Noah Holdings Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,610	2,601	3,295	3,100	4,293
Revenue Growth (YoY)	0.36%	-21.05%	6.27%	-27.78%	29.86%
Cost of Revenue	1,217	1,349	1,457	1,442	2,169
Gross Profit	1,394	1,252	1,838	1,658	2,124
Selling, General & Admin	548.4	565.79	761.51	584.33	820.45
Other Operating Expenses	16.4	27.97	-14.45	-13.87	-8.1
Operating Expenses	617.02	617.64	740.03	570.04	925.32
Operating Income	776.66	633.89	1,098	1,088	1,199
Interest & Investment Income	159.8	205.9	161.93	146.97	137.29
Earnings From Equity Investments	-1.4	-112.01	54.13	89.15	301.98
Other Non Operating Income (Expenses)	-30.81	1.36	10.89	13.13	-18.24
EBT Excluding Unusual Items	904.26	729.14	1,325	1,338	1,620
Gain (Loss) on Sale of Investments	-	-	-61.49	-	-
Legal Settlements	-50.18	14	-	-99	-
Other Unusual Items	0.96	12.45	-	-	-19.91
Pretax Income	855.03	755.6	1,263	1,239	1,600
Income Tax Expense	297.81	268.59	262.36	267.11	293.94
Earnings From Continuing Operations	557.22	487	1,001	971.59	1,306
Minority Interest in Earnings	1.64	-11.56	8.48	4.98	8.05
Net Income	558.86	475.45	1,009	976.57	1,314
Net Income to Common	558.86	475.45	1,009	976.57	1,314
Net Income Growth	17.54%	-52.90%	3.37%	-25.69%	-
Shares Outstanding (Basic)	70	70	69	68	67
Shares Outstanding (Diluted)	70	70	69	68	68
Shares Change (YoY)	-0.11%	1.42%	1.59%	1.23%	8.90%
EPS (Basic)	8.01	6.78	14.53	14.29	19.56
EPS (Diluted)	7.95	6.75	14.53	14.29	19.45
EPS Growth	17.78%	-53.55%	1.67%	-26.52%	-
Free Cash Flow	-	305.16	1,160	570.19	-749.38
Free Cash Flow Per Share	-	4.33	16.70	8.34	-11.09
Dividend Per Share	-	4.140	7.750	2.750	-
Dividend Growth	-	-46.58%	181.82%	-	-
Gross Margin	53.39%	48.12%	55.78%	53.49%	49.48%
Operating Margin	29.75%	24.37%	33.32%	35.11%	27.93%
Profit Margin	21.41%	18.28%	30.64%	31.50%	30.61%
Free Cash Flow Margin	-	11.73%	35.22%	18.39%	-17.46%
EBITDA	933.35	790.57	1,256	1,244	1,345
EBITDA Margin	35.76%	30.39%	38.12%	40.14%	31.34%
D&A For EBITDA	156.68	156.68	158.08	155.97	146.57
EBIT	776.66	633.89	1,098	1,088	1,199
EBIT Margin	29.75%	24.37%	33.32%	35.11%	27.93%
Effective Tax Rate	34.83%	35.55%	20.77%	21.56%	18.37%
Revenue as Reported	2,610	2,601	3,295	3,100	4,293

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.