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.
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.
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
Investment Themes
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 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 6-K | $7.62 | awaiting T+60 | — | $6.87 (−9.84%) |
Sep 15, 2026 6w ago | 6-K | $8.14 | awaiting T+60 | — | $6.87 (−15.60%) |
Sep 4, 2026 7w ago | 6-K | $8.43 | awaiting T+60 | — | $6.87 (−18.51%) |
Aug 26, 2026 8w ago | 6-K | $8.71 | awaiting T+60 | — | $6.87 (−21.13%) |
Aug 25, 2026 9w ago | 6-K | $8.71 | awaiting T+60 | — | $6.87 (−21.13%) |
Aug 17, 2026 10w ago | 6-K | $8.54 | awaiting T+60 | — | $6.87 (−19.56%) |
Aug 14, 2026 10w ago | 6-K | $8.63 | awaiting T+60 | — | $6.87 (−20.39%) |
Jul 10, 2026 15w ago | 6-K | $8.88 $7.70 | ▼ −13.29% | ▼ −15.92% | $6.87 (−22.64%) |
Jul 9, 2026 15w ago | 6-K | $8.90 $7.79 | ▼ −12.47% | ▼ −14.86% | $6.87 (−22.81%) |
Jul 2, 2026 16w ago | 6-K | $10.03 $7.96 | ▼ −20.64% | ▼ −23.43% | $6.87 (−31.51%) |
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