Noah Reports Flat Full-Year Revenue, 22.5% Operating Profit Growth, and 29.8% Operating Margin Expansion.

Noah's Q4 earnings call highlighted a shift towards a global asset allocation and investment capabilities model. Full-year revenue was flat at RMB 2.6 billion, but operating profit rose 22.5% to RMB 777 million, and operating margin expanded to 29.8%. Q4 revenue increased 12.5% to RMB 733 million, with operating profit up 87.3% to RMB 258 million and operating margin at 35.2%. The company's revenue mix shifted towards investment-related income and overseas contribution.