Noah Holdings (06686) third quarter 2025 Non-GAAP net profit increased by 52.2% year-on-year, building a base for Chinese services in global Booking Centers.

NOAH HOLDINGS (06686) has announced its third-quarter performance report for 2025. The report shows that the company's Non-GAAP net profit reached 2.29 billion yuan, an increase of 52.2% year-on-year and 21.2% quarter-on-quarter. The Non-GAAP net profit for the first three quarters of 2025 reached 5.87 billion yuan, a year-on-year increase of 40.5%. The company achieved an important strategic upgrade this quarter, officially integrating artificial intelligence into the entire business process. Since 2016, NOAH HOLDINGS has been investing in AI and related funds. The AI RM "Noah" has now been fully launched, marking the company's entry into a new stage of "operation-driven" wealth management. The group's net revenue for this quarter was 6.33 billion yuan, with consecutive quarterly growth for two quarters. As of the end of the third quarter, the total amount of cash and short-term investments maintained at 5 billion yuan. Overseas business performance was impressive, with net revenue reaching 3.11 billion yuan this quarter, accounting for 49.1% of total net revenue. The Ark Wealth Management segment focuses on the cross-border wealth management needs of global Chinese-speaking clients, Olive Asset Management deepens alternative investments, and Glory Comprehensive Services provides one-stop services for family inheritance. The USD asset allocation scale (AUA) reached 9.3 billion USD, an increase of 6.8% year-on-year; and the USD asset management scale (AUM) was 5.9 billion USD, an increase of 5.3% year-on-year. Domestic business development remained steady, benefiting from the active A-share market, with the fundraising volume of RMB private equity secondary products in the first three quarters growing significantly by 206% year-on-year. Net revenue for Noah Zhengxing grew by 8.7% year-on-year, and Ge Fei Asset's net revenue steadily increased by 4.9%. The company reactivated a large number of "dormant clients" through secondary product strategies, leading to a significant increase in secondary market product trading volume. The global strategy has continued to advance, with the company building a "Four Booking Center" operating system centered around China Hong Kong, Singapore, China Shanghai, and the United States. By deepening local operational capabilities in core markets, NOAH HOLDINGS provides solid support for the wealth inheritance and global layout of high-net-worth Chinese clients and their families. The customer base continues to expand, with registered customers growing by 1.3% year-on-year and active customers increasing significantly by 35.5% year-on-year as of the end of the third quarter. Overseas active customers grew by 13.4% year-on-year. The management of NOAH HOLDINGS stated during the performance conference call that the company will continue to strengthen global coordination, deepen customer full-life cycle services, fully promote AI technology empowerment, and create sustainable long-term value for shareholders.