$NOAH

Noah Holdings Ltd

CIK:0001499543|SEC Filings

Consolidated Statements of Operations ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 2,629,787	$ 376,054	¥ 2,621,334	¥ 3,317,821
Less:VAT related surcharges	(19,547)	(2,795)	(20,352)	(23,125)
Net revenues	2,610,240	373,259	2,600,982	3,294,696
Operating cost and expenses:
Relationship manager compensation	(498,454)	(71,278)	(562,523)	(655,460)
Other compensations	(718,098)	(102,687)	(786,928)	(801,293)
Total compensation and benefits	(1,216,552)	(173,965)	(1,349,451)	(1,456,753)
Selling expenses	(242,808)	(34,721)	(269,038)	(485,778)
General and administrative expenses	(305,590)	(43,699)	(296,751)	(275,727)
Reversal of (provision for) credit losses	(52,226)	(7,468)	(23,882)	7,028
Other operating expenses, net	(62,872)	(8,991)	(93,210)	(112,506)
Government subsidies	46,472	6,645	65,239	126,955
Total operating cost and expenses	(1,833,576)	(262,199)	(1,967,093)	(2,196,781)
Income from operations	776,664	111,060	633,889	1,097,915
Other income (expense):
Interest income	127,547	18,239	155,751	161,926
Investment (loss) income	32,254	4,612	50,152	(61,486)
Reversal of settlement expenses	956	137	12,454
Contingent litigation expenses, net	(50,182)	(7,176)	14,000
Other income (expense), net	(30,814)	(4,406)	1,359	10,892
Total other income	79,761	11,406	233,716	111,332
Income before taxes and income from equity in affiliates	856,425	122,466	867,605	1,209,247
Income tax expense	(297,811)	(42,586)	(268,591)	(262,360)
Income (loss) from equity in affiliates	(1,395)	(199)	(112,010)	54,128
Net income	557,219	79,681	487,004	1,001,015
Less: net (loss) income attributable to non-controlling interests	(1,638)	(234)	11,559	(8,479)
Net income attributable to Noah Holdings Limited shareholders	¥ 558,857	$ 79,915	¥ 475,445	¥ 1,009,494
Net income per share:
Basic \| (per share)	¥ 1.6	$ 0.23	¥ 1.36	¥ 2.91
Diluted \| (per share)	¥ 1.59	$ 0.23	¥ 1.35	¥ 2.91
Weighted average number of shares used in computation:
Basic	348,774,922	348,774,922	350,847,647	347,369,860
Diluted	351,962,638	351,962,638	352,351,257	347,422,580
Others
Revenues:
Total revenues	¥ 1,476,390	$ 211,120	¥ 1,479,712	¥ 2,067,341
Others \| One-time commissions
Revenues:
Total revenues	574,255	82,117	614,258	1,072,838
Others \| Recurring service fees
Revenues:
Total revenues	624,589	89,315	631,505	707,580
Others \| Performance-based income
Revenues:
Total revenues	116,247	16,623	47,841	16,344
Others \| Other service fees
Revenues:
Total revenues	161,299	23,065	186,108	270,579
Related Party
Revenues:
Total revenues	1,153,397	164,934	1,146,710	1,266,766
Related Party \| One-time commissions
Revenues:
Total revenues	7,284	1,042	21,288	16,365
Related Party \| Recurring service fees
Revenues:
Total revenues	990,515	141,642	1,020,524	1,129,136
Related Party \| Performance-based income
Revenues:
Total revenues	155,598	22,250	104,898	121,265
Related Party \| Funds Gopher and Olive
Revenues:
Total revenues	1,153,397	164,934	1,141,622	1,250,480
Related Party \| Funds Gopher and Olive \| One-time commissions
Revenues:
Total revenues	7,284	1,042	21,288	16,365
Related Party \| Funds Gopher and Olive \| Recurring service fees
Revenues:
Total revenues	990,515	141,642	1,015,436	1,112,850
Related Party \| Funds Gopher and Olive \| Performance-based income
Revenues:
Total revenues	¥ 155,598	$ 22,250	¥ 104,898	¥ 121,265

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 557,219	$ 79,681	¥ 487,004	¥ 1,001,015
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment	2,217	317	5,180	23,488
Depreciation expenses	156,901	22,437	156,683	158,082
Non-cash lease expenses	44,105	6,307	58,187	78,212
Reversal of settlement expenses	(956)	(137)	(12,454)
Share-based compensation expenses	66,881	9,564	109,030	11,530
Foreign exchange (gain) loss	25,960	3,712	383	(7,037)
(Income) loss from equity in affiliates, net of dividends	34,849	4,983	160,612	(19,340)
Gain from acquisition				(10,834)
(Reversal of) provision for credit losses	52,226	7,468	23,882	(7,028)
Impairment of long-term investments			1,000	13,343
Fair value losses in the consolidated funds	2,450	350		7,513
Fair value losses (gains) of equity investments measured at fair value	23,658	3,383	(7,808)	43,113
Changes in operating assets and liabilities:
Accounts receivable	40,420	5,780	22,939	258
Amounts due from related parties	(68,552)	(9,803)	(169,616)	94,367
Other current assets	15,801	2,260	(20,715)	(51,245)
Other non-current assets	21,275	3,042	8,954	(37,761)
Accrued payroll and welfare expenses	(5,172)	(740)	(151,367)	(104,904)
Income tax payable	83,618	11,957	(25,802)	(37,154)
Deferred revenues	(17,862)	(2,554)	(565)	4,857
Other current liabilities	(75,932)	(10,858)	(227,386)	225,565
Other non-current liabilities	(8,192)	(1,171)	(12,649)	(32,100)
Contingent liabilities	51,225	7,325		(99,000)
Lease assets and liabilities	(47,201)	(6,750)	(58,030)	(78,208)
Trading debt securities	(4,762)	(681)	(56,103)	124,005
Deferred tax assets and liabilities	26,433	3,780	95,977	17,583
Net cash provided by operating activities	976,609	139,652	387,336	1,318,320
Cash flows from investing activities:
Purchases of property and equipment	(134,142)	(19,182)	(82,175)	(157,922)
Purchase of held-to-maturity investments	(1,444,530)	(206,565)	(1,644,317)	(489,941)
Proceeds from redemption of held-to-maturity investments	1,867,102	266,992	668,548	257,474
Purchases of short-term equity securities			(90,010)	(16)
Proceeds from short-term equity securities	12,874	1,841	9,463	2,718
Purchase of other long-term investments	(28,479)	(4,072)	(9,907)
Proceeds from sale of other long-term investments	42,634	6,097	16,782	4,087
Purchase of investments held by consolidated funds			(662)	(42,206)
Proceeds from investments held by consolidated funds	51,273	7,332	83,498	32,905
Loans to related parties	(44,056)	(6,300)	(17,915)	(84,341)
Principal collection of loans to related parties	14,649	2,095	80,070	41,619
Loans disbursement to third parties	(313)	(45)	(1,843)	(18,029)
Principal collection of loans originated to third parties	26,624	3,807	135,320	221,251
Increase in investments in affiliates	(48,240)	(6,898)	(32,133)	(53,620)
Capital return from investments in affiliates	34,135	4,881	44,462	63,857
Acquisitions, net of cash acquired	(50,077)	(7,161)		(24,977)
Net cash (used in) provided by investing activities	299,454	42,822	(840,819)	(247,141)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of stock options				3
Contribution from non-controlling interests				13,911
Distributions to non-controlling interests	(32,598)	(4,661)	(10,174)	(23,584)
Divestment of non-controlling interests	(1,549)	(222)	(51,835)	(6,925)
Payment for repurchase of ordinary shares	(52,295)	(7,478)	(53,345)
Dividend paid (Note 20)	(546,770)	(78,187)	(1,007,851)	(177,502)
Payment for withholding tax related to share-based compensation	(1,828)	(262)	(7,351)
Payments of assumed liability resulting from certain asset acquisition	(506)	(72)	(3,648)	(5,738)
Net cash used in financing activities	(635,546)	(90,882)	(1,134,204)	(199,835)
Effect of exchange rate changes	(99,491)	(14,227)	72,162	48,098
Net increases(decrease) in cash, cash equivalents and restricted cash	541,026	77,365	(1,515,525)	919,442
Cash, cash equivalents and restricted cash-beginning of the year	3,838,535	548,903	5,354,060	4,434,618
Cash, cash equivalents and restricted cash-end of the year	4,379,561	626,268	3,838,535	5,354,060
Supplemental disclosure of cash flow information:
Cash paid for income taxes	187,464	26,807	203,673	285,507
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in other current liabilities	25,888	3,702	30,749	37,018
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	52,468	7,503	94,889	92,401
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	4,360,918	623,603	3,822,339	5,192,127
Restricted cash	11,143	1,593	8,696	154,433
Restricted cash - non-current included in other non-current assets	7,500	$ 1,072	7,500	7,500
Total cash, cash equivalents and restricted cash	¥ 4,379,561		¥ 3,838,535	¥ 5,354,060

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 4,360,918	$ 623,603	¥ 3,822,339
Restricted cash	11,143	1,593	8,696
Short-term investments (including short-term investments measured at fair value of RMB285,202 and RMB268,212 as of December 31, 2024 and 2025, respectively)	657,563	94,030	1,274,609
Accounts receivable, net of allowance for credit losses of RMB17,199 and RMB12,009 as of December 31, 2024 and 2025, respectively	420,132	60,078	473,490
Amounts due from related parties, net of allowance for credit losses of RMB7,484 and RMB8,168 as of December 31, 2024 and 2025, respectively	¥ 596,800	$ 85,341	¥ 499,524
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity	Affiliated Entity
Loan receivables, net of allowance for credit losses of RMB74,059 and RMB79,570 as of December 31, 2024 and 2025, respectively	¥ 112,416	$ 16,075	¥ 169,108
Other current assets	201,573	28,827	226,965
Total current assets	6,360,545	909,547	6,474,731
Long-term investments (including long-term investments measured at fair value of RMB703,246 and RMB790,748 as of December 31, 2024 and 2025, respectively)	1,172,012	167,595	971,099
Investment in affiliates	1,326,131	189,634	1,373,156
Property and equipment, net	2,356,440	336,966	2,382,247
Operating lease right-of-use assets	103,027	14,733	121,115
Deferred tax assets	310,287	44,370	319,206
Other non-current assets, net of allowance for credit losses of 13,431 and nil as of December 31, 2024 and 2025, respectively	112,492	16,086	137,291
Total Assets	11,740,934	1,678,931	11,778,845
Current liabilities: (including amounts of the consolidated VIEs without recourse to Noah Holdings Ltd. See Note 2(b))
Accrued payroll and welfare expenses	407,558	58,280	412,730
Income tax payable	147,510	21,094	63,892
Deferred revenues	54,398	7,779	72,259
Contingent liabilities	505,496	72,285	476,107
Other current liabilities	312,240	44,650	404,288
Total current liabilities	1,427,202	204,088	1,429,276
Deferred tax liabilities	263,608	37,695	246,093
Operating lease liabilities, non-current	60,344	8,629	75,725
Other non-current liabilities	6,820	975	15,011
Total Liabilities	1,757,974	251,387	1,766,105
Contingencies
Shareholders' equity:
Ordinary shares1: 1,000,000,000 ordinary shares authorized (US$0.00005 par value), 335,153,359 shares issued and 330,393,534 shares outstanding as of December 31, 2024 and 1,000,000,000 ordinary shares authorized (US$0.00005 par value), 335,258,287 shares issued and 333,370,340 shares outstanding as of December 31, 2025	113	16	113
Treasury Stock	(4,102)	(587)	(53,345)
Additional paid-in capital	3,973,997	568,274	3,907,992
Retained earnings	5,815,092	831,547	5,904,540
Accumulated other comprehensive income	41,751	5,970	186,548
Total Noah Holdings Limited shareholders' equity	9,826,851	1,405,220	9,945,848
Non-controlling interests	156,109	22,324	66,892
Total Shareholders' Equity	9,982,960	1,427,544	10,012,740
Total Liabilities and Equity	¥ 11,740,934	$ 1,678,931	¥ 11,778,845