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） 修訂有關認購私募債權數字收益基金的條款 茲提述諾亞控股私人財富資產管理有限公司（「本公司」）日期為2025年8月28日的 公告，內容有關認購私募債權數字收益基金A類權益（「該公告」）。除文義另有所 指外，本公告所用詞彙與認購公告所界定者具有相同涵義。 有關修訂的決定乃基於商業及審慎考量而作出。基金文件簽署後，美國加密貨幣 監管及管治環境近期出現變動。該等發展使得基金與其交易對手之間的相關借貸 協議的商業條款擬作修改，該等修改被視為對基金較為不利，且經董事會適當審 慎考慮後，認定該等修改將導致本公司投 ...

Financial Performance - Total revenue for the first half of 2025 was RMB 1,254,722 thousand, a decrease of 1.6% compared to RMB 1,274,843 thousand in the same period of 2024[5]. - Net income for the first half of 2025 increased by 39.4% to RMB 328,356 thousand, up from RMB 235,556 thousand in the first half of 2024[5]. - Management fee revenue rose by 2.3% to RMB 313,643 thousand, compared to RMB 306,634 thousand in the previous year[5]. - Performance fee revenue surged by 177.6% to RMB 27,878 thousand, up from RMB 10,043 thousand in the same period last year[5]. - For the six months ending June 30, 2025, the company's net income was RMB 1,244.1 million, a slight decrease of 1.7% compared to the same period in 2024, primarily due to a reduction in insurance product distribution[10]. - Shareholders' net profit increased by 41.6% to RMB 327.5 million for the six months ending June 30, 2025, compared to RMB 231.3 million for the same period in 2024[10]. - The company reported a 35.8% increase in operating income, rising from RMB 255.5 million in 2024 to RMB 347.0 million in 2025[12]. - The total revenue from wealth management business was RMB 862.7 million, a decrease of 2.2% from RMB 881.8 million in the first half of 2024[17]. - The adjusted net profit attributable to shareholders, a non-GAAP measure, increased by 33.9% to RMB 357.8 million from RMB 267.2 million in the previous year[12]. Operating Costs and Expenses - Operating costs decreased by 11.2% to RMB 897,061 thousand, down from RMB 1,009,888 thousand in the previous year[5]. - The company reported a significant increase in government subsidies, which rose by 68.9% to RMB 23,434 thousand[5]. - Total operating costs and expenses decreased by 11.2% from RMB 1,009.9 million in 2024 to RMB 897.1 million in 2025, mainly due to cost control strategies on employee compensation[53]. - Wealth management operating costs decreased by 12.4% from RMB 747.6 million in 2024 to RMB 654.6 million in 2025, attributed to reduced travel expenses and employee compensation control[57]. - Domestic public market securities operating costs decreased by 40.7% from RMB 950.28 million to RMB 563.99 million[61]. - Domestic asset management operating costs decreased by 53.6% from RMB 1,145.46 million to RMB 531.17 million[62]. - Domestic insurance operating costs decreased by 55.2% from RMB 824.13 million to RMB 369.36 million[63]. - Overseas wealth management operating costs decreased by 28.4% from RMB 2,872.49 million to RMB 2,055.62 million[64]. - Other operating expenses decreased by 61.6% from RMB 632 million to RMB 243 million[75]. Revenue Sources - The company aims to leverage its competitive advantage through personalized service models and an expanding global product portfolio[8]. - The company aims to expand its influence and investment share among global Chinese clients by investing in overseas markets and increasing its overseas financial advisor team[11]. - Domestic revenue slightly decreased compared to the same period in 2024, despite a 9.6% increase in income from publicly traded securities products, which partially offset a 12.7% decline in private equity product income[19]. - Overseas income accounted for 48% of total net income in the first half of 2025, representing a year-on-year growth, mainly from exclusive alternative investment products which increased by 18.9% compared to the same period last year[25]. - The number of overseas registered clients exceeded 18,800, a year-on-year increase of 13.0%, with active clients growing by 12.5% to over 3,600[27]. - Hedge fund and structured product fundraising reached $420 million, a year-on-year increase of 282.0%, while RMB-denominated private equity and private credit fund fundraising totaled $340 million, a 0.8% increase year-on-year[28]. - The overseas asset management division's active management product assets reached $41.4 billion, a year-on-year increase of 5.9%[28]. - The company aims to expand its customer base, particularly targeting high-net-worth investors in the U.S. and Canada[31]. - The company plans to enhance its product portfolio and investment capabilities to better serve a diverse customer base[32]. Strategic Initiatives - The company established its global headquarters in Singapore and formed a strategic partnership with Tokyo Star Bank in Japan during the first half of 2025[8]. - The company is focusing on adapting to a new paradigm driven by technology-induced deflation and efficiency gains for future growth[7]. - The company continues to emphasize education for clients and employees to navigate upcoming market changes[8]. - Cost reduction measures are expected to provide a solid foundation for margin expansion as revenues recover[32]. - The company plans to use 20% (HKD 63.1 million) for selective potential investments, with a timeline extended to the end of 2026[118]. Shareholder Information - The company does not recommend an interim dividend for the six months ending June 30, 2025[116]. - The company adopted a share incentive plan in 2022 to further align employee interests with company performance[97]. - The company has established standard labor, confidentiality, and non-competition agreements with employees[96]. - The company authorized a share repurchase plan on August 29, 2024, allowing for the repurchase of up to $50 million of American Depositary Shares over a two-year period[110]. - During the reporting period, the company repurchased a total of 739,834 American Depositary Shares, equivalent to 3,699,170 shares, at a total cost of $6,639,063.37[110]. Legal and Compliance - The company continues to comply with all relevant laws and regulations impacting its business operations, including the Securities and Futures Ordinance and the Insurance Ordinance[18]. - The company is involved in ongoing legal proceedings with 109 investors related to the Chengxing incident, with total claims exceeding RMB 358.5 million[121]. - The company has received a civil judgment requiring it to pay RMB 99.0 million in damages, which has been partially overturned in a subsequent ruling[122]. - The company has not faced any pending or ongoing legal, arbitration, or administrative proceedings that could significantly adversely affect its business or financial condition[123]. Employee Relations - The company maintains competitive compensation and performance-based dynamic work environment to attract and retain qualified personnel[96]. - Continuous investment in employee training and education programs is emphasized, including formal and on-the-job training for new hires[97]. - The total number of employees as of June 30, 2025, was 1,908, with 28.1% in business development roles[94]. - The company has not experienced any significant labor disputes during the reporting period, indicating good employee relations[97]. Investment and Assets - The company’s total assets amounted to RMB 117 billion with no interest-bearing debt, maintaining a robust capital structure[18]. - Cash and cash equivalents amounted to RMB 3,821.8 million as of June 30, 2025, indicating sufficient liquidity for at least the next 12 months[81]. - The company reported a total of 1,000,000,000 shares authorized as of December 31, 2024, with 335,153,359 shares issued and outstanding[138]. - The company’s total equity as of June 30, 2025, was RMB 9,661,763, down from RMB 10,012,740 as of December 31, 2024, reflecting a decrease of about 3.49%[138]. - The company has over 200 subsidiaries operating in various sectors, primarily focusing on wealth management services for high-net-worth individuals[151]. - The company has maintained a 100% ownership in its key subsidiaries, including Noah Investment Management and Noah Wealth Management, which are pivotal to its operations in China and Hong Kong[152].

Core Points - Noah Holdings (06686) announced the vesting of restricted stock units under a new settlement plan on September 12, 2025, and the issuance of 28,900 new ordinary shares based on the authorization [1] Group 1 - The company is implementing a new settlement plan that involves the vesting of restricted stock units [1] - A total of 28,900 new ordinary shares will be issued as part of this plan [1]

Core Insights - Noah Holdings (06686) announced the vesting of restricted stock units under a new settlement plan on September 12, 2025, and the issuance of 28,900 new ordinary shares based on the issuance authorization [1]

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].

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 Viewpoint - The article emphasizes the need for a cognitive recalibration among wealth managers, highlighting that true wealth lies in the direction of allocation rather than the speed of returns [1] Group 1: Understanding Inflation and Deflation - Historically, wealth management focused on outperforming inflation, viewing hard assets like real estate and commodities as hedges against currency devaluation [3][4] - Currently, inflation persists due to geopolitical conflicts and fiscal expansion, while a technological revolution led by AI is creating a "deflationary" environment characterized by increased efficiency [4][5] - The coexistence of inflation and deflation represents a paradigm shift, necessitating a new investment approach that acknowledges both forces [4][6] Group 2: Investment Strategy Evolution - Traditional linear investment logic is becoming obsolete in a world where inflation and deflation coexist, leading to a need for a more resilient investment structure [6][7] - The "Three Pillar Asset Allocation Model" proposed by Noah emphasizes a combination of real-world anchoring, future efficiency bets, and flexibility to adapt to uncertainties [7][8] - This model encourages investors to move from single-product bets to constructing a robust portfolio that can withstand market volatility [8] Group 3: Shift from Scarcity to Efficiency - The old paradigm of valuing assets based on scarcity is being challenged by the rise of AI, which democratizes access to knowledge and reduces the cost of high-skill services [10][11] - The new value paradigm favors "connectors," "iterators," and "compounders" over mere "owners," indicating a shift towards efficiency as the primary driver of value [10][11] - Investment is redefined as a vote for efficient systems rather than a purchase of scarcity, necessitating a fundamental cognitive revolution among investors [11][12] Group 4: Conclusion and Future Outlook - The transition from resource-driven logic to efficiency-driven logic represents a systemic reshaping of wealth management perspectives [12] - Noah aims to provide a deeper, structured thinking framework through its CIO reports, focusing on how to build certainty amidst uncertainty [12] - The article concludes that those who undergo a cognitive leap will be better positioned to recognize future opportunities [12]

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]