- AI integration and disciplined expansion drive operating margin to 37.8%
- 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 29, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), 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.
