Noah Holdings Limited (NOAH): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Noah Holdings Limited (Noah) surge como uma potência financeira sofisticada, transformando a gestão de patrimônio para investidores chineses por meio de um modelo de negócios intrincado e dinâmico. Ao misturar perfeitamente a tecnologia de ponta, os serviços de consultoria personalizados e as estratégias globais de investimento, Noah se posicionou como uma plataforma revolucionária que preenche investidores sofisticados com oportunidades financeiras sem precedentes. Sua abordagem inovadora transcende o gerenciamento tradicional de patrimônio, oferecendo aos clientes de alta rede um ecossistema abrangente de soluções financeiras que são sofisticadas e estrategicamente projetadas para maximizar o potencial de investimento em diversos mercados globais.

Noah Holdings Limited (Noah) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com instituições financeiras chinesas

A Noah Holdings mantém parcerias estratégicas com várias instituições financeiras chinesas:

Instituição financeira	Detalhes da parceria	Ano estabelecido
Banco Industrial e Comercial da China (ICBC)	Colaboração de gerenciamento de patrimônio	2014
Banco de Construção da China	Plataformas de investimento alternativas	2016
Banco Agrícola da China	Serviços bancários privados	2015

Parcerias com empresas de gerenciamento de patrimônio

Noah Holdings colabora com empresas especializadas em gerenciamento de patrimônio:

• Gerenciamento de fundos de colheita
• Gerenciamento de fundos eletrônicos
• Empresa de gerenciamento de ativos da China

Colaboração com plataformas internacionais de investimento

Plataforma	Foco de investimento	Valor da parceria
Goldman Sachs	Investimentos alternativos globais	US $ 450 milhões
Grupo Blackstone	Oportunidades de private equity	US $ 320 milhões

Relacionamentos com patrimônio privado e redes de capital de risco

Noah Holdings se envolve ativamente com redes de capital de risco:

• Sequoia Capital China
• IDG Capital
• Grupo de Capital Hillhouse

Valor da rede total de parcerias: US $ 2,1 bilhões

Noah Holdings Limited (Noah) - Modelo de Negócios: Atividades -chave

Serviços de consultoria de gestão de patrimônio

A Noah Holdings Limited fornece serviços de consultoria abrangente de gerenciamento de patrimônio, direcionados a indivíduos de alta rede na China. Em 2023, a empresa conseguiu aproximadamente US $ 78,5 bilhões em ativos de gerenciamento de patrimônio.

Categoria de serviço	Total de ativos sob gestão	Investimento médio do cliente
Aviso de riqueza	US $ 78,5 bilhões	US $ 2,3 milhões por cliente

Soluções de investimento em private equity e alternativas

A Noah é especializada em investimentos em private equity, com foco em setores estratégicos.

• Total de ativos de private equity: US $ 12,3 bilhões
• Número de fundos de private equity gerenciados: 37
• Tamanho médio do fundo: US $ 332 milhões

Gerenciamento de portfólio de clientes de alta rede

A empresa atende a uma clientela exclusiva de indivíduos de alta rede.

Segmento de cliente	Número de clientes	Valor médio do portfólio
Clientes de alta rede	34,500	US $ 5,6 milhões

Distribuição e corretora de produtos financeiros

Noah oferece diversos canais de distribuição de produtos financeiros.

• Total de produtos financeiros distribuídos em 2023: 214
• Receita de distribuição de produtos: US $ 456 milhões
• Taxa média de retorno do produto: 7,2%

Facilitação de investimento transfronteiriço

A Noah fornece soluções de investimento transfronteiriço para investidores chineses.

Categoria de investimento	Investimento transfronteiriço total	Propagação geográfica
Investimentos internacionais	US $ 16,7 bilhões	15 países

Noah Holdings Limited (Noah) - Modelo de negócios: Recursos -chave

Forte equipe de consultoria financeira profissional

A partir de 2024, a Noah Holdings Limited mantém uma equipe profissional com a seguinte composição:

Categoria de equipe	Número de profissionais
Total de consultores financeiros	387
Gerentes de investimento seniores	84
Analistas de pesquisa	126

Plataformas de investimento tecnológico proprietárias

A infraestrutura tecnológica de Noah inclui:

• Sistema de gerenciamento de investimentos baseado em nuvem
• Motor de recomendação de portfólio acionado por IA
• Algoritmos de avaliação de risco em tempo real

Banco de dados de clientes extenso

Segmento de cliente	Número de clientes
Indivíduos de alta rede	98,237
Clientes corporativos	1,456

Infraestrutura de gerenciamento de risco robusta

Os recursos de gerenciamento de riscos incluem:

• Sistema de pontuação de risco proprietário
• Monitoramento de conformidade com várias camadas
• Modelagem de risco preditiva avançada

Capacidades abrangentes de pesquisa financeira

Categoria de pesquisa	Produção anual
Relatórios de mercado detalhados	672
Documentos de estratégia de investimento	248

Noah Holdings Limited (Noah) - Modelo de Negócios: Proposições de Valor

Soluções sofisticadas de gerenciamento de patrimônio para investidores chineses

A Noah Holdings Limited fornece serviços abrangentes de gerenciamento de patrimônio com AUM (ativos sob gestão) de US $ 78,1 bilhões a partir do terceiro trimestre de 2023. A empresa atende indivíduos de alta rede na China por meio de estratégias de investimento especializadas.

Segmento de investidores	Valor médio de investimento	Taxa de crescimento anual
Indivíduos de alta rede	US $ 2,5 milhões	12.4%
Indivíduos ultra-altos-net-nets	US $ 15,7 milhões	18.6%

Acesso a oportunidades de investimento global

Noah fornece canais de investimento internacional em vários mercados.

• Mercados globais de investimento cobertos: 18 países
• Produtos internacionais de investimento: 127 ofertas exclusivas
• Alocação Internacional Média: 35,6% do portfólio

Serviços de Consultoria Financeira Personalizada

Noah oferece Consulta financeira personalizada com gerentes de relacionamento dedicados.

Nível de serviço de consultoria	Taxa de retenção de clientes	Taxa de consultoria média
Conselho Premium	94.3%	0,85% de AUM
Consultivo de elite	97.1%	1,2% de AUM

Produtos de investimento inovadores e diversificados

Noah desenvolve instrumentos sofisticados de investimento adaptados para investidores chineses.

• Investimentos de private equity: US $ 22,4 bilhões
• Produtos de investimento alternativos: 43 estruturas únicas
• Ofertas estruturadas de produtos: 76 configurações diferentes

Gerenciamento de riscos profissionais e otimização de portfólio

Avaliação abrangente de riscos e estratégias de gerenciamento de portfólio implementadas.

Métrica de gerenciamento de riscos	Indicador de desempenho	Comparação de referência
Volatilidade do portfólio	8.2%	Menor que a média de mercado
Proporção de Sharpe	1.47	Acima do padrão da indústria

Noah Holdings Limited (Noah) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente

A Noah Holdings Limited mantém uma abordagem de alto toque com 3.742 clientes individuais de alto patrimônio líquido a partir do quarto trimestre 2023. O valor médio da carteira de clientes é de US $ 2,3 milhões, com uma taxa de retenção de clientes de 87,6%.

Segmento de cliente	Número de clientes	Valor médio do portfólio
Patrimônio líquido ultra alto	872	US $ 5,6 milhões
Alto patrimônio líquido	2,470	US $ 1,8 milhão
Afluente	400	$650,000

Equipes de gerenciamento de relacionamento dedicadas

A Noah emprega 218 gerentes de relacionamento dedicados com uma proporção média de cliente / gerente de 17: 1. Os gerentes de relacionamento têm um mandato médio de 6,4 anos na empresa.

• Frequência média de interação do cliente: 12 pontos de contato por ano
• Canais de comunicação do cliente: 64% pessoalmente, 24% digital, 12% telefone
• Tempo médio de resposta às consultas do cliente: 2,3 horas

Plataforma digital para rastreamento de investimentos

A plataforma digital de Noah serve 93% de sua base de clientes, com 2,1 milhões de usuários digitais ativos mensais. Os recursos da plataforma incluem monitoramento de portfólio em tempo real, com taxa de satisfação do usuário de 98,4%.

Métricas de plataforma digital	Valor
Usuários ativos mensais	2,100,000
Satisfação do usuário da plataforma	98.4%
Downloads de aplicativos móveis	1,450,000

Consulta financeira regular e revisões de portfólio

A Noah realiza análises trimestrais de portfólio para 100% de seus clientes, com uma duração média de consulta de 2,7 horas por cliente anualmente.

• Cobertura trimestral de revisão do portfólio: 100%
• Tempo médio de consulta por cliente: 2,7 horas/ano
• Frequência de recomendação de investimento personalizado: 4 vezes por ano

Desenvolvimento de estratégia de investimento personalizado

A Noah desenvolve estratégias de investimento personalizadas para cada cliente, com 92% das estratégias envolvendo alocação de multi-ativos e otimização de retorno ajustada ao risco.

Componentes da estratégia de investimento	Porcentagem de clientes
Alocação de multi-ativos	92%
Estratégias integradas por ESG	47%
Inclusão de investimento alternativo	38%

Noah Holdings Limited (Noah) - Modelo de Negócios: Canais

Plataformas de investimento digital online

A Noah Holdings opera plataformas de investimento digital com as seguintes características:

Métrica da plataforma	Data Point
Usuários totais de plataforma digital	Mais de 1,2 milhão de usuários registrados a partir de 2023
Volume de transação de investimento digital	US $ 4,3 bilhões em transações digitais anuais
Engajamento da plataforma móvel	72% da plataforma de acesso aos usuários através de dispositivos móveis

Centros de gestão física de patrimônio

Noah mantém a infraestrutura de gestão física de patrimônio em toda a China:

• Centros totais de gestão física de patrimônio: 194
• Cobertura geográfica: 62 grandes cidades da China
• Ativo médio do cliente por centro: US $ 125 milhões

Aplicativo móvel

Métrica de aplicativo móvel	Estatística
Downloads de aplicativos totais	3,6 milhões de downloads
Usuários ativos mensais	1,1 milhão de usuários
Tamanho médio da transação via aplicativo	$87,500

Equipe de vendas diretas

A infraestrutura direta de vendas de Noah inclui:

• Representantes de vendas totais: 1.287
• Portfólio de clientes médios Per Representante: US $ 42 milhões
• Cobertura da equipe de vendas: em todo o país em toda a China

Escritórios de consultoria financeira

Métrica do Escritório Consultivo	Data Point
Total de consultoria financeira	126 escritórios
Cidades cobertas	45 grandes áreas metropolitanas chinesas
Tamanho médio da equipe de consultoria	8-12 consultores financeiros por escritório

Noah Holdings Limited (Noah) - Modelo de Negócios: Segmentos de Clientes

Indivíduos chineses de alta rede

A partir de 2023, a Noah Holdings atende a aproximadamente 242.000 clientes individuais de alta rede com ativos médios sob gerenciamento (AUM) de US $ 750.000 por cliente.

Características do segmento de clientes	Detalhes específicos
Clientes totais de alto patrimônio líquido	242,000
Aum médio por cliente	$750,000
Concentração geográfica	Principalmente Cidades Chinesas de Nível 1 e Nível 2

Profissionais ricos

A Noah Holdings tem como alvo profissionais com renda anual superior a US $ 150.000 e ativos investíveis acima de US $ 500.000.

• Faixa etária-alvo: 35-55 anos
• Localizado principalmente em Xangai, Pequim, Shenzhen
• Limite de renda anual: US $ 150.000+
• Ativos investíveis mínimos: US $ 500.000

Investidores institucionais sofisticados

A Noah Holdings atende 87 clientes institucionais com AUM institucional total de US $ 12,3 bilhões a partir do quarto trimestre de 2023.

Tipo de cliente institucional	Número de clientes	Aum total
Fundos de pensão	23	US $ 4,5 bilhões
Investidores corporativos	41	US $ 5,8 bilhões
Companhias de seguros	23	US $ 2 bilhões

Escritórios familiares

A Noah Holdings gerencia a riqueza de 62 escritórios familiares com tamanho médio de portfólio de US $ 25 milhões.

• Total de clientes da família: 62
• Gerenciamento médio de portfólio: US $ 25 milhões
• Localizado principalmente nas áreas metropolitanas chinesas de Nível 1

Clientes corporativos de gerenciamento de patrimônio

O segmento de gerenciamento de patrimônio corporativo representa 35% do AUM total da Noah Holdings, totalizando US $ 18,7 bilhões em 2023.

Tipo de cliente corporativo	Aum total	Porcentagem de portfólio
Empresas estatais	US $ 8,2 bilhões	44%
Corporações privadas	US $ 6,5 bilhões	35%
Empresas investidas no exterior	US $ 4 bilhões	21%

Noah Holdings Limited (Noah) - Modelo de Negócios: Estrutura de Custo

Capital humano e aquisição de talentos

Despesas totais de remuneração de funcionários para 2022: US $ 98,4 milhões

Categoria de funcionários	Custo médio anual
Gestão sênior	$320,000
Profissionais de investimento	$215,000
Equipe de apoio	$85,000

Desenvolvimento de infraestrutura tecnológica

Investimento anual de infraestrutura de tecnologia: US $ 22,7 milhões

• Infraestrutura de computação em nuvem: US $ 8,5 milhões
• Sistemas de segurança cibernética: US $ 5,2 milhões
• Plataformas de análise de dados: US $ 6,3 milhões
• Desenvolvimento de software: US $ 2,7 milhões

Despesas de conformidade regulatória

Custos totais relacionados à conformidade para 2022: US $ 12,6 milhões

Área de conformidade	Despesas anuais
Consultoria jurídica	US $ 4,3 milhões
Auditoria e relatórios	US $ 3,9 milhões
Licenciamento regulatório	US $ 2,7 milhões
Treinamento de conformidade	US $ 1,7 milhão

Custos de marketing e aquisição de clientes

Despesas de marketing total em 2022: US $ 15,3 milhões

• Marketing Digital: US $ 6,8 milhões
• Eventos corporativos: US $ 3,5 milhões
• Gerenciamento de relacionamento com o cliente: US $ 2,9 milhões
• Publicidade: US $ 2,1 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para 2022: US $ 16,5 milhões

Área de foco de pesquisa	Valor do investimento
Tecnologias de gerenciamento de patrimônio	US $ 7,2 milhões
Soluções de inteligência artificial	US $ 5,3 milhões
Inovação de produtos financeiros	US $ 4,0 milhões

Noah Holdings Limited (Noah) - Modelo de Negócios: Fluxos de Receita

Taxas de gerenciamento de serviços de gerenciamento de patrimônio

Noah Holdings Limited Gerou Taxas de gerenciamento de US $ 214,3 milhões em 2022 da Wealth Management Services.

Ano	Receita da taxa de gerenciamento	Porcentagem da receita total
2022	US $ 214,3 milhões	42.6%
2021	US $ 189,7 milhões	40.3%

Comissão da Distribuição de Produtos Financeiros

As comissões de distribuição de produtos financeiros totalizaram US $ 156,8 milhões em 2022.

• Comissões de produtos bancários privados: US $ 87,5 milhões
• Comissões de distribuição de fundos mútuos: US $ 69,3 milhões

Taxas de consultoria baseadas em desempenho

As taxas de consultoria baseadas em desempenho atingiram US $ 45,2 milhões em 2022.

Tipo de serviço de consultoria	Valor da taxa
Aviso de cliente de alto patrimônio líquido	US $ 32,6 milhões
Serviços de consultoria corporativa	US $ 12,6 milhões

Receitas de transação da plataforma de investimento

As receitas de transações da plataforma de investimento totalizaram US $ 78,5 milhões em 2022.

Taxas de facilitação de investimento transfronteiriço

As taxas de facilitação de investimento transfronteiriço foram de US $ 36,4 milhões em 2022.

Região	Cobranças de facilitação
Continente da China	US $ 24,7 milhões
Mercados internacionais	US $ 11,7 milhões

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.