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Applications Priorities 2026: AI Momentum Outpaces Application Delivery Readiness, Says Info-Tech Research Group

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As AI adoption accelerates across organisations in the Asia-Pacific region, applications teams are under pressure to deliver faster, more personalised, and more automated solutions while contending with rising delivery demands and constrained team capacity. Recent findings from Info-Tech Research Group show that many organisations risk falling short in 2026 due to mounting technical debt, constrained delivery capacity, and growing integration complexity. The firm’s Applications Priorities 2026 report outlines four priorities to help applications leaders strengthen delivery fundamentals, scale AI responsibly, and realign execution with enterprise goals in the year ahead.

SYDNEY, March 25, 2026 /PRNewswire/ — Applications teams across the APAC region continue to face a widening gap between AI ambition and delivery reality heading into 2026, according to recent findings from Info-Tech Research Group. As organisations accelerate AI initiatives, many are encountering delivery constraints and capability gaps that limit their ability to translate early momentum into sustained results. The global research and advisory firm’s Applications Priorities 2026 report identifies the most critical execution gaps facing applications leaders and provides a structured set of priorities to help teams stabilise delivery, modernise practices, and support enterprise-wide AI adoption.

The Applications Priorities 2026 report from Info-Tech Research Group outlines four priorities to help applications leaders strengthen delivery fundamentals, scale AI responsibly, and realign execution with enterprise goals in the year ahead.
The Applications Priorities 2026 report from Info-Tech Research Group outlines four priorities to help applications leaders strengthen delivery fundamentals, scale AI responsibly, and realign execution with enterprise goals in the year ahead.

Info-Tech’s report finds that while AI adoption is accelerating, most organisations still lack an up-to-date, enterprise-wide AI strategy, increasing execution risk for applications teams tasked with scaling delivery. At the same time, technical debt continues to constrain throughput and modernisation efforts, limiting organisations’ ability to realise consistent value as AI becomes more deeply embedded in application delivery and operations. These challenges are particularly pronounced across APAC, where organisations are working to scale AI capabilities while addressing talent shortages and uneven delivery maturity.

“AI is accelerating faster than most applications practices are prepared for,” says Andrew Kum-Seun, lead author of the report and research director at Info-Tech Research Group. “Organisations that focus only on pilots or tools will struggle to sustain results. Leaders who strengthen delivery fundamentals and deliberately integrate AI into roles, workflows, and architectures will be far better positioned to deliver consistent value.”

Key Challenges Applications Leaders Face in 2026
Despite growing investment in AI-enabled development and automation, the Applications Priorities 2026 report shows that applications teams across APAC continue to face several structural challenges that constrain execution, especially as organisations work to scale delivery capacity and build the capabilities required to support AI-driven initiatives:

  • Accumulating technical debt that slows throughput, increases costs, and limits modernisation
  • Resource capacity constraints driven by skill shortages, growing backlogs, and unrealistic delivery expectations
  • Integration complexity stemming from expanding SaaS, cloud, and third-party ecosystems
  • Inconsistent governance and data practices that increase risk and limit AI reliability

These pressures are intensifying as applications teams are expected to support more personalised experiences, automate end-to-end processes, and operationalise AI across the delivery lifecycle.

Info-Tech’s Four Applications Priorities for 2026
To help organisations navigate these challenges, Info-Tech’s Applications Priorities 2026 report outlines the following four priorities designed to refocus applications teams on execution readiness and stakeholder value:

  • Boost Solution Delivery With AI by embedding mature, proven AI capabilities into core delivery activities to improve throughput, quality, and predictability.
  • Make AI a Team Member by rethinking team composition, capacity, and skills with AI acting as a collaborator rather than a standalone tool.
  • Generate Contextual and Tailored Digital Experiences by delivering the right content, features, and workflows at the right time through data-informed design and AI-enabled personalisation.
  • Enable End-to-End Business Process Automation by orchestrating deterministic and AI-driven automation across systems, workflows, and teams.

“Now is the time for applications practices to act,” adds Kum-Seun. “Applications leaders need to reset priorities around the problems their stakeholders actually care about. When applications teams move in step with organisational ambition, AI becomes an accelerator instead of a source of risk.”

The Applications Priorities 2026 report is grounded in real-world case examples, industry surveys, and Info-Tech diagnostic benchmarks. It provides practical guidance to help applications leaders reinforce delivery foundations, apply AI intentionally, and move from fragmented improvements to sustainable, enterprise-wide impact in the year ahead.

For exclusive and timely commentary from Info-Tech’s experts, including Andrew Kum-Seun, and access to the complete Applications Priorities 2026 report, please contact pr@infotech.com.

About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading and fastest-growing research and advisory firms, serving over 30,000 IT, HR, and marketing professionals around the globe. As a trusted product and service leader, the company delivers unbiased, highly relevant research and industry-leading advisory support to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide everything they need, from actionable tools to expert guidance, ensuring they deliver measurable results for their organisations.

To learn more about Info-Tech’s HR research and advisory services, visit McLean & Company, and for data-driven software buying insights and vendor evaluations, visit the firm’s SoftwareReviews platform.

Media professionals can register for unrestricted access to research across IT, HR, and software, and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.  

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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TUBORG TELLS GEN Z ‘YOU DON’T HAVE TO’ AS PART OF THEIR NEW CAMPAIGN

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Advertorial Desk
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COPENHAGEN, Denmark, March 25, 2026 /PRNewswire/ — The new creative campaign stands behind those challenging societal norms, reflecting the spirit and DNA of the brand

Today marks the launch of Tuborg’s new creative campaign which calls time on the hustle culture and social media perfectionism that’s been weighing down Gen Z.

In a world that’s constantly shouting about what you should be doing, from climbing the corporate ladder, hitting the gym at 5 AM, to curating the ‘perfect’ life, Tuborg is stepping in with a much-needed reality check.

The campaign is based on the insight1 that 40% of Gen Zs are feeling constantly anxious due to the pressure to be ‘always on’ or the rigid paths laid out by previous generations, and these expectations are becoming too much for them.

Tuborg’s new ‘You Don’t Have To’ platform directly supports the pursuit of authentic expression, encouraging people to abandon the toxic norms they experience and celebrate their own uniqueness. Rolling out globally, the fully integrated multimedia campaign – which spans TV, video on demand, out-of-home advertising and extensive digital and social media – engages consumers through thought-provoking and rebellious storytelling.

To bring the platform to life, Tuborg is collaborating with influential artists and celebrities globally. This includes partnering with Korean American artist Jay Park, for markets including China, Vietnam and Myanmar, who embodies the campaign’s ethos of self-expression and challenging norms, illustrating that there’s no single path to follow: authenticity is key. 

“Society loves to set unrealistic expectations and it’s exhausting trying to fit ourselves into boxes that don’t represent who we are. We’re championing those bold enough to reject cultural norms and decide for themselves what they want to do and who they want to be” says Anna Katrine Drumm-Hakim, Global Director at Tuborg. 

“Tuborg has always been about celebrating your own voice and authentic connections. With ‘You Don’t Have To,’ we’re championing those moments where people feel they can own their own rhythm, shed those external pressures and truly be themselves.”

For the full lowdown, head to Tuborg.com or catch the vibes on social.

For further information, visit carlsberggroup.com

Tuborg’s new "You Don’t Have To" campaign encourages Gen Z to ditch the hustle and embrace their authentic selves.
Tuborg’s new “You Don’t Have To” campaign encourages Gen Z to ditch the hustle and embrace their authentic selves.

Video – https://mma.prnewswire.com/media/2940522/Tuborg.mp4

The “Stories of Guangdong” on and off the Court at the Guangdong Basketball Association

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Advertorial Desk
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GUANGZHOU, China, March 25, 2026 /PRNewswire/ — “To understand Chinese basketball, one must look to Guangdong.” This saying has long circulated widely within China’s basketball community. On March 21, the inaugural 2026 Guangdong Provincial City Basketball Association (Guangdong B.A.) tipped off at the Tianhe Sports Center Gymnasium in Guangzhou, where the Zhongshan team defeated the Guangzhou team to claim the opening win. Off the court, fans rushed to secure tickets the moment they were released, underscoring the enduring passion Guangdong locals have for the sport.

Highlights of Guangdong B.A. Games
Highlights of Guangdong B.A. Games

Historical records show that as early as the late Qing dynasty (1644–1912), female university students in Guangdong were already playing basketball. During the Republic of China era (1912–1949), schools such as Pui Ching and Pui Ying in Guangzhou became key drivers of the sport’s development. From games on dirt courts to the Guangdong Tigers team—the CBA’s eleven-time champions—and now to the Guangdong B.A., the province’s basketball journey has produced countless defining moments, gradually embedding itself in both urban and rural life as part of Guangdong’s shared memory and cultural identity. Ma Shuo, deputy director of the Institute of Cultural Industries at the Guangdong Academy of Social Sciences, noted: “The Guangdong B.A. is not a flash-in-the-pan, traffic-driven event. It is a new IP that has grown organically from Guangdong’s long-standing sporting traditions, broad grassroots base, and strong sense of urban identity.”

In the early 20th century, shortly after basketball was introduced to Guangdong, it spread rapidly across both cities and the countryside. Shaxi Town in Zhongshan won the national “Village B.A.” championship in both 2023 and 2024. Guangzhou also nurtured Li Shaofen, one of the first generation of women’s national basketball players in New China, who helped Guangdong secure the women’s title at the inaugural National Games. Her chance connection with Academician Zhong Nanshan at the Games has since become a well-known story in sports circles. In Dongguan, the country’s first privately run professional basketball club, Guangdong Hongyuan, was established, along with the first township-level arena built to CBA standards. At the inaugural National “Harvest Cup” Farmers’ Basketball Tournament in 1984, the Changping men’s team from Dongguan and the Jun’an women’s team from Shunde swept the men’s and women’s titles, offering many spectators a vivid glimpse of the spirit and vitality of people in regions at the forefront of reform and opening-up through these grassroots players.

This edition of the Guangdong B.A. explicitly bars professional players, giving “slipper-court kings” and “grassroots stars” from across the province a chance to take center stage—one of the tournament’s key draws. According to Du Feng, president of the Guangdong Basketball Association, participants range in age from 16 to 40.

Ma Shuo noted, “A sporting event can become a city’s reception hall, a new engine for consumption, and a window for cultural display, with diverse traditions—from Cantonese, Teochew, Hakka, and hometowns of overseas Chinese—naturally woven into the event.” This approach allows “watching a game” to extend naturally into “exploring a city.”

The Guangdong B.A. will feature 125 games and run through August. The Guangdong Football Super League will kick off in late April, with 123 matches scheduled on weekends through around October. During both competitions, Guangdong plans to roll out dining vouchers and host “Guangdong Products for the World” promotional events, aiming to ignite both the vibrancy of city life and the excitement of the arenas.

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2025 AND UNAUDITED FINANCIAL RESULTS FOR FULL YEAR 2025

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Advertorial Desk
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SHANGHAI, March 25, 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, today announced its unaudited preliminary[1] financial results for the fourth quarter of 2025 and the unaudited financial results for the full year ended December 31, 2025.

Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

  • Net revenues for the fourth quarter of 2025 were RMB733.2 million (US$104.9 million), a 12.5% increase from the corresponding period in 2024 and a 15.9% increase quarter-on-quarter, primarily due to an increase in performance-based income generated from overseas private equity products in the fourth quarter of 2025.
  • Income from operations for the fourth quarter of 2025 was RMB257.7 million (US$36.9 million), an 87.3% increase from the corresponding period in 2024, primarily due to a 12.5% increase in net revenues, as well as our cost control strategy on employee compensation in the fourth quarter of 2025.
  • Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024, primarily due to an increase in loss from fair value changes in underlying investments made by certain investment in affiliates in the fourth quarter of 2025.
  • Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.

[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in Noah’s consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2025 and subsequent reporting if necessary

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

FULL YEAR 2025 FINANCIAL HIGHLIGHTS

  • Net revenues in the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase compared with the corresponding period in 2024.
  • Income from operations in the full year 2025 was RMB776.7 million (US$111.1 million), a 22.5% increase from 2024, primarily due to our cost control strategy on employee compensation.
  • Net income attributable to Noah shareholders in the full year 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024, primarily due to our cost control strategy on employee compensation and a decrease in loss from fair value changes in underlying investments made by certain investment in affiliates, partially offset by contingent litigation expenses related to Camsing Incident.
  • Non-GAAP net income attributable to Noah shareholders in the full year 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.

FOURTH QUARTER AND FULL YEAR 2025 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Chinese high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

  • Total number of registered clients as of December 31, 2025 was 467,870, a 1.3% increase from December 31, 2024 and a 0.4% increase from September 30, 2025. Among registered clients as of December 31, 2025, the number of overseas registered clients was 19,993, a 13.2% increase from December 31, 2024, and a 2.3% increase from September 30, 2025.
  • Total number of active clients[3] for the fourth quarter of 2025 was 10,261, an increase of 15.8% from the fourth quarter of 2024 and a 3.7% decrease from the third quarter of 2025. Among active clients during the fourth quarter of 2025, the number of overseas active clients was 3,263, a 12.0% increase from the fourth quarter of 2024 and an 8.4% decrease from the third quarter of 2025. Total number of active clients in the full year 2025 was 18,450, an increase of 7.2% from 2024. Among active clients during the full year 2025, the number of overseas active clients was 6,231, a 12.4% increase from 2024.
  • Aggregate value of investment products distributed during the fourth quarter of 2025 was RMB17.0 billion (US$2.4 billion), a 4.4% increase from the corresponding period in 2024 and a decrease of 0.1% quarter-on-quarter. Among the investment products distributed during the fourth quarter of 2025, Noah distributed RMB8.8 billion (US$1.3 billion) of overseas investment products, a 24.3% increase from the corresponding period in 2024, primarily due to a 28.9% increase in distribution of overseas mutual fund products and a 28.4% increase in distribution of overseas private secondary products, respectively.

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

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

9.8

60.1 %

10.1

59.1 %

Private secondary products

4.7

28.8 %

5.1

30.2 %

Private equity products

1.3

8.0 %

1.3

7.7 %

Other products[4]

0.5

3.1 %

0.5

3.0 %

All products

16.3

100.0 %

17.0

100.0 %

 

[3]  “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.

[4]  “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 China

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

6.6

71.7 %

5.9

72.0 %

Private secondary products

2.4

26.1 %

2.2

26.8 %

Other products

0.2

2.2 %

0.1

1.2 %

All products in mainland China

9.2

100.0 %

8.2

100.0 %

 

Type of overseas products

Three months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

3.2

45.1 %

4.2

47.2 %

Private secondary products

2.3

32.4 %

2.9

33.3 %

Private equity products

1.3

18.3 %

1.3

14.9 %

Other products

0.3

4.2 %

0.4

4.6 %

All overseas products

7.1

100.00 %

8.8

100.00 %
  • Aggregate value of investment products distributed during the full year 2025 was RMB67.0 billion (US$9.6 billion), a 5.0% increase from 2024, primarily due to a significant 107.2% increase in distribution of domestic private secondary products partially offset by a decrease in distribution of mutual fund products. Among the investment products distributed during the full year 2025, Noah distributed RMB33.7 billion (US$4.8 billion) of overseas investment products, an 8.1% increase from the corresponding period of 2024, primarily due to increases in distribution of overseas mutual fund products and in overseas private secondary products, respectively.

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

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

39.6

62.0 %

36.0

53.7 %

Private secondary products

16.2

25.3 %

23.1

34.5 %

Private equity products

4.8

7.5 %

4.9

7.3 %

Other products

3.3

5.2 %

3.0

4.5 %

All products

63.9

100.0 %

67.0

100.0 %

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

Type of products in mainland China

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

25.7

78.4 %

21.2

63.7 %

Private secondary products

5.4

16.4 %

11.1

33.3 %

Other products

1.7

5.2 %

1.0

3.0 %

All products in mainland China

32.8

100.0 %

33.3

100.0 %

Type of overseas products

Twelve months ended December 31,

2024

2025

(RMB in billions, except percentages)

Mutual fund products

13.9

44.8 %

14.8

44.0 %

Private secondary products

10.8

34.7 %

12.0

35.6 %

Private equity products

4.8

15.4 %

4.9

14.5 %

Other products

1.6

5.1 %

2.0

5.9 %

All Overseas products

31.1

100.0 %

33.7

100.0 %
  • Coverage network in mainland China included 16 cities as of December 31, 2025, compared with 11 cities as of December 31, 2024, and 16 cities as of September 30, 2025.
  • Aggregate number of overseas relationship managers was 140 as of December 31, 2025, an increase of 1.4% from December 31, 2024, and an increase of 2.9% from September 30, 2025.

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. (“Gopher Asset Management” or “Gopher”), a leading multi asset manager in mainland China, and Olive Asset Management Co., Ltd. (“Olive Asset Management” or “Olive”), as the overseas asset management brand focused on providing global investment solutions with offices in Hong Kong, Singapore, Tokyo and key U.S. markets. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.

  • Total assets under management as of December 31, 2025 remained relatively stable at RMB141.7 billion (US$20.3 billion), compared with RMB143.5 billion as of September 30, 2025 and RMB151.5 billion as of December 31, 2024. Mainland China assets under management as of December 31, 2025 were RMB99.3 billion (US$14.2 billion), compared with RMB108.9 billion as of December 31, 2024, and RMB101.3 billion as of September 30, 2025. Overseas assets under management as of December 31, 2025 were RMB42.4 billion (US$6.1 billion), compared with RMB42.6 billion as of December 31, 2024, and RMB42.2 billion as of September 30, 2025.

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

Investment type

As of
September 30,
2025


Growth


Allocation/
Redemption[5]

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

128.1

89.3 %

0.7

1.8

127.0

89.6 %

Public securities[6]

8.8

6.1 %

1.8

2.0

8.6

6.1 %

Real estate

4.7

3.3 %

0.1

0.7

4.1

2.9 %

Multi-strategies

1.9

1.3 %

–

(0.1)

2.0

1.4 %

All Investments

143.5

100.0 %

2.6

4.4

141.7

100.0 %

 

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

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

 

Investment type

As of
December 31,
2024


Growth


Allocation/
Redemption

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

131.5

86.8 %

1.5

6.0

127.0

89.6 %

Public securities

9.4

6.2 %

6.6

7.4

8.6

6.1 %

Real estate

6.2

4.1 %

0.2

2.3

4.1

2.9 %

Multi-strategies

3.9

2.6 %

–

1.9

2.0

1.4 %

Others

0.5

0.3 %

–

0.5

–

–

All Investments

151.5

100.0 %

8.3

18.1

141.7

100.0 %

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

Mainland China
Investment type

As of
September 30,
2025


Growth

Allocation/

Redemption

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

94.8

93.6 %

–

1.2

93.6

94.3 %

Public securities

4.4

4.3 %

0.2

0.5

4.1

4.1 %

Real estate

0.7

0.7 %

–

0.5

0.2

0.2 %

Multi-strategies

1.4

1.4 %

–

–

1.4

1.4 %

All Investments

101.3

100.0 %

0.2

2.2

99.3

100.0 %

 

Mainland China
Investment type

As of
December 31,
2024


Growth

Allocation/

Redemption

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

98.6

90.5 %

–

5.0

93.6

94.3 %

Public securities

5.3

4.9 %

1.1

2.3

4.1

4.1 %

Real estate

2.2

2.0 %

–

2.0

0.2

0.2 %

Multi-strategies

2.3

2.1 %

–

0.9

1.4

1.4 %

Others

0.5

0.5 %

–

0.5

–

–

All Investments

108.9

100.0 %

1.1

10.7

99.3

100.0 %

 

Overseas

Investment type

As of

September 30,
2025


Growth

Allocation/

Redemption

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

33.3

78.9 %

0.7

0.6

33.4

78.8 %

Public securities

4.4

10.4 %

1.6

1.5

4.5

10.6 %

Real estate

4.0

9.5 %

0.1

0.2

3.9

9.2 %

Multi-strategies

0.5

1.2 %

–

(0.1)

0.6

1.4 %

All Investments

42.2

100.0 %

2.4

2.2

42.4

100.0 %

 

Overseas

Investment type

As of

December 31,
2024


Growth

Allocation/

Redemption

As of
December 31,
2025

(RMB billions, except percentages)

Private equity

32.9

77.2 %

1.5

1.0

33.4

78.8 %

Public securities

4.1

9.6 %

5.5

5.1

4.5

10.6 %

Real estate

4.0

9.4 %

0.2

0.3

3.9

9.2 %

Multi-strategies

1.6

3.8 %

–

1.0

0.6

1.4 %

All Investments

42.6

100.0 %

7.2

7.4

42.4

100.0 %

Other Businesses

Noah’s other businesses mainly include providing clients with additional comprehensive services and investment products.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented, “As we reflect on 2025, it was a year defined not merely by financial recovery, but by structural evolution. Beyond the headline numbers, the more meaningful shift was in the quality of our earnings and the resilience of our operating model. Our disciplined organizational optimization and structural strengthening over the past two years have begun to translate into tangible operating resilience, reinforcing the foundation upon which we build our future.

We started the institutional integration of AI across our global platform, where AI is no longer merely an auxiliary tool but is becoming part of Noah’s structural infrastructure. By embedding AI into client service, empowering our relationship managers with intelligent capabilities, and enhancing our global platform coordination, we have strengthened our organizational leverage and reinforced a model for scalable growth.

At the same time, we continued advancing our global strategy and improving the quality of our revenue mix toward a more AUM-driven structure. Overseas revenue accounted for approximately half of total revenues in 2025, reflecting the continued deepening of our international business development. Notably, our strategic shift toward investment products led to significant growth in investment products-related commissions and performance-based income, which became key contributors to our overall performance during the year.

With a solid balance sheet and a long-term capital allocation philosophy, we remain committed to sharing value with our shareholders. Based on our 2025 results, the Board has proposed a total dividend equivalent to 100% of our full-year Non-GAAP net income attributable to Noah shareholders. Combined with our ongoing share repurchase program, these actions reflect our confidence in the long-term resilience of our company.

Entering 2026, Noah stands structurally different from where we were two years ago. We are beginning to see new growth momentum emerge — driven by the continued expansion of our international platform, improving global capabilities and the integration of AI across our organization. While the environment remains dynamic, we believe the combination of structural resilience and evolving growth drivers will support a more sustainable path over time.”

FOURTH QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2025 were RMB733.2 million (US$104.9 million), a 12.5% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from overseas private equity products.

Net Revenues under the segmentation is as follows:

(RMB millions,

except percentages)

Q4 2024

Q4 2025

YoY Change

Domestic public securities[7]

146.2

191.4

30.9 %

Domestic asset management[8]

198.7

159.1

(20.0 %)

Domestic insurance[9]

3.9

0.3

(91.5 %)

Overseas wealth management[10]

156.6

109.9

(29.8 %)

Overseas asset management[11]

101.4

216.1

113.2 %

Overseas insurance and comprehensive services[12]

31.9

42.4

33.0 %

Headquarters

13.2

14.0

6.4 %

Total net revenues

651.9

733.2

12.5 %
  • Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB191.4 million (US$27.4 million), a 30.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from the distribution of domestic private secondary products.
  • Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB159.1 million (US$22.8 million), a 20.0% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees and performance-based income generated from domestic private equity products.
  • Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2025 were RMB0.3 million, a 91.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.
  • Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the fourth quarter of 2025 were RMB109.9 million (US$15.7 million), a 29.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.
  • Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2025 were RMB216.1 million (US$30.9 million), a significant 113.2% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity investment products.
  • Overseas insurance and comprehensive services is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the fourth quarter of 2025 were RMB42.4 million (US$6.1 million), a 33.0% increase from the corresponding period in 2024, primarily due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.
  • Headquarters reflects revenue generated from corporate operations at the Company’s headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the fourth quarter of 2025 were RMB14.0 million (US$2.0 million), compared with RMB13.2 million for the corresponding period in 2024, maintaining a relatively stable trend.

[7] Operates under the Noah Upright brand

[8] Operates under the Gopher Asset Management brand

[9] Operates under the Glory brand

[10] Operates under the ARK Wealth Management brand

[11] Operates under the Olive Asset Management brand

[12] Operates under the Glory Family Heritage brand

Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2025 were RMB475.5 million (US$68.0 million), a 7.5% decrease from the corresponding period in 2024. Operating costs and expenses for the fourth quarter of 2025 primarily consisted of (i) compensation and benefits of RMB293.6 million (US$42.0 million); (ii) selling expenses of RMB60.8 million (US$8.7 million); (iii) general and administrative expenses of RMB98.1 million (US$14.0 million); (iv) provision for credit losses of RMB3.5 million (US$0.5 million); (v) other operating expenses of RMB22.2 million (US$3.2 million); and (vi) income gained from government subsidies of RMB2.7 million (US$0.4 million).

  • Operating costs and expensesfor domestic public securities for the fourth quarter of 2025 were RMB47.7 million (US$6.8 million), a 44.0% increase from the corresponding period in 2024, mainly due to an increase in general marketing activities and a decrease in income gained from government subsidies in the fourth quarter of 2025.
  • Operating costs and expensesfor domestic asset management for the fourth quarter of 2025 were RMB37.2 million (US$5.3 million), an 8.8% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the fourth quarter of 2025.
  • Operating costs and expensesfor domestic insurance for the fourth quarter of 2025 were RMB6.9 million (US$1.0 million), a 57.1% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.
  • Operating costs and expenses for overseas wealth management for the fourth quarter of 2025 were RMB101.8 million (US$14.6 million), a 30.9% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions, as well as decreases in other compensation and general marketing activities.
  • Operating costs and expensesfor overseas asset management for the fourth quarter of 2025 were RMB49.8 million (US$7.1 million), a 158.5% increase from the corresponding period in 2024, which is consistent with the growth in our revenue from overseas investment products.
  • Operating costs and expensesfor overseas insurance and comprehensive services for the fourth quarter of 2025 were RMB33.3 million (US$4.8 million), an 8.8% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.
  • Operating costs and expenses for headquarters for the fourth quarter of 2025 were RMB198.8 million (US$28.4 million), a 12.5% decrease from the corresponding period in 2024, primarily due to cost control measures on employee compensation, as well as decreases in provisions for credit losses related to the suspended lending business.

Income(loss) from operations

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

(RMB millions,

except percentages)

Q4 2024

Q4 2025

YoY Change

Domestic public securities

113.1

143.7

27.0 %

Domestic asset management

157.9

121.9

(22.8 %)

Domestic insurance

(12.0)

(6.5)

(45.8 %)

Overseas wealth management

9.2

8.1

(11.9 %)

Overseas asset management

82.1

166.3

102.5 %

Overseas insurance and comprehensive services

1.3

9.1

613.4 %

Headquarters

(214.0)

(184.9)

(13.7 %)

Total income from operations

137.6

257.7

87.3 %
  • Income from operations for domestic public securities for the fourth quarter of 2025 was RMB 143.7million (US$20.5 million), a 27.0% increase from the corresponding period in 2024.
  • Income from operations for domestic asset management for the fourth quarter of 2025 was RMB121.9 million (US$17.4 million), a 22.8% decrease from the corresponding period in 2024.
  • Loss from operationsfor domestic insurance for the fourth quarter of 2025 was RMB6.5 million (US$0.9 million), a 45.8% decrease from the corresponding period in 2024. 
  • Income from operations for overseas wealth management for the fourth quarter of 2025 was RMB8.1 million (US$1.2 million), an 11.9% decrease from the corresponding period in 2024.
  • Income from operations for overseas asset management for the fourth quarter of 2025 was RMB166.3 million (US$23.8 million), a 102.5% increase from the corresponding period in 2024.
  • Income from operations for overseas insurance and comprehensive services for the fourth quarter of 2025 was RMB9.1 million (US$1.3 million), a 613.4% increase from the corresponding period in 2024.
  • Loss from operationsfor headquarters for the fourth quarter of 2025 was RMB184.9 million (US$26.4 million), a 13.7% decrease from the corresponding period in 2024.

Operating Margin

Operating margin for the fourth quarter of 2025 was 35.2%, compared with 21.1% for the corresponding period in 2024.

Interest Income

Interest income for the fourth quarter of 2025 was RMB32.6 million (US$4.7 million), a 15.6% decrease from the corresponding period in 2024.

Investment Income

Investment income for the fourth quarter of 2025 was RMB19.4 million (US$2.8 million), a 6.1% increase from the corresponding period in 2024, primarily due to an increase in unrealized income from fair value changes on certain equity investments.

Income Tax Expense

Income tax expenses for the fourth quarter of 2025 were RMB106.0 million (US$15.2 million), a 9.8% increase from the corresponding period in 2024, primarily due to a higher effective tax rate.

Net Income

  • Net Income
    • Net income for the fourth quarter of 2025 was RMB10.0 million (US$1.4 million), a 91.2% decrease from the corresponding period in 2024.
    • Net margin for the fourth quarter of 2025 was 1.4%, compared with 17.4% for the corresponding period in 2024.
    • Net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB12.8 million (US$1.8 million), an 88.3% decrease from the corresponding period in 2024.
    • Net margin attributable to Noah shareholders for the fourth quarter of 2025 was 1.7%, compared with 16.8% for the corresponding period in 2024.
    • Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2025 was RMB0.18 (US$0.03) and RMB0.18 (US$0.03), respectively, compared with RMB1.56 and RMB1.55 respectively, for the corresponding period in 2024.
  • Non-GAAP Net Income Attributable to Noah Shareholders
    • Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2025 was RMB25.1 million (US$3.6 million), an 81.1% decrease from the corresponding period in 2024.
    • Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2025 was 3.4%, compared with 20.3% for the corresponding period in 2024.
    • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2025 was RMB0.36 (US$0.05), compared with RMB1.87 for the corresponding period in 2024.

FULL YEAR 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2025 were RMB2,610.2 million (US$373.3 million), a 0.4% increase from 2024.

Net Revenues under the segmentation is as follows:

(RMB millions,

except percentages)

FY 2024

FY 2025

YoY Change

Domestic public securities

488.8

566.5

15.9 %

Domestic asset management

772.0

692.5

(10.3 %)

Domestic insurance

42.9

18.6

(56.5 %)

Overseas wealth management

674.7

547.5

(18.8 %)

Overseas asset management

438.5

553.9

26.3 %

Overseas insurance and comprehensive services

138.9

178.8

28.8 %

Headquarters

45.2

52.4

15.9 %

Total net revenues

2,601.0

2,610.2

0.4 %
  • Net revenues for domestic public securities for 2025 were RMB566.5 million (US$81.0 million), a 15.9% increase from the corresponding period in 2024, primarily due to an increase in performance-based income generated from domestic private secondary products.
  • Net revenues fordomestic asset management for 2025 were RMB692.5 million (US$99.0 million), a 10.3% decrease from the corresponding period in 2024, primarily due to a decrease in recurring service fees from domestic private equity products.
  • Net revenues fordomestic insurance for 2025 were RMB18.6 million (US$2.7 million), a 56.5% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.
  • Net revenues foroverseas wealth management for 2025 were RMB547.5 million (US$78.3 million), an 18.8% decrease from the corresponding period in 2024, mainly due to a decrease in one-time commissions from the distribution of our products.
  • Net revenues foroverseas asset management for 2025 were RMB553.9 million (US$79.2 million), a 26.3% increase from the corresponding period in 2024, primarily due to an increase in performance-based income from overseas private equity products, as well as increases in one-time commissions and recurring service fees gained from the distribution of overseas private investment products.
  • Net revenues foroverseas insurance and comprehensive services for 2025 were RMB178.8 million (US$25.6 million), a 28.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.
  • Net revenues forheadquarters for 2025 were RMB52.4 million (US$7.5 million), a 15.9% increase from the corresponding period in 2024, primarily due to more value-added services that we offered to our high net worth clients.

Operating costs and expenses

Operating costs and expenses for 2025 were RMB1,833.6 million (US$262.2 million), a 6.8% decrease from 2024. Operating costs and expenses for 2025 primarily consisted of (i) compensation and benefits of RMB1,216.6 million (US$174.0 million); (ii) selling expenses of RMB242.8 million (US$34.7 million); (iii) general and administrative expenses of RMB305.6 million (US$43.7 million); (iv) provision for credit losses of RMB52.2 million (US$7.5 million); (v) other operating expenses of RMB62.9 million (US$9.0 million) ; and (vi) income gained from government subsidies of RMB46.5 million (US$6.6 million).

  • Operating costs and expenses for domestic public securities for 2025 were RMB139.1 million (US$19.9 million), an 18.1% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025.
  • Operating costs and expensesfor domestic asset management for 2025 were RMB126.2 million (US$18.0 million), a 36.3% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a decrease in one-off expenses that Gopher paid to one of its funds as a general partner.
  • Operating costs and expensesfor domestic insurance for 2025 were RMB53.1 million (US$7.6 million), a 57.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.
  • Operating costs and expenses for overseas wealth management for 2025 were RMB404.9 million (US$57.9 million), a 28.9% decrease from the corresponding period in 2024, primarily due to our cost-control strategy on employee compensation in 2025, as well as a corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.
  • Operating costs and expensesfor overseas asset management for 2025 were RMB144.7 million (US$20.7 million), a 70.4% increase from the corresponding period in 2024, which is consistent with the growth in revenue from overseas investment products managed by Olive Asset Management.
  • Operating costs and expensesfor overseas insurance and comprehensive services for 2025 were RMB124.9 million (US$17.9 million), a 33.7% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.
  • Operating costs and expenses for headquarters for 2025 were RMB840.7 million (US$120.2 million), a 15.6% increase from the corresponding period in 2024, primarily due to an increase in provisions for credit losses related to the suspended lending business, as well as an increase in professional consulting and legal services fees.

Income(loss) from operations

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

(RMB millions,

except percentages)

FY 2024

FY 2025

YoY Change

Domestic public securities

319.0

427.4

34.0 %

Domestic asset management

574.1

566.3

(1.4 %)

Domestic insurance

(81.6)

(34.5)

(57.8 %)

Overseas wealth management

105.5

142.7

35.3 %

Overseas asset management

353.6

409.2

15.7 %

Overseas insurance and comprehensive services

45.5

53.9

18.6 %

Headquarters

(682.2)

(788.3)

15.6 %

Total income from operations

633.9

776.7

22.5 %
  • Income from operations for domestic public securities for 2025 was RMB427.4 million (US$61.1 million), a 34.0% increase from the corresponding period in 2024.
  • Income from operations for domestic asset management for 2025 was RMB566.3 million (US$81.0 million), a 1.4% decrease from the corresponding period in 2024.
  • Loss from operationsfor domestic insurance for 2025 was RMB34.5 million (US$4.9 million), a 57.8% decrease from the corresponding period in 2024. 
  • Income from operations for overseas wealth management for 2025 was RMB142.7 million (US$20.4 million), a 35.3% increase from the corresponding period in 2024.
  • Income from operations for overseas asset management for 2025 was RMB409.2 million (US$58.5 million), a 15.7% increase from the corresponding period in 2024.
  • Income from operations for overseas insurance and comprehensive services for 2025 was RMB53.9 million (US$7.7 million), an 18.6% increase from the corresponding period in 2024.
  • Loss from operationsfor headquarters for 2025 was RMB788.3 million (US$112.7 million), a 15.6% increase from the corresponding period in 2024.

Operating Margin

Operating margin for 2025 was 29.8%, compared with 24.4% for 2024.

Interest Income

Interest income for 2025 was RMB127.5 million (US$18.2 million), an 18.1% decrease from the corresponding period in 2024.

Investment Income

Investment income for 2025 was RMB32.3 million (US$4.6 million), a 35.7% decrease from the corresponding period in 2024, primarily due to an increase in losses from our private equity fund investment.

Income Tax Expenses

Income tax expenses for 2025 were RMB297.8 million (US$42.6 million), a 10.9% increase from 2024, primarily due to a higher effective tax rate.

Net Income

  • Net Income
    • Net income for 2025 was RMB557.2 million (US$79.7 million), a 14.4% increase from 2024.
    • Net margin for 2025 was 21.3%, compared with 18.7% for 2024.
    • Net income attributable to Noah shareholders for 2025 was RMB558.9 million (US$79.9 million), a 17.5% increase from 2024.
    • Net margin attributable to Noah shareholders for 2025 was 21.4%, compared with 18.3% for the corresponding period in 2024.
    • Net income attributable to Noah shareholders per basic and diluted ADS for 2025 was RMB8.01 (US$1.15) and RMB7.94 (US$1.14), respectively, compared with RMB6.78 and RMB6.75, respectively, for the corresponding period in 2024.
  • Non-GAAP Net Income Attributable to Noah Shareholders
    • Non-GAAP net income attributable to Noah shareholders for 2025 was RMB611.9 million (US$87.5 million), an 11.2% increase from 2024.
    • Non-GAAP net margin attributable to Noah shareholders for 2025 was 23.4%, compared with 21.2% for the corresponding period in 2024.
    • Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2025 was RMB8.69 (US$1.24), compared with RMB7.81 for the corresponding period in 2024.

BALANCE SHEET AND CASH FLOW

As of December 31, 2025, the Company had RMB4,360.9 million (US$623.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB3,837.4 million as of September 30, 2025.

Net cash inflow from the Company’s operating activities during the fourth quarter of 2025 was RMB378.9 million (US$54.2 million), compared with RMB282.3 million in the corresponding period in 2024, primarily attributable to an increase in income taxes payable and the combined effect of changes in working capital items. Net cash inflow from the Company’s operating activities in 2025 was RMB976.6 million (US$139.7 million), compared with RMB387.3 million in 2024, primarily attributable to changes in working capital, including increases in other current liabilities and income taxes payable.

Net cash inflow from the Company’s investing activities during the fourth quarter of 2025 was RMB197.4 million (US$28.2 million), compared with net cash inflow of RMB72.9 million in the corresponding period in 2024. Net cash inflow from the Company’s investing activities in 2025 was RMB299.5 million (US$42.8 million), compared to net cash outflow of RMB840.8 million in 2024, primarily due to various purchases of term deposits in 2024.

Net cash outflow from the Company’s financing activities was RMB4.6 million (US$0.7 million) in the fourth quarter of 2025, compared to net cash outflow of RMB66.6 million in the corresponding period in 2024. Net cash outflow from the Company’s financing activities in 2025 was RMB635.4 million (US$90.9 million), compared to net cash outflow of RMB1,134.2 million in 2024, primarily due to a decrease in payment of the final dividend to the Company’s shareholders in 2025.

ANNUAL AND SPECIAL DIVIDEND

On March 24, 2026, the Company’s Board of Directors (the “Board”) approved, subject to shareholder approval at the AGM, an annual dividend of approximately RMB306.0 million (US$43.8 million) in total, which is equivalent to 50% of full year 2025 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the “Policy”) adopted on November 29, 2023. The Board has also approved, subject to shareholder approval at the AGM, a non-recurring special dividend of approximately RMB306.0 million (US$43.8 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2026.

CONFERENCE CALL

The Company’s senior management will host an earnings conference call to discuss its Q4 and full year 2025 Results and recent business activities. Details of the conference call are as follows:

Dial-in details：

Conference title：

Noah Holdings 4Q and Full Year 2025 Earnings Conference Call

Date/Time：

Tuesday, March 24, 2026 at 8:00 p.m., U.S. Eastern Time

Wednesday, March 25, 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:     

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

5020907

A telephone replay will be available starting approximately one hour after the end of the conference until March 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8287514.

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, non-cash settlement expenses or reversal 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 2025, Noah distributed RMB67.0 billion (US$9.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB141.7 billion (US$20.3 billion) as of December 31, 2025.

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 December 31, 2025, Noah had 467,870 registered clients. Through its wealth management platform, the Group distributes private equity, public securities, and insurance products denominated in RMB and other currencies, while its asset management capabilities support broader global asset allocation needs. As of December 31, 2025, 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 fourth quarter of 2025 and unaudited financial results for the full year ended December 31, 2025 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 RMB6.9931 to US$1.00, the effective noon buying rate for December 31, 2025 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.

Contacts:

Noah Holdings Limited
Tel: +86-21-8035-8292
ir@noahgroup.com

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

 

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

September 30,

2025

December 31,

2025

December
31,2025

RMB’000

RMB’000

USD’000

Assets

Current assets:

Cash and cash equivalents

3,837,367

4,360,918

623,603

Restricted cash

6,071

11,143

1,593

Short-term investments

1,157,410

657,563

94,030

Accounts receivable, net

358,143

420,132

60,078

Amounts due from related parties

568,979

596,800

85,341

Loans receivable, net

117,598

112,416

16,075

Other current assets

330,699

201,573

28,827

Total current assets

6,376,267

6,360,545

909,547

Long-term investments, net

785,992

1,172,012

167,595

Investment in affiliates

1,469,275

1,326,131

189,634

Property and equipment, net

2,377,786

2,356,440

336,966

Operating lease right-of-use assets, net

98,947

103,027

14,733

Deferred tax assets

317,007

310,287

44,370

Other non-current assets

120,668

112,492

16,086

Total Assets

11,545,942

11,740,934

1,678,931

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

346,233

407,558

58,280

Income tax payable

117,029

147,510

21,094

Deferred revenues

72,207

54,398

7,779

Contingent liabilities

462,042

505,496

72,285

Other current liabilities

340,086

312,240

44,650

Total current liabilities

1,337,597

1,427,202

204,088

Deferred tax liabilities

240,363

263,608

37,695

Operating lease liabilities, non-current

59,634

60,344

8,629

Other non-current liabilities

9,701

6,820

975

Total Liabilities

1,647,295

1,757,974

251,387

Equity

9,898,647

9,982,960

1,427,544

Total Liabilities and Equity

11,545,942

11,740,934

1,678,931

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

December 31,

December 31,

December 31,

Change

2024

2025

2025

Revenues:

RMB’000

RMB’000

USD’000

Revenues from others:

    One-time commissions

131,086

106,411

15,217

(18.8 %)

    Recurring service fees

158,733

162,613

23,253

2.4 %

    Performance-based income

34,824

82,361

11,777

136.5 %

Other service fees

52,434

40,250

5,756

(23.2 %)

Total revenues from others

377,077

391,635

56,003

3.9 %

Revenues from funds
    Gopher/Olive manages:

    One-time commissions

4,318

1,173

168

(72.8 %)

    Recurring service fees

261,904

228,277

32,643

(12.8 %)

    Performance-based income

14,490

115,929

16,578

700.1 %

Total revenues from funds
    Gopher/Olive manages

280,712

345,379

49,389

23.0 %

Total revenues

657,789

737,014

105,392

12.0 %

Less: VAT related surcharges 

(5,882)

(3,768)

(539)

(35.9 %)

Net revenues

651,907

733,246

104,853

12.5 %

Operating costs and expenses:

  Compensation and benefits

    Relationship manager
    compensation

(149,641)

(126,011)

(18,019)

(15.8 %)

    Other compensations

(204,031)

(167,567)

(23,963)

(17.9 %)

  Total compensation and
    benefits

(353,672)

(293,578)

(41,982)

(17.0 %)

  Selling expenses

(78,877)

(60,802)

(8,695)

(22.9 %)

  General and administrative
    expenses

(73,483)

(98,077)

(14,025)

33.5 %

  Provision for credit losses

(18,894)

(3,524)

(504)

(81.3 %)

  Other operating expenses 

(17,198)

(22,208)

(3,176)

29.1 %

  Government subsidies 

27,791

2,686

384

(90.3 %)

Total operating costs and
    expenses

(514,333)

(475,503)

(67,998)

(7.5 %)

Income from operations 

137,574

257,743

36,855

87.3 %

Other income (expense):

    Interest income

38,563

32,558

4,656

(15.6 %)

    Investment income

18,233

19,353

2,767

6.1 %

    Settlement expenses, net

978

(400)

(57)

N.A.

    Contingent litigation
    expenses, net 

14,000

(50,525)

(7,225)

N.A.

    Other income (expense)

43,829

(20,968)

(2,998)

N.A.

Total other income(loss) 

115,603

(19,982)

(2,857)

N.A.

Income before taxes and
    income from equity in
    affiliates

253,177

237,761

33,998

(6.1 %)

Income tax expense

(96,612)

(106,045)

(15,164)

9.8 %

Loss from equity in affiliates

(42,884)

(121,713)

(17,405)

183.8 %

Net income 

113,681

10,003

1,429

(91.2 %)

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

3,930

(2,820)

(403)

N.A.

Net income attributable to
    Noah shareholders 

109,751

12,823

1,832

(88.3 %)

Income per ADS, basic

1.56

0.18

0.03

(88.5 %)

Income per ADS, diluted

1.55

0.18

0.03

(88.4 %)

Margin analysis:

Operating margin

21.1 %

35.2 %

35.2 %

Net margin

17.4 %

1.4 %

1.4 %

Weighted average ADS
    equivalent[1]:

Basic

70,296,590

69,650,605

69,650,605

Diluted

70,901,802

70,429,668

70,429,668

ADS equivalent outstanding at
    end of period

66,078,707

66,674,068

66,674,068

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

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

Twelve months ended

December 31,

December 31,

December 31,

Change

2024

2025

2025

(audited)

(unaudited)

(unaudited)

Revenues:

RMB’000

RMB’000

USD’000

Revenues from others:

    One-time commissions

614,258

574,255

82,117

(6.5 %)

    Recurring service fees

631,505

624,589

89,315

(1.1 %)

    Performance-based income

47,841

116,247

16,623

143.0 %

    Other service fees

186,108

161,299

23,065

(13.3 %)

Total revenues from others

1,479,712

1,476,390

211,120

(0.2 %)

Revenues from funds
    Gopher/Olive manages:

    One-time commissions

21,288

7,284

1,042

(65.8 %)

    Recurring service fees

1,015,436

990,515

141,642

(2.5 %)

    Performance-based income

104,898

155,598

22,250

48.3 %

Total revenues from funds
    Gopher/Olive manages

1,141,622

1,153,397

164,934

1.0 %

Total revenues

2,621,334

2,629,787

376,054

0.3 %

Less: VAT related surcharges 

(20,352)

(19,547)

(2,795)

(4.0 %)

Net revenues

2,600,982

2,610,240

373,259

0.4 %

Operating costs and expenses:

  Compensation and benefits

    Relationship manager
    compensation

(562,523)

(498,454)

(71,278)

(11.4 %)

    Other compensations

(786,928)

(718,098)

(102,687)

(8.7 %)

  Total compensation and
    benefits

(1,349,451)

(1,216,552)

(173,965)

(9.8 %)

  Selling expenses

(269,038)

(242,808)

(34,721)

(9.7 %)

  General and administrative
    expenses 

(296,751)

(305,590)

(43,699)

3.0 %

  Provision for credit losses

(23,882)

(52,226)

(7,468)

118.7 %

  Other operating expenses 

(93,210)

(62,872)

(8,991)

(32.5 %)

Government subsidies 

65,239

46,472

6,645

(28.8 %)

Total operating costs and
    expenses 

(1,967,093)

(1,833,576)

(262,199)

(6.8 %)

Income from operations

633,889

776,664

111,060

22.5 %

Other income (expense):

    Interest income 

155,751

127,547

18,239

(18.1 %)

    Investment income 

50,152

32,254

4,612

(35.7 %)

    Settlement reversal

12,454

956

137

(92.3 %)

Contingent litigation expenses,
net

14,000

(50,182)

(7,176)

N.A.

    Other income (loss)

1,359

(30,814)

(4,406)

N.A.

Total other income 

233,716

79,761

11,406

(65.9 %)

Income before taxes and
    income from equity in affiliates

867,605

856,425

122,466

(1.3 %)

Income tax expense

(268,591)

(297,811)

(42,586)

10.9 %

Loss from equity in affiliates

(112,010)

(1,395)

(199)

(98.8 %)

Net income 

487,004

557,219

79,681

14.4 %

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

11,559

(1,638)

(234)

N.A.

Net income attributable to
    Noah shareholders 

475,445

558,857

79,915

17.5 %

Income per ADS, basic

6.78

8.01

1.15

18.1 %

Income per ADS, diluted

6.75

7.94

1.14

17.6 %

Margin analysis:

Operating margin

24.4 %

29.8 %

29.8 %

Net margin

18.7 %

21.3 %

21.3 %

Weighted average ADS
    equivalent[1]:

Basic

70,169,529

69,754,984

69,754,984

Diluted

70,470,251

70,392,528

70,392,528

ADS equivalent outstanding at
    end of period

66,078,707

66,674,068

66,674,068

[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 

December 31,

December 31,

December 31,

Change

2024

2025

2025

RMB’000

RMB’000

USD’000

Net income

113,681

10,003

1,429

(91.2 %)

Other comprehensive income (loss), net of tax:

     Foreign currency translation adjustments

121,470

(60,013)

(8,582)

N.A.

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

 

–

 

238

 

34

N.A.

Comprehensive income (loss)

235,151

(49,772)

(7,119)

N.A.

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

 

 

3,918

 

 

(2,674)

 

 

(382)

N.A.

Comprehensive income (loss) attributable to
Noah shareholders

231,233

(47,098)

(6,737)

N.A.

 

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

Twelve months ended 

December 31,

December 31,

December 31,

Change

2024

2025

2025

(audited)

(unaudited)

(unaudited)

RMB’000

RMB’000

USD’000

Net income 

487,004

557,219

79,681

14.4 %

Other comprehensive income, net of tax:

    Foreign currency translation
    adjustments

 

112,131

(145,751)

(20,842)

N.A.

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

 

–

945

135

N.A.

Comprehensive income

599,135

412,413

58,974

(31.2 %)

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

 

11,758

(1,647)

(236)

N.A.

Comprehensive income attributable to
Noah shareholders

 

 

587,377

414,060

59,210

(29.5 %)

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)  

Three months ended December 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

9,678

385

343

53,050

7,823

35,132

–

106,411

Recurring service fees

92,519

36,255

–

10,152

23,687

–

–

162,613

Performance-based income

81,771

585

–

–

5

–

–

82,361

Other service fees

–

–

–

16,883

–

7,235

16,132

40,250

Total revenues from others

183,968

37,225

343

80,085

31,515

42,367

16,132

391,635

Revenues from funds
Gopher/Olive manages

One-time commissions

1,173

–

–

–

–

–

–

1,173

Recurring service fees

7,601

121,153

–

29,858

69,665

–

–

228,277

Performance-based income

63

924

–

–

114,942

–

–

115,929

Total revenues from funds
    Gopher/Olive manages

 

8,837

 

122,077

–

29,858

184,607

–

–

 

345,379

Total revenues

192,805

159,302

343

109,943

216,122

42,367

16,132

737,014

Less: VAT related surcharges

(1,432)

(244)

(8)

–

–

–

(2,084)

(3,768)

Net revenues

191,373

159,058

335

109,943

216,122

42,367

14,048

733,246

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(32,202)

(7,990)

(508)

(60,769)

(15,911)

(8,631)

–

(126,011)

Other compensations

(6,172)

(15,882)

(3,178)

(17,645)

(18,464)

(11,797)

(94,429)

(167,567)

Total compensation and
   benefits

(38,374)

(23,872)

(3,686)

(78,414)

(34,375)

(20,428)

(94,429)

(293,578)

Selling expenses

(8,418)

(3,091)

(309)

(16,058)

(10,545)

(8,597)

(13,784)

(60,802)

General and administrative
   expenses

(702)

(3,800)

(2,859)

(2,473)

(4,118)

(2,022)

(82,103)

(98,077)

Provision for (reversal of)
   credit losses

(10)

(4,282)

–

–

–

2,534

(1,766)

(3,524)

Other operating expenses

(200)

(3,124)

–

(4,888)

(807)

(4,758)

(8,431)

(22,208)

Government subsidies

6

988

–

–

–

–

1,692

2,686

Total operating costs and
   expenses

(47,698)

(37,181)

(6,854)

(101,833)

(49,845)

(33,271)

(198,821)

(475,503)

Income (loss) from
operations

143,675

121,877

(6,519)

8,110

166,277

9,096

(184,773)

257,743

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)  

Three months ended December 31, 2024

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

10,448

55

3,971

92,234

3,166

21,212

–

131,086

Recurring service fees

92,505

41,895

–

7,237

16,887

–

209

158,733

Performance-based income

29,740

4,908

–

–

176

–

–

34,824

Other service fees

–

–

–

24,823

–

10,638

16,973

52,434

Total revenues from others

132,693

46,858

3,971

124,294

20,229

31,850

17,182

377,077

Revenues from funds
Gopher/Olive manages

One-time commissions

2,889

–

–

1,000

429

–

–

4,318

Recurring service fees

12,207

145,406

–

31,287

73,004

–

–

261,904

Performance-based income

51

6,712

–

–

7,727

–

–

14,490

Total revenues from funds
    Gopher/Olive manages

 

15,147

 

152,118

–

32,287

81,160

–

–

 

280,712

Total revenues

147,840

198,976

3,971

156,581

101,389

31,850

17,182

657,789

Less: VAT related surcharges

(1,605)

(271)

(26)

–

–

–

(3,980)

(5,882)

Net revenues

146,235

198,705

3,945

156,581

101,389

31,850

13,202

651,907

Operating costs and expenses:

Compensation and benefits

Relationship manager 
compensation

(29,268)

 

(22,172)

(4,435)

(88,651)

(575)

(4,540)

–

 

(149,641)

Other compensations

(8,645)

(15,709)

(7,520)

(29,584)

(13,843)

(11,468)

(117,262)

(204,031)

Total compensation and
   benefits

(37,913)

(37,881)

(11,955)

(118,235)

(14,418)

(16,008)

(117,262)

(353,672)

Selling expenses

(2,689)

(3,493)

(1,100)

(26,829)

(3,545)

(5,036)

(36,185)

(78,877)

General and administrative
   expenses

(535)

(5,022)

(2,963)

(2,314)

(1,322)

(3,497)

(57,830)

(73,483)

Provision for credit losses

–

–

–

–

–

(1,912)

(16,982)

(18,894)

Other operating expenses

(681)

(512)

(430)

–

–

(4,122)

(11,453)

(17,198)

Government subsidies

8,689

6,135

470

–

–

–

12,497

27,791

Total operating costs and
   expenses

(33,129)

(40,773)

(15,978)

(147,378)

(19,285)

(30,575)

(227,215)

(514,333)

Income (loss) from
operations

113,106

157,932

(12,033)

9,203

82,104

1,275

(214,013)

137,574

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)  

Twelve months ended December 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

53,152

1,243

18,772

320,221

30,264

150,603

–

574,255

Recurring service fees

352,345

143,040

–

38,765

90,439

–

–

624,589

Performance-based income

115,467

630

–

–

150

–

–

116,247

Other service fees

–

–

–

65,782

–

28,191

67,326

161,299

Total revenues from others

520,964

144,913

18,772

424,768

120,853

178,794

67,326

1,476,390

Revenues from funds
Gopher/Olive manages

One-time commissions

6,682

188

–

290

124

–

–

7,284

Recurring service fees

40,708

541,537

–

122,482

285,788

–

–

990,515

Performance-based income

1,923

6,505

–

–

147,170

–

–

155,598

Total revenues from funds
    Gopher/Olive manages

 

49,313

 

548,230

 

–

122,772

433,082

–

–

1,153,397

Total revenues

570,277

693,143

18,772

547,540

553,935

178,794

67,326

2,629,787

Less: VAT related surcharges

(3,788)

(675)

(124)

–

–

–

(14,960)

(19,547)

Net revenues

566,489

692,468

18,648

547,540

553,935

178,794

52,366

2,610,240

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(107,156)

(45,299)

(15,462)

(254,769)

(44,221)

(31,547)

–

(498,454)

Other compensations

(26,423)

(63,870)

(22,190)

(79,764)

(63,510)

(48,202)

(414,139)

(718,098)

Total compensation and
    benefits

(133,579)

(109,169)

(37,652)

(334,533)

(107,731)

(79,749)

(414,139)

(1,216,552)

Selling expenses

(17,279)

(9,405)

(5,025)

(59,625)

(30,361)

(18,680)

(102,433)

(242,808)

General and administrative
    expenses

(898)

(10,154)

(10,034)

(5,829)

(5,829)

(6,516)

(266,330)

(305,590)

(Reversal of) provision for
    credit losses

2,424

(9,071)

0

–

–

5,356

(50,935)

(52,226)

Other operating expenses

(1,757)

1,891

(406)

(4,888)

(807)

(25,284)

(31,621)

(62,872)

Government subsidies

11,977

9,705

12

–

11

22

24,745

46,472

Total operating costs and
    expenses

(139,112)

(126,203)

(53,105)

(404,875)

(144,717)

(124,851)

(840,713)

(1,833,576)

Income (loss) from operations

427,377

566,265

(34,457)

142,665

409,218

53,943

(788,347)

776,664

 

 

Noah Holdings Limited

Segment Condensed Income Statements

(Audited) 

 Twelve months ended December 31, 2024

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

18,619

1,354

43,204

435,937

14,785

100,359

–

614,258

Recurring service fees

365,992

188,545

–

22,694

52,952

–

1,322

631,505

Performance-based income

38,058

4,908

–

–

4,875

–

–

47,841

Other service fees

–

–

–

89,846

–

38,507

57,755

186,108

Total revenues from others

422,669

194,807

43,204

548,477

72,612

138,866

59,077

1,479,712

Revenues from funds
Gopher/Olive manages

One-time commissions

13,358

–

–

5,551

2,379

–

–

21,288

Recurring service fees

56,441

556,742

–

120,669

281,584

–

–

1,015,436

Performance-based income

1,301

21,659

–

–

81,938

–

–

104,898

Total revenues from funds
    Gopher/Olive manages

 

71,100

 

578,401

 

–

126,220

365,901

–

–

1,141,622

Total revenues

493,769

773,208

43,204

674,697

438,513

138,866

59,077

2,621,334

Less: VAT related surcharges

(5,017)

(1,101)

(337)

–

–

–

(13,897)

(20,352)

Net revenues

488,752

772,107

42,867

674,697

438,513

138,866

45,180

2,600,982

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(128,189)

(71,316)

(53,904)

(294,973)

(3,730)

(10,411)

–

(562,523)

Other compensations

(42,730)

(80,182)

(41,280)

(154,506)

(55,104)

(46,253)

(366,873)

(786,928)

Total compensation and
    benefits

(170,919)

(151,498)

(95,184)

(449,479)

(58,834)

(56,664)

(366,873)

(1,349,451)

Selling expenses

(8,429)

(10,574)

(5,599)

(106,175)

(22,321)

(12,177)

(103,763)

(269,038)

General and administrative
    expenses

(2,012)

(12,807)

(23,696)

(13,589)

(3,759)

(7,307)

(233,581)

(296,751)

Provision for credit losses

(88)

(10,083)

–

–

–

(7,307)

(6,404)

(23,882)

Other operating expenses

(1,771)

(23,829)

(449)

–

–

(9,944)

(57,217)

(93,210)

Government subsidies

13,448

10,796

479

–

–

–

40,516

65,239

Total operating costs and
    expenses

(169,771)

(197,995)

(124,449)

(569,243)

(84,914)

(93,399)

(727,322)

(1,967,093)

Income (loss) from operations

318,981

574,112

(81,582)

105,454

353,599

45,467

(682,142)

633,889

 

 

Noah Holdings Limited

Additional Business Information

 (unaudited)  

Three months ended December 31, 2025

Wealth
Management

 Business

Asset
Management

Business

Other
Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

106,411

–

–

106,411

Recurring service fees

162,613

–

–

162,613

Performance-based income

82,361

–

–

82,361

Other service fees

27,150

–

13,100

40,250

Total revenues from others

378,535

–

13,100

391,635

Revenues from funds Gopher/Olive
manages

One-time commissions

422

751

–

1,173

Recurring service fees

45,156

183,121

–

228,277

Performance-based income

–

115,929

–

115,929

Total revenues from funds
    Gopher/Olive manages

 

45,578

 

299,801

–

345,379

Total revenues

424,113

299,801

13,100

737,014

Less: VAT related surcharges

(1,642)

(244)

(1,882)

(3,768)

Net revenues

422,471

299,557

11,218

733,246

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(122,938)

(3,073)

–

(126,011)

Other compensations

(109,118)

(53,243)

(5,206)

(167,567)

Total compensation and benefits

(232,056)

(56,316)

(5,206)

(293,578)

Selling expenses

(45,119)

(10,900)

(4,783)

(60,802)

General and administrative
    expenses

(63,806)

(24,849)

(9,422)

(98,077)

(Reversal of) provision for credit
    losses

758

(4,282)

–

(3,524)

Other operating expenses

(10,445)

(3,927)

(7,836)

(22,208)

Government subsidies

698

988

1,000

2,686

Total operating costs and expenses

(349,970)

(99,286)

(26,247)

(475,503)

Income (loss) from operations

72,501

200,271

(15,029)

257,743

 

 

Noah Holdings Limited

Additional Business Information

(unaudited)

Three months ended December 31, 2024

Wealth
Management

 Business

Asset
Management

Business

Other
Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

131,086

–

–

131,086

Recurring service fees

158,733

–

–

158,733

Performance-based income

34,824

–

–

34,824

Other service fees

40,451

–

11,983

52,434

Total revenues from others

365,094

–

11,983

377,077

Revenues from funds Gopher/Olive
manages

One-time commissions

3,422

896

–

4,318

Recurring service fees

91,264

170,640

–

261,904

Performance-based income

–

14,490

–

14,490

Total revenues from funds
    Gopher/Olive manages

 

94,686

 

186,026

–

 

280,712

Total revenues

459,780

186,026

11,983

657,789

Less: VAT related surcharges

(2,397)

(271)

(3,214)

(5,882)

Net revenues

457,383

185,755

8,769

651,907

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(140,276)

(9,365)

–

(149,641)

Other compensations

(136,829)

(56,279)

(10,923)

(204,031)

Total compensation and benefits

(277,105)

(65,644)

(10,923)

(353,672)

Selling expenses

(56,588)

(10,871)

(11,418)

(78,877)

General and administrative
    expenses

(41,706)

(20,334)

(11,443)

(73,483)

Provision for credit losses

(15,724)

(577)

(2,593)

(18,894)

Other operating expenses

(13,576)

(465)

(3,157)

(17,198)

Government subsidies

21,645

6,135

11

27,791

Total operating costs and expenses

(383,054)

(91,756)

(39,523)

(514,333)

Income (loss) from operations

74,329

93,999

(30,754)

137,574

 

 

Noah Holdings Limited

Additional Business Information

(unaudited) 

Twelve months ended December 31, 2025

Wealth
Management

 Business

Asset
Management

Business

Other
Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

574,255

–

–

574,255

Recurring service fees

624,589

–

–

624,589

Performance-based income

116,247

–

–

116,247

Other service fees

106,870

–

54,429

161,299

Total revenues from others

1,421,961

–

54,429

1,476,390

Revenues from funds Gopher/Olive
manages

One-time commissions

4,029

3,255

–

7,284

Recurring service fees

289,620

700,895

–

990,515

Performance-based income

–

155,598

–

155,598

Total revenues from funds
    Gopher/Olive manages

293,649

859,748

–

1,153,397

Total revenues

1,715,610

859,748

54,429

2,629,787

Less: VAT related surcharges

(6,279)

(677)

(12,591)

(19,547)

Net revenues

1,709,331

859,071

41,838

2,610,240

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(490,947)

(7,507)

–

(498,454)

Other compensations

(476,917)

(215,432)

(25,749)

(718,098)

Total compensation and benefits

(967,864)

(222,939)

(25,749)

(1,216,552)

Selling expenses

(173,427)

(48,034)

(21,347)

(242,808)

General and administrative
    expenses

(197,361)

(71,669)

(36,560)

(305,590)

 (Reversal of) provision for credit
losses

225

(9,040)

(43,411)

(52,226)

Other operating expenses

(36,053)

(208)

(26,611)

(62,872)

Government subsidies

35,711

9,735

1,026

46,472

Total operating costs and expenses

(1,338,769)

(342,155)

(152,652)

(1,833,576)

Income (loss) from operations

370,562

516,916

(110,814)

776,664

 

 

Noah Holdings Limited

Additional Business Information

 (unaudited)

Twelve months ended December 31, 2024

Wealth
Management

 Business

Asset
Management

Business

Other
Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

614,258

–

–

614,258

Recurring service fees

631,505

–

–

631,505

Performance-based income

47,841

–

–

47,841

Other service fees

141,631

–

44,477

186,108

Total revenues from others

1,435,235

–

44,477

1,479,712

Revenues from funds
Gopher/Olive manages

One-time commissions

20,110

1,178

–

21,288

Recurring service fees

351,998

663,438

–

1,015,436

Performance-based income

1,089

103,809

–

104,898

Total revenues from funds
    Gopher/Olive manages

373,197

768,425

–

1,141,622

Total revenues

1,808,432

768,425

44,477

2,621,334

Less: VAT related surcharges

(7,726)

(1,081)

(11,545)

(20,352)

Net revenues

1,800,706

767,344

32,932

2,600,982

Operating costs and expenses:

Compensation and benefits

Relationship manager
compensation

(531,172)

(31,351)

–

(562,523)

Other compensations

(534,031)

(213,668)

(39,229)

(786,928)

Total compensation and benefits

(1,065,203)

(245,019)

(39,229)

(1,349,451)

Selling expenses

(195,830)

(46,811)

(26,397)

(269,038)

General and administrative
    expenses

(184,688)

(70,795)

(41,268)

(296,751)

Provision for (reversal of) credit
    losses

(22,157)

(3,698)

1,973

(23,882)

Other operating expenses

(43,107)

(23,948)

(26,155)

(93,210)

Government subsidies

54,324

10,797

118

65,239

Total operating costs and expenses

(1,456,661)

(379,474)

(130,958)

(1,967,093)

Income (loss) from operations

344,045

387,870

(98,026)

633,889

 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography

 (unaudited)  

Three months ended 

December 31,
2024

December 31, 
2025

Change

(in thousands of RMB, except percentages)

Revenues:

Mainland China

367,969

368,582

0.2 %

Hong Kong

195,970

301,467

53.8 %

Others

93,850

66,965

(28.6 %)

Total revenues

657,789

737,014

12.0 %

 

 

Noah Holdings Limited

Supplemental Revenue Information by Geography

Twelve months ended 

December 31,
2024

December 31, 
2025

Change

(audited)

(unaudited)

(in thousands of RMB, except percentages)

Revenues:

Mainland China

1,369,258

1,349,519

(1.4 %)

Hong Kong

925,846

986,362

6.5 %

Others

326,230

293,906

(9.9 %)

Total revenues

2,621,334

2,629,787

0.3 %

 

 

Noah Holdings Limited

Supplement Revenue Information by Product Types

 (unaudited)

Three months ended 

December 31,
2024

December 31,
2025

Change

(in thousands of RMB, except percentages)

Mainland China: 

Public securities products [1]

147,840

192,805

30.4 %

Private equity products

198,976

159,302

(19.9 %)

Insurance products

3,971

343

(91.4 %)

Others

17,182

16,132

(6.1 %)

Subtotal

367,969

368,582

0.2 %

Overseas: 

Investment products [2]

140,621

266,575

89.6 %

Insurance products

106,058

69,929

(34.1 %)

Online business [3]

9,782

10,846

10.9 %

Others

33,359

21,082

(36.8 %)

Subtotal

289,820

368,432

27.1 %

Total revenues

657,789

737,014

12.0 %

 

[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

Supplement Revenue Information by Product Types

Twelve months ended

December 31,
2024

December 31,
2025

Change

(unaudited)

(unaudited)

(in thousands of RMB, except percentages)

Mainland China: 

Public securities products [1]

493,769

570,280

15.5 %

Private equity products

773,208

692,423

(10.4 %)

Insurance products

43,204

18,772

(56.6 %)

Others

59,077

68,044

15.2 %

Subtotal

1,369,258

1,349,519

(1.4 %)

Overseas: 

Investment products [2]

598,578

754,644

26.1 %

Insurance products

501,799

400,213

(20.2 %)

Online business [3]

30,032

43,798

45.8 %

Others

121,667

81,613

(32.9 %)

Subtotal

1,252,076

1,280,268

2.3 %

Total revenues

2,621,334

2,629,787

0.3 %

 

[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 Information

(unaudited)

As of

December 31,
2024

December 31,
2025

Change

Number of registered clients 

462,049

467,870

1.3 %

 

 Three months ended

December 31,
2024

December 31,
2025

Change

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

Number of active clients

8,862

10,261

15.8 %

Transaction value:

Private equity products

1,255

1,298

3.4 %

Private secondary products

4,732

5,129

8.4 %

Mutual fund products

9,810

10,027

2.2 %

Other products

454

511

12.6 %

Total transaction value

16,251

16,965

4.4 %

 Twelve months ended

December 31,
2024

December 31,
2025

Change

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

Number of active clients

17,210

18,450

7.2 %

Transaction value:

Private equity products

4,775

4,856

1.7 %

Private secondary products

16,201

23,158

42.9 %

Mutual fund products

39,573

36,045

(8.9 %)

Other products

3,263

2,971

(9.0 %)

Total transaction value

63,811

67,030

5.0 %

 

 

Noah Holdings Limited

Supplement Information of Overseas Business

 (unaudited)  

Three months ended 

December 31,
2024

December 31, 
2025

Change

Net Revenues from Overseas (RMB, million)

289.8

368.4

27.1 %

Number of Overseas Registered Clients

17,654

19,993

13.2 %

Number of Overseas Active Clients

2,914

3,263

12.0 %

Transaction Value of Overseas Investment Products (RMB, billion)

7.1

8.8

24.3 %

Number of Overseas Relationship Managers

138

140

1.4 %

Overseas Assets Under Management (RMB, billion)

42.6

42.4

(0.5 %)

 

 

 Noah Holdings Limited

Supplement Information of Overseas Business

 (unaudited)

Twelve months ended 

December 31,
2024

December 31,
2025

Change

Net Revenues from Overseas (RMB, million)

1,252.1

1,280.3

2.3 %

Number of Overseas Registered Clients

17,654

19,993

13.2 %

Number of Overseas Active Clients

5,544

6,231

12.4 %

Transaction Value of Overseas Investment Products (RMB, billion)

31.1

33.7

8.1 %

Number of Overseas Relationship Managers

138

140

1.4 %

Overseas Assets Under Management (RMB, billion)

42.6

42.4

(0.5 %)

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Three months ended

December 31,

December 31,

Change

2024

2025

RMB’000

RMB’000

Net income attributable to Noah shareholders

109,751

12,823

(88.3 %)

Adjustment for share-based compensation

30,705

14,173

(53.8 %)

Adjustment for settlement expense reversal

(978)

400

N.A.

Less: tax effect of adjustments

7,030

2,320

(67.0 %)

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

 

132,448

 

25,076

(81.1 %)

Net margin attributable to Noah shareholders

16.8 %

1.7 %

Non-GAAP net margin attributable to Noah shareholders

20.3 %

3.4 %

Net income attributable to Noah shareholders per ADS,
    diluted

1.55

 

0.18

 

(88.4 %)

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

1.87

 

0.36

 

(80.7 %)

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Twelve months ended

December 31

December 31

Change

2024

2025

RMB’000

RMB’000

Net income attributable to Noah shareholders

475,445

558,857

17.5 %

Adjustment for share-based compensation

109,030

66,881

(38.7 %)

Adjustment for settlement expense reversal

(12,454)

(956)

(92.3 %)

Less: tax effect of adjustments

21,836

12,862

(41.1 %)

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

 

550,185

 

611,920

 

11.2 %

Net margin attributable to Noah shareholders

18.3 %

21.4 %

Non-GAAP net margin attributable to Noah shareholders

21.2 %

23.4 %

Net income attributable to Noah shareholders per ADS,
    diluted

 

6.75

 

7.94

 

17.6 %

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

 

7.81

 

8.69

 

11.3 %

 

 

YY Group (NASDAQ: YYGH) Appoints Arros AI Co-Founder Kai Yang as Chief AI Scientist to Accelerate AI-Powered Workforce Platform Development

By
Advertorial Desk
-

Appointment Deepens the Company’s AI Capabilities as It Scales Toward Its FY2026 US$103 Million to US$110 Million Revenue Targets

SINGAPORE, March 25, 2026 /PRNewswire/ — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group” or the “Company”), a global leader in on-demand workforce solutions and integrated facilities management (IFM), today announced the appointment of Mr. Kai Yang as Chief AI Scientist, effective April 1, 2026. In this newly created role, Mr. Yang will lead the development and deployment of AI-powered capabilities across the Company’s YY Circle workforce platform as YY Group advances its ambition to build the leading AI-powered hospitality workforce platform globally.

Mr. Yang is the Co-Founder and Chief Technology Officer of Arros AI, where he developed an AI-powered recruiting system that reduced recruiter workloads by approximately 80%. Arros AI is a member of the NVIDIA Inception program and recently entered into a strategic technology partnership with YY Group to integrate AI-powered candidate screening and interviewing capabilities into the YY Circle platform. Prior to co-founding Arros AI, Mr. Yang founded Moyin Tech Inc. in Beijing, which was accepted into Y Combinator China (now MiraclePlus), where it raised approximately US$3 million in funding.

Mr. Yang holds a bachelor’s degree in mathematics and statistics from the University of Toronto and a master’s degree in statistics from Harvard University. His research background is rooted in the University of Toronto’s AI ecosystem, where his work in deep learning and natural language processing was shaped by the pioneering research of Professor Geoffrey Hinton, the Nobel Prize-winning scientist widely regarded as the “Godfather of AI.”

Mike Fu, CEO of YY Group, commented, “Building on our partnership with Arros AI, Kai Yang’s appointment as Chief AI Scientist marks an important step in our journey to build the world’s leading AI-powered hospitality workforce platform. His deep expertise in AI-driven recruiting technology – including building a system that reduced recruiter workloads by 80% – combined with his entrepreneurial track record, uniquely positions him to accelerate the integration of AI across our YY Circle platform. As we scale toward our FY2026 revenue targets of US$103 million to US$110 million, embedding AI into our core recruiting infrastructure is key to improving platform efficiency, reducing time-to-fill for our clients, and supporting higher margins.”

In his role as Chief AI Scientist, Mr. Yang will focus on:

  • Accelerating YY Group’s evolution into an AI-native, scalable workforce platform
  • Strengthening the Company’s capabilities in conversational AI, intelligent automation, and machine-learning powered candidate ranking systems
  • Improving efficiency across candidate discovery, screening, and interviewing to support the scalability of YY Circle across multiple geographies

Kai Yang said, “YY Group’s scale across Southeast Asia’s hospitality workforce market, combined with the YY Circle platform’s global reach, creates an ideal environment to deploy AI recruiting technology at meaningful scale. I am excited to help build the AI and large language model infrastructure that enables YY Circle to match candidates to opportunities faster, more accurately, and more efficiently – across 12 countries and growing. This is the kind of real-world, high-volume application where AI can deliver transformative operational impact.”

About YY Group Holding Limited
YY Group Holding Limited (Nasdaq: YYGH) is a Singapore-headquartered, technology-enabled platform providing flexible, scalable workforce solutions and integrated facility management (IFM) services across Asia and beyond. The Group operates through two core verticals: on-demand staffing and IFM, delivering agile, reliable support to industries such as hospitality, logistics, retail, and healthcare.

Leveraging proprietary digital platforms and IoT-driven systems, YY Group enables clients to meet fluctuating labor demands and maintain high-performance environments. In addition to its core operations in Singapore and Malaysia, the Group maintains a growing presence in Asia, Europe, Africa, Oceania and the Middle East.

Listed on the Nasdaq Capital Market, YY Group is committed to service excellence, operational innovation, and long-term value creation for clients and shareholders.

For more information on the Company, please visit https://yygroupholding.com/.

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 (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, and (vi) 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 Phua Zhi Yong, Chief Financial Officer
YY Group
enquiries@yygroupholding.com

REALTY ONE GROUP NAMED TO ENTREPRENEUR’S FASTEST-GROWING INTERNATIONAL FRANCHISES LIST

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Advertorial Desk
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The UNBrokerage Continues its Global Momentum, Earning Recognition for Rapid Expansion Beyond U.S. Borders

LAGUNA NIGUEL, Calif., March 25, 2026 /PRNewswire/ — Realty ONE Group International, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchises in the world, has been named to Entrepreneur’s 2026 Fastest-Growing International Franchises list, recognizing the brand’s exciting and accelerated expansion across global markets.

Realty ONE Group named a Fastest-Growing International Franchise
Realty ONE Group named a Fastest-Growing International Franchise

More importantly, this prestigious ranking recognizes brands that are not only expanding globally, but doing so with sustainable systems and strong franchisee support.

“This recognition reflects what our global ONE Family already knows – that we’re building something so special, it resonates across borders,” said Kuba Jewgieniew, Founder and CEO of Realty ONE Group International. “Our growth internationally isn’t accidental. It’s the result of a bold, modern model and a brand that empowers entrepreneurs everywhere to think bigger.”

GLOBAL GROWTH DRIVEN BY A MODERN MODEL

With more than 20,000 real estate professionals and 450+ locations across nearly 30 countries and territories, Realty ONE Group continues to expand its footprint while maintaining consistency in brand experience and operational excellence.

Realty ONE Group’s international expansion has been fueled by its unique combination of the 6C’s:

  • A bold, lifestyle-driven brand identity
  • COACHING – Comprehensive coaching and support systems
  • CONNECT – Proprietary technology, including its zONE platform
  • COOLTURE – A people-first COOLTURE® that translates across culture
  • COMMISSION – A proven franchise model built for scalability
  • CARE – Whether it’s clients, teammates, or partners, we lead with respect, compassion and kindness.
  • COMMUNITY – We support the communities we serve and the people around us

This latest recognition adds to Realty ONE Group’s continued momentum, as the brand consistently earns top rankings for growth, innovation, and franchise performance. Because at Realty ONE Group, growth isn’t just about numbers -it’s about creating opportunity. 

For more information, please visit https://www.realtyonegroup.com/ or https://www.newsweek.com/.

About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across nearly 30 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, ZONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.

 

Paranovus Entertainment Technology Limited Announces Pricing of $5 Million Registered Direct Offering At-The-Market Under NASDAQ Rules

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Advertorial Desk
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NEW YORK, March 25, 2026 /PRNewswire/ — Paranovus Entertainment Technology Limited (NASDAQ: PAVS) today announced that it has entered into a definitive agreement with a single institutional investor for a registered direct offering priced at-the-market under Nasdaq Rules of an aggregate of 14,285,715 Class A ordinary shares (or Class A ordinary share equivalents in lieu thereof) at a purchase price of $0.35 per share. The gross proceeds to the Company from the offering are expected to be approximately $5 million, before deducting placement agent commissions and other offering expenses.

The offering is expected to close on or about March 25, 2026, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as the financial advisor for the offering.

The Class A ordinary shares (or Class A ordinary shares equivalents in lieu thereof) are being offered and sold pursuant to a prospectus supplement to be filed with the Securities and Exchange Commission (“SEC”) in connection with a takedown from the Company’s shelf registration statement on Form F-3 (File No. 333-291788), which was declared effective by the Securities and Exchange Commission (“SEC”) on December 3, 2025. The offering is being made only by means of a prospectus supplement and accompanying prospectus which are a part of the effective registration statement. The warrants will be issued in a concurrent private placement. A prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Additionally, when available, electronic copies of the prospectus supplement and the accompanying prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com. The private placement of the warrants and the ordinary shares underlying the warrants offered to the institutional investor(s) will be made in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. Accordingly, the securities issued in the concurrent private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Paranovus Entertainment Technology Limited

Paranovus Entertainment Technology Ltd. focuses e-commerce and TikTok-related e-commerce solutions through its subsidiaries. In March 2025, the Company completed the acquisition of the controlling equity interests of Bomie Wookoo Inc., a New York company that offers e-commerce solutions. As part of its strategic transformation, Paranovus has exited its legacy businesses, including the e-commerce, internet information, and advertising businesses in September 2023 and ceased its automobile sales business in July 2024.

For more information on our latest innovations and developments, visit https://www.pavs.ai/.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; the Company’s future acquisition opportunities; the Company’s ability to identify any acquisition opportunities that fit with our business strategies; the Company’s ability to consummate an attractive acquisition and realize the benefits of such transaction; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Public Launches Crypto Trading in IRAs

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Advertorial Desk
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Public members can trade crypto in their retirement accounts, allowing them to grow their positions with potential tax advantages

NEW YORK, March 25, 2026 /PRNewswire/ — Public, the AI-native investing platform, today announced that crypto trading is now available inside Traditional and Roth IRAs. This move allows members to build their crypto positions for the long term with potential tax-deferred or tax-free earnings.

Crypto has become a mainstream asset class, but until now, everyday investors have lacked a straightforward way to incorporate it into their retirement strategies. By integrating crypto directly into its IRA infrastructure, Public is removing those barriers and enabling members to trade Bitcoin, Ethereum, Solana, and more with potential tax benefits.

“Crypto has matured from an experimental asset class into a global asset class, but retirement investing hasn’t kept pace,” said Leif Abraham, Co-CEO and Co-Founder of Public. “Launching crypto trading in IRA accounts on Public is a new innovation that is allowing investors to take advantage of potential tax benefits and trade more asset classes for retirement.”

With this launch, Public members can now manage their crypto alongside equities and options, creating a more unified retirement portfolio. To help investors maximize their long-term wealth, Public offers a 1% match on all annual IRA contributions, as well as an uncapped 1% match on IRA transfers and 401(k) rollovers (terms apply).

To get started, open a retirement account at https://public.com/ira

About Public
Public is the AI-native investing platform. Investors use AI and a vast variety of asset classes, from stocks and bonds to crypto and options, to build portfolios for the long haul. Launched in 2019, Public has been trusted with billions in assets of affluent investors. Headquartered in New York City, it’s raised over $400M from investors like Accel and Tiger Global.

Media Contact
Rachel Livingston
press@public.com

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