NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2025
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Should l Buy NOAH?
Source: PRnewswire
Financial Performance: Noah Holdings reported a net revenue of RMB632.9 million (US$88.9 million) for Q3 2025, a 7.4% decrease from the same period in 2024, primarily due to lower one-time commissions and performance-based income. However, net income attributable to shareholders increased significantly by 62.6% to RMB218.5 million (US$30.7 million).
Client Growth: The company saw a 1.3% increase in registered clients, totaling 466,153 as of September 30, 2025, with a notable 13.1% rise in overseas registered clients. Active clients also increased by 35.5% year-over-year, reaching 10,650.
Investment Products Distribution: Noah distributed investment products worth RMB17.0 billion (US$2.4 billion) in Q3 2025, marking a 19.1% increase from the previous year, driven by a significant rise in private secondary product distribution.
Operational Developments: The company has integrated AI technology into its operations to enhance efficiency and client acquisition, and it obtained a U.S. broker-dealer license to support its global expansion strategy.
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Analyst Views on NOAH
About NOAH
Noah Holdings Ltd is an investment holding company primarily engaged in the provision of wealth management services. The Company operates its business through three segments. The Wealth Management Business segment is engaged in offering various investment products, including primarily domestic and overseas mutual fund products, private secondary products and other products as well as providing customized value-added financial services, including investor education and trust services. The Asset Management Business segment is engaged in managing clients’ investments in private equity, real estate, public securities, multi-strategy and other investment products. The Other Businesses segment includes lending services and other services. The Company conducts its business in the domestic and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- AI Infrastructure Investment: The report emphasizes that AI infrastructure has become a cornerstone of strategic portfolios, with expected sustained spending on energy systems and digital infrastructure over the next 10-20 years, which will lower portfolio volatility and enhance cross-cycle stability.
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- Three-Layer Allocation Framework: Noah introduces a three-layer allocation framework designed to integrate core long-term assets, liquidity and risk management layers, and legacy structures to ensure continuity of family wealth across market cycles, reflecting a commitment to long-term family development.
- Ongoing Market Insights: Since 2022, Noah's CIO Office has published ten reports, creating a reusable judgment framework that aids families in maintaining direction and decision-making capacity amid global macro shifts, further solidifying its professional standing in the wealth management sector.
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- Market Reaction: Although Planet Fitness's stock price experienced a modest decline during Q3, it did not reach levels that would make the options profitable, making Yiheng's exit a prudent decision to avoid potential losses.
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