NOAH (NOAH) revenue breakdown
By segment, Domestic asset management is the largest at 27% of fiscal 2025 revenue; Overseas insurance and comprehensive services grew fastest, 29% a year over 1 years.
By product, Recurring service fees is the largest at 55% of fiscal 2023 revenue; One-time commissions grew fastest, 1% a year over 5 years.
Revenue by segment
Fiscal years, as NOAH reports them in its 10-K filings; fiscal 2025 total $2.6B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Domestic asset management | — | — | — | — | — | — | — | — | $772M | $692M | 27% |
| Domestic public securities | — | — | — | — | — | — | — | — | $489M | $566M | 22% |
| Overseas asset management | — | — | — | — | — | — | — | — | $439M | $554M | 22% |
| Overseas wealth management | — | — | — | — | — | — | — | — | $675M | $548M | 21% |
| Overseas insurance and comprehensive services | — | — | — | — | — | — | — | — | $139M | $179M | 7% |
| Domestic insurance | — | — | — | — | — | — | — | — | $43M | $19M | 1% |
| Wealth Management | — | — | — | — | — | — | — | $2.5B | — | — | — |
| Asset Management Business | — | — | — | — | — | — | — | $766M | — | — | — |
| Other Businesses | — | — | — | — | — | — | — | $37M | — | — | — |
| Wealth Management | $1.9B | $2.1B | $2.3B | $2.3B | $2.4B | $3.2B | $2.2B | — | — | — | — |
| Asset Management Business | $532M | $588M | $749M | $784M | $875M | $1.0B | $834M | — | — | — | — |
| Other Businesses | $50M | $113M | $235M | $289M | $64M | $57M | $66M | — | — | — | — |
Revenue by product
Fiscal years, as NOAH reports them in its 10-K filings; fiscal 2023 total $3.3B.
| Products | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Share |
|---|---|---|---|---|---|---|---|
| Recurring service fees | $1.8B | $1.8B | $1.9B | $2.1B | $1.9B | $1.8B | 55% |
| One-time commissions | $1.0B | $932M | $809M | $1.3B | $681M | $1.1B | 33% |
| Other service fees | $362M | $523M | $196M | $162M | $223M | $271M | 8% |
| Performance-based income | $144M | $113M | $390M | $784M | $310M | $138M | 4% |
Revenue by region
Fiscal years, as NOAH reports them in its 10-K filings; fiscal 2025 total $2.6B.
| Regions | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| China | $2.0B | $2.3B | $2.6B | $2.5B | $2.6B | $3.3B | $2.3B | $1.9B | $1.4B | $1.3B | 51% |
| Hong Kong | $547M | $545M | $751M | $733M | $564M | $870M | $592M | $1.1B | $926M | $986M | 38% |
| Others | — | — | $3M | $213M | $165M | $141M | $236M | $319M | $326M | $294M | 11% |
Questions
Where does NOAH make its money?
In fiscal 2025, by segment: Domestic asset management $692M, Domestic public securities $566M, Overseas asset management $554M, Overseas wealth management $548M, Overseas insurance and comprehensive services $179M.
From NOAH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.