NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025

Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH andHKEX: 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 financial results for the first quarter of 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.

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

— Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 million), a 5.4% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products. Net revenues decreased by 5.7% from the fourth quarter of 2024, primarily due to decreases in performance-based income generated from RMB private equity products and private secondary products and recurring service fees generated from RMB private equity products.

— Net revenues from overseas for the first quarter of 2025 was RMB304.2 million (US$41.9 million), compared with RMB306.7 million for the corresponding period in 2024, which was effectively flat. Net revenues increased by 5.0% from the fourth quarter of 2024, primarily due to increases in distribution of overseas insurance products.

— Income from operations for the first quarter of 2025 was RMB186.0 million (US$25.6 million), a 53.1% increase from the corresponding period in 2024, primarily due to a 21.8% decrease in compensation and benefits.

— Net income attributable to Noah shareholders for the first quarter of 2025 was RMB149.0 million (US$20.5 million), a 13.3% increase from the corresponding period in 2024, mainly due to a 53.1% increase in income from operations, and partially offset by a 29.0% decrease in interest income, a 42.0% increase in income tax expenses and a loss from equity in affiliates.

— Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2025 was RMB168.8 million (US$23.3 million), a 4.7% increase from the corresponding period in 2024.

FIRST QUARTER 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 March 31, 2025 was 463,161, a 1.2% increase from March 31, 2024, and a 0.2% increase from December 31, 2024. Among such clients, the number of overseas registered clients as of March 31, 2025 was 18,207, a 15.8% increase from March 31, 2024 and a 3.1% increase from December 31, 2024.

— Total number of active clients[2] who transacted with us during the first quarter of 2025 was 8,822, a 15.1% decrease from the first quarter of 2024, and a 0.5% decrease from the fourth quarter of 2024. Among such clients, the number of overseas active clients who transacted with us during the first quarter of 2025 was 3,384, a 23.3% increase from the first quarter of 2024, and a 16.1% increase from the fourth quarter of 2024.

— Aggregate value of investment products distributed during the first quarter of 2025 was RMB16.1 billion (US$2.2 billion), a 14.7% decrease from the first quarter of 2024, mainly due to a 39.8% decrease in distribution of mutual fund products. Among such products distributed, Noah distributed RMB8.1 billion (US$1.1 billion) of overseas investment products, a 3.6% decrease from the first quarter of 2024, mainly due to a 13.2% decrease in distribution of mutual fund products and partially offset by a 25.0% increase in distribution of private equity products.

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

Three months ended March 31, 2024 2025 (RMB in billions, except percentages)Mutual fund products 12.6 66.8% 7.6 47.2%Private secondary products 3.8 20.0% 6.1 37.9%Private equity products 1.2 6.3% 1.5 9.3%Other products[3] 1.3 6.9% 0.9 5.6%All products 18.9 100.0% 16.1 100.0%

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

Type of products in Mainland China Three months ended March 31, 2024 2025 (RMB in billions, except percentages)Mutual fund products 8.8 84.3% 4.3 53.7%Private secondary products 1.0 8.8% 3.3 41.3%Other products 0.7 6.9% 0.4 5.0%All products in Mainland China 10.5 100.0% 8.0 100.0%Type of overseas products Three months ended March 31, 2024 2025 (RMB in billions, except percentages)Mutual fund products 3.8 44.9% 3.3 40.7%Private secondary products 2.8 33.9% 2.8 34.6%Private equity products 1.2 14.2% 1.5 18.5%Other products 0.6 7.0% 0.5 6.2%All Overseas products 8.4 100.0% 8.1 100.0%

— Coverage network in mainland China included 11 cities as of March 31, 2025, compared with 18 cities as of March 31, 2024 and 11 cities as of December 31, 2024, primarily due to the continued streamlining of the Company's domestic coverage network.

— Aggregate number of overseas relationship managers was 131 as of March 31, 2025, a 44.0% increase from March 31, 2024, and a 5.1% decrease from December 31, 2024.

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 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 and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.

— Total assets under management as of March 31, 2025 remained relatively stable at RMB149.3 billion (US$20.6 billion), compared with RMB153.3 billion as of March 31, 2024 and RMB151.5 billion as of December 31, 2024. Mainland China assets under management as of March 31, 2025 were RMB106.6 billion (US$14.7 billion), compared with RMB116.1 billion as of March 31, 2024 and RMB108.9 billion as of December 31, 2024. Overseas assets under management as of March 31, 2025 were RMB42.7 billion (US$5.9 billion), compared with RM37.2 billion as of March 31, 2024 and RMB42.6 billion as of December 31, 2024.

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

Investment type As of Growth Allocation/Redemption[4] As of December 31, March 31, 2024 2025 (RMB billions, except percentages)Private equity 131.5 86.8% 0.4 1.5 130.4 87.4%Public securities[5] 9.4 6.2% 1.6 1.6 9.4 6.3%Real estate 6.2 4.1% – 1.1 5.1 3.4%Multi-strategies 3.9 2.6% – – 3.9 2.6%Others 0.5 0.3% – – 0.5 0.3%All Investments 151.5 100.0% 2.0 4.2 149.3 100.0%

Total assets under management, categorized bygeography, are as follows:

Mainland China As of Growth Allocation/ As ofInvestment type December 31, Redemption March 31, 2024 2025 (RMB billions, except percentages)Private equity 98.6 90.5% – 1.3 97.3 91.2%Public securities 5.3 4.9% 0.5 0.5 5.3 5.0%Real estate 2.2 2.0% – 1.0 1.2 1.1%Multi-strategies 2.3 2.1% – – 2.3 2.2%Others 0.5 0.5% – – 0.5 0.5%All Investments 108.9 100.0% 0.5 2.8 106.6 100.0%Overseas As of Growth Allocation/ As ofInvestment type December 31, Redemption March 31, 2024 2025 (RMB billions, except percentages)Private equity 32.9 77.2% 0.4 0.2 33.1 77.5%Public securities 4.1 9.6% 1.1 1.1 4.1 9.6%Real estate 4.0 9.4% – 0.1 3.9 9.1%Multi-strategies 1.6 3.8% – – 1.6 3.8%All Investments 42.6 100.0% 1.5 1.4 42.7 100.0%

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses (under the Company's traditional segmentation) also include headquarters rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, “We have been making progress since last year in repositioning ourselves to drive growth in this challenging market environment. We are delighted to announce that the Group achieved a recovery in profitability this quarter, reflecting improved operational efficiency and strategic progress. Income from operations grew by 53.1% year-on-year and 35.2% quarter-on-quarter, while non-GAAP net profit rose by 27.4% quarter-on-quarter. Net revenues declined due to a decrease in distribution of domestic insurance products and RMB private equity management fees; however, overseas revenue continued to grow and now accounts for nearly 50% of total net revenues, showcasing our diversification efforts. Looking ahead, we remain committed to advancing our strategy, driving sustainable growth, and delivering reasonable shareholders returns.”

FIRST QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2025 were RMB614.6 million (US$84.7 million), a 5.4% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products.

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

(RMB millions, Q1 2024 Q1 2025 YoY Changeexcept percentages)Domestic public securities[6] 119.0 127.5 7.1%Domestic asset management[7] 194.9 167.0 (14.3%)Domestic insurance[8] 18.7 6.4 (65.6%)Overseas wealth management[9] 178.5 162.0 (9.2%)Overseas asset management[10] 91.6 112.0 22.3%Overseas insurance and 36.7 30.2 (17.8%)comprehensive services[11]Headquarters 10.1 9.5 (5.5%)Total net revenues 649.5 614.6 (5.4%)

— Domestic public securities is the business that distributes mutual funds and private secondary products. Net revenues for the first quarter of 2025 were RMB127.5 million (US$17.6 million), a 7.1% increase from the corresponding period in 2024, mainly due to an increase in distribution of private secondary products.

— Domestic asset management is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the first quarter of 2025 were RMB167.0 million (US$23.0 million), a 14.3% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees generated from private equity products.

— Domestic insurance is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the first quarter of 2025 were RMB6.4 million (US$0.9 million), a 65.6% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of insurance products.

— Overseas wealth management is the business that provides offline and online wealth management services. Net revenues for the first quarter of 2025 were RMB162.0 million (US$22.3 million), a 9.2% decrease from the corresponding period in 2024, mainly due to a decrease in allocated commission gained from distribution of overseas insurance products.

— Overseas asset management is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the first quarter of 2025 were RMB112.0 million (US$15.4 million),a 22.3% increase from the corresponding period in 2024, due to an increase in the amount of private equity investments managed by Olive.

— 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 first quarter of 2025 were RMB30.2 million (US$4.2 million), a 17.8% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of overseas insurance products.

— 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 first quarter of 2025 were RMB9.5 million (US$1.3 million), compared with RMB10.1 million for the corresponding period in 2024, which effectively remained flat.

Operating Costs and Expenses

Operatingcosts andexpensesfor the first quarter of 2025 were RMB428.6 million (US$59.1 million), an 18.8% decrease from the corresponding period in 2024. Operating costs and expenses for the first quarter of 2025 primarily consisted of (i) compensation and benefits of RMB303.9 million (US$41.9 million); (ii) selling expenses of RMB51.1 million (US$7.0 million); (iii) general and administrative expenses of RMB64.4 million (US$8.9 million); (iv) provision for credit losses of RMB2.8 million (US$0.4 million); (v) other operating expenses of RMB15.7 million (US$2.2 million);and (vi) income gained from government subsidies of RMB9.3 million (US$1.3 million).

— Operating costs and expenses for Domestic public securities for the first quarter of 2025 were RMB32.5 million (US$4.5 million), a 16.4% decrease from the corresponding period in 2024, primarily due to the decrease in relationship manager compensation.

— Operating costs and expenses for Domestic asset management for the first quarter of 2025 were RMB31.1 million (US$4.3 million), a 10.8% decrease from the corresponding period in 2024, primarily due to the decrease in general and administrative expenses.

— Operating costs and expenses for Domestic insurance for the first quarter of 2025 were RMB22.2 million (US$3.1 million), a 50.9% decrease from the corresponding period in 2024, primarily due to the decrease in consulting fee.

— Operating costs and expenses for Overseas wealth management for the first quarter of 2025 were RMB104.0 million (US$14.3 million), a 40.2% decrease from the corresponding period in 2024, primarily due to the decrease in marketing activities and travel expenses.

— Operating costs and expenses for Overseas asset management for the first quarter of 2025 were RMB21.8 million (US$3.0 million), a 4.6% decrease from the corresponding period in 2024, which effectively remained flat.

— Operating costs and expenses for Overseas insurance and comprehensive services for the first quarter of 2025 were RMB27.5 million (US$3.8 million), a 52.8% increase from the corresponding period in 2024, primarily due to the increase in other operating expenses.

— Operating costs and expenses for Headquarters for the first quarter of 2025 were RMB189.6 million (US$26.1 million), a 2.5% decrease from the corresponding period in 2024, which effectively remained flat.

Income(loss) from operations

Income(loss) from operations under the segmentation adopted in Q4 2024 is as follows:

(RMB millions, Q1 2024 Q1 2025 YoY Changeexcept percentages)Domestic public securities 80.3 95.0 18.4%Domestic asset management 160.1 135.9 (15.1%)Domestic insurance (26.5) (15.7) 40.6%Overseas wealth management 4.7 58.1 1129.6%Overseas asset management 68.7 90.1 31.2%Overseas insurance and 18.7 2.7 (85.4%)comprehensive servicesHeadquarters (184.5) (180.1) 2.4%Total income from operations 121.5 186.0 53.1%

— Income from operations for Domestic public securities for the first quarter of 2025 was RMB95.0 million (US$13.1 million), an 18.4% increase from the corresponding period in 2024, primarily due to increases in one-time commissions generated from private secondary products.

— Income from operations for Domestic asset management for the first quarter of 2025 RMB135.9 million (US$18.7 million), a 15.1% decrease from the corresponding period in 2024, primarily due to decreases in recurring service fees generated from RMB private equity products.

— Loss from operations for Domestic insurance for the first quarter of 2025 was RMB15.7 million (US$2.2 million), a 40.6% decrease from the corresponding period in 2024, primarily due to the decrease in operating expenses.

— Income from operations for Overseas wealth management for the first quarter of 2025 was RMB58.1 million (US$8.0 million), compared with RMB4.7 million for the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the first quarter of 2025.

— Income from operations for Overseas asset management for the first quarter of 2025 was RMB90.1 million (US$12.4 million), a 31.2% increase from the corresponding period in 2024, primarily due to a 22.3% increase in net revenues of the segment.

— Income from operations for Overseas insurance and comprehensive services for the first quarter of 2025 RMB2.7 million (US$0.4 million), an 85.4% decrease from the corresponding period in 2024, primarily due to a 17.8% decrease in net revenues of the segment and an increase in operating expenses.

— Loss from operations for Headquarters for the first quarter of 2025 was RMB180.1 million (US$24.8 million), a 2.4% slight decrease from the corresponding period in 2024.

Operating Margin

Operating margin for the first quarter of 2025 was 30.3%, compared with 18.7% for the corresponding period in 2024, primarily due to a 21.8% decrease in compensation and benefits.

Interest Income

Interest income for the first quarter of 2025 was RMB32.8 million (US$4.5 million), a 29.0% decrease from the corresponding period in 2024.

Investment Income

Investment income for the first quarter of 2025 was RMB6.3 million (US$0.9 million), a 20.9% increase from the corresponding period in 2024.

Income Tax Expense

Income tax expense for the first quarter of 2025 were RMB60.6 million (US$8.4 million), a 42.0% increase from the corresponding period in 2024.

Net Income

— Net Income

— Net income for the first quarter of 2025 was RMB149.8 million (US$20.6 million), a 13.6% increase from the corresponding period in 2024.

— Net margin for the first quarter of 2025 was 24.4%, up from 20.3% for the corresponding period in 2024.

— Net income attributable to Noah shareholders for the first quarter of 2025 was RMB149.0 million (US$20.5 million), a 13.3% increase from the corresponding period in 2024.

— Net margin attributable to Noah shareholders for the first quarter of 2025 was 24.2%, up from 20.2% for the corresponding period in 2024.

— Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2025 was RMB2.13 (US$0.29) and RMB2.11 (US$0.29), compared with RMB1.88 and RMB1.88 for the corresponding period in 2024, respectively.

— Non-GAAP Net Income Attributable to Noah Shareholders

— Non-GAAP net income attributable to Noah shareholders for the first quarter of 2025 was RMB168.8 million (US$23.3 million), a 4.7% increase from the corresponding period in 2024.

— Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2025 was 27.5%, up from 24.8% for the corresponding period in 2024.

— Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2025 was RMB2.39 (US$0.33), up from RMB2.31 for the corresponding period in 2024.

Balance Sheet and Cash Flow

As of March 31, 2025, the Company had RMB4,075.4 million (US$561.6 million) in cash and cash equivalents, compared with RMB3,822.3 million as of December 31, 2024 and RMB5,129.4 million as of March 31, 2024, respectively.

Net cash inflow from the Company's operating activities during the first quarter of 2025 was RMB253.4 million (US$34.9 million), compared with net cash outflow of RMB181.8 million in the corresponding period in 2024, primarily due to cash inflow generated from net income from operations in the first quarter of 2025.

Net cash inflow from the Company's investing activities during the first quarter of 2025 was RMB20.0 million (US$2.8 million), compared with net cash outflow of RMB59.1 million in the corresponding period in 2024, primarily due to increased redemptions of term deposits in the first quarter of 2025.

Net cash outflow to the Company's financing activities was RMB9.4 million (US$1.3 million) in the first quarter of 2025, compared with net cash outflow of RMB12.3 million in the corresponding period in 2024.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter of 2025 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

Dial-in details:

Conference title: Noah First Quarter 2025 Earnings Conference CallDate/Time: Wednesday, May 28, 2025, at 8:00 p.m., U.S. Eastern Time Thursday, May 29, 2025, at 8:00 a.m., Hong Kong TimeDial in:- Hong Kong Toll Free: 800-963976- United States Toll Free: 1-888-317-6003- Mainland China Toll Free: 4001-206115- International Toll: 1-412-317-6061Participant Password: 1593238

A telephone replay will be available starting approximately one hour after the end of the conference until June 5, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 9541104.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the “Financial Reports” section at http://ir.noahgroup.com.

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 the first quarter of 2025, Noah distributed RMB16.1 billion (US$2.2 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB149.3 billion (US$20.6 billion) as of March 31, 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 463,161 registered clients as of March 31, 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 provides other businesses.

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

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2025 ended March 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 RMB7.2567 to US$1.00, the effective noon buying rate for March 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.

FINANCIAL AND OPERATIONAL TABLES FOLLOW —

Noah Holdings LimitedCondensed Consolidated Balance Sheets(unaudited) As of December 31, March 31, March 31, 2024 2025 2025 RMB'000 RMB'000 USD'000AssetsCurrent assets:Cash and cash equivalents 3,822,339 4,075,358 561,599Restricted cash 8,696 8,435 1,162Short-term investments 1,274,609 1,316,190 181,376Accounts receivable, net 473,490 406,167 55,971Amounts due from related parties 499,524 536,316 73,906Loans receivable, net 169,108 158,990 21,909Other current assets 226,965 217,566 29,982Total current assets 6,474,731 6,719,022 925,905Long-term investments, net 971,099 888,987 122,506Investment in affiliates 1,373,156 1,328,980 183,138Property and equipment, net 2,382,247 2,368,830 326,434Operating lease right-of-use 121,115 113,827 15,686assets, netDeferred tax assets 319,206 317,107 43,699Other non-current assets 137,291 136,959 18,873Total Assets 11,778,845 11,873,712 1,636,241Liabilities and EquityCurrent liabilities:Accrued payroll and welfare 412,730 422,444 58,214expensesIncome tax payable 63,892 75,108 10,350Deferred revenues 72,259 72,415 9,979Contingent liabilities 476,107 473,328 65,226Other current liabilities 404,288 353,214 48,674Total current liabilities 1,429,276 1,396,509 192,443Deferred tax liabilities 246,093 244,205 33,652Operating lease liabilities, non- 75,725 64,066 8,829currentOther non-current liabilities 15,011 14,003 1,930Total Liabilities 1,766,105 1,718,783 236,854Equity 10,012,740 10,154,929 1,399,387Total Liabilities and Equity 11,778,845 11,873,712 1,636,241Noah Holdings LimitedCondensed Consolidated Income Statements(In RMB'000, except for ADS data, per ADS data and percentages)(unaudited) Three months ended March 31, March 31, March 31, Change 2024 2025 2025 RMB'000 RMB'000 USD'000Revenues:Revenues from others:One-time commissions 185,255 154,991 21,358 (16.3%)Recurring service fees 155,165 151,596 20,890 (2.3%)Performance-based income 5,528 13,986 1,927 153.0%Other service fees 34,960 36,863 5,080 5.4%Total revenues from others 380,908 357,436 49,255 (6.2%)Revenues from funds Gopher/Olivemanages:One-time commissions 1,827 3,750 517 105.3%Recurring service fees 262,689 244,380 33,676 (7.0%)Performance-based income 8,844 14,529 2,002 64.3%Total revenues from funds 273,360 262,659 36,195 (3.9%)Gopher/Olive managesTotal revenues 654,268 620,095 85,450 (5.2%)Less: VAT related surcharges (4,733) (5,501) (758) 16.2%Net revenues 649,535 614,594 84,692 (5.4%)Operating costs and expenses:Compensation and benefitsRelationship manager (144,295) (122,568) (16,890) (15.1%)compensationOther compensations (244,490) (181,327) (24,989) (25.8%)Total compensation and benefits (388,785) (303,895) (41,879) (21.8%)Selling expenses (62,332) (51,072) (7,038) (18.1%)General and administrative (71,116) (64,441) (8,880) (9.4%)expensesReversal of (provision for) credit 97 (2,810) (387) .N.AlossesOther operating expenses (17,146) (15,699) (2,163) (8.4%)Government grants 11,233 9,331 1,286 (16.9%)Total operating costs and expenses (528,049) (428,586) (59,061) (18.8%)Income from operations 121,486 186,008 25,631 53.1%Other income:Interest income 46,185 32,801 4,520 (29.0%)Investment income 5,185 6,270 864 20.9%Other income (expenses) 3,935 (3,081) (425) .N.ATotal other income 55,305 35,990 4,959 (34.9%)Income before taxes and income 176,791 221,998 30,590 25.6%from equity in affiliatesIncome tax expense (42,686) (60,605) (8,352) 42.0%Loss from equity in affiliates (2,242) (11,574) (1,595) 416.2%Net income 131,863 149,819 20,643 13.6%Less: net income attributable to 372 855 118 129.8%non-controlling interestsNet income attributable to Noah 131,491 148,964 20,525 13.3%shareholdersIncome per ADS, basic 1.88 2.13 0.29 13.3%Income per ADS, diluted 1.88 2.11 0.29 12.2%Margin analysis:Operating margin 18.7% 30.3% 30.3%Net margin 20.3% 24.4% 24.4%Weighted average ADS equivalent [1]:Basic 69,781,578 69,913,957 69,913,957Diluted 69,788,638 70,600,397 70,600,397ADS equivalent outstanding at end 65,685,535 66,508,418 66,508,418of period[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.Noah Holdings LimitedCondensed Comprehensive Income Statements(unaudited) Three months ended March 31, March 31, March 31, Change 2024 2025 2025 RMB'000 RMB'000 USD'000Net income 131,863 149,819 20,643 13.6%Other comprehensive income, net of tax:Foreign currency translation adjustments 53,400 (22,834) (3,147) N.A.Fair value fluctuation of available-for-sale investment – 233 32 N.A.Comprehensive income 185,263 127,218 17,528 (31.3%)Less: Comprehensive (loss) gain attributable (492) 910 125 N.A.to non-controlling interestsComprehensive income attributable to Noah 185,755 126,308 17,403 (32.0%)shareholdersNoah Holdings LimitedSupplemental Information(unaudited) As of March 31, March 31, Change 2024 2025Number of registered clients 457,705 463,161 1.2% Three months ended March 31, March 31, Change 2024 2025 (in millions of RMB, except number of active clients and percentages)Number of active clients 10,391 8,822 (15.1%)Transaction value:Private equity products 1,195 1,461 22.3%Private secondary products 3,772 6,114 62.1%Mutual fund products 12,610 7,595 (39.8%)Other products 1,309 934 (28.6%)Total transaction value 18,886 16,104 (14.7%)Noah Holdings LimitedSegment Condensed Income Statements(unaudited) Three months ended March 31, 2025 Domestic Domestic Domestic Overseas Overseas Overseas Headquarters Total public asset insurance wealth asset insurance securities management management management and comprehensive services RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000Revenues:Revenues from othersOne-time commissions 14,034 68 6,474 105,689 5,532 23,194 – 154,991Recurring service fees 85,803 35,392 – 9,120 21,281 – – 151,596Performance-based income 13,800 45 – – 141 – – 13,986Other service fees – – – 16,315 – 6,992 13,556 36,863Total revenues from others 113,637 35,505 6,474 131,124 26,954 30,186 13,556 357,436Revenues from fundsGopher/Olive managesOne-time commissions 3,336 – – 290 124 – – 3,750Recurring service fees 10,669 131,673 – 30,611 71,427 – – 244,380Performance-based income 1,076 – – – 13,453 – – 14,529Total revenues from funds 15,081 131,673 – 30,901 85,004 – – 262,659Gopher/Olive managesTotal revenues 128,718 167,178 6,474 162,025 111,958 30,186 13,556 620,095Less: VAT related surcharges (1,252) (186) (37) – – – (4,026) (5,501)Net revenues 127,466 166,992 6,437 162,025 111,958 30,186 9,530 614,594Operating costs and expenses:Compensation and benefitsRelationship managers (21,798) (14,966) (8,692) (70,217) (1,303) (5,592) – (122,568)compensationOther compensations (7,050) (15,918) (7,598) (19,840) (14,956) (11,554) (104,411) (181,327)Total compensation and benefits (28,848) (30,884) (16,290) (90,057) (16,259) (17,146) (104,411) (303,895)Selling expenses (3,140) (2,044) (3,669) (12,857) (5,361) (2,606) (21,395) (51,072)General and administrative (118) (1,092) (2,213) (1,047) (205) (575) (59,191) (64,441)expensesProvision for credit losses – – – – – (1,600) (1,210) (2,810)Other operating expenses (410) (2,380) – – – (5,523) (7,386) (15,699)Government grants 40 5,309 12 – – – 3,970 9,331Total operating costs and (32,476) (31,091) (22,160) (103,961) (21,825) (27,450) (189,623) (428,586)expensesIncome (loss) from 94,990 135,901 (15,723) 58,064 90,133 2,736 (180,093) 186,008operationsNoah Holdings LimitedSegment Condensed Income Statements(unaudited) Three months ended March 31, 2024 Domestic Domestic Domestic Overseas Overseas Overseas Headquarters Total public asset insurance wealth asset insurance securities management management management and comprehensive services RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000Revenues:Revenues from othersOne-time commissions 3,316 657 18,863 128,715 3,661 30,043 – 185,255Recurring service fees 92,210 48,060 – 4,356 10,164 – 375 155,165Performance-based income 4,366 – – – 1,162 – – 5,528Other service fees – – – 15,566 – 6,666 12,728 34,960Total revenues from others 99,892 48,717 18,863 148,637 14,987 36,709 13,103 380,908Revenues from fundsGopher/Olive managesOne-time commissions 1,683 – – 101 43 – – 1,827Recurring service fees 17,420 146,037 – 29,763 69,469 – – 262,689Performance-based income 1,156 634 – – 7,054 – – 8,844Total revenues from funds 20,259 146,671 – 29,864 76,566 – – 273,360Gopher/Olive managesTotal revenues 120,151 195,388 18,863 178,501 91,553 36,709 13,103 654,268Less: VAT related surcharges (1,088) (467) (163) – – – (3,015) (4,733)Net revenues 119,063 194,921 18,700 178,501 91,553 36,709 10,088 649,535Operating costs and expenses:Compensation and benefitsRelationship managers (29,161) (9,231) (19,102) (85,482) (1,177) (142) – (144,295)compensationOther compensations (9,234) (23,182) (12,386) (49,344) (13,242) (11,448) (125,654) (244,490)Total compensation and (38,395) (32,413) (31,488) (134,826) (14,419) (11,590) (125,654) (388,785)benefitsSelling expenses (2,967) (2,570) (825) (33,688) (6,654) (268) (15,360) (62,332)General and administrative (198) (3,002) (12,829) (5,265) (1,795) (1,070) (46,957) (71,116)expenses(Provision for) reversal of – – – – – (3,637) 3,734 97credit lossesOther operating expenses (451) (976) (17) – – (1,403) (14,299) (17,146)Government grants 3,175 4,092 7 – – – 3,959 11,233Total operating costs and (38,836) (34,869) (45,152) (173,779) (22,868) (17,968) (194,577) (528,049)expensesIncome (loss) from 80,227 160,052 (26,452) 4,722 68,685 18,741 (184,489) 121,486operationsNoah Holdings LimitedAdditionalBusinessInformation(unaudited) Three months ended March 31, 2025 Wealth Asset Other Total Management Management Businesses Business Business RMB'000 RMB'000 RMB'000 RMB'000Revenues:Revenues from others:One-time commissions 154,991 – – 154,991Recurring service fees 151,596 – – 151,596Performance-based income 13,986 – – 13,986Other service fees 25,477 – 11,386 36,863Total revenues from others 346,050 – 11,386 357,436Revenues from funds Gopher/Olivemanages:One-time commissions 2,639 1,111 – 3,750Recurring service fees 81,426 162,954 – 244,380Performance-based income – 14,529 – 14,529Total revenues from funds 84,065 178,594 – 262,659Gopher/Olive managesTotal revenues 430,115 178,594 11,386 620,095Less: VAT related surcharges (2,008) (188) (3,305) (5,501)Net revenues 428,107 178,406 8,081 614,594Operating costs and expenses:Compensation and benefitsRelationship manager (122,103) (465) – (122,568)compensationOther compensations (118,617) (53,594) (9,116) (181,327)Total compensation and benefits (240,720) (54,059) (9,116) (303,895)Selling expenses (35,429) (10,210) (5,433) (51,072)General and administrative (42,196) (13,251) (8,994) (64,441)expensesProvision for credit losses (1,219) (438) (1,153) (2,810)Other operating expenses (7,644) (2,380) (5,675) (15,699)Government grants 4,002 5,315 14 9,331Total operating costs and (323,206) (75,023) (30,357) (428,586)expensesIncome (loss) from operations 104,901 103,383 (22,276) 186,008Noah Holdings LimitedAdditionalBusinessInformation(unaudited) Three months ended March 31, 2024 Wealth Asset Other Total Management Management Businesses Business Business RMB'000 RMB'000 RMB'000 RMB'000Revenues:Revenues from others:One-time commissions 185,255 – – 185,255Recurring service fees 155,165 – – 155,165Performance-based income 5,528 – – 5,528Other service fees 25,711 – 9,249 34,960Total revenues from others 371,659 – 9,249 380,908Revenues from funds Gopher/Olivemanages:One-time commissions 1,793 34 – 1,827Recurring service fees 89,719 172,970 – 262,689Performance-based income 1,039 7,805 – 8,844Total revenues from funds 92,551 180,809 – 273,360Gopher/Olive managesTotal revenues 464,210 180,809 9,249 654,268Less: VAT related surcharges (1,530) (440) (2,763) (4,733)Net revenues 462,680 180,369 6,486 649,535Operating costs and expenses:Compensation and benefitsRelationship manager (136,644) (7,651) – (144,295)compensationOther compensations (164,652) (61,548) (18,290) (244,490)Total compensation and benefits (301,296) (69,199) (18,290) (388,785)Selling expenses (47,547) (11,825) (2,960) (62,332)General and administrative (43,641) (16,605) (10,870) (71,116)expenses(Provision for) reversal of credit (4,735) (996) 5,828 97lossesOther operating expenses (7,306) (974) (8,866) (17,146)Government grants 7,108 4,093 32 11,233Total operating costs and expenses (397,417) (95,506) (35,126) (528,049)Income (loss) from operations 65,263 84,863 (28,640) 121,486Noah Holdings LimitedSupplement Revenue Information by Geography(unaudited) Three months ended March 31, March 31, Change 2024 2025 (in thousands of RMB, except percentages)Revenues:Mainland China 347,505 315,927 (9.1%)Hong Kong 234,403 227,148 (3.1%)Others 72,360 77,020 6.4%Total revenues 654,268 620,095 (5.2%)Noah Holdings LimitedSupplement Revenue Information by Product Types(unaudited) Three months ended March 31, March 31, Change 2024 2025 (in thousands of RMB, except percentages)Mainland China:Public securities products[1] 120,151 128,720 7.1%Private equity products 195,388 166,769 (14.6%)Insurance products 18,863 6,474 (65.7%)Others 13,103 13,964 6.6%Subtotal 347,505 315,927 (9.1%)Overseas:Investment products [2] 130,238 156,714 20.3%Insurance products 150,217 115,976 (22.8%)Online business [3] 5,139 10,495 104.2%Others 21,169 20,983 (0.9%)Subtotal 306,763 304,168 (0.8%)Total revenues 654,268 620,095 (5.2%)

[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 LimitedSupplement Information of Overseas Business(unaudited) Three months ended March 31, March 31, Change 2024 2025Net Revenues from Overseas (RMB, million) 306.8 304.2 (0.8%)Number of Overseas Registered Clients 15,725 18,207 15.8%Number of Overseas Active Clients 2,745 3,384 23.3%Transaction Value of Overseas Investment Products 8.4 8.1 (3.6%)(RMB, billion)Number of Overseas Relationship Managers 91 131 44.0%Overseas Assets Under Management (RMB, billion) 37.2 42.7 14.8%Noah Holdings LimitedReconciliation of GAAP to Non-GAAP Results(In RMB, except for per ADS data and percentages)(unaudited)[12] Three months ended March 31, March 31, Change 2024 2025 RMB'000 RMB'000Net income attributable to Noah shareholders 131,491 148,964 13.3%Adjustment for share-based compensation 36,599 24,780 (32.3%)Less: Tax effect of adjustments 6,922 4,956 (28.4%)Adjusted net income attributable to Noah 161,168 168,788 4.7%shareholders (non-GAAP)Net marginattributable to Noah shareholders 20.2% 24.2%Non-GAAP net margin attributable to Noah 24.8% 27.5%shareholdersNet income attributable to Noah shareholders per 1.88 2.11 12.2%ADS, dilutedNon-GAAP net income attributable to Noah 2.31 2.39 3.5%shareholders per ADS, diluted[1]Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.[2]”Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.[3] “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.[4]The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.[5]The asset allocation/redemption of public securities also includes market appreciation or depreciation.[6]Operates under the Noah Upright brand[7]Operates under the Gopher Asset Management brand[8]Operates under the Glory brand[9]Operates under the ARK Wealth Management brand[10]Operates under the Olive Asset Management brand[11]Operates under the Glory Family Heritage brand[12]Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any.

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