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, non-GAAP net income totaled RMB358 million, reflecting a 33.9% year over year increase [22] - Total transaction values reached RMB17 billion, reflecting a 17.7% year over year increase [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 due to a strategic focus on investment products [12] - Net revenues from domestic insurance during the quarter were RMB716 million, a year over year decrease of 38.7% due to a strategic decision to reduce promotion of domestic insurance products [17] 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 an increase in private equity fund distribution [12] - Transaction value of USD-denominated private market products increased by 70.3% year over year, reaching USD765 million [13] - Net revenues from domestic public securities during the quarter were RMB132 million, a year over year increase of 12.8% [15] 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 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 cumulatively returned over RMB1.8 billion to shareholders through dividends and share buybacks over the past three years [31] - The balance sheet remains sound, with combined cash and short-term investments totaling RMB5.4 billion and zero interest-bearing liabilities [30] 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 prudent asset allocation [34][36] Question: Current client asset allocation and investment appetite - Management noted increased client interest in investment products, driven by improved confidence and a more diversified product offering [36][38] Question: Third quarter operating trends and investment sentiment - Management observed strong interest from clients in various investment products, with a focus on long-term returns rather than short-term market fluctuations [47][49] Question: Progress on overseas expansion and its impact on operating expenses - Management discussed the establishment of booking centers and the importance of branding in serving Chinese clients globally, while maintaining a comfortable operating expense structure [51][53] Question: Changes in operating expenses and future dividends - Management explained the decrease in operating expenses and the positive impact of strategic investments, reaffirming commitment to returning profits to shareholders [60][62]

Core Viewpoint - Noah Holdings reported a steady performance in the wealth management sector, with significant growth in net income and shareholder earnings, reflecting the effectiveness of its strategic initiatives during a challenging economic environment [1][2]. Financial Performance - For the second quarter ending June 30, 2025, Noah Holdings achieved a net income of RMB 629.5 million, a year-on-year increase of 2.2% [1]. - Shareholder net income reached RMB 179 million, marking a substantial year-on-year increase of 79% [1]. - Basic earnings per American Depositary Share were RMB 2.56 [1]. - Compared to the first quarter of 2025, net income increased by 2.4%, primarily due to higher revenue from investment product distribution [1]. Wealth Management Business - Noah provides global investment products and value-added services to high-net-worth Chinese investors, distributing private equity products, private securities funds, public funds, and other products denominated in RMB, USD, and other currencies [1]. - As of June 30, 2025, the total number of registered clients was 464,600, reflecting a growth of 1.2% year-on-year and 0.3% quarter-on-quarter [1]. - The number of overseas registered clients reached 19,000, representing a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.2% [1]. Investment Product Distribution - The total value of investment products distributed in the second quarter of 2025 was RMB 17 billion (USD 2.4 billion), an increase of 17.7% compared to the second quarter of 2024, driven by a 44.4% increase in private securities fund distribution [2]. - Noah distributed overseas investment products worth RMB 8.3 billion (USD 1.2 billion), a 5.1% increase from the second quarter of 2024, mainly due to a 10.3% rise in private securities fund distribution [2]. Strategic Outlook - The co-founder and chairman of Noah Holdings, Wang Jingbo, emphasized the company's resilience in a challenging wealth management industry, highlighting a recovery in profitability and revenue [2]. - Operating income showed a robust year-on-year growth of 20.2%, while non-GAAP net profit surged by 78.2% [2]. - The company noted that overseas income now accounts for nearly 50% of total net income, reinforcing the effectiveness of its global expansion strategy [2]. - Noah Holdings aims to continue executing its strategy for sustainable long-term growth while cautiously observing market conditions to provide stable returns to shareholders [2].

Core Viewpoint - Noah Holdings (06686.HK) announced a commitment to subscribe to the Olive Digital Fund with a total investment commitment of $50 million (approximately HKD 389.2 million) through its wholly-owned subsidiary Joy Triple Star [1] Group 1 - The investment will be funded through internal resources of the group and will be paid in cash [1] - The purpose of subscribing to the Olive Digital Fund is to allocate funds using a controlled-risk private debt strategy [1] - The group aims to gain a controlled and auxiliary risk exposure to the digital asset ecosystem within the limits allowed by the fund documents, to achieve diversification and capability building [1]

尽管面临挑战，公司仍致力于投资境外市场，扩大境外理财师团队，积极提高公司在全球华人客户中的 影响力和投资份额。公司所分销的境外产品募集量由截至2024年6月30日止六个月的人民币163亿元增加 0.6%至报告期内的人民币164亿元。尤其，公司为境外对冲基金及结构性产品募集4.20亿美元，同比大 幅增长282.0%。此外，公司的境外产品的资产管理规模则由截至2024年6月30日的人民币391亿元增长 5.9%至截至2025年6月30日的人民币414亿元，且公司的境外资产配置存续规模由截至2024年6月30日的 人民币85亿元增长6.6%至截至2025年6月30日的人民币91亿元。 格隆汇8月28日丨诺亚控股(06686.HK)发布公告，截至2025年6月30日止六个月，公司的净收入为人民币 12.441亿元。期内，公司的股东应占净收益同比增加41.6%至人民币3.275亿元。同样，非公认会计准则 股东应占净收益由去年同期的人民币2.672亿元增加33.9%至报告期的人民币3.578亿元，主要由于歌斐 所管理基金的公允价值增加及歌斐作为普通合伙人向其基金支付的一次性开支减少。 ...

Core Insights - Noah Holdings reported a net income of RMB 629.5 million (USD 87.9 million) for Q2 2025, representing a 2.2% increase compared to the same period in 2024, driven by increased distribution of overseas and domestic private equity fund products [1] - The operating income for Q2 2025 was RMB 161 million (USD 22.5 million), a 20.2% increase year-over-year, attributed to the rise in net income and a reduction in one-time expenses paid to a fund by Gao Fei as a general partner [1] - Shareholders' net income attributable to Noah for Q2 2025 was RMB 178.6 million (USD 24.9 million), a significant increase of 79.0% compared to the same quarter in 2024, primarily due to the increase in net income and the fair value appreciation of funds managed and co-invested by Gao Fei [1] - Non-GAAP net income attributable to Noah for Q2 2025 was RMB 189 million (USD 26.4 million), reflecting a 78.2% year-over-year increase [1] Company Strategy and Market Position - The co-founder and chairman of Noah Holdings, Wang Jingbo, highlighted the company's steady progress in a challenging wealth management industry, indicating a recovery in profitability and revenue [2] - The strong growth in investment product distribution and increased management fees contributed to a robust 20.2% year-over-year growth in operating income, alongside a substantial 78.2% rise in non-GAAP net profit [2] - The company noted that overseas income continues to grow, now accounting for nearly 50% of total net income, reinforcing the effectiveness of its global expansion strategy [2] - While consolidating its market position, the company acknowledges the uncertainties in the macroeconomic environment and plans to respond cautiously to challenges, aiming for long-term sustainable growth and stable returns for shareholders [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） 有關認購私募債權數字收益基金的須予披露交易 認購事項 於2025年8月27日（美國東部時間），本公司全資附屬公司Joy Triple Star承諾， 在有關認購事項的基金文件的條款及條件規限下，認購Olive Digital Fund的認 購權益，總出資承諾額為50.0百萬美元（相當於約389.2百萬港元）。有關認購權 益的出資將以本集團內部資源撥付，並應以現金支付。 通過認購Olive Digital Fund的認購權益，本集團旨在以風險可控的私募債權策 略配置資金，同時在基金文件允許範圍內，獲取 ...

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 截至2025年6月30日止六個月中期業績公告 本公告乃根據《香港上市規則》第13.09條及《證券及期貨條例》第XIVA部的內幕消 息條文刊發。 董事會欣然宣佈，本公司截至2025年6月30日止六個月的未經審核綜合中期業 績，連同2024年同期的比較數字。該等中期業績乃根據美國公認會計準則編製 （有別於國際財務報告準則），並已由審核委員會審閱。 於本公告內，「諾亞」、「我們」及「我們的」指本公司，並在文義另有所指時指本集 團。本公告所載若干數額及百分比數字已經四捨五入調整或以四捨五入取至小數 ...

[Report Overview and Company Information](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%A7%88%E8%88%87%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) [Legal Disclaimer and Announcement Details](index=1&type=section&id=%E6%B3%95%E5%BE%8B%E8%81%B2%E6%98%8E%E8%88%87%E5%85%AC%E5%91%8A%E8%A9%B3%E6%83%85) This announcement presents Noah Holdings Private Wealth Asset Management Limited's unaudited Q2 2025 financial results, issued under HKEX Listing Rules and SFO, advising investor caution - Announcement issued under HKEX Listing Rule 13.09 and SFO Part XIVA inside information provisions[4](index=4&type=chunk) - Q2 2025 results prepared under US GAAP, differing from IFRS[4](index=4&type=chunk) - Interim results for the six months ended June 30, 2025, expected to be published on August 28, 2025 (HKT)[4](index=4&type=chunk) [Company Profile and Reporting Structure Adjustment](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E8%88%87%E5%A0%B1%E5%91%8A%E7%B5%90%E6%A7%8B%E8%AA%BF%E6%95%B4) Noah Holdings Limited announced Q2 2025 unaudited financial results, adopting a refined segment reporting structure from Q4 2024 to disclose net revenue by onshore and offshore business segments - Noah Holdings Limited is a leading wealth management service provider, offering global investment and asset allocation advisory services to high-net-worth Chinese investors worldwide[8](index=8&type=chunk) - From Q4 2024, the company adopted a refined segment reporting structure, disclosing net revenue by onshore and offshore business segments, with Q4 2024 comparative data restated[8](index=8&type=chunk) [Q2 2025 Financial and Operational Highlights](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E8%88%87%E7%B6%93%E7%87%9F%E6%91%98%E8%A6%81) [Q2 2025 Financial Highlights](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) In Q2 2025, Noah Holdings' net revenue increased by 2.2% year-over-year to RMB 629.5 million, operating income grew by 20.2%, and net income attributable to Noah shareholders surged by 79.0% to RMB 178.6 million Q2 2025 Key Financial Metrics Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | 629.5 | 615.8 | +2.2% | | Operating Income | 161.0 | 134.0 | +20.2% | | Net Income Attributable to Noah Shareholders | 178.6 | 99.8 | +79.0% | | Non-GAAP Net Income Attributable to Noah Shareholders | 189.0 | 106.1 | +78.2% | - Net revenue growth primarily due to increased distribution of offshore private securities investment funds and onshore private securities investment funds[10](index=10&type=chunk) [Q2 2025 Operational Performance](index=2&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) Noah achieved growth in client numbers and total value of distributed products in Q2 2025, particularly strong in offshore clients and private securities investment funds, while AUM remained relatively stable with offshore AUM increasing Q2 2025 Client and Product Distribution Data | Metric | As of June 30, 2025 | As of June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Registered Clients | 464,631 | 459,072 | +1.2% | | Offshore Registered Clients | 18,967 | 16,786 | +13.0% | | Total Active Clients (Q2) | 9,160 | 8,634 | +6.1% | | Offshore Active Clients (Q2) | 3,650 | 3,244 | +12.5% | | Total Value of Distributed Investment Products (Q2) | RMB 17.0 billion | RMB 14.4 billion | +17.7% | | Offshore Investment Product Distribution (Q2) | RMB 8.3 billion | RMB 7.9 billion | +5.1% | - Growth in total value of distributed investment products primarily due to a **44.4%** increase in private securities investment fund distribution[14](index=14&type=chunk)[70](index=70&type=chunk) - As of June 30, 2025, total assets under management (AUM) were **RMB 145.1 billion**, a decrease from **RMB 154.0 billion** on June 30, 2024, but offshore AUM increased by **5.9%** to **RMB 41.4 billion**[15](index=15&type=chunk)[72](index=72&type=chunk) [Management Commentary](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A9%95%E8%AB%96) [Chairperson's Statement](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E8%87%B4%E8%BE%AD) Ms. Wang Jingbo, Co-founder and Chairperson of Noah Holdings, stated the company is steadily progressing amidst challenges, showing recovery in profitability and revenue, with significant growth in operating income and non-GAAP net profit - Operating income grew robustly by **20.2%** year-over-year, and non-GAAP net profit surged by **78.2%** year-over-year[19](index=19&type=chunk) - Offshore revenue continued to grow, now accounting for nearly **50%** of total net revenue, solidifying the effectiveness of the global expansion strategy[19](index=19&type=chunk) - The company will continue to steadfastly execute its strategy to drive long-term sustainable business growth while prudently observing the market environment[19](index=19&type=chunk) [Q2 2025 Detailed Financial Performance](index=5&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%A9%B3%E7%B4%B0%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) [Net Revenue Analysis](index=5&type=section&id=%E6%B7%A8%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Q2 2025 net revenue was RMB 629.5 million, up 2.2% year-over-year, mainly driven by increased distribution of offshore and onshore private securities investment funds, with offshore protection and legacy services showing the fastest growth Q2 2025 Net Revenue by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 131.8 | 116.8 | +12.8% | | Onshore Asset Management | 177.1 | 198.1 | -10.6% | | Onshore Insurance | 7.2 | 11.7 | -38.7% | | Offshore Wealth Management | 129.4 | 150.6 | -14.1% | | Offshore Asset Management | 108.3 | 97.1 | +11.5% | | Offshore Protection and Legacy Services | 59.0 | 30.9 | +90.9% | | Headquarters | 16.7 | 10.6 | +57.3% | | **Total Net Revenue** | **629.5** | **615.8** | **+2.2%** | - Net revenue from offshore protection and legacy services increased by **90.9%** year-over-year, primarily due to increased distribution fees from offshore insurance products by commission-based brokers[22](index=22&type=chunk) - Net revenue from onshore asset management decreased by **10.6%** year-over-year, mainly due to reduced management fees and performance-based compensation from private equity products[22](index=22&type=chunk) [Operating Costs and Expenses Analysis](index=6&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF%E5%88%86%E6%9E%90) Total operating costs and expenses in Q2 2025 were RMB 468.5 million, a 2.8% year-over-year decrease, with key components including compensation and benefits, selling expenses, and general and administrative expenses, showing varied changes across segments Q2 2025 Operating Costs and Expenses Breakdown | Item | Amount (RMB million) | Percentage | YoY Change | | :--- | :--- | :--- | :--- | | Compensation and Benefits | 299.3 | 63.9% | +0.8% | | Selling Expenses | 62.3 | 13.3% | +0.7% | | General and Administrative Expenses | 71.2 | 15.2% | -10.9% | | Provision for Credit Losses | 41.2 | 8.8% | N/A | | Other Operating Expenses | 8.6 | 1.8% | -81.4% | | Government Subsidies (Income) | (14.1) | -3.0% | +434.4% | | **Total** | **468.5** | **100.0%** | **-2.8%** | - Operating costs and expenses for onshore public market securities decreased by **57.4%**, mainly due to reduced financial advisor compensation and increased government subsidies[24](index=24&type=chunk) - Headquarters operating costs and expenses increased by **58.9%**, primarily due to increased provision for credit losses related to the suspension of lending business[24](index=24&type=chunk) [Operating Income (Loss)](index=7&type=section&id=%E7%B6%93%E7%87%9F%E6%89%80%E5%BE%97%E6%94%B6%E7%9B%8A%EF%BC%88%E6%90%8D%E5%A4%B1%EF%BC%89) Total operating income in Q2 2025 was RMB 161.0 million, a 20.2% year-over-year increase, with significant growth in onshore public market securities and onshore asset management, and offshore protection and legacy services surging by 186.8% Q2 2025 Operating Income (Loss) by Segment | Segment | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Onshore Public Market Securities | 107.8 | 60.7 | +77.8% | | Onshore Asset Management | 155.1 | 118.4 | +31.0% | | Onshore Insurance | (7.6) | (25.6) | -70.2% | | Offshore Wealth Management | 27.8 | 37.1 | -25.1% | | Offshore Asset Management | 72.6 | 74.2 | -2.1% | | Offshore Protection and Legacy Services | 29.8 | 10.4 | +186.8% | | Headquarters | (224.5) | (141.2) | +59.1% | | **Total Operating Income** | **161.0** | **134.0** | **+20.2%** | - Operating loss from onshore insurance decreased by **70.2%** year-over-year, indicating a narrowing of business losses[25](index=25&type=chunk) [Other Financial Metrics](index=8&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In Q2 2025, operating margin improved to 25.6%, net profit margin reached 28.4%, interest income decreased by 21.3% year-over-year, investments shifted from gain to loss, and income tax expense increased by 58.2% due to higher withholding tax on dividends in mainland China Q2 2025 Other Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Margin | 25.6% | 21.8% | +3.8 percentage points | | Net Profit Margin | 28.4% | 16.8% | +11.6 percentage points | | Interest Income | RMB 33.5 million | RMB 42.6 million | -21.3% | | Investment Gain (Loss) | (RMB 13.9 million) | RMB 10.4 million | Shift from gain to loss | | Income Tax Expense | RMB 63.7 million | RMB 40.3 million | +58.2% | - Investment loss primarily due to unrealized losses from fair value changes in equity investments[28](index=28&type=chunk) [Net Income and Earnings Per Share](index=8&type=section&id=%E6%B7%A8%E6%94%B6%E7%9B%8A%E8%88%87%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) In Q2 2025, net income increased by 72.2% year-over-year to RMB 178.5 million, with net income attributable to Noah shareholders growing by 79.0%, and non-GAAP net income attributable to Noah shareholders rising by 78.2% to RMB 189.0 million Q2 2025 Net Income and Earnings Per Share | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Income | RMB 178.5 million | RMB 103.7 million | +72.2% | | Net Income Attributable to Noah Shareholders | RMB 178.6 million | RMB 99.8 million | +79.0% | | Basic Net Income Per ADS | RMB 2.56 | RMB 1.42 | +80.3% | | Diluted Net Income Per ADS | RMB 2.54 | RMB 1.42 | +78.9% | | Non-GAAP Net Income Attributable to Noah Shareholders | RMB 189.0 million | RMB 106.1 million | +78.2% | | Non-GAAP Diluted Net Income Per ADS | RMB 2.69 | RMB 1.51 | +78.1% | [Balance Sheet and Cash Flow](index=8&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8%E8%88%87%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) [Key Metrics](index=8&type=section&id=%E9%97%9C%E9%8D%B5%E6%8C%87%E6%A8%99) As of June 30, 2025, cash and cash equivalents were RMB 3,821.8 million, a decrease from the previous quarter and prior year, with net cash inflow from operating activities at RMB 27.6 million, reduced net cash outflow from investing activities, and increased net cash outflow from financing activities due to share repurchases Cash and Cash Flow at Q2 2025 End | Metric | As of June 30, 2025 (RMB million) | As of March 31, 2025 (RMB million) | As of June 30, 2024 (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,821.8 | 4,075.4 | 4,604.9 | | Net Cash Inflow from Operating Activities (Q2) | 27.6 | - | 49.7 | | Net Cash Outflow from Investing Activities (Q2) | 171.7 | - | 548.2 | | Net Cash Outflow from Financing Activities (Q2) | 71.5 | - | 44.6 | - Net cash inflow from operating activities decreased, primarily due to reduced redemption of trading debt securities in Q2 2025[34](index=34&type=chunk) - Net cash outflow from investing activities decreased, primarily due to reduced purchases of held-to-maturity investments[34](index=34&type=chunk) - Net cash outflow from financing activities increased, primarily due to share repurchases[34](index=34&type=chunk) [Appendix](index=9&type=section&id=%E9%99%84%E9%8C%84) [Conference Call Information](index=9&type=section&id=%E9%9B%BB%E8%A9%B1%E6%9C%83%E8%AD%B0%E4%BF%A1%E6%81%AF) Noah Holdings will host a conference call on Wednesday, August 27, 2025, at 8:00 PM U.S. Eastern Time (Thursday, August 28, 2025, at 8:00 AM Hong Kong Time) to discuss Q2 2025 unaudited financial results and recent business activities - The conference call will be held on August 27, 2025, at 8 PM U.S. Eastern Time, with English and Chinese services available[36](index=36&type=chunk) - A replay of the conference call and webcast recording will be available on the company's investor relations website[36](index=36&type=chunk) [Explanation of Non-GAAP Measures](index=9&type=section&id=%E9%9D%9E%E5%85%AC%E8%AA%8D%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E8%A1%A1%E9%87%8F%E6%A8%99%E6%BA%96%E8%AA%AA%E6%98%8E) The company discloses non-GAAP financial measures to exclude share-based compensation, non-cash settlement expenses, and related tax impacts, supplementing US GAAP data to provide investors with a more comprehensive view of operating performance trends - Non-GAAP measures exclude share-based compensation, non-cash settlement expenses or reversals, and related tax impacts[37](index=37&type=chunk) - These non-GAAP measures should not be considered as substitutes for financial measures prepared in accordance with US GAAP[39](index=39&type=chunk) [About Noah Holdings Limited](index=10&type=section&id=%E9%97%9C%E6%96%BC%E8%AB%BE%E4%BA%9E%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Noah Holdings Limited is a leading wealth management service provider, offering one-stop advisory services to high-net-worth Chinese investors globally, listed on NYSE and HKEX, with operations spanning wealth and asset management across major Chinese cities and global financial centers - Noah Holdings Limited is listed on the New York Stock Exchange (NOAH) and the Hong Kong Stock Exchange (6686)[40](index=40&type=chunk) - As of June 30, 2025, Noah managed assets totaling **RMB 145.1 billion** and had **464,631** registered clients[40](index=40&type=chunk)[41](index=41&type=chunk) [Foreign Currency Translation Explanation](index=10&type=section&id=%E5%A4%96%E5%B9%A3%E6%8F%9B%E7%AE%97%E8%AA%AA%E6%98%8E) All RMB to USD conversions in this announcement are made at an exchange rate of RMB 7.1636 to USD 1.00, which is the effective noon buying rate on June 30, 2025, as specified in the Federal Reserve Board's H.10 statistical release - The RMB to USD exchange rate is **RMB 7.1636 to USD 1.00**[43](index=43&type=chunk) [Safe Harbor Statement](index=10&type=section&id=%E5%AE%89%E5%85%A8%E6%B8%AF%E8%81%B2%E6%98%8E) This announcement contains forward-looking statements subject to inherent risks and uncertainties, where actual results may differ materially from expectations, and the company undertakes no obligation to update such statements - Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contemplated in any forward-looking statement[44](index=44&type=chunk)[45](index=45&type=chunk) - The company undertakes no obligation to update any such information as a result of new information, future events, or otherwise[45](index=45&type=chunk) [Contact Information](index=11&type=section&id=%E8%81%AF%E7%B9%AB%E6%96%B9%E5%BC%8F) Provides contact information for Noah Holdings Limited Investor Relations - Contact: Rick Chan, Phone: +86-21-8035-8292, Email: ir@noahgroup.com[46](index=46&type=chunk) [Financial Statements Appendix](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E9%8C%84) This appendix includes Noah Holdings Limited's condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income, segment condensed statements of operations, additional business data, supplementary revenue data by geographic region and product type, and reconciliation of GAAP to non-GAAP results as of June 30, 2025 - Includes condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of comprehensive income[47](index=47&type=chunk)[50](index=50&type=chunk)[55](index=55&type=chunk) - Includes segment condensed statements of operations, additional business data, and supplementary revenue data (by geographic region and product type)[57](index=57&type=chunk)[61](index=61&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) - Includes reconciliation of GAAP to non-GAAP results[73](index=73&type=chunk)[75](index=75&type=chunk)

SHANGHAI, Aug. 27, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net- worth investors, today announced that on August 27, 2025, a subsidiary of the Company committed to subscribing for certain interests in a private credit digital yield fund with a total capital commitment of ...

SHANGHAI, Aug. 27, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2025.Starting from the fourth quarter of 2024, the Company has adopted a refined segment reporting structure to discl ...