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Mar 31
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Noah Q1 2025 Earnings Report
Noah reported a 13.3% YoY increase in net income for Q1 2025 despite a decline in revenue.
Key Takeaways
Noah Holdings saw a strong improvement in profitability during Q1 2025, with operating income up 53.1% YoY and non-GAAP EPS at $0.33, even as revenue declined mainly due to weaker domestic insurance distribution.
Net income attributable to shareholders reached $20,500,000, up 13.3% YoY.
Operating income climbed to $25,600,000, an increase of 53.1% YoY.
Revenue fell 5.4% YoY to $84,700,000 due to lower insurance and RMB equity fees.
Cash flow from operations turned positive, supported by cost reduction.
Noah
Noah
Noah Revenue by Segment
Noah Revenue by Geographic Location
Revenue by Segment
Domestic Public Sec. Revenue
CapyFin.comDomestic Asset Mgmt Revenue
CapyFin.comDomestic Insurance Revenue
CapyFin.comOverseas Wealth Mgmt Revenue
CapyFin.comOverseas Asset Mgmt Revenue
CapyFin.comOverseas Insurance Revenue
CapyFin.comHeadquarters Revenue
CapyFin.comRevenue by Geographic Location
Mainland China Revenue
CapyFin.comOverseas Revenue
CapyFin.com Forward Guidance
Noah aims to continue executing its long-term strategy while navigating ongoing challenges in domestic product demand and rising tax expenses.
Positive Outlook
- Operating margins improved substantially from last year.
- Cost control drove a large rise in operating income.
- Cash flow from operations turned positive YoY.
- Private secondary product distribution rose significantly.
- International business now nearly half of total revenue.
Challenges Ahead
- Total revenue decreased due to weaker domestic segments.
- Domestic insurance distribution saw a major drop.
- Interest income declined 29% YoY.
- Tax expenses rose sharply by 42%.
- Income from affiliates turned into a loss.