Noah Holdings (NOAH) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2025, with net revenues of RMB 630 million and non-GAAP net income up 78.2% year-over-year to RMB 189 million.

• Net income attributable to shareholders surged 79.0% year-over-year to RMB 178.6 million.

• First half 2025 net revenues reached RMB 1.2 billion, with non-GAAP net income of RMB 358 million, up 33.9% year-over-year.

• Active client base grew 6.1% year-over-year, with overseas active clients up 12.5%.

• Over 95% of black card clients realized cumulative gains by quarter-end, reflecting robust client investment returns.

Financial highlights

• Q2 2025 net revenues: RMB 630 million, up 2.2% year-over-year and 2.4% sequentially.

• Non-GAAP net income: RMB 189 million in Q2, up 78.2% year-over-year and 12% sequentially; H1 non-GAAP net income: RMB 358 million, up 33.9% year-over-year.

• Operating profit for H1: RMB 347 million, up 35.8% year-over-year; operating margin improved to 27.9% from 20.2% last year.

• Operating income for Q2 2025 was RMB 161.0 million, a 20.2% increase year-over-year.

• Total AUM as of June 30, 2025: RMB 145.1 billion; U.S. Dollar AUM up 7.4% year-over-year to $5.8 billion.

Outlook and guidance

• Strategic focus on expanding high-net-worth client base, especially in the U.S., Canada, and Japan.

• Plans to enrich global product offerings, including digital assets and stablecoin yield funds in partnership with Coinbase Asset Management.

• Continued investment in AI and digital platforms to enhance operational efficiency and client experience.

• Management remains focused on global expansion and prudent risk management amid ongoing market uncertainties.

• Commitment to maintaining strong capital returns to shareholders and disciplined cost management.