Noah Holdings Limited , a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors ("HNWIs"), reported unaudited financial results for the first quarter of 2025, highlighting a robust recovery in profitability as its CAPEX-light domestic restructuring and overseas expansion gain momentum. Non-GAAP net income rebounded 27.4% sequentially to RMB 168.8 million (US$23.3 million), while income from operations jumped 35.2% to RMB 186.0 million (US$25.6 million), driving operating margin to 30.3%.

Noah continued to face broader headwinds driven by a volatile global macroeconomic environment and a low-interest rate environment in mainland China, impacting Chinese HNWI sentiment and topline growth. Despite these challenges, Noah continued to make significant progress in building out its sales teams and global infrastructure. Its CAPEX-light strategy ensures its business remains profitable and continues to generate solid cash flow during this restructuring.

Zander Yin, Co-Founder, Director, and CEO of Noah, commented, "We are proud to deliver a strong rebound in profitability and operating margin this quarter, reflecting the success of our operational efficiency initiatives, CAPEX-light strategy, and accelerating overseas expansion. This clearly underscores the resilience of our business model during our ongoing restructuring and sets the stage for sustainable growth going forward. This restructuring still requires upfront investments and will take time to scale. While we are not yet at the finish line, these cost-effective foundational changes are clearly beginning to have an impact on our financials which leave us confident we are headed in the right direction."