Noah Holdings Limited (NOAH) 2026 Q2 法說會逐字稿

Good day, and welcome to the Noah Holdings Limited second-quarter and half-year 2026 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

各位好，歡迎參加諾亞控股有限公司2026年第二季及上半年業績電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Doreen Chiu with Investor Relations. Please go ahead.

現在我想把會議交給投資者關係部的Doreen Chiu。請開始。

Thank you. Good morning and good evening, everyone. Welcome to Noah’s second-quarter 2026 earnings conference call. Joining me on the call today are Ms. Jingbo Wang, Co-Founder and Chairlady; [Mr. Zander Yin], Co-Founder, Director and CEO; Mr. Grant Pan, CFO; and Mr. Jason Wu, Deputy CFO.

謝謝。各位早安、晚安。歡迎參加諾亞2026年第二季業績電話會議。今天與我一同參與電話會議的有：共同創辦人兼董事長汪靜波女士；共同創辦人、董事兼執行長殷哲安先生；財務長潘格瑞先生；以及副財務長吳傑森先生。

Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A section that follows.

殷先生將先就近期業務亮點作概述，接著由潘先生說明我們的財務與營運結果。在隨後的問答環節中，他們都將回答各位的提問。

Please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties that may cause actual results to vary materially from those in our forward-looking statements. Potential risks and uncertainties include, but are not limited to those outlined in our public filings with the SEC and The Stock Exchange of Hong Kong Limited. Noah does not undertake any obligation to update any forward-looking statements except as required under the applicable law.

請注意，今天的討論將包含前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述存在重大差異。潛在風險與不確定性包括但不限於我們向美國證券交易委員會（SEC）及香港聯合交易所有限公司提交的公開文件中所列示者。除適用法律要求外，諾亞不承擔更新任何前瞻性陳述的義務。

With that, I would like to pass the call over to Mr. Yin. CEO, please go ahead.

接下來，我想把電話交給殷先生。執行長，請開始。

Hello, this is the operator. Your line is open. Are you perhaps muted?

您好，我是接線員。您的線路已開通。您是否可能處於靜音狀態？

(spoken in foreign language)

(外語發言)

(interpreted) Good morning, everyone. Thank you for joining Noah Holdings’ second-quarter 2026 earnings call. As we enter the second quarter, Noah’s transformation reached a new stage. On our first-quarter earnings call, we said that Q1 represented the beginning of the validation of Noah’s new operating model. After the second quarter, I believe we can take that conclusion one step further.

(翻譯) 各位早安。感謝各位參加諾亞控股2026年第二季業績電話會議。進入第二季，諾亞的轉型進入新階段。在第一季業績電話會議上，我們提到Q1代表諾亞新營運模式開始進入驗證階段。在第二季之後，我相信我們可以把這個結論再往前推進一步。

Revenues associated with our legacy model are being phased out in an ordinary manner. While our new operating model is not only being validated, but is also beginning to generate that revenue, asset growth and profit. Most importantly, our AI Wealth Management Department and new AI-enabled front office operating model we have been developing over the past year has now established its first meaningful proof points in Singapore.

與我們舊有模式相關的收入正以正常節奏逐步退出。同時，我們的新營運模式不僅正在被驗證，也開始帶來收入、資產成長與利潤。最重要的是，我們在過去一年打造的AI財富管理部門，以及新的AI賦能前台營運模式，已在新加坡建立了首批具意義的驗證成果。

This quarter, we observed three developments that have become increasingly clear.

本季我們觀察到三項發展，且其趨勢愈發清晰。

First, Singapore has proved the first meaningful validation of our AI Wealth Management Department model in approximately 10 months, and the business achieved monthly profitability in July.

第一，新加坡在約10個月內證明了我們AI財富管理部門模式的首個具意義驗證，且該業務於7月實現月度獲利。

Second, performance-based income reached RMB238 million in the first half of the year, demonstrating how the global investment capabilities we have built over many years are increasingly translating into earnings.

第二，上半年以業績表現為基礎的收入達人民幣2.38億元，顯示我們多年打造的全球投資能力正日益轉化為盈利。

Third, while our total employee headcount declined 17% year over year, US dollar-denominated AUM increased by 11.7%. More importantly, our overseas RM headcount declined by 36.2% year over year, while overseas assets continued to grow. This suggests that we are beginning to decouple asset growth from RM headcount growth, a relationship that has historically been highly linear in traditional wealth management.

第三，雖然我們員工總人數同比下降17%，以美元計價的資產管理規模（AUM）卻增加11.7%。更重要的是，我們海外理財經理（RM）人數同比下降36.2%，而海外資產仍持續成長。這表明我們開始將資產成長與RM人數成長脫鉤；在傳統財富管理中，兩者歷來呈高度線性關係。

This is also the most important message we would like to communicate to the market today. For Noah, AI is no longer simply about improving efficiency or reducing costs. It is beginning to change how we organize our front office, how we serve clients, and how we expand globally. Today, I will discuss our financial performance, our Mainland China business, our international business, and our key priorities for the second half of the year.

這也是我們今天最希望向市場傳達的核心訊息。對諾亞而言，AI不再只是提升效率或降低成本。它正開始改變我們如何組織前台、如何服務客戶，以及如何在全球擴張。今天我將討論我們的財務表現、中國大陸業務、國際業務，以及下半年重點工作。

(spoken in foreign language)

(外語發言)

(interpreted) In the second quarter, we generated net revenue of RMB620 million. Operating income was RMB216 million, up 34% year over year, with an operating margin of 34.8%. Non-GAAP net income attributable to Noah was RMB238 million, up 25.9% year over year, and 77.8% quarter over quarter. For the first half of the year, net revenues were RMB1.25 billion, broadly flat year over year.

(翻譯) 第二季我們實現淨收入人民幣6.20億元。營業利潤為人民幣2.16億元，同比增長34%，營業利潤率為34.8%。歸屬於諾亞的非GAAP淨利潤為人民幣2.38億元，同比增長25.9%，環比增長77.8%。上半年淨收入為人民幣12.5億元，與去年同期大致持平。

Operating income reached RMB452 million, up 30.3% year over year, with an operating margin of 36.3%, representing an improvement of 8.4 percentage points from the same period last year. Non-GAAP net income was RMB372 million, up 3.9% year over year. This quarter also marked Noah’s 63rd consecutive quarter of Non-GAAP profitability since our IPO.

營業利潤達人民幣4.52億元，同比增長30.3%，營業利潤率為36.3%，較去年同期提升8.4個百分點。非GAAP淨利潤為人民幣3.72億元，同比增長3.9%。本季亦標誌著自我們IPO以來，諾亞已連續第63個季度實現非GAAP獲利。

While total revenue remained quarterly stable compared with last year, the composition of our revenue and our operating efficiency have changed meaningfully. I’d like to explain this change clearly.

雖然與去年相比總收入在季度層面保持穩定，但我們的收入結構與營運效率已出現顯著變化。我想清楚說明這一變化。

On one hand, revenues associated with the legacy model are being phased out in an ordinary manner. Net distribution income declined 36% year over year in the first half, including a 53.8% decline in insurance-related products. This contraction reflects deliberate strategic choices we have made. I will discuss the Mainland China and international business separately in more details later.

一方面，與舊有模式相關的收入正以正常節奏逐步退出。上半年淨分銷收入同比下降36%，其中保險相關產品下降53.8%。這一下滑反映了我們所做出的有意識的策略選擇。我稍後將分別就中國大陸與國際業務作更詳細說明。

On the other hand, revenues associated with our investment capabilities are increasingly being realized. Net performance-based income, or what we call Carry, reached RMB238 million in the first half, up 364% year over year. Distribution income from investment products increased 13.4%. Investment income was RMB39.79 million, compared with a loss in the same period last year. At the same time, operating efficiency continued to improve.

另一方面，與我們投資能力相關的收入正日益實現。上半年淨業績報酬收入（我們稱之為Carry）達人民幣2.38億元，同比增長364%。投資產品的分銷收入增長13.4%。投資收益為人民幣3,979萬元，而去年同期為虧損。同時，營運效率持續改善。

Operating costs and expenses declined 11.6% year over year in the first half, including a 12.7% reduction in personnel costs. These improvements reflect both disciplined cost management and organizational streamlining. But more importantly, we believe that they reflect a structural change in how Noah is beginning to operate. We are now increasingly operating with a leaner, more digitalized model that relies more on platform capabilities and less on simply adding headcount. This is one of the structural outcomes we are beginning to see after several quarters of sustained investment in AI.

上半年營運成本與費用同比下降11.6%，其中人員成本下降12.7%。這些改善反映了嚴格的成本管理與組織精簡。但更重要的是，我們認為這反映了諾亞營運方式正在發生結構性變化。我們正日益以更精實、更數位化的模式運作，更依賴平台能力，而非僅僅透過增加人手來推動成長。這是我們在連續數季持續投入AI之後，開始看到的結構性成果之一。

(spoken in foreign language)

(外語發言)

(interpreted) Our view of the earning structure is clear. During the transformation period, carry realization and cost discipline provide support for profitability. And for recurring revenues to return to sustainable growth, new growth engines must come online.

(翻譯) 我們對盈利結構的看法很清晰。在轉型期間，Carry的實現與成本紀律為獲利能力提供支撐。而要讓經常性收入回到可持續成長，新成長引擎必須上線。

The AI Wealth Management Department is one of new growth engines we are now actively validating. This will be one of management’s most important priorities in the second half of the year. We maintain the outlook we provide on our first-quarter earnings call. We expect our full-year operating margin to remain at a healthy level above 30%, while quarterly results may naturally fluctuate depending on product mix and the timing of expenses.

AI財富管理部門是我們目前正積極驗證的新成長引擎之一。這將是管理層在下半年最重要的工作重點之一。我們維持在第一季業績電話會議上提供的展望。我們預期全年營業利潤率將維持在30%以上的健康水準，但季度結果可能會因產品組合及費用發生時點而自然波動。

(spoken in foreign language)

（外語發言）

(interpreted) Carry is not a one-time outcome driven by luck. It is the result of a long-term, systematic investment capability that can continuously generate value across investment cycles. Our underlying model consists of three layers.

（翻譯）Carry 並非一次性的、靠運氣驅動的結果。它是長期、系統性的投資能力所帶來的成果，能夠在不同投資週期中持續創造價值。我們的底層模型由三個層次構成。

The first layer is investing as an LP in leading global funds, which gives us exposure to the most advanced industry insights and investment opportunities. The second layer is using our fund of funds portfolio to broaden that information network and observe the collective investment decisions of leading global investment institutions.

第一層是作為 LP 投資於全球領先基金，讓我們接觸到最前沿的產業洞察與投資機會。第二層是運用我們的母基金（fund of funds）組合擴大資訊網路，並觀察全球領先投資機構的集體投資決策。

The third layer is co-investment and direct investment, where we convert the information advantage accumulated through the first two layers into more concentrated sources of potential return and carry. Together, these three layers form the foundation of our continuously evolving product portfolio.

第三層是共同投資與直接投資，我們將前兩層累積的資訊優勢，轉化為更集中的潛在回報與 carry 來源。這三個層次共同構成我們持續演進的產品組合之基礎。

Funds established in different vintages are at different stages of their life cycles. As earlier funds progressively enter their harvesting periods, they create the foundation for recurring carry realization rather than dependence on any single investment or exit. At the same time, AI and data capabilities are further strengthening this investment system.

不同年份（vintage）成立的基金，處於其生命週期的不同階段。隨著較早期基金逐步進入收穫期，它們為 carry 的週期性實現奠定基礎，而非依賴任何單一投資或退出。同時，AI 與數據能力也在進一步強化這套投資系統。

On the asset side, we positioned ourselves relatively early in several core segments of the global AI value chain, and many of these assets remain in the early to middle stages of value realization. We look through nearly 60 underlying funds and use institutionalized data systems and cross-validation to understand what leading GPs are investing in together, where they are increasing their exposure, and where capital and industry trends are converging.

在資產端，我們相對較早布局於全球 AI 價值鏈的若干核心環節，其中許多資產仍處於價值實現的早中期階段。我們穿透近 60 支底層基金，並運用制度化的數據系統與交叉驗證，理解領先 GP 正在共同投資哪些標的、在哪些領域加大配置，以及資本與產業趨勢在哪裡匯聚。

On the client side, AI is helping us address another equally important question. It is not only about selecting the right product, it is also about identifying the right client and matching the right product with the right client at the right time.

在客戶端，AI 正在幫助我們解決另一個同樣重要的問題。不僅是選對產品，也是在對的時間識別對的客戶，並將對的產品匹配給對的客戶。

Investment judgment, client understanding, and asset allocation are increasingly being connected through data. The deeper the data becomes, the more precise our judgment can be. When clients achieve strong investment outcomes, the reinvestment rates and AUM can increase, which in turn creates the potential for future carry. This is the long-term flywheel we are working to build.

投資判斷、客戶理解與資產配置正日益透過數據連結在一起。數據越深入，我們的判斷就越精準。當客戶取得良好的投資成果時，再投資率與 AUM 可能提升，進而創造未來 carry 的潛力。這就是我們正在打造的長期飛輪。

Our Hong Kong platform has historically distributed a cumulative USD158 million in carry already, demonstrating a track record of actual realization. Of course, alternative investments are inherently cyclical, and carry will fluctuate from year to year. We will not normalize or make linear assumptions around carry, and we will continue to provide updates each quarter.

我們的香港平台歷史上已累計分配 1.58 億美元的 carry，展現了實際落袋的往績。當然，另類投資本質上具有週期性，carry 也會逐年波動。我們不會對 carry 進行常態化或做線性假設，並將持續每季提供更新。

(spoken in foreign language)

（外語發言）

(interpreted) In terms of transaction values, total fundraising reached RMB40.5 billion in the first half, up 22.4% year over year. US dollar-denominated product fundraising reached USD2.45 billion, up 8.4% year over year, accounting for 41% of the total. As of end -- June 30, Group AUM returned to sequential growth and reached RMB140.9 billion. US dollar-denominated AUM reached $6.5 billion, up 11.7% year over year. While US dollar-denominated AUA reached USD9.78 billion, up 7.5%.

（翻譯）就交易規模而言，上半年募資總額達人民幣 405 億元，同比增長 22.4%。美元計價產品募資達 24.5 億美元，同比增長 8.4%，佔總額的 41%。截至 6 月 30 日，集團 AUM 恢復環比增長，達人民幣 1,409 億元。美元計價 AUM 達 65 億美元，同比增長 11.7%。美元計價 AUA 達 97.8 億美元，同比增長 7.5%。

Our balance sheet remains strong. As of June 30, we held approximately RMB5 billion in cash equivalents and short-term investments with zero interest-bearing debts. We also made important progress this quarter in resolving the legacy Camsing matter. During the first half, we completed the issuance of shares to clients who had previously entered into the settlement agreement.

我們的資產負債表仍然穩健。截至 6 月 30 日，我們持有約人民幣 50 億元的現金等價物及短期投資，且無任何計息負債。本季度我們在解決歷史遺留的承興（Camsing）事項方面也取得重要進展。上半年，我們已完成向此前簽署和解協議的客戶發行股份。

In the second quarter, we introduced a new settlement proposal for clients who had not yet settled, and the number of investors accepting the proposal continues to increase. Given the adequate provision we made previously record, we recognize a partial reversal during the second quarter. The uncertainty associated with this legacy matter has now been meaningfully reduced.

第二季度，我們為尚未和解的客戶推出新的和解方案，接受該方案的投資者數量持續增加。鑑於我們此前已計提充足撥備，本季度確認了部分撥備回轉。與該歷史遺留事項相關的不確定性現已顯著降低。

(spoken in foreign language)

（外語發言）

(interpreted) Our Mainland China business continued in the direction we established in the first quarter, returning to the fundamentals of investment and asset allocation, with greater focus on standardized assets that offer sustainable long-term allocation value. In the second quarter, Mainland China generated net revenues of RMB384 million. For the first half, net revenues totaled RMB776 million, up approximately 20.7% year over year.

（翻譯）我們的中國內地業務延續第一季度確立的方向，回歸投資與資產配置的本質，更加聚焦於具備可持續長期配置價值的標準化資產。第二季度，中國內地實現淨收入人民幣 3.84 億元。上半年淨收入合計人民幣 7.76 億元，同比增長約 20.7%。

Noah Upright raised RMB8.27 billion in the first half and generated net revenues of RMB414 million, up 59.8% year over year. For Upright, our operating philosophy is becoming increasingly simple. The most important measure of success is whether our clients make a profit. We focus on client profitability, client retention, and weighted investment returns.

諾亞正行（Noah Upright）上半年募集人民幣 82.7 億元，實現淨收入人民幣 4.14 億元，同比增長 59.8%。對於 Upright 而言，我們的經營理念正變得越來越簡單。衡量成功最重要的標準，是客戶是否賺到錢。我們聚焦於客戶盈利、客戶留存，以及加權投資回報。

Our current product shelf is primarily focused on defensive strategies such as market-neutral quantitative strategies and CTAs. In the current market environment, we are not pushing scale for the sake of scale. Instead, we are placing greater emphasis on asset quality, client investment outcomes, and long-term trust.

我們目前的產品貨架主要聚焦於防禦型策略，例如市場中性量化策略與 CTA。在當前市場環境下，我們不會為了規模而追求規模。相反，我們更加重視資產品質、客戶投資結果與長期信任。

Gopher generated net revenues of RMB341 million in the first half, broadly flat year over year. Our Mainland China insurance business generated net revenues of RMB382 million in the first half. We have proactively reduced and gradually exited the traditional high commission protection product model, shifting instead to more comprehensive services such as family succession and inheritance planning. This adjustment began before the relevant regulatory requirements and reflected our own long-term assessment of client value.

歌斐（Gopher）上半年實現淨收入人民幣 3.41 億元，同比基本持平。我們的中國內地保險業務上半年實現淨收入人民幣 3.82 億元。我們已主動降低並逐步退出傳統高佣金的保障型產品模式，轉而提供更全面的服務，例如家族傳承與繼承規劃。這一調整早於相關監管要求，反映了我們對客戶價值的長期判斷。

The future positioning of our Mainland China business is becoming increasingly clear. We will focus on secondary market investments, serve clients through professional investments and asset allocation of capabilities, and use AI to improve client engagement and service efficiency.

我們中國內地業務的未來定位正日益清晰。我們將聚焦二級市場投資，透過專業投資與資產配置能力服務客戶，並運用 AI 提升客戶互動與服務效率。

(spoken in foreign language)

（外語發言）

(interpreted) Let me first review the numbers for our international business. Net revenues from the international segment were RMB469 million in the first half, accounting for 37.7% of group net revenues and declining 21.9% year over year. This decline needs to be understood in context.

（翻譯）我先回顧一下我們國際業務的數據。上半年國際板塊淨收入為人民幣 4.69 億元，佔集團淨收入的 37.7%，同比下降 21.9%。這一下降需要結合背景來理解。

Nearly 90% of the decline came from the deliberate contraction of our insurance business and the exit from legacy referral channels. Excluding those two factors, revenue from US dollar-denominated investment products were broadly flat year over year. While our client base and assets continue to grow, US dollar-denominated AUM increased 11.7% year over year. As of end June, registered overseas clients reached 21,059, up 11% year over year.

下降中近 90% 來自我們有意收縮保險業務，以及退出歷史遺留的轉介渠道。剔除這兩項因素後，美元計價投資產品的收入同比基本持平。在客戶基礎與資產持續增長的同時，美元計價 AUM 同比增長 11.7%。截至 6 月底，註冊海外客戶達 21,059 名，同比增長 11%。

Overseas diamond and black card clients reached 1,791, up 8.9%. Active overseas clients reached 3,494 in the second quarter, up 8.5% sequentially. Our assessment of the current stage of our international business therefore remains unchanged. We are not losing clients or assets.

海外鑽石與黑卡客戶達 1,791 名，同比增長 8.9%。第二季度活躍海外客戶達 3,494 名，環比增長 8.5%。因此，我們對國際業務當前階段的判斷保持不變。我們並未流失客戶或資產。

The legacy engines are simply being phased out faster than the new engines are coming online. This is consistent with the revenue mix transition we have discussed with the market over the past several quarters. However, one development in the second quarter is particularly important. As of the end of the second quarter, overseas RM headcount was down 36.2% year over year, while US dollar-denominator AUM increased by 11.7%.

舊有引擎的退場速度，單純只是快於新引擎上線的速度。這與我們過去幾個季度與市場討論的營收組合轉型一致。然而，第二季有一項進展尤其重要。截至第二季末，海外RM人數同比下降36.2%，而以美元計價的AUM則增加11.7%。

Under the traditional wealth management operating model, these two outcomes would rarely occur at the same time. Historically, the industry’s growth formula has been straightforward. More RMs lead to more clients, more clients lead to more AUM and more revenue. However, the past year, we have been working to change that equation.

在傳統的財富管理營運模式下，這兩個結果很少會同時發生。過去，行業的成長公式一直很直接。更多RM帶來更多客戶，更多客戶帶來更多AUM與更多營收。然而在過去一年，我們一直在努力改變這個等式。

On our first quarter earnings call, we introduced the three front office engines that we believe will define Noah’s future operating model. First, AI-empowered RMs; second, the AI Wealth Management Department; and third, AI plus ecosystem expansion. After the second quarter, we are beginning to see the second front office engine, the AI Wealth Management Department, moves from an organizational concept into a real operating model.

在第一季財報電話會議上，我們介紹了三個我們相信將定義諾亞未來營運模式的前台引擎。第一，AI賦能的RM；第二，AI財富管理部門；第三，AI加上生態系擴張。在第二季之後，我們開始看到第二個前台引擎——AI財富管理部門——正從一個組織概念走向真正的營運模式。

So what is the AI Wealth Management Department? It is not simply about giving traditional RMs a few additional AI tools. As its core, it represents a new way of organizing the front office of a wealth management business. Historically, one client was typically associated with one RM. The client experience, product understanding, frequency of engagement, and often a significant amount of client information will highly depend on that individual RM. This makes traditional wealth management industry inherently difficult to scale.

那麼，什麼是AI財富管理部門？它不只是給傳統RM增加幾個AI工具。其核心代表的是一種重新組織財富管理業務前台的新方式。過去，一位客戶通常對應一位RM。客戶體驗、對產品的理解、互動頻率，以及往往大量的客戶資訊，都高度依賴該名RM個人。這使得傳統財富管理行業天生難以規模化。

The AI Wealth Management Department seeks to redesign this process. AI and a centralized wealth management team handle a significant portion of high-frequency standardized and digitalized client engagement and daily services.

AI財富管理部門旨在重新設計這一流程。AI與集中化的財富管理團隊，負責相當一部分高頻、標準化與數位化的客戶互動及日常服務。

Licensed professionals are responsible for the critical stages requiring judgment, compliance, and professional accountability. Ecosystem partners then expand our client reach. Under this model, a client no longer belongs simply to an individual RM. The client is served by the combined capabilities of the entire Noah platform.

持牌專業人士負責需要判斷、合規與專業責任承擔的關鍵環節。生態系合作夥伴則進一步擴大我們的客戶觸達。在此模式下，客戶不再只是屬於某一位RM。客戶由整個諾亞平台的綜合能力共同服務。

This is where we believe AI can fundamentally change wealth management. It is not simply about helping one RM preparing materials faster. It is about giving wealth management the opportunity to move from an individual productivity model toward an institutionalized productivity model.

我們相信，這正是AI能夠從根本上改變財富管理的地方。它不只是幫助某位RM更快準備材料。而是讓財富管理有機會從「個人生產力模式」走向「制度化生產力模式」。

(spoken in foreign language)

（外語發言）

(interpreted) Singapore is the first market where we have fully tested this model. From its launch in the fourth quarter of last year, Singapore AUM grew from less than USD100 million to more than USD400 million by the second quarter, and the business achieved monthly profitability in July. What is even more important is how that growth was achieved.

（翻譯）新加坡是我們第一個完整測試此模式的市場。自去年第四季啟動以來，新加坡AUM從不足1億美元增長至第二季超過4億美元，並於7月實現月度盈利。更重要的是，這一增長是如何實現的。

Today, 92% of clients are covered by our AI-enabled service model for day-to-day engagement. While licensed professionals remain responsible for regulated activities, professional judgment, and compliant delivery. This allows our professionals to spend significantly less time on repetitive administrative work, information organization, and standardized services, and more time on the things that truly require human capability: understanding clients, building trust, identifying needs, and communicating around important decisions.

目前，92%的客戶日常互動由我們的AI賦能服務模式覆蓋。而持牌專業人士仍負責受監管活動、專業判斷以及合規交付。這使我們的專業人士能大幅減少在重複性行政工作、資訊整理與標準化服務上的時間投入，將更多時間用在真正需要人類能力的事情上：理解客戶、建立信任、識別需求，以及就重要決策進行溝通。

AI at the same time, external and ecosystem partners contribute 42% of our new AUM. Singapore raised USD158 million in the first half, up 126% year over year. And this growth was achieved without relying on a large expansion in RM headcount. For us, the significance of these numbers goes well beyond the growth of the Singapore business itself.

同時，外部與生態系合作夥伴貢獻了我們新增AUM的42%。新加坡上半年募集1.58億美元，同比增長126%。而這一增長並未依賴RM人數的大幅擴張。對我們而言，這些數字的意義遠不止新加坡業務本身的成長。

For the first time, they demonstrated that Noah may be able to gradually shift wealth management from a growth model highly depending on recruiting more RMs to build a model driven by an AI platform, licensed professional plus ecosystem partners. If this model continues to be validated, it has the potential to change our unit economics, management span and ability to replicate our business globally. This is why we view the AI Wealth Management Department as a potentially important new growth curve for Noah.

這是第一次證明，諾亞或許能逐步將財富管理從高度依賴招募更多RM的成長模式，轉向由AI平台、持牌專業人士加上生態系合作夥伴所驅動的模式。若此模式持續得到驗證，它有潛力改變我們的單位經濟效益、管理幅度以及在全球複製業務的能力。因此，我們將AI財富管理部門視為諾亞一條可能重要的新成長曲線。

(spoken in foreign language)

（外語發言）

(interpreted) Looking at our international business by segment. ARK Private Wealth generated net revenues of RMB193 million in the first half, including RMB88.65 million in the second quarter. Olive Asset Management generated net revenues of RMB198 million in the first half. US dollar-denominated private equity fundraising reached USD410 million, up 13.4% year over year. US dollar-denominated structured products and hedge fund fundraising reached USD590 million, up 33.2%. Glory generated net revenues of RMB78.24 million in the first half, while its independent broker network expanded to 238 professionals.

（翻譯）按分部來看我們的國際業務。ARK Private Wealth上半年實現淨營收人民幣1.93億元，其中第二季為人民幣8,865萬元。Olive Asset Management上半年實現淨營收人民幣1.98億元。以美元計價的私募股權募資達4.10億美元，同比增長13.4%。以美元計價的結構性產品與對沖基金募資達5.90億美元，同比增長33.2%。Glory上半年實現淨營收人民幣7,824萬元，同時其獨立經紀人網絡擴展至238名專業人士。

Our international strategy has not changed. We remain focused on serving Chinese high-net-worth families around the world. Their assets, families, residency application and next generation planning are becoming increasingly global. Historically, serving these clients simultaneously across Hong Kong, Singapore, Japan, Canada, Australia, the UK, Europe and the United States would have required a large local RM and operating organization in every market. That made economically efficient global coverage extremely difficult.

我們的國際策略沒有改變。我們仍專注於服務全球範圍內的中國高淨值家庭。他們的資產、家庭、居留申請以及下一代規劃正變得日益全球化。過去，要同時在香港、新加坡、日本、加拿大、澳洲、英國、歐洲與美國服務這些客戶，通常需要在每個市場建立龐大的本地RM與營運組織。這使得以經濟高效的方式實現全球覆蓋極其困難。

Yet the AI Wealth Management Department changes the core structure of globalization. Markets that previously could not be economically covered because of insufficient client density may increasingly become addressable through a combination of the AI Wealth Management Department, local licensed professionals, and ecosystem partners. This is why we often say AI is making it possible for the first time for Noah to serve Chinese high-net-worth families around the world at scale.

然而，AI財富管理部門改變了全球化的核心結構。過去因客戶密度不足而無法以經濟方式覆蓋的市場，可能將越來越能透過AI財富管理部門、本地持牌專業人士與生態系合作夥伴的組合來觸達。這也是為什麼我們常說，AI首次讓諾亞有可能以規模化方式服務全球的中國高淨值家庭。

(spoken in foreign language)

（外語發言）

(interpreted) Coming to the last part of this presentation would be the second-half priorities, from one proof point to a replicable system. In the first quarter, we introduced the three front office engines that are beginning to shape our new operating model. AI empowers RM, the AI Wealth Management Department, and AI plus ecosystem expansion. If the first quarter was about introducing and initially validating this model, then the most important progress in the second quarter was that the AI Wealth Management Department produced its first operating proof point.

（翻譯）本次簡報的最後一部分，是下半年的重點：從一個驗證點走向可複製的系統。第一季，我們介紹了三個前台引擎，正開始塑造我們新的營運模式。AI賦能RM、AI財富管理部門，以及AI加上生態系擴張。如果第一季重點在於介紹並初步驗證該模式，那麼第二季最重要的進展是AI財富管理部門產生了第一個營運層面的驗證點。

Our priority for the second half is to move from one proof point toward the system that can be replicated across markets. We will focus on four major areas. First, replicate the Singapore AI Wealth Management Department model across more markets. The Singapore model has completed its first stage of validation, from launch to AUM growth to monthly profitability.

我們下半年的優先事項，是從單一驗證點邁向可在各市場複製的系統。我們將聚焦四大領域。第一，在更多市場複製新加坡AI財富管理部門模式。新加坡模式已完成第一階段驗證，從啟動到AUM增長再到月度盈利。

We are now working to replicate this model in Hong Kong and Japan, with plans to gradually expand into Canada, Australia, the UK and Europe. We do not intend to replicate the traditional wealth management model of building a heavy physical footprint in every market.

我們目前正推動在香港與日本複製該模式，並計劃逐步擴展至加拿大、澳洲、英國與歐洲。我們無意複製傳統財富管理模式，即在每個市場建立沉重的實體據點。

Our basic architecture will be centralized AI wealth management capabilities, plus local licensed professional, plus local ecosystem partners. AI emphasizes the service capability of the platform. Licensed professionals provide professional judgment and compliant delivery. Ecosystem partners allows us to reach more clients with a lower fixed cost base. If this model can be replicated successfully, we believe it could meaningfully improve the future unit economics of our international business.

我們的基本架構將是：集中式的 AI 財富管理能力，加上當地持牌專業人士，以及當地生態系合作夥伴。AI 強調平台的服務能力。持牌專業人士提供專業判斷與合規交付。生態系合作夥伴使我們能以較低的固定成本基礎觸達更多客戶。如果這個模式能成功複製，我們相信它將能實質改善我們國際業務未來的單位經濟效益。

(spoken in foreign language)

(以外語發言)

(interpreted) Second, use AI to strengthen investment capabilities and the sustainable realization of carry. On the asset side, we look through nearly 60 underlying funds and continuously analyze the common investment and follows-on investment decision of leading global GPs. On the client side, we use AI and data capabilities to improve the quality of product to client matching. This is not simply product recommendation.

(口譯)第二，運用 AI 強化投資能力，以及業績分成（carry）的可持續實現。在資產端，我們穿透檢視近 60 檔底層基金，並持續分析全球領先 GP 的共同投資與後續投資決策。在客戶端，我們運用 AI 與數據能力提升產品與客戶匹配的品質。這不僅僅是產品推薦。

Our objective is to understand the client’s real needs, risk tolerance, existing asset allocation, and historical investment behavior, and then we can identify the assets that are most appropriate for our client. When clients achieve strong investment outcomes, satisfaction and reinvestment rates would be improved.

我們的目標是理解客戶的真實需求、風險承受度、既有資產配置與歷史投資行為，進而識別最適合客戶的資產。當客戶取得良好的投資成果時，滿意度與再投資率將會提升。

Reinvestment drives AUM growth and when high quality assets ultimately realize their value, they generate carry. This flywheel has already begun to turn. In the second half, we intend to further deepen the data foundation and improve the efficiency of this system.

再投資推動 AUM 成長，而當高品質資產最終實現其價值時，便會產生業績分成（carry）。這個飛輪已經開始轉動。在下半年，我們計畫進一步夯實數據基礎，並提升這套系統的效率。

(spoken in foreign language)

(以外語發言)

(interpreted) Third, we will continue to strengthen our international operating infrastructure. During the quarter, the group continued to strengthen the operating infrastructure supporting our international business development. The group established a partnership with US licensed banking institution, Column Bank, or Column National Association to enhance account opening, multi-currency settlement, and payment processing capabilities for our international clients.

(口譯)第三，我們將持續強化國際營運基礎設施。本季度，集團持續加強支援國際業務發展的營運基礎設施。集團與美國持牌銀行機構 Column Bank（或 Column National Association）建立合作，以提升我們國際客戶的開戶、多幣別結算與支付處理能力。

This partnership is part of the international middle-and-back-office infrastructure we have been building since 2024 and is designed to improve client service efficiency and operating scalabilities across our licensed entities in Hong Kong, Singapore, the United States and Japan. The relevant services are provided only to non-mainland Chinese residents, clients who meet applicable law regulatory requirements.

此合作是我們自 2024 年以來持續建置的國際中後台基礎設施的一部分，旨在提升客戶服務效率，並提高我們在香港、新加坡、美國與日本等持牌實體之間的營運可擴展性。相關服務僅提供給非中國大陸居民，且須符合適用法律與監管要求的客戶。

Why does this infrastructure matter? Because if the AI Wealth Management Department is ultimately going to scale across markets, AI in the front office is only one part of the equation. Account opening, transactions, payments, compliance, and asset execution must also operate through an integrated and efficient infrastructure. Front-office AI transformation and back-end platformization must happen together for global expansion to generate true economies of scale.

為什麼這些基礎設施重要？因為若 AI 財富管理部門最終要在多個市場規模化，前台的 AI 只是方程式的一部分。開戶、交易、支付、合規與資產執行也必須透過一套整合且高效率的基礎設施運作。前台 AI 轉型與後端平台化必須同步推進，全球擴張才能產生真正的規模經濟。

(spoken in foreign language)

(以外語發言)

(interpreted) Last but not least, build a global ecosystem partner network powered by AI. Our enterprise-focused platform has now accumulated more than USD33 million in AUM. Our business partner program has been launched with the first group of partner institutions registered in Hong Kong and Singapore. All regulated activities are conducted by licensed professionals.

(口譯)最後但同樣重要的是，打造由 AI 驅動的全球生態系合作夥伴網絡。我們面向企業的平臺目前已累積超過 3,300 萬美元的 AUM。我們的業務合作夥伴計畫已啟動，首批合作機構已在香港與新加坡完成註冊。所有受監管活動均由持牌專業人士執行。

We are beginning to see our front office engine AI plus ecosystem expansion connect with the AI Wealth Management Department. In the future, an ecosystem partner should not need to rebuild an entire infrastructure converting products, research, technology, accounts, operations and compliance. Once Noah has built this infrastructure, our partners can leverage these capabilities within the appropriate regulatory framework to better serve their own clients.

我們開始看到：我們的前台引擎（AI + 生態系擴張）正與 AI 財富管理部門連結起來。未來，生態系合作夥伴不應需要重新搭建一整套基礎設施來整合產品、研究、技術、帳戶、營運與合規。一旦諾亞建好這套基礎設施，我們的合作夥伴即可在適當的監管框架下運用這些能力，更好地服務其自身客戶。

We build the financial infrastructure once and the global network can reuse it rapidly. This is the model we are looking forward and we are working toward expanding our service reach through platform capabilities rather than expanding our organizational footprint through tech cycles.

我們把金融基礎設施建一次，全球網絡就能快速重複使用。這就是我們所期待的模式；我們正致力於透過平台能力擴大服務觸達，而不是在技術週期中透過擴張組織版圖來擴張。

(spoken in foreign language)

(以外語發言)

(interpreted) We remain in the middle of transformation. The near-term pressure points are transparent, and we will not avoid them. But compared with several quarters ago, our confidence in the future operating model is increasingly supported by real operating data.

(口譯)我們仍處於轉型的中段。短期的壓力點是透明的，我們不會迴避。但與幾個季度前相比，我們對未來營運模式的信心，正越來越多地由真實的營運數據所支撐。

In the first quarter, the new operating model began to show initial signs of validation. By the second quarter, we are already seeing possibility AUM growth, improved positivity. A working Singapore proof point and a model that is beginning to demonstrate replay capability. Most importantly, the implementation of the AI Wealth Management Department has given us a much clearer view of something we believe is fundamental.

在第一季度，新營運模式開始顯現初步驗證的跡象。到了第二季度，我們已經看到 AUM 成長的可能性，以及更正向的改善。新加坡的可行性驗證點正在運作，且該模式開始展現可重複演練（可複製）能力。最重要的是，AI 財富管理部門的落地，讓我們更清楚地看見一件我們認為至關重要的事情。

AI is not simply helping Noah do what we already do faster and at a lower cost. It may allow us to do things that were not economically possible under the traditional wealth management model. Under the traditional model, global expansion meant continuously hiring more RMs, opening more offices and adding more fixed costs. Yet, under the new model, we aim to serve Chinese high-net-worth families across different markets through a combination of an AI-powered platform, plus licensed professional and global financial infrastructures and an ecosystem partner network.

AI 不只是幫助諾亞把我們原本在做的事情做得更快、成本更低。它可能讓我們做到在傳統財富管理模式下在經濟上不可行的事情。在傳統模式下，全球擴張意味著不斷招聘更多 RM、開設更多辦公室並增加更多固定成本。然而在新模式下，我們希望透過 AI 驅動的平台、持牌專業人士、全球金融基礎設施以及生態系合作夥伴網絡的組合，跨不同市場服務全球的華人高淨值家庭。

If this model continues to be validated, Noah’s future growth will become progressively less dependent on how many people we add and increasingly depend on, first, how many clients our platform can serve; second, how deeply our AI can understand those clients; third, how much value our investment platform can create; and how many professional partners our ecosystem can connect. This, in our view, is the fundamental transformation of a wealth management company in the AI era.

如果這個模式持續獲得驗證，諾亞未來的成長將會逐步降低對新增人力數量的依賴，並越來越取決於：第一，我們的平台能服務多少客戶；第二，我們的 AI 能多深入地理解這些客戶；第三，我們的投資平台能創造多少價值；以及我們的生態系能連結多少專業合作夥伴。在我們看來，這就是 AI 時代財富管理公司的根本性轉型。

Noah is evolving from a traditional wealth management institution into an AI-driven global wealth management platform serving Chinese high-net-worth families around the world. This transformation will not happen overnight, but beginning this quarter, it is no longer simply a vision. It is becoming a real operating model which clients AUM revenue profitability and increasingly evidence of repeatable across markets. Wealth management is a lifelong commitment.

諾亞正從傳統財富管理機構，演進為一個以 AI 驅動、服務全球華人高淨值家庭的全球財富管理平台。這場轉型不會一蹴可幾，但從本季度開始，它不再僅僅是一個願景。它正在成為一個真實的營運模式，並在客戶、AUM、收入與獲利能力上，越來越多地呈現可跨市場重複驗證的證據。財富管理是一項終身承諾。

Thank you for your time, and I will now turn the call over to our CFO, Grant, who will walk you through our financial results in greater detail.

感謝各位撥冗聆聽。接下來我將把電話會議交給我們的財務長 Grant，他將更詳細地帶各位回顧我們的財務結果。

Thank you, Doreen, and thank you, Zander. Good day to everyone joining us. As Zander laid out in great details just now, we are at the turning point of upgrading our business. Our second quarter was about the quality of our profitability rather than pure growth in revenue.

謝謝你，Doreen，也謝謝你，Zander。各位與會者大家好。正如 Zander 剛才非常詳細地闡述，我們正處於業務升級的轉折點。我們第二季度的重點在於獲利品質，而非單純追求營收成長。

Our operating profit was RMB216 million in the second quarter, up 34% year over year, with operating margin at 34.8%. Non-GAAP net income was RMB238 million, up 25.9% year over year and 77.8% sequentially. For the first half of 2026, operating profit was RMB452 million, up 30.3%, with a record half year margin of 36.3%. This was also our third consecutive quarter of year-over-year operating profit growth.

第二季度我們的營業利潤為人民幣 2.16 億元，同比增長 34%，營業利潤率為 34.8%。非 GAAP 淨利為人民幣 2.38 億元，同比增長 25.9%，環比增長 77.8%。2026 年上半年，營業利潤為人民幣 4.52 億元，同比增長 30.3%，半年期利潤率創紀錄達 36.3%。這也是我們連續第三個季度實現營業利潤同比增長。

The cost optimization behind the margin expansion is structural rather than cyclical. Operating costs fell 13.7% year over year, and total headcount streamlined about 17%. For the first half, costs were down 11.6% on flat growth in revenue. Delivering the same revenue from a materially smaller cost base is what produced margin and efficiency. Importantly, this is increasingly about more than simply reducing overheads. It reflects a leaner operating model enabled by AI and process redesign.

推動利潤率擴張的成本優化是結構性的，而非週期性的。營運成本同比下降 13.7%，總員工數精簡約 17%。上半年，在營收持平的情況下，成本下降 11.6%。以顯著更小的成本基礎實現相同的收入，正是利潤率與效率提升的原因。重要的是，這已不僅僅是單純削減管理費用。這反映出一種由 AI 與流程再設計所賦能的更精益營運模式。

As our CEO discussed, US dollar AUM grew 11.7% year over year even as overseas RM headcount declined 36.2%. This is early financial evidence that we are beginning to support a larger asset base with a more efficient organization.

如我們的執行長所討論，美元計價AUM在海外RM人數同比下降36.2%的情況下，仍同比成長11.7%。這是早期的財務證據，顯示我們正開始以更高效率的組織來支撐更大的資產規模。

Carry or performance-based income was RMB138 million in the quarter and RMB238 million in the first half. Carry is not a one-off event in our model. We have recognized performance income in every year we have reported, and it grew 78% in 2025.

本季的Carry（業績分成／績效型收入）為人民幣1.38億元，上半年為人民幣2.38億元。在我們的模式中，Carry並非一次性事件。我們在每一個已披露的年度都確認了績效收入，且在2025年成長78%。

In Hong Kong alone, we have distributed USD158 million of carry to date. Supporting the story is a US dollar asset base that keeps growing. US dollar AUM up 11.7% and US dollar AUA up 7.5% year over year. Of course, it is challenging to forecast carry income because realization depends on market conditions, exit opportunities, and the timing of underlying portfolio realizations.

僅在香港，我們迄今已分配美元1.58億的Carry。支撐這個故事的是持續成長的美元資產基礎。美元AUM同比上升11.7%，美元AUA同比上升7.5%。當然，預測Carry收入具有挑戰性，因為變現取決於市場狀況、退出機會以及底層投資組合變現的時點。

With that, let me take you through the details. Net revenue. Second-quarter net revenue was RMB620 million, down 1.5% year over year and 0.9% sequentially. First-half net revenue was RMB1.25 billion, in line with last year. One-time commission were RMB87 million, down 44.1% year over year. The decline is mainly attributed to insurance income, where commissions fell 58.2% year over year.

接下來，我帶各位看細節。淨收入。第二季淨收入為人民幣6.20億元，同比下降1.5%，環比下降0.9%。上半年淨收入為人民幣12.5億元，與去年持平。一次性佣金為人民幣8,700萬元，同比下降44.1%。下降主要歸因於保險收入，該部分佣金同比下降58.2%。

This also reflects competition intensified in this market and our own position to walk away from business that does not meet our margin and suitability standards. Recurring management fees were RMB360 million, down 10.8% year over year and 5% sequentially as legacy RMB private equity assets run off.

這也反映出該市場競爭加劇，以及我們選擇退出不符合我們利潤率與適當性標準的業務。經常性管理費為人民幣3.60億元，同比下降10.8%，環比下降5%，原因是存量人民幣私募股權資產逐步到期／退出。

A moment more on carry, because it’s often read as a windfall. It’s not. The reason is structure. Let me explain why it recurs.

再多談一下Carry，因為它常被解讀為意外之財。其實不是。原因在於結構設計。我來解釋為何它具有可重複性。

First, our investment work is institutionalized across 67 private equity funds built over more than a decade. We’ve looked through holdings across more than 50 sub-funds. Our multiple funds have invested across various vintages since early financing rounds of notable holdings such as ByteDance and Anthropic. When realization of carry depends on the timing and form of exits, this diversified portfolio across vintages provides a broad underlying base from which future performance-based income may be realized over time.

首先，我們的投資工作已在超過十年建立的67支私募股權基金中制度化。我們已穿透檢視超過50個子基金的持倉。我們的多支基金跨不同年份（vintage）進行投資，從字節跳動（ByteDance）與Anthropic等知名持倉的早期融資輪次即有參與。由於Carry的實現取決於退出的時點與形式，這種跨vintage的多元化投資組合提供了廣泛的底層基礎，使未來的績效型收入可隨時間逐步實現。

To caveat on that, carry is realities driven and will not be smooth or linear from period to period and should not be annualized off any single quarter. Accrued amounts move with valuations in both directions. We do not accrue carry or forecast carry. We record it on cash basis. We do not budget on peak carry, and one-off gains do not enter our fixed cost base.

補充說明，Carry由實現情況驅動，各期之間不會平滑或線性變化，不應以任何單一季度進行年化推算。應計金額會隨估值上升或下降而雙向變動。我們不對Carry進行應計，也不預測Carry。我們以現金基礎入帳。我們不以Carry高峰作為預算基礎，一次性收益也不會納入我們的固定成本基礎。

Turning to the drivers. Transaction values of distribution were RMB17.2 billion in the quarter, up 1.1% year over year and down 26.4% sequentially. First-half volume was RMB40.5 billion, up 22.4%. US dollar products grew 8.3% year over year and were the engine in the quarter.

接著看驅動因素。本季分銷交易額為人民幣172億元，同比上升1.1%，環比下降26.4%。上半年交易量為人民幣405億元，同比上升22.4%。美元產品同比成長8.3%，是本季的主要引擎。

Two things drove the sequential decline. The first quarter was an exceptionally strong RMB fundraising quarter, and with clients in June to position ahead of the A-share adjustment that did come in in July. We track this line closely because volume drives commissions today and builds the asset base that pays management fees later.

環比下降主要由兩點造成。第一季人民幣募資表現異常強勁，且我們在6月與客戶提前布局，以應對7月確實出現的A股調整。我們密切追蹤這條線，因為交易量今天驅動佣金，並建立未來支付管理費的資產基礎。

Our US dollar asset base grew. US dollar AUM reached USD6.5 billion, up 11.7% year over year. AUA reached USD9.8 billion, up 7.5%. International registered clients were up 11% year over year. That is the clearest evidence our mix is moving toward investment-related business. More importantly, this asset growth was achieved when overseas RM headcount declined 36.2% year over year.

我們的美元資產基礎持續成長。美元AUM達到65億美元，同比上升11.7%。AUA達到98億美元，同比上升7.5%。國際註冊客戶同比增加11%。這是最清楚的證據，顯示我們的業務組合正轉向以投資相關業務為主。更重要的是，在海外RM人數同比下降36.2%的情況下，我們仍實現了這樣的資產成長。

We view this as early decoupling between asset growth and RM headcount growth as an important indicator of the operating leverage we’re seeking to build through AI-enabled servicing and our evolving front office model, as Zander just laid out.

我們將此視為資產成長與RM人數成長之間開始脫鉤的早期跡象，這是我們希望透過AI賦能服務與持續演進的前台模式（如Zander剛才所述）所建立之營運槓桿的重要指標。

As highlighted earlier, total operating cost and expense continues to drop. Looking at the breakdown, total compensation benefits for the second quarter fell 13.1% year over year to RMB260 million, where for the first half, compensation was down 12.7% to RMB527 million. This continues the efficiency work we have discussed for several quarters, with AI process redesign allowing for smaller organization to carry the same service coverage.

如先前所強調，總營運成本與費用持續下降。從拆分來看，第二季員工薪酬與福利總額同比下降13.1%至人民幣2.60億元；上半年薪酬同比下降12.7%至人民幣5.27億元。這延續了我們過去幾季討論的效率提升工作，透過AI流程再設計，使較小的組織也能維持相同的服務覆蓋。

As Zander discussed, the AI Wealth Management Department represents a further evolution of this model. Using AI and centralized service capabilities for high frequency and standardized client engagement when licensed professionals remain responsible for regulated activities, professional judgment, and compliant delivery.

如Zander所述，AI財富管理部門代表此模式的進一步演進。運用AI與集中化服務能力處理高頻、標準化的客戶互動；同時由持牌專業人士負責受監管活動、專業判斷與合規交付。

The early financial evidence is encouraging. Overseas RM dropped year over year about 36%, when US dollar AUM increased 11.7%. In Singapore, where we’re testing this model end to end, AUM has grown from less than USD100 million to more than USD400 million, and the business achieved monthly profitability in July. Obviously, it’s still early, but if this model proves replicable, future asset growth can become progressively less dependent on proportional increases in RM headcount and fixed cost.

早期的財務證據令人鼓舞。海外RM同比下降約36%，而美元AUM增加11.7%。在新加坡（我們正端到端測試此模式的地區），AUM已從不足1億美元成長至超過4億美元，且該業務於7月實現月度獲利。顯然目前仍屬早期，但若此模式可複製，未來資產成長將可逐步降低對RM人數與固定成本按比例增加的依賴。

On the non-personnel side, second quarter selling expenses dropped 10% year over year, while for the first half, they were down 18.6% to RMB92 million.

在人員以外的部分，第二季銷售費用同比下降10%；上半年同比下降18.6%至人民幣9,200萬元。

Moving on operating profit and non-GAAP net income. Operating profit for the second quarter was RMB216 million, up 34% year over year, delivering an operating margin of 34.8%, up 9.2 percentage points from 25.6% a year ago. On a sequential basis, operating profit was down 8.7%, tracking lower quarterly net revenues. For the first half, operating profit reached RMB452 million, up 30.3% year over year with a record margin of 36.3%.

接著看營業利潤與非GAAP淨利。第二季營業利潤為人民幣2.16億元，同比上升34%，營業利潤率為34.8%，較一年前的25.6%上升9.2個百分點。環比來看，營業利潤下降8.7%，與季度淨收入下降相一致。上半年營業利潤達人民幣4.52億元，同比上升30.3%，利潤率創新高達36.3%。

The key takeaway is conversion efficiency. Even on flat revenue, our cost discipline allowed a significantly higher portion of revenue to flow straight to operating income. O

關鍵重點是轉化效率。即使收入持平，我們的成本紀律仍使更高比例的收入直接轉化為營業收入。O

n the bottom line, second-quarter non-GAAP net income reached RMB238 million, up about 26% year over year and 77.8% sequentially, with non-GAAP net margin expanding to 38.4%. For the first half, non-GAAP net income reached RMB 372 million, up about 4% year over year.

就最終結果而言，第二季非GAAP淨利達人民幣2.38億元，同比上升約26%，環比上升77.8%，非GAAP淨利率擴大至38.4%。上半年非GAAP淨利達人民幣3.72億元，同比上升約4%。

On a GAAP basis, second quarter net income attributable to shareholders was RMB232 million, up 30% year over year and 86.2% sequentially. Reconciliation items remain modest, with share-based compensation falling 44% year over year to RMB17.2 million in the quarter.

按 GAAP 口徑計，第二季歸屬於股東的淨利為人民幣2.32億元，同比增長30%，環比增長86.2%。調節項目仍然不大，本季股權激勵費用同比下降44%至人民幣1,720萬元。

Two non-cash items below the operating line also contributed to that result, which might naturally raise questions, so I want to clarify here. Investment income was a positive RMB42 million in the quarter against a loss of RMB14 million a year ago, and RMB40 million in the first half against a loss of RMB8 million.

營業利潤線以下的兩項非現金項目也對該結果有所貢獻，這可能會自然引發疑問，因此我在此做個澄清。本季投資收益為正人民幣4,200萬元，而去年同期為虧損人民幣1,400萬元；上半年投資收益為人民幣4,000萬元，而去年同期為虧損人民幣800萬元。

That lies our own portfolio at work. The income from equity and affiliates was a gain of RMB55 million in the quarter after charge in the first quarter, leaving a loss of RMB10 million for the half against a gain of RMB36 million in the first half of the last year. While these are non-cash items, there is a broader point, product access and distribution, and commoditizing what’s durable in this business, the ability to make clients money and to be paid only when they do.

這反映了我們自有投資組合的運作成效。本季來自權益法投資及聯營公司的收益為人民幣5,500萬元（第一季為費用），使得上半年合計為虧損人民幣1,000萬元，而去年上半年為收益人民幣3,600萬元。雖然這些是非現金項目，但更重要的一點在於：產品觸達與分銷，以及將本業中可持續的優勢「商品化」——也就是幫客戶賺錢的能力，並且只有在客戶賺到錢時我們才收取報酬。

That is how we’re built. We co-invest alongside with our funds and clients, carry pays only after they make a profit, and fees persist only if they stay. Our investment portfolio and carry are two views of the same capability.

這就是我們的商業模式。我們與基金及客戶共同投資，業績報酬（carry）只有在他們獲利後才支付，費用也只有在他們持續合作時才會延續。我們的投資組合與業績報酬，是同一項能力的兩種呈現。

On the legacy Camsing matter, we made real progress this quarter. We accelerated the related share insurance, which removes a significant piece of uncertainty, and we launched a new settlement plan for the remaining clients. Settlements are concluding on average below our current provisional level. Contingent liabilities were RMB455 million at June 30, down from RMB505 million on March 31.

關於歷史遺留的承興（Camsing）事項，本季我們取得了實質進展。我們加速推進相關的股份保險安排，消除了相當大一部分不確定性，並為剩餘客戶推出新的和解方案。和解金額平均低於我們目前的暫估水準。截至6月30日，或有負債為人民幣4.55億元，較3月31日的人民幣5.05億元下降。

Moving on to balance sheet and shareholders return. We ended the quarter with RMB5.0 billion in cash and short-term investments, no interest-bearing debt, and the current ratio of 4.3 times. Shareholders’ equity was RMB9.8 billion. We’re trading at roughly half of book value, a valuation that fails to reflect our true intrinsic value of underlying earnings capabilities, as demonstrated by our second quarter annualized non-GAAP return on equity of 9.7% and first-half annualized ROE of 7.6%.

接下來談資產負債表與股東回報。本季末我們持有人民幣50億元的現金及短期投資，無計息負債，流動比率為4.3倍。股東權益為人民幣98億元。我們目前交易價格約為每股淨值的一半，這一估值未能反映我們基礎盈利能力的真實內在價值；從第二季年化非 GAAP 股東權益報酬率（ROE）9.7%以及上半年年化 ROE 7.6%可見一斑。

To deliver sustainable returns, we completed our 2025 dividend distribution in July 2026, making our third consecutive year maintaining 100% net income payout ratio and bringing accumulated dividends from 2022 to 2025 to roughly RMB2.4 billion. In parallel, under our share repurchase program launched in 2024, cumulative execution reached over 3.2 million ADS shares for more than USD34 million. These capital deployment actions highlight our commitment to enhancing shareholder value and our confidence in Noah’s long-term earnings potential.

為了提供可持續的回報，我們於2026年7月完成了2025年度股利分配，這是我們連續第三年維持100%淨利派息率，並使2022年至2025年的累計股利約達人民幣24億元。同時，在我們於2024年啟動的股份回購計畫下，累計已回購超過320萬股 ADS，金額超過3,400萬美元。這些資本配置行動彰顯我們提升股東價值的承諾，以及我們對諾亞長期盈利潛力的信心。

To close, I want to leave you with three key takeaways. First, what changed? We demonstrated the upgraded earning power of our platform, delivering a 34% year-over-year increase in operating profit, mid-30s operating margins, and the third straight quarter of profit growth, driven by disciplined cost management and increasingly efficient operating model.

最後，我想留給各位三個關鍵要點。第一，改變了什麼？我們展示了平台升級後的盈利能力：營業利潤同比增長34%，營業利潤率維持在30%中段，並連續第三個季度實現利潤增長，這得益於嚴格的成本管理以及日益高效的營運模式。

We are also beginning to see early financial evidence of the new operating model, as Zander just pointed out. US dollar AUM continued to grow, increased 11.7% year over year when the overseas AUM headcount dropped. Singapore has provided the first meaningful proof point that the AI-enabled wealth management model can support asset growth without proportional adding on the AUM headcounts.

正如 Zander 剛才指出的，我們也開始看到新營運模式的早期財務證據。以美元計的 AUM 持續增長，在海外 AUM 人員編制下降的情況下仍同比增長11.7%。新加坡已提供第一個具有意義的驗證點，證明 AI 賦能的財富管理模式可以在不按比例增加 AUM 人員編制的情況下支持資產增長。

Secondly, what will need to work? Core commissions and management fees both fell. Overall client acquisition has yet to return growth and regulatory headwinds heightened noticeably.

第二，需要哪些方面奏效？核心佣金與管理費均出現下滑。整體客戶獲取尚未恢復增長，且監管逆風明顯加劇。

Third, what underpins our foundation? Our international business continues to expand in both assets and client count. Our investment franchise maintains unbroken annual track record of generating carry, and our balance sheet remains debt-free with strong liquidity, fully backing our high payout commitments. The financial objective behind transformation is straightforward, to build business where AUM, clients, and revenue can grow faster than fixed costs and headcounts.

第三，我們的基礎由什麼支撐？我們的國際業務在資產規模與客戶數量兩方面持續擴張。我們的投資業務保持連續年度產生業績報酬（carry）的不間斷紀錄；同時資產負債表保持零負債且流動性充裕，充分支撐我們高派息承諾。轉型背後的財務目標很直接：打造一個 AUM、客戶與收入能夠快於固定成本與人員編制增長的業務。

So thank you for your continued trust, for your time, and partnership. We are now happy to take your questions.

因此，感謝各位持續的信任、時間與合作夥伴關係。我們現在很高興回答各位的提問。

Doreen here. Since we have the webcast, we received a few questions. Let me read through the first one and let management to do the answers.

我是 Doreen。由於我們有網路直播，我們收到了幾個問題。我先讀第一個問題，然後請管理層回答。

First question is from [Calvin] from Citibank. And he's asking on contingent litigation expenses and the related liabilities, we noticed there was a reversal of contingent -- reversal of contingent litigation expenses in second quarter. Can management give more color on the recent development on the litigation? And can we expect more reversal in the next few quarters?

第一個問題來自花旗銀行的 [Calvin]。他詢問關於或有訴訟費用及相關負債，我們注意到第二季出現了或有——或有訴訟費用的回轉。管理層能否就近期訴訟進展提供更多說明？未來幾個季度是否可以預期會有更多回轉？

I will take that question. So as the CEO just mentioned, in the second quarter, we introduced a new settlement plan relating to Camsing. So as of today, more than 80% of our affected clients has accepted the settlement plan. So our legacy risk exposure has declined substantially. So as we have made provisions in prior years for the litigation risk associated with all unsettled clients.

我來回答這個問題。正如 CEO 剛才提到的，第二季我們推出了與承興（Camsing）相關的新和解方案。截至目前，超過80%的受影響客戶已接受該和解方案。因此，我們的歷史遺留風險敞口已大幅下降。鑑於我們在過去年度已就所有尚未和解客戶相關的訴訟風險計提了準備。

So we are now making adjustments in the provision balance on a quarterly basis in line with actual settlement progress. Now we are continuing to engage with those remaining unsettled clients. But unfortunately, we cannot make any prediction on the future provision reversal because we are still tracking those settlement progress, and we will keep focusing on the core operating profit.

因此，我們現在會根據實際和解進度，按季度對準備金餘額進行調整。目前我們仍在持續與剩餘尚未和解的客戶溝通。但很遺憾，我們無法對未來準備金回轉作出任何預測，因為我們仍在追蹤這些和解進度，同時我們將繼續聚焦於核心經營利潤。

Thank you, Jason. And maybe we should open the line to see if there's anyone using the phone questions.

謝謝你，Jason。也許我們可以開放電話線，看看是否有人用電話提問。

(Operator Instructions) Peter Zhang, JPMorgan.

（接線員指示）Peter Zhang，摩根大通。

(spoken in foreign language)

（外語發言）

(interpreted) This is Peter Zhang from JPMorgan. Congratulations on the very strong second-quarter results, and I have two questions. First is management mentioned that we are currently in a transition period and the AI strategy has gained very strong momentum. I wish to understand how long this transition period could take? And what metrics will you recommend investors to monitor to track the progress of this transition? And do we have any longer-term target for this AI strategy, say, any target in next three to five years?

（翻譯）我是摩根大通的 Peter Zhang。恭喜第二季取得非常強勁的業績，我有兩個問題。第一個是，管理層提到我們目前處於轉型期，AI 策略已獲得非常強的動能。我想了解這個轉型期可能需要多久？以及你們建議投資人關注哪些指標來追蹤轉型進展？另外，對於這項 AI 策略，我們是否有更長期的目標，例如未來三到五年的目標？

My second question is also on AI wealth management. I want to understand for the KPIs you give to your relationship managers, how is the new KPI under the new AI wealth management model look like and how this compared to the KPI in the old models? And how Noah is growing your client base under the new AI wealth management model?

我的第二個問題也與 AI 財富管理有關。我想了解你們給客戶關係經理（RM）的 KPI 是什麼樣的：在新的 AI 財富管理模式下，新 KPI 長什麼樣，與舊模式下的 KPI 相比有何不同？以及在新的 AI 財富管理模式下，諾亞如何擴大客戶基礎？

And can you also give any examples on how AI has improved our -- say, how AI has improved the productivity for the RMs. For example, the number of clients when RM can provide service to and the number of AUM when RM can serve.

您也可以舉一些例子，說明 AI 如何改善我們——比如說，AI 如何提升客戶經理（RM）的生產力嗎？例如，單一 RM 能夠服務的客戶數量，以及單一 RM 能夠服務的資產管理規模（AUM）。

(spoken in foreign language)

(以外語發言)

(interpreted) Let me do the translation. Thanks, Peter, for the questions. So what [Chairman] was trying to explain that is what we've been elaborating the whole morning is the new system Noah is trying to build up, which no longer just rely on RMs and how many clients that one RM can serve. What we've been repetitively talking about is how we've been using three platforms, which is the AI-empowered RMs.

(口譯) 我來翻譯一下。謝謝 Peter 的提問。所以，[董事長] 想要說明的是，我們整個上午一直在闡述的內容：諾亞正在建立的新系統，不再只是依賴 RM，以及單一 RM 能服務多少客戶。我們反覆提到的是，我們如何運用三個平台，也就是 AI 賦能的 RM。

I mean we still value humans and AI, yes, can be the tools to empower the performance. But at the same time, it's more about we have built up the AI wealth management department. And also, we've been having this platform called AI+ ecosystem expansion.

我的意思是，我們仍然重視人，也重視 AI；是的，AI 可以作為工具來賦能績效。但同時，更重要的是我們已經建立了 AI 財富管理部門。另外，我們也有一個名為「AI+ 生態系擴展」的平台。

So give you some examples is, say, in Singapore, with only 6 people, but we've been able to cover 500 clients, which in the past is basically impossible. But with the new system that the company is building, we found out that it has more than just efficiency and more than just numbers of clients versus how many RMs can cover.

舉個例子，在新加坡，我們只有 6 個人，但卻能覆蓋 500 位客戶，這在過去基本上是不可能的。但透過公司正在建立的新系統，我們發現它帶來的不只是效率，也不只是「客戶數」對「RM 覆蓋數」這種數字上的提升。

And also our experience with the AI+ ecosystem platform, which is we've been able to cooperate with expertise from different industries, which they may have clients that have wealth management needs, but they don't have the license. And cooperating with us, we provide fee to them. And then at the same time, they can better serve the client as well, and they can refer the clients to us for wealth management needs. So it's no longer just a very traditional ways to look at wealth management business under this model.

另外，我們在 AI+ 生態系平台上的經驗是：我們能與不同產業的專家合作；他們可能有具備財富管理需求的客戶，但他們沒有牌照。與我們合作後，我們會向他們支付費用。同時，他們也能更好地服務客戶，並可將有財富管理需求的客戶轉介給我們。因此，在這個模式下，看待財富管理業務的方式已不再是非常傳統的那一套。

(spoken in foreign language)

(以外語發言)

(interpreted) Let me do a brief translation. So here it's probably not the best five years because under the AI changes could be very fast, which take Singapore as an example, we've only started the business in September last year with only AUM of around RMB86 million, but now it's already over RMB400 million with those AUM with a really high margin, high-quality AUM.

(口譯) 我做一個簡短翻譯。所以這裡可能不是「最佳五年」的概念，因為在 AI 的變化下速度可能非常快。以新加坡為例，我們在去年 9 月才開始業務，當時 AUM 約為人民幣 8,600 萬，但現在已經超過人民幣 4 億，而且這些 AUM 具有非常高的利潤率、屬於高品質 AUM。

So what we've been trying to emphasize here is that under the AI-enabled company, we are no longer the transitional model. So it's not about hiring more RM and hopefully, the RM can get clients ultimately about AUM. And with that, also explained, we've been trying to expand our global footprint. And in Zander's speech, we've already mentioned, we are now replicating the AI model from Singapore to Hong Kong, and we will further expand the offices into different cities as well.

我們在此想強調的是：在 AI 賦能的公司模式下，我們不再是傳統模式。也就是說，不再是靠多招 RM，然後希望 RM 最終能帶來客戶、帶來 AUM。同時，如前所述，我們也在擴大全球布局。在 Zander 的發言中也提到，我們正把新加坡的 AI 模式複製到香港，並將進一步把辦公室擴展到其他城市。

But at the same time, the cost will be under control and it's no longer the traditional way of wealth management company model. And that we believe that it's going to have a drastic change in a relatively shorter time compared to be in the old model, where we've tried in Hong Kong when we first came here. But it doesn't -- I mean, it doesn't seem to be a very successful experience. And that's why in Singapore, we done the path to success, and we are going to repeat that in a lot of different cities as well.

但同時，成本將會受到控制，這也不再是傳統財富管理公司的模式。我們相信，相較於舊模式，這將在更短時間內帶來劇烈變化；舊模式下我們當初在香港嘗試過。但那——我的意思是，那似乎不是一個非常成功的經驗。因此在新加坡，我們走出了一條成功之路，而我們也將在許多不同城市複製這條路徑。

And I'm showing no further audio questions at this time. So I'll hand the call back over to the company.

目前沒有更多語音提問。我把電話交回給公司。

Thank you. So we have another question here and which is about the -- sorry, the second question here. It's from Ms. Wang.

謝謝。我們這裡還有另一個問題——抱歉，這是第二個問題。來自王女士。

And she's asking, would you be able to tell us more on the dividend expectation for the current fiscal year and the periods ahead? Following the presentation on the AI development strategy, may we ask for your view on the anticipated assets effects on both revenue and profitability in the medium to long term?

她想請問，您是否能多談談本財政年度以及未來期間的股利（股息）預期？在 AI 發展策略的簡報之後，也想請教您對中長期在收入與獲利能力方面，預期資產效應的看法？

I think we have basically answered the second part of the question about how AI development is going to help the revenue and profitability in the future. So I would like management to address about our dividend policy.

我想我們基本上已回答了問題的第二部分，也就是 AI 發展未來如何幫助收入與獲利。因此我想請管理層回應我們的股利政策。

(spoken in foreign language)

(以外語發言)

So as we have mentioned, for the past three, four years since 2022, we have cumulatively given out about RMB2.2 billion. Given the strong position in balance sheet and also highly managed liquidity, we expect to continually to distribute obviously, a significant portion of the income to our shareholders to maintain high return. But obviously, we have not been decided on exactly the portion or ratio of the future dividend, but we believe we remain consistent on the asset allocation and also shareholder return policy to our shareholders.

如我們所提到的，過去三、四年（自 2022 年以來），我們累計派發約人民幣 22 億。鑑於資產負債表的強勁狀況以及高度管理的流動性，我們預期將持續向股東分配——顯然是——相當比例的收益，以維持較高回報。但當然，我們尚未決定未來股利的確切比例或配發比率；不過我們相信，在資產配置以及股東回報政策方面，我們將保持一致。

And secondly, we believe that as Chairlady and also CEO has mentioned, that when AI and carry continue to push, hopefully, our profitability and earning power and upgrade the business model, we'll be able to sustain at least a comparable level of shareholder returns in the future.

第二點，我們相信，正如董事長女士及 CEO 所提到的，隨著 AI 與 carry 持續推進，希望能提升我們的獲利能力與盈利動能並升級商業模式，我們將能在未來維持至少可比的股東回報水準。

Doreen?

Doreen？

Yes. Thank you, Grant. We still have a -- can I check if there's any questions from the phone?

是的。謝謝你，Grant。我想確認一下，電話線上是否還有問題？

There are no further phone questions at this time.

目前沒有更多電話提問。

If that's the case, I think we will wrap up the presentation today, and thank you, everyone, for joining us this morning. And I understand that there may still further questions, please contact the IR team at your convenience time, and I look forward to talk to you in more details in the near future. Thank you very much.

如果是這樣，我想我們今天的簡報就到此結束，並感謝各位今天早上參與。我也理解可能仍會有後續問題，請在方便的時間聯繫投資者關係（IR）團隊；我也期待在不久的將來與各位更詳細地交流。非常感謝。

Thank you. This does conclude our conference for today. We thank you all for attending today's presentation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛斷電話。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標示為（口譯）的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。