NOAH HOLDINGS LTD

Noah Holdings is a wealth management service provider offering advisory services on global investment and asset allocation. The company primarily serves Mandarin-speaking high-net-worth (HNW) investors. Noah Holdings has over 21 years of operating experience, distributing and managing investment products and providing financial services to HNW clients globally. The company's business model includes wealth management and asset management, delivered through its subsidiaries and Consolidated Affiliated Entities. In 2025, wealth management contributed 65.5% of total net revenues, asset management contributed 32.9%, and other businesses contributed 1.6%. The wealth management business offers various investment products through licensed distribution channels, including domestic and overseas mutual fund products, private secondary products, and other products. These are offered on behalf of third-party product partners and Noah Holdings' asset management arms, Gopher and Olive. Customized value-added financial services, such as investor education and trust services, are also provided. Through its asset management arms, Gopher and Olive, the company manages client investments in private equity, real estate, public securities, multi-strategy, and other investment products. The "other businesses" segment mainly includes lending services, where secured loans are made to creditworthy clients through subsidiaries. Since the third quarter of 2019, Noah Holdings has decreased lending and other businesses to focus on its core wealth management and asset management businesses. In 2024, the company underwent organizational restructuring and business operation adjustments to improve its business model and comply with evolving regulatory requirements. Substantially all RMB-denominated investment products are managed and distributed in mainland China, while most foreign currency-denominated products are managed and distributed through Noah HK, its Hong Kong subsidiary and offshore booking center.