Noah Holdings Limited (NYSE: NOAH) Q1 2025 Earnings Call | 5/29/2025

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Noah Holdings Limited (NYSE: NOAH) delivered a resilient Q1 2025, reporting net revenues of RMB 614.6 million (US$84.7 million), down 5.4% year-over-year, primarily due to lower domestic insurance product distribution. Despite the revenue dip, Noah achieved a robust recovery in profitability: income from operations surged 53.1% to RMB 186.0 million (US$25.6 million), and net income attributable to shareholders rose 13.3% to RMB 149.0 million (US$20.5 million). Non-GAAP net income climbed 4.7% to RMB 168.8 million (US$23.3 million), with operating margin expanding to 30.3% from 18.7% a year ago, driven by an 18.8% reduction in operating costs and a 21.8% cut in compensation and benefits. Overseas operations were a bright spot, with overseas net revenue growing sequentially to RMB 304.2 million (US$41.9 million), now accounting for nearly 50% of total net revenues. Noah continues to expand its overseas relationship manager team and invest in global infrastructure, focusing on Singapore, Southeast Asia, the US, and Japan. The company’s CAPEX-light strategy and ongoing restructuring have improved operational efficiency and cash flow, with a strong balance sheet: RMB 4.1 billion in cash, no interest-bearing debt, and a current ratio of 4.8x. Noah announced plans for a RMB 550 million annual and special dividend in July 2025—equal to 100% of 2024’s non-GAAP net income—delivering an 11% dividend yield at current prices and marking the second consecutive year of a full payout. Management remains committed to balancing growth quality and quantity overseas, enhancing compliance, and diversifying its product suite to meet evolving client needs amid a volatile global environment. About Inside Ticker: For more expert analysis and real-time updates on Noah Holdings Limited (NYSE: NOAH) and other market movers, follow Inside Ticker and visit InsideTicker.com for in-depth reports, financial insights, and the latest news on leading companies. #NoahHoldings #NOAH #EarningsCall #Q12025 #WealthManagement #Dividend #GlobalExpansion #StockMarket #Investing #InsideTicker