실적분석 2026년 8월 25일

Noah Holdings ($NOAH) Q2 2026 Earnings Analysis — Profit +30%, Revenue Misses Estimates, Shares Fall After Hours

Earnings Scorecard

Revenue: CNY619.9 million (approximately $91.4 million) (down 1.5% year over year; consensus: $574 million) ❌ Miss

EPS: GAAP diluted EPS of $0.50 per ADS (CNY3.37) · Adjusted diluted EPS of $0.51 (CNY3.46) (up 32.7% and 28.6%, respectively, year over year; limited analyst coverage)

Guidance: Not provided

Share-price reaction: Down 5.59% after hours ($8.28) — as of 08-26 06:08 Korea Standard Time

What Went Well

Net income attributable to common shareholders +30%: CNY232.2 million (approximately $34.2 million), up 30.0% year over year

Operating margin 34.8%: Operating income rose 34.0% to CNY215.8 million, up from 25.6% a year earlier

Mainland securities revenue +57%: Net revenue from public and private securities offerings in Mainland China reached CNY206.5 million, driven by a sharp increase in performance fees

Noah is a global asset allocation and wealth management firm serving wealthy Chinese clients. Despite a slight decline in revenue this quarter, lower personnel expenses and credit-loss provisions boosted core profitability, while performance fees from Mainland private securities offerings provided a significant lift. Adjusted net income attributable to common shareholders also increased 25.9% to CNY238.0 million.

What Fell Short

Revenue down 1.5% year over year: CNY619.9 million, reflecting declines in insurance-related one-time fees and recurring service fees

Overseas offices swung to an operating loss: International wealth management shifted from a profit to a loss of CNY3.3 million

Quarterly sales plunged: Investment product sales fell to CNY17.1 billion from CNY23.3 billion in the previous quarter

The revenue decline was driven by lower insurance-related one-time and recurring fees. Revenue from international insurance and comprehensive services also fell 31.1%, while Mainland insurance activity was nearly at a standstill. Assets under management totaled CNY140.9 billion at the end of June, down from a year earlier, largely reflecting continued exits and distributions from Mainland private equity investments.

What the Company Said

Co-Founder and Chairman Jingbo Wang said that the company’s global network and restructured cost base are helping it address wealthy clients’ demand for asset protection amid a complex macroeconomic environment. The company emphasized risk management and technology-driven long-term value creation without providing specific numerical guidance.

Market Reaction and Key Questions

Investors appear to be focusing more on the revenue decline, overseas offices’ shift to losses, and reliance on performance fees than on the improvement in profitability, resulting in selling pressure after hours.

It remains to be seen whether performance fees from Mainland private securities offerings will continue supporting revenue next quarter.

Investors need to monitor whether international wealth management’s one-time fees and operating results return to positive territory.

A key question is whether net inflows into assets under management will offset exits from Mainland private equity investments.