NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025

, /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2025. Starting from the fourth quarter of 2024, the Company has adopted a refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this reporting structure better reflects its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information of the corresponding periods in 2024 has been recast to conform to the new structure, and additional business information is provided for comparison purposes. SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS Net revenues for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increased distribution of overseas private secondary products and domestic private secondary products. Net revenues increased by 2.4% from the first quarter of 2025, primarily due to an increase in revenue contributed by distribution of investment products. Net revenues from overseas for the second quarter of 2025 were RMB296.7 million (US$41.4 million), compared with RMB278.6 million for the corresponding period in 2024, primarily due to an increase in net revenues from overseas investment products. Net revenues decreased by 2.5% from the first quarter of 2025, primarily due to a decrease in one-time commissions generated from distribution of overseas insurance products. Income from operations for the second quarter of 2025 was RMB161.0 million (US$22.5 million), a 20.2% increase from the corresponding period in 2024, primarily due to a 2.2% increase in net revenues and a decrease in one-off expense Gopher paid to one of its funds as general partner. Net income attributable to Noah shareholders for the second quarter of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024, primarily due to a 2.2% increase in net revenues and an increase in the fair value of the funds that Gopher manages and co-invested in. Non-GAAP[1] net income attributable to Noah shareholders for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024. SECOND QUARTER 2025 OPERATIONAL UPDATES Wealth Management Business Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies. Total number of registered clients as of June 30, 2025 was 464,631, a 1.2% increase from June 30, 2024, and a 0.3% increase from March 31, 2025. Among such clients, the number of overseas registered clients as of June 30, 2025 was 18,967, a 13.0% increase from June 30, 2024 and a 4.2% increase from March 31, 2025. Total number of active clients[2] who transacted with us during the second quarter of 2025 was 9,160, a 6.1% increase from the second quarter of 2024, and a 3.8% increase from the first quarter of 2025. Among such clients, the number of overseas active clients who transacted with us during the second quarter of 2025 was 3,650, a 12.5% increase from the second quarter of 2024, and a 7.9% increase from the first quarter of 2025. Aggregate value of investment products distributed during the second quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 17.7% increase from the second quarter of 2024, mainly due to a 44.4% increase in distribution of private secondary products. Among such products distributed, Noah distributed RMB8.3 billion (US$1.2 billion) of overseas investment products, a 5.1% increase from the second quarter of 2024, mainly due to a 10.3% increase in distribution of private secondary products. The aggregate value of investment products distributed, categorized by product type, is as follows: Three months ended June 30, 2024 2025 (RMB in billions, except percentages) Mutual fund products 8.5 59.0 % 9.2 54.1 % Private secondary products 4.1 28.7 % 6.0 35.3 % Private equity products 1.1 7.7 % 1.0 5.9 % Other products[3] 0.7 4.6 % 0.8 4.7 % All products 14.4 100.0 % 17.0 100.0 % The aggregate value of investment products distributed, categorized by geography, is as follows： Type of products in Mainland China Three months ended June 30, 2024 2025 (RMB in billions, except percentages) Mutual fund products 5.0 77.1 % 5.7 65.5 % Private secondary products 1.2 18.9 % 2.8 32.2 % Other products 0.3 4.0 % 0.2 2.3 % All products in Mainland China 6.5 100.0 % 8.7 100.0 % Type of overseas products Three months ended June 30, 2024 2025 (RMB in billions, except percentages) Mutual fund products 3.5 44.2 % 3.5 42.2 % Private secondary products 2.9 36.7 % 3.2 38.6 % Private equity products 1.1 13.9 % 1.0 12.0 % Other products 0.4 5.2 % 0.6 7.2 % All Overseas products 7.9 100.0 % 8.3 100.0 % Coverage network in mainland China included 12 cities as of June 30, 2025, compared with 15 cities as of June 30, 2024 and 11 cities as of March 31, 2025, primarily due to the continued streamlining of the Company's domestic coverage network. Aggregate number of overseas relationship managers was 152 as of June 30, 2025, a 34.5% increase from June 30, 2024, and a 16.0% increase from March 31, 2025. Asset Management Business Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management" or "Gopher"), a leading multi-asset manager in mainland China, and Olive Asset Management Co., Ltd. ("Olive Asset Management" or "Olive"), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Japan and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies. Total assets under management as of June 30, 2025 remained relatively stable at RMB145.1 billion (US$20.3 billion), compared with RMB154.0 billion as of June 30, 2024 and RMB149.3 billion as of March 31, 2025. Mainland China assets under management as of June 30, 2025 were RMB103.7 billion (US$14.5 billion), compared with RMB114.9 billion as of June 30, 2024 and RMB106.6 billion as of March 31, 2025. Overseas assets under management as of June 30, 2025 were RMB41.4 billion (US$5.8 billion), compared with RMB39.1 billion as of June 30, 2024 and RMB42.7 billion as of March 31, 2025. Total assets under management, categorized by investment type, are as follows: Investment type As of March 31, 2025 Growth Allocation/ Redemption[4] As ofJune 30, 2025 (RMB billions, except percentages) Private equity 130.4 87.4 % 0.2 1.3 129.3 89.1 % Public securities[5] 9.4 6.3 % 1.6 1.7 9.3 6.4 % Real estate 5.1 3.4 % - 0.5 4.6 3.2 % Multi-strategies 3.9 2.6 % - 2.0 1.9 1.3 % Others 0.5 0.3 % - 0.5 - - All Investments 149.3 100.0 % 1.8 6.0 145.1 100.0 % Total assets under management, categorized by geography, are as follows: Mainland ChinaInvestment type As of March 31, 2025 Growth Allocation/ Redemption As ofJune 30, 2025 (RMB billions, except percentages) Private equity 97.3 91.2 % - 0.8 96.5 93.1 % Public securities 5.3 5.0 % 0.2 0.4 5.1 4.9 % Real estate 1.2 1.1 % - 0.5 0.7 0.7 % Multi-strategies 2.3 2.2 % - 0.9 1.4 1.3 % Others 0.5 0.5 % - 0.5 - - All Investments 106.6 100.0 % 0.2 3.1 103.7 100.0 % Overseas Investment type As of March 31, 2025 Growth Allocation/ Redemption As ofJune 30, 2025 (RMB billions, except percentages) Private equity 33.1 77.5 % 0.2 0.5 32.8 79.3 % Public securities 4.1 9.6 % 1.4 1.3 4.2 10.1 % Real estate 3.9 9.1 % - - 3.9 9.4 % Multi-strategies 1.6 3.8 % - 1.1 0.5 1.2 % All Investments 42.7 100.0 % 1.6 2.9 41.4 100.0 % Other Businesses Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Ms. Jingbo Wang, Co-founder and Chairwoman of Noah Holdings, commented, "We are pleased to report that Noah has made steady progress in navigating through a challenging period in the wealth management industry. This quarter, we have seen a recovery in both profitability and revenue, reflecting the positive impact of our strategic initiatives. Our operational income saw a solid 20.2% year-on-year growth, while non-GAAP net profit surged by an impressive 78.2% year-on-year, contributed by strong growth in the distribution of investment products and an uptick in management fees. Additionally, our international revenue continues to grow, now representing nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy. As we continue to work toward strengthening our position in the market, we recognize that the broader economic environment presents uncertainties, and we remain vigilant in managing these challenges. Our focus remains on executing our strategy to drive long-term, sustainable growth while maintaining prudent oversight of market conditions to deliver steady returns for our shareholders." SECOND QUARTER 2025 FINANCIAL RESULTS Net Revenues Net revenues for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increase in distribution of overseas private secondary products and domestic private secondary products. Net Revenues under the segmentation adopted in Q4 2024 is as follows: (RMB millions, except percentages) Q2 2024 Q2 2025 YoY Change Domestic public securities[6] 116.8 131.8 12.8 % Domestic asset management[7] 198.1 177.1 (10.6 %) Domestic insurance[8] 11.7 7.2 (38.7 %) Overseas wealth management[9] 150.6 129.4 (14.1 %) Overseas asset management[10] 97.1 108.3 11.5 % Overseas insurance and comprehensiveservices[11] 30.9 59.0 90.9 % Headquarters 10.6 16.7 57.3 % Total net revenues 615.8 629.5 2.2 % Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the second quarter of 2025 were RMB131.8 million (US$18.4 million), a 12.8% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from distribution of private secondary products. Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025 were RMB177.1 million (US$24.7 million), a 10.6% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees and performance-based income generated from private equity products. Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the second quarter of 2025 were RMB7.2 million (US$1.0 million), a 38.7% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products. Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the second quarter of 2025 were RMB129.4 million (US$18.1 million), a 14.1% decrease from the corresponding period in 2024, mainly due to a decrease in allocated commission gained from distribution of overseas insurance products. Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the second quarter of 2025 were RMB108.3 million (US$15.1 million), a 11.5% increase from the corresponding period in 2024, due to an increase in net revenues contributed by private equity investment products managed by Olive. Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the second quarter of 2025 were RMB59.0 million (US$8.2 million), a 90.9% increase from the corresponding period in 2024, mainly due to an increase in allocated commission gained from distribution of overseas insurance products by commission-only brokers. Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the second quarter of 2025 were RMB16.7 million (US$2.3 million), compared with RMB10.6 million for the corresponding period in 2024, primarily due to an increase in the value-added services Noah offers to its high-net-worth clients. Operating Costs and Expenses Operating costs and expenses for the second quarter of 2025 were RMB468.5 million (US$65.4 million), a 2.8% decrease from the corresponding period in 2024. Operating costs and expenses for the second quarter of 2025 primarily consisted of (i) compensation and benefits of RMB299.3 million (US$41.8 million); (ii) selling expenses of RMB62.3 million (US$8.7 million); (iii) general and administrative expenses of RMB71.2 million (US$9.9 million); (iv) provision for credit losses of RMB41.2 million (US$5.8 million); (v) other operating expenses of RMB8.6 million (US$1.2 million); and (vi) income gained from government subsidies of RMB14.1 million (US$2.0 million). Operating costs and expenses for Domestic public securities for the second quarter of 2025 were RMB23.9 million (US$3.3 million), a 57.4% decrease from the corresponding period in 2024, primarily due to a decrease in relationship manager compensation and an increase in government subsidies. Operating costs and expenses for Domestic asset management for the second quarter of 2025 were RMB22.0 million (US$3.1 million), a 72.4% decrease from the corresponding period in 2024, primarily due to a decrease in one-off expense Gopher paid to one of its funds as general partner. Operating costs and expenses for Domestic insurance for the second quarter of 2025 were RMB14.8 million (US$2.1 million), a 60.3% decrease from the corresponding period in 2024, primarily due to a decrease in our domestic insurance business activities. Operating costs and expenses for Overseas wealth management for the second quarter of 2025 were RMB101.6 million (US$14.2 million), a 10.5% decrease from the corresponding period in 2024, primarily due to a decrease in other compensations. Operating costs and expenses for Overseas asset management for the second quarter of 2025 were RMB35.7 million (US$5.0 million), a 55.6% increase from the corresponding period in 2024, primarily due to the increase in relationship manager compensation. Operating costs and expenses for Overseas insurance and comprehensive services for the second quarter of 2025 were RMB29.3 million (US$4.1 million), a 42.4% increase from the corresponding period in 2024, primarily driven by higher costs relating to overseas insurance business. Operating costs and expenses for Headquarters for the second quarter of 2025 were RMB241.2 million (US$33.7 million), a 58.9% increase from the corresponding period in 2024, primarily due an increase in provision for credit losses related to the suspended lending business. Income(loss) from operations Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows: (RMB millions, except percentages) Q2 2024 Q2 2025 YoY Change Domestic public securities 60.7 107.8 77.8 % Domestic asset management 118.4 155.1 31.0 % Domestic insurance (25.6) (7.6) (70.2 %) Overseas wealth management 37.1 27.8 (25.1 %) Overseas asset management 74.2 72.6 (2.1 %) Overseas insurance andcomprehensive services 10.4 29.8 186.8 % Headquarters (141.2) (224.5) 59.1 % Total income from operations 134.0 161.0 20.2 % Income from operations for Domestic public securities for the second quarter of 2025 was RMB107.8 million (US$15.1 million), a 77.8% increase from the corresponding period in 2024. Income from operations for Domestic asset management for the second quarter of 2025 was RMB155.1 million (US$21.7 million), a 31.0% increase from the corresponding period in 2024. Loss from operations for Domestic insurance for the second quarter of 2025 was RMB7.6 million (US$1.1 million), a 70.2% decrease from the corresponding period in 2024. Income from operations for Overseas wealth management for the second quarter of 2025 was RMB27.8 million (US$3.9 million), a 25.1% decrease from the corresponding period in 2024. Income from operations for Overseas asset management for the second quarter of 2025 was RMB72.6 million (US$10.1 million), a 2.1% decrease from the corresponding period in 2024. Income from operations for Overseas insurance and comprehensive services for the second quarter of 2025 RMB29.8 million (US$4.2 million), a 186.8% increase from the corresponding period in 2024. Loss from operations for Headquarters for the second quarter of 2025 was RMB224.5 million (US$31.3 million), a 59.1% increase from the corresponding period in 2024. Operating Margin Operating margin for the second quarter of 2025 was 25.6%, compared with 21.8% for the corresponding period in 2024. Interest Income Interest income for the second quarter of 2025 was RMB33.5 million (US$4.7 million), a 21.3% decrease from the corresponding period in 2024. Investment Loss/Income Investment loss for the second quarter of 2025 was RMB13.9 million (US$1.9 million), compared with investment income of RMB10.4 million in the corresponding period in 2024, primarily due to unrealized loss from fair value changes on equity investments. Income Tax Expense Income tax expense for the second quarter of 2025 were RMB63.7 million (US$8.9 million), a 58.2% increase from the corresponding period in 2024, primarily due to increases in effective tax rate relating to dividend withholding tax in mainland China. Net Income Net Income Net income for the second quarter of 2025 was RMB178.5 million (US$24.9 million), a 72.2% increase from the corresponding period in 2024. Net margin for the second quarter of 2025 was 28.4%, compared with 16.8% for the corresponding period in 2024. Net income attributable to Noah shareholders for the second quarter of 2025 was RMB178.6 million (US$24.9 million), a 79.0% increase from the corresponding period in 2024. Net margin attributable to Noah shareholders for the second quarter of 2025 was 28.4%, compared with 16.2% for the corresponding period in 2024. Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2025 was RMB2.56 (US$0.36) and RMB2.54 (US$0.35), compared with RMB1.42 and RMB1.42 for the corresponding period in 2024, respectively. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the second quarter of 2025 was RMB189.0 million (US$26.4 million), a 78.2% increase from the corresponding period in 2024. Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2025 was 30.0%, compared with 17.2% for the corresponding period in 2024. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2025 was RMB2.69 (US$0.38), compared with RMB1.51 for the corresponding period in 2024. Balance Sheet and Cash Flow As of June 30, 2025, the Company had RMB3,821.8 million (US$533.5 million) in cash and cash equivalents, compared with RMB4,075.4 million as of March 31, 2025 and RMB4,604.9 million as of June 30, 2024, respectively. Net cash inflow from the Company's operating activities during the second quarter of 2025 was RMB27.6 million (US$3.8 million), compared with net cash inflow of RMB49.7 million in the corresponding period in 2024, mainly due to a decrease in redemption of trading debt securities in the second quarter of 2025. Net cash outflow from the Company's investing activities during the second quarter of 2025 was RMB171.7 million (US$24.0 million), compared with net cash outflow of RMB548.2 million in the corresponding period in 2024, primarily due to a decrease in purchase of held-to-maturity investments in the second quarter of 2025. Net cash outflow to the Company's financing activities was RMB71.5 million (US$10.0 million) in the second quarter of 2025, compared with net cash outflow of RMB44.6 million in the corresponding period in 2024, primarily due to share repurchases in the second quarter of 2025. CONFERENCE CALL Senior management will host a combined English and Chinese language conference call to discuss the Company's second quarter of 2025 unaudited financial results and recent business activities. The conference call will be accessed via Zoom webinar with the following details: Dial-in details: Conference title: Noah Second Quarter and Half Year 2025 Earnings Conference Call Date/Time: Wednesday, August 27, 2025, at 8:00 p.m., U.S. Eastern TimeThursday, August 28, 2025, at 8:00 a.m., Hong Kong Time Dial in: – Hong Kong Toll Free: 800-963976 – United States Toll Free: 1-888-317-6003 – Mainland China Toll Free: 4001-206115 – International Toll: 1-412-317-6061 Participant Password: 6509383 A telephone replay will be available starting approximately one hour after the end of the conference until September 3, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8450356. A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" section at http://ir.noahgroup.com. DISCUSSION ON NON-GAAP MEASURES In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management. ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In the first half of 2025, Noah distributed RMB33.1 billion (US$4.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion (US$20.3 billion) as of June 30, 2025. Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 464,631 registered clients as of June 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategies and other investments denominated in RMB and other currencies. The Company also operates other businesses. For more information, please visit Noah at ir.noahgroup.com. FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the second quarter of 2025 ended June 30, 2025 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.1636 to US$1.00, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. -- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- Noah Holdings Limited Condensed Consolidated Balance Sheets (unaudited) As of March 31, June 30, June 30, 2025 2025 2025 RMB'000 RMB'000 USD'000 Assets Current assets: Cash and cash equivalents 4,075,358 3,821,846 533,509 Restricted cash 8,435 10,617 1,482 Short-term investments 1,316,190 1,602,362 223,681 Accounts receivable, net 406,167 403,226 56,288 Amounts due from related parties 536,316 591,977 82,637 Loans receivable, net 158,990 122,658 17,122 Other current assets 217,566 223,676 31,222 Total current assets 6,719,022 6,776,362 945,941 Long-term investments, net 888,987 712,155 99,413 Investment in affiliates 1,328,980 1,363,061 190,276 Property and equipment, net 2,368,830 2,346,487 327,557 Operating lease right-of-use assets, net 113,827 109,688 15,312 Deferred tax assets 317,107 317,124 44,269 Other non-current assets 136,959 120,005 16,752 Total Assets 11,873,712 11,744,882 1,639,520 Liabilities and Equity Current liabilities: Accrued payroll and welfare expenses 422,444 324,621 45,315 Income tax payable 75,108 55,491 7,746 Deferred revenues 72,415 62,097 8,668 Dividend payable - 550,000 76,777 Contingent liabilities 473,328 467,255 65,226 Other current liabilities 353,214 302,049 42,164 Total current liabilities 1,396,509 1,761,513 245,896 Deferred tax liabilities 244,205 242,254 33,817 Operating lease liabilities, non-current 64,066 69,597 9,715 Other non-current liabilities 14,003 9,755 1,362 Total Liabilities 1,718,783 2,083,119 290,790 Equity 10,154,929 9,661,763 1,348,730 Total Liabilities and Equity 11,873,712 11,744,882 1,639,520 Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for ADS data, per ADS data and percentages) (unaudited) Three months ended June 30, June 30, June 30, Change 2024 2025 2025 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 127,894 154,467 21,563 20.8 % Recurring service fees 151,469 162,047 22,621 7.0 % Performance-based income 4,515 13,892 1,939 207.7 % Other service fees 49,950 48,736 6,803 (2.4 %) Total revenues from others 333,828 379,142 52,926 13.6 % Revenues from funds Gopher/Olivemanages: One-time commissions 9,129 1,431 200 (84.3 %) Recurring service fees 254,205 244,753 34,166 (3.7 %) Performance-based income 23,413 9,301 1,298 (60.3 %) Total revenues from funds Gopher/Olive manages 286,747 255,485 35,664 (10.9 %) Total revenues 620,575 634,627 88,590 2.3 % Less: VAT related surcharges (4,721) (5,126) (716) 8.6 % Net revenues 615,854 629,501 87,874 2.2 % Operating costs and expenses: Compensation and benefits Relationship managercompensation (131,505) (123,716) (17,270) (5.9 %) Other compensations (165,505) (175,551) (24,507) 6.1 % Total compensation and benefits (297,010) (299,267) (41,777) 0.8 % Selling expenses (61,890) (62,311) (8,698) 0.7 % General and administrative expenses (79,902) (71,196) (9,939) (10.9 %) Reversal of (provision for) credit losses 331 (41,228) (5,755) .N.A Other operating expenses (46,007) (8,576) (1,197) (81.4 %) Government subsidies 2,639 14,103 1,969 434.4 % Total operating costs and expenses (481,839) (468,475) (65,397) (2.8 %) Income from operations 134,015 161,026 22,477 20.2 % Other income: Interest income 42,587 33,505 4,677 (21.3 %) Investment income (loss) 10,400 (13,938) (1,946) .N.A Reversal of settlement expenses 11,476 - - - Other (expenses) income (2,828) 14,391 2,009 .N.A Total other income 61,635 33,958 4,740 (44.9 %) Income before taxes and income from equity in affiliates 195,650 194,984 27,217 (0.3 %) Income tax expense (40,257) (63,690) (8,891) 58.2 % (Loss) income from equity in affiliates (51,700) 47,243 6,595 .N.A Net income 103,693 178,537 24,921 72.2 % Less: net income (loss) attributable to non-controlling interests 3,906 (39) (5) .N.A Net income attributable to Noah shareholders 99,787 178,576 24,926 79.0 % Income per ADS, basic 1.42 2.56 0.36 80.3 % Income per ADS, diluted 1.42 2.54 0.35 78.9 % Margin analysis: Operating margin 21.8 % 25.6 % 25.6 % Net margin 16.8 % 28.4 % 28.4 % Weighted average ADS equivalent [1]: Basic 70,229,503 69,778,574 69,778,574 Diluted 70,429,388 70,174,751 70,174,751 ADS equivalent outstanding at end of period 65,806,082 65,830,895 65,830,895 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADS. Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for USD data, per ADS data and percentages) (unaudited) Six months ended June 30, June 30, June 30, Change 2024 2025 2025 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 313,149 309,458 43,199 (1.2 %) Recurring service fees 306,634 313,643 43,783 2.3 % Performance-based income 10,043 27,878 3,892 177.6 % Other service fees 84,910 85,599 11,949 0.8 % Total revenues from others 714,736 736,578 102,823 3.1 % Revenues from funds Gopher/ Olive manages: One-time commissions 10,956 5,181 723 (52.7 %) Recurring service fees 516,894 489,133 68,280 (5.4 %) Performance-based income 32,257 23,830 3,327 (26.1 %) Total revenues from funds Gopher/Olive manages 560,107 518,144 72,330 (7.5 %) Total revenues 1,274,843 1,254,722 175,153 (1.6 %) Less: VAT related surcharges (9,454) (10,627) (1,483) 12.4 % Net revenues 1,265,389 1,244,095 173,670 (1.7 %) Operating costs and expenses: Compensation and benefits Relationship managerscompensation (275,800) (246,284) (34,380) (10.7 %) Other compensations (409,995) (356,878) (49,818) (13.0 %) Total compensation and benefits (685,795) (603,162) (84,198) (12.0 %) Selling expenses (124,222) (113,383) (15,828) (8.7 %) General and administrative expenses (151,018) (135,637) (18,934) (10.2 %) Reversal of (provision for) credit losses 428 (44,038) (6,147) .N.A Other operating expenses (63,153) (24,275) (3,389) (61.6 %) Government subsidies 13,872 23,434 3,271 68.9 % Total operating costs and expenses (1,009,888) (897,061) (125,225) (11.2 %) Income from operations 255,501 347,034 48,445 35.8 % Other income: Interest income 88,772 66,306 9,256 (25.3 %) Investment income (loss) 15,585 (7,668) (1,070) .N.A Reversal of settlementexpenses 11,476 - - .N.A Other income 1,107 11,310 1,579 921.7 % Total other income 116,940 69,948 9,765 (40.2 %) Income before taxes and income from equity in affiliates 372,441 416,982 58,210 12.0 % Income tax expense (82,943) (124,295) (17,351) 49.9 % (Loss) income from equity inaffiliates (53,942) 35,669 4,979 N.A. Net income 235,556 328,356 45,838 39.4 % Less: net income attributable to non-controlling interests 4,278 816 114 (80.9 %) Net income attributable to Noah shareholders 231,278 327,540 45,724 41.6 % Income per ADS, basic 3.30 4.69 0.65 42.1 % Income per ADS, diluted 3.30 4.65 0.65 40.9 % Margin analysis: Operating margin 20.2 % 27.9 % 27.9 % Net margin 18.6 % 26.4 % 26.4 % Weighted average ADS equivalent[1]: Basic 70,036,724 69,856,207 69,856,207 Diluted 70,163,305 70,387,492 70,387,492 ADS equivalent outstanding at end of period 65,806,082 65,830,895 65,830,895 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs. Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Three months ended June 30, 2024 June 30,2025 June 30, 2025 Change RMB'000 RMB'000 USD'000 Net income 103,693 178,537 24,921 72.2 % Other comprehensive income, net of tax: Foreign currency translation adjustments 29,283 (64,764) (9,041) N.A. Fair value fluctuation of available-for-saleinvestment - 236 33 N.A. Comprehensive income 132,976 114,009 15,913 (14.3 %) Less: Comprehensive gain (loss) attributable to non-controlling interests 3,510 (401) (56) N.A. Comprehensive income attributable to Noah shareholders 129,466 114,410 15,969 (11.6 %) Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Six months ended June 30, 2024 June 30,2025 June 30,2025 Change RMB'000 RMB'000 USD'000 Net income 235,556 328,356 45,838 39.4 % Other comprehensive income, net of tax: Foreign currency translation adjustments 82,683 (87,598) (12,228) N.A. Fair value fluctuation of available-for-saleinvestment - 469 65 N.A. Comprehensive income 318,239 241,227 33,675 (24.2 %) Less: Comprehensive gain attributable to non- controlling interests 3,018 509 71 (83.1 %) Comprehensive income attributable to Noah shareholders 315,221 240,718 33,604 (23.6 %) Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended June 30, 2025 Domesticpublicsecurities Domesticassetmanagement Domesticinsurance Overseaswealthmanagement Overseasassetmanagement Overseasinsuranceandcomprehensiveservices Headquarters Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 16,884 125 7,199 70,715 8,662 50,882 - 154,467 Recurring service fees 85,443 43,427 - 9,954 23,223 - - 162,047 Performance-based income 13,889 - - - 3 - - 13,892 Other service fees - - - 19,088 - 8,180 21,468 48,736 Total revenues from others 116,216 43,552 7,199 99,757 31,888 59,062 21,468 379,142 Revenues from fundsGopher/Olive manages One-time commissions 1,243 188 - - - - - 1,431 Recurring service fees 13,886 132,139 - 29,618 69,110 - - 244,753 Performance-based income 722 1,308 - - 7,271 - - 9,301 Total revenues from funds Gopher/Olive manages 15,851 133,635 - 29,618 76,381 - - 255,485 Total revenues 132,067 177,187 7,199 129,375 108,269 59,062 21,468 634,627 Less: VAT related surcharges (281) (30) (35) - - - (4,780) (5,126) Net revenues 131,786 177,157 7,164 129,375 108,269 59,062 16,688 629,501 Operating costs and expenses: Compensation and benefits Relationship managers compensation (26,417) (10,746) (3,914) (62,873) (13,763) (6,003) - (123,716) Other compensations (6,671) (16,209) (7,722) (20,830) (12,476) (12,540) (99,103) (175,551) Total compensation andbenefits (33,088) (26,955) (11,636) (83,703) (26,239) (18,543) (99,103) (299,267) Selling expenses (2,200) (1,807) (782) (15,888) (8,698) (2,713) (30,223) (62,311) General and administrative expenses (53) (1,735) (2,358) (2,010) (731) (1,576) (62,733) (71,196) Reversal of (provision for) credit losses 119 77 - - - 1,710 (43,134) (41,228) Other operating expenses (income) (632) 8,067 - - - (8,174) (7,837) (8,576) Government subsidies 11,931 327 - - 11 22 1,812 14,103 Total operating costs and expenses (23,923) (22,026) (14,776) (101,601) (35,657) (29,274) (241,218) (468,475) Income (loss) fromoperations 107,863 155,131 (7,612) 27,774 72,612 29,788 (224,530) 161,026 Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended June 30, 2024 Domesticpublicsecurities Domesticassetmanagement Domesticinsurance Overseaswealthmanagement Overseasassetmanagement Overseasinsuranceandcomprehensiveservices Headquarters Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 3,059 563 11,753 88,822 3,581 20,116 - 127,894 Recurring service fees 94,169 42,015 - 4,477 10,446 - 362 151,469 Performance-based income 980 - - - 3,535 - - 4,515 Other service fees 0 - - 25,240 - 10,824 13,886 49,950 Total revenues from others 98,208 42,578 11,753 118,539 17,562 30,940 14,248 333,828 Revenues from fundsGopher/Olive manages One-time commissions 5,115 - - 2,810 1,204 - - 9,129 Recurring service fees 14,372 142,442 - 29,217 68,174 - - 254,205 Performance-based income 45 13,188 - - 10,180 - - 23,413 Total revenues from funds Gopher/Olive manages 19,532 155,630 - 32,027 79,558 - - 286,747 Total revenues 117,740 198,208 11,753 150,566 97,120 30,940 14,248 620,575 Less: VAT related surcharges (866) (155) (63) - - - (3,637) (4,721) Net revenues 116,874 198,053 11,690 150,566 97,120 30,940 10,611 615,854 Operating costs and expenses: Compensation and benefits Relationship managers compensation (40,846) (22,071) (19,862) (44,751) (1,504) (2,471) - (131,505) Other compensations (13,650) (23,500) (11,706) (44,350) (14,826) (11,486) (45,987) (165,505) Total compensation andbenefits (54,496) (45,571) (31,568) (89,101) (16,330) (13,957) (45,987) (297,010) Selling expenses (2,504) (1,704) (1,662) (19,647) (6,383) (2,742) (27,248) (61,890) General and administrative expenses (460) (1,063) (4,033) (4,722) (203) (1,080) (68,341) (79,902) Provision for (reversal of) credit losses (88) (9,359) - - - 285 9,493 331 Other operating expenses (228) (22,323) - - - (3,061) (20,395) (46,007) Government subsidies 1,584 343 2 - - - 710 2,639 Total operating costs and expenses (56,192) (79,677) (37,261) (113,470) (22,916) (20,555) (151,768) (481,839) Income (loss) fromoperations 60,682 118,376 (25,571) 37,096 74,204 10,385 (141,157) 134,015 Noah Holdings Limited Additional Business Information (unaudited) Three months ended June 30, 2025 Wealth ManagementBusiness Asset ManagementBusiness Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others: One-time commissions 154,467 - - 154,467 Recurring service fees 162,047 - - 162,047 Performance-based income 13,892 - - 13,892 Other service fees 30,891 - 17,845 48,736 Total revenues from others 361,297 - 17,845 379,142 Revenues from fundsGopher/Olive manages: One-time commissions 662 769 - 1,431 Recurring service fees 70,607 174,146 - 244,753 Performance-based income - 9,301 - 9,301 Total revenues from funds Gopher/Olive manages 71,269 184,216 - 255,485 Total revenues 432,566 184,216 17,845 634,627 Less: VAT related surcharges (1,308) (30) (3,788) (5,126) Net revenues 431,258 184,186 14,057 629,501 Operating costs and expenses: Compensation and benefits Relationship manager compensation (121,392) (2,324) - (123,716) Other compensations (119,549) (50,521) (5,481) (175,551) Total compensation and benefits (240,941) (52,845) (5,481) (299,267) Selling expenses (42,746) (14,150) (5,415) (62,311) General and administrative expenses (46,109) (16,685) (8,402) (71,196) Provision for (reversal of) creditlosses (5,089) 546 (36,685) (41,228) Other operatingexpenses(income) (10,297) 8,067 (6,346) (8,576) Government subsidies 13,746 345 12 14,103 Total operating costs and expenses (331,436) (74,722) (62,317) (468,475) Income (loss) from operations 99,822 109,464 (48,260) 161,026 Noah Holdings Limited Additional Business Information (unaudited) Three months ended June 30, 2024 Wealth ManagementBusiness Asset ManagementBusiness Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others: One-time commissions 127,894 - - 127,894 Recurring service fees 151,469 - - 151,469 Performance-based income 4,515 - - 4,515 Other service fees 39,382 - 10,568 49,950 Total revenues from others 323,260 - 10,568 333,828 Revenues from funds Gopher/Olivemanages: One-time commissions 9,119 10 - 9,129 Recurring service fees 85,165 169,040 - 254,205 Performance-based income - 23,413 - 23,413 Total revenues from funds Gopher/Olive manages 94,284 192,463 - 286,747 Total revenues 417,544 192,463 10,568 620,575 Less: VAT related surcharges (1,918) (162) (2,641) (4,721) Net revenues 415,626 192,301 7,927 615,854 Operating costs and expenses: Compensation and benefits Relationship manager compensation (124,857) (6,648) - (131,505) Other compensations (114,162) (48,285) (3,058) (165,505) Total compensation and benefits (239,019) (54,933) (3,058) (297,010) Selling expenses (43,303) (12,411) (6,176) (61,890) General and administrative expenses (53,575) (16,356) (9,971) (79,902) Reversal of credit losses 60 78 193 331 Other operating expenses (16,517) (22,487) (7,003) (46,007) Government subsidies 2,221 343 75 2,639 Total operating costs andexpenses (350,133) (105,766) (25,940) (481,839) Income (loss) from operations 65,493 86,535 (18,013) 134,015 Noah Holdings Limited Supplement Revenue Information by Geography (unaudited) Three months ended June 30, 2024 June 30, 2025 Change (in thousands of RMB, except percentages) Revenues: Mainland China 341,949 337,921 (1.2 %) Hong Kong 208,707 231,608 11.0 % Others 69,919 65,098 (6.9 %) Total revenues 620,575 634,627 2.3 % Noah Holdings Limited Supplement Revenue Information by Product Types (unaudited) Three months ended June 30, 2024 June 30, 2025 Change (in thousands of RMB, except percentages) Mainland China: Public securities products [1] 117,740 132,068 12.2 % Private equity products 198,208 176,876 (10.8 %) Insurance products 11,753 7,199 (38.7 %) Others 14,248 21,778 52.8 % Subtotal 341,949 337,921 (1.2 %) Overseas: Investment products [2] 136,519 160,393 17.5 % Insurance products 100,582 101,387 0.8 % Online business [3] 7,246 10,459 44.3 % Others 34,279 24,467 (28.6 %) Subtotal 278,626 296,706 6.5 % Total revenues 620,575 634,627 2.3 % [1] Includes mutual funds and private secondary products. [2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. [3] Includes money market mutual fund products, securities brokerage business. Noah Holdings Limited Supplemental Information (unaudited) As of June 30, 2024 June 30, 2025 Change Number of registered clients 459,072 464,631 1.2 % Three months ended June 30, 2024 June 30, 2025 Change (in millions of RMB, except number of active clients andpercentages) Number of active clients 8,634 9,160 6.1 % Transaction value: Private equity products 1,103 1,000 (9.3 %) Private secondary products 4,137 5,975 44.4 % Mutual fund products 8,501 9,264 9.0 % Other products 676 736 8.9 % Total transaction value 14,417 16,975 17.7 % Noah Holdings Limited Supplement Information of Overseas Business (unaudited) Three months ended June 30, 2024 June 30, 2025 Change Net Revenues from Overseas (RMB, million) 278.6 296.7 6.5 % Number of Overseas Registered Clients 16,786 18,967 13.0 % Number of Overseas Active Clients 3,244 3,650 12.5 % Transaction Value of Overseas Investment Products (RMB, billion) 7.9 8.3 5.1 % Number of Overseas Relationship Managers 113 152 34.5 % Overseas Assets Under Management (RMB, billion) 39.1 41.4 5.9 % Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) [12] Three months ended June 30, June 30, Change 2024 2025 RMB'000 RMB'000 Net income attributable to Noah shareholders 99,787 178,576 79.0 % Adjustment for share-based compensation 21,880 13,008 (40.5 %) Add: settlement reversal (11,476) - N.A Less: Tax effect of adjustments 4,139 2,602 (37.1 %) Adjusted net income attributable to Noah shareholders (non-GAAP) 106,052 188,982 78.2 % Net margin attributable to Noah shareholders 16.2 % 28.4 % Non-GAAP net margin attributable to Noah shareholders 17.2 % 30.0 % Net income attributable to Noah shareholders per ADS, diluted 1.42 2.54 78.9 % Non-GAAP net income attributable to Noah shareholders per ADS, diluted 1.51 2.69 78.1 % Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) 【12】 Six months ended June 30, June 30, Change 2024 2025 RMB'000 RMB'000 Net income attributable to Noah shareholders 231,278 327,540 41.6 % Adjustment for share-based compensation 58,479 37,788 (35.4 %) Add: settlement reversal (11,476) - N.A Less: Tax effect of adjustments 11,061 7,558 (31.7 %) Adjusted net income attributable to Noah shareholders (non-GAAP) 267,220 357,770 33.9 % Net margin attributable to Noah shareholders 18.3 % 26.3 % Non-GAAP net margin attributable to Noahshareholders 21.1 % 28.8 % Net income attributable to Noah shareholders per ADS, diluted 3.30 4.65 40.9 % Non-GAAP net income attributable to Noah shareholders per ADS, diluted 3.81 5.08 33.3 % [1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. [2] "Active clients" for a given period refers to registered investors who purchased investment products distributed or received services provided by us during that given period. [3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. [4] The asset allocation/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates. [5] The asset allocation/redemption of public securities also includes the impact from market value appreciation or depreciation. [6] Operates under the Noah Upright brand [7] Operates under the Gopher Asset Management brand [8] Operates under the Glory brand [9] Operates under the ARK Wealth Management brand [10] Operates under the Olive Asset Management brand [11] Operates under the Glory Family Heritage brand [12] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any. SOURCE Noah Holdings Limited WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025

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