BEIJING, Nov. 26, 2025 /PRNewswire/ — Token Cat Limited (Nasdaq: TC, the “Company”) today announced the appointment of Sav Persico as Chief Operating Officer, effective immediately.

Sav Persico has more than three decades of leadership experience in crypto assets, cryptocurrency investment, blockchain systems, and technology operations management. He has been responsible for building several key blockchain infrastructure projects and data platforms. His strengths include cross-team collaboration, organizational management, and driving the implementation of complex systems. He plays a central role in driving the Company’s crypto asset strategy, forging key industry partnerships, and building collaborative synergies across the blockchain ecosystem.

As Chief Operating Officer, Sav will be responsible for advancing the Company’s operational development and strategic execution in the crypto asset and cryptocurrency sectors, further strengthening Token Cat’s competitiveness in enterprise-level crypto asset management. His core responsibilities include:

building a crypto asset operations framework centered around major cryptocurrencies such as Bitcoin and Ethereum;
establishing a crypto asset management structure encompassing risk control, asset allocation, and yield optimization;
evaluating and driving strategic synergies across crypto ecosystems, blockchain infrastructure, and related business models.

Guangsheng Liu, Chief Executive Officer of Token Cat Limited, stated
“Sav’s appointment marks another important step in upgrading our crypto asset strategy. His extensive experience in technology management, system architecture, and value creation will provide strong support for building a more resilient and diversified crypto asset portfolio. We believe his leadership will enhance our strategic execution and drive continued innovation for the Company.”

Sav Persico commented: “The crypto asset industry is entering a critical stage of enterprise adoption and infrastructure expansion. I look forward to working with the team to advance Token Cat’s crypto asset strategy and to create long-term growth potential through technology-driven and prudent asset management.”

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. These statements, including those regarding the Company’s plans and outlook, are identified by terms such as “may,” “will,” “expect,” “anticipate,” “believe,” and similar expressions. They are based on current expectations and market conditions and involve risks and uncertainties beyond the Company’s control. More information on these risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements except as required by law.

The funding, part of EXIM’s Make More in America initiative, will support the expansion of 6K Additive’s state-of-the-art powder manufacturing and alloy additions facilities

BURGETTSTOWN, Pa., Nov. 26, 2025 /PRNewswire/ — Accelerating its global leadership in the production of metal powder and alloy additions, 6K Additive today announced the Export-Import Bank of the United States (EXIM) has approved a USD27.4¹ million financing package for 6K Additive. This strategic funding bolsters domestic production of metal powder for additive manufacturing and traditional powder metallurgical processes used in component production for defense, hypersonic, nuclear and other critical applications used by the Department of War (DoW) and its supply chain partners, along with commercial organizations.  It is intended that the planned expansion will scale 6K Additive’s powder capacity in Burgettstown, PA, from 200 metric tons to over 1,000 metric tons per year. The EXIM loan complements 6K Additive’s USD$23.4 million Defense Production Act grant award in supporting the Pennsylvania plant expansion.

“We are experiencing growth in demand for our refractory, titanium and nickel powders for additive manufacturing, and the EXIM financing supports scaling to meet this growth by expanding our state-of-the-art powder and alloy footprints. We also intend to expand our product offerings with ingot production for forging and castings,” said 6K Additive CEO Frank Roberts. “Key to our success is our talented employee team. The EXIM loan supports hiring the very best engineers, operators and support staff to significantly grow the organization to meet anticipated market demand over the next 3-5 years.”

“This expansion is proof that American manufacturing is innovating and growing,” said EXIM Chairman John Jovanovic. “My first Board action is about rebuilding America’s industrial base, securing critical supply chains, and making sure America leads in the industries of the future. Partnering with the Department of War on this effort underscores EXIM’s role as an economic tool to effectuate President Trump’s agenda for revitalizing our domestic manufacturing and bringing supply chain security to America.” 

“This U.S. Export-Import Bank loan will scale domestic production capacity for advanced metals needed for defense applications and strategic economic sectors,” said the Honorable Michael Cadenazzi, the Assistant Secretary of War for Industrial Base Policy. “This loan also builds upon the Department of War’s 2023 Defense Production Act Title III investment in 6K Additive and exemplifies the whole-of-government approach to building and scaling critical mineral capabilities.” 

The Make More in America Initiative (MMIA) is a comprehensive federal program launched by the Export-Import Bank of the United States in April 2021 with an initial $3 billion allocation. Designed as a cornerstone of America’s industrial strategy, the MMIA works to strengthen domestic manufacturing capacity, secure critical supply chains, and enhance U.S. competitiveness in strategic sectors. EXIM evaluates MMIA applications based on their potential to strengthen supply chain resilience, create sustainable jobs, and align with broader national security priorities. Like all EXIM loans once approved, 6K Additive’s loan is subject to mutually agreed upon and fully executed loan documentation and satisfaction of condition precedent which is expected to be finalized in the next 90 days. In line with the MMIA initiative, the expansion is expected to generate 50 new skilled positions in engineering, technical operations, and administrative roles. These jobs will provide opportunities for residents while attracting specialized talent to the region.

6K Additive offers a full suite of premium metal and alloy powders including nickel, titanium, and refractory metals such as tungsten, niobium, and rhenium that are all sought after materials for the US DoW’s defense and hypersonic missile production. 6K Additive utilizes the award-winning UniMelt^® production-scale microwave plasma process which precisely spheroidizes metal powders while controlling the chemistry and porosity of the final product with zero contamination and high-throughput.

Companies interested in working with 6K Additive regarding their specific powder requirements are encouraged to visit 6K Additive’s website at 6KAdditive.com.

About 6K Additive
6K Additive is a US-based manufacturer that produces premium metal powders for additive manufacturing and alloy additions made from sustainable sources. Our powder manufacturing process is significantly more environmentally friendly and allows us to produce powders that are truly spherical, void of porosity and satellites with better flowability than competing technologies. Our metal powder portfolio includes refractory metals such as tungsten, C-103/niobium, tantalum, molybdenum along with more common metal powders such as nickel, titanium, copper, stainless steel to name a few. We use the UniMelt^® microwave plasma process which allows us to leverage domestic supply chain sources for production. Supply chain feedstock sources include certified millings from CNC, grindings, used additive powder or even the support material used in AM. Our alloy additions product line also leverages sustainable sources such as titanium swarf to produce alloy additions for the aluminum melt market. Visit us at www.6kAdditive.com.

• Steady overseas AUM and AUA growth, with the overseas business emerging as the core engine of incremental momentum.
• AI enters the Company’s full‑chain operational phase, establishing itself as the second growth curve in the future.
• Globalization strategy accelerating, with four major booking centers enhancing cross‑border platform capabilities and strengthening Noah’s global service network.

SHANGHAI, Nov. 26, 2025 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, reported unaudited financial results for the three months ended September 30, 2025.

While net revenues for the third quarter declined 7.4% year-over-year but increased slightly on a sequential basis for the second consecutive quarter to RMB 632.9 million (US$88.9 million), non-GAAP net income grew a robust 52.2% year-over-year to RMB 229.1 million (US$32.2 million). This powerful bottom-line performance demonstrates significant operating leverage, underpinned by a 6.5% year-over-year reduction in total operating expenses for the first three quarters, and shows how the Company’s transformation strategy is fueling a rebound in profitability.

The Company also continued to strengthen its global footprint, with overseas net revenue of RMB 311 million accounting for 49.1% of total net revenue. Noah also recorded steady overseas AUA and AUM growth. Overseas assets under administration (AUA) reached US$ 9.3 billion, representing a 6.8% increase from a year earlier, while assets under management (AUM) rose 5.3% year over year to US$ 5.9 billion, underscoring the strength of Noah’s expanding global platform.

Jingbo Wang, Co-founder and Chairwoman of Noah, commented, “We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. During the quarter, we obtained a US broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey.”

Zander Yin, CEO of Noah Holdings, said, “Our transformation strategy is progressing steadily. Even as net revenues remained under pressure during this planned period of revenue mix adjustment, our core business demonstrated notable resilience with strong client engagement, a positive shift in product mix, and a disciplined focus on operational efficiency, resulting in an exceptional 52.2% year-over-year increase in our non-GAAP net income. Looking ahead, we will continue improving capital efficiency, optimizing cost structure, and strengthening cash flow, as we continuously enhance our competitiveness and market share in the global Chinese wealth management market.”

Improving Revenue Mix and Client Growth

Noah’s strong bottom-line performance was underpinned by significant growth in client engagement, transaction activity across its platform, and improving revenue mix, which was driven primarily by growing investment products revenues which account for approximately 26% of total one-time commissions during the quarter compared to 13% during the same period last year. 

Total number of active clients grew 35.5% year-over-year, reflecting confidence in the Company’s platform and product offerings. This was complemented by a 19.1% year-over-year increase in the aggregate value of investment products distributed, which reached RMB 17.0 billion (US$2.4 billion). Transaction value of RMB and USD-denominated products increased 28.7% and 9.6% year-over-year, respectively, while one-time commissions from investment products grew 85.2% year-over-year, supported by stronger investor sentiment and an expanded range of offerings.

Overseas Expansion Maintains Strong Momentum, Four Global Booking Centers Establish a Cross‑Border Service Foundation

Noah’s global expansion efforts continued to yield results. Net revenues from overseas continued to account for nearly half of total net revenues. The Company’s number of overseas registered clients grew 13.1% year-over-year, and overseas active clients grew 13.4% year-over-year. Overseas assets under management grew 6.8% year-over-year to RMB 42.2 billion (US$5.9 billion), reflecting the progress Noah has been making in capturing offshore investment demand from its growing international presence.

Noah completed the foundation for its global operational system with the establishment of its fourth booking center in the US during the quarter after obtaining a broker-dealer license there. This new center will directly complement and strengthen the capabilities of its Singapore booking center. Meanwhile, Noah continues to build out its teams in Hong Kong and Shanghai, which serve as core hubs for operations, compliance, and support systems.

AI-Driven Transformation Underway

Over the past few months, Noah has started to implement its “AI Wealth Advisor + AI Operations System” plan. Initial pilots were launched during the quarter to improve client outreach, content generation, and back-end operations, as well as cross-departmental collaboration in Singapore specifically.

On the front end, the latest update to Noah’s iARK app unveiled “Noya”, an AI financial advisor designed to provide clients with deeper engagement and interaction. Internally, Noah also established two new business units: the AI Wealth Management Team (serving new clients and reactivating dormant accounts) and the AI Ecosystem Team (supporting the EAM business and commission-based institutions). The Company expects these AI integration initiatives to simultaneously elevate the client experience and streamline core business operations.

Outlook

Looking ahead, Noah will focus on three core priorities to sustain growth and strengthen its competitive position:

• Strengthen investment product selection to further diversify revenue mix, drive product innovation, and capitalize on evolving client demand.
• Leverage AI as a strategic growth driver and fully embed it into the Company’s organizational DNA, as the wealth management industry shifts from a human-driven model to an operations-driven one over the next 3–5 years.
• Activate its four global booking centers to establish a global service platform that delivers an enhanced client experience and unlock new growth opportunities.

During the earnings call, management highlighted that key initiatives, including the establishment of overseas booking centers and the rollout of various AI-related projects, have moved from planning into the implementation phase. Management reiterated its confidence in capturing future opportunities while emphasizing an unwavering commitment to prudent operations, quality growth, and enhancing shareholder returns.

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 represent five ordinary shares, par value US$0.00005 per share.

In the first nine months of 2025, Noah distributed RMB50.1 billion (US$7.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB143.5 billion (US$20.2 billion) as of September 30, 2025.

Noah’s domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah’s network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company’s wealth management business had 466,153 registered clients as of September 30, 2025. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.

For more information, please visit Noah at ir.noahgroup.com.