Noah’s 2025 Results Lift Operating Profit as Platform Overhaul Takes Hold

The company points to a steadier mix of fees from investing services as a sign of more durable earnings.

Overview

Noah reported full‑year 2025 net revenue of RMB 2.6 billion with operating profit up 22.5% to RMB 777 million and operating margin rising to 29.8%.
Executives said the profit gains came from cost cuts and higher‑margin investing income rather than one‑off items.
Overseas wealth‑management revenue fell 18.8% to RMB 550 million due to weaker insurance sales, while assets under advisory grew 8.6% to USD 9.5 billion.
Olive, the overseas asset‑management arm, posted RMB 550 million in revenue, up 26.3%, as overseas AUM reached USD 6.1 billion and about 30% of total firm AUM.
Clients shifted toward investment products, with U.S. dollar private‑secondary deal volume tripling year over year to USD 950 million.