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Fintech platform Skyro more than doubles loan disbursements in the Philippines in 2025

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MANILA, PHILIPPINES – Media OutReach Newswire – 28 May 2026 – Skyro, a digital-first consumer finance platform, disbursed PHP 15.8 billion (over $280 million) and doubled the number of loans issued in the Philippines in 2025. This represents a 2.6-fold increase in loan disbursements year-on-year and places the company among the fastest-growing consumer lenders in the country.

Over the two-year period from 2023 to 2025, cumulative growth reached approximately 5.9-fold in number loans issuedand 8.7-fold in disbursement value. Skyro’s loan portfolio includes POS (point-of-sale) installment loans, cash loans, and сredit lines.

Skyro co-founder, Nasim Aliev:

“We are proud to deliver multiple-fold growth in our loan portfolio, significantly outpacing the overall expansion of consumer lending in the Philippines. Since launching in 2022, Skyro has focused on offering a simple, convenient and mobile-first solution at the point of sale, building a business that is clearly in strong demand. Our core mission is to empower people by providing accessible financing. The priority remains delivering innovative, AI-powered digital finance tools that enhance the customer experience.”

Skyro co-founder, Arsen Liametov:

“We’ve been tripling our revenue every year since 2022. Our success in unsecured lending in the Philippines provides a strong foundation for expansion into additional fintech products and new jurisdictions across developing markets. Backed by Skyro’s multinational team of over 600 fintech professionals with experience across more than 20 markets, we bring a broad perspective that strengthens our ability to scale our business model internationally.”

Over the past year, Skyro’s customer base doubled and remains on a strong upward growth trajectory. At the same time, its loan portfolio was significantly de-risked, primarily dueto Skyro’s AI-driven scoring system. The number of registered users on the Skyro platform reached 6.3 million at the end of 2025. The average loan size grew by nearly 30% year-on-year, driven by a shift toward larger-ticket products.

Skyro’s merchant partner network expanded significantly in 2025, with particularly strong growth in the online channel. The number of online partners grew by 405%, reflecting an active push into e-commerce POS lending. The offline network added 631 new merchant locations, growing by 50%. By the end of 2025, Skyro had partnered with more than 2,000 merchants, including those operating nearly 9,000 brick-and-mortar stores.

Hashtag: #Skyro

The issuer is solely responsible for the content of this announcement.

About SKYRO

Skyro is a high-growth, digital-first fintech group delivering scalable, responsible financial access across high-potential emerging markets. Powered by proprietary data science, AI-driven credit decisioning, and alternative-data scoring, the company combines a mobile-native experience with modular fintech architecture to serve underserved client segments at scale.

In just three years, Skyro has grown to serve over one million active customers in the Philippines, underpinned by a robust credit portfolio exceeding $200 million. The company’s strategic ambition is to establish itself as the preeminent full-spectrum financial services group across dozens of emerging markets worldwide.

Aon Brings Leadership Forum to Manila to Help Organisations Navigate Risks and Drive Growth

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MANILA, PHILIPPINES – Media OutReach Newswire – 28 May 2026 – Aon plc (NYSE: AON), a leading global professional services firm, is today hosting its Better Decisions Leadership Forum in Manila, bringing together senior business leaders to discuss how organisations can navigate from risk to resilience and growth in an increasingly complex environment. The invitation-only forum is taking place at the Fairmont Hotel in Makati.

The event is expected to convene more than 70 C-suite and senior business leaders from top organisations across the Philippines for a closed-door exchange on managing economic, workforce, climate and operational pressures. By bringing together diverse perspectives, the forum aims to foster practical insights and strategies that help organisations navigate uncertainty, protect their businesses and drive sustainable growth.

The program will be officially opened by Karl Hamann, CEO of Philippines for Aon, followed by a keynote from Andrew Jeffries, country director for the Asian Development Bank on the macroeconomic and geopolitical trends shaping the business environment.

Notable speakers include Terence Williams, head of Commercial Risk in Asia Pacific for Aon, and other firm executives alongside external regional leaders, including Annacel Natividad, chief risk officer and sustainability head for Aboitiz Foods Group, and Raymond Martin Aguilar, vice president and head of risk and property management for Globe Telecom, Inc.

“This forum reflects a fundamental shift in how organisations are evolving their approach to risk,” said Williams. “Across Asia Pacific, we are seeing a growing focus on using data and analytics to understand trade-offs, test scenarios and act with greater confidence. Bringing leaders together to share practical experience is critical to strengthening resilience while continuing to drive growth.”

A central feature of the forum will be a C-suite panel on adaptive leadership in a digital world, where senior leaders will share how they are balancing risk, resilience and growth, and the decisions shaping their organisations today. The session will be moderated by Irma Gaviola, head of Commercial Risk, Philippines for Aon.

The program will include risk masterclasses focused on key enterprise exposures, including cyber and climate risks, exploring how organisations can quantify risk, strengthen resilience and design more effective risk transfer strategies.

Participants will also be introduced to Aon’s Risk Analyzers, an interactive environment where clients can experience a suite of analytics-led tools that support scenario testing and supports better risk capital decisions. The tools are designed to help organisations assess exposures and evaluate strategic choices in real time.

“The Philippines sits at the intersection of strong economic growth and increasing risk complexity, said Hamann. “This forum creates a space for candid dialogue and practical insights to help organisations navigate risk with greater clarity and confidence.”

The Better Decisions Leadership Forum is part of Aon’s ongoing commitment to helping organisations turn insight into action – enabling more informed decision-making to protect and grow their business.

Hashtag: #Aon

The issuer is solely responsible for the content of this announcement.

About Aon

(NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

MarsLab Introduces Singapore-Based AI Inference Infrastructure Roadmap for Enterprise and Edge Deployment

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MarsLab outlines a system-first approach to AI inference infrastructure for enterprise and edge deployment scenarios.

SINGAPORE – Media OutReach Newswire – 28 May 2026 – MarsLab Pte Ltd today introduced its Singapore-based AI inference infrastructure roadmap, focused on deployment-oriented systems for enterprise and edge AI workloads.
MarsLab takes a system-first approach to AI infrastructure, bringing together hardware systems, software stack integration, workload validation, and deployment economics. The company is focused on practical scenarios where AI inference needs to operate reliably across real-world environments, including enterprise applications, edge deployment, and industry-specific systems.
MarsLab’s near-term M100 platform is designed for commercial and system-level validation. The platform is intended to help the company evaluate real workloads, software behavior, integration requirements, operational constraints, and customer deployment needs. These learnings will support MarsLab’s longer-term M200 roadmap, which is planned as a future self-designed silicon direction informed by practical deployment data.
“We believe future AI infrastructure should be developed with a system-first mindset,” said Zhongwei Liao, CEO of MarsLab. “Before moving toward deeper technology roadmaps, it is important to understand real workloads, system integration requirements, and deployment economics in practical environments.”
MarsLab is building its presence in Singapore and engaging with partners across Southeast Asia’s semiconductor and AI infrastructure ecosystem. The company aims to support enterprises and technology partners seeking practical, efficient, and deployable AI inference infrastructure.

Hashtag: #AIInfrastructure #AIInference #EdgeAI #EnterpriseAI #Singapore


The issuer is solely responsible for the content of this announcement.

About MarsLab Pte Ltd

MarsLab Pte Ltd is a Singapore-based AI inference infrastructure company focused on enterprise and edge AI deployment scenarios. The company works across hardware systems, software stack integration, workload validation, and deployment economics, with a system-first approach to practical AI infrastructure.

World’s smallest deployable operational optical ground station proves capability in successful trials

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  • Data transferred securely and rapidly between space and ground
  • Compatible with U.S. Space Development Agency standard
  • UK Space Minister Liz Lloyd welcomed the news
  • Units for purchase and service contracts available

OXFORD, England, May 27, 2026 /PRNewswire/ — Archangel Lightworks, the laser communications company, has successfully completed field trials of the TERRA-M, the world’s smallest deployable operational optical ground station, proving its capability. The news was warmly welcomed by Liz Lloyd, the UK Space Minister, and the trials were funded by the UK’s Defence Science and Technology Laboratory.

Proved its capability: the Archangel Lightworks TERRA-M deployable operational optical ground station
Proved its capability: the Archangel Lightworks TERRA-M deployable operational optical ground station

Data was securely and rapidly transferred between the TERRA-M and a satellite in low Earth orbit over the course of a multi-day field trial in the Mediterranean region earlier this month. The field trials used the U.S. Space Development Agency laser communication standard and were repeated across multiple passes to prove reliability.

The TERRA-M is a small fraction of the size of traditional optical ground stations with an optical head standing just 1.1m tall and 0.7m in diameter. It does not require an external dome, is easily transportable by light vehicle or aircraft, and can be readily deployed on the roof of a building. TERRA-M units and ground-station-as-a-service contracts are already being purchased by and delivered to customers.

“The TERRA-M is uniquely capable of rapid, secure data transfer with satellites while also being small enough to be deployed and redeployed at the point of need,” said Richard Johanson, CEO of Archangel Lightworks.

“We are on a pathway to providing resilient, large-scale deployable networks of optical ground stations,” added Johanson, “the demand for space-based information and connectivity solutions continues to grow exponentially, and we are pleased that our technology will play a role in this exciting new global communications infrastructure.”

Space Minister Liz Lloyd said: “Archangel Lightworks is a prime example of British innovation leading the world in next-generation space technology. The successful trials of the TERRA-M show the UK is at the forefront of laser communications, developing the kind of cutting-edge products that will underpin the future of global connectivity.”

“Investing in homegrown capability like this strengthens our national security, drives economic growth, and brings opportunities to communities that need them most,” added Lloyd, “the UK Government is proud to have supported Archangel Lightworks, and this is a clear demonstration of what our space sector can deliver.”

The TERRA-M’s small size means it can easily be deployed far from existing communications infrastructure – i.e. at the “edge” of networks. Unlike existing optical ground stations, it does not need a dedicated building of its own, or a fixed protective dome. Its modular design was developed to enable broad interoperability with a wide range of lasercom standards and terminals.

Laser communications to and from satellites is a key component of next-generation space infrastructure, supporting rapidly-increasing satellite traffic and providing a high volume, secure alternative to radio-based data transmission. Satellite internet backhaul and earth observation data transfer are among the principal applications of laser communications, which also support space exploration missions such as Artemis.

The technology has both commercial and defence applications, and bypasses the vulnerabilities associated with terrestrial and subsea cables. It also has the potential to bring high volume satellite communications to communities and thereby reduce the digital divide. As compute moves into orbit through the use of orbital data centres, optical ground infrastructure will play an increasingly important role in seamless connectivity between networks in space and networks on the ground.

Archangel Lightworks’ investors include Santander Alternative Investments, National Security Strategic Investment Fund, Blackfinch Ventures, Oxford Capital, Lycka Limited, and Oxford Science Enterprises. The company raised $13.5m (£10m) in an oversubscribed Series A funding round last month, bringing total funding to date to $20m.

Archangel Lightworks is also supported by the UK Space Agency, the UK’s Department of Science and Technology (DSIT) and the UK Ministry of Defence. The company has memoranda of understanding with companies including Starcloud and Omantel, and a number of commercial contracts.

About Archangel Lightworks

Archangel Lightworks builds deployable communication systems to connect networks in space with networks on the ground. Today, space and terrestrial networks are not well-connected leading to insecure, insufficient, and vulnerable infrastructure. High volume, secure links between space and ground are needed. We are driving down the Size, Weight and Power (SWaP) of optical terminals to make lasercom available and affordable. Our core product, the TERRA-M, is a miniature Optical Ground Station. The TERRA-M brings deployable, resilient connectivity to wherever it is needed, helping to solve some of Earth’s most critical problems from economic inclusion to climate change.

Follow us on LinkedIn

Company contact
marketing@archangel.works

Media contact
john.elliott@speedwell-group.com

FDA Breakthrough Device Designation Marks Major Milestone for Gene Solutions’ SPOT-MAS 10 Multi-Cancer Screening Test

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SINGAPORE, May 28, 2026 /PRNewswire/ — Gene Solutions, a global biotechnology company advancing accessible genomic solutions for cancer detection and precision oncology, today announced that the U.S. Food and Drug Administration has granted Breakthrough Device Designation to SPOT-MAS 10, its multi-omic blood test designed to detect cancer-associated signals.

The proposed indications for use describe SPOT-MAS 10 as a qualitative in vitro diagnostic test performed on plasma derived from a single direct-draw venous whole blood specimen. The test analyzes circulating cell-free DNA methylation and fragmentomic signatures using a machine-learning-based algorithm to detect a cancer-associated signal. It is intended for use as an adjunctive screening test in asymptomatic adults aged 40 years and older to assist in the detection of cancers within the scope of the assay, including breast, lung, liver, colorectal, gastric, ovarian, pancreatic, esophageal, endometrial and head & neck cancers.

The FDA grants Breakthrough Device Designation to certain qualifying devices that have the potential to provide for more effective diagnosis of life-threatening or irreversibly debilitating diseases, such as cancer, than current options.

“Receiving FDA Breakthrough Device Designation for SPOT-MAS 10 is a defining milestone for Gene Solutions and reflects the potential of our multi-omic approach in cancer screening,” said Dr. Nguyen Hoai Nghia, CEO & Co-founder of Gene Solutions. “This recognition strengthens our commitment to advancing accessible, evidence-based technologies that support earlier detection of cancers, especially for those where screening options remain limited — ultimately helping to improve patient outcomes worldwide.”

SPOT-MAS has been developed through years of scientific research and clinical development. In March 2025, SPOT-MAS became the first multi-cancer early detection blood test in Asia to complete a large prospective cohort validation. Results from the K-DETEK study, published in BMC Medicine, evaluated SPOT-MAS in more than 9,000 asymptomatic participants and demonstrated strong performance, including high specificity and the ability to identify cancer-associated signals across multiple cancer types.

SPOT-MAS has since been used in more than 100,000 individuals in real-world practice, with consistent performance observed beyond controlled study settings. Real-world data were presented at ESMO Asia 2025 and will be featured at ASCO Breakthrough 2026 in Singapore.

The SPOT-MAS platform is built on a multi-omic approach integrating genetics, epigenetics and fragmentomics, together with AI-driven analysis, prospective validation and real-world evidence. SPOT-MAS 10 is designed to complement — not replace — existing guideline-recommended screening programs while expanding screening opportunities for cancers that lack established screening pathways.

“Early cancer detection requires more than identifying a single molecular signal,” said Dr. Le Son Tran, Principal Investigator of SPOT-MAS. “By integrating multiple layers of cell-free DNA information with machine learning, SPOT-MAS is designed to extract deeper biological signals from blood while maintaining the high specificity required for responsible screening.”

For the United States, Breakthrough Device Designation provides Gene Solutions with a prioritized channel of engagement with the FDA as the company advances its U.S. development and validation plans. Gene Solutions is targeting U.S. launch readiness in late 2026, supported by its ongoing U.S. laboratory and validation strategy.

Looking ahead, Gene Solutions will continue to collaborate with clinicians, regulators and global partners to generate evidence supporting the responsible implementation of SPOT-MAS 10 and its role in addressing unmet needs in cancer screening.

Important Regulatory Notice: SPOT-MAS 10 has received U.S. FDA Breakthrough Device Designation. Breakthrough Device Designation is not FDA approval, clearance or marketing authorization. The device remains subject to applicable FDA regulatory review requirements, and the designation does not guarantee future FDA approval, clearance or authorization.

For more information, visit www.genesolutions.com.

Contact:
pr@genesolutions.com 

 

Nature’s Miracle Holding Inc Reports Q1 2026 Net Income of $2.8 Million with Fully Diluted EPS of $0.01 and Strategic Expansion into U.S. Advanced Contract Manufacturing for Drone and AI Data Center

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ONTARIO, Calif., May 28, 2026 /PRNewswire/ — Nature’s Miracle Holding Inc. (“Nature’s Miracle” or the “Company”) (OTCID: NMHI), a leader in controlled environment agriculture, vertical farming and infrastructure solutions, today announced financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

  • Reported net income of approximately $2.85 million for the first quarter of 2026, compared to a net loss of approximately $(2.02) million for the same period in 2025, due to $5.0 million gain on debt settlement.
  • Fully Diluted earnings per share for the quarter were approximately $0.01, compared to a diluted loss per share of $(0.43) in the prior-year period.
  • Total assets increased to approximately $21.5 million as of March 31, 2026, compared to approximately $20.4 million at December 31, 2025.
  • Property and equipment increased to approximately $19.2 million, reflecting continued investment in infrastructure and operational capabilities.
  • Current liabilities decreased to approximately $18.9 million from approximately $23.3 million at year-end 2025.
  • Accounts payable decreased significantly to approximately $3.5 million from approximately $9.7 million at December 31, 2025.
  • Shareholders’ deficit improved to approximately ($9.3 million) compared to approximately ($12.7 million) at December 31, 2025.

Tie “James” Li, Chairman and Chief Executive Officer of Nature’s Miracle, commented:

“Achieving approximately $2.8 million in net income during the first quarter of 2026 represents an important milestone for Nature’s Miracle as we continue transforming the Company into a diversified infrastructure and advanced manufacturing platform. We believe our strategic initiatives in AI infrastructure, drone manufacturing and controlled environment agriculture position us for long-term growth opportunities.”

Strategic Expansion into Advanced Manufacturing

On May 21, 2026, Nature’s Miracle announced that it entered into a Letter of Intent to acquire a 55% equity interest in CM Fabrication, LLC, CEA Studios and CM E-Commerce LLC.

The proposed transaction is expected to:

  • Expand the Company’s capabilities in U.S.-based drone manufacturing and precision fabrication
  • Support growth opportunities in AI data center infrastructure, energy and horticulture industries
  • Provide access to a 500,000-square-foot advanced manufacturing facility in Illinois
  • Position the Company for future public market expansion opportunities

The target companies generated approximately $8.6 million in revenue during fiscal year 2025 and are projected to achieve approximately $18.2 million in revenue and $3.6 million in EBITDA in 2026.

About Nature’s Miracle Holding Inc.

Nature’s Miracle Holding Inc. is a growing agriculture technology company providing products, equipment and services to the Controlled Environment Agriculture (“CEA”) industry, including vertical farming and greenhouse solutions in North America. The Company also maintains a pipeline to build commercial-scale greenhouse projects designed to meet increasing demand for locally grown fresh produce.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements include statements regarding anticipated growth, future operations, acquisition opportunities, financing activities, manufacturing expansion, market opportunities and other future events. Actual results may differ materially from those expressed or implied due to various risks and uncertainties, including the Company’s ability to complete proposed transactions, secure financing, execute its business strategy and general market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements. Nature’s Miracle undertakes no obligation to update forward-looking statements except as required by law.

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2026

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SINGAPORE, May 28, 2026 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, announced its unaudited financial results for the first quarter of 2026.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

  • Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products, and a 14.7% decrease quarter-on-quarter, primarily due to a decrease in performance-based income from overseas private equity products as compared with the fourth quarter of 2025.
  • Income from operations for the first quarter of 2026 was RMB236.4 million (US$34.3 million), a 27.1% increase from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.
  • Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025, primarily due to a higher loss from equity in affiliates, partially offset by lower operating costs and expenses.
  • Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.

FIRST QUARTER 2026 OPERATIONAL UPDATES

The Company reports its operational performance across six business segments — three domestic and three overseas — plus headquarters. The following updates provide segment-specific operating metrics and developments during the first quarter of 2026.

Group-wide Operating Metrics

  • Total number of registered clients as of March 31, 2026 was 468,983, a 1.3% increase from March 31, 2025, and a 0.2% increase from December 31, 2025.
  • Total number of active clients[2] for the first quarter of 2026 was 10,742, a 21.8% increase from the first quarter of 2025 and a 4.7% increase from the fourth quarter of 2025.
  • Aggregate value of investment products distributed during the first quarter of 2026 was RMB23.3 billion (US$3.4 billion), compared with RMB16.1 billion in the first quarter of 2025 and RMB17.0 billion in the fourth quarter of 2025, mainly due to increases of distributing domestic public securities.
  • Total assets under management as of March 31, 2026 were RMB140.2 billion (US$20.3 billion), compared with RMB149.3 billion as of March 31, 2025 and RMB141.7 billion as of December 31, 2025, mainly due to continuous allocation of domestic private equity products.

Distribution of Investment Products

  • The aggregate value of investment products distributed, categorized by product type, is as follows:

 

Three months ended March 31,

2025

2026

(RMB in billions, except percentages)

Mutual fund products

7.6

47.2 %

12.9

55.3 %

Private secondary products

6.1

37.9 %

8.4

36.1 %

Private equity products

1.5

9.3 %

1.2

5.2 %

Other products[3]

0.9

5.6 %

0.8

3.4 %

All products

16.1

100.0 %

23.3

100.0 %

 

[1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

[2] “Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

[3] “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.

 

  • The aggregate value of investment products distributed, categorized by geography, is as follows：

 

Type of products in mainland

Three months ended March 31,

China

2025

2026

(RMB in billions, except percentages)

Mutual fund products

4.3

53.7 %

9.9

64.7 %

Private secondary products

3.3

41.3 %

5.4

35.3 %

Other products

0.4

5.0 %

–

–

All products in mainland China

8.0

100.0 %

15.3

100.0 %

Three months ended March 31,

Type of overseas products

2025

2026

(RMB in billions, except percentages)

Mutual fund products

3.3

40.7 %

3.0

37.5 %

Private secondary products

2.8

34.6 %

3.0

37.5 %

Private equity products

1.5

18.5 %

1.2

15.0 %

Other products

0.5

6.2 %

0.8

10.0 %

All overseas products

8.1

100.0 %

8.0

100.0 %

Assets Under Management

  • Total assets under management, categorized by investment type, are as follows:

 

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[4]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

127.0

89.6 %

0.4

1.4

126.0

89.8 %

Public securities[5]

8.6

6.1 %

0.8

1.0

8.4

6.0 %

Real estate

4.1

2.9 %

–

0.1

4.0

2.9 %

Multi-strategies

2.0

1.4 %

–

0.2

1.8

1.3 %

All Investments

141.7

100.0 %

1.2

2.7

140.2

100.0 %

 

  • Total assets under management, categorized by geography, are as follows:

 

Mainland China

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

93.6

94.3 %

–

1.3

92.3

94.6 %

Public securities

4.1

4.1 %

0.2

0.5

3.8

3.9 %

Real estate

0.2

0.2 %

–

0.1

0.1

0.1 %

Multi-strategies

1.4

1.4 %

–

–

1.4

1.4 %

All Investments

99.3

100.0 %

0.2

1.9

97.6

100.0 %

Overseas

Investment type

As of
December 31,
2025

Growth

Allocation/
Redemption[5]

As of
March 31,
2026

(RMB billions, except percentages)

Private equity

33.4

78.8 %

0.4

0.1

33.7

79.1 %

Public securities

4.5

10.6 %

0.6

0.5

4.6

10.8 %

Real estate

3.9

9.2 %

–

–

3.9

9.2 %

Multi-strategies

0.6

1.4 %

–

0.2

0.4

0.9 %

All Investments

42.4

100.0 %

1.0

0.8

42.6

100.0 %

 

[4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.

[5] The asset allocation/redemption of public securities also includes market appreciation or depreciation.

Segment Operating Metrics

Domestic Business

Our domestic operations are organized into three reportable segments: Domestic public securities, Domestic asset management, and Domestic insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.

Domestic public securities

Domestic public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an “online-first, offline-supported” business model, with the goal of facilitating global asset allocation through RMB-denominated products.

  • Transaction value of public securities products distributed in mainland China during the first quarter of 2026 was RMB9.9 billion (US$1.4 billion), a 130.2% increase from RMB4.3 billion in the first quarter of 2025 and a 67.8% increase from RMB5.9 billion in the fourth quarter of 2025.
  • Transaction value of RMB-denominated private secondary productsdistributed in mainland China during the first quarter of 2026 was RMB5.4 billion (US$0.8 billion), a 63.6% increase from RMB3.3 billion in the first quarter of 2025 and a 145.5% increase from RMB2.2 billion in the fourth quarter of 2025.
  • Number of active clients in this segment during the first quarter of 2026 was 7,877, a 36.1% increase from the first quarter of 2025.
  • Number of licensed relationship managers serving this segment was 201 as of March 31, 2026, compared with 198 as of March 31, 2025.

Domestic asset management

Domestic asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.

  • AUM of RMB-denominated private equity products as of March 31, 2026 was RMB92.3 billion (US$13.4 billion), compared with RMB97.3 billion as of March 31, 2025 and RMB93.6 billion as of December 31, 2025, mainly due to our continuous effort on exiting private equity products.
  • AUM of RMB-denominated public securities products as of March 31, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.3 billion as of March 31, 2025 and RMB4.1 billion as of December 31, 2025.
  • Net flow during the quarter: new AUM added was RMB0.2 billion (US$2.9 million) and AUM allocated/redeemed was RMB1.9 billion (US$0.3 billion) during the first quarter of 2026.

Domestic insurance

Domestic insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the first quarter of 2026 were RMB1.4 million (US$0.2 million).

Overseas Business

Our overseas operations are organized into three reportable segments: Overseas wealth management, Overseas asset management, and Overseas insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.

Overseas wealth management

Overseas wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to provide comprehensive services using our booking center in Hong Kong and Singapore.

  • Number of overseas registered clients as of March 31, 2026 was 20,373, an 11.9% increase from March 31, 2025 and a 1.9% increase from December 31, 2025.
  • Number of overseas active clients who transacted with us during the first quarter of 2026 was 3,219, a 4.9% decrease from the first quarter of 2025 and a 1.3% decrease from the fourth quarter of 2025, mainly due to decreased transactions of insurance products.
  • Transaction value of overseas investment products distributed during the first quarter of 2026 was RMB8.0 billion (US$1.2 billion), compared with RMB8.1 billion in the first quarter of 2025 and RMB8.8 billion in the fourth quarter of 2025.
  • Overseas AUA (assets under advisory, including distributed products) as of March 31, 2026 was RMB66.1 billion (US$9.6 billion), compared with RMB66.4 billion as of December 31, 2025 and RMB65.7 billion as of March 31, 2025.
  • Number of overseas relationship managers working under this segment was 89 as of March 31, 2026, compared with 96 as of March 31, 2025 and 94 as of December 31, 2025.
  • AI technology initiatives: In Singapore, we pioneered the “AI + Wealth Management” department, and have seen a 191.7% growth in AUA from December 31, 2025 to March 31, 2026.

Overseas asset management

Overseas asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.

  • Actively managed overseas AUM as of March 31, 2026 was RMB42.6 billion (US$6.2 billion), compared with RMB42.4 billion as of December 31, 2025 and RMB42.7 billion as of March 31, 2025.
  • Number of relationship managers working under this segment was 43 as of March 31, 2026, compared with 35 as of March 31, 2025 and 46 as of December 31, 2025.

Overseas insurance and comprehensive services

Overseas insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive overseas services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.

  • Number of active clients in this segment during the first quarter of 2026 was 79, compared with 159 during the first quarter of 2025 and 90 during the fourth quarter of 2025.
  • Number of clients receiving comprehensive services was 727 as of March 31, 2026, compared with 709 as of March 31, 2025.

Headquarters

Headquarters reflects revenue generated from corporate operations at the Company’s headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: “Entering 2026, Noah stands structurally different and is entering what we define as the ‘growth verification phase’. Our performance in the first quarter reflects this momentum, with income from operations reaching RMB236.4 million, a 27.1% increase from the corresponding period in 2025. This growth was driven by disciplined cost controls and a robust recovery in our domestic public securities segment, which saw a 75.7% surge in operating income.

Our vision for 2026 and beyond is anchored in the institutional integration of AI and the continued expansion of our global platform. AI is no longer merely an auxiliary tool but a core part of our structural infrastructure. Strategically, we are moving beyond single-market reliance to a model of global multi-market synergy. Our global architecture—comprising ARK for client connectivity, Olive for global asset management, and Glory for family heritage services—is now firmly in place. In Singapore, we pioneered the ‘AI + Wealth Management’ department, which has already delivered significant results. We have seen measurable improvements in client outreach, service responsiveness, and the professionalism of asset allocation, accompanied by a 191.7% growth in AUA from December 31, 2025 to March 31, 2026. This experience has strengthened our conviction that AI will become the vital infrastructure of the future wealth management industry.

With a solid balance sheet and a commitment to long-term value, we remain focused on sharing our success with shareholders. While the environment remains dynamic, the combination of our structural resilience, international breakthrough, and AI-driven evolution positions Noah to follow a more sustainable and prosperous path over time.”

FIRST QUARTER 2026 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2026 were RMB625.8 million (US$90.7 million), a 1.8% increase from the corresponding period in 2025, primarily due to an increase in performance-based income from domestic private secondary products, partially offset by a decrease in one-time commissions from insurance products.

 

Net Revenues under the segmentation are as follows:

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

127.5

207.8

63.1 %

Domestic asset management

167.0

174.5

4.5 %

Domestic insurance

6.4

1.4

(78.9 %)

Overseas wealth management

162.0

104.0

(35.8 %)

Overseas asset management

112.0

91.7

(18.1 %)

Overseas insurance and comprehensive services

30.2

37.6

24.4 %

Headquarters

9.5

8.8

(7.8 %)

Total net revenues

614.6

625.8

1.8 %

 

  • Net revenues for domestic public securities for the first quarter of 2026 were RMB207.8 million (US$30.1 million), a 63.1% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.
  • Net revenues for domestic asset management for the first quarter of 2026 were RMB174.5 million (US$25.3 million), a 4.5% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from domestic asset management products, partially offset by a decrease in recurring service fees from private equity products.
  • Net revenues for domestic insurance for the first quarter of 2026 were RMB1.4 million (US$0.2 million), a 78.9% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.
  • Net revenues for overseas wealth management for the first quarter of 2026 were RMB104.0 million (US$15.1 million), a 35.8% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of overseas products.
  • Net revenues for overseas asset management for the first quarter of 2026 were RMB91.7 million (US$13.3 million), an 18.1% decrease from the corresponding period in 2025, primarily due to a decrease in performance-based income from overseas private equity products as compared with the corresponding period in 2025.
  • Net revenues for overseas insurance and comprehensive services for the first quarter of 2026 were RMB37.6 million (US$5.4 million), a 24.4% increase from the corresponding period in 2025, primarily due to an increase in other service fees.
  • Net revenues for Headquarters for the first quarter of 2026 were RMB8.8 million (US$1.3 million), a 7.8% decrease from RMB9.5 million for the corresponding period in 2025.

Operating Costs and Expenses

  • Operating costs and expenses for the first quarter of 2026 were RMB389.3 million (US$56.4 million), a 9.2% decrease from the corresponding period in 2025. Operating costs and expenses for the first quarter of 2026 primarily consisted of (i) compensation and benefits of RMB266.7 million (US$38.7 million); (ii) selling expenses of RMB36.2 million (US$5.2 million); (iii) general and administrative expenses of RMB66.8 million (US$9.7 million); (iv) provision for credit losses of RMB3.2 million (US$0.5 million); and (v) other operating expenses of RMB16.6 million (US$2.4 million).
  • Operating costs and expenses for domestic public securities for the first quarter of 2026 were RMB40.9 million (US$5.9 million), a 26.0% increase from the corresponding period in 2025, mainly due to an increase in compensation and benefits in line with revenue growth.
  • Operating costs and expenses for domestic asset management for the first quarter of 2026 were RMB23.1 million (US$3.4 million), a 25.6% decrease from the corresponding period in 2025, mainly attributable to our continuous decreases of headcounts within this segment.
  • Operating costs and expenses for domestic insurance for the first quarter of 2026 were RMB5.0 million (US$0.7 million), a 77.6% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from domestic insurance business.
  • Operating costs and expenses for overseas wealth management for the first quarter of 2026 were RMB78.6 million (US$11.4 million), a 24.4% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.
  • Operating costs and expenses for overseas asset management for the first quarter of 2026 were RMB32.6 million (US$4.7 million), a 49.3% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with overseas asset management business expansion.
  • Operating costs and expenses for overseas insurance and comprehensive services for the first quarter of 2026 were RMB32.6 million (US$4.7 million), an 18.9% increase from the corresponding period in 2025, primarily due to an increase in costs related to commission-only brokers and provision for credit losses.
  • Operating costs and expenses for headquarters for the first quarter of 2026 were RMB176.5 million (US$25.6 million), a 6.9% decrease from the corresponding period in 2025, primarily due to disciplined cost control on employee compensation.

 

Income(loss) from operations

Income(loss) from operations under the segmentation is as follows:

 

(RMB millions,

except percentages)

Q1 2025

Q1 2026

YoY Change

Domestic public securities

95.0

166.9

75.7 %

Domestic asset management

135.9

151.4

11.4 %

Domestic insurance

(15.7)

(3.6)

(77.1 %)

Overseas wealth management

58.1

25.4

(56.2 %)

Overseas asset management

90.1

59.1

(34.5 %)

Overseas insurance and comprehensive services

2.7

4.9

79.7 %

Headquarters

(180.1)

(167.7)

(6.9 %)

Total income from operations

186.0

236.4

27.1 %

 

  • Income from operations for domestic public securities for the first quarter of 2026 was RMB166.9 million (US$24.2 million), a 75.7% increase from the corresponding period in 2025.
  • Income from operations for domestic asset management for the first quarter of 2026 was RMB151.4 million (US$21.9 million), an 11.4% increase from the corresponding period in 2025.
  • Loss from operations for domestic insurance for the first quarter of 2026 was RMB3.6 million (US$0.5 million), a 77.1% decrease from the corresponding period in 2025, reflecting a narrower loss.
  • Income from operations for overseas wealth management for the first quarter of 2026 was RMB25.4 million (US$3.7 million), a 56.2% decrease from the corresponding period in 2025.
  • Income from operations for overseas asset management for the first quarter of 2026 was RMB59.1 million (US$8.6 million), a 34.5% decrease from the corresponding period in 2025.
  • Income from operations for overseas insurance and comprehensive services for the first quarter of 2026 was RMB4.9 million (US$0.7 million), a 79.7% increase from the corresponding period in 2025.
  • Loss from operations for headquarters for the first quarter of 2026 was RMB167.7 million (US$24.3 million), a 6.9% decrease from the corresponding period in 2025, reflecting disciplined cost control on employee compensation.

Operating Margin

Operating margin for the first quarter of 2026 was 37.8%, compared with 30.3% for the corresponding period in 2025.

Interest Income

Interest income for the first quarter of 2026 was RMB32.0 million (US$4.6 million), a 2.3% decrease from the corresponding period in 2025.

Investment (Loss) Income 

Investment loss for the first quarter of 2026 was RMB2.0 million (US$0.3 million), compared with income of RMB6.3 million in the corresponding period in 2025, primarily due to unrealized losses resulting from fair value changes in certain equity securities.

Income Tax Expense 

Income tax expense for the first quarter of 2026 was RMB66.7 million (US$9.7 million), a 10.0% increase from the corresponding period in 2025.

Net Income

  • Net income for the first quarter of 2026 was RMB123.2 million (US$17.9 million), a 17.8% decrease from the corresponding period in 2025.
  • Net margin for the first quarter of 2026 was 19.7%, compared with 24.4% for the corresponding period in 2025.
  • Net income attributable to Noah shareholders for the first quarter of 2026 was RMB124.7 million (US$18.1 million), a 16.3% decrease from the corresponding period in 2025.
  • Net margin attributable to Noah shareholders for the first quarter of 2026 was 19.9%, compared with 24.2% for the corresponding period in 2025.
  • Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2026 was RMB1.81 (US$0.26) and RMB1.79 (US$0.26), respectively, compared with RMB2.13 and RMB2.11, respectively, for the corresponding period in 2025.

Non-GAAP Net Income Attributable to Noah Shareholders

  • Non-GAAP net income attributable to Noah shareholders for the first quarter of 2026 was RMB133.9 million (US$19.4 million), a 20.7% decrease from the corresponding period in 2025.
  • Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2026 was 21.4%, compared with 27.5% for the corresponding period in 2025.
  • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2026 was RMB1.92 (US$0.28), compared with RMB2.39 for the corresponding period in 2025.

BALANCE SHEET AND CASH FLOW

As of March 31, 2026, the Company had RMB4,280.7 million (US$620.6 million) in cash and cash equivalents, compared with RMB4,360.9 million as of December 31, 2025 and RMB4,075.4 million as of March 31, 2025.

Net cash inflow from the Company’s operating activities during the first quarter of 2026 was RMB212.4 million (US$30.8 million), compared with RMB253.4 million in the corresponding period in 2025, primarily attributable to changes in net income and the non-cash adjustment for equity method investments.

Net cash outflow from the Company’s investing activities during the first quarter of 2026 was RMB123.7 million (US$17.9 million), compared with a net cash inflow of RMB20.0 million in the corresponding period in 2025, primarily due to the purchase of certain time deposits with a maturity of more than three months in the first quarter of 2026.

Net cash outflow from the Company’s financing activities was RMB129.0 million (US$18.7 million) in the first quarter of 2026, compared to net cash outflow of RMB9.4 million in the corresponding period in 2025, primarily due to share repurchases in the first quarter of 2026.

CONFERENCE CALL

The Company’s senior management will host an earnings conference call to discuss its Q1 2026 Results and recent business activities. Details of the conference call are as follows:

Dial-in details：

Conference title：

Noah Holdings 1Q 2026 Earnings Conference Call

Date/Time：

Wednesday, May 27, 2026 at 8:00 p.m., U.S. Eastern Time

Thursday, May 28, 2026 at 8:00 a.m., Hong Kong Time

Dial in:

– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

+86-4001-206115

– International Toll:

1-412-317-6061

Participant Password:

4079483

A telephone replay will be available starting approximately one hour after the end of the conference until June 3, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9501982.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release. 

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. 

When evaluating the Company’s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED 

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH,” and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represents five ordinary shares, par value $0.00005 per share. 

In the first quarter of 2026, Noah distributed RMB23.3 billion (US$3.4 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.2 billion (US$20.3 billion) as of March 31, 2026. 

Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of March 31, 2026, Noah had 468,983 registered clients. The Group reports its operations under six business segments — Domestic public securities (Noah Upright), Domestic asset management (Gopher Asset Management), Domestic insurance (Glory), Overseas wealth management (ARK Wealth Management), Overseas asset management (Olive Asset Management), and Overseas insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of March 31, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint. 

For more information, please visit Noah’s investor relations website at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. 

SAFE HARBOR STATEMENT 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

 

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB’000

RMB’000

USD’000

Assets

Current assets:

Cash and cash equivalents

4,360,918

4,280,733

620,576

Restricted cash

11,143

11,247

1,630

Short-term investments

657,563

833,752

120,869

Accounts receivable, net

420,132

334,686

48,519

Amounts due from related parties

596,800

680,951

98,717

Loans receivable, net

112,416

111,690

16,192

Other current assets

201,573

211,822

30,708

Total current assets

6,360,545

6,464,881

937,211

Long-term investments, net

1,172,012

1,160,937

168,301

Investment in affiliates

1,326,131

1,142,706

165,658

Property and equipment, net

2,356,440

2,325,755

337,164

Operating lease right-of-use assets, net

103,027

92,047

13,344

Deferred tax assets

310,287

310,049

44,948

Other non-current assets

112,492

115,565

16,753

Total Assets

11,740,934

11,611,940

1,683,379

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

407,558

404,475

58,637

Income tax payable

147,510

146,668

21,262

Deferred revenues

54,398

58,961

8,548

Contingent liabilities

505,496

504,920

73,198

Other current liabilities

312,240

244,855

35,497

Total current liabilities

1,427,202

1,359,879

197,142

Deferred tax liabilities

263,608

261,653

37,932

Operating lease liabilities, non-current

60,344

52,475

7,607

Other non-current liabilities

6,820

6,936

1,006

Total Liabilities

1,757,974

1,680,943

243,687

Equity

9,982,960

9,930,997

1,439,692

Total Liabilities and Equity

11,740,934

11,611,940

1,683,379

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

March 31,

March 31,

March 31,

2025

2026

2026

Change

RMB’000

RMB’000

USD’000

Revenues:

Revenues from others:

One-time commissions

154,991

113,065

16,391

(27.1 %)

Recurring service fees

151,596

147,525

21,387

(2.7 %)

Performance-based income

13,986

80,585

11,682

476.2 %

Other service fees

36,863

33,878

4,911

(8.1 %)

Total revenues from others

357,436

375,053

54,371

4.9 %

Revenues from funds Gopher/Olive manages:

One-time commissions

3,750

1,191

173

(68.2 %)

Recurring service fees

244,380

234,594

34,009

(4.0 %)

Performance-based income

14,529

20,074

2,910

38.2 %

Total revenues from funds Gopher/Olive manages

262,659

255,859

37,092

(2.6 %)

Total revenues

620,095

630,912

91,463

1.7 %

Less: VAT related surcharges

(5,501)

(5,161)

(748)

(6.2 %)

Net revenues

614,594

625,751

90,715

1.8 %

Operating costs and expenses:

Compensation and benefits

Relationship manager compensation

(122,568)

(102,462)

(14,854)

(16.4 %)

Other compensations

(181,327)

(164,280)

(23,817)

(9.4 %)

Total compensation and benefits

(303,895)

(266,742)

(38,671)

(12.2 %)

Selling expenses

(51,072)

(36,207)

(5,249)

(29.1 %)

General and administrative expenses

(64,441)

(66,835)

(9,689)

3.7 %

Provision for credit losses

(2,810)

(3,170)

(460)

12.8 %

Other operating expenses

(15,699)

(16,574)

(2,403)

5.6 %

Government subsidies

9,331

215

31

(97.7 %)

Total operating costs and expenses

(428,586)

(389,313)

(56,441)

(9.2 %)

Income from operations

186,008

236,438

34,274

27.1 %

Other income (expense):

Interest income

32,801

32,048

4,646

(2.3 %)

Investment income (loss)

6,270

(2,011)

(292)

N.A.

Contingent litigation expenses, net

–

(2,730)

(396)

N.A.

Other expense

(3,081)

(8,528)

(1,236)

176.8 %

Total other income

35,990

18,779

2,722

(47.8 %)

Income before taxes and income from equity in affiliates

221,998

255,217

36,996

15.0 %

Income tax expense

(60,605)

(66,660)

(9,664)

10.0 %

Loss from equity in affiliates

(11,574)

(65,343)

(9,473)

464.6 %

Net income

149,819

123,214

17,859

(17.8 %)

Less: net income (loss) attributable to non-controlling
interests

855

(1,501)

(218)

N.A.

Net income attributable to Noah shareholders

148,964

124,715

18,077

(16.3 %)

Income per ADS, basic

2.13

1.81

0.26

(15.0 %)

Income per ADS, diluted

2.11

1.79

0.26

(15.2 %)

Margin analysis:

Operating margin

30.3 %

37.8 %

37.8 %

Net margin

24.4 %

19.7 %

19.7 %

Weighted average ADS equivalent [1]:

Basic

69,913,957

69,020,208

69,020,208

Diluted

70,600,397

69,819,250

69,819,250

ADS equivalent outstanding at end of period

66,508,418

65,446,158

65,446,158

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

 

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

March 31,

March 31,

March 31,

2025

2026

2026

Change

RMB’000

RMB’000

USD’000

Net income

149,819

123,214

17,859

(17.8 %)

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

(22,834)

(58,364)

(8,461)

155.6 %

Fair value fluctuation of available-for-sale Investment
    (after tax)

233

233

34

–

Comprehensive income

127,218

65,083

9,432

(48.8 %)

Less: Comprehensive income (loss) attributable to
    non-controlling interests

910

(1,421)

(206)

N.A.

Comprehensive income attributable to Noah
     shareholders

126,308

66,504

9,638

(47.3 %)

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31, 2026

Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

25,733

684

1,362

54,565

7,614

23,107

–

113,065

Recurring service fees

91,475

26,029

–

13,493

16,528

–

–

147,525

Performance-based income

80,569

–

–

–

16

–

–

80,585

Other service fees

–

–

–

7,389

–

14,450

12,039

33,878

Total revenues from others

197,777

26,713

1,362

75,447

24,158

37,557

12,039

375,053

Revenues from funds Gopher/Olive
  manages

One-time commissions

1,021

170

–

–

–

–

–

1,191

Recurring service fees

8,375

131,000

–

28,567

66,652

–

–

234,594

Performance-based income

2,205

17,029

–

–

840

–

–

20,074

Total revenues from funds
   Gopher/Olive manages

11,601

148,199

–

28,567

67,492

–

–

255,859

Total revenues

209,378

174,912

1,362

104,014

91,650

37,557

12,039

630,912

Less: VAT related surcharges

(1,541)

(364)

(5)

–

–

–

(3,251)

(5,161)

Net revenues

207,837

174,548

1,357

104,014

91,650

37,557

8,788

625,751

Operating costs and expenses:

Compensation and benefits
     Relationship manager compensation

(30,398)

(4,728)

(508)

(51,913)

(9,879)

(5,036)

–

(102,462)

     Other compensations

(7,130)

(17,001)

(2,820)

(15,947)

(19,492)

(11,215)

(90,675)

(164,280)

Total compensation and benefits

(37,528)

(21,729)

(3,328)

(67,860)

(29,371)

(16,251)

(90,675)

(266,742)

Selling expenses

(2,986)

(1,105)

(144)

(8,865)

(3,390)

(2,461)

(17,256)

(36,207)

General and administrative
   expenses

(15)

(955)

(1,486)

(560)

(500)

(2,013)

(61,306)

(66,835)

Reversal of (Provision for) credit
   losses

–

646

–

–

–

(3,476)

(340)

(3,170)

Other operating expenses

(388)

(204)

–

(1,280)

673

(8,440)

(6,935)

(16,574)

Government subsidies

6

207

2

–

–

–

–

215

Total operating costs and expenses

(40,911)

(23,140)

(4,956)

(78,565)

(32,588)

(32,641)

(176,512)

(389,313)

Income (loss) from operations

166,926

151,408

(3,599)

25,449

59,062

4,916

(167,724)

236,438

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31, 2025

Domestic
public
securities

Domestic
asset
management

Domestic
insurance

Overseas
wealth
management

Overseas
asset
management

Overseas
insurance
and
comprehensive
services

Headquarters

Total

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

14,034

68

6,474

105,689

5,532

23,194

–

154,991

Recurring service fees

85,803

35,392

–

9,120

21,281

–

–

151,596

Performance-based income

13,800

45

–

–

141

–

–

13,986

Other service fees

–

–

–

16,315

–

6,992

13,556

36,863

Total revenues from others

113,637

35,505

6,474

131,124

26,954

30,186

13,556

357,436

Revenues from funds Gopher/Olive
  manages

One-time commissions

3,336

–

–

290

124

–

–

3,750

Recurring service fees

10,669

131,673

–

30,611

71,427

–

–

244,380

Performance-based income

1,076

–

–

–

13,453

–

–

14,529

Total revenues from funds
    Gopher/Olive manages

15,081

131,673

–

30,901

85,004

–

–

262,659

Total revenues

128,718

167,178

6,474

162,025

111,958

30,186

13,556

620,095

Less: VAT related surcharges

(1,252)

(186)

(37)

–

–

–

(4,026)

(5,501)

Net revenues

127,466

166,992

6,437

162,025

111,958

30,186

9,530

614,594

Operating costs and expenses:

Compensation and benefits
     Relationship manager compensation

(21,798)

(14,966)

(8,692)

(70,217)

(1,303)

(5,592)

(122,568)

     Other compensations

(7,050)

(15,918)

(7,598)

(19,840)

(14,956)

(11,554)

(104,411)

(181,327)

Total compensation and benefits

(28,848)

(30,884)

(16,290)

(90,057)

(16,259)

(17,146)

(104,411)

(303,895)

Selling expenses

(3,140)

(2,044)

(3,669)

(12,857)

(5,361)

(2,606)

(21,395)

(51,072)

General and administrative
   expenses

(118)

(1,092)

(2,213)

(1,047)

(205)

(575)

(59,191)

(64,441)

Provision for credit losses

–

–

–

–

–

(1,600)

(1,210)

(2,810)

Other operating expenses

(410)

(2,380)

–

–

–

(5,523)

(7,386)

(15,699)

Government subsidies

40

5,309

12

–

–

–

3,970

9,331

Total operating costs and expenses

(32,476)

(31,091)

(22,160)

(103,961)

(21,825)

(27,450)

(189,623)

(428,586)

Income (loss) from operations

94,990

135,901

(15,723)

58,064

90,133

2,736

(180,093)

186,008

 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography

(unaudited)

Three months ended

March 31,
2025

March 31, 
2026

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

315,927

397,691

25.9 %

Hong Kong

227,148

174,242

(23.3 %)

Others

77,020

58,979

(23.4 %)

Total revenues

620,095

630,912

1.7 %

 

 

Noah Holdings Limited

Supplemental Business Information by Product Types

(unaudited)

Three months ended

March 31,
2025

March 31,
2026

Change

(in thousands of RMB, except percentages)

Mainland China:

Public securities products [1]

128,720

209,378

62.7 %

Private equity products

166,769

174,912

4.9 %

Insurance products

6,474

1,362

(79.0 %)

Others

13,964

12,039

(13.8 %)

Subtotal

315,927

397,691

25.9 %

Overseas:

Investment products [2]

156,714

145,065

(7.4 %)

Insurance products

115,976

59,908

(48.3 %)

Online business [3]

10,495

9,378

(10.6 %)

Others

20,983

18,870

(10.1 %)

Subtotal

304,168

233,221

(23.3 %)

Total revenues

620,095

630,912

1.7 %

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate
products and private credit products.

[3] Includes money market mutual fund products, securities brokerage business.

 

 

Noah Holdings Limited

Supplemental Operational Information

(unaudited)

As of

March 31,
2025

March 31,
2026

Change

Number of registered clients

463,161

468,983

1.3 %

Three months ended

March 31,
2025

March 31,
2026

Change

(in millions of RMB, except number of active clients and
percentages)

Number of active clients

8,822

10,742

21.8 %

Transaction value:

Private equity products

1,461

1,189

(18.6 %)

Private secondary products

6,114

8,367

36.8 %

Mutual fund products

7,595

12,899

69.8 %

Other products

934

864

(7.5 %)

Total transaction value

16,104

23,319

44.8 %

 

 

Noah Holdings Limited

Supplemental Information of Overseas Business

(unaudited)

Three months ended

March 31,
2025

March 31,
2026

Change

Net Revenues from Overseas (RMB, million)

304.2

233.2

(23.3 %)

Number of Overseas Registered Clients

18,207

20,373

11.9 %

Number of Overseas Active Clients

3,384

3,219

(4.9 %)

Transaction Value of Overseas Investment Products (RMB, billion)

8.1

8.0

(1.2 %)

Number of Overseas Relationship Managers

131

132

0.8 %

Overseas Assets Under Management (RMB, billion)

42.7

42.6

(0.2 %)

Overseas Assets Under Advisory (RMB, billion)

65.7

66.1

0.7 %

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for per ADS data and percentages)

(unaudited)

Three months ended

March 31,

March 31,

2025

2026

Change

RMB’000

RMB’000

Net income attributable to Noah shareholders

148,964

124,715

(16.3 %)

Adjustment for share-based compensation

24,780

11,349

(54.2 %)

Less: tax effect of adjustments

4,956

2,200

(55.6 %)

Adjusted net income attributable to Noah shareholders (non-GAAP)

168,788

133,864

(20.7 %)

Net margin attributable to Noah shareholders

24.2 %

19.9 %

Non-GAAP net margin attributable to Noah shareholders

27.5 %

21.4 %

Net income attributable to Noah shareholders per ADS, diluted

2.11

1.79

(15.2 %)

Non-GAAP net income attributable to Noah shareholders per ADS, diluted

2.39

1.92

(19.7 %)

 

 

YY Group Holding Announces Estimated Total Assets and Net Assets per Share of $11.13 and $4.03, Respectively, as of April 30, 2026

By
Advertorial Desk
-

Estimates Reflect $37.6M in Total Assets and $13.6M in Net Assets Based on 3.38M Shares Outstanding

SINGAPORE, May 28, 2026 /PRNewswire/ — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group” or the “Company”), an AI-native workforce management platform and integrated facilities management (IFM) provider operating across Asia and beyond, today announced that, based on financial data as of April 30, 2026, its total assets of approximately $37.6 million equated to approximately $11.13 per share of common stock, and its net assets of approximately $13.6 million equated to approximately $4.03 per share.

These estimates are based on 3,377,580 shares of common stock outstanding as of April 30, 2026. Compared with the Company’s audited financial statements for the fiscal year ended December 31, 2025, total assets increased from approximately $34.3 million, while net assets remained stable at approximately $13.6 million. On a per-share basis, total assets increased from $8.03 to $11.13, while net assets increased from $3.18 to $4.03, reflecting the Company’s current capital base following its share consolidation.

During the period, YY Group advanced its growth strategy through AI and robotics initiatives, including scalable AI training data capabilities and robotics applications across hospitality, security, and facilities management. The Company also expanded its operational presence through new opportunities in hospitality, the financial sector, and transportation across key markets, including Singapore, Hong Kong, Thailand, Egypt, and Malaysia.

These estimates are preliminary, have not been reviewed or audited by the Company’s independent registered public accounting firm, and are subject to normal closing adjustments and review procedures. The Company is providing this information to offer additional transparency regarding its financial position and capital base following a period of strategic growth. These metrics reflect the Company’s focus on maintaining a robust balance sheet while scaling its integrated service ecosystem across global markets.

“These updated asset metrics provide shareholders with a clearer view of YY Group’s financial position following a period of disciplined growth and operational expansion,” stated Mike Fu, Chief Executive Officer of YY Group Holding Limited. “As we continue to scale our workforce and integrated facilities management businesses, we believe our AI and robotics initiatives can enhance our operational capabilities, support new commercial opportunities, and contribute to additional revenue streams over time.”

About YY Group Holding

YY Group Holding Limited (Nasdaq: YYGH) is an AI-native workforce management platform and integrated facilities management (IFM) provider, headquartered in Singapore and operating across Asia and beyond. The Company’s intelligent workforce solutions platform, YY Circle, helps clients across hospitality, food and beverage, retail, and other service sectors predict, plan, and optimize workforce deployment. In YY Group’s IFM business, its 24IFM software platform and comprehensive IFM subsidiary portfolio support clients across hospitality, transportation, banking, retail, and mixed-use facilities.

As both business lines scale, the Company is systematically embedding AI and automation capabilities – progressing from intelligent decision support toward increasingly autonomous workforce management – to improve service quality, reduce deployment costs, and drive long-term margin expansion. Listed on the Nasdaq Capital Market, YY Group is committed to infrastructure innovation, measurable client outcomes, and long-term value creation.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the YY Group Holding Limited’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the hospitality market across Southeast Asia, Hong Kong, and other markets in which the Company operates, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, (vi) our ability to successfully develop, deploy, and commercialize our AI-powered products and capabilities, including through strategic partnerships, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information, except as required under applicable law.

Investor Contact

Jason Zhi Yong Phua, Chief Financial Officer
YY Group
enquiries@yygroupholding.com

 

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