Noah Reports Q4 and Full-Year 2025 Earnings: Structural Transformation Driving Significant Improvement
Net revenues for the fourth quarter increased 12.5% year-over-year and 15.9% sequentially, driven primarily by expanding global asset allocation and investment capabilities
Profitability structure improving significantly with income from operations surging 87.3% year-over-year during the fourth quarter
Strategic investments in AI are yielding tangible results with headcount in 2025 falling by 11% from last year while net revenues remained stable
During the fourth quarter of 2025, net revenues rose 12.5% year-over-year and 15.9% sequentially to RMB 733.2 million (US$104.9 million) driven by expanding global asset allocation capabilities. Income from operations surged 87.3% year-over-year to RMB 257.7 million (US$36.9 million), primarily due to an optimized cost structure and the ongoing shift in revenue mix toward investment-related businesses, while non-GAAP net income was RMB 25.1 million (US$3.6 million).
Norah Wang, Co-founder, Chairwoman, NOAH Holdings, commented, “2025 was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the highlight was the quality of our profitability and the resilience of our operational model. We are embedding AI across our global platform, where it is not only improving operational efficiency but also reconstructing how we operate, allowing us to drive both scale and service quality without increasing headcount. At the same time, we continue to advance our global strategy, with overseas revenue accounting for approximately half of total revenues in 2025, reflecting the continued deepening of our global presence.”
Zander Yin, CEO of Noah, stated, “We are structurally evolving from a wealth management institution primarily driven by product sales into a comprehensive global platform. At its core, we are fundamentally reconstructing what drives our growth. We are building an operational-driven model centered on asset allocation, where AI empowers relationship managers and our global platforms amplifying their capabilities.
We are still in the midst of this transformation but are already beginning to see it generate tangible results, strengthening our confidence in our strategic direction.”
Profitability Structure Outpacing Revenue Stabilization
For the full year 2025, a clear theme emerged as the quality of the Company’s profitability improved at a faster pace than the stabilization of its revenue structure. While full-year net revenues were broadly flat at RMB 2.6 billion, income from operations grew 22.5% from last year to RMB 776.7 million (US$111.1 million) with operating margins improving to 29.8% and non-GAAP net income increasing 11.2% to RMB 611.9 million (US$87.5 million). Excluding the impact of certain non-operating items, non-GAAP net income was approximately RMB 753 million.
This significant surge in profitability directly reflects the underlying structural improvement of Noah’s profitability. This wasn’t driven by one-off factors or cyclicality; rather, it was the result of an optimized cost structure, enhanced operational efficiency, and a strategic shift in revenue mix toward investment-related businesses. Ultimately, the Company’s profitability is shifting from cyclical volatility to structural stability built on its global asset allocation and investment capabilities.
Overseas Expansion Maintains Strong Momentum, Driven by Three Global Platforms
Noah’s overseas expansion maintained strong momentum throughout the year, with global asset allocation and investment firmly becoming its primary growth engine. While net revenues from overseas wealth management decreased in 2025 as a result of one-time commissions from market cyclicality, net revenues from overseas asset management and insurance for 2025 increased 26.3% and 28.8% from last year, respectively. Noah distributed RMB33.7 billion (US$4.8 billion) of overseas investment products in 2025, an 8.1% increase from 2024. Assets under advisory in 2025 grew to US$9.5 billion, up 8.6% year-over-year while transaction value of USD-denominated private secondary products tripled year-over-year to US$960.0 million. Overseas assets under management (AUM) reached RMB 42.4 billion (US$6.1 billion), an increase of nearly 4% year-over-year in USD terms and accounted for 30% of total AUM.
Driving this overseas expansion is a fundamental reconstruction of Noah’s operational model. To support this, the Company is building a global wealth management operational system composed of three core platforms operating under a unified framework: ARK Wealth Management for client onboarding and execution, Olive Asset Management for investment and asset management, and Glory Family Heritage for asset structuring and risk management. This operational system is supported by a strict cross-jurisdiction compliance architecture anchored by Noah’s four booking centers located in Shanghai, Hong Kong, Singapore, and the United States. Together these three core platforms and architecture will provide clients globally with a consistent, seamless, and compliant experience.
AI-Driven Operational Infrastructure
Noah continues to invest in AI and is gradually seeing tangible results as these solutions are embedded deeper into its core operational infrastructure. Headcount declined by 11% year-over-year in 2025 while revenue remained stable, reflecting significantly improving operational efficiency. By embedding AI into key areas such as client engagement, content generation, and operational processes, Noah has established a new operational-driven model that drives both scale and service quality without an increase in headcount.
Shareholder Returns
In appreciation of the longstanding support of its shareholders, the Board of Directors approved an annual dividend of approximately RMB306.0 million (US$43.8 million) and a special dividend of approximately RMB306.0 million (US$43.8 million), representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income attrib