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 公司名稱： 諾亞控股私人財富資產管理公司 第 1 頁 共 13 頁 v 1.3.0 | 3). | 其他 (請註明) | 150,000 | 0.0447 % | USD | 0 | | | --- | --- | --- | --- | --- | --- | --- | | | 根據2022年股份激勵計劃（定義見2025年4月1日公告）授予汪靜波 | | | | | | | | 女士和殷哲先生的限制性股份單位歸屬而發行新普通股（見備註) | | | | | | | | 變動日期 2026年3月30日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年3月30日 | 337,233,937 | | 0 | | 337,233,937 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 已回購但尚未註銷的股份，指於2025年12月23日（美國東部時間）根據 2025年 ...

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 公司名稱： 諾亞控股私人財富資產管理公司 呈交日期： 2026年3月30日 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 | | ...

諾亞控股私人財富資產管理有限公司（「本公司」）宣佈，確定本公司每股面值 0.00005美元的普通股（「股份」）持有人符合資格出席本公司應屆股東週年大會 （「股東週年大會」）並於會上投票的登記日期為香港時間2026年4月16日（星期四） 營業時間結束止（「股份登記日期」）。為符合資格出席股東週年大會並於會上投 票，所有有效股份過戶文件連同有關股票須不遲於香港時間2026年4月16日（星期 四）下午四時三十分前送交本公司的香港股份過戶登記處香港中央證券登記有限 公司，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。所有於股 份登記日期為股份登記持有人的人士均有權出席股東週年大會並於會上投票。 由花旗銀行（作為美國存託股的存託人（「存託人」））發行的美國存託股（「美國 存託股」，並代表收取股份的權利）的持有人無權出席股東週年大會或於會上投 票。截至紐約時間2026年4月16日（星期四）營業時間結束止（「美國存託股登記日 期」，連同股份登記日期統稱為「登記日期」）的美國存託股登記持有人將可就如何 對美國存託股所代表的股份進行投票，向作為該等美國存託股所代表的股份的登 記持有人（透過代名人登記）的 ...

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) | ...

Core Insights - The forum NOAH | Olive AI Outlook 2026 focused on how AI is transforming productivity and capital allocation for global investors, emphasizing the need for long-term capital allocation strategies in the AI era [1][2] - Noah Holdings is evolving from a product-driven wealth management institution to a comprehensive platform centered on asset allocation and AI systems [1][3] Investment Strategy - The summit addressed the transition of AI from a technological breakthrough to a structural force, prompting discussions on global capital allocation strategies [2][10] - Keynote speeches highlighted the importance of building resilient wealth structures rather than merely selecting securities, advocating for a coherent architecture that integrates structural security and dynamic management [4][12] AI's Impact on Wealth Management - AI is seen as a catalyst for capital-driven productivity reconstruction, necessitating globally coordinated allocation capabilities [3][4] - The discussions underscored that the true scarcity in the AI era lies in the ability to convert judgment into allocation and achieve durable long-term outcomes [6][11] Institutional Investing - The summit featured panels that explored how wealth systems must adapt to AI-driven structural changes, emphasizing the need for structured implementation and dynamic management in institutional investing [9][10] - Long-term capital discipline and structural positioning are becoming increasingly important as AI reshapes industrial structures and capital flows [10][11] Olive Asset Management's Role - Olive Asset Management is positioned as a key player in Noah's global allocation system, applying a structured, portfolio-based approach to enhance allocation clarity and consistency [12][13] - The firm leverages AI-driven investment logic and data analytics to inform asset allocation, focusing on global alternative investments [13]

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 公司名稱： 諾亞控股私人財富資產管理公司 呈交日期： 2026年3月26日 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 | | ...

Financial Results - Noah Holdings reported its unaudited full-year results for the year ending December 31, 2025[4] - All other information in the full-year results announcement remains unchanged[5] Auditor Information - The company clarified the scope of work performed by its auditor, Deloitte, in accordance with the relevant service standards[4]

Core Insights - Noah Holdings reported significant improvements in profitability driven by structural transformation and AI integration, with a focus on operational efficiency [1][3][5] Financial Performance - In Q4 2025, net revenues increased by 12.5% year-over-year and 15.9% sequentially to RMB 733.2 million (US$104.9 million) [2][7] - Income from operations surged 87.3% year-over-year to RMB 257.7 million (US$36.9 million), attributed to an optimized cost structure and a shift towards investment-related businesses [2][5] - For the full year 2025, net revenues were broadly flat at RMB 2.6 billion, while income from operations grew 22.5% to RMB 776.7 million (US$111.1 million) [4][5] Profitability and Operational Efficiency - The company's operating margins improved to 29.8%, with non-GAAP net income increasing 11.2% to RMB 611.9 million (US$87.5 million) [4][5] - The structural improvement in profitability is not due to one-off factors but reflects a strategic shift in revenue mix and enhanced operational efficiency [5][10] Global Expansion - Noah's overseas expansion remained strong, with net revenues from overseas asset management and insurance increasing by 26.3% and 28.8% respectively [6][9] - The company distributed RMB 33.7 billion (US$4.8 billion) of overseas investment products in 2025, an 8.1% increase from 2024 [8][13] AI Integration - The integration of AI into operational processes has led to an 11% reduction in headcount while maintaining stable revenues, indicating improved operational efficiency [10][7] - AI is being embedded into key areas such as client engagement and content generation, establishing a new operational-driven model [10][3] Shareholder Returns - The Board of Directors approved an annual dividend of approximately RMB 306.0 million (US$43.8 million) and a special dividend of the same amount, totaling 100% of full-year 2025 non-GAAP net income attributable to shareholders [11]

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 公司名稱： 諾亞控股私人財富資產管理公司 呈交日期： 2026年3月25日 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 | | ...

Financial Data and Key Metrics Changes - For the full year 2025, net revenues were RMB 2.6 billion, broadly flat year-over-year, while operating profit increased to RMB 777 million, up 22.5% year-over-year, with an operating margin improving to 29.8% [6][17] - Non-GAAP net income reached RMB 612 million, up 11.2% year-over-year, with adjusted non-GAAP net income approximately RMB 753 million [6][20] - In Q4 2025, revenue was RMB 733 million, up 12.5% year-over-year, and operating profit reached RMB 258 million, representing an increase of 87.3% [17][18] Business Line Data and Key Metrics Changes - Investment product commissions increased by 79.7% year-over-year, and performance-based income rose by 78% [18] - The company deliberately reduced reliance on insurance-related revenue, reflecting a transition toward a more investment-led business model [16][17] Market Data and Key Metrics Changes - Overseas revenue contribution increased to 49% of total net revenue, indicating a shift toward globally diversified revenue streams [18] - The company noted that client sentiment towards investment products remains strong despite market volatility, with high interest in AI-related products [29][50] Company Strategy and Development Direction - The company is focused on serving global Chinese high net worth and ultra high net worth clients, transitioning from a product sales-driven model to a comprehensive platform centered on asset allocation and AI systems [4][14] - The operational model is being reconstructed to enhance efficiency and scalability, with AI embedded in key areas such as client engagement and operational processes [13][15] Management Comments on Operating Environment and Future Outlook - Management emphasized that the improving quality of profitability is more important than the absolute scale, with a focus on structural stability rather than cyclical volatility [7][14] - Looking ahead to 2026, the company expects revenue fluctuations due to structural adjustments but anticipates a rise in investment-related income [14][23] Other Important Information - The board approved a total dividend of RMB 612 million, equal to 100% of 2025 non-GAAP net income, marking the third consecutive year of full payout [22][23] - The company maintains a debt-free structure with cash and short-term investments totaling RMB 5.0 billion, providing strong financial flexibility [20][22] Q&A Session Summary Question: Private credit distribution and risk assessment - Management clarified that the company does not own assets related to private credit products and has advised clients on proper positioning early on [26][27] Question: Transaction value and one-time commission trends - Management acknowledged a drop in insurance sales but noted that existing clients have sufficient coverage, and there is still high interest in investment products, particularly AI-related ones [28][29] Question: AI strategy and its impact on operations - Management highlighted that AI enhances efficiency and allows for better client coverage, with a focus on quality rather than quantity of hires [38][40] Question: Operating margin expansion and cost control - Management attributed margin expansion to cost optimization and AI utilization, with a goal to maintain a 30% operational margin moving forward [55]