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Noah Reports Q2 2025 Earnings: Strong Rebound in Profitability Driven by Improved Investor Sentiment and Growing Overseas Momentum

SHANGHAI, Aug. 29, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE:NOAH), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors ("HNWIs"), reported unaudited financial results for three months and six months ended June 30, 2025.

Net revenues for the second quarter reached RMB 630 million (US$87.9 million), up 2.2% year-over-year, while non-GAAP net income rose 78.2% year-over-year and 12.0% sequentially to RMB 189 million (US$26.4 million). Income from operations increased by 20.2% year-over-year to RMB161 million (US$22.5 million), reflecting disciplined cost management and operating leverage. For the first half of 2025, Noah generated net revenues of RMB 1.24 billion and non-GAAP net income of RMB 358 million, a 33.9% year-over-year improvement.

Zander Yin, Co-Founder, Director, and CEO of Noah, commented, "We are pleased to report a solid performance that reflects our flexibility and resilience in navigating a challenging period for the wealth management industry. Profitability and revenue from investment products rebounded strongly on the back of our strategic initiatives over the past few quarters to improve operational efficiency and accelerate our overseas expansion. Net revenues from overseas now accounts for nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy. Income from operations and non-GAAP net income surged driven by strong growth in distribution of investment products from our expanding portfolio and an uptick in management fees."

"Today, we are also pleased to announce that we have selected Coinbase Asset Management as a strategic partner, to establish Olive's first stablecoin yield fund. We shall expand our digital asset-related product lines and collaborate with licensed, compliant institutions to capture opportunities in this rapidly growing emerging asset class. This initiative aims to open new growth engines for our clients' global asset allocation strategies, with future expansion opportunities in compliant digital-asset fund management."

Improving Revenue Structure