NOAH NOAH HOLDINGS LTD
Price Chart
Executive Summary
Noah Holdings filed its 20-F annual report for FY2025, showing net revenue essentially flat YoY at RMB2.6B (US$376M) and net income up 17.5% to RMB558.9M (US$79.9M), driven by cost controls and improved performance-based income. AUM declined 6.5% to RMB141.7B, while transaction value grew 5% to RMB67B. The board also approved an annual and special dividend totaling ~RMB612M.
Actionable Insight
Monitor AUM trajectory and revenue growth trajectory in upcoming quarters; the dividend announcement signals capital return confidence, but flat top-line and declining AUM warrant caution. Watch for any changes in overseas asset management growth trend.
Key Facts
- Net revenue flat YoY at RMB2,610.2M (US$373.3M) for FY2025
- Net income attributable to shareholders up 17.5% to RMB558.9M (US$79.9M)
- Total AUM declined 6.5% to RMB141.7B (US$20.3B)
- Transaction value increased 5% to RMB67B (US$9.6B)
- Board approved ~RMB612M in combined annual and special dividends for 2026
- Active clients (incl. mutual fund-only) totaled 18,450
- Internal controls remain effective per management and auditor assessment
Financial Impact
Net income increased ~RMB83.5M YoY, but revenue remained flat; dividend payout of ~RMB612M approved for 2026
Risk Factors
- Continued AUM decline pressures future recurring service fees
- Dependence on VIE structure and China regulatory environment
- Camsing litigation and contingent liabilities remain outstanding
Market Snapshot
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-050892 |
| Document: noah-20251231xex8d1.htm | 0001104659-26-050892 |
| Document: noah-20251231xex12d2.htm | 0001104659-26-050892 |
| Document: noah-20251231xex12d1.htm | 0001104659-26-050892 |
| Document: noah-20251231xex15d2.htm | 0001104659-26-050892 |
| Document: noah-20251231xex15d3.htm | 0001104659-26-050892 |
| Document: noah-20251231xex13d2.htm | 0001104659-26-050892 |
| Document: noah-20251231xex13d1.htm | 0001104659-26-050892 |
| Document: noah-20251231xex15d1.htm | 0001104659-26-050892 |
| Document: 0001104659-26-050892-index-headers.html | 0001104659-26-050892 |
| Document: 0001104659-26-050892-index.html | 0001104659-26-050892 |
| Document: 0001104659-26-050892.txt | 0001104659-26-050892 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
6-K
| $10.13 awaiting T+1 | awaiting T+1 | — | $10.32 (+1.93%) |
|
Jun 12, 2026
1d ago
|
6-K
| $10.13 awaiting T+1 | awaiting T+1 | — | $10.32 (+1.93%) |
|
Jun 3, 2026
10d ago
|
6-K
| $10.34 $10.44 | ▲ +0.97% | ▲ +0.57% | $10.32 (−0.19%) |
|
May 28, 2026
16d ago
|
6-K
| $10.38 $10.57 | ▲ +1.83% | ▲ +1.59% | $10.32 (−0.58%) |
|
May 27, 2026
16d ago
|
6-K
| $10.38 $10.57 | ▲ +1.83% | ▲ +1.59% | $10.32 (−0.58%) |
|
May 27, 2026
17d ago
|
6-K
| $10.10 $10.38 | ▲ +2.77% | ▲ +2.22% | $10.32 (+2.18%) |
|
May 18, 2026
26d ago
|
6-K
| $10.28 $10.22 | ▼ −0.58% | ▲ +0.07% | $10.32 (+0.39%) |
|
Apr 29, 2026
6w ago
|
6-K
| $10.25 $10.41 | ▲ +1.56% | ▲ +0.54% | $10.32 (+0.68%) |
|
Apr 29, 2026
6w ago
|
20-F
| $10.25 $10.41 | ▲ +1.56% | ▲ +0.54% | $10.32 (+0.68%) |
|
Apr 14, 2026
8w ago
|
6-K
| $10.01 $10.12 | ▲ +1.10% | ▲ +0.32% | $10.32 (+3.10%) |
US Market Status
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