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Noah Holdings (NOAH)
NYSE:NOAH
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Noah Holdings (NOAH) AI Stock Analysis

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NOAH

Noah Holdings

(NYSE:NOAH)

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Neutral 68 (OpenAI - 4o)
Rating:68Neutral
Price Target:
$12.50
▲(2.80% Upside)
Noah Holdings' overall stock score is driven by its strong valuation metrics, including a low P/E ratio and high dividend yield, which suggest potential undervaluation. The earnings call provided a positive outlook with strong growth in net income and overseas expansion, although domestic challenges remain. The technical analysis indicates bearish momentum, which could pose short-term risks. Financial performance is mixed, with strong profitability but concerns over revenue and cash flow sustainability.
Positive Factors
Overseas Market Expansion
The significant growth in overseas markets indicates a successful diversification strategy, reducing reliance on domestic markets and enhancing global presence.
Strong Cash Flow Generation
Robust operating cash flow supports the company's ability to invest in growth opportunities and maintain financial flexibility, crucial for long-term stability.
Strategic Partnerships
This partnership highlights Noah Holdings' commitment to innovation and digital asset integration, potentially opening new revenue streams and enhancing competitive positioning.
Negative Factors
Decline in Domestic Revenue
The significant decline in domestic revenue poses a challenge to sustaining overall revenue growth, impacting future profitability and market share in China.
Inconsistent Revenue Growth
Inconsistent revenue growth undermines financial predictability and may hinder strategic planning and investment in long-term initiatives.
Decline in Free Cash Flow
The decline in free cash flow growth could constrain the company's ability to fund new projects and return capital to shareholders, affecting long-term financial health.

Noah Holdings (NOAH) vs. SPDR S&P 500 ETF (SPY)

Noah Holdings Business Overview & Revenue Model

Company DescriptionNoah Holdings Limited is a leading wealth management and technology platform in China, focused on providing high-net-worth individuals and institutional clients with comprehensive financial services. The company operates through two main segments: Wealth Management and Asset Management. Its core offerings include investment advisory, fund distribution, and private equity investments, leveraging innovative technology solutions to enhance client experiences and investment outcomes.
How the Company Makes MoneyNoah Holdings generates revenue primarily through fees associated with its wealth management services, including advisory fees, management fees, and performance-based fees from its investment products. The key revenue streams include commissions from the sale of investment products, fees for asset management services, and advisory fees from clients seeking tailored investment solutions. Additionally, strategic partnerships with financial institutions and asset managers enhance its product offerings, contributing to its earnings. The firm also benefits from a growing affluent client base in China, which drives demand for its services.

Noah Holdings Earnings Call Summary

Earnings Call Date:Aug 28, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 25, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial performance with significant growth in net income and overseas market expansion. However, there were challenges in domestic insurance and asset management, as well as a decline in overseas wealth management revenue.
Q2-2025 Updates
Positive Updates
Strong Financial Performance
Net revenues reached RMB 630 million with a 20.2% year-over-year increase in income from operations. Non-GAAP net income surged 78.2% year-over-year to RMB 189 million.
Growth in Overseas Market
Net revenues from overseas reached RMB 297 million, accounting for 47.1% of total net revenue. The overseas AUM grew by 7.4% year-over-year to USD 5.8 billion.
Expansion in Client Base
Added 627 new qualified investors as clients in the first half of 2025. The number of registered overseas clients exceeded 18,900, a year-on-year increase of 13%.
Successful Product Diversification
The transaction value of U.S. dollar-denominated private market products increased by 70.3% year-over-year. Net revenues from overseas insurance and comprehensive services increased by 91% year-over-year.
Negative Updates
Decline in Domestic Insurance Revenue
Net revenues from domestic insurance during the quarter were RMB 716 million, a year-over-year decrease of 38.7%.
Decrease in Domestic Asset Management Revenue
Net revenues from domestic asset management during the quarter were RMB 177 million, down 10.6% due to lower recurring service fees from existing Renminbi-denominated private equity products.
Decline in Overseas Wealth Management
Net revenues from overseas wealth management were RMB 129 million during the quarter, down 14.1% year-on-year due to a decline in revenue contribution from the distribution of insurance products.
Company Guidance
During Noah Holdings' second quarter 2025 earnings call, the company reported strong financial performance with net revenues reaching RMB 630 million, a 2.2% year-over-year increase. Income from operations grew by 20.2% year-over-year, while non-GAAP net income surged 78.2% year-over-year to RMB 189 million. In the first half of 2025, net revenues were RMB 1.2 billion, generating a non-GAAP net income of RMB 358 million. The overseas segment showed substantial growth with net revenues of RMB 297 million, accounting for 47.1% of total net revenue, and U.S. dollar-denominated AUM increased by 7.4% to USD 5.8 billion. The company added 627 new qualified investors, and overseas active clients rose by 12.5% year-over-year. Noah's strategic priorities include expanding their high net worth client base, enhancing global product offerings, and leveraging AI to improve operational efficiency. The company announced a partnership with Coinbase Asset Management to establish a stablecoin yield fund, highlighting their commitment to exploring digital assets.

Noah Holdings Financial Statement Overview

Summary
Noah Holdings shows a mixed financial performance with strong profitability and a solid balance sheet, countered by declining revenue and inconsistent cash flow generation. The company's ability to manage costs effectively is a key strength, but the challenges in sustaining revenue growth and maintaining cash flow levels could affect future financial stability and expansion.
Income Statement
60
Neutral
Noah Holdings has experienced fluctuations in revenue over the years, with a notable decline in the most recent year. While the company maintains strong gross and net profit margins, the recent revenue decline and inconsistent revenue growth over the past few years present a challenge for future profitability. High margins indicate efficient cost management, but growth sustainability remains a concern.
Balance Sheet
75
Positive
The company exhibits a robust balance sheet with a strong equity base and low debt levels, leading to a favorable debt-to-equity ratio. The high equity ratio indicates financial stability, and the substantial cash position enhances liquidity. Despite these strengths, the declining trend in total assets and equity over the last two years poses potential risks to future growth.
Cash Flow
65
Positive
Noah Holdings demonstrates strong cash flow generation, particularly in operating cash flows, although there is a notable decrease in free cash flow in the latest year. The company has managed to maintain a healthy operating cash flow to net income ratio. However, the decline in free cash flow growth and increased financing outflows could impact future cash reserves.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.58B2.60B3.29B3.10B4.29B3.31B
Gross Profit1.08B1.25B1.84B1.66B2.12B1.80B
EBITDA725.42M790.57M1.26B1.24B1.35B1.36B
Net Income571.71M475.44M1.01B976.57M1.31B-745.23M
Balance Sheet
Total Assets11.74B11.78B12.69B11.80B10.89B9.40B
Cash, Cash Equivalents and Short-Term Investments5.42B5.10B5.57B4.72B3.50B5.12B
Total Debt69.60M120.61M138.36M167.53M130.96M304.92M
Total Liabilities2.08B1.77B2.26B2.30B2.75B2.12B
Stockholders Equity9.59B9.95B10.31B9.41B8.14B7.19B
Cash Flow
Free Cash Flow0.00305.16M1.16B570.19M-749.38M744.74M
Operating Cash Flow0.00387.34M1.32B632.90M1.52B796.35M
Investing Cash Flow0.00-840.82M-247.14M74.29M-2.57B352.58M
Financing Cash Flow0.00-1.13B-199.84M233.76M-513.12M-371.42M

Noah Holdings Technical Analysis

Technical Analysis Sentiment
Positive
Last Price12.16
Price Trends
50DMA
11.95
Positive
100DMA
11.24
Positive
200DMA
10.40
Positive
Market Momentum
MACD
-0.10
Negative
RSI
57.86
Neutral
STOCH
70.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOAH, the sentiment is Positive. The current price of 12.16 is above the 20-day moving average (MA) of 11.69, above the 50-day MA of 11.95, and above the 200-day MA of 10.40, indicating a bullish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 57.86 is Neutral, neither overbought nor oversold. The STOCH value of 70.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NOAH.

Noah Holdings Risk Analysis

Noah Holdings disclosed 77 risk factors in its most recent earnings report. Noah Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Noah Holdings Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
$671.03M22.296.09%5.75%53.35%-24.09%
75
Outperform
$675.62M7.5514.62%13.19%-18.24%
71
Outperform
$824.32M9.3910.85%5.87%-12.64%
68
Neutral
$787.52M10.065.90%10.08%-7.74%-15.34%
68
Neutral
$719.27M8.7811.41%11.12%-14.09%-27.46%
66
Neutral
$908.16M8.5712.86%-3.29%-16.86%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
NOAH
Noah Holdings
12.16
-0.27
-2.17%
FDUS
Fidus Investment
20.33
2.95
16.97%
SLRC
SLR Investment Corp.
15.11
1.51
11.10%
BCSF
Bain Capital Specialty Finance
14.00
-0.73
-4.96%
VINP
Vinci Partners Investments
10.61
1.35
14.58%
NCDL
Nuveen Churchill Direct Lending Corp.
13.68
-1.54
-10.12%

Noah Holdings Corporate Events

Noah Holdings Releases 2025 Interim Report
Sep 17, 2025

Noah Holdings Limited released its 2025 Interim Report on September 17, 2025. This report, filed under the Securities Exchange Act of 1934, highlights the company’s financial performance and strategic initiatives for the year. The release of this report is significant for stakeholders as it provides insights into the company’s operations and market positioning in the private wealth and asset management industry.

Noah Holdings Announces Share Issuance Under Settlement Plan
Sep 15, 2025

On September 12, 2025, Noah Holdings Limited announced changes in its issued shares as part of its New Settlement Plan. The company issued 28,860 new ordinary shares, representing a 0.0087% increase in its existing shares, under an issuance mandate approved at the 2025 annual general meeting. This move is part of a broader strategy to settle with affected clients, demonstrating Noah Holdings’ commitment to regulatory compliance and shareholder value enhancement.

Noah Holdings Reports August 2025 Share Movements
Sep 5, 2025

On September 5, 2025, Noah Holdings Limited reported its monthly return for equity issuers and Hong Kong Depositary Receipts for August 2025. The report highlighted a minor increase in issued shares, with a total of 39,970 new ordinary shares issued. This update reflects the company’s ongoing compliance with regulatory requirements and its efforts to manage share capital effectively, which could have implications for stakeholders regarding the company’s financial health and market strategies.

Noah Holdings Commits $50 Million to Olive Digital Fund
Aug 28, 2025

On August 27, 2025, Noah Holdings Limited, through its subsidiary Joy Triple Star, committed to a $50 million investment in the Olive Digital Fund. This strategic move aims to enhance returns through a risk-defined private credit strategy while gaining exposure to the digital asset ecosystem. The subscription is considered a discloseable transaction under Hong Kong Listing Rules, reflecting Noah Holdings’ efforts to diversify and build capabilities in digital assets.

Noah Holdings Reports Strong Q2 2025 Financial Results
Aug 27, 2025

On August 28, 2025, Noah Holdings Limited announced its unaudited financial results for the second quarter of 2025, revealing a 2.2% increase in net revenues to RMB629.5 million compared to the same period in 2024. This growth was driven by increased distribution of investment products, particularly overseas private secondary products. The company also saw a significant 79.0% increase in net income attributable to shareholders, reaching RMB178.6 million, due to higher revenues and an increase in the fair value of funds managed by its subsidiary, Gopher. The number of registered and active clients also grew, indicating a strong market presence and operational expansion. The strategic changes in reporting structure and operational adjustments are expected to provide clearer insights into the financial performance of its business segments.

Noah Holdings Announces Share Issuance Under Settlement Plan
Aug 25, 2025

On August 22, 2025, Noah Holdings Limited announced a change in its issued shares, specifically the issuance of 39,970 new ordinary shares under its issuance mandate. This change is part of the company’s settlement plan, as outlined in their 2024 Annual Report, and reflects a minor increase of 0.012% in the total number of issued shares. This move is indicative of Noah Holdings’ ongoing efforts to manage its equity structure and fulfill commitments to stakeholders, potentially impacting its market positioning and investor relations.

Noah Holdings Announces Share Increase for July 2025
Aug 7, 2025

On August 7, 2025, Noah Holdings Limited reported a slight increase in its issued shares for the month of July 2025, with an additional 45,162 ordinary shares issued, bringing the total to 337,585,988 shares. This adjustment reflects the company’s ongoing management of its share capital and aligns with its strategic initiatives, including the 2022 Share Incentive Plan and RSU Plan, which are designed to incentivize stakeholders and manage equity distribution effectively.

Noah Holdings Announces Share Issuance Amidst Strategic Adjustments
Jul 7, 2025

On July 2, 2025, Noah Holdings Limited announced changes in its issued shares, with 45,162 new ordinary shares issued under the issuance mandate as part of a settlement plan. This move is part of the company’s broader strategy to manage its equity structure and fulfill commitments to clients, potentially impacting its market positioning and shareholder value.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Sep 30, 2025