Noah Holdings Ltd reported a 30% increase in second-quarter 2026 net income to 232 million yuan, driven by a 34% rise in operating income to 216 million yuan. The company’s operating margin expanded to 34.8% from 25.6% a year earlier, reflecting higher efficiency and cost discipline.
First-half 2026 net revenue edged up 0.1% year-over-year to 1.246 billion yuan, while operating income rose 30.3% to 452 million yuan. The group’s non-GAAP net income grew 3.9% to 372 million yuan, supported by a 364% surge in performance-based income to 238 million yuan. Total fundraising in the period increased 22.4% to 40.5 billion yuan, with USD-denominated products accounting for $2.45 billion, up 8.4% year-over-year.
Cash and short-term investments stood at approximately 5.0 billion yuan as of June 30, with no interest-bearing debt. The company’s AUM reached RMB 140.9 billion, returning to sequential growth, while USD AUM rose 11.7% year-over-year to $6.5 billion. Overseas AUM grew from under $100 million in Q4 2025 to over $400 million by Q2 2026, with Singapore operations contributing $158 million in fundraising during the first half, a 126% increase.
Despite the financial performance, Noah’s shares slipped 3.8% in after-hours trading to $8.44, following a 0.8% rise to $8.77 during regular hours. The stock’s 52-week range remains $8.14 to $12.84, with a trailing P/E ratio of 8.92 and a dividend yield of 15.11%.
Management highlighted the growing role of AI in reshaping client engagement and global expansion. CEO Sanda Yin noted that the technology is transitioning the firm’s model from reliance on relationship managers to a platform-driven approach. CFO Grant Pan emphasized the company’s improved earnings power, citing the third consecutive quarter of profit growth and mid-30s operating margins.
Overseas client metrics showed mixed trends, with registered clients rising 11% year-over-year to 21,059, while active clients in Q2 increased 8.5% sequentially to 3,494. Sub-segment performance varied, with Olive Asset Management raising $410 million in USD private equity and $590 million in structured products, while Noah Upright in Mainland China recorded net revenue growth of 59.8%. Contingent liabilities related to Camsing fell to 455 million yuan from 505 million yuan in the prior quarter, with over 80% of affected clients accepting revised settlement terms.
