Noah Holdings Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	2,529	2,601	3,295	3,100	4,293	3,306
Revenue Growth (YoY)	-7.99%	-21.05%	6.27%	-27.78%	29.86%	-2.54%
Cost of Revenue	1,277	1,349	1,457	1,442	2,169	1,504
Gross Profit	1,252	1,252	1,838	1,658	2,124	1,802
Selling, General & Admin	541.88	565.79	761.51	584.33	820.45	549.57
Other Operating Expenses	-13.72	27.97	-14.45	-13.87	-8.1	-14.32
Operating Expenses	595.76	617.64	740.03	570.04	925.32	543.34
Operating Income	656.5	633.89	1,098	1,088	1,199	1,258
Interest & Investment Income	172.35	205.9	161.93	146.97	137.29	67.32
Earnings From Equity Investments	77.43	-112.01	54.13	89.15	301.98	100.26
Other Non Operating Income (Expenses)	34.33	1.36	10.89	13.13	-18.24	4.16
EBT Excluding Unusual Items	940.61	729.14	1,325	1,338	1,620	1,430
Gain (Loss) on Sale of Investments	-7.67	-	-61.49	-	-	-86.37
Legal Settlements	14	14	-	-99	-	-
Other Unusual Items	2.33	12.45	-	-	-19.91	-1,829
Pretax Income	949.28	755.6	1,263	1,239	1,600	-485.06
Income Tax Expense	288.38	268.59	262.36	267.11	293.94	258.46
Earnings From Continuing Operations	660.9	487	1,001	971.59	1,306	-743.52
Minority Interest in Earnings	-5.11	-11.56	8.48	4.98	8.05	-1.7
Net Income	655.79	475.45	1,009	976.57	1,314	-745.23
Net Income to Common	655.79	475.45	1,009	976.57	1,314	-745.23
Net Income Growth	12.63%	-52.90%	3.37%	-25.69%	-	-
Shares Outstanding (Basic)	70	70	69	68	67	62
Shares Outstanding (Diluted)	70	70	69	68	68	62
Shares Change (YoY)	0.26%	1.42%	1.59%	1.23%	8.90%	0.31%
EPS (Basic)	9.36	6.78	14.53	14.29	19.56	-12.01
EPS (Diluted)	6.60	6.75	14.53	14.29	19.45	-12.01
EPS Growth	-20.79%	-53.55%	1.67%	-26.52%	-	-
Free Cash Flow	-	305.16	1,160	570.19	-749.38	744.74
Free Cash Flow Per Share	-	4.33	16.70	8.34	-11.09	12.00
Dividend Per Share	4.140	4.140	7.750	2.750	-	-
Dividend Growth	-46.58%	-46.58%	181.82%	-	-	-
Gross Margin	49.52%	48.12%	55.78%	53.49%	49.48%	54.50%
Operating Margin	25.96%	24.37%	33.32%	35.11%	27.93%	38.07%
Profit Margin	25.93%	18.28%	30.64%	31.50%	30.61%	-22.54%
Free Cash Flow Margin	-	11.73%	35.22%	18.39%	-17.46%	22.53%
EBITDA	812.13	790.57	1,256	1,244	1,345	1,357
EBITDA Margin	32.11%	30.39%	38.12%	40.14%	31.34%	41.05%
D&A For EBITDA	155.63	156.68	158.08	155.97	146.57	98.45
EBIT	656.5	633.89	1,098	1,088	1,199	1,258
EBIT Margin	25.96%	24.37%	33.32%	35.11%	27.93%	38.07%
Effective Tax Rate	30.38%	35.55%	20.77%	21.56%	18.37%	-
Revenue as Reported	2,529	2,601	3,295	3,100	4,293	3,306

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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