Noah Holdings Limited (NOAH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Noah Holdings Limited (Noah) emerge como una potencia financiera sofisticada, transformando la gestión de patrimonio para los inversores chinos a través de un modelo de negocio intrincado y dinámico. Al combinar a la perfección la tecnología de vanguardia, los servicios de asesoramiento personalizados y las estrategias de inversión global, Noah se ha posicionado como una plataforma revolucionaria que une a los inversores sofisticados con oportunidades financieras sin precedentes. Su enfoque innovador trasciende la gestión tradicional de patrimonio, ofreciendo a los clientes de alto valor de red un ecosistema integral de soluciones financieras que son sofisticadas y estratégicamente diseñadas para maximizar el potencial de inversión en diversos mercados globales.

Noah Holdings Limited (Noah) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras chinas

Noah Holdings mantiene asociaciones estratégicas con múltiples instituciones financieras chinas:

Institución financiera	Detalles de la asociación	Año establecido
Banco Industrial y Comercial de China (ICBC)	Colaboración de gestión de patrimonio	2014
Banco de Construcción de China	Plataformas de inversión alternativas	2016
Banco Agrícola de China	Servicios de banca privada	2015

Asociaciones con empresas de gestión de patrimonio

Noah Holdings colabora con empresas especializadas de gestión de patrimonio:

• Gestión de fondos de cosecha
• Gestión de fondos electrónicos
• Compañía de gestión de activos de China

Colaboración con plataformas de inversión internacional

Plataforma	Enfoque de inversión	Valor de asociación
Goldman Sachs	Inversiones alternativas globales	$ 450 millones
Grupo de piedra negra	Oportunidades de capital privado	$ 320 millones

Relaciones con redes de capital privado y capital de riesgo

Noah Holdings se involucra activamente con las redes de capital de riesgo:

• China de la Capital Sequoia
• Capital IDG
• Hillhouse Capital Group

Valor de red de asociación total: $ 2.1 mil millones

Noah Holdings Limited (Noah) - Modelo de negocios: actividades clave

Servicios de asesoramiento de gestión de patrimonio

Noah Holdings Limited proporciona servicios de asesoramiento de gestión de patrimonio integral dirigidos a personas de alto valor de la red en China. En 2023, la compañía administró aproximadamente $ 78.5 mil millones en activos de gestión de patrimonio.

Categoría de servicio	Activos totales bajo administración	Inversión promedio de clientes
Aviso	$ 78.5 mil millones	$ 2.3 millones por cliente

Equidad privada y soluciones alternativas de inversión

Noah se especializa en inversiones de capital privado con un enfoque en sectores estratégicos.

• Activos totales de capital privado: $ 12.3 mil millones
• Número de fondos de capital privado gestionados: 37
• Tamaño promedio del fondo: $ 332 millones

Gestión de cartera de clientes de alto nivel de red

La compañía sirve a una clientela exclusiva de individuos de alto nivel de red.

Segmento de clientes	Número de clientes	Valor de cartera promedio
Clientes de alto nivel de red	34,500	$ 5.6 millones

Distribución de productos financieros y corretaje

Noah ofrece diversos canales de distribución de productos financieros.

• Productos financieros totales distribuidos en 2023: 214
• Ingresos de distribución de productos: $ 456 millones
• Tasa promedio de retorno del producto: 7.2%

Facilitación de inversión transfronteriza

Noah ofrece soluciones de inversión transfronteriza para inversores chinos.

Categoría de inversión	Inversión transfronteriza total	Extensión geográfica
Inversiones internacionales	$ 16.7 mil millones	15 países

Noah Holdings Limited (Noah) - Modelo de negocios: recursos clave

Equipo asesor financiero profesional fuerte

A partir de 2024, Noah Holdings Limited mantiene un equipo profesional con la siguiente composición:

Categoría de equipo	Número de profesionales
Asesores financieros totales	387
Gerentes de inversión senior	84
Analistas de investigación	126

Plataformas de inversión tecnológica patentada

La infraestructura tecnológica de Noah incluye:

• Sistema de gestión de inversiones basado en la nube
• Motor de recomendación de cartera impulsado por IA
• Algoritmos de evaluación de riesgos en tiempo real

Base de datos de clientes extensas

Segmento de clientes	Número de clientes
Individuos de alto nivel de red	98,237
Clientes corporativos	1,456

Infraestructura robusta de gestión de riesgos

Las capacidades de gestión de riesgos incluyen:

• Sistema de calificación de riesgos propietarios
• Monitoreo de cumplimiento de múltiples capas
• Modelado de riesgo predictivo avanzado

Capacidades integrales de investigación financiera

Categoría de investigación	Producción anual
Informes detallados del mercado	672
Documentos de estrategia de inversión	248

Noah Holdings Limited (Noah) - Modelo de negocio: propuestas de valor

Soluciones sofisticadas de gestión de patrimonio para inversores chinos

Noah Holdings Limited proporciona servicios integrales de gestión de patrimonio con AUM (activos bajo administración) de $ 78.1 mil millones a partir del tercer trimestre de 2023. La compañía atiende a personas de alta red en China a través de estrategias de inversión especializadas.

Segmento de inversores	Monto promedio de la inversión	Tasa de crecimiento anual
Individuos de alto nivel de red	$ 2.5 millones	12.4%
Individuos ultra altos en la red	$ 15.7 millones	18.6%

Acceso a oportunidades de inversión global

Noah proporciona canales de inversión internacional en múltiples mercados.

• Mercados de inversión global cubiertos: 18 países
• Productos de inversión internacional: 127 ofertas únicas
• Asignación internacional promedio: 35.6% de la cartera

Servicios de asesoramiento financiero personalizado

Noah ofrece consulta financiera personalizada con gerentes de relaciones dedicados.

Nivel de servicio de asesoramiento	Tasa de retención de clientes	Tarifa de asesoramiento promedio
Asesoramiento premium	94.3%	0.85% de AUM
Aviso de élite	97.1%	1.2% de AUM

Productos de inversión innovadores y diversificados

Noah desarrolla sofisticados instrumentos de inversión adaptados para los inversores chinos.

• Inversiones de capital privado: $ 22.4 mil millones
• Productos de inversión alternativos: 43 estructuras únicas
• Ofertas de productos estructurados: 76 configuraciones diferentes

Gestión profesional de riesgos y optimización de cartera

Evaluación integral de riesgos y estrategias de gestión de cartera implementadas.

Métrica de gestión de riesgos	Indicador de rendimiento	Comparación de referencia
Volatilidad de la cartera	8.2%	Más bajo que el promedio del mercado
Relación de afilado	1.47	Estándar de la industria por encima de la industria

Noah Holdings Limited (Noah) - Modelo de negocios: relaciones con los clientes

Compromiso personalizado del cliente

Noah Holdings Limited mantiene un enfoque de alto toque con 3,742 clientes individuales de alto valor neto a partir del cuarto trimestre de 2023. El valor promedio de la cartera del cliente es de $ 2.3 millones, con una tasa de retención de clientes del 87.6%.

Segmento de clientes	Número de clientes	Valor de cartera promedio
Patrimonio neto ultra alto	872	$ 5.6 millones
Alto patrimonio	2,470	$ 1.8 millones
Afluente	400	$650,000

Equipos dedicados de gestión de relaciones

Noah emplea a 218 gerentes de relaciones dedicadas con una relación promedio de cliente a administrador de 17: 1. Los gerentes de relaciones tienen una tenencia promedio de 6.4 años con la empresa.

• Frecuencia promedio de interacción del cliente: 12 puntos de contacto por año
• Canales de comunicación del cliente: 64% en persona, 24% digital, 12% teléfono
• Tiempo de respuesta promedio a las consultas del cliente: 2.3 horas

Plataforma digital para el seguimiento de inversiones

La plataforma digital de Noah sirve al 93% de su base de clientes, con 2.1 millones de usuarios digitales activos mensuales. Las características de la plataforma incluyen monitoreo de cartera en tiempo real, con una tasa de satisfacción del usuario del 98.4%.

Métricas de plataforma digital	Valor
Usuarios activos mensuales	2,100,000
Satisfacción del usuario de la plataforma	98.4%
Descargas de aplicaciones móviles	1,450,000

Consulta financiera regular y revisiones de cartera

Noah realiza revisiones trimestrales de cartera para el 100% de sus clientes, con una duración de consulta promedio de 2.7 horas por cliente anualmente.

• Cobertura trimestral de revisión de la cartera: 100%
• Tiempo de consulta promedio por cliente: 2.7 horas/año
• Frecuencia de recomendación de inversión personalizada: 4 veces al año

Desarrollo de estrategia de inversión personalizada

Noah desarrolla estrategias de inversión personalizadas para cada cliente, con el 92% de las estrategias que involucran la asignación de activos múltiples y la optimización de retorno ajustada al riesgo.

Componentes de estrategia de inversión	Porcentaje de clientes
Asignación de activos múltiples	92%
Estrategias integradas de ESG	47%
Inclusión de inversión alternativa	38%

Noah Holdings Limited (Noah) - Modelo de negocios: canales

Plataformas de inversión digital en línea

Noah Holdings opera plataformas de inversión digital con las siguientes características:

Métrica de plataforma	Punto de datos
Usuarios totales de la plataforma digital	Más de 1.2 millones de usuarios registrados a partir de 2023
Volumen de transacción de inversión digital	$ 4.3 mil millones en transacciones digitales anuales
Compromiso de la plataforma móvil	El 72% de los usuarios de acceso a la plataforma a través de dispositivos móviles

Centros de gestión de patrimonio físico

Noah mantiene la infraestructura de gestión de patrimonio físico en China:

• Centros de gestión de patrimonio físico total: 194
• Cobertura geográfica: 62 ciudades principales de China
• Activos de cliente promedio por centro: $ 125 millones

Aplicación móvil

Módulo de aplicación móvil	Estadística
Descargas totales de aplicaciones	3.6 millones de descargas
Usuarios activos mensuales	1.1 millones de usuarios
Tamaño de transacción promedio a través de la aplicación	$87,500

Equipo de ventas directas

La infraestructura de ventas directas de Noah incluye:

• Representantes de ventas totales: 1.287
• Portafolio de cliente promedio por representante: $ 42 millones
• Cobertura del equipo de ventas: a nivel nacional en China

Oficinas de asesoramiento financiero

Métrica de la oficina asesora	Punto de datos
Oficinas de asesoramiento financiero total	126 oficinas
Ciudades cubiertas	45 áreas metropolitanas chinas principales
Tamaño promedio del equipo asesor	8-12 asesores financieros por oficina

Noah Holdings Limited (Noah) - Modelo de negocios: segmentos de clientes

Individuos chinos de alto patrimonio

A partir de 2023, Noah Holdings atiende a aproximadamente 242,000 clientes individuales de alto valor neto con activos promedio bajo administración (AUM) de $ 750,000 por cliente.

Características del segmento de clientes	Detalles específicos
Total de los clientes de alto nivel de red	242,000
AUM promedio por cliente	$750,000
Concentración geográfica	Principalmente ciudades chinas de nivel 1 y nivel 2

Profesionales ricos

Noah Holdings se dirige a profesionales con ingresos anuales superiores a $ 150,000 y activos invertibles por encima de $ 500,000.

• Rango de edad objetivo: 35-55 años
• Principalmente ubicado en Shanghai, Beijing, Shenzhen
• Umbral de ingresos anuales: $ 150,000+
• Activos mínimos invertibles: $ 500,000

Inversores institucionales sofisticados

Noah Holdings atiende a 87 clientes institucionales con un AUM institucional total de $ 12.3 mil millones a partir del cuarto trimestre de 2023.

Tipo de cliente institucional	Número de clientes	AUM total
Fondos de pensiones	23	$ 4.5 mil millones
Inversores corporativos	41	$ 5.8 mil millones
Compañías de seguros	23	$ 2 mil millones

Oficinas familiares

Noah Holdings administra la riqueza para 62 oficinas familiares con un tamaño de cartera promedio de $ 25 millones.

• Total de la oficina familiar Clientes: 62
• Gestión promedio de la cartera: $ 25 millones
• Ubicado principalmente en las áreas metropolitanas chinas de Nivel 1

Clientes de gestión de patrimonio corporativo

El segmento de gestión de patrimonio corporativo representa el 35% del AUM total de Noah Holdings, por un total de $ 18.7 mil millones en 2023.

Tipo de cliente corporativo	AUM total	Porcentaje de cartera
Empresas estatales	$ 8.2 mil millones	44%
Corporaciones privadas	$ 6.5 mil millones	35%
Empresas invertidas en el extranjero	$ 4 mil millones	21%

Noah Holdings Limited (Noah) - Modelo de negocio: Estructura de costos

Capital humano y adquisición de talento

Gastos totales de compensación de empleados para 2022: $ 98.4 millones

Categoría de empleado	Costo anual promedio
Alta gerencia	$320,000
Profesionales de la inversión	$215,000
Personal de apoyo	$85,000

Desarrollo de infraestructura tecnológica

Inversión anual de infraestructura tecnológica: $ 22.7 millones

• Infraestructura de computación en la nube: $ 8.5 millones
• Sistemas de ciberseguridad: $ 5,2 millones
• Plataformas de análisis de datos: $ 6.3 millones
• Desarrollo de software: $ 2.7 millones

Gastos de cumplimiento regulatorio

Costos totales relacionados con el cumplimiento para 2022: $ 12.6 millones

Área de cumplimiento	Gasto anual
Aviso legal	$ 4.3 millones
Auditoría e informes	$ 3.9 millones
Licencia regulatoria	$ 2.7 millones
Capacitación de cumplimiento	$ 1.7 millones

Costos de marketing y adquisición de clientes

Gastos de marketing total en 2022: $ 15.3 millones

• Marketing digital: $ 6.8 millones
• Eventos corporativos: $ 3.5 millones
• Gestión de la relación con el cliente: $ 2.9 millones
• Publicidad: $ 2.1 millones

Inversiones de investigación y desarrollo

Gastos de I + D para 2022: $ 16.5 millones

Área de enfoque de investigación	Monto de la inversión
Tecnologías de gestión de patrimonio	$ 7.2 millones
Soluciones de inteligencia artificial	$ 5.3 millones
Innovación de productos financieros	$ 4.0 millones

Noah Holdings Limited (Noah) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de los servicios de gestión de patrimonio

Noah Holdings Limited generó tarifas de gestión de $ 214.3 millones en 2022 de Wealth Management Services.

Año	Ingresos de tarifas de gestión	Porcentaje de ingresos totales
2022	$ 214.3 millones	42.6%
2021	$ 189.7 millones	40.3%

Comisión de la distribución de productos financieros

Las comisiones de distribución de productos financieros totalizaron $ 156.8 millones en 2022.

• Comisiones de productos bancarios privados: $ 87.5 millones
• Comisiones de distribución de fondos mutuos: $ 69.3 millones

Tarifas de asesoramiento basadas en el desempeño

Las tarifas de asesoramiento basadas en el desempeño alcanzaron los $ 45.2 millones en 2022.

Tipo de servicio de asesoramiento	Monto de la tarifa
Aviso de cliente de alto patrimonio neto	$ 32.6 millones
Servicios de asesoramiento corporativo	$ 12.6 millones

Ingresos de la transacción de la plataforma de inversión

Los ingresos por transacciones de la plataforma de inversión ascendieron a $ 78.5 millones en 2022.

Cargos de facilitación de inversión transfronteriza

Las tarifas de facilitación de inversión transfronteriza fueron de $ 36.4 millones en 2022.

Región	Cargos de facilitación
China continental	$ 24.7 millones
Mercados internacionales	$ 11.7 millones

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.