For Q4 2025, Noah Holdings reported net revenues of RMB 733.2M (US$104.9M), up 12.5% YoY, with income from operations surging 87.3% YoY to RMB 257.7M. Full-year non-GAAP EPS per ADS was approximately RMB 8.83 (US$1.26). GAAP net income declined sharply in Q4 due to non-operating mark-to-market losses, while full-year results improved meaningfully. After-hours stock movement was bearish – shares fell approximately 8.9% following a JPMorgan downgrade post-earnings.
About Noah Holdings Limited
Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) is a leading wealth management and asset management services provider focused primarily on global Chinese high-net-worth (HNW) and ultra-high-net-worth (UHNW) investors. Founded in 2005 by Jing Bo Wang, Zhe Yin, and Bo Quan He, the company is headquartered in Shanghai, China, and went public on the NYSE on November 10, 2010.
As of March 27, 2026, Noah’s market capitalization stood at approximately US$677 million, classifying it as a small-cap stock. The company operates through three traditional business segments: Wealth Management, Asset Management, and Other Businesses, delivering services through six refined sub-segments spanning domestic and overseas platforms across markets including Hong Kong, Singapore, the United States, Japan, and Canada.
Noah’s P/E ratio (TTM) is approximately 8.6x and its trailing EPS is US$1.15. The company carries no interest-bearing debt and had a current ratio of 4.5x as of year-end 2025. Total headcount declined by 11% year-over-year in 2025 while net revenues remained broadly stable – a direct result of the company’s deliberate AI integration strategy.
Top Financial Highlights
Q4 2025 Results:
- Net revenues reached RMB 733.2 million (US$104.9M), up 12.5% YoY and 15.9% sequentially, driven by performance-based income from overseas private equity products
- Income from operations surged 87.3% YoY to RMB 257.7 million (US$36.9M)
- Operating margin expanded to 35.2% in Q4 2025, up significantly from prior periods
- GAAP net income attributable to shareholders fell 88.3% YoY to RMB 12.8 million (US$1.8M), weighed down by an approximately RMB 120M mark-to-market loss from equity in affiliates and RMB 50M in Camsing litigation provisions
- Non-GAAP net income for Q4 was RMB 25.1 million (US$3.6M)
- Net margin (GAAP) for Q4 2025 was 1.4%, compared to 17.4% in Q4 2024
Full Year 2025 Results:
- Total net revenues were RMB 2,610.2 million (US$373.3M), up 0.4% YoY – broadly flat
- Income from operations grew 22.5% YoY to RMB 776.7 million (US$111.1M)
- Operating margin improved to 29.8%, versus 24.4% in 2024
- Non-GAAP net income rose 11.2% YoY to RMB 611.9 million (US$87.5M)
- GAAP net income attributable to shareholders increased 17.5% YoY to RMB 558.9 million (US$79.9M)
- Basic EPS per ADS for full year 2025: RMB 1.60 (US$0.23)
- Operating cash flow for full year 2025: RMB 976.6 million
- Cash and short-term investments at year-end: RMB 5.0 billion
- Total AUM: RMB 141.7 billion (down 6.5% YoY due to maturing domestic private equity products)
- Overseas revenue accounted for 49.0% of total net revenues in 2025
- Total dividend payout: RMB 612 million, equal to 100% of 2025 non-GAAP net income – third consecutive year of full payout – implying an approximate 11% dividend yield at current market prices
- Headcount fell 11% YoY as AI-driven tools enhanced productivity
Beat or Miss?
| Metric | Q4 2025 Reported | Estimated / Prior Period | Difference / Analysis |
| Net Revenues (Q4) | RMB 733.2M (US$104.9M) | ~US$89.3M (Q4 2024 actuals) | Beat prior year by 12.5% |
| Income from Operations (Q4) | RMB 257.7M (US$36.9M) | RMB 137.6M (Q4 2024 implied) | Surged 87.3% YoY |
| GAAP Net Income Attributable (Q4) | RMB 12.8M (US$1.8M) | RMB 109.8M (Q4 2024) | Missed significantly; 88.3% YoY decline due to non-operating items |
| Reported EPS per ADS (Q4) | US$0.05 | Market expectation (N/A) | Below market expectations per reported analyst commentary |
| Full Year Net Revenues | RMB 2,610.2M (US$373.3M) | RMB 2,601.0M (2024) | Essentially in-line; up 0.4% |
| Full Year Non-GAAP Net Income | RMB 611.9M (US$87.5M) | RMB 550.2M (2024) | Beat internal expectations; +11.2% YoY |
| Operating Margin (Full Year) | 29.80% | 24.4% (2024) | Expanded by 540 bps YoY |
What Leadership Is Saying?
CEO Zhe Yin on Strategy and Transformation:
“2025 represents an important milestone. For the full year, net revenues were RMB 2.6 billion, broadly flat year-over-year. However, operating profit was RMB 777 million, up 22.5% year-over-year with operating margin improving to 29.8% and non-GAAP net income increasing 11.2% year-over-year to RMB 612 million. What matters most at this stage is not the absolute scale of our profitability but the improving underlying structure. This profit growth was not driven by one-off factors, but by optimized cost structure, enhanced operating efficiency and the ongoing shift in revenue mix toward investment-related businesses.”
CFO Qing Pan on Financials and Shareholder Returns:
“2025 delivered strong operating profit growth and structural margin expansion, driven by a clear shift in our revenue mix. Investment-related income increased significantly during the year, while we deliberately reduced our reliance on insurance-related revenue. The Board has approved a total dividend of RMB 612 million, equal to 100% of 2025 non-GAAP net income, bringing total payout to 100% of full year non-GAAP net income for the third consecutive year. At current market prices, the implied dividend yield is approximately 11%, including RMB 50 million in share repurchases completed in 2025, total cash return yield reaches approximately 12%.”
Historical Performance
Q4 YoY Comparison
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Net Revenues | RMB 733.2M (US$104.9M) | RMB 651.9M (~US$89.3M) | +12.5% |
| Income from Operations | RMB 257.7M (US$36.9M) | ~RMB 137.6M | +87.3% |
| GAAP Net Income (Attributable) | RMB 12.8M (US$1.8M) | RMB 109.8M | -88.3% |
| Operating Margin | 35.20% | ~21.1% | +~14.1 ppts |
| Non-GAAP Net Income | RMB 25.1M | N/A | N/A |
| Net Margin (GAAP) | 1.40% | 17.40% | -16.0 ppts |
Full Year YoY Comparison
| Category | FY 2025 | FY 2024 | Change (%) |
| Net Revenues | RMB 2,610.2M (US$373.3M) | RMB 2,601.0M | +0.4% |
| Income from Operations | RMB 776.7M (US$111.1M) | RMB 633.9M | +22.5% |
| GAAP Net Income (Attributable) | RMB 558.9M (US$79.9M) | RMB 475.4M | +17.5% |
| Non-GAAP Net Income | RMB 611.9M (US$87.5M) | RMB 550.2M | +11.2% |
| Operating Margin | 29.80% | 24.40% | +540 bps |
| Total Operating Expenses | RMB 1,833.6M | RMB 1,967.1M | -6.8% |
| Basic EPS per ADS | RMB 1.60 (US$0.23) | RMB ~1.36 (est.) | +17.5% (implied) |
Competitor Comparison
Noah’s closest peers in Chinese wealth and asset management include Noah-adjacent platform competitors. The following table compares key metrics for Noah versus representative competitors for their most recent comparable fiscal year.
| Category | Noah Holdings (FY 2025) | Gaoling Fund / Hillhouse (Private) | ChinaAMC (Unlisted) | Notes |
| Revenue | US$373.3M | N/A (private) | N/A (unlisted) | Noah is the only major China-based independent wealth manager listed on NYSE |
| Operating Margin | 29.80% | N/A | N/A | Noah’s margin expanded 540 bps YoY |
| AUM | RMB 141.7B | ~US$100B+ (est.) | RMB ~2T+ | Noah AUM declined 6.5% YoY; overseas AUM grew 3.9% |
| Overseas Revenue Share | 49.00% | N/A | Minimal | Noah’s overseas mix rose YoY |
| Dividend Yield | ~11% | N/A | N/A | 100% of non-GAAP net income for 3rd consecutive year |
| P/E Ratio (TTM) | ~8.6x | N/A | N/A | Significant discount to book (0.57x P/B) |
| Headcount Change YoY | -11% | N/A | N/A | AI-driven efficiency gain |
How the Market Reacted?
The stock reaction following Noah’s Q4 2025 earnings release was decisively negative. Shares of NOAH fell approximately 8.9% on March 26, 2026, declining from a prior close of US$11.33 to a low of US$10.00 intraday, after JPMorgan downgraded the stock from Overweight to Neutral and cut its price target from US$14.70 to US$12.00. Several other brokers also moved to Neutral or lowered their price targets, including UBS, which cut its target from US$11.00 to US$10.00.
The MarketBeat consensus rating as of the earnings date was Hold with a consensus target of US$11.00, reflecting caution around the sharp Q4 GAAP net income miss – driven by non-operating items rather than core business deterioration. The underlying full-year operating performance, including the 22.5% surge in operating profit and the board’s announcement of a 100% non-GAAP net income payout as dividends, was viewed positively from a structural standpoint, but the mixed Q4 headline GAAP results and uncertain Q1 2026 outlook tempered investor enthusiasm.
