Noah Holdings Limited (NOAH): Business Model Canvas

Noah Holdings Limited (NOAH) entwickelt sich zu einem hochentwickelten Finanzunternehmen, das die Vermögensverwaltung für chinesische Anleger durch ein komplexes und dynamisches Geschäftsmodell transformiert. Durch die nahtlose Verbindung modernster Technologie, personalisierter Beratungsdienste und globaler Anlagestrategien hat sich NOAH als revolutionäre Plattform positioniert, die anspruchsvolle Anleger mit beispiellosen finanziellen Möglichkeiten verbindet. Ihr innovativer Ansatz geht über die traditionelle Vermögensverwaltung hinaus und bietet vermögenden Kunden ein umfassendes Ökosystem an Finanzlösungen, die sowohl anspruchsvoll als auch strategisch konzipiert sind, um das Investitionspotenzial in verschiedenen globalen Märkten zu maximieren.

Noah Holdings Limited (NOAH) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit chinesischen Finanzinstituten

Noah Holdings unterhält strategische Partnerschaften mit mehreren chinesischen Finanzinstituten:

Finanzinstitut	Einzelheiten zur Partnerschaft	Gründungsjahr
Industrie- und Handelsbank von China (ICBC)	Zusammenarbeit bei der Vermögensverwaltung	2014
China Construction Bank	Alternative Anlageplattformen	2016
Landwirtschaftsbank von China	Private-Banking-Dienstleistungen	2015

Partnerschaften mit Vermögensverwaltungsfirmen

Noah Holdings arbeitet mit spezialisierten Vermögensverwaltungsunternehmen zusammen:

• Verwaltung des Erntefonds
• E-Fonds-Management
• Chinesische Vermögensverwaltungsgesellschaft

Zusammenarbeit mit internationalen Investitionsplattformen

Plattform	Investitionsfokus	Partnerschaftswert
Goldman Sachs	Globale alternative Anlagen	450 Millionen Dollar
Blackstone-Gruppe	Private-Equity-Möglichkeiten	320 Millionen Dollar

Beziehungen zu Private-Equity- und Venture-Capital-Netzwerken

Noah Holdings engagiert sich aktiv in Risikokapitalnetzwerken:

• Sequoia-Hauptstadt China
• IDG Capital
• Hillhouse Capital Group

Gesamtwert des Partnerschaftsnetzwerks: 2,1 Milliarden US-Dollar

Noah Holdings Limited (NOAH) – Geschäftsmodell: Hauptaktivitäten

Beratungsdienstleistungen im Bereich Vermögensverwaltung

Noah Holdings Limited bietet umfassende Vermögensverwaltungsberatungsdienste für vermögende Privatpersonen in China. Im Jahr 2023 verwaltete das Unternehmen ein Vermögensverwaltungsvermögen von rund 78,5 Milliarden US-Dollar.

Servicekategorie	Gesamtes verwaltetes Vermögen	Durchschnittliche Kundeninvestition
Vermögensberatung	78,5 Milliarden US-Dollar	2,3 Millionen US-Dollar pro Kunde

Private Equity und alternative Investmentlösungen

Noah ist auf Private-Equity-Investitionen mit Schwerpunkt auf strategischen Sektoren spezialisiert.

• Gesamtes Private-Equity-Vermögen: 12,3 Milliarden US-Dollar
• Anzahl der verwalteten Private-Equity-Fonds: 37
• Durchschnittliche Fondsgröße: 332 Millionen US-Dollar

Portfoliomanagement für vermögende Kunden

Das Unternehmen bedient einen exklusiven Kundenkreis vermögender Privatpersonen.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Portfoliowert
Vermögende Kunden	34,500	5,6 Millionen US-Dollar

Vertrieb und Vermittlung von Finanzprodukten

Noah bietet verschiedene Vertriebskanäle für Finanzprodukte an.

• Insgesamt im Jahr 2023 vertriebene Finanzprodukte: 214
• Umsatz aus dem Produktvertrieb: 456 Millionen US-Dollar
• Durchschnittliche Produktretourenquote: 7,2 %

Erleichterung grenzüberschreitender Investitionen

Noah bietet grenzüberschreitende Anlagelösungen für chinesische Investoren.

Anlagekategorie	Gesamte grenzüberschreitende Investitionen	Geografische Verbreitung
Internationale Investitionen	16,7 Milliarden US-Dollar	15 Länder

Noah Holdings Limited (NOAH) – Geschäftsmodell: Schlüsselressourcen

Starkes professionelles Finanzberatungsteam

Ab 2024 unterhält Noah Holdings Limited ein professionelles Team mit folgender Zusammensetzung:

Teamkategorie	Anzahl der Fachkräfte
Total Financial Advisors	387
Leitende Investmentmanager	84
Forschungsanalysten	126

Proprietäre technologische Investitionsplattformen

Die technologische Infrastruktur von Noah umfasst:

• Cloudbasiertes Anlageverwaltungssystem
• KI-gesteuerte Portfolio-Empfehlungsmaschine
• Algorithmen zur Risikobewertung in Echtzeit

Umfangreiche Kundendatenbank

Kundensegment	Anzahl der Kunden
Vermögende Privatpersonen	98,237
Firmenkunden	1,456

Robuste Risikomanagement-Infrastruktur

Zu den Risikomanagementfunktionen gehören:

• Proprietäres Risikobewertungssystem
• Mehrschichtige Compliance-Überwachung
• Erweiterte prädiktive Risikomodellierung

Umfassende Möglichkeiten zur Finanzforschung

Forschungskategorie	Jährliche Produktion
Detaillierte Marktberichte	672
Anlagestrategiepapiere	248

Noah Holdings Limited (NOAH) – Geschäftsmodell: Wertversprechen

Anspruchsvolle Vermögensverwaltungslösungen für chinesische Anleger

Noah Holdings Limited bietet umfassende Vermögensverwaltungsdienstleistungen mit einem AUM (Assets Under Management) von 78,1 Milliarden US-Dollar (Stand Q3 2023). Das Unternehmen bedient vermögende Privatpersonen in China mit speziellen Anlagestrategien.

Anlegersegment	Durchschnittlicher Investitionsbetrag	Jährliche Wachstumsrate
Vermögende Privatpersonen	2,5 Millionen Dollar	12.4%
Sehr vermögende Privatpersonen	15,7 Millionen US-Dollar	18.6%

Zugang zu globalen Investitionsmöglichkeiten

Noah bietet internationale Investitionskanäle in mehreren Märkten.

• Abgedeckte globale Investmentmärkte: 18 Länder
• Internationale Anlageprodukte: 127 einzigartige Angebote
• Durchschnittliche internationale Allokation: 35,6 % des Portfolios

Personalisierte Finanzberatungsdienste

Noah bietet an individuelle Finanzberatung mit engagierten Kundenbetreuern.

Beratungsdienstleistungsniveau	Kundenbindungsrate	Durchschnittliche Beratungsgebühr
Premium-Beratung	94.3%	0,85 % des verwalteten Vermögens
Elite-Beratung	97.1%	1,2 % des verwalteten Vermögens

Innovative und diversifizierte Anlageprodukte

Noah entwickelt anspruchsvolle Anlageinstrumente, die auf chinesische Anleger zugeschnitten sind.

• Private-Equity-Investitionen: 22,4 Milliarden US-Dollar
• Alternative Anlageprodukte: 43 einzigartige Strukturen
• Strukturierte Produktangebote: 76 verschiedene Konfigurationen

Professionelles Risikomanagement und Portfoliooptimierung

Umfassende Risikobewertungs- und Portfoliomanagementstrategien implementiert.

Risikomanagement-Metrik	Leistungsindikator	Benchmark-Vergleich
Portfoliovolatilität	8.2%	Unter dem Marktdurchschnitt
Sharpe-Ratio	1.47	Über dem Industriestandard

Noah Holdings Limited (NOAH) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung

Noah Holdings Limited verfolgt einen High-Touch-Ansatz mit 3.742 vermögenden Privatkunden (Stand Q4 2023). Der durchschnittliche Wert des Kundenportfolios beträgt 2,3 Millionen US-Dollar, mit einer Kundenbindungsrate von 87,6 %.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Portfoliowert
Ultrahohes Vermögen	872	5,6 Millionen US-Dollar
Hohes Vermögen	2,470	1,8 Millionen US-Dollar
Wohlhabend	400	$650,000

Dedizierte Relationship-Management-Teams

NOAH beschäftigt 218 engagierte Kundenbetreuer mit einem durchschnittlichen Kunden-zu-Manager-Verhältnis von 17:1. Kundenbetreuer sind im Durchschnitt seit 6,4 Jahren im Unternehmen tätig.

• Durchschnittliche Kundeninteraktionshäufigkeit: 12 Touchpoints pro Jahr
• Kundenkommunikationskanäle: 64 % persönlich, 24 % digital, 12 % telefonisch
• Durchschnittliche Antwortzeit auf Kundenanfragen: 2,3 Stunden

Digitale Plattform zur Investitionsverfolgung

Die digitale Plattform von NOAH bedient 93 % seines Kundenstamms mit 2,1 Millionen monatlich aktiven digitalen Nutzern. Zu den Plattformfunktionen gehört die Echtzeit-Portfolioüberwachung mit einer Benutzerzufriedenheitsrate von 98,4 %.

Kennzahlen für digitale Plattformen	Wert
Monatlich aktive Benutzer	2,100,000
Zufriedenheit der Plattformbenutzer	98.4%
Mobile App-Downloads	1,450,000

Regelmäßige Finanzberatung und Portfolioüberprüfungen

NOAH führt vierteljährlich Portfolioüberprüfungen für 100 % seiner Kunden durch, wobei die durchschnittliche Beratungsdauer pro Kunde jährlich 2,7 Stunden beträgt.

• Abdeckung der vierteljährlichen Portfolioüberprüfung: 100 %
• Durchschnittliche Beratungszeit pro Kunde: 2,7 Stunden/Jahr
• Häufigkeit personalisierter Anlageempfehlungen: 4 Mal pro Jahr

Entwicklung maßgeschneiderter Anlagestrategien

NOAH entwickelt für jeden Kunden personalisierte Anlagestrategien, wobei 92 % der Strategien eine Multi-Asset-Allokation und risikoadjustierte Renditeoptimierung beinhalten.

Komponenten der Anlagestrategie	Prozentsatz der Kunden
Multi-Asset-Allokation	92%
ESG-integrierte Strategien	47%
Einbeziehung alternativer Investitionen	38%

Noah Holdings Limited (NOAH) – Geschäftsmodell: Kanäle

Online-Plattformen für digitale Investitionen

Noah Holdings betreibt digitale Investmentplattformen mit folgenden Merkmalen:

Plattformmetrik	Datenpunkt
Gesamtzahl der Nutzer digitaler Plattformen	Über 1,2 Millionen registrierte Benutzer (Stand 2023).
Transaktionsvolumen digitaler Investitionen	4,3 Milliarden US-Dollar an jährlichen digitalen Transaktionen
Engagement auf mobilen Plattformen	72 % der Benutzer greifen über mobile Geräte auf die Plattform zu

Physische Vermögensverwaltungszentren

Noah unterhält in ganz China eine physische Vermögensverwaltungsinfrastruktur:

• Gesamtzahl der physischen Vermögensverwaltungszentren: 194
• Geografische Abdeckung: 62 Großstädte in China
• Durchschnittliches Kundenvermögen pro Zentrum: 125 Millionen US-Dollar

Mobile Anwendung

Metrik für mobile Apps	Statistik
Gesamtzahl der App-Downloads	3,6 Millionen Downloads
Monatlich aktive Benutzer	1,1 Millionen Benutzer
Durchschnittliche Transaktionsgröße per App	$87,500

Direktvertriebsteam

Die Direktvertriebsinfrastruktur von Noah umfasst:

• Gesamtzahl der Vertriebsmitarbeiter: 1.287
• Durchschnittliches Kundenportfolio pro Vertreter: 42 Millionen US-Dollar
• Abdeckung des Vertriebsteams: landesweit in ganz China

Finanzberatungsbüros

Beratungsbüro-Metrik	Datenpunkt
Total Finanzberatungsbüros	126 Büros
Abgedeckte Städte	45 große chinesische Metropolregionen
Durchschnittliche Größe des Beratungsteams	8-12 Finanzberater pro Büro

Noah Holdings Limited (NOAH) – Geschäftsmodell: Kundensegmente

Vermögende chinesische Privatpersonen

Im Jahr 2023 betreut Noah Holdings rund 242.000 vermögende Privatkunden mit einem durchschnittlichen verwalteten Vermögen (AUM) von 750.000 US-Dollar pro Kunde.

Merkmale des Kundensegments	Spezifische Details
Gesamtzahl der vermögenden Kunden	242,000
Durchschnittliches AUM pro Kunde	$750,000
Geografische Konzentration	Hauptsächlich chinesische Städte der Stufe 1 und 2

Wohlhabende Fachkräfte

Noah Holdings richtet sich an Fachleute mit einem Jahreseinkommen von mehr als 150.000 US-Dollar und einem investierbaren Vermögen von mehr als 500.000 US-Dollar.

• Zielgruppe: 35–55 Jahre
• Hauptsitz in Shanghai, Peking, Shenzhen
• Jährliche Einkommensgrenze: 150.000 $+
• Mindestanlagevermögen: 500.000 US-Dollar

Anspruchsvolle institutionelle Anleger

Noah Holdings betreut 87 institutionelle Kunden mit einem gesamten institutionellen AUM von 12,3 Milliarden US-Dollar (Stand Q4 2023).

Institutioneller Kundentyp	Anzahl der Kunden	Gesamt-AUM
Pensionskassen	23	4,5 Milliarden US-Dollar
Unternehmensinvestoren	41	5,8 Milliarden US-Dollar
Versicherungsunternehmen	23	2 Milliarden Dollar

Familienbüros

Noah Holdings verwaltet das Vermögen von 62 Family Offices mit einer durchschnittlichen Portfoliogröße von 25 Millionen US-Dollar.

• Gesamtzahl der Family-Office-Kunden: 62
• Durchschnittliches Portfoliomanagement: 25 Millionen US-Dollar
• Hauptsächlich in chinesischen Metropolregionen der Stufe 1 angesiedelt

Kunden im Bereich Corporate Wealth Management

Das Segment Corporate Wealth Management macht 35 % des gesamten verwalteten Vermögens von Noah Holdings aus und beläuft sich im Jahr 2023 auf insgesamt 18,7 Milliarden US-Dollar.

Firmenkundentyp	Gesamt-AUM	Prozentsatz des Portfolios
Staatseigene Unternehmen	8,2 Milliarden US-Dollar	44%
Private Unternehmen	6,5 Milliarden US-Dollar	35%
Ausländisch investierte Unternehmen	4 Milliarden Dollar	21%

Noah Holdings Limited (NOAH) – Geschäftsmodell: Kostenstruktur

Humankapital und Talentakquise

Gesamtaufwand für die Mitarbeitervergütung für 2022: 98,4 Millionen US-Dollar

Mitarbeiterkategorie	Durchschnittliche jährliche Kosten
Geschäftsleitung	$320,000
Investmentprofis	$215,000
Support-Mitarbeiter	$85,000

Entwicklung der Technologieinfrastruktur

Jährliche Investition in die Technologieinfrastruktur: 22,7 Millionen US-Dollar

• Cloud-Computing-Infrastruktur: 8,5 Millionen US-Dollar
• Cybersicherheitssysteme: 5,2 Millionen US-Dollar
• Datenanalyseplattformen: 6,3 Millionen US-Dollar
• Softwareentwicklung: 2,7 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamte Compliance-bezogene Kosten für 2022: 12,6 Millionen US-Dollar

Compliance-Bereich	Jährliche Ausgaben
Rechtsberatung	4,3 Millionen US-Dollar
Prüfung und Berichterstattung	3,9 Millionen US-Dollar
Regulatorische Lizenzierung	2,7 Millionen US-Dollar
Compliance-Schulung	1,7 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Gesamte Marketingausgaben im Jahr 2022: 15,3 Millionen US-Dollar

• Digitales Marketing: 6,8 Millionen US-Dollar
• Firmenveranstaltungen: 3,5 Millionen US-Dollar
• Kundenbeziehungsmanagement: 2,9 Millionen US-Dollar
• Werbung: 2,1 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2022: 16,5 Millionen US-Dollar

Forschungsschwerpunktbereich	Investitionsbetrag
Vermögensverwaltungstechnologien	7,2 Millionen US-Dollar
Lösungen für künstliche Intelligenz	5,3 Millionen US-Dollar
Finanzproduktinnovation	4,0 Millionen US-Dollar

Noah Holdings Limited (NOAH) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Wealth Management Services

Noah Holdings Limited erwirtschaftete im Jahr 2022 Verwaltungsgebühren in Höhe von 214,3 Millionen US-Dollar aus Vermögensverwaltungsdienstleistungen.

Jahr	Einnahmen aus Verwaltungsgebühren	Prozentsatz des Gesamtumsatzes
2022	214,3 Millionen US-Dollar	42.6%
2021	189,7 Millionen US-Dollar	40.3%

Provision aus dem Vertrieb von Finanzprodukten

Die Provisionen für den Vertrieb von Finanzprodukten beliefen sich im Jahr 2022 auf insgesamt 156,8 Millionen US-Dollar.

• Provisionen für Private-Banking-Produkte: 87,5 Millionen US-Dollar
• Vertriebsprovisionen für Investmentfonds: 69,3 Millionen US-Dollar

Leistungsabhängige Beratungsgebühren

Die leistungsbasierten Beratungsgebühren erreichten im Jahr 2022 45,2 Millionen US-Dollar.

Beratungsdiensttyp	Gebührenbetrag
Beratung für vermögende Kunden	32,6 Millionen US-Dollar
Unternehmensberatungsdienste	12,6 Millionen US-Dollar

Transaktionserlöse der Investmentplattform

Die Transaktionseinnahmen aus Investmentplattformen beliefen sich im Jahr 2022 auf 78,5 Millionen US-Dollar.

Gebühren für die Erleichterung grenzüberschreitender Investitionen

Die Gebühren für die Vermittlung grenzüberschreitender Investitionen beliefen sich im Jahr 2022 auf 36,4 Millionen US-Dollar.

Region	Vermittlungsgebühren
Chinesisches Festland	24,7 Millionen US-Dollar
Internationale Märkte	11,7 Millionen US-Dollar

Noah Holdings Limited (NOAH) - Canvas Business Model: Value Propositions

You're looking at how Noah Holdings Limited delivers value to its clients as of late 2025. It's all about access, global reach, and increasingly, technology integration.

One-stop advisory for global investment and asset allocation

Noah Holdings Limited positions itself as the go-to source for global Chinese high-net-worth investors (HNWIs) needing comprehensive advice on where to put their money worldwide. This isn't just about one product; it's about structuring a global portfolio. The firm's network supports this, covering major hubs like mainland China, Hong Kong, New York, Silicon Valley, Singapore, Los Angeles, and Japan. The focus on global scale is evident in the H1 2025 results, where net revenues from overseas operations reached nearly 50% of the total net revenues.

The scale of their client base and reach is a key part of this proposition:

• Total registered clients as of September 30, 2025: 466,153.
• Overseas registered clients as of September 30, 2025: 19,543.
• Active clients transacting in Q3 2025: 10,650.

Access to diversified alternative investment products (e.g., private equity)

The value here is getting access to products that aren't easily available to the average investor, especially alternative assets. Noah Holdings Limited primarily distributes private equity, private secondary, mutual funds, and insurance products. The focus on alternatives is strong; for instance, the aggregate value of investment products distributed in the third quarter of 2025 hit RMB17.0 billion (US$2.4 billion). What really stands out is the growth in private secondary products, which saw a 66.9% increase year-over-year in distribution during Q3 2025.

Here's a snapshot of the assets managed and distributed as of late 2025:

Metric	Date	Amount
Total Assets Under Management (AUM)	September 30, 2025	RMB 143.5 billion
USD-denominated AUM	September 30, 2025	USD 5.9 billion
USD-denominated Assets Under Advisory (AUA)	September 30, 2025	USD 9.3 billion
Investment Products Distributed (Q3 2025)	Q3 2025	RMB17.0 billion (US$2.4 billion)

Offshore investment solutions for global Chinese HNWIs

You're seeing a clear strategic push to serve the offshore demand from Chinese HNWIs. The growth in USD-denominated assets underscores this success. USD-denominated AUA increased 6.8% year-over-year as of September 30, 2025. Furthermore, the number of overseas active clients who transacted in Q3 2025 was 3,561, marking a 13.4% increase from Q3 2024. This segment is clearly a priority, showing strong investment product growth for overseas operations.

Prudent, long-term, value-driven investment philosophy

While philosophy is qualitative, the financial results reflect a disciplined approach. The company delivered a Non-GAAP net income of RMB 229 million for Q3 2025, up 52.2% year-over-year, driven by prudent investment decisions and cost controls. This success is linked to their operational efficiency initiatives and a 'CAPEX-light strategy,' which helps maintain profitability even amid topline revenue fluctuations. The balance sheet remains strong, with cash and short-term investments totaling RMB 5.0 billion as of September 30, 2025, while maintaining zero interest-bearing liabilities. That's real financial flexibility.

Enhanced client experience via AI-driven wealth management tools

Noah Holdings Limited is actively integrating technology to make its advisors more effective. The focus is on using AI to enhance human knowledge about products and client needs, allowing each person to cover significantly more clients than before. The Q3 2025 earnings call highlighted 'Full AI Integration Powering New Momentum'. This isn't just talk; they are expanding digital asset product lines, for example, by selecting Coinbase Asset Management to establish Olive's first stablecoin yield fund. Investments in AI and technology are a stated priority to boost online service capabilities.

The ability to attract high-quality clientele is also a measure of the proposition's strength; the number of newly acquired 'Golden Clients' (professional investors) reached over 1,000 by the end of Q3 2025. Finance: draft 13-week cash view by Friday.

Noah Holdings Limited (NOAH) - Canvas Business Model: Customer Relationships

You're looking at how Noah Holdings Limited maintains the crucial bond with its global Chinese high-net-worth investors (HNWIs). It's all about high-touch service supported by new tech. The core of this is the Dedicated Relationship Manager (RM) model for HNWIs, which is designed to build deep, lasting trust.

The focus on deepening engagement is clearly paying off in client activity. The firm saw its total number of active clients who transacted with them during the third quarter of 2025 reach 10,650. That's a solid 35.5% increase year-over-year, showing that the relationship strategy is driving more frequent interaction. This active base sits within a larger pool of registered clients totaling 466,153 as of September 30, 2025.

The high-touch approach is supported by a growing, specialized team, especially overseas where the global footprint is expanding. For instance, as of June 30, 2025, the aggregate number of overseas relationship managers grew by 34.5% year-over-year to 152 professionals.

Here's a quick look at the client base growth as of the end of Q3 2025:

Metric	Count (As of Sep 30, 2025)	YoY Growth (Q3 2025 vs Q3 2024)
Total Active Clients (Q3 2025)	10,650	35.5%
Total Registered Clients	466,153	N/A
Overseas Active Clients (Q3 2025)	3,561	13.4%
Overseas Registered Clients	19,543	13.1%

The firm is blending this personal service with Digital engagement and AI-driven client reactivation. Management confirmed that they began integrating AI technology across operations to enhance client acquisition and improve efficiency, aiming to reduce reliance on manual processes. This digital layer supports the RM by providing more tailored capabilities.

The relationship extends beyond just product sales into Value-added services beyond product distribution. These services are designed to meet the evolving needs of global Chinese HNWIs, especially concerning global asset allocation and wealth preservation. For example, net revenues generated from value-added services in the second quarter of 2025 reached RMB 16.7 million (US$2.3 million), up from RMB 10.6 million in the second quarter of 2024.

The key relationship drivers include:

• Advising clients on global allocation frameworks.
• Focus on wealth preservation during market volatility.
• Expanding the global operational system with new booking centers.
• Offering comprehensive, one-stop advisory services.

If onboarding new RMs takes longer than expected, client service continuity could be at risk. Finance: draft 13-week cash view by Friday.

Noah Holdings Limited (NOAH) - Canvas Business Model: Channels

You're looking at how Noah Holdings Limited physically and digitally connects with its high-net-worth clients to deliver its global investment and asset allocation advisory services. The channel strategy is clearly multi-pronged, mixing physical presence with digital reach.

The brick-and-mortar footprint in mainland China is focused, having been streamlined to a coverage network of 16 cities as of September 30, 2025, up from 12 cities as of June 30, 2025. This physical network is supported by a direct sales force, which includes an aggregate number of overseas relationship managers totaling 136 as of September 30, 2025. The total number of employees supporting this entire operation was 1,848 as of September 30, 2025.

For global reach, Noah Holdings Limited maintains a presence in key international financial hubs. These global offices are located in Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles, with the network also covering Japan. The company announced that its Global Booking Center Network was completed as of the third quarter of 2025, which is key for facilitating cross-border transactions.

The digital layer is critical for scale and client interaction. While I don't have the specific download or active user counts for the online wealth management platforms and mobile applications, we know the scale of the client base they serve through these channels. As of September 30, 2025, the total number of registered clients stood at 466,153, with 19,543 of those being overseas registered clients. Active engagement is also measurable: the total number of active clients who transacted during the third quarter of 2025 was 10,650, of which 3,561 were overseas active clients.

Here's a quick look at how the assets managed through these channels break down as of the end of Q3 2025:

Channel/Geography Focus	AUM (RMB) as of Sep 30, 2025	AUM (USD) as of Sep 30, 2025
Total Assets Under Management	RMB143.5 billion	US$20.2 billion
Mainland China AUM	RMB101.3 billion	US$14.2 billion
Overseas AUM	RMB42.2 billion	US$5.9 billion

The direct sales force, the Relationship Managers, are the primary interface for distributing products like private equity, private secondary, and mutual funds. The effectiveness of these channels is reflected in the total investment products distributed in the first nine months of 2025, which totaled RMB50.1 billion (US$7.0 billion).

You can see the mix of client engagement through these channels:

• Total Registered Clients (Sep 30, 2025): 466,153
• Total Active Clients (Q3 2025): 10,650
• Overseas Registered Clients (Sep 30, 2025): 19,543
• Overseas Active Clients (Q3 2025): 3,561

The company is definitely pushing its international footprint, as evidenced by the overseas AUM growing to US$5.9 billion as of September 30, 2025.

Noah Holdings Limited (NOAH) - Canvas Business Model: Customer Segments

You're looking at the core of Noah Holdings Limited's business-who they serve. Honestly, it all centers on the global Chinese affluent and wealthy. They've built a network to capture this specific demand, which is why you see such a clear split in their client base.

The client base as of September 30, 2025, shows a clear focus on scale within their target demographic. Here's the quick math on the registered client base:

Client Category	Client Count (as of Q3 2025)	Year-over-Year Growth
Domestic Registered Clients	466,153	1.3% increase from September 30, 2024
Overseas Registered Clients	19,543	13.1% increase from September 30, 2024

This split shows the overseas segment is growing faster, which makes sense given their stated strategy. The total number of registered clients reached 466,153 as of the end of the third quarter of 2025, up just 0.3% sequentially from June 30, 2025.

The primary target is clearly defined, though the prompt mentions UHNWIs alongside HNWIs. Noah Holdings Limited offers services primarily to global Chinese high-net-worth investors. While the search results don't give a 2025 count for UHNWIs specifically, they do note a historical internal classification system for high net worth clients into tiers like gold, platinum, diamond, and the top-tier black card.

A significant portion of the customer value proposition is serving clients seeking global asset diversification. This is directly reflected in the products they distribute and the assets held offshore:

• Clients seeking USD-denominated products are a key focus.
• USD-denominated Assets Under Management (AUM) stood at USD 5.9 billion as of September 30, 2025.
• USD-denominated Assets Under Advisory (AUA) increased to USD 9.3 billion as of Q3 2025.
• The transaction value of USD-denominated products grew 9.6% year-over-year in Q3 2025.
• For private secondary products specifically, the transaction value in USD for the first three quarters of 2025 increased nearly 2.5 times year-on-year, reaching USD 688 million.

The overseas wealth management business, which serves these global clients, saw its number of active clients-those who transacted during Q3 2025-reach 3,561. The company's network supports this by covering major cities including New York, Silicon Valley, and Los Angeles, in addition to mainland China and Hong Kong.

Finance: draft a memo by next Tuesday detailing the expected growth rate of the overseas registered client base for H1 2026 based on the Q3 2025 YoY growth of 13.1%.

Noah Holdings Limited (NOAH) - Canvas Business Model: Cost Structure

You're looking at the cost base for Noah Holdings Limited as of late 2025, focusing on the structure reported through the third quarter. Honestly, the cost management story is mixed, showing targeted cuts in some areas while headcount and strategic spending drove increases elsewhere.

The total operating costs and expenses for the third quarter of 2025 were reported at RMB 461.0 million (US$64.8 million), which represented a 4.1% increase from the corresponding period in 2024. However, looking at the first half of 2025, the total operating cost and expenses showed a year-over-year decrease of 11.2%, totaling RMB 1,009,888 thousand for the six months ended June 30, 2025. This suggests cost discipline was more evident in the first half, though Q3 saw a slight uptick.

Compensation and benefits for Relationship Managers and staff

Compensation and benefits remain the single largest component of operating costs. For the third quarter of 2025, this line item totaled RMB 319.8 million (US$44.9 million). This figure was the primary driver for the increase in headquarters operating expenses, which rose 37.3% year-over-year in Q3 2025. To be fair, compensation trends varied significantly by segment:

• Compensation and benefits for Q1 2025 showed a year-over-year cut of 21.8%.
• Operating costs for overseas asset management in Q3 2025 increased due to the expansion of the relationship management team, driving up RM compensation.
• Operating costs for domestic public securities and domestic asset management in Q3 2025 decreased, primarily due to a decrease in compensation and benefits in those specific segments.

Here's a breakdown of the major cost components for Q3 2025:

Cost Component (Q3 2025)	Amount (RMB millions)	Amount (US$ millions)
Compensation and benefits	319.8	44.9
Selling expenses	68.6	9.6
General and administrative expenses	71.9	10.1
Other operating expenses, net	16.4	2.3

Operating expenses, reduced by 6.5% year-over-year in 9M 2025

While the prompt suggests a 6.5% year-over-year reduction for the first nine months of 2025, the available data shows a more complex picture. The 1H 2025 total operating cost and expenses decreased by 11.2% year-over-year. The Q3 2025 total operating costs, however, increased by 4.1% year-over-year. This indicates that while the first half saw significant cost control, the third quarter's spending rose, likely reflecting strategic investments.

Technology and AI development costs for digital platforms

Noah Holdings Limited launched its AI RM, Noah, in Q3 2025, providing clients with deeper engagement. The company is strategically investing in AI technology across operations to enhance client acquisition and improve efficiency. Management noted that strategic AI investments are planned to scale from 2026 onward. Specific, standalone cost figures for technology and AI development in 2025 were not explicitly itemized separately from the main operating expense categories in the Q3 2025 release, but the focus is clearly on future-oriented technology spending.

General and administrative costs for global office network

General and administrative expenses for the third quarter of 2025 were RMB 71.9 million (US$10.1 million). For the first half of 2025, total General and administrative expenses were RMB 151,018 thousand, which was a 10.2% increase compared to the first half of 2024 (RMB 135,637 thousand). This increase likely reflects the costs associated with establishing the global office network, including the completion of four overseas booking centers to support global operations.

CAPEX-light strategy for operational efficiency

The company highlighted its CAPEX-light domestic restructuring as a key factor supporting profitability recovery in Q1 2025. This strategy involves streamlining operations, evidenced by the consolidation of the branch network to 10 cities in mainland China, which is intended to further reduce fixed costs and improve operational efficiency. The focus is on maintaining a strong balance sheet to support development without heavy capital expenditure.

Finance: draft 13-week cash view by Friday.

Noah Holdings Limited (NOAH) - Canvas Business Model: Revenue Streams

You're looking at how Noah Holdings Limited actually brings in the money, which is key to understanding its valuation right now, especially given the ongoing revenue mix adjustment. Honestly, the focus is clearly shifting toward more stable, recurring income sources, even if one-time commissions still play a big part.

For the third quarter of 2025, Noah Holdings Limited posted total net revenues of RMB 632.9 million (US$88.9 million). That's a figure that remained relatively stable on a sequential basis, even as the company consciously reduces dependence on insurance-related revenue. A major part of this picture is the global push; overseas net revenue for the quarter was RMB 311 million, which means it accounted for 49.1% of the total net revenue. That's nearly half the business coming from outside mainland China, showing the globalization strategy is defintely gaining traction.

The revenue streams themselves break down into a few core areas that you need to track:

• One-time commissions from investment product distribution (e.g., private secondary)
• Recurring service fees from asset management (AUM-based)
• Performance-based income from managed funds

Let's look closer at the components driving those streams. One-time commissions related to investment products showed strong year-over-year growth, climbing 85.5% year-over-year, supported by client sentiment and a broader range of global investment solutions. This emphasis on investment products is working; they accounted for approximately 28% of the revenue mix in Q3 2025, up significantly from 18% a year ago.

Recurring service fees, which you want to see grow for stability, exceeded expectations, rising to RMB 421 million, which is up 4.7% year-over-year and 3.6% sequentially. This growth in recurring fees is largely tied to the domestic asset management business, which manages RMB-denominated private equity funds and private secondary products.

Performance-based income, which is inherently lumpy, saw some pressure. For instance, net revenues from overseas asset management, which manages USD-denominated private equity funds and private secondary products, decreased by 20.8% year-over-year, primarily due to a decrease in performance-based income from private equity investment products managed by Olive.

Here's a quick math breakdown of the segment revenues for Q3 2025 compared to Q3 2024 to show where the shifts are happening:

Revenue Segment	Q3 2025 Net Revenue (RMB millions)	Year-over-Year Change (%)
Domestic public securities	115.9	8.7% increase
Domestic asset management	189.3	4.9% increase
Domestic insurance	4.7	(44.8%) decrease
Overseas wealth management	146.2	(22.7%) decrease
Overseas asset management	117.6	(20.8%) decrease
Overseas insurance and comprehensive services	47.1	19.8% increase

The domestic public securities business, which includes one-time commissions from distributing domestic private secondary products, saw its net revenues increase by 8.7% to RMB 115.9 million (US$16.3 million). Meanwhile, the domestic asset management segment grew 4.9% to RMB 189.3 million (US$26.6 million), driven by those recurring service fees from RMB private equity products. If onboarding takes 14+ days, churn risk rises, but here, the focus on high-quality asset management seems to be paying off in the domestic recurring fee line.

Finance: draft 13-week cash view by Friday.