Wealth manager Noah Holdings' Q2 net income rises on lower expenses

Noah Holdings

25/08/2026 21:41

Overview
Noah Holdings' Q2 revenue fell 1.5% yr/yr on lower insurance commissions and service fees
Q2 net income attributable to shareholders rose 30% yr/yr, aided by lower operating costs
Non-GAAP net income attributable to shareholders increased 25.9% yr/yr

Outlook
Noah Holdings did not provide specific financial guidance for the current or future periods in press release

Result Drivers
LOWER INSURANCE COMMISSIONS - Co said revenue fell mainly due to a decrease in one-time commissions from insurance products and lower recurring service fees
COST CONTROL - Co said net income rose due to lower operating costs and expenses, including reduced compensation and benefits and a decrease in provision for credit losses
PERFORMANCE-BASED INCOME - Co said higher performance-based income from mainland China private secondary products partially offset revenue declines

Company press release: ID:nPns8xZZa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
RMB 619.90 mln
 
Q2 Adjusted Net income per ADS
 
RMB 3.46
 
Q2 Net Income
 
RMB 232.20 mln
 
Q2 Income from Operations
 
RMB 215.80 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy"
Wall Street's median 12-month price target for Noah Holdings Limited is $12.78, about 46.9% above its August 24 closing price of $8.70
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)