Noah Holdings Limited reported unaudited second-quarter 2026 net revenue of RMB619.9 million (US$91.4 million), down 1.5% year on year and 0.9% from the first quarter. Income from operations rose 34.0% year on year to RMB215.8 million, and net income attributable to Noah shareholders increased 30.0% to RMB232.2 million. Non-GAAP net income attributable to shareholders rose 25.9% year on year and 77.8% quarter on quarter to RMB238.0 million. For the first half, net revenue was RMB1.246 billion, up 0.1%, while operating income increased 30.3% to RMB452 million and the operating margin expanded 8.4 percentage points to 36.3%. First-half net performance-based fees rose 364.0% to RMB238 million, while the company said second-quarter performance-based fees increased 500.9% year on year. Cost controls, lower compensation and benefits expenses, reduced credit-loss provisions and investment gains supported profitability. Registered clients rose 1.2% year on year to 469,987, investment products distributed totaled RMB17.1 billion and total assets under management were RMB140.9 billion at June 30, 2026. Noah said its Singapore operation, launched in the fourth quarter of 2025, reached its first profitable month in July, with AUM above US$400 million in the second quarter and growth achieved without increasing relationship-manager headcount.