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SINGAPORE, Aug. 25, 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
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
Distribution of Investment Products
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
[2] For classification of the Group's business segments for the purposes of this announcement, "international" refers to business activities conducted in, or relating to, countries and regions outside Mainland China.
[3] "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.
[4] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.
Assets Under Management
Investment type
Investment type
[6] The asset allocation/redemption of public securities also includes market appreciation or depreciation.
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.
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.
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.
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.
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.
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:
except percentages)
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).
Income (Loss) from Operations
Income (loss) from operations under the segmentation is as follows:
except percentages)
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
Non-GAAP Net Income Attributable to Noah Shareholders
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:
Wednesday, August 26, 2026 at 8:00 a.m., Hong Kong Time
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 --
Condensed Consolidated Balance Sheets
(unaudited)
Condensed Consolidated Income Statements
(unaudited)
interests
Condensed Consolidated Income Statements
(unaudited)
Condensed Comprehensive Income Statements
(unaudited)
investments (after tax)
non-controlling interests
shareholders
Condensed Comprehensive Income Statements
(unaudited)
investments (after tax)
controlling interests
shareholders
Segment Condensed Income Statements
(unaudited)
asset
management
wealth
management
manages
manages
Segment Condensed Income Statements
(unaudited)
public
securities
asset
management
wealth
management
manages
manages
Supplemental Revenue Information by Geography
(unaudited)
Supplemental Business Information by Product Types
(unaudited)
[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate
products and private credit products.
[3] Includes money market mutual fund products, securities brokerage business.
Supplemental Operational Information
(unaudited)
Supplemental Information of International Business
(unaudited)
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
Reconciliation of GAAP to Non-GAAP Results
(In RMB, except for per ADS data and percentages)
(unaudited)
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SOURCE Noah Holdings Limited
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