Noah Holdings Limited reported second-quarter net revenue of RMB620 million and operating income of RMB216 million, up 34.0% year over year, with an operating margin of 34.8%. Non-GAAP net income attributable to Noah shareholders rose 25.9% year over year and 77.8% quarter over quarter to RMB238 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%. The company said this was its 63rd consecutive quarter of non-GAAP profitability since listing. First-half net performance-based fees rose 364.0% to RMB238 million, while fundraising fees from investment products increased 13.4% and operating costs and expenses declined 11.6%. Noah said its investment-fee growth reflects a global investment system spanning limited-partner investments in leading funds, a fund-of-funds network and direct project investment, rather than a single transaction. In Singapore, launched in the fourth quarter of last year, assets under management grew from below USD100 million to above USD400 million in the second quarter, and the operation recorded its first profitable month in July. AI-enabled teams handled daily servicing for 92% of clients, external partners generated 42% of net new AUM, and growth occurred without increasing relationship-manager headcount. As of June 30, 2026, USD-denominated AUM rose 11.7% year over year to USD6.5 billion, USD-denominated AUA increased 7.5% to USD9.78 billion, and registered international clients grew 11.0% to 21,059. Noah also partnered with Column N.A., a U.S.-licensed banking institution, and launched the ArkOS fintech platform in July to support international account opening, multicurrency settlement, remittances and payments. The services are available only to non-Mainland China resident clients under applicable local laws and regulations.