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Noah Holdings Ltd's Business Segments
Noah Holdings Ltd's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of 2025 ((Dec 31 2025))
Reportable Segments
5
Largest Segment
Segment Domestic Asset Management
Total Revenue
$ 729
Regions Reported
-
Annual Results
Revenue Share by Reportable Segment - FY2025
- Segment Domestic Asset Management95%
- Segment Domestic Public Securities77.7%
- Segment Overseas Asset Management76%
- Segment Overseas Insurance and Comprehensive Services24.5%
- Corporate and Unallocated7.2%
Revenue by Reportable Segment - FY2025
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Segment Domestic Asset Management | $ 692 | 95% |
| Segment Domestic Public Securities | $ 566 | 77.7% |
| Segment Overseas Asset Management | $ 554 | 76% |
2 more segments available
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Revenue by Product & Service Category - FY2025
- One Time Commissions20.7%
- Recurring Service Fees12.4%
- Other Services9.2%
- Performance Based Income0%
Revenue by Product & Service Category - FY2025
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| One Time Commissions | $ 151 | 20.7% |
| Recurring Service Fees | $ 90 | 12.4% |
| Other Services | $ 67 | 9.2% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
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Description of Noah Holdings Ltd
We are a leading wealth management service provider with a focus on global wealth
investment and asset allocation services for high net worth individuals and enterprises
in China. We also provide internet finance services to clients in China. We believe
our wealth management, asset management and internet finance businesses complement
one other and enable us to provide a broad range of customized solutions to our
clients.
Noah Holdings Ltd is a prominent wealth and asset management firm primarily rooted in China, offering a diverse range of products and services tailored to meet the financial needs of high-net-worth individuals, institutional investors, and white-collar professionals. Below is an extensive overview of the segments, products, and services provided by Noah Holdings Ltd.
Wealth Management Products
Noah Holdings Ltd markets, distributes, and manages a variety of wealth management products categorized by their underlying asset classes, which include:
1. Fixed Income Products:
- Asset Management Plans: Sponsored by mutual fund management companies or securities firms, these products are designed to provide investors with a prospective fixed rate of return, although this is not guaranteed legally under PRC laws.
- Real Estate Funds: Managed by Noah, these funds focus on investing in income-generating real estate assets within China and abroad, catering to investors seeking stable returns.
- Collateralized Fixed Income Products: These products are sponsored by trust companies and include securities backed by collateral, offering an added layer of security for investors.
2. Private Equity Fund Products:
- Domestic and International Private Equity Funds: Investments are made in various private equity funds sponsored by both domestic and global asset management firms. These include real estate funds and fund of funds managed by Noah.
- Real Estate Funds and Funds of Funds: Focused on real estate investments, these products allow for diversification across different types of properties.
- Equity Investments in Private Enterprises: The underlying assets of these funds consist of portfolios of equity investments in unlisted private businesses.
3. Secondary Market Equity Fund Products:
- These funds invest in portfolios of equity securities issued by publicly listed companies, providing exposure to the secondary equity market.
4. Other Products:
- Mutual Fund Products: A wide array of mutual funds covering different asset classes.
- High-End Insurance Products: Insurance solutions tailored to affluent clients.
- Short-Term Financing Products: Designed to meet immediate liquidity needs.
- Online Platform Services: Targeting white-collar professionals, these services include peer-to-peer lending for high-net-worth individuals, online payment services, and product information systems that facilitate transactions through third-party platforms.
Asset Management Products
Noah Holdings has successfully raised and managed considerable assets across various categories, demonstrating significant growth over the years. The asset management products include:
1. Real Estate Funds and Funds of Funds:
- Investments aimed at generating returns from residential and commercial properties, including office buildings and retail spaces both in China and internationally.
2. Private Equity Funds of Funds:
- These funds invest in top-ranking domestic private equity funds, positioning Noah as one of Chinas largest players in this area.
3. Secondary Market Equity Fund Products:
- These products offer a diverse portfolio of equity investments in publicly traded companies.
4. Other Fixed Income Funds of Funds:
- This includes a range of investment vehicles such as public equity funds, international funds, hedge funds (both U.S. dollar-denominated and multi-strategy), and customizable services for managing multiple fund managers.
While Noah’s revenue from performance-based income associated with other fixed-income funds is not substantial, the firm does not anticipate significant inflows from these funds in the near future.
Internet Finance Services
Noah Holdings online platform enhances its service offerings, particularly for white-collar professionals. The platform provides a range of services that parallel those available at physical office locations but do not involve personal relationship managers. The service extends to:
- Target Audience: Focused on white-collar professionals rather than high-net-worth individuals.
- Product Transactions: Initially centered on fixed income products, the platform has expanded to include secondary market products and mutual fund transactions.
- Evolution and Expansion: The platform is continually evolving, aiming to offer more standardized products to meet market demand.
- Service Fees: Noah generates income from platform service fees for each transaction facilitated through the online platform based on the transaction value.
Overall, Noah Holdings Ltd showcases a comprehensive approach to wealth and asset management, catering to diverse client needs through a meticulously structured range of products and innovative technological solutions.
Wealth Management Products
Noah Holdings Ltd markets, distributes, and manages a variety of wealth management products categorized by their underlying asset classes, which include:
1. Fixed Income Products:
- Asset Management Plans: Sponsored by mutual fund management companies or securities firms, these products are designed to provide investors with a prospective fixed rate of return, although this is not guaranteed legally under PRC laws.
- Real Estate Funds: Managed by Noah, these funds focus on investing in income-generating real estate assets within China and abroad, catering to investors seeking stable returns.
- Collateralized Fixed Income Products: These products are sponsored by trust companies and include securities backed by collateral, offering an added layer of security for investors.
2. Private Equity Fund Products:
- Domestic and International Private Equity Funds: Investments are made in various private equity funds sponsored by both domestic and global asset management firms. These include real estate funds and fund of funds managed by Noah.
- Real Estate Funds and Funds of Funds: Focused on real estate investments, these products allow for diversification across different types of properties.
- Equity Investments in Private Enterprises: The underlying assets of these funds consist of portfolios of equity investments in unlisted private businesses.
3. Secondary Market Equity Fund Products:
- These funds invest in portfolios of equity securities issued by publicly listed companies, providing exposure to the secondary equity market.
4. Other Products:
- Mutual Fund Products: A wide array of mutual funds covering different asset classes.
- High-End Insurance Products: Insurance solutions tailored to affluent clients.
- Short-Term Financing Products: Designed to meet immediate liquidity needs.
- Online Platform Services: Targeting white-collar professionals, these services include peer-to-peer lending for high-net-worth individuals, online payment services, and product information systems that facilitate transactions through third-party platforms.
Asset Management Products
Noah Holdings has successfully raised and managed considerable assets across various categories, demonstrating significant growth over the years. The asset management products include:
1. Real Estate Funds and Funds of Funds:
- Investments aimed at generating returns from residential and commercial properties, including office buildings and retail spaces both in China and internationally.
2. Private Equity Funds of Funds:
- These funds invest in top-ranking domestic private equity funds, positioning Noah as one of Chinas largest players in this area.
3. Secondary Market Equity Fund Products:
- These products offer a diverse portfolio of equity investments in publicly traded companies.
4. Other Fixed Income Funds of Funds:
- This includes a range of investment vehicles such as public equity funds, international funds, hedge funds (both U.S. dollar-denominated and multi-strategy), and customizable services for managing multiple fund managers.
While Noah’s revenue from performance-based income associated with other fixed-income funds is not substantial, the firm does not anticipate significant inflows from these funds in the near future.
Internet Finance Services
Noah Holdings online platform enhances its service offerings, particularly for white-collar professionals. The platform provides a range of services that parallel those available at physical office locations but do not involve personal relationship managers. The service extends to:
- Target Audience: Focused on white-collar professionals rather than high-net-worth individuals.
- Product Transactions: Initially centered on fixed income products, the platform has expanded to include secondary market products and mutual fund transactions.
- Evolution and Expansion: The platform is continually evolving, aiming to offer more standardized products to meet market demand.
- Service Fees: Noah generates income from platform service fees for each transaction facilitated through the online platform based on the transaction value.
Overall, Noah Holdings Ltd showcases a comprehensive approach to wealth and asset management, catering to diverse client needs through a meticulously structured range of products and innovative technological solutions.