Noah Holdings Q2 2026 Results
Noah Holdings Limited (NYSE: NOAH, HKEX: 6686) announced its unaudited Q2 2026 results for the quarter ended 30 June 2026. The company reported net revenues of RMB 620 million, essentially flat year‑over‑year, while income from operations rose 34.0% YoY to RMB 216 million, delivering an operating margin of 34.8% for the quarter. For the first half of 2026, net revenues reached RMB 1.246 billion (up 0.1% YoY) and operating income was RMB 452 million (up 30.3% YoY), giving a H1 operating margin of 36.3%, an increase of 8.4 percentage points year‑over‑year. Non‑GAAP net income attributable to shareholders was RMB 238 million, up 25.9% YoY and 77.8% quarter‑over‑quarter.
Performance‑based fees surged 500.9% YoY, with net performance‑based fees for the first half totaling RMB 238 million, a 364.0% YoY increase. Fund‑raising fees from investment products rose 13.4% YoY, while operating costs and expenses declined 11.6% YoY.
AUM continued to expand, reaching USD 6.5 billion as of 30 June 2026, an 11.7% YoY increase. USD‑denominated assets under administration (AUA) grew to USD 9.78 billion, up 7.5% YoY, and the number of registered international clients rose to 21,059, up 11.0% YoY. In Singapore, AUM grew from under USD 100 million at launch to over USD 400 million in Q2, and the market recorded its first month of profitability in July. AI‑enabled teams now service 92% of clients, while licensed professional teams handle compliance and professional delivery; external ecosystem partners contributed 42% of net new AUM. The growth was achieved without increasing the headcount of relationship managers.
The company also announced a system‑level partnership with Column N.A., a U.S.-licensed banking institution, to improve account opening, multi‑currency settlement and payment processing for non‑Mainland China residents. Additionally, the ArkOS client‑facing fintech platform went live in July, automating online account opening, remittance and settlement.
Total assets under management stood at RMB 140.9 billion, with cash and cash equivalents of RMB 4.323 billion as of 30 June 2026. The balance sheet remains free of interest‑bearing debt.
The release includes forward‑looking statements regarding the replicability of the institutional productivity model, further international expansion and future investment performance, subject to macroeconomic conditions, regulatory changes and execution risk.