Noah Holdings Reports Q2 2026 Results: Operating Margin Rises to 34.8%; Institutional Productivity Model Validated, AI-Powered Platform + Licensed Professionals + Ecosystem Partners Architecture Now Replicable

1H2026 operating margin reaches 36.3%, up 8.4 percentage points year-over-year; Q2 performance-based fees up 500.9% year-over-year SINGAPORE , Aug. 26, 2026 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH ; HKEX: 6686), a leading wealth management institution serving global Chinese families, today announced its unaudited financial results for the second quarter ended June 30, 2026. The key signal this quarter: with revenue broadly stable, profit growth accelerated and operating margin expanded significantly, alongside the continued execution of an operating model that has been validated through practice — an institutional productivity system combining an AI-powered wealth management platform, locally licensed professional teams, and ecosystem partners on a single, unified operating infrastructure. About ten months after its launch in Singapore, this model achieved its first month of profitability in July. More importantly, it is shifting the traditional wealth management growth formula away from headcount-driven relationship manager ("RM") expansion: even as the number of international RMs declined year-over-year, Noah's international AUM in USD terms still grew 11.7%, demonstrating the replicability and scalability of an institutionalized service model. Jingbo Wang, Co-Founder and Chairwoman of Noah Holdings, said: "For more than two decades, Noah has walked alongside many families through complete cycles. We are increasingly convinced that what clients truly entrust to Noah is not a sum of money, but a family's plan for its future. That is why Noah operates under license and in compliance in every market we serve, and carries our long-term responsibilities on a balance sheet with zero interest-bearing debt. Real stability never comes from any single correct judgment — it comes from systems and structure. Wealth management is something that can only be proven over a long period of time. Noah will continue to safeguard every family's trust with prudence, discipline, and a long-term view." Zhe Yin, Co-Founder and Chief Executive Officer of Noah Holdings, said: "Wealth management is shifting from a service model built on individual experience to one supported jointly by platforms, professional teams, and global resources. AI amplifies the platform's service capacity, licensed teams take on professional judgment and compliance responsibility, and ecosystem partners help us serve more clients at a lower fixed cost. Only when the three work together can clients receive consistent, professional, and dependable service across markets. Singapore's operating performance has validated this direction, and in the next phase we will extend this model to more markets." In the second quarter, Noah recorded net revenues of RMB620 million; income from operations of RMB216 million, up 34.0% year-over-year, with an operating margin of 34.8%; and non-GAAP net income attributable to Noah shareholders of RMB238 million, up 25.9% year-over-year and 77.8% quarter-over-quarter. For the first half, net revenues were RMB1.246 billion, up 0.1% year-over-year; income from operations was RMB452 million, up 30.3% year-over-year; and operating margin was 36.3%, up 8.4 percentage points year-over-year. This marked Noah's 63rd consecutive quarter of non-GAAP profitability since its listing. Investment capability: performance fees rooted in structure, not a single deal Total revenue in the second quarter was broadly flat year-over-year, but the underlying mix improved markedly. Returns from Noah's investment capabilities are increasingly being realized: net performance-based fees for the first half reached RMB 238 million, up 364.0% year-over-year, while fundraising fees from investment products rose 13.4% year-over-year. Over the same period, operating costs and expenses fell 11.6% year-over-year. Mr. Yin said: "Performance fees are not a one-time revenue item — they are a long-accumulated, systemic capability that can continue to roll forward. They stem from the position Noah has built over more than a decade in global primary markets: as a limited partner in leading global funds, we see the industry's most forward-looking directions; as a manager of funds-of-funds, we see the collective choices of the world's best-performing managers. These informational advantages ultimately convert into returns through investment performance." Noah's global investment system is built on three layers of capability: gaining frontier industry visibility and asset information by investing as an LP in leading global funds; broadening its information base and cross-validating the shared conviction of top global investment managers through its fund-of-funds network; and converting research and information advantages into concrete opportunities through direct project investment. Funds established in different years sit at different stages of their life cycles, with early-vintage funds continually entering their harvest period — provi