Noah Holdings Balance Sheet

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
Cash & Equivalents	4,361	3,822	5,192	4,404	3,405
Short-Term Investments	511.84	1,134	294.92	108.31	78
Trading Asset Securities	145.72	140.96	84.54	207.67	14.8
Cash & Short-Term Investments	5,018	5,097	5,572	4,720	3,497
Cash Growth	-1.54%	-8.52%	18.05%	34.95%	-31.69%
Accounts Receivable	411.96	466.01	494.78	912.29	1,209
Other Receivables	604.97	507.01	403.09	-	-
Receivables	1,129	1,142	1,185	1,407	1,855
Restricted Cash	11.14	8.7	154.43	23.2	0.51
Other Current Assets	201.57	226.97	206.25	166.74	163.71
Total Current Assets	6,361	6,475	7,117	6,317	5,517
Property, Plant & Equipment	2,459	2,503	2,621	2,655	2,805
Long-Term Investments	2,498	2,344	2,337	2,266	2,071
Long-Term Deferred Tax Assets	310.29	319.21	431.49	436.44	335.91
Other Long-Term Assets	112.49	137.29	178.58	62.12	95.83
Total Assets	11,741	11,779	12,685	11,798	10,890
Accounts Payable	126.19	122.62	104.48	117.15	71.59
Accrued Expenses	481.01	559.86	795.34	850.73	1,284
Short-Term Debt	3.84	15.38	188.7	10.46	10.83
Current Portion of Leases	39.19	44.89	61.83	84.36	91.29
Current Income Taxes Payable	147.51	63.89	89.69	126.85	190.26
Current Unearned Revenue	54.4	72.26	72.82	67.97	63.63
Other Current Liabilities	575.06	550.37	578.35	647.45	571.74
Total Current Liabilities	1,427	1,429	1,891	1,905	2,283
Long-Term Leases	60.34	75.73	76.53	83.17	130.96
Long-Term Deferred Tax Liabilities	263.61	246.09	262.4	249.77	234.13
Other Long-Term Liabilities	6.82	15.01	27.66	59.76	100.02
Total Liabilities	1,758	1,766	2,258	2,298	2,748
Common Stock	0.11	0.11	0.11	0.11	0.1
Additional Paid-In Capital	3,974	3,908	3,799	3,803	3,535
Retained Earnings	5,815	5,905	6,437	5,605	5,187
Treasury Stock	-4.1	-53.35	-	-	-541.38
Comprehensive Income & Other	41.75	186.55	74.62	-2.55	-140.01
Total Common Equity	9,827	9,946	10,310	9,406	8,041
Minority Interest	156.11	66.89	117.23	94.78	100.87
Shareholders' Equity	9,983	10,013	10,428	9,500	8,142
Total Liabilities & Equity	11,741	11,779	12,685	11,798	10,890
Total Debt	103.37	135.99	327.06	177.99	233.08
Net Cash (Debt)	4,915	4,961	5,245	4,542	3,264
Net Cash Growth	-0.92%	-5.41%	15.47%	39.14%	-32.21%
Net Cash Per Share	69.82	70.40	75.48	66.41	48.31
Filing Date Shares Outstanding	66.62	66.08	65.26	62.6	45.2
Total Common Shares Outstanding	66.62	66.08	65.26	62.6	45.19
Working Capital	4,933	5,045	5,226	4,412	3,234
Book Value Per Share	147.52	150.52	157.99	150.24	177.93
Tangible Book Value	9,827	9,946	10,310	9,406	8,041
Tangible Book Value Per Share	147.52	150.52	157.99	150.24	177.93
Buildings	2,531	2,479	2,479	2,479	2,479
Machinery	137.16	157.92	176.87	168.49	182.95
Construction In Progress	26.02	18.19	23.03	41.06	16.6
Leasehold Improvements	197.31	175.04	175.06	154.9	176.44

Source: S&P Global Market Intelligence. Standard template. Financial Sources.