Noah Holdings (NOAH) Q3 2025 earnings summary

Executive summary

• Non-GAAP net income rose 52.2% year-over-year to RMB 229 million in Q3, with margins and profitability improving despite revenue pressure.

• Net income attributable to shareholders surged 62.6% year-over-year to RMB 218.5 million, driven by higher fair value of investments in affiliates.

• Investment products accelerated, now 28% of new revenue versus 18% a year ago, reflecting a successful revenue mix shift.

• Registered clients grew 1.3% year-over-year to 466,153, with overseas registered clients up 13.1%.

• Four overseas booking centers established and AI initiatives moved from planning to implementation, supporting global expansion and operational efficiency.

Financial highlights

• Q3 net revenues were RMB 633 million, down 7.4% year-over-year but up sequentially for the second consecutive quarter.

• Non-GAAP net income for Q3 was RMB 229 million, up 52.2% year-over-year and 21.2% sequentially, with a margin of 36.2%.

• Operating income for Q3 2025 was RMB 172 million, a 28.6% decrease year-over-year.

• Total transaction value in Q3 was RMB 17 billion, up 19.1% year-over-year.

• Recurring service fees rose 4.7% year-over-year and 3.6% sequentially to RMB 421 million.

Outlook and guidance

• Management expects continued focus on investment product growth, AI-driven operational efficiency, and global platform expansion.

• Some moderation in Q4 performance anticipated as market conditions evolve.