Financial Data and Key Metrics Changes - Net revenues for Q3 2025 reached RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth [6][18] - Non-GAAP net income for Q3 increased by over 50% year-on-year to RMB 229 million, reflecting the effectiveness of the company's investment strategy and cost controls [7][20] - Total transaction value remained high at RMB 17 billion, rising 19.1% year-on-year [18] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue in Q3, up from 18% a year ago, indicating a significant shift in revenue mix [6] - Net revenues from overseas wealth management business ARK were RMB 146 million, a year-on-year decrease of 22.7%, but sequentially up 13% [8] - Domestic public securities business saw net revenues of RMB 116 million in Q3, up 8.7% year-on-year, benefiting from a rebound in the A-share market [10] Market Data and Key Metrics Changes - By the end of Q3, overseas AUA reached $9.3 billion, up 6.8% year-on-year, indicating strong growth in overseas operations [8][22] - Domestic insurance business revenues fell to RMB 5 million, down 44.8% year-on-year, aligning with the planned consolidation and transformation [10] Company Strategy and Development Direction - The company is focused on three core strategies: enhancing investment product capabilities, leveraging AI as a growth driver, and utilizing overseas booking centers for global service coordination [14][15] - AI is seen as a disruptive force in wealth management, with ongoing implementation of AI-related projects to improve client engagement and operational efficiency [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in profitability and margin improvements due to prudent investment strategies [5][20] - The company anticipates a moderation in performance in Q4 as market conditions evolve, but remains committed to sustainable growth and long-term value creation [23] Other Important Information - The establishment of four overseas booking centers is aimed at enhancing global operational capabilities and client service [11] - The company maintains a strong balance sheet with zero interest-bearing liabilities, providing significant liquidity for growth and technology investments [23] Q&A Session Summary Question: Financial impact of AI and booking centers - Management indicated that AI adoption is expected to enhance client acquisition and operational efficiency, while the U.S. booking center will involve moderate upfront investment [28][30][33] Question: Changes in overseas relationship manager accounts - The reduction in overseas relationship managers is seen as an internal adjustment rather than a strategic shift, with a focus on enhancing efficiency through AI [36][37] Question: Investment product sales strategy - The company is focusing on products that combat inflation and technology-related investments, with a strong emphasis on overseas investment products [49][52] Question: Investment income and active clients - Investment income growth is attributed to successful past investments, while the increase in active clients is linked to a stronger focus on investment products [61][62] Question: AI's role in client acquisition - AI is expected to significantly enhance client service efficiency, allowing for quicker client onboarding and better service delivery [68][71][73]

Financial Data and Key Metrics Changes - Non-GAAP net income increased by over 50% year-on-year to RMB 229 million in the third quarter, reflecting strong profitability and margin improvement [6][15] - Total net revenues for the third quarter were RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth [5][16] - Non-GAAP net income for the first three quarters of 2025 reached RMB 587 million, a 40.5% increase from the same period last year [15] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue in the third quarter, up from 18% a year ago, indicating a significant shift in revenue mix [5][6] - Net revenues from overseas wealth management business ARK were RMB 146 million, a year-on-year decrease of 22.7%, but sequentially up 13% [7] - Domestic public securities business NOAH Upright saw net revenues of RMB 116 million, up 8.7% year-on-year, benefiting from a rebound in the A-share market [9] Market Data and Key Metrics Changes - By the end of the third quarter, overseas assets under management (AUM) reached $5.9 billion, up 5.3% year-on-year [20] - The transaction value of RMB-denominated private secondary products grew 206% year-on-year to RMB 8.97 billion [9][17] - Active clients increased by double digits year-on-year and quarter-on-quarter, reflecting improved client engagement [64] Company Strategy and Development Direction - The company is focused on three core strategies: enhancing investment product capabilities, embedding AI into operations, and leveraging overseas booking centers for global service delivery [13][14] - AI is viewed as a strategic growth driver, with plans to integrate AI tools across various functions to improve client engagement and operational efficiency [11][13] - The establishment of four overseas booking centers is aimed at providing a coordinated service platform for global Chinese clients [10][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in the transformation strategy and the potential for future growth driven by investment products and AI [4][14] - The company anticipates a moderation in performance in the fourth quarter due to evolving market conditions but remains committed to prudent operations and quality growth [18][21] - Management emphasized the importance of maintaining a strong balance sheet and liquidity to support global growth and technology investments [21] Other Important Information - The company has established a U.S. broker-dealer license and is building its business in compliance with local regulations [10] - Cash and short-term investments totaled RMB 5.0 billion as of September 30, 2025, with zero interest-bearing liabilities, indicating strong liquidity [21] Q&A Session Summary Question: What will be the potential financial impact from the strategies related to AI and the booking center? - Management indicated that the adoption of AI is expected to enhance client acquisition and operational efficiency, while the U.S. booking center will involve necessary infrastructure investments but not significantly impact operating expenses [27][32] Question: What measures has the company taken to sustain robust growth in investment product sales? - The company is focusing on products that combat inflation and technology-related investments, including hedge funds and crypto, while maintaining a conservative approach towards RMB-related products [50][53] Question: How will AI support client acquisition in the overseas market? - AI is expected to enhance service delivery and client engagement, allowing for quicker client onboarding and better solutions, thus improving overall efficiency [72][75]

Financial Data and Key Metrics Changes - Net revenues for Q3 2025 reached RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth [5][17] - Non-GAAP net income for Q3 2025 increased by over 50% year-on-year to RMB 229 million, reflecting improved profitability and margins [4][19] - For the first three quarters of 2025, non-GAAP net income totaled RMB 587 million, a 40.5% increase from the same period last year [6][16] - Operating profit for Q3 was RMB 172 million, with a margin of 27.2% [19] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue in Q3 2025, up from 18% a year ago, indicating a significant shift in revenue mix [5][10] - Net revenues from overseas wealth management business ARK were RMB 146 million, a year-on-year decrease of 22.7% but up 13% sequentially [7] - Domestic public securities business NOAH Upright saw net revenues of RMB 116 million, up 8.7% year-on-year [10] - Domestic insurance business GLORY reported net revenues of RMB 5 million, down 44.8% year-on-year, aligning with the planned consolidation and transformation [10] Market Data and Key Metrics Changes - By the end of Q3 2025, overseas assets under management (AUM) reached $5.9 billion, up 5.3% year-on-year [20] - Total assets under management stood at RMB 143.5 billion as of September 30, 2025 [21] - The number of registered overseas clients increased by 13.1% year-on-year, with active clients reaching 3,561 [20] Company Strategy and Development Direction - The company is focused on three core strategies: enhancing investment product capabilities, embedding AI into operations, and leveraging overseas booking centers for global service [13][14] - AI is viewed as a strategic growth driver, with ongoing implementation of AI-related projects to improve client engagement and operational efficiency [12][13] - The establishment of four overseas booking centers is aimed at providing a coordinated service platform for global Chinese clients [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in the transformation strategy and profitability improvements [4][19] - The company anticipates potential moderation in the fourth quarter due to evolving market conditions [20] - Management emphasized the importance of maintaining prudent operations and driving quality growth to enhance shareholder returns [14][21] Other Important Information - The company has established a U.S. broker-dealer license and is building its business in compliance with local regulations [11] - Cash and short-term investments totaled RMB 5.0 billion, with zero interest-bearing liabilities, indicating strong liquidity [21] Q&A Session Summary Question: What is the potential financial impact from the company's strategies on AI and booking centers? - Management indicated that the adoption of AI is expected to enhance client acquisition and operational efficiency, while the U.S. booking center will involve necessary infrastructure investments but not significantly impact operating expenses [27][32] Question: What measures are being taken to sustain investment product sales growth? - The company is focusing on products that combat inflation and technology-related investments, including AI and crypto, to meet client needs [50][51] Question: How will AI support client acquisition in overseas markets? - AI is expected to enhance service delivery and client engagement, allowing for quicker client onboarding and better relationship management [74][75]

Financial Data and Key Metrics Changes - Non-GAAP net income increased by over 50% year on year, reaching RMB229 million in Q3 2025, with a margin of 36.2% [7][19] - Total net revenues for Q3 2025 were RMB633 million, reflecting a slight year-on-year decline but marking the second consecutive quarter of sequential growth [8][20] - Year-to-date non-GAAP net income totaled RMB587 million, a 40.5% increase from the same period last year [19] Business Line Data and Key Metrics Changes - Investment products accounted for approximately 28% of new revenue, showing accelerated growth [8] - Net revenues from overseas wealth management business (ARC) were RMB146 million, down 22.7% year on year, but up 13% sequentially [10] - Domestic public securities business (Noah Upright) saw net revenues of RMB116 million, up 8.7% year on year [12] Market Data and Key Metrics Changes - Total transaction value remained high at RMB17 billion, rising 19.1% year on year [22] - Overseas assets under management (AUM) reached USD5.9 billion, up 5.3% year on year [27] - Active clients increased by 13.1% year on year, reaching 3,561 by the end of Q3 2025 [27] Company Strategy and Development Direction - The company is focusing on three core strategies: enhancing investment product capabilities, leveraging AI for operational efficiency, and expanding global service platforms through overseas booking centers [16][17] - AI is viewed as a strategic growth driver, with plans to integrate AI tools across various operational areas [15][16] - The establishment of four overseas booking centers is aimed at providing a coordinated service platform for global Chinese clients [14][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing revenue pressure but expressed confidence in profitability and margin improvements due to prudent investment strategies and cost controls [7][19] - The company anticipates a moderation in performance in Q4 2025 as market conditions evolve [26] - Management emphasized the importance of transitioning to an AUM-driven revenue model to enhance growth prospects [41][42] Other Important Information - The company remains debt-free with cash and short-term investments totaling RMB5.0 billion as of September 30, 2025 [28] - The company is committed to maintaining a strong balance sheet while investing in global growth and technology [29] Q&A Session Summary Question: Can you elaborate on the potential financial impact of the AI strategy? - Management indicated that AI investments are expected to enhance client acquisition and operational efficiency, with a focus on increasing the proportion of revenue from investment-related products [33][39] Question: What measures are being taken to sustain investment product sales growth? - The company is focusing on products that combat inflation and technology-related investments, including AI and crypto [54][55] Question: How will AI support client acquisition in overseas markets? - AI is expected to enhance service delivery and client engagement, allowing for quicker client onboarding and better relationship management [78][79]

11月26日早间，诺亚控股在港交所公告，2025年第三季度的净收入为人民币6.329亿元，较2024年同期 减少7.4%，主要由于保险产品分销减少导致募集费收入减少及业绩报酬收入减少；诺亚股东应占净收 益为人民币2.185亿元，较2024年同期大幅增加62.6%，乃主要由于于联属公司的投资的公允价值增加所 致。 ...

Core Insights - Noah Holdings reported a net income of RMB 632.9 million (USD 88.9 million) for Q3 2025, showing relative stability quarter-on-quarter [1] - The company's net income attributable to shareholders reached RMB 218.5 million (USD 30.7 million), a significant increase of 62.6% compared to the same period in 2024, primarily due to the increase in fair value of investments in associates [1] - Non-GAAP net income attributable to shareholders was RMB 229.1 million (USD 32.2 million), reflecting a 52.2% year-on-year increase [1] Financial Performance - The diluted non-GAAP net income per American Depositary Share (ADS) was RMB 3.26 (USD 0.46), compared to RMB 2.14 in the same quarter of 2024 [1] - The company maintained a strong momentum in profitability, with a robust growth in net income despite a slight quarter-on-quarter increase in net revenue [1] Strategic Developments - The company obtained a U.S. brokerage dealer license, which will further solidify its global presence and drive overseas expansion [2] - Integration of artificial intelligence technology into various business processes is underway to enhance customer acquisition capabilities, improve efficiency, and reduce reliance on manual processing [2] - The company emphasizes a solid balance sheet as a foundation for future investments and long-term growth [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立，並 以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686) 內幕消息 2025年第三季度未經審核財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第 13.09條及香港法例第571章《證券及期貨條例》第XIVA部內幕消息條文（定義見香 港上市規則）刊發。 諾亞控股私人財富資產管理有限公司（「本公司」）欣然宣佈，根據美國（「美國」） 證券交易委員會的適用規則刊發截至2025年9月30日止第三季度的未經審核財務 業績（「2025年第三季度業績」）。 2025年第三季度業績可於香港聯交所網站 www.hkexnews.hk 及我們 ...

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有限公司 呈交日期： 2025年11月21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 | | | | | | | 多櫃檯證券代號 | | 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 | | ...

Group 1 - The company announced the vesting of restricted stock units on November 13, 2025, under a new settlement plan, resulting in the issuance of 4,329 new ordinary shares [1] - On the same date, the company will also vest restricted stock units under a previous settlement plan, leading to the issuance of 789,900 new ordinary shares [1]

于2025年11月13日，根据先前和解计划(定义见2024年年度报告)授予的限制性股票单位归属，并且根据 发行授权发行78.99万股新普通股。 诺亚控股(06686)发布公告，于2025年11月13日，根据新和解计划(定义见2024年年度报告)授予的限制性 股票单位归属，并且根据发行授权发行4329股新普通股。 ...