A wealth and asset management firm that helps wealthy Chinese individuals, families, and businesses invest their money across global markets. It was born in 2005 when founders Jingbo Wang and Zhe Yin led a buyout of the private banking division of Xiangcai Securities in Shanghai, spinning it out as an independent company. The name comes from the biblical Noah's Ark — the firm's motto is "build the boat before the storm" — and in 2010 it became the first independent Chinese wealth manager to list on the New York Stock Exchange.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Noah Holdings' revenue was flat in 2025 as a 26% rise in overseas asset management offset declines in domestic insurance and wealth management.
stabilized after a 23% drop the year before. Total net revenues were flat at RMB2.61 billion and rose 17.5% to RMB558.9 million, as a 26.3% increase in overseas asset management revenue and a 49.9% rise in offset an 8.8% decline in . The business is pivoting overseas, but the domestic core is still shrinking.
Key takeaways
Total net revenues were flat at RMB2.61 billion in 2025, as a 26.3% increase in overseas asset management to RMB553.9 million was offset by declines in domestic insurance and overseas wealth management.
attributable to shareholders rose 17.5% to RMB558.9 million, aided by a 49.9% increase in to RMB155.6 million, primarily from overseas private equity products.
Operating costs and expenses fell 6.8% to RMB1.83 billion, driven by a strict cost-control strategy that reduced employee headcount from 1,990 to 1,778 and lowered relationship manager compensation by 11.4%.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The company reports limited direct market risk, with primary exposures from RMB/USD translation on cash and ADS value, and modest interest-rate sensitivity on deposits.
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The majority of revenues, expenses, and sales contracts are Renminbi-denominated, so the company believes it has no significant direct foreign exchange risk and uses no derivatives to hedge it.
investors face indirect FX risk because the business value is effectively in Renminbi while ADSs trade in U.S. dollars, and RMB/USD rates are influenced by China’s political and economic conditions and foreign exchange policies.
Total decreased 6.5% to RMB141.7 billion, pressured by a net decrease in domestic private equity products, while overseas AUM managed by the Olive brand reached RMB42.4 billion, representing 29.9% of the total.
Wealth management transaction value increased 5.0% to RMB67.0 billion, driven by a 42.9% increase in private secondary product distribution, though still fell 8.8% due to lower insurance sales.
Overseas products contributed 48.7% of total revenues in 2025, up from 47.8% in 2024, as the company continued shifting its business outside mainland China.
What changed
The 41.6% decline in wealth management flagged in 2024 continued, with one-time commissions falling a further 8.8% in 2025, driven by lower domestic insurance sales.
The Q4 2024 200% quarter-over-quarter increase in RMB private secondary fundraising was followed by a 42.9% full-year increase in private secondary product distribution in 2025, indicating sustained client risk appetite in that category.
Overseas contribution rose to 48.7% from 47.8% in 2024, showing the shift toward non-mainland China business continued, though the pace of the shift moderated.
After a 23% workforce reduction in 2024, headcount was cut a further 10.7% to 1,778 in 2025, and operating costs fell another 6.8%, suggesting further cost levers remain available.
The diluted share count flagged in 2023 and 2024 remained elevated, with at $0.18, unchanged from 2024, as the higher share count from the prior year's issuance continued to weigh on per-share metrics.
What to watch
Domestic insurance , to see whether the decline that drove the 2024 drop and continued into 2025 stabilizes or accelerates further.
from overseas private equity products, which rose 49.9% in 2025, to gauge whether this high-margin stream can sustain its contribution as the company pivots overseas.
Total trajectory, down 6.5% to RMB141.7 billion, to track whether the decline in domestic private equity products stabilizes or continues to offset growth in overseas AUM.
Share count and any further activity, after RMB52.3 million in repurchases in 2025, to assess whether the from the 2023 share issuance is being addressed.
As of December 31, 2025, the company held US$366.0 million in U.S. dollar cash and US$257.6 million in Renminbi, Hong Kong dollar, or other non-U.S. dollar cash; converting the USD balance at the period-end rate of 6.9931 would yield approximately RMB2,559.2 million.
RMB appreciation against the USD would reduce the Renminbi amount received when converting overseas offering proceeds, while USD appreciation against the RMB would reduce the U.S. dollar amount available for dividends or other business purposes.
Interest rate risk is limited to interest income on excess cash and debt investments; as of year-end, RMB746.0 million (US$106.7 million) was invested in debt products with a of about 1.59 years, and no derivatives are used in the investment portfolio.
The company does not anticipate material risk from changes in market interest rates but notes that future interest income could fall short of expectations if rates change.
Key risks center on the viability of the VIE structure, evolving PRC regulations, and potential U.S. delisting under the HFCAA.
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The company relies on contractual arrangements with Noah Investment (a VIE) for its mainland China asset management business, which contributed 24% of net revenues in 2025; these arrangements may be deemed illegal or unenforceable by PRC authorities.
PRC regulatory uncertainty is heightened by new overseas listing filing requirements and evolving data security/cybersecurity laws, which could restrict future securities offerings or operations.
The company faces a recurring risk of U.S. delisting if the PCAOB is again unable to inspect its China-based auditor, which would trigger a trading prohibition under the HFCAA after two consecutive years of non-inspection.
U.S. investors hold equity in a Cayman Islands holding company with no direct ownership of the mainland China operating entities, and enforcing U.S. judgments against the company or its officers in China or the Cayman Islands is difficult.
Business risks include dependence on a limited number of product partners for investment product supply, potential client redemptions reducing recurring fees, and misconduct by relationship managers or third-party partners harming reputation.
Noah Holdings is a leading wealth and asset manager for Mandarin-speaking HNW clients, operating through domestic and overseas segments.
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The company operates wealth management (65.5% of net revenues) and asset management (32.9%) businesses, with a small other (1.6%).
Starting Q4 2024, it reports under six segments: domestic public securities, domestic insurance, overseas wealth management, overseas insurance, domestic asset management (Gopher), and overseas asset management (Olive).
It serves primarily Chinese HNW clients with over RMB6 million in investable assets, reporting 18,450 active clients (including mutual fund-only) as of year-end 2025.
Total was RMB141.7 billion, with private equity investments comprising over 90% of Gopher's AUM and over 75% of Olive's AUM, generating recurring service fees.
Overseas products contributed 48.7% of total revenues in 2025, reflecting a strategic expansion beyond its domestic RMB-denominated base.
The company distributes mutual funds, private secondary, private equity, and other products, with mutual funds representing 53.7% of the RMB67.0 billion total transaction value in 2025.
Total revenue was stable at RMB2.6B in FY2025 as cost controls and overseas asset management growth offset domestic insurance and wealth management declines.
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Total net revenues remained flat at RMB2.61 billion in 2025, as a 26.3% surge in overseas asset management to RMB553.9 million was offset by declines in domestic insurance and overseas wealth management.
Operating costs and expenses fell 6.8% to RMB1.83 billion, driven by a strict cost-control strategy that reduced employee headcount from 1,990 to 1,778 and lowered relationship manager compensation by 11.4%.
attributable to shareholders rose 17.5% to RMB558.9 million, aided by a 49.9% jump in to RMB155.6 million, primarily from overseas private equity products.
Total decreased 6.5% to RMB141.7 billion, pressured by a net decrease in domestic private equity products, while overseas AUM managed by Olive reached RMB42.4 billion, representing 29.9% of the total.
Transaction value for the wealth management business increased 5.0% to RMB67.0 billion, driven by a 42.9% surge in private secondary product distribution, though still fell 8.8% due to lower insurance sales.
The company continued to return capital, paying RMB546.8 million in dividends and repurchasing RMB52.3 million of its shares, while ending the year with RMB4.4 billion in cash and cash equivalents.