for the third consecutive year. These actions reflect management's confidence. In the company's intrinsic value and our commitment to enhancing long term shareholder returns. So in summary, the first quarter reflects disciplined execution of our strategic transition. Revenue quality improved operating leverage strengthened, and AI driven productivity. Gains continued to enhance structural efficiency. While reported earnings were influenced by non operational volatility, the underlying health of our core business continues to improve. With a fortress balance sheet, a leaner and more scalable operating platform and continued capital returns through share repurchases, we believe the company remains fundamentally undervalued relative to its intrinsic strength and long term earnings potential. So we remain fully committed to disciplined execution, prudent capital allocation, sustainable long term value creation. Thank you, everyone. And we will now open the floor for questions. Dorian Chiu: Thank you, Pan. Thank you, Mr. Yin, for the presentation. And operator, please open the floor for questions. Operator: Thank you. We will now begin the question and answer session. If you are using a speakerphone, please pick up the handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, Your first question today comes from Calvin Leon from Citi. Please go ahead. Analyst (Calvin): Great. And I think I am I will quickly translate my question. Thanks for taking this, and this is Calvin from Citi. Last Friday, China tightened the regulations on cross border brokerage businesses. What is management's view on the evolving regulatory landscape on this front? And what is the potential impact to Noah's domestic market business? Considering a few offshore brokers were cited by regulators regarding the unauthorized brokerage businesses, What is management's take on the compliance risk in domestic market going forward? Thank you. Dorian Chiu: Let me do the translation. Zhe Yin: The CEO we confirmed that the company has paid attention to this news. However, we have to emphasize that this is not exactly new. But more like a reinforcement of an existing rule that has been introduced to the market a couple of years ago. However, we would like to emphasize that the company has always complied with legal requirement under different jurisdiction. And particularly for the overseas accounts that have been opened are all under the compliance requirements of, say, for example, in Hong Kong would be all the KYC requirement. and all that. And also about the money into this investment account is from legitimate financial institution operators and are under HKMA's regulation that all the money transferred in the investment account is from those validated financial institution. But having said that, the security business the revenue contribution to the company is rather small. So all in all, we do not see any impact or basically with no much impact to Noah for our business model. And we must once again say that all of our operations under different jurisdiction has always complied with the legal requirement. Jingbo Wang: We serve high-net-worth Chinese family around the world. To supplement the answers. The company has been paying huge attention to this newly executed rules and the situation. And we have been immediately reviewed our internal procedure applying to the SFC requirements. And we are very comfortable in saying that we are fully compliant with the legal requirement. And that is not only in Hong Kong, but across Singapore, USA all of our booking centers. So different from or slightly different from these securities online platform. What we serve is the global Chinese high network. So as a slightly different from the business model, happens that the securities business is only contributing less than 1% to our total revenue. And we further emphasize again all the money transferred to the investment account are from overseas banks, none of the money transferred into the investment account is from Chinese banks. So she's slightly optimistic that maybe this could be a chance for Noah because we have always been compliant with regulations. So iNoah, which is our app for security trading, in the company. And all the operational system and also the technical support systems are all placed in overseas market. And overseas like in Hong Kong. So and also for iNoah, we have zero employees basically refers to iNoah in the domestic market. So again, we are fully compliant to the requirements of the CSRC and SFC. And further, the company is already reviewing the referral requirement for the business from domestic to overseas according to the legal department. Operator: Calvin, I hope that answers your question. Dorian Chiu: Thank you. Operator: Your next question comes from Peter Zhang from JPMorgan. Please go ahead. Analyst (Peter): Thanks for giving me the opportunity to ask this question. This is Peter Zhang from JPMorgan, and I have 2 questions. First is, I noticed that wealth management product transaction volume has picked up sequentially in first quarter, which is a really good trend. We are wondering what is the operating trend in second quarter? Do we see continued strong investment sentiment at our clients and how's the client demand for domestic and overseas products investment products. Secondly, my question is on the cost side. We have a really good cost control in first quarter. I am wondering whether management can share what is the full year guidance for our headcount growth and operating expense trend? Thank you. Zhe Yin: Okay. Yes. Thank you, Peter. So To answer Peter's questions, I appreciate for what you have asked. We will want to answer the question divided into 2 parts, which is the domestic market and also the overseas market. We must admit that for investment sentiment, a lot of time it is affected by the entire market situation. And that is why we have been seeing that in 2025 and 2026, until now, the investment sentiment has improved a lot compared to 2 years ago. However, what we have been really doing is not just I mean, getting business according to the market situation. So what we have been doing is really try to promote the idea that we have been helping clients to do the wealth management, which is to diverse their asset into different classes and different products so that they can have a better portfolio. And that we have been seeing the progress in the domestic market. And for overseas market, 1 of the thing about being a wealth management company is the ability to get the good products. And according to the CIO report and also in the market I mean, in the current market, AI has been a very important idea for an investment idea. And that is why we have different products that is AI related from infrastructure to AI company. And that we have been doing that and also again, promote the same idea of helping clients to do their wealth allocation for a better portfolio. And that we believe that with all these good quality product on hand, we should see a better sales allocations as a result. And we must also emphasize that in terms of selling abilities, that now we have been using AI to support the company or the RMs to do the clients risk analysis So we have been promoting products according to the clients' need. That is more specified than the mass promotion like in the past. Which again, we believe that we believe should enhance the efficiency of our selling. And ultimately, the selling results for the company. Jingbo Wang: So we remember the real history of Noah, We have been talking about to protect our clients asset before growing. In 2022. And in 2023, it is about all this pricing in China that is going overseas market. And since last year, we talked about AI and for this year, emphasized in AI infrastructure product. What we have been demonstrating here is we are a real wealth management company. So what we are doing is about how to make sure our clients asset can be well protected and ultimately have growth. And I mean, from a lot of our friendly competitors and our peers, Then I would say we always reveal to them how much profit our clients made every year. And that has been a very key KPI for the staff here. And so, I mean, in a simple way of saying that the company could not control a lot of things like the market cap or if the size of the company can grow drastically, However, if we look at what we have been doing with our clients, when we look at within profitability for over 62 consecutive quarters, when we have been looking at all these rights decisions in the past in history, we are confident that we have been able to keep the company up with the company and ultimately, we will be seen by the market. Okay. Qing Pan: So I will take Peter's second question. We actually do not have a set agenda or set targets for frontline teams, obviously, although we see a decline in the number of RMs, but that is really driven by performance. So as you could see, we are still achieving much higher fundraising volume because of the higher quality and higher efficiency. So we do not expect to have I would say, intentional shrinking of the frontline team. We want to make sure, obviously, that they are fully occupied and able to generate enough volume as CEO and Chairlady just mentioned. There might be opportunity given the current policy situation. At the same time, obviously, we are targeting mid back office efficiency, especially with the tool of AI. We believe that many positions in the past that were basically being performed by pure labor or pure hands are now being at least consolidated merged into fewer positions. So that actually leads to significant I would say, optimization in mid back office structure. But in the meantime, I think from the standpoint of the whole year, although we do not expect to see huge expansion or growth in headcounts, we are going to see some key fulfillment in key markets worldwide. and other just a couple of people. And obviously, we will continue to invest in AI and technology. Peter? Dorian Chiu: Thank you. Very clear. Okay. Thank you. Operator: Your next question comes from Yumin Tang from CICC. Please go ahead. Analyst (Yumin): I will translate my questions This is Yumin Tang from CICC. I have 2 questions. First is transaction value, client numbers and RM numbers. Overseas business declined Could you please talk about the reasons? You mentioned overseas business has moved from a licensed setup to formal operation. what is the growth outlook for this segment going forward? And my second question is about AI. AI wealth management department in Singapore has delivered much stronger revenue generation and client service efficiency. Could you please talk about how AI helps RMs develop their business. Thank you. Operator: So about your question about overseas, business performance, We do see that sequential drop in first quarter, however, when we look at the year on year, we still see a growth as reflected that. Zhe Yin: We believe that is a normal performance across different quarters various changes. And about how AI has been enhancing our RMs, I guess we have been slightly touched upon the current way of doing business. We are now trying to be more focused and more accurate in taking certain products to certain clients. So we have been able to distinguish a higher level of clients, so that would be more efficient in terms of in terms of suggesting product to our clients and allocate the resources that we have on hand. And also we have introduced a Noah-Pay rewarding system since late last year, and that is more like a rewarding system we have been providing certain rewards to our clients. That again would be focus on higher quality clients. And that, as a whole, means that our selling methodology could be a better allocated in terms of our resource booking As you may aware, we have been basically fully licensed in Hong Kong. And in Singapore, we have different types of license under the regulation of MAS. We are currently applying for the asset management license as well. So back to your question about The U. S. Market booking center license. And again, it is 1 of the important steps that completes the development as we are having very important strategic booking centers for the company. And after the license being granted, we are now working on the details of redeploying business in that market. And that we believe is going to be a very important strategic move for the company. Jingbo Wang: The chairlady is now doing a post not an announcement, but a suggestion to all our analysts When you are doing the analysis of the company, maybe no longer we should use the number of RMs as an indicator of RMs to indicate the company's business size in the future. But what we have been trying to suggest that because of the enhancement of AI, all the human RMs are supported in the first hand. And secondly, we have built up the AI plus wealth management department as in the CEO's presentation we talked about how this AI plus wealth management is able to do all the supporting to take care of our clients but without enhancing more human resources on that. And also, what we have been further developing is the AI plus ecosystem. That is more like a referral business to cooperate with different types of professional individuals in the market. That should help us to get clients under the AI plus wealth management system. So as using Singapore as an example, yes, Singapore is not an easy market. it is small but competitive. And it is really difficult to hire the right RM. The cost will be very high. And that is why we have been using AI as a test when we started in this market. And we have found out that or we have been getting very good results from that market. And that as mentioned, we have 191% growth in AUA in the first quarter. And that is why we have been going forward to try to apply this same system into different overseas markets as well. I mean, also, ultimately, we would like to apply that in the domestic market too. However, some limitation of the I mean historical structure also because of the different AI systems, that may be slower. However, we should expect that the AI application to different overseas market should be bringing results to the company in the near future. Operator: Is there any more questions? There are no further questions at this time. This concludes our question and answer session. Dorian Chiu: I would now like to turn the conference back over for any closing remarks. Thank you. Thank you everyone for joining us today and please feel free to reach out to the IR team for any further questions. Thank you very much. Operator: The conference has now concluded. Thank you for attending today's presentation. May now disconnect. 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While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Noah (NOAH) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool