Noah Holdings (NOAH) Q4 2025 earnings summary

Executive summary

• Marked the 21st anniversary with a strategic transformation from product sales to a platform focused on asset allocation, global structuring, and AI-driven systems.

• Transformation yielded tangible results in 2025, with improved profitability quality and operational efficiency.

• Net revenues for Q4 2025 rose 12.5% year-over-year to RMB733.2 million, driven by performance-based income from overseas private equity products.

• Full year 2025 net revenues were RMB2,610.2 million, up 0.4% from 2024, with operational improvements and cost control strategies supporting profitability.

• Focused on serving global Chinese high net worth clients through licensed entities in multiple jurisdictions.

Financial highlights

• Full-year 2025 net revenue was RMB 2.6 billion, stable year-over-year.

• Operating profit rose 22.5% to RMB 777 million; operating margin improved to 29.8%.

• Q4 2025 operating margin was 35.2%, up from 21.1% in Q4 2024; full year 2025 operating margin was 29.8%, up from 24.4% in 2024.

• Q4 revenue was RMB 733 million, up 12.5% year-over-year; Q4 operating profit reached RMB 258 million, up 87.3%.

• Non-GAAP net income increased 11.2% to RMB 612 million; adjusted non-GAAP net income was RMB 753 million, excluding non-operational items.

Outlook and guidance

• Expect continued structural shift toward investment-related income and further operational efficiency gains from AI.

• Revenue may fluctuate during ongoing transformation, but profitability is expected to remain resilient.

• Management expects continued momentum from global platform expansion, AI integration, and a more AUM-driven revenue mix.

• The Board proposed a total dividend equivalent to 100% of full-year Non-GAAP net income, reflecting confidence in long-term resilience.