- AI-Driven Momentum and Prudent Expansion Drive Operating Margin to 37.8%
- Domestic Business Focuses on Long-Term Investment, RMB Private Secondary Product Transaction Volume Up 63.6% Year-Over-Year
- Global Network Transitions from Licensing to Active Operations, Overseas Assets Under Administration (AUA) Rises to RMB 66.1 Billion (Approx. USD 9.6 Billion)
- Steady Capital Return Plan Progresses with Ongoing Share Buybacks, Proposed Total Dividend Equivalent to 100% of Full-Year 2025 Non-GAAP Net Profit
SingaporeMay 29, 2026 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company,” NYSE: NOAH; HKEX: 6686) released its unaudited financial results for the first quarter ended March 31, 2026, on May 28. Noah Holdings is a leading and pioneering wealth management service provider, specializing in providing one-stop comprehensive advisory services for global investment and asset allocation to high-net-worth Chinese clients worldwide.
In the first quarter of 2026, driven by increased performance fee income from domestic private secondary products, Noah’s net revenues increased 1.8% year-over-year to RMB 625.8 million (approx. USD 90.7 million), partially offset by a decline in commission income from insurance products. Operating profit increased 27.1% year-over-year to RMB 236.4 million (approx. USD 34.3 million), primarily benefiting from prudent cost control on employee compensation and structural efficiency improvement initiatives. During the reporting period, non-GAAP net profit was RMB 133.9 million (approx. USD 19.4 million). Excluding non-operating fluctuations from equity in affiliates, adjusted non-GAAP net profit would have reached RMB 216.4 million, up 28% year-over-year, demonstrating strong resilience in the Company’s core profitability.
Jingbo Wang, Co-founder and Chairlady of Noah Holdings, commented: “As an AI-driven global wealth management platform, Noah is demonstrating clear momentum in serving global Chinese families. In the first quarter of 2026, we observed three increasingly distinct trends: continuous improvement in profit structure, renewed momentum in the domestic business, and steady growth in the overseas business. AI is fundamentally redefining the wealth management industry and reshaping how global Chinese families connect with the world of wealth. As our global network transitions from the licensing phase to active operations, we expect the deep integration of AI into our organizational and business systems to become a core driver of sustainable growth.”
Zhe Yin, Chief Executive Officer of Noah Holdings, stated: “The Company’s profit structure continues to improve, with the operating margin in this quarter rising to one of the highest single-quarter levels in recent years. We expect the full-year operating margin to remain in a healthy range above 30%, despite natural quarterly fluctuations due to differences in product mix and expense timing. As the synergy between our AI-driven strategy and various business segments continues to materialize, we are confident in the Company’s ability to maintain profitability over the long term across different market cycles.”
Domestic Business: Returning to Core Asset Allocation, Driving Double-Digit Growth
In the domestic business, Noah successfully focused strategic resources on building long-term investment capabilities. The number of active clients* in the first quarter reached 10,742, up 21.8% year-over-year. Transaction volume for RMB public fund products reached RMB 9.9 billion (approx. USD 1.4 billion), up 130.2% year-over-year; transaction volume for RMB private secondary market products reached RMB 5.4 billion (approx. USD 780 million), up 63.6% year-over-year. This business momentum was primarily led by Noah Zhengxing, whose operating revenue increased 63.1% year-over-year to RMB 207.8 million (approx. USD 30.1 million).
Noah believes that standardization, net asset value-based pricing, specialization, and intelligence are the long-term directions for the wealth management industry, aligning with regulatory guidance and clients’ genuine needs. Noah’s strategic focus for its domestic business will continue to center on building capabilities in secondary markets and asset allocation, prioritizing public funds, private secondary market products, AI-driven operations, and the Noah Zhengxing distribution platform.
Overseas Business: Continued Growth in Registered Clients and AUA, Addition of Multiple Licenses
Noah’s overseas business continues to expand steadily: total registered overseas clients reached 20,373, up 11.9% year-over-year; overseas Assets Under Administration (AUA) rose to RMB 66.1 billion (approx. USD 9.6 billion), maintaining a stable scale. Transaction volume for USD-denominated products remained stable during the quarter at approximately USD 1.15 billion. Strategically, the Company’s overseas business has advanced from regional licensing to active operations, marked by milestones including the official opening of the N+ Club in Japan in May 2026 and regulatory approval for the U.S. broker-dealer license.
Notably, the Company’s Singapore account and trading center pioneered the “AI + Wealth Management” team model, achieving positive results in client outreach, service response efficiency, and asset allocation expertise. Relevant experience will be gradually rolled out to other markets.
Against the backdrop of continuously evolving global wealth management regulatory environments, Noah’s compliance operational framework remains robust, serving as a crucial foundation for the long-term sustainable development of our overseas business. The Company operates through its four major account and trading centers in Singapore, Hong Kong, Shanghai, and the United States, each strictly adhering to local regulatory frameworks and compliance requirements.
AI-Driven Momentum Realized, Structural Improvement in Operational Efficiency
Over the past two decades, growth in the wealth management industry has been highly correlated with headcount: each new client meant more time and effort from a relationship manager. A consultant’s service coverage capacity has always been constrained by the objective limitations of time, geography, and information processing.
Noah believes that AI is driving the industry towards a more scalable platform-based model. This judgment has been validated in practice: this quarter, Noah’s Singapore account and trading center was the first to implement the “AI + Wealth Management” team model, achieving a 191.7% sequential quarterly growth in related business AUA.
This practice is supported by the Company’s three synergistic front-office engines:
- AI-empowered Relationship Manager (RM) System: RMs focus on deep client relationship management; AI expands each RM’s service radius in client coverage, content production, and cross-regional service response;
- AI-Driven Wealth Management Team: Leveraging AI for client operations and allocation support, serving a broader range of client needs with a leaner organizational structure. The Singapore practice validates the scalability potential of this model;
- AI + Ecosystem Expansion: Provides an open platform for independent financial advisors and family offices, granting access to global assets, compliance capabilities, and execution systems.
The overall operating margin for this quarter rose to 37.8%, reflecting the dual drivers of realized AI-driven momentum and prudent cost control. Looking ahead, Noah will continue to build long-term AI capabilities around four dimensions: clients, RMs, products, and governance.
Balance Sheet and Shareholder Returns
As of March 31, 2026, the Company held a total of RMB 5.1 billion in cash, cash equivalents, and short-term investments, with no interest-bearing debt, maintaining a highly liquid balance sheet. Management is confident in the Company’s intrinsic value and continues to advance its share repurchase plan, repurchasing approximately 1.81 million American Depositary Shares (ADS) for USD 20 million in this quarter. Additionally, the Board has approved an annual dividend of approximately RMB 306.0 million (approx. USD 43.8 million) and a special dividend of approximately RMB 306.0 million (approx. USD 43.8 million, subject to shareholder approval). The total payout of these two items is equivalent to 100% of the full-year 2025 non-GAAP net profit attributable to Noah shareholders.
About Noah Holdings Limited
In the first quarter of 2026, Noah distributed a total of RMB 23.3 billion (approx. USD 3.4 billion) in investment products. As of March 31, 2026, through Gopher Asset Management and Olive Asset Management, Noah managed total Assets Under Management (AUM) of RMB 140.2 billion (approx. USD 20.3 billion).
Founded in 2005, the Company pioneered a business model combining wealth management and asset management and has continuously built an international platform. As of March 31, 2026, Noah had 468,983 registered clients. The Group comprises six business segments: Domestic Public Securities (Noah Zhengxing), Domestic Asset Management (Gopher Asset Management), Domestic Insurance (Glory), Overseas Wealth Management (ARK Wealth Management), Overseas Asset Management (Olive Asset Management), Overseas Insurance and Integrated Services (Glory Family Heritage), and Group Headquarters. Leveraging its four global account and trading centers in Singapore, Hong Kong, Shanghai, and the United States, Noah has established branches and service capabilities in Mainland China, Hong Kong, Singapore, Japan, and key U.S. markets (including New York, Los Angeles, and Silicon Valley), underscoring its international operational footprint.
Forward-Looking Statements
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. Such forward-looking statements can be identified by terms such as “will,” “expects,” “plans,” “believes,” “estimates,” “confident,” and similar expressions. Noah may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, annual reports to shareholders, announcements, circulars, or other documents published on the website of The Stock Exchange of Hong Kong Limited (the “HKEX”), press releases, and other written materials, or in written or oral statements made by the Company’s 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 that involve risks and uncertainties. Forward-looking statements in this announcement include, but are not limited to, estimates regarding the adequacy of the Company’s cash and cash equivalents and liquidity risks. Many factors could cause Noah’s actual results to differ materially from those contained in the forward-looking statements, including but not limited to: the Company’s goals and strategies; future business development, financial condition, and results of operations; expected growth in the wealth management and asset management markets in China and internationally; the Company’s expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with the investment products distributed by the Company, including counterparty defaults or value losses due to market, business conditions, or counterparty misconduct; the Company’s expectations regarding maintaining and strengthening relationships with core clients; applicable government policies and regulatory requirements; the ability to attract and retain qualified personnel; the ability to keep pace with market trends and technological advancements; plans to invest in research and development to enhance product selection and service offerings; competition faced in domestic and international businesses; general economic and business conditions in China and globally; and the ability to effectively protect intellectual property rights and avoid infringing on the intellectual property rights of others.
For more information on these and other risks, please refer to documents filed by Noah with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and its attachments is as of the date of this press release, and Noah undertakes no obligation to update any such information, including forward-looking statements, except as required by law, due to new information, future events, or other reasons.
Note:
* Active clients refer to registered investors who purchased investment products distributed by the Company or used the Company’s services during the reporting period.