Noah Holdings Reports Strong Q2 2025 Earnings with 78.2% YoY Increase in Non-GAAP Net Income, Driven by Improved Investor Sentiment and Growing Overseas Momentum

Noah Holdings reported Q2 2025 earnings with net revenues of RMB 630 million ($87.9 million), up 2.2% YoY, and non-GAAP net income of RMB 189 million ($26.4 million), up 78.2% YoY and 12% sequentially. Income from operations increased 20.2% YoY to RMB 161 million ($22.5 million). The company's revenue mix improved, with a surge in revenue from the distribution of investment products, and transaction value reaching RMB 17.0 billion, up 17.7% YoY and 5.4% sequentially.

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686), a leading wealth management service provider, announced its unaudited financial results for the second quarter of 2025. The company reported net revenues of RMB629.5 million (US$87.9 million), marking a 2.2% increase year-over-year (YoY) [1]. This growth was primarily driven by an increase in the distribution of overseas private secondary products and domestic private secondary products.

Non-GAAP net income attributable to Noah shareholders for the second quarter of 2025 was RMB189.0 million (US$26.4 million), representing a 78.2% YoY increase and a 12% sequential increase. Income from operations rose by 20.2% YoY to RMB161.0 million (US$22.5 million) [1].

The company's revenue mix showed significant improvement, with a surge in revenue from the distribution of investment products. The total transaction value reached RMB17.0 billion (US$2.4 billion), representing a 17.7% YoY increase and a 5.4% sequential increase. The distribution of private secondary products contributed significantly to this growth, with a 44.4% increase in the second quarter of 2025 compared to the same period in 2024 [1].

Noah Holdings' operational updates highlighted a 1.2% increase in the total number of registered clients to 464,631 as of June 30, 2025, and a 13.0% increase in overseas registered clients to 18,967. The number of active clients who transacted with the company during the second quarter of 2025 increased by 6.1% to 9,160, with a 12.5% increase in overseas active clients to 3,650 [1].

The asset management business, conducted through Gopher Asset Management Co., Ltd. and Olive Asset Management Co., Ltd., reported relatively stable total assets under management of RMB145.1 billion (US$20.3 billion) as of June 30, 2025. Mainland China assets under management stood at RMB103.7 billion (US$14.5 billion), while overseas assets under management were RMB41.4 billion (US$5.8 billion) [1].

Noah Holdings' Co-founder and Chairwoman, Jingbo Wang, commented on the company's progress, stating, "We are pleased to report that Noah has made steady progress in navigating through a challenging period in the wealth management industry. This quarter, we have seen a recovery in both profitability and revenue, reflecting the positive impact of our strategic initiatives. Our operational income saw a solid 20.2% year-on-year growth, while non-GAAP net profit surged by an impressive 78.2% year-on-year, contributed by strong growth in the distribution of investment products and an uptick in management fees. Additionally, our international revenue continues to grow, now representing nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy" [1].

References:
[1] https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2025-302540170.html