NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025

Core Viewpoint - Noah Holdings Limited reported a 2.2% increase in net revenues for Q2 2025, driven by the distribution of overseas and domestic private secondary products, alongside significant growth in net income attributable to shareholders, which surged by 79.0% year-on-year [6][31]. Financial Highlights - Net revenues for Q2 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from Q2 2024 [6][14]. - Net income attributable to Noah shareholders was RMB178.6 million (US$24.9 million), reflecting a 79.0% increase from the same period last year [31]. - Non-GAAP net income attributable to Noah shareholders for Q2 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase year-on-year [31]. Operational Updates - The total number of registered clients as of June 30, 2025, was 464,631, a 1.2% increase from the previous year [6]. - The aggregate value of investment products distributed in Q2 2025 was RMB17.0 billion (US$2.4 billion), a 17.7% increase from Q2 2024 [6]. - The company distributed RMB8.3 billion (US$1.2 billion) of overseas investment products, marking a 5.1% increase from the previous year [6]. Asset Management Business - Total assets under management as of June 30, 2025, were RMB145.1 billion (US$20.3 billion), stable compared to RMB149.3 billion as of March 31, 2025 [8]. - Mainland China assets under management were RMB103.7 billion (US$14.5 billion), down from RMB106.6 billion as of March 31, 2025 [8]. Revenue Segmentation - Domestic public securities net revenues increased by 12.8% to RMB131.8 million (US$18.4 million) [15]. - Domestic asset management revenues decreased by 10.6% to RMB177.1 million (US$24.7 million) [15]. - Overseas wealth management revenues decreased by 14.1% to RMB129.4 million (US$18.1 million) [15]. Cost and Expenses - Operating costs and expenses for Q2 2025 were RMB468.5 million (US$65.4 million), a 2.8% decrease from the previous year [16]. - The operating margin for Q2 2025 was 25.6%, compared to 21.8% in Q2 2024 [18]. Cash Flow and Balance Sheet - As of June 30, 2025, the company had cash and cash equivalents of RMB3,821.8 million (US$533.5 million) [26]. - Net cash inflow from operating activities during Q2 2025 was RMB27.6 million (US$3.8 million) [27].