Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED

FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2025

SHANGHAI, August 28, 2025 — 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 financial results for the second quarter of 2025.

Starting from the fourth quarter of 2024, the Company has adopted a refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this reporting structure better reflects 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 of the corresponding periods in 2024 has been recast to conform to the new structure, and additional business information is provided for comparison purposes.

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

SECOND 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.

1 Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements 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 purchased investment products distributed or received services provided by us during that given period.

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

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

Type of products in Mainland China

Type of overseas products

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

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, Japan 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-strategies investments denominated in RMB, USD and other currencies.

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

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

4 The asset allocation/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates.

5 The asset allocation/redemption of public securities also includes the impact from market value appreciation or depreciation.

Other Businesses

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

Ms. Jingbo Wang, Co-founder and Chairwoman of Noah Holdings, commented, "We are pleased to report that Noah has made steady progress in navigating through a challenging period in the wealth management industry. This quarter, we have seen a recovery in both profitability and revenue, reflecting the positive impact of our strategic initiatives. Our operational income saw a solid 20.2% year-on-year growth, while non-GAAP net profit surged by an impressive 78.2% year-on-year, contributed by strong growth in the distribution of investment products and an uptick in management fees. Additionally, our international revenue continues to grow, now representing nearly 50% of total net revenues, reinforcing the effectiveness of our global expansion strategy. As we continue to work toward strengthening our position in the market, we recognize that the broader economic environment presents uncertainties, and we remain vigilant in managing these challenges. Our focus remains on executing our strategy to drive long-term, sustainable growth while maintaining prudent oversight of market conditions to deliver steady returns for our shareholders."

SECOND QUARTER 2025 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2025 were RMB629.5 million (US$87.9 million), a 2.2% increase from the corresponding period in 2024, mainly due to an increase in distribution of overseas private secondary products and domestic private secondary products.

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

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

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2025 were RMB468.5 million (US$65.4 million), a 2.8% decrease from the corresponding period in 2024. Operating costs and expenses for the second quarter of 2025 primarily consisted of (i) compensation and benefits of RMB299.3 million (US$41.8 million); (ii) selling expenses of RMB62.3 million (US$8.7 million); (iii) general and administrative expenses of RMB71.2 million (US$9.9 million); (iv) provision for credit losses of RMB41.2 million (US$5.8 million); (v) other operating expenses of RMB8.6 million (US$1.2 million); and (vi) income gained from government subsidies of RMB14.1 million (US$2.0 million).

Income(loss) from operations

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

Operating Margin

Operating margin for the second quarter of 2025 was 25.6%, compared with 21.8% for the corresponding period in 2024.

Interest Income

Interest income for the second quarter of 2025 was RMB33.5 million (US$4.7 million), a 21.3% decrease from the corresponding period in 2024.

Investment Loss/Income

Investment loss for the second quarter of 2025 was RMB13.9 million (US$1.9 million), compared with investment income of RMB10.4 million in the corresponding period in 2024, primarily due to unrealized loss from fair value changes on equity investments.

Income Tax Expense

Income tax expense for the second quarter of 2025 were RMB63.7 million (US$8.9 million), a 58.2% increase from the corresponding period in 2024, primarily due to increases in effective tax rate relating to dividend withholding tax in mainland China.

Net Income

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had RMB3,821.8 million (US$533.5 million) in cash and cash equivalents, compared with RMB4,075.4 million as of March 31, 2025 and RMB4,604.9 million as of June 30, 2024, respectively.

Net cash inflow from the Company’s operating activities during the second quarter of 2025 was RMB27.6 million (US$3.8 million), compared with net cash inflow of RMB49.7 million in the corresponding period in 2024, mainly due to a decrease in redemption of trading debt securities in the second quarter of 2025.

Net cash outflow from the Company’s investing activities during the second quarter of 2025 was RMB171.7 million (US$24.0 million), compared with net cash outflow of RMB548.2 million in the corresponding period in 2024, primarily due to a decrease in purchase of held-to-maturity investments in the second quarter of 2025.

Net cash outflow to the Company’s financing activities was RMB71.5 million (US$10.0 million) in the second quarter of 2025, compared with net cash outflow of RMB44.6 million in the corresponding period in 2024, primarily due to share repurchases in the second quarter of 2025.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company’s second 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:

A telephone replay will be available starting approximately one hour after the end of the conference until September 3, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8450356.

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 half of 2025, Noah distributed RMB33.1 billion (US$4.6 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB145.1 billion (US$20.3 billion) as of June 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 464,631 registered clients as of June 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-strategies 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.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2025 ended June 30, 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 RMB7.1636 to US$1.00, the effective noon buying rate for June 30, 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

Rick Chan

Tel: +86-21-8035-8292

ir@noahgroup.com 

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-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --Noah Holdings Limited Condensed Consolidated Balance Sheets (unaudited)

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

Noah Holdings Limited
Condensed Consolidated Income Statements
(In RMB'000, except for USD data, per ADS data and percentages)
(unaudited)

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

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Condensed Comprehensive Income Statements

(unaudited)

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Condensed Comprehensive Income Statements

(unaudited)

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Segment Condensed Income Statements

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Segment Condensed Income Statements

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Additional Business Information

(unaudited) 

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Additional Business Information

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Supplement Revenue Information by Geography

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Supplement Revenue Information by Product Types

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  Supplemental Information 

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Supplement Information of Overseas Business

(unaudited)