智通财经APP讯，诺亚控股(06686)发布公告，该公司于2025年9月12日根据新和解计划授予的限制性股 票单位归属，并且根据发行授权发行新普通股2.89万股。 ...

诺亚控股(06686)发布公告，该公司于2025年9月12日根据新和解计划授予的限制性股票单位归属，并且 根据发行授权发行新普通股2.89万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06686 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 諾亞控股私人財富資產管理有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06686 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.00005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.00005 | USD | | 50,000 | 本月底法定/ ...

Core Insights - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for significant discrepancies between stock prices and intrinsic values, particularly in the Asian market, with an emphasis on Hong Kong [1]. Group 1: Investment Strategy - The service seeks deep value balance sheet bargains, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1]. - It also emphasizes wide moat stocks, which are high-quality businesses with strong earnings power available at discounted prices, including "Magic Formula" stocks and hidden champions [1]. Group 2: Research Offerings - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1].

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Insights - Noah Holdings reported a net revenue of 630 million yuan for Q2 2025, with overseas revenue contributing 47.1% [1] - Operating profit increased by 20.2% year-on-year to 161 million yuan, while Non-GAAP net profit surged by 78.2% to 189 million yuan, indicating a significant improvement in profit quality [1] - The company demonstrated strong global growth momentum, with overseas net revenue reaching 297 million yuan, accounting for nearly half of total revenue [1] Financial Performance - Total cash and short-term investments amounted to 5.4 billion yuan, maintaining a healthy liquidity ratio [1] - The scale of overseas asset under administration (AUA) reached 9.1 billion USD [1] - The fundraising volume for USD private equity products increased by 70.3% year-on-year to 770 million USD, while RMB private equity secondary products saw a remarkable rise of 185.3% [1] Strategic Initiatives - Noah Holdings launched its first stablecoin fund in collaboration with Olive US and Coinbase, aiming to expand its digital asset product line [1] - The management emphasized a dual-engine strategy of "globalization + digital assets" to enhance value for shareholders and clients amid market volatility [1] - The company plans to leverage its talent network in mature markets such as the US, Canada, and Japan, along with technological empowerment, to drive growth [1]

Core Insights - Noah Holdings (06686) reported a net income of RMB 629.5 million for the second quarter ending June 30, 2025, representing a year-on-year increase of 2.2% [1] - Shareholder net profit reached RMB 179 million, a significant increase of 79% year-on-year, with basic earnings per American Depositary Share at RMB 2.56 [1] - The increase in net income was primarily driven by the growth in distribution of overseas private equity and private securities fund products [1] Financial Performance - The total value of investment products distributed in Q2 2025 was RMB 17 billion (USD 2.4 billion), up 17.7% from Q2 2024, mainly due to a 44.4% increase in private securities fund product distribution [2] - The company distributed overseas investment products worth RMB 8.3 billion (USD 1.2 billion), reflecting a 5.1% increase compared to Q2 2024, driven by a 10.3% rise in private securities fund product distribution [2] - Operating income showed a robust year-on-year growth of 20.2%, while non-GAAP net profit surged by 78.2% [2] Client Base and Market Position - As of June 30, 2025, the total number of registered clients reached 464,600, marking a 1.2% increase from June 30, 2024, and a 0.3% increase from March 31, 2025 [1] - The number of overseas registered clients stood at 19,000, which is a 13.0% increase year-on-year and a 4.2% increase from March 31, 2025 [1] - The company emphasized its commitment to strategic execution and long-term sustainable growth while remaining cautious of macroeconomic uncertainties [2]

Financial Data and Key Metrics Changes - Net revenues for Q2 2025 reached RMB630 million, with income from operations increasing by 20.2% year over year and non-GAAP net income surging 78.2% year over year to RMB189 million [6][20] - For the first half of 2025, total net revenues were RMB1.2 billion, generating non-GAAP net income of RMB358 million, a 33.9% year over year increase [20][28] - Total transaction values reached RMB17 billion, reflecting a 17.7% year over year increase [21] Business Line Data and Key Metrics Changes - Net revenues from overseas reached RMB297 million in Q2, accounting for 47.1% of total net revenue, with overseas investment products continuing to grow [9][10] - Net revenues from domestic insurance decreased by 38.7% year over year to RMB716 million due to a strategic decision to reduce promotion of domestic insurance products [15] - Net revenues from domestic public securities increased by 12.8% year over year to RMB132 million, driven by a rebound in the Asian market [13] Market Data and Key Metrics Changes - Overseas AUA grew 6.6% year over year to USD9.1 billion, accounting for 27.6% of total AUA, primarily driven by increased distribution of private equity funds [10][26] - Transaction value of USD-denominated private market products increased by 70.3% year over year to USD765 million [11] - The number of registered overseas clients exceeded 18,900, a year over year increase of 13% [11] Company Strategy and Development Direction - The company aims to focus on high net worth clients and expand into mature financial markets such as the U.S., Canada, and Japan [15][16] - Plans to enhance global product offerings and explore new opportunities in digital assets, including a partnership with Coinbase for a stablecoin yield fund [17][18] - Commitment to integrating AI across operations to improve client experience and reduce operational costs [18] Management Comments on Operating Environment and Future Outlook - Management noted strong investment returns for clients, with over 95% of Black Card clients realizing cumulative gains by the end of the quarter [5] - The company remains cautious about costs, achieving a 35.8% year over year increase in operating profit [24] - Management expressed confidence in maintaining strong performance and returning profits to shareholders [29] Other Important Information - The company has cumulatively returned over RMB1.8 billion to shareholders through dividends and share buybacks over the past three years [29] - The balance sheet remains sound, with combined cash and short-term investments totaling RMB5.4 billion and zero interest-bearing liabilities [28] Q&A Session Summary Question: Details on private credit digital yield and client interest in cryptocurrency - Management highlighted the launch of a stablecoin yield fund in partnership with Coinbase, emphasizing the importance of compliance and client education on new asset classes [31][34][38] Question: Observations on investment sentiment and transaction volume trends - Management noted a strong interest from clients in diverse investment products, driven by improved market conditions and a focus on long-term returns [42][44] Question: Progress on overseas expansion and its impact on operating expenses - Management discussed ongoing efforts to establish a presence in the U.S., Canada, and Japan, with a focus on branding and serving Chinese clients globally [46][48][50] Question: Changes in operating expenses and future dividend plans - Management explained that decreased operating expenses were due to strategic investments and expressed confidence in maintaining strong performance and returning profits to shareholders [55][58]

Financial Data and Key Metrics Changes - Net revenues for Q2 2025 reached RMB630 million, with income from operations increasing by 20.2% year over year and non-GAAP net income surging 78.2% year over year to RMB189 million [8][22] - For the first half of 2025, net revenues totaled RMB1.2 billion, generating non-GAAP net income of RMB358 million, reflecting a 33.9% year over year increase [22][30] - Total transaction values reached RMB17 billion, reflecting a 17.7% year over year increase and a 5.4% sequential rise [23] Business Line Data and Key Metrics Changes - Net revenues from overseas reached RMB297 million in Q2, accounting for 47.1% of total net revenue, with overseas investment products continuing to grow [11] - Net revenues from overseas wealth management were RMB129 million, down 14.1% year over year, primarily due to a strategic focus on investment products [12] - Net revenues from Mainland China were RMB333 million, a year on year decrease of 1.3%, but a sequential increase of 7.2% [15] Market Data and Key Metrics Changes - Overseas AUA grew 6.6% year over year to USD9.1 billion, accounting for 27.6% of total AUA, driven by increased distribution of private equity funds [12] - Transaction value of USD-denominated private market products increased by 70.3% year over year, reaching USD765 million [13] - The number of registered overseas clients exceeded 18,900, a year on year increase of 13% [13] Company Strategy and Development Direction - The company aims to focus on high net worth clients and expand into mature financial markets such as the U.S., Canada, and Japan [17][18] - Plans to enrich global product offerings and explore new opportunities in digital assets, including a partnership with Coinbase for a stablecoin yield fund [20] - Commitment to enhancing operational efficiency through AI integration across operations [21] Management's Comments on Operating Environment and Future Outlook - Management noted strong investment returns for clients, with over 95% of Black Card clients realizing cumulative gains by the end of the quarter [7] - The company is optimistic about maintaining strong performance and operational results, with a focus on long-term returns rather than short-term market sentiment [49] - Management expressed confidence in the structural improvements and growth potential in both domestic and overseas markets [30] Other Important Information - The company has returned over RMB1.8 billion cumulatively to shareholders through dividends and share buybacks over the past three years [31] - Total operating costs for the first half were RMB897 million, down 11.2% year over year, reflecting disciplined cost management [26] Q&A Session Summary Question: Details on private credit digital yield and client interest - Management highlighted the launch of a stablecoin yield fund in partnership with Coinbase, emphasizing the importance of compliance and client education on new asset classes [34][36] Question: Third quarter operating trends and investment sentiment - Management observed strong interest from clients in diverse investment products, driven by improved market conditions and a better product matrix [47][48] Question: Progress on overseas expansion and its impact on operating expenses - Management confirmed ongoing development in overseas markets, with a focus on branding and trust-building among clients, while maintaining a comfortable operating expense structure [50][53]