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
SHANGHAI, March 25, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE:NOAH), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the fourth quarter and full year ended December 31, 2025.
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 ...
