SHANGHAI, Nov. 26, 2025 /PRNewswire/ -- Noah Holdings Limited (”Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), 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, reported unaudited financial results for the three months ended September 30, 2025.While net revenues for the third quarter declined 7.4% year-over-year but increased slightly on a sequential basis fo ...

◎记者 马嘉悦 新湖财富被立案通报、大唐财富相关人员被判刑，叠加频发的逾期兑付，第三方财富管理机构正面 临"尴尬"处境。"都不好意思把以前的第三方财富管理从业经历写进简历。"有昔日从业人员这么说。 上海证券报记者调查发现，在监管重拳出击与优质资产稀缺的双重倒逼下，部分第三方财富管理机构黯 然离场，部分机构则重新审视时代浪潮，逐步探索专业之路、出海之路、科技赋能之路。正如业内人士 所言，当潮水退去，唯有那些真正从"卖方销售"回归"买方投顾"、从"流量收割"转向"价值创造"的第三 方财富管理机构，才能在资管大时代的下半场赢得生机与信任。 多家机构涉嫌非法集资 近日，湖南湘江新区公安局发布信息称，新湖财富投资管理有限公司长沙分公司涉嫌非法吸收公众存款 案，已由湖南湘江新区公安局（长沙市公安局岳麓分局）为主办地依法立案侦查。 据公开资料，新湖财富、恒天财富、大唐财富和高晟财富为"中植系"四大第三方财富管理机构。截至 2021年11月底，恒天财富和新湖财富累计资产配置规模曾超过1万亿元人民币；截至2020年底，大唐财 富和高晟财富资产配置规模则均超过1000亿元。 近年来，"中植系"四大财富公司理财产品逾期的消息不断传 ...

Major Events - Heartbeat Company (02400) has entered into a strategic cooperation agreement with Golden Arc [1] - Fantasia Holdings (01777) plans to sell equity and transfer debt worth a total of 31 million to improve financial liquidity [1] - Chenlin Education (01593) issued a profit warning, expecting an annual loss of no less than approximately 320 million, marking a shift from profit to loss year-on-year [1] - Weitai Medical-B (02235) has received overseas approval for its continuous glucose monitoring system, which will significantly expand its overseas market coverage [1] - Entrepreneur Group Holdings (02221) plans to acquire a 12% stake in Guangxi Fusion Bioenergy Technology for 24 million [1] Operating Performance - Noah Holdings (06686) reported a third-quarter net profit attributable to shareholders of 218.5 million, a substantial increase of 62.6% year-on-year, bolstered by obtaining a US license to enhance global expansion [1] - Li Auto-W (02015) reported a third-quarter net loss of 624.4 million [1] - Alibaba Health (00241) released its interim results, with adjusted net profit of 1.356 billion, reflecting a year-on-year growth of 38.7% [1] - China Dongxiang (03818) announced its interim results, with profit attributable to owners of 204 million, a year-on-year increase of 48.9% [1] - China Education Holdings (00839) released its annual results, reporting a profit attributable to shareholders of 977 million, a year-on-year increase of 133.7% [1]

1. 11月26日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.15%，标普500指数期货涨0.30%，纳指 期货涨0.42%。 | ■ US 30 | 47,182.30 | 47,282.80 | 47.120.20 | +70.20 | +0.15% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,785.90 | 6,796.60 | 6,765.00 | +20.00 | +0.30% | | 트 US Tech 100 | 25,122.60 | 25,173.90 | 25,002.10 | +104.20 | +0.42% | 2. 截至发稿，德国DAX指数涨0.31%，法国CAC40指数涨0.40%，英国富时100指数跌0.06%，欧洲斯托克50指数涨 0.72%。 | 德国30 | 2025年12月 | 23,577.50 | 23,808.80 | 23,486.30 | +72.50 | +0.31% | | --- | --- | --- | --- | --- | --- | --- | | 法国40 ...

诺亚控股(06686)公布2025年第三季度业绩报告。报告显示，公司Non-GAAP净利润达到2.29亿元，同比 增长52.2%，环比增长21.2%。2025年前三季度Non-GAAP净利润累计达5.87亿元，同比增长40.5%。 境外业务表现亮眼，本季度净收入达到3.11亿元，占总净收入的49.1%。其中，Ark财富管理板块聚焦全 球华语客户跨境财富管理需求，Olive资产管理深耕另类投资，Glory综合服务提供家族传承等一站式服 务。美元资产配置规模(AUA)达93亿美元，同比增长6.8%；美元资产管理规模(AUM)为59亿美元，同比 增长5.3%。 客户基础持续扩大，截至三季度末，集团注册客户同比增长1.3%，活跃客户数同比大幅提升35.5%，其 中境外活跃客户同比增长13.4%。 公司在本季度实现了重要的战略升级，正式将人工智能深度嵌入业务全流程。据悉，诺亚控股自2016年 起就开始投资AI和相关基金，如今AI RM "诺娅"已全面上线，标志着公司正式进入"运营驱动"的财富管 理新阶段。 诺亚控股管理层在业绩电话会中表示，公司将继续强化全球协同运作，深化客户全生命周期服务，全面 推进AI技术赋能，为股 ...

境内业务稳健发展，受益于A股市场活跃，人民币私募二级产品前三季度募集量同比大幅增长206%。 诺亚正行净收入同比增长8.7%，歌斐资产净收入稳步增长4.9%。公司通过二级产品策略重新激活了大 量"沉睡客户"，二级市场产品交易量大幅提升。 全球化战略纵深推进，公司已构建以中国香港、新加坡、中国上海和美国为核心的"四地Booking Center"运营体系，并通过深化在等核心市场的本土运营能力,为全球高净值华人客户及其家族的财富传 承与全球布局提供坚实支撑。 客户基础持续扩大，截至三季度末，集团注册客户同比增长1.3%，活跃客户数同比大幅提升35.5%，其 中境外活跃客户同比增长13.4%。 诺亚控股管理层在业绩电话会中表示，公司将继续强化全球协同运作，深化客户全生命周期服务，全面 推进AI技术赋能，为股东创造可持续的长期价值。 智通财经APP获悉，诺亚控股(06686)公布2025年第三季度业绩报告。报告显示，公司Non-GAAP净利润 达到2.29亿元，同比增长52.2%，环比增长21.2%。2025年前三季度Non-GAAP净利润累计达5.87亿元， 同比增长40.5%。 公司在本季度实现了重要的战略升级， ...

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]