Noah Holdings Ltd

NYSE:NOAHFinancial ServicesNASDAQ:HXC

——At close · Market cap — · Next earnings Tue 1 Dec

CNY billions	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	3.3	4.3	3.1	3.3	2.6	2.6	+0.4%
Cost of revenue	0.7	2.2	1.4	1.5	1.3	1.2	−9.8%
Gross profit	2.6	2.1	1.7	1.8	1.3	1.4	+11.4%
Research & development	0.0	0.0	0.0	0.0	0.0	0.0	—
Selling, general & administrative	1.4	0.8	1.1	0.8	0.6	0.5	−3.1%
Selling & marketing	0.3	0.4	0.3	0.5	0.3	0.2	−9.7%
Operating expenses	1.3	0.9	0.6	0.7	0.6	0.6	−0.1%
Operating income	1.3	1.2	1.1	1.1	0.6	0.8	+22.5%
Interest expense	0.0	0.0	0.0	0.0	0.0	0.0	—
Interest income	0.1	0.1	0.1	0.2	0.2	0.1	−18.1%
Other income / expense	(1.7)	0.4	0.2	0.2	0.1	0.1	−35.6%
Pre-tax income	(0.5)	1.6	1.2	1.3	0.8	0.9	+13.2%
Income tax	0.3	0.3	0.3	0.3	0.3	0.3	+10.9%
Net income	(0.7)	1.3	1.0	1.0	0.5	0.6	+17.5%
Discontinued operations	0.0	0.0	0.0	0.0	0.0	0.0	—
Other net income adjustments	0.0	0.0	0.0	0.0	0.0	0.0	—
EPS, basic (per share)	(60.05)	97.80	71.45	72.65	34.00	38.80	+14.1%
EPS, diluted (per share)	(60.05)	97.25	71.40	72.65	33.75	38.45	+13.9%
EBITDA	1.4	1.3	1.2	1.3	0.8	0.9	+18.1%
Depreciation & amortization	0.1	0.1	0.2	0.2	0.2	0.2	+0.1%
Weighted average shares (shares)	12,408,175	13,434,327	13,666,406	13,894,794	14,034,000	13,950,996	−0.6%
Weighted average diluted shares (shares)	12,408,175	13,512,709	13,679,228	13,896,903	14,094,000	14,078,505	−0.1%
Gross margin	78.8%	49.5%	53.5%	55.8%	48.1%	53.4%	+5.3 pts
Operating margin	38.1%	27.9%	35.1%	33.3%	24.4%	29.8%	+5.4 pts
Net margin	−22.5%	30.6%	31.5%	30.6%	18.3%	21.4%	+3.1 pts

CNY billionsUpdated Tue 25 Aug ·

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Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.

Statements are reported in CNY; the shares trade in USD.