Noah Holdings (NYSE:NOAH), a wealth management service provider for global Chinese high-net-worth investors, today announced financial results for the fourth quarter and full year ended December 31, 2025.
For the fourth quarter of 2025, net revenues reached RMB 733.2 million, a 12.5% increase year-over-year.
The standout metric was income from operations, which surged 87.3% to RMB 257.7 million.
This massive jump in profitability was driven by an optimized cost structure and a shift in the revenue mix toward higher-margin investment-related businesses.
The full-year 2025 results further highlight this efficiency-led growth.
While net revenues remained broadly flat at RMB 2.6 billion, income from operations grew 22.5% to RMB 776.7 million.
Consequently, the company’s operating margin expanded to 29.8% for the year.
This margin expansion was supported by an 11% reduction in total headcount, as Noah successfully embedded AI tools—including "AI RMs"—across its global platform to automate reporting and advisory workflows without sacrificing service quality.
Reflecting its robust cash generation and commitment to shareholder returns, Noah's Board of Directors approved a total dividend payout of RMB 612 million.
This consists of an annual dividend and a special dividend that together equal 100% of the company's 2025 non-GAAP net income.
As of December 31, 2025, Noah maintained a strong liquidity position with RMB 4.4 billion in cash and cash equivalents and no interest-bearing liabilities.