Noah Reports Q3 2025 Earnings: Solid Overseas AUA/AUM Growth, Global Booking Center Network Completed, and Full AI Integration Powering New Momentum
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 26 2025
0mins
Should l Buy NOAH?
Source: PRnewswire
Financial Performance: Noah Holdings reported a 7.4% year-over-year decline in net revenues for Q3 2025, but a significant 52.2% increase in non-GAAP net income, driven by reduced operating expenses and a strong client engagement.
Global Expansion: The company achieved steady growth in overseas assets under administration (AUA) and assets under management (AUM), with overseas net revenue accounting for nearly half of total revenue, supported by the establishment of a new US booking center.
AI Integration: Noah is implementing AI technology across its operations, including the launch of an AI financial advisor and new business units focused on enhancing client engagement and operational efficiency.
Future Outlook: The company aims to strengthen its investment product offerings, leverage AI for growth, and activate its global booking centers to enhance client experience and capture new opportunities in the wealth management market.
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Analyst Views on NOAH
About NOAH
Noah Holdings Ltd is an investment holding company primarily engaged in the provision of wealth management services. The Company operates its business through three segments. The Wealth Management Business segment is engaged in offering various investment products, including primarily domestic and overseas mutual fund products, private secondary products and other products as well as providing customized value-added financial services, including investor education and trust services. The Asset Management Business segment is engaged in managing clients’ investments in private equity, real estate, public securities, multi-strategy and other investment products. The Other Businesses segment includes lending services and other services. The Company conducts its business in the domestic and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- AI Infrastructure Investment: The report emphasizes that AI infrastructure has become a cornerstone of strategic portfolios, with expected sustained spending on energy systems and digital infrastructure over the next 10-20 years, which will lower portfolio volatility and enhance cross-cycle stability.
- Three-Layer Allocation Framework: Noah's CIO Office introduces a three-layer allocation framework designed to integrate AI infrastructure into family portfolios, highlighting the importance of maintaining direction, dignity, and autonomy across all market conditions.
- Ongoing Professional Judgment: Since 2022, Noah has published ten CIO reports, creating a reusable judgment framework to navigate global macro shifts, continuing to provide families with professional judgment and long-term vision.
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- Three-Layer Allocation Framework: Noah introduces a three-layer allocation framework designed to integrate core long-term assets, liquidity and risk management layers, and legacy structures to ensure continuity of family wealth across market cycles, reflecting a commitment to long-term family development.
- Ongoing Market Insights: Since 2022, Noah's CIO Office has published ten reports, creating a reusable judgment framework that aids families in maintaining direction and decision-making capacity amid global macro shifts, further solidifying its professional standing in the wealth management sector.
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- Change in AUM: This transaction resulted in a 4.342% decrease in Yiheng Capital's 13F reportable assets under management, reflecting a strategic adjustment in its portfolio management.
- Market Reaction: Although Planet Fitness's stock price experienced a modest decline during Q3, it did not reach levels that would make the options profitable, making Yiheng's exit a prudent decision to avoid potential losses.
- Portfolio Diversification: Yiheng Capital held 27 positions in Q3, including four options, demonstrating its ongoing efforts in a diversified investment strategy.
See More
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- Asset Management Shift: This exit reduced Planet Fitness's position from 2.65% of the fund's AUM to zero, reflecting a strategic adjustment amid a broader 39% decline in total fund AUM.
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See More
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