Noah Holdings Reports Soaring Profits Amid Revenue Decline

A striking divergence defined Noah Holdings’ latest quarterly report. The wealth management service provider announced a significant contraction in top-line revenue, yet simultaneously revealed a dramatic surge in its bottom line. This financial paradox has left market participants weighing the underlying strength of the company’s strategic pivot.

For the three months ending September 2025, Noah Holdings posted net revenue of RMB 632.9 million, marking a 7.4% decrease year-over-year. This decline was primarily attributed to weaker commission income from insurance product distribution and a reduction in performance-based income. However, the company’s profitability metrics told a radically different story.

The firm’s non-GAAP adjusted net profit soared by 52.2% to reach RMB 229.1 million. Read more...