SINGAPORE, April 29, 2026 /PRNewswire/ -- 
Dear Shareholders,On behalf of Noah&#39;s Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.For

SINGAPORE, April 29, 2026 /PRNewswire/ -- 
Dear Shareholders,On behalf of Noah&#39;s Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.For Noah, 2025 was a pivotal year—one that honored our legacy while opening a decisive new chapter for our future. If 2024 marked the inaugural year of our international expansion, 2025 represented the first year of a new phase following the successful completion of our structural transformation.Over the past several years, we have navigated profound shifts in both the industry and the global market environment. China, our home market, has undergone deep adjustments and significant challenges. Yet, it was precisely in this environment that we became even more determined to pursue globalization—to serve Chinese clients worldwide and to transform Noah from a &#34;China-based wealth management company&#34; into a &#34;global wealth management platform for Chinese clients&#34;. Looking back, this journey has not been easy, but the direction is right, and the initial results are beginning to take shape.Staying the Course, Moving Forward Amid UncertaintySince our founding in 2005, Noah has been on its journey for more than two decades. We listed in the United States in 2010 and completed our dual-primary listing in Hong Kong in 2022. In every quarter since our listing, we have remained profitable, recording 61 consecutive quarters of Non-GAAP net profit while consistently generating positive operating cash flow. This track record, sustained across multiple market cycles, reflects our resilience and our proven ability to manage risk under varying conditions.Wealth management is an industry built on the accumulation of trust. In 2019, we faced the significant challenge of the Camsing incident. We chose to stand shoulder-to-shoulder with our clients and, with the utmost sincerity, reached settlements with the vast majority of those affected. While this decision created short-term pressure, it ultimately strengthened the foundation of trust in our company. The path was arduous, but we emerged stronger. I have always believed that what truly determines a company&#39;s long-term value is making the right decisions at critical moments—and holding firmly to our principles.International Expansion: From Exploration to ScaleOver the past three years, we have advanced our international strategy with determination and clarity. Today, we have established booking centers in major financial hubs, including Hong Kong, Singapore, and the United States, while continuing to expand into Japan, Canada, and other key markets.As of the end of 2025, overseas revenue accounted for nearly 50% of our total revenue, a substantial increase from approximately 27% in 2022. This milestone marks a structural shift from reliance on a single market to coordinated operations across a global ecosystem. By the end of 2025, our overseas registered client base neared 20,000, and overseas assets under advisement (AUA) reached US$9.5 billion. This dual growth in client numbers and asset scale has begun to generate meaningful economies of scale.History suggests that periods of global uncertainty often accelerate cross-border capital flows. Just as Swiss private banks rose to prominence after World War II, wealth tends to gravitate toward platforms that are secure, stable, and professional. With our global headquarters in Singapore—connecting China, Southeast Asia, and broader international markets—Noah is positioned with a significant strategic advantage.A Fundamental Industry Shift: Wealth Management in the AI EraIn the AI era, we are witnessing a new possibility: the ability to drive business growth and deepen client relationships through AI and integrated operational systems. This transformation is not merely about improving efficiency; it represents a systematic expansion of our service depth and business boundaries.In Singapore, we pioneered the &#34;AI + Wealth Management&#34; department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by rapid growth in related AUM. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.Building a Global Platform: Systemic ExcellenceWe are constructing a comprehensive platform ecosystem to support our global ambitions:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">ARK: Account management and investment execution.</li><li xmlns="http://www.w3.org/1999/xhtml">Olive: Global asset management capabilities.</li><li xmlns="http://www.w3.org/1999/xhtml">Glory: Insurance, trust, and legacy planning services.</li></ul>Our goal is to establish an integrated capability loop of client acquisition, asset allocation, service delivery, and succession planning, a platform that is replicable, scalable, and sustainable over the long term.Looking Ahead: Validating GrowthBeginning in 2026, we will enter a clearer phase focused on growth validation. Our priorities include expanding our overseas client base, driving growth in overseas asset allocation, and optimizing the revenue mix of our asset management business, Olive.Long-Term Commitment and Shareholder ReturnsNoah remains committed to long-termism. As of the end of 2025, the Company held approximately RMB 5.0 billion in cash and short-term investments. Our solid balance sheet supports continued investment in globalization and AI, while providing a strong foundation for shareholder returns.For the 2025 fiscal year, the Board has proposed a total dividend distribution of RMB 612 million, equivalent to 100% of our 2025 Non-GAAP net income. This marks the third consecutive year of a 100% payout ratio. We believe that as our transformation solidifies, Noah will achieve even more resilient and sustainable profitability for our shareholders.Sincerely,Jingbo Wang Chairlady of the Board



<img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=CN46593&amp;sd=2026-04-29"></img> View original content:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.html" target="_blank">https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.html</a>SOURCE Noah Holdings Limited

NOAH

Letter from the Chairlady to Shareholders: Noah Holdings Fiscal Year 2025

Noah Holdings Reports Strong Growth and 100% Dividend Payout

SINGAPORE, April 29, 2026 /PRNewswire/ -- Noah Holdings Limited (&#34;Noah&#34; or the &#34;Company&#34;) (NYSE:NOAH), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory

Noah Holdings Limited Files 2025 Annual Report on Form 20-F

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 SINGAPORE, April 29, 2026 /PRNewswire/ -- 
Dear Shareholders,On behalf of Noah&amp;#39;s Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.For
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Noah Holdings is experiencing significant growth, with overseas revenues nearing 50% of total revenue for 2025. The company&#039;s commitment to AI in wealth management has yielded positive outcomes, and they have proposed a substantial dividend, reflecting strong cash reserves and steady profitability. This positions NOAH favorably for future growth and shareholder returns.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>NOAH reported overseas revenue nearly 50% of total by 2025, up from 27%.</li><li>The company aims for growth validation starting in 2026 with expanded overseas clients.</li><li>NOAH held RMB 5.0 billion in cash, ensuring strong investment capacity.</li><li>Board proposed a total dividend of RMB 612 million, a 100% payout ratio.</li><li>The &#039;AI + Wealth Management&#039; department shows impressive growth in AUM.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Camsing (N/A): The Camsing incident pressured NOAH but strengthened client trust.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 This falls under Corporate Developments due to its focus on growth strategy and shareholder returns amid market expansion.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>Overseas revenue growth to 50% signals successful global strategy implementation.</li><li>100% dividend payout underlines financial health, likely attracting investor confidence.</li><li>AI advancements may catalyze further growth in assets under management.</li><li>Continued cash reserves enable future investments in expansion and technology.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Overseas revenue reached nearly 50% of total by the end of 2025.</li><li>NOAH&#039;s overseas assets under advisement amounted to US$9.5 billion.</li><li>Proposed total dividend for 2025 is RMB 612 million.</li><li>The company has a cash balance of approximately RMB 5.0 billion.</li><li>NOAH has achieved 61 consecutive quarters of profitability.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Bullish outlook on NOAH as international expansion continues and dividends remain strong.
 </section>
</section>


SINGAPORE, April 29, 2026 /PRNewswire/ -- 
Dear Shareholders,On behalf of Noah&#39;s Board of Directors and the management team, I would like to extend our sincerest gratitude for your continued trust and support.For Noah, 2025 was a pivotal year—one that honored our legacy while opening a decisive new chapter for our future. If 2024 marked the inaugural year of our international expansion, 2025 represented the first year of a new phase following the successful completion of our structural transformation.Over the past several years, we have navigated profound shifts in both the industry and the global market environment. China, our home market, has undergone deep adjustments and significant challenges. Yet, it was precisely in this environment that we became even more determined to pursue globalization—to serve Chinese clients worldwide and to transform Noah from a &#34;China-based wealth management company&#34; into a &#34;global wealth management platform for Chinese clients&#34;. Looking back, this journey has not been easy, but the direction is right, and the initial results are beginning to take shape.Staying the Course, Moving Forward Amid UncertaintySince our founding in 2005, Noah has been on its journey for more than two decades. We listed in the United States in 2010 and completed our dual-primary listing in Hong Kong in 2022. In every quarter since our listing, we have remained profitable, recording 61 consecutive quarters of Non-GAAP net profit while consistently generating positive operating cash flow. This track record, sustained across multiple market cycles, reflects our resilience and our proven ability to manage risk under varying conditions.Wealth management is an industry built on the accumulation of trust. In 2019, we faced the significant challenge of the Camsing incident. We chose to stand shoulder-to-shoulder with our clients and, with the utmost sincerity, reached settlements with the vast majority of those affected. While this decision created short-term pressure, it ultimately strengthened the foundation of trust in our company. The path was arduous, but we emerged stronger. I have always believed that what truly determines a company&#39;s long-term value is making the right decisions at critical moments—and holding firmly to our principles.International Expansion: From Exploration to ScaleOver the past three years, we have advanced our international strategy with determination and clarity. Today, we have established booking centers in major financial hubs, including Hong Kong, Singapore, and the United States, while continuing to expand into Japan, Canada, and other key markets.As of the end of 2025, overseas revenue accounted for nearly 50% of our total revenue, a substantial increase from approximately 27% in 2022. This milestone marks a structural shift from reliance on a single market to coordinated operations across a global ecosystem. By the end of 2025, our overseas registered client base neared 20,000, and overseas assets under advisement (AUA) reached US$9.5 billion. This dual growth in client numbers and asset scale has begun to generate meaningful economies of scale.History suggests that periods of global uncertainty often accelerate cross-border capital flows. Just as Swiss private banks rose to prominence after World War II, wealth tends to gravitate toward platforms that are secure, stable, and professional. With our global headquarters in Singapore—connecting China, Southeast Asia, and broader international markets—Noah is positioned with a significant strategic advantage.A Fundamental Industry Shift: Wealth Management in the AI EraIn the AI era, we are witnessing a new possibility: the ability to drive business growth and deepen client relationships through AI and integrated operational systems. This transformation is not merely about improving efficiency; it represents a systematic expansion of our service depth and business boundaries.In Singapore, we pioneered the &#34;AI + Wealth Management&#34; department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by rapid growth in related AUM. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.Building a Global Platform: Systemic ExcellenceWe are constructing a comprehensive platform ecosystem to support our global ambitions:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">ARK: Account management and investment execution.</li><li xmlns="http://www.w3.org/1999/xhtml">Olive: Global asset management capabilities.</li><li xmlns="http://www.w3.org/1999/xhtml">Glory: Insurance, trust, and legacy planning services.</li></ul>Our goal is to establish an integrated capability loop of client acquisition, asset allocation, service delivery, and succession planning, a platform that is replicable, scalable, and sustainable over the long term.Looking Ahead: Validating GrowthBeginning in 2026, we will enter a clearer phase focused on growth validation. Our priorities include expanding our overseas client base, driving growth in overseas asset allocation, and optimizing the revenue mix of our asset management business, Olive.Long-Term Commitment and Shareholder ReturnsNoah remains committed to long-termism. As of the end of 2025, the Company held approximately RMB 5.0 billion in cash and short-term investments. Our solid balance sheet supports continued investment in globalization and AI, while providing a strong foundation for shareholder returns.For the 2025 fiscal year, the Board has proposed a total dividend distribution of RMB 612 million, equivalent to 100% of our 2025 Non-GAAP net income. This marks the third consecutive year of a 100% payout ratio. We believe that as our transformation solidifies, Noah will achieve even more resilient and sustainable profitability for our shareholders.Sincerely,Jingbo Wang Chairlady of the Board



<img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=CN46593&amp;sd=2026-04-29"></img> View original content:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.html" target="_blank">https://www.prnewswire.com/news-releases/letter-from-the-chairlady-to-shareholders-noah-holdings-fiscal-year-2025-302757238.html</a>SOURCE Noah Holdings Limited

Noah Holdings is experiencing significant growth, with overseas revenues nearing 50% of total revenue for 2025. The company's commitment to AI in wealth management has yielded positive outcomes, and they have proposed a substantial dividend, reflecting strong cash reserves and steady profitability. This positions NOAH favorably for future growth and shareholder returns.

Letter from the Chairlady to Shareholders: Noah Holdings Fiscal Year 2025

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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