Domestic business refocusing on long-term investments; RMB-denominated private secondary products increased 63.6% year-over-year
Global network transitions from license deployment to active execution, lifting overseas AUA to RMB 66.1 billion (US$9.6 billion)
Robust capital return program continues with ongoing share repurchases and proposed dividends representing a total payout equivalent to 100% of full-year 2025 non-GAAP net income
SINGAPORE, May 28, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE:NOAH), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the first quarter ended March 31, 2026.
During the first quarter of 2026, net revenues grew 1.8% year-over-year to RMB625.8 million (US$90.7 million) driven by performance-based income from domestic private secondary products. This was partially offset by a decrease in one-time commissions from insurance products. Income from operations rose 27.1% year-over-year to RMB236.4 million (US$34.3 million), primarily due to disciplined cost control on employee compensation and structural efficiency initiatives. While reported non-GAAP net income was RMB133.9 million (US$19.4 million), underlying core earnings remained highly resilient; excluding non-operational volatility from equity in affiliates, non-GAAP net income would have reached RMB216.4 million, representing 28% year-over-year growth.
Jingbo Wang, Co-founder, Chairlady, NOAH Holdings, commented, "Noah's evolution into an AI-driven, global platform serving Chinese families everywhere has shown clear momentum. In the first quarter of 2026, we observed three increasingly visible trends: an improving profitability structure, our domestic business regaining momentum, and overseas business growth. AI continues to fundamentally redefine the wealth management industry, and as our global network moves from license deployment to operational execution, we expect the institutional integration of AI to be a key driver for sustainable, long-term growth."
Zander Yin, CEO of Noah Holdings, stated, "Our profitability structure continues to improve, with operating margin this quarter reaching one of the highest quarterly levels in recent years. We expect full-year operating margin to remain in a healthy range above 30%, although quarter-to-quarter fluctuations are natural due to product mix and expense timing. As our various businesses and AI transformation efforts continue to deliver results, we remain confident in our ability to remain profitable over the long term across various market cycles."
Domestic Business: Return to Core Asset Allocation Drives Double-Digit Growth
Domestically, Noah successfully refocused its strategic resources on long-term investment capabilities. Active clients reached 10,742, up 21.8% year-over-year. Transaction value of RMB-denominated mutual fund products reached RMB 9.9 billion (US$1.4 billion), up 130.2% year-over-year, while transaction value of RMB-denominated private secondary products reached RMB 5.4 billion, up 63.6% year-over-year. This operational momentum was led by Noah Upright, which recorded a 63.1% year-over-year revenue increase to RMB207.8 million (US$30.1 million).
Noah is focusing its domestic business ...
