Noah Q1 Revenues Rise 1.8% to RMB625.8M, Operating Income Up 27.1%
NOAH•Noah reported Q1 2026 revenues of RMB625.8 million, up 1.8% year-over-year, while operating income rose 27.1% to RMB236.4 million on disciplined cost control. Net income dropped 16.3% to RMB124.7 million and non-GAAP net income fell 20.7% to RMB133.9 million, but active clients grew 21.8% to 10,742.
1. Q1 2026 Financial Results
Noah delivered net revenues of RMB625.8 million (US$90.7 million) in Q1 2026, a 1.8% increase from Q1 2025 but a 14.7% sequential decline. Operating income climbed 27.1% to RMB236.4 million (US$34.3 million) due to disciplined employee cost control, while net income attributable to shareholders fell 16.3% to RMB124.7 million (US$18.1 million) on higher affiliate losses; non-GAAP net income declined 20.7% to RMB133.9 million (US$19.4 million).
2. Client Growth and Product Distribution
Registered clients reached 468,983 as of March 31, a 1.3% year-over-year increase, and active clients jumped 21.8% to 10,742. The aggregate value of investment products distributed climbed to RMB23.3 billion (US$3.4 billion) from RMB16.1 billion in Q1 2025, led by domestic mutual fund distributions of RMB12.9 billion and private secondary products of RMB8.4 billion.
3. Assets Under Management
Total assets under management stood at RMB140.2 billion (US$20.3 billion) as of March 31, down from RMB149.3 billion a year earlier and RMB141.7 billion at year-end 2025 due to continued allocations to domestic private equity. Breakdown by type shows RMB126.0 billion in private equity, RMB8.4 billion in public securities, RMB4.0 billion in real estate, and RMB1.8 billion in multi-strategies.
