Noah Holdings: Profitability and investment product growth surged, with AI and global expansion accelerating

Q3 saw non-GAAP net income surge over 50% year-on-year, driven by a shift toward investment products and improved margins, despite softer insurance revenues. AI initiatives and global expansion advanced, with a strong balance sheet supporting future growth.

Based on Noah Holdings Q3 2025 Audio Transcript — Nov. 26 2025