Noah Holdings Limited (Noah): Business Model Canvas [Jan-2025 Mis à jour]

Noah Holdings Limited (Noah) apparaît comme une puissance financière sophistiquée, transformant la gestion de patrimoine pour les investisseurs chinois grâce à un modèle commercial complexe et dynamique. En mélangeant de manière transparente la technologie de pointe, des services de conseil personnalisés et des stratégies d'investissement mondiales, Noah s'est positionné comme une plate-forme révolutionnaire qui relie les investisseurs sophistiqués avec des opportunités financières sans précédent. Leur approche innovante transcende la gestion traditionnelle de patrimoine, offrant aux clients à haute navette un écosystème complet de solutions financières qui sont à la fois sophistiquées et stratégiquement conçues pour maximiser le potentiel d'investissement sur divers marchés mondiaux.

Noah Holdings Limited (Noah) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des institutions financières chinoises

Noah Holdings maintient des partenariats stratégiques avec plusieurs institutions financières chinoises:

Institution financière	Détails du partenariat	Année établie
Banque industrielle et commerciale de Chine (ICBC)	Collaboration de gestion de la patrimoine	2014
Banque de construction chinoise	Plateformes d'investissement alternatives	2016
Banque agricole de Chine	Services bancaires privés	2015

Partenariats avec des sociétés de gestion de patrimoine

Noah Holdings collabore avec des sociétés de gestion de patrimoine spécialisées:

• Gestion des fonds de récolte
• Gestion des fonds électroniques
• Chine Asset Management Company

Collaboration avec les plateformes d'investissement internationales

Plate-forme	Focus d'investissement	Valeur de partenariat
Goldman Sachs	Investissements alternatifs mondiaux	450 millions de dollars
Groupe Blackstone	Opportunités de capital-investissement	320 millions de dollars

Relations avec les réseaux de capital-investissement et de capital-risque

Noah Holdings s'engage activement dans les réseaux de capital-risque:

• Sequoia Capital China
• Capital idg
• Groupe de capitaux de Hillhouse

Valeur totale du réseau de partenariat: 2,1 milliards de dollars

Noah Holdings Limited (Noah) - Modèle d'entreprise: activités clés

Services de conseil en gestion de patrimoine

Noah Holdings Limited fournit des services complets de conseil en gestion de patrimoine ciblant des individus à haute navette en Chine. En 2023, la société a géré environ 78,5 milliards de dollars d'actifs de gestion de patrimoine.

Catégorie de service	Total des actifs sous gestion	Investissement moyen du client
Avis de richesse	78,5 milliards de dollars	2,3 millions de dollars par client

Capital-investissement et solutions d'investissement alternatives

Noah se spécialise dans les investissements en capital-investissement en mettant l'accent sur les secteurs stratégiques.

• Actifs totaux de capital-investissement: 12,3 milliards de dollars
• Nombre de fonds de capital-investissement gérés: 37
• Taille moyenne du fonds: 332 millions de dollars

Gestion du portefeuille de clients à haute teneur

L'entreprise sert une clientèle exclusive de particuliers.

Segment client	Nombre de clients	Valeur de portefeuille moyenne
Clients à haute teneur	34,500	5,6 millions de dollars

Distribution et courtage des produits financiers

Noah propose divers canaux de distribution de produits financiers.

• Total des produits financiers distribués en 2023: 214
• Revenus de distribution de produits: 456 millions de dollars
• Taux de rendement moyen des produits: 7,2%

Facilitation des investissements transfrontaliers

Noah fournit des solutions d'investissement transfrontalières aux investisseurs chinois.

Catégorie d'investissement	Investissement transfrontalier total	Propagation géographique
Investissements internationaux	16,7 milliards de dollars	15 pays

Noah Holdings Limited (Noah) - Modèle d'entreprise: Ressources clés

Équipe de conseil financière professionnelle solide

En 2024, Noah Holdings Limited maintient une équipe professionnelle avec la composition suivante:

Catégorie d'équipe	Nombre de professionnels
Conseillers financiers totaux	387
Responsables de l'investissement seniors	84
Analystes de recherche	126

Plateformes d'investissement technologique propriétaires

L'infrastructure technologique de Noah comprend:

• Système de gestion des investissements basé sur le cloud
• Moteur de recommandation de portefeuille piloté par AI
• Algorithmes d'évaluation des risques en temps réel

Base de données client étendue

Segment client	Nombre de clients
Individus à haute nette	98,237
Clients des entreprises	1,456

Infrastructure de gestion des risques robuste

Les capacités de gestion des risques comprennent:

• Système de notation des risques propriétaires
• Surveillance de la conformité multicouches
• Modélisation avancée des risques prédictifs

Capacités de recherche financière complètes

Catégorie de recherche	Sortie annuelle
Rapports de marché détaillés	672
Documents de stratégie d'investissement	248

Noah Holdings Limited (Noah) - Modèle d'entreprise: propositions de valeur

Solutions sophistiquées de gestion de patrimoine pour les investisseurs chinois

Noah Holdings Limited fournit des services complets de gestion de patrimoine avec AUM (actifs sous gestion) de 78,1 milliards de dollars au cours du trimestre 2023. La société dessert des particuliers en Chine à travers des stratégies d'investissement spécialisées.

Segment des investisseurs	Montant d'investissement moyen	Taux de croissance annuel
Individus à haute nette	2,5 millions de dollars	12.4%
Individus ultra-élevés	15,7 millions de dollars	18.6%

Accès aux opportunités d'investissement mondiales

Noah fournit des canaux d'investissement internationaux sur plusieurs marchés.

• Marchés d'investissement mondiaux couverts: 18 pays
• Produits d'investissement internationaux: 127 offres uniques
• Attribution internationale moyenne: 35,6% du portefeuille

Services de conseil financier personnalisés

NOAH OFFRES consultation financière personnalisée avec des gestionnaires de relations dédiés.

Niveau de service consultatif	Taux de rétention des clients	Frais de conseil moyen
Avis de qualité supérieure	94.3%	0,85% de l'AUM
Advisory d'élite	97.1%	1,2% de l'AUM

Produits d'investissement innovants et diversifiés

Noah développe des instruments d'investissement sophistiqués adaptés aux investisseurs chinois.

• Investissements en capital-investissement: 22,4 milliards de dollars
• Produits d'investissement alternatifs: 43 structures uniques
• Offres de produits structurés: 76 configurations différentes

Gestion des risques professionnels et optimisation du portefeuille

Les stratégies complètes d'évaluation des risques et de gestion du portefeuille sont mises en œuvre.

Métrique de gestion des risques	Indicateur de performance	Comparaison de référence
Volatilité du portefeuille	8.2%	Inférieur à la moyenne du marché
Ratio sharpe	1.47	Norme de l'industrie ci-dessus

Noah Holdings Limited (NOAH) - Modèle d'entreprise: relations avec les clients

Engagement client personnalisé

Noah Holdings Limited maintient une approche élevée avec 3 742 clients individuels à haute nouerie au T2 2023. La valeur moyenne du portefeuille client est de 2,3 millions de dollars, avec un taux de rétention client de 87,6%.

Segment client	Nombre de clients	Valeur de portefeuille moyenne
Valeur nette ultra élevée	872	5,6 millions de dollars
Valeur nette élevée	2,470	1,8 million de dollars
Riche	400	$650,000

Équipes de gestion des relations dédiées

Noah emploie 218 gestionnaires de relations dédiés avec un ratio client / manager moyen de 17: 1. Les gestionnaires de relations ont un mandat moyen de 6,4 ans avec l'entreprise.

• Fréquence moyenne d'interaction du client: 12 points de contact par an
• Canaux de communication du client: 64% en personne, 24% numérique, 12% de téléphone
• Temps de réponse moyen aux demandes des clients: 2,3 heures

Plateforme numérique pour le suivi des investissements

La plate-forme numérique de Noah dessert 93% de sa clientèle, avec 2,1 millions d'utilisateurs numériques actifs mensuels. Les fonctionnalités de plate-forme incluent la surveillance du portefeuille en temps réel, avec un taux de satisfaction de l'utilisateur de 98,4%.

Métriques de plate-forme numérique	Valeur
Utilisateurs actifs mensuels	2,100,000
Satisfaction des utilisateurs de la plate-forme	98.4%
Téléchargements d'applications mobiles	1,450,000

Revues de consultation financière régulières et de portefeuille

Noah effectue des examens trimestriels de portefeuille pour 100% de ses clients, avec une durée de consultation moyenne de 2,7 heures par client par an.

• Couverture de révision du portefeuille trimestriel: 100%
• Temps de consultation moyen par client: 2,7 heures / an
• Fréquence de recommandation d'investissement personnalisée: 4 fois par an

Développement de stratégie d'investissement personnalisé

Noah élabore des stratégies d'investissement personnalisées pour chaque client, avec 92% des stratégies impliquant une allocation multi-actifs et une optimisation de retour ajustée au risque.

Composantes de la stratégie d'investissement	Pourcentage de clients
Allocation multi-actifs	92%
Stratégies intégrées à l'ESG	47%
Inclusion d'investissement alternative	38%

Noah Holdings Limited (Noah) - Modèle d'entreprise: canaux

Plateformes d'investissement numérique en ligne

Noah Holdings exploite des plateformes d'investissement numérique avec les caractéristiques suivantes:

Métrique de la plate-forme	Point de données
Utilisateurs totaux de plate-forme numérique	Plus de 1,2 million d'utilisateurs enregistrés en 2023
Volume de transaction d'investissement numérique	4,3 milliards de dollars de transactions numériques annuelles
Engagement de la plate-forme mobile	72% des utilisateurs accèdent à la plate-forme via des appareils mobiles

Centres de gestion de patrimoine physiques

Noah maintient une infrastructure physique de gestion de patrimoine à travers la Chine:

• Total des centres de gestion de patrimoine physique: 194
• Couverture géographique: 62 grandes villes en Chine
• Actifs du client moyen par centre: 125 millions de dollars

Application mobile

Métrique de l'application mobile	Statistique
Total des téléchargements d'applications	3,6 millions de téléchargements
Utilisateurs actifs mensuels	1,1 million d'utilisateurs
Taille moyenne des transactions via l'application	$87,500

Équipe de vente directe

L'infrastructure de vente directe de Noah comprend:

• Représentants des ventes totales: 1 287
• Portefeuille de clients moyen par représentant: 42 millions de dollars
• Couverture de l'équipe de vente: à travers la Chine à travers la Chine

Bureaux consultatifs financiers

Métrique du bureau consultatif	Point de données
Offices consultatifs financiers totaux	126 bureaux
Villes couvertes	45 grandes zones métropolitaines chinoises
Taille moyenne de l'équipe consultative	8-12 conseillers financiers par bureau

Noah Holdings Limited (Noah) - Modèle d'entreprise: segments de clientèle

Individus chinois

Depuis 2023, Noah Holdings dessert environ 242 000 clients individuels à forte valeur haute avec des actifs moyens sous gestion (AUM) de 750 000 $ par client.

Caractéristiques du segment de la clientèle	Détails spécifiques
Clients totaux à forte valeur	242,000
AUM moyen par client	$750,000
Concentration géographique	Principalement les villes chinoises de niveau 1 et de niveau 2

Professionnels aisés

Noah Holdings cible les professionnels avec un revenu annuel dépassant 150 000 $ et des actifs investissables supérieurs à 500 000 $.

• Tranche d'âge cible: 35 à 55 ans
• Principalement situé à Shanghai, Pékin, Shenzhen
• Seuil de revenu annuel: 150 000 $ +
• Actifs investissables minimum: 500 000 $

Investisseurs institutionnels sophistiqués

Noah Holdings dessert 87 clients institutionnels avec un AUM institutionnel total de 12,3 milliards de dollars au quatrième trimestre 2023.

Type de client institutionnel	Nombre de clients	Total Aum
Fonds de pension	23	4,5 milliards de dollars
Investisseurs d'entreprise	41	5,8 milliards de dollars
Compagnies d'assurance	23	2 milliards de dollars

Familiaux

Noah Holdings gère la richesse pour 62 bureaux familiaux avec une taille de portefeuille moyenne de 25 millions de dollars.

• Clients totaux du Family Office: 62
• Gestion moyenne du portefeuille: 25 millions de dollars
• Principalement situé dans les zones métropolitaines chinoises de niveau 1

Clients de gestion de la richesse d'entreprise

Le segment de la gestion de la richesse des entreprises représente 35% du total de l'AUM de Noah Holdings, totalisant 18,7 milliards de dollars en 2023.

Type de client d'entreprise	Total Aum	Pourcentage de portefeuille
Entreprises publiques	8,2 milliards de dollars	44%
Sociétés privées	6,5 milliards de dollars	35%
Entaines investis à l'étranger	4 milliards de dollars	21%

Noah Holdings Limited (Noah) - Modèle d'entreprise: Structure des coûts

Acquisition du capital humain et des talents

Total des frais d'indemnisation des employés pour 2022: 98,4 millions de dollars

Catégorie des employés	Coût annuel moyen
Senior	$320,000
Professionnels de l'investissement	$215,000
Personnel de soutien	$85,000

Développement d'infrastructures technologiques

Investissement annuel sur les infrastructures technologiques: 22,7 millions de dollars

• Infrastructure de cloud computing: 8,5 millions de dollars
• Systèmes de cybersécurité: 5,2 millions de dollars
• Plateformes d'analyse de données: 6,3 millions de dollars
• Développement de logiciels: 2,7 millions de dollars

Frais de conformité réglementaire

Coûts totaux liés à la conformité pour 2022: 12,6 millions de dollars

Zone de conformité	Dépenses annuelles
Avis juridique	4,3 millions de dollars
Audit et rapport	3,9 millions de dollars
Licence de réglementation	2,7 millions de dollars
Formation de la conformité	1,7 million de dollars

Coûts de marketing et d'acquisition des clients

Total des dépenses de marketing en 2022: 15,3 millions de dollars

• Marketing numérique: 6,8 millions de dollars
• Événements d'entreprise: 3,5 millions de dollars
• Gestion de la relation client: 2,9 millions de dollars
• Publicité: 2,1 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2022: 16,5 millions de dollars

Domaine de mise au point de recherche	Montant d'investissement
Technologies de gestion de la patrimoine	7,2 millions de dollars
Solutions d'intelligence artificielle	5,3 millions de dollars
Innovation de produits financiers	4,0 millions de dollars

Noah Holdings Limited (Noah) - Modèle d'entreprise: Strots de revenus

Frais de gestion des services de gestion de patrimoine

Noah Holdings Limited a généré des frais de gestion de 214,3 millions de dollars en 2022 auprès des services de gestion de patrimoine.

Année	Revenus de frais de gestion	Pourcentage du total des revenus
2022	214,3 millions de dollars	42.6%
2021	189,7 millions de dollars	40.3%

Commission de la distribution de produits financiers

Les commissions de distribution de produits financiers ont totalisé 156,8 millions de dollars en 2022.

• Commissions de produits bancaires privés: 87,5 millions de dollars
• Commissions de distribution de fonds communs de placement: 69,3 millions de dollars

Frais de conseil basés sur la performance

Les frais consultatifs basés sur le rendement ont atteint 45,2 millions de dollars en 2022.

Type de service consultatif	Montant des frais
Advisory du client à valeur nette élevée	32,6 millions de dollars
Services de conseil aux entreprises	12,6 millions de dollars

Revenus de transaction de plate-forme d'investissement

Les revenus des transactions de la plate-forme d'investissement s'élevaient à 78,5 millions de dollars en 2022.

Frais de facilitation des investissements transfrontaliers

Les frais de facilitation des investissements transfrontaliers étaient de 36,4 millions de dollars en 2022.

Région	Frais de facilitation
Chine continentale	24,7 millions de dollars
Marchés internationaux	11,7 millions de dollars

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.