The earnings call presented a mixed performance with significant growth in non-GAAP net income and overseas business, but challenges in total net revenue and domestic market performance. The company shows commitment to shareholder returns and strategic expansions, despite facing competitive and market challenges.

Company Guidance -

Q2 2025

During Noah's 2025 First Quarter Earnings Call, the company provided guidance on various metrics and strategic directions. Non-GAAP net income for Q1 was RMB 169 million, marking a 4.7% increase year-over-year and a 27.4% rise sequentially, attributed to an 18.8% reduction in operating costs. Despite a challenging global economy, revenue from renminbi-denominated private secondary products surged 2.6x from the previous year, contributing a 9.4% increase in revenue. Overseas investment products also saw a 20.3% revenue growth, while overseas insurance products experienced a 22.8% decline. Overall, total net revenue fell by 5.4% year-over-year. The company's overseas operations showed a stable net revenue of RMB 304 million, with an increase in overseas AUM by 14.2% to USD 5.9 billion. Noah's strategic initiatives include growing its overseas teams, expanding market presence in regions such as Singapore and Southeast Asia, and enhancing client services with a broader product range. The company plans to focus on insurance sales via commission-only agents and investing in AI technologies to bolster online services. Additionally, Noah announced a share buyback program and plans to distribute RMB 550 million in dividends, representing 100% of its non-GAAP net income for 2024.

Increase in Non-GAAP Net Income

Non-GAAP net income in the first quarter was RMB 169 million, up 4.7% from the same period last year and 27.4% sequentially, due to a drop in operating costs and expenses by 18.8%.

Overseas Expansion and Growth

Revenue contribution from overseas private investment products grew 20.3%, and overseas AUM reached USD 5.9 billion, up 14.2%. The number of overseas relationship managers increased by 44% from last year.

Significant Transaction Value in Domestic Secondary Products

Transaction value of renminbi-denominated private secondary products was RMB 3.3 billion, up 2.6x from last year.

Strong Operating Profit Growth

Operating profit surged by 53.1% year-over-year and 35.2% sequentially to RMB 186 million in the first quarter, with the operating profit margin increasing to 30.3%.

Commitment to Shareholder Returns

The company implemented a USD 50 million share buyback program and plans to distribute annual and special dividends totaling RMB 550 million.

Noah Holdings (NOAH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NOAH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 01, 2025	2025 (Q2)	- / -	0.21	―	―	―
May 28, 2025	2025 (Q1)	- / 0.33	0.321	3.46% (+0.01)	―
Mar 25, 2025	2024 (Q4)	- / 0.26	0.467	-44.35% (-0.21)	―
Nov 26, 2024	2024 (Q3)	- / 0.30	0.465	-36.12% (-0.17)	―
Aug 28, 2024	2024 (Q2)	- / 0.21	0.626	-66.52% (-0.42)	―
May 29, 2024	2024 (Q1)	- / 0.32	0.479	-33.04% (-0.16)	―
Mar 26, 2024	2023 (Q4)	- / 0.47	0.297	57.01% (+0.17)	―
Nov 29, 2023	2023 (Q3)	- / 0.47	0.383	21.38% (+0.08)	―
Aug 28, 2023	2023 (Q2)	- / 0.63	0.733	-14.58% (-0.11)	―
May 30, 2023	2023 (Q1)	- / 0.48	0.646	-25.81% (-0.17)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NOAH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 28, 2025	$9.09	$9.80	+7.81%
Mar 25, 2025	$10.26	$9.55	-6.92%
Nov 26, 2024	$10.65	$11.65	+9.39%
Aug 28, 2024	$6.67	$7.65	+14.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Noah Holdings (NOAH) report earnings?

Noah Holdings (NOAH) is schdueled to report earning on Sep 01, 2025, After Close (Confirmed).

What is Noah Holdings (NOAH) earnings time?

Noah Holdings (NOAH) earnings time is at Sep 01, 2025, After Close (Confirmed).

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What is NOAH EPS forecast?

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