NOAH NOAH HOLDINGS LTD
Price Chart
Executive Summary
Noah Holdings' Q1 2026 6-K shows flat revenue growth (+1.8% YoY to RMB625.8M) but net income dropped 16.3% to RMB124.7M, driven by a 464.6% surge in equity affiliate losses. Operating income rose 27.1% on cost controls, while domestic public securities segment surged 63.1% on performance-based fees. The core conflict is operational strength vs bottom-line erosion from affiliate losses.
Actionable Insight
Traders should weigh the strong operating performance (op income +27%, domestic securities +63%) against the steep affiliate losses that compressed net margins. The Q1 release shows revenue growth is concentrated in performance-based fees which may be lumpy. Monitor Q2 for continued affiliate losses and whether cost discipline can sustain operating margin above 37%.
Key Facts
- Net revenues of RMB625.8M (US$90.7M), up 1.8% YoY
- Net income attributable to shareholders of RMB124.7M (US$18.1M), down 16.3% YoY
- Operating income of RMB236.4M (US$34.3M), up 27.1% YoY, driven by cost controls
- Non-GAAP net income attributable to shareholders down 20.7% YoY to RMB133.9M
- Loss from equity in affiliates surged 464.6% to RMB65.3M (US$9.5M) from RMB11.6M
- Transaction value distributed up 44.8% YoY to RMB23.3B (US$3.4B), led by mutual funds (+69.8%)
- AUM declined 6.5% YoY to RMB140.2B (US$20.3B) and 1.1% QoQ from RMB141.7B
- Shares repurchased in Q1 2026, driving net cash outflow from financing of RMB129.0M
- Operating margin improved to 37.8% from 30.3% YoY, net margin fell to 19.7% from 24.4%
Financial Impact
Net income decline of RMB24.2M (-16.3%) to RMB124.7M from RMB149.0M YoY; Q1 net revenue growth of only 1.8% despite 44.8% surge in distribution volume.
Risk Factors
- Sharp deterioration in equity affiliate investment performance (loss up 465% YoY) may persist
- AUM continues to decline (6.5% YoY), pressuring recurring fee revenue
- Overseas segments showing broad revenue declines: wealth mgmt -35.8%, asset mgmt -18.1%
- Heavy reliance on performance-based income (up 476%) which is inherently volatile
- Contingent liabilities remain elevated at RMB505M
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-066984 |
| Document: tm2615616d1_6k.htm | 0001104659-26-066984 |
| Document: 0001104659-26-066984-index-headers.html | 0001104659-26-066984 |
| Document: 0001104659-26-066984-index.html | 0001104659-26-066984 |
| Document: 0001104659-26-066984.txt | 0001104659-26-066984 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access