Thank you, Rocco, and good morning and welcome to Noah Holdings fourth quarter and full year 2025 earnings conference call. Joining me on the call today are Ms.

Norah Wang, Co-Founder and Chairlady, Mr. Zander Yin, the Co-Founder, Director and CEO, and Mr.

Grant Pan, the CFO. Mr.

Yin will begin with an overview of our recent business highlights and strategic developments, followed by Mr. Pan, who will review our financial and operational results.

After management's prepared remarks, we will open the call for questions. Before we begin, please note that today's discussion will contain forward-looking statements that are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed in such statements.

Potential risks and uncertainties include, but are not limited to, those described in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange.

Noah undertakes no obligation to update any forward-looking statements, except as required by law. Without further ado, I would now turn the call over to Mr.

Yin. Please go ahead.

Thank you.

好的，Thank you. 各位投资者、分析师朋友们，大家早上好。诺亚成立至今已经21年了。在持续变化、不断重构的市场环境中，我们的战略方向反而更加清晰了。我们专注服务全球华人高净值及超高净值的客户，通过当地的持牌机构，在不同的司法区提供合规长期的财富管理服务。更重要的是我们正在完成一个关键的转变，从以产品微销售为主的财富管理机构，逐渐演变为一个以资产配置能力、全球架构能力和AI系统为核心的综合平台。2025年正是这一转变开始体现在经营成果中的一年。这不仅是阶段性的业务调整，更是经营模式层面的根本性的重构。

Good day to everyone and thank you for joining us today. 2026 marks the 21st year since Noah was established.

In a market environment defined by continuous evolution and restructuring, our strategic direction has never been clearer. We remain firmly focused on serving global Chinese high net worth and ultra high net worth clients, operating through licensed local entities to provide compliant, long-term wealth management services across multiple jurisdictions.

More importantly, we are completing a critical transformation, evolving from a wealth management institution primarily driven by product sales into a comprehensive platform centered on asset allocation, global structuring, and AI systems. In 2025, this transformation began to yield tangible operating results.

This is not merely a temporary business adjustment, but a fundamental reconstruction of our operating model.

回顾2025年，公司整体经营呈现出一个相对清晰的特征，即盈利能力在持续改善的同时，收入结构仍处于调整的过程当中。全年实现净收入人民币26亿元，同比基本持平。经营利润为人民币7.77亿元，同比增长22.5%，经营利润率提升至29.8%。然而，Non-GAAP净利润为人民币6.12亿元，同比增长11.2%。若剔除非经营性因素的影响，调整后的Non-GAAP净利润约为人民币7.53亿元。这一阶段更重要的不在于利润的绝对规模，而在于利润结构的改善。利润增长主要来自于成本结构的优化、运营效率的提升，以及收入向投资类业务的持续转型，而非依赖一次性的因素。这意味着公司的盈利能力正在从周期波动走向结构稳定，这是一种质量层面的变化，而不仅仅是数量层面的增长。

For Noah, 2025 represents an important milestone. Looking at our full year results, a clear trend emerged.

The quality of our profitability is improving at a faster pace than the stabilization of our revenue structure. For the full year, net revenues were RMB2.6 billion, broadly flat year-over-year.

However, operating profit was RMB777 million, up 22.5% year-over-year, with operating margin improving to 29.8% and Non-GAAP net income increasing 11.2% year-over-year to RMB612 million. Excluding the impact of non-operating items, adjusted Non-GAAP net income was approximately RMB753 million.

What matters most at this stage is not the absolute scale of our profitability, but the improving underlying structure. This profit growth was not driven by one-off factors, but by optimized cost structures, enhanced operating efficiency, and the ongoing shift in revenue mix toward investment-related businesses.

This reflects how our profitability is shifting from cyclical volatility toward structural stability. This is a qualitative change, not simply quantitative growth.

从业务层面看，境内与境外的节奏不同，但方向是一致的。投资能力正在成为增长的主要引擎。在境外，Ark财富管理板块2025年实现净收入5.5亿元，同比下降18.8%，主要受保险分销收入下降的影响。与此同时，境外的AUM达到了94.9亿美元，同比增长8.6%。美元私募二级产品全年募集量同比增长3倍，达到9.6亿美元。境外注册客户数接近2万人，同比增长13.2%，其中活跃客户超过6,200人，同比增长12.4%。Olive境外资产管理板块全年实现净收入5.5亿元，同比增长26.3%，主要来自于AUM增长带动的管理费的提升。境外AUM达到61亿美元，同比增长4%，占总AUM的比例为30%。Glory Family Heritage综合服务板块全年实现净收入1.8亿元，同比增长26.8%。在激烈竞争的市场环境下，公司通过新渠道实现了销售突破。 From a business perspective, while our domestic and overseas business segments are moving at different paces, they are pulling in the same direction.

Investment capabilities are becoming the primary growth engine. Net revenues from Ark, our overseas wealth management business, were RMB550 million in 2025, down 18.8% year-over-year, mainly due to a decline in insurance product distribution revenue.

However, overseas AUA grew to $9.5 billion, up 8.6% year-over-year. Notably, transaction value of US dollar-denominated private secondary products tripled year-over-year to $960 million.

The number of overseas registered clients approached 20,000, up 13.2% year-over-year, of which active clients exceeded 6,200, up 12.4% year-over-year. Net revenues from Olive, the overseas asset management business, were RMB550 million for the full year, up 26.3% year-over-year, mainly driven by higher management fees resulting from AUM growth.

Overseas AUM reached $6.1 billion, up nearly 4% year-over-year, accounting for 30% of total AUM. Net revenues from Glory Family Heritage, our integrated services business, were RMB180 million for the full year, up 26.8% year-over-year.

Despite a highly competitive market environment, we achieved breakthroughs in sales through new channels. 在境内，A股市场阶段性的修复带动业务表现的改善。人民币私募二级产品的募集量持续增长，部分对冲了存量人民币私募股权产品管理费下降的一个影响。诺亚正行基金销售板块2025年实现净收入5.7亿元，同比增长15.9%。人民币私募二级产品全年募集量达112亿元，同比增长107.2%。歌斐资产管理板块全年实现净收入6.9亿元，同比下降10.3%，主要由于存量人民币私募股权产品到期导致管理费的下降。一级市场方面，歌斐2025年实现50亿元私募股权资产的退出与分配。境内荣耀保险经纪板块按既定的节奏转型，全年实现净收入1,900万元，同比减少56.5%。收入变化符合正在进行的战略转型。整体来看，公司业务重心正在持续向投资能力和资产配置能力集中。这一趋势已经开始体现在经营数据中，也正基于这一长期的愿景，我们在过去几年对公司的整体结构进行了系统性的重建。

Domestically, the stage recovery in the A-share market helped improve our performance. RMB-denominated private secondary products maintained growth momentum from the second quarter onwards, which helped partially offset the impact of declining management fees from maturing RMB-denominated private equity products.

Noah Upright, our domestic public securities business, recorded net revenues of RMB570 million in 2025, up 15.9% year-over-year, with transaction value for RMB-denominated private secondary products reaching RMB11.2 billion, up 107.2% year-over-year. Gopher, our domestic asset management business, recorded net revenues of RMB690 million for the full year, down 10.3% year-over-year, mainly due to lower management fees resulting from maturing RMB-denominated private equity products.

In the primary market, Gopher completed RMB5 billion of private equity asset exits and distributions in 2025. Glory, our domestic insurance business, recorded net revenues of RMB19 million for the full year, down 56.5% year-over-year.

The decline in revenue was expected and aligned with our plans and ongoing strategic transformation. Overall, our performance clearly shows a business shifting toward investment and asset allocation capabilities.

It is this long-term vision that has systematically rebuilt our overall structure over the past few years. 过去几年，我们完成的不是业务的扩张，而是结构的重建。今天的诺亚正在形成一个由三大核心平台构成的三层全球财富管理操作系统，并在统一的经营框架下运行。Ark是客户入口与执行平台，已在香港、新加坡和美国取得相关牌照，并在各地监管框架内开展业务。Ark承担账户管理、交易执行、产品分发及AI理财服务功能，为全球客户提供连续、清晰且合规的服务体验。Olive是公司的投资与资产管理平台，覆盖香港、美国、新加坡、日本和加拿大，具备全球资产的筛选、多区域基金设立与管理及长周期的资产配置能力，是公司长期价值创造与收入稳定的重要基础。Glory是资产结构与风险管理平台，覆盖中国大陆、香港、新加坡和美国等主要市场，提供保险、信托及身份规划服务。通过结构安排实现风险隔离与资产保护，支持家族财富的长期传承。

What we have accomplished is not simply business expansion, but a fundamental reconstruction of our operating model. Today, we are building a global wealth management operational system composed of three core platforms, all operating under a unified management framework.

Ark serves as the client onboarding and execution platform, with licenses in Hong Kong, Singapore, and the United States. It operates compliantly within local regulatory frameworks.

Ark is responsible for account management, trade execution, product distribution, and AI wealth advisory services, providing clients globally with a consistent, seamless, and compliant experience. Olive serves as our investment and asset management platform across Hong Kong, the United States, Singapore, Japan, and Canada.

It has the capabilities to source global assets, establish and manage funds across multiple jurisdictions, and execute long-term asset allocation strategies. It is a key foundational piece for long-term value creation and revenue stability.

Glory serves as our asset structuring and risk management platform, covering major markets, including China, Hong Kong, Singapore, and the United States. It offers insurance, trust, and identity planning services that deliver risk isolation and asset protection through structuring solutions, and supports the long-term transfer of family wealth.

支撑这三层核心平台的是我们跨司法区的合规架构。该架构以四大Booking Center为核心：上海作为境内客户的人民币资产配置入口，承接正行基金销售与歌斐资产管理；在香港，承担跨境连接的功能，提供证券与证券与保险的服务，是连接中国与全球的重要桥梁；新加坡是我们海外资产配置与家族结构的中心，同时也是AI财富管理的重要试验区；美国是我们VCP和资本市场的引擎，尤其在科技领域的投资能力，是推动未来收入增长和创新能力的关键部分。需要强调的是，所有的Booking Center均由当地持牌主体独立经营，在各自监管框架下开展业务。跨区域合作主要限于研究和信息的支持，不涉及司法区的直接展业。这样合规的，这个严格的合规边界是公司稳健发展的制度基础。

Supporting these three core platforms is our cross-jurisdiction compliance architecture, anchored by our four major booking centers. Shanghai serves as the domestic client onboarding hub for RMB asset allocation, Noah Upright fund distribution, and Gopher asset management.

Hong Kong functions as the cross-border connector for securities and insurance, serving as the bridge between China and global markets. Singapore is our center for overseas asset allocation and family structuring, and our primary pilot region for AI wealth management.

The United States serves as a key hub for VC, PE, and capital markets activity. In particular, our investment capabilities in the technology sector are an important contributor to future revenue growth and innovation.

I want to emphasize that all booking centers are independently operated by locally licensed entities and conduct business within their respective regulatory frameworks. Cross-regional collaboration is primarily limited to research and information support, with no direct cross-jurisdiction business activity.

This strict compliance boundary is the institutional foundation for our steady growth.

2025年，我们在AI上的投入开始逐步体现在经营结果中。员工人数同比下降11%，收入保持稳定，反映出运营效率的提升。从长期看，AI带来的不仅是营运效率的提升，更是经营方式的重构。AI已嵌入客户触达、内容生成与运营流程等关键环节。我们在部分区域形成了新的人机协作营运模式。这标志着诺亚正从单一依赖人力扩张，转向以系统支撑规模与服务质量同步提升的阶段。

Headcount declined by 11% year-over-year while revenue remained stable, reflecting improving operational efficiency. Over the long term, AI brings much more than improved operational efficiency; it is also reconstructing how we operate.

By embedding AI into key areas such as client engagement, content generation, and operational processes, we have established a new human-machine collaborative operational driven model in certain regions. This reflects our transition away from headcount expansion to systems that drive both scale and service quality.

展望2026年，我们保持审慎并高度高度专注于清晰的战略方向。收入端仍可能受到结构调整的影响，但投资类的收入占比将持续的提升，利润率有望保持稳定或逐步改善，AI能力也将从效率提升走向更大范围的经营的验证。我们仍处于在转型的过程当中，但长期的经营模型的逻辑比以往任何时候都更加坚实。如果从本质来看，这一轮转型的核心不是产品形态的变化，也不是服务边界的扩张，而是从根本上增长驱动逻辑的一个重塑。过去，行业更多依赖理财师个人的能力的驱动，今天我们正在建立一个以资产配置能力为核心，由AI赋能理财师、由全球平台放大专业能力的人机协同的模式。2025年是这一模式的起点，也是它开始体现在经营结果上的一个时间点。转型仍在推进，但我们的战略方向已经确定了。我们将继续在合规的框架内逐步稳定的推进，稳定的推进这一长期的这个战略。谢谢大家，接下来的话我把时间交给我们的CFO潘青，为大家介绍更详细的财务的表现。

Looking ahead to 2026, we will remain prudent but highly focused on our clear strategic direction. While revenue may still fluctuate due to structural adjustments, the proportion of investment-related income is expected to rise, with profit margins remaining stable or improving gradually.

Furthermore, our AI capabilities will evolve beyond simple efficiency gains and scale into broader operational validation. We are still in the midst of our transformation, but the logic behind our long-term operational model is stronger than ever.

At its core, this transformation is not about changing product form or expanding services; it's about fundamentally reconstructing what drives our growth. Historically, our industry has relied heavily on the individual capabilities of relationship managers.

Today, we are building a human-machine collaborative operational driven model centered on asset allocation, where AI empowers relationship managers and our global platforms amplifying their capabilities. 2025 marks the starting point of this model and where it began to gradually reflect in our operating results.

The transformation is ongoing, but our strategic direction is firmly set. We will continue to execute this long-term strategy prudently and compliantly.

Thank you. I will now hand the time over to CFO Grant to review our financial performance in more detail.

Thank you, Zander. Good morning everyone for the comprehensive strategic overview, and good day to everyone to join us today.

I would like to focus on two key financial messages. First, 2025 delivered strong operating profit growth and structural margin expansion, driven by a clear shift in our revenue mix.

Investment-related income increased significantly during the year, while we deliberately reduced our reliance on insurance-related revenue. This reflects our continued transition toward a more investment-led business model with improving earnings quality and greater margin resilience.

Second, the board has approved our dividend proposal, including a special dividend bringing total payout to 100% of full year Non-GAAP net income for the third consecutive year. This reinforces the consistency and visibility of our shareholder return policy.

Together, these developments underscore our transition toward a more investment-driven, globally diversified, and resilient operating model. For the full year 2025, net revenue was RMB2.6 billion, broadly stable year-over-year.

Operating profit increased to RMB777 million, representing growth of 22.5%. Operating margin expanded to 29.8% compared with 24.4% in the prior year.

Non-GAAP net income reached RMB612 million, up 11.2% year-over-year. This improvement was primarily driven by structural cost optimization and enhanced operating efficiency, rather than short-term factors.

In the fourth quarter, revenue was RMB733 million, up 12.5% year-over-year. Operating profit reached RMB258 million, representing a significant increase of 87.3%, and operating margin expanded further to 35.2%.

This reflects strong operating leverage as performance-based income starting to materialize, supported by a more scalable and disciplined operating structure. During the year, we continued to optimize our revenue structure.

Investment product commissions increased by 79.7% year-over-year, and performance-based income rose by 78%. At the same time, overseas revenue contribution increased to 49% of total net revenue.

This shift toward investment-driven and globally diversified revenue streams has enhanced earnings quality and supported structural margin expansion. To provide a clearer view of our core performance, I would like to address two non-operational items that affected our reported fourth quarter GAAP results.

First, under income from equity in affiliates, we recorded a loss of approximately RMB120 million. This was primarily driven by mark-to-market accounting adjustments related to share price volatility of a specific listed investment.

It's important to emphasize that this represents accounting reflection of market movements and does not impact our core wealth management operations. Second, regarding the legacy Camsing credit fund arrangements, several cases reached procedural milestones this quarter as certain clients opted for arbitration.

In line with our prudent financial policy, we recognized contingent expenses of approximately RMB50 million. Total provisions now stand at RMB505 million, representing about 63% of the unsettled principal.

Based on current benchmarks and the progress of these cases, we believe the existing provision level is appropriate and covers a substantial portion of potential exposure. Based on the information currently available, we do not anticipate significant additional provisions.

If we exclude these two non-operational items, adjusted full year Non-GAAP net income would have been approximately RMB753 million, which we believe more accurately reflects our underlying operational efficiency. In terms of balance sheet, as of December 31st, 2025, cash and short-term investments totaled RMB5.0 billion.

The asset-liability ratio stood at 15%, and the company carries zero no interest-bearing debt. Our current ratio was 4.5 times.

The debt-free structure provides strong financial flexibility and reinforces the resilience of balance sheet. From a financial perspective, our AI strategy is centered on productivity enhancement rather than heavy capital expenditure.

We are already seeing measurable results in our cost structure. In 2025, total headcount decreased by 11% year-over-year, while net revenue remained stable at RMB2.6 billion.

This indicates a meaningful increase in output per capita. AI-driven tools now support a substantial portion of client engagement, automated reporting, and routine workflow tasks that previously required a lot of manual intervention.

In our view, AI functions as structural efficiency multiplier. It enables us to scale global operations while maintaining disciplined cost control and consistent service quality.

As of year-end, shareholders' equity stood as about RMB9.9 billion. At our current market capitalization, the company is trading at roughly 0.57 times book value, with operating return on equity close to 8%.

While market valuation may fluctuate, our focus remains on building long-term intrinsic value through disciplined execution and continued global expansion. Our strong cash position and operating cash flow provide both confidence and flexibility to deliver attractive and sustainable shareholder returns across market cycles.

Driven by solid performance and healthy liquidity position, the board has approved a total dividend of RMB612 million, equal to 100% of 2025 Non-GAAP net income. This consists of 50% regular dividend and a 50% special dividend.

Subject to shareholder approval at the 2026 AGM, this will mark our third consecutive year of full payout. At current market prices, the implied dividend yield is approximately 11%.

Including the RMB50 million in share repurchase completed in 2025, total cash return yield reaches approximately 12%. This payout is fully supported by our core operations and strong balance sheet.

It represents approximately about 80% of operating profit, and is covered multiple times by RMB5.0 billion in cash and short-term investments. In short, we're rewarding shareholders for their trust, while maintaining a fortress balance sheet that supports our continued global growth.

In summary, revenue remained resilient throughout the year as we executed a deliberate shift toward more investment-driven income streams. At the same time, operating profit delivered strong double-digit growth, supported by structural margin expansion and continued improvements in efficiency.

Our AI initiatives are now translating into tangible productivity gains, strengthening our operating leverage and scalability. Our industry-leading capital return policy, highlighted by 100% payout and introduction of special dividend, also reflect both operational strength and confidence in the sustainability of our model.

With these foundations firmly in place, Noah has emerged leaner, more efficient, and structurally stronger. We remain fully committed to disciplined execution and the creation of sustainable long-term shareholder value.

Thank you, and we will now open the floor for questions.

感谢管理层给我这个提问的机会。我是UBS的分析师Helen。我这边有两个问题。第一个是有关于私募信贷风险。就是最近我们看到美国的私募信贷市场出现了一些风险事件。从诺亚的角度，代销的三方私募信贷产品有多少？是否有看到客户大规模的赎回？那目前其实出现的部分风险是来自于AI叙事的冲击，我们注意到诺亚在硅谷有一支私募基金，那么诺亚作为GP直投和跟投的这部分，私募信贷的敞口有多大？以及从资产中多少是软件公司？咱们如何看待这部分敞口的一个风险？我的第二个问题是有关于募集费。我们看到四季度其实同比是有比较显著的下滑，那进一步如果看产品的募集量，国内国外的保险产品同步都有一个显著下滑。如何看待后续今年一季度乃至全年的一个募集量？就是保险产品是否会仍旧保持比较疲软？那最近资本市场也出现了一些大的回调，那么咱们是否看到客户的一个避险需求的增加？对于投资产品的需求是否有一个显著的下降？然后以及就是咱们目前CIO推荐的这个产品的一个策略？我我就翻译一下吧。I

have two questions. The first question is on private credit risk.

How much in third-party private credit products has Noah distributed to date? Have you seen any client redemption in this area?

How do you assess the overall risk profile of these products? One area of concern in the private credit market has been potential disruptions from AI, given that a meaningful portion of the underlying portfolio companies are software firms.

Noah maintains an investment team in Silicon Valley. As a GP, how much direct investment or co-investment does Noah currently have in the private credit space?

What percentage of the underlying assets are software companies and what percentage of those could potentially be vulnerable to AI-driven disruptions? How do you view the risk in this segment?

My second question is on transaction value and one-time commissions. In the fourth quarter, one-time commissions declined sharply year-on-year.

Looking more closely at transaction value, both domestic and overseas insurance product sales weakened significantly. How do you see the run-rate trend heading into 2026?

Amid the recent capital market pullback, how have client sentiment toward investment products evolved? Are clients adopting a risk-off stance and reducing their allocation to investment products?

Finally, what's the current house view in terms of the investment strategy for the remainder of 2026? 好，Helen啊，回答一下。对，确实最近的市场的话有点波波波动起伏。然后我们在硅谷的投资的话主要因此以VC和早期的那个创业投资基金为主的和项目，所以说没有那个我们自己管理的私募信贷的那个产品。我们在私募信贷的一些产产品的话都是以一些大牌的海外的那个金融机构像Blackstone啊、KKR啊这种机构为主的一些私募信贷产品。其实我们在去年时候最早时候的话就已经注意到这部分的类型资产，我们有给客户提供了很多的那个建议。客户的话目前我们在资产在AUA的比重的话那个只有个位数，所以说它不会对我们的那个业务产生很大的极度的风险。

Let me do the translation here. We must emphasize that the company doesn't run any only own any assets that is related to the product that Helen just mentioned.

What we've been doing at Silicon Valley is mainly invested with partner with some key major names. That's their PE product or in some VC fund.

That's why we don't see a much impact of our business. Because when we review the AUA here, those assets only representing a low single digit among all of our AUA.

The company has been have a concern on the related asset class at a very early stage. That's why we have been advising our clients to have a proper position in a very early stage.

第二个就关于这个募集费的下滑。那个其实我们一直关注给客户的一个综合配置，而不是简单的单一资产配置。我们过去几年的话保险产品的收入一次性收入当中是比较多的。那么这几年的话也可以看到我们在结构上面的话转向更健康的方式。那对于客户来说的话，其实我们对于老客户的保险覆盖避险的需求的话其实已经有比较充分了。那么同时的话呢，对于我们也有一些新的客户持续的在业务上的配置。那么从财富管理嘛核心其实还是帮客户做一个稳健的架构，所以说我们一直说金字塔的三角形，帮客户做架构，而且Glory的话定义是帮客户的话是做那个在全球这样一个环境下面做架构的一个服务。那么客户的话在我们所感受到的客户在避险情绪上面对投资需求并没有下降，而且反而是由于这一个AI的这一轮的趋势的确认以后的话我们客户的话对AI的方面的相关的投资还是有非常大的一个需要调整和配置的一个需求。

Regarding the second question on our commission. Because we must emphasize that being in the wealth management business, we are not a single product sales-driven business, but we've been trying to provide a safe and structural services for our clients.

Yes, we do see the drop in insurance sales, but we also believe that because a lot of our existing clients they have already had enough coverage from insurance products. That's why when we've been reviewing our business in under Glory, what we've been emphasizing that we are providing a global solution to our clients, but not just selling single insurance products.

Regarding the investment incentive among our clients, we don't see any drop in demand. We understand that there is risk in the market, however, we actually see clients still have a very high interest in investing their wealth, particularly in AI-related products.

We will still keep an eye on that and do the right advice to the clients.

补充一下啊。我觉得关于这个另类信贷基金的这个风险啊，也就是也要看一下是有一些是社交媒体啊它的这个叙事框架就有点煽情，就产生了客户的压力吧。请你看一下BlackRock它的这个HPS的借贷款的这个收到的净赎回的话其实是9.3%，它所有的合同的条款正常执行其实是5%，这个是在销售的时候就已经说清楚的。如果超过了申请的上限，那么就按照发行股份的5%来赎回。那么Black the Rock它就采取说那我就申请我就5%。但这次BREIT它同期得到的赎回申请是7.9%，那么他们就选择注入了4亿美元的流动性来完成了全部的赎回申请。那我们是怎么看这个问题的呢？第一个像以前的话这些基金它都是机构化的，那那通过半流动性的方法就开始零售化，像Blackstone有20几%就是零售的客户，我觉得零售的这个后遗症这是开始显现的，但是我们是很有经验的，因为我们在中国就碰到过这样的一些问题。那AI对私募信贷的借款方的冲击可能是真实存在的，也有一些行业的传染效应，包含宏观的地缘政治的叠加，但总的来讲，我觉得还是在一个正常的范围内，完全是按合同在执行，并不是市场的全面的恐慌。当然另外一点我们本来exposure就不是特别大。但我们呢是非常有经验的在中国面对零售的客户，所以我们一开始在3月6号我们就开始要我们的RM在这个框架下进行操作，比如说跟什么样的客户进行对话。我们梳理了客户的持仓，对于私募信贷持仓占整体流动性超过30%的，而且他短期有资金需求的，我们就开始跟他沟通来赎回，他们听从了我们的建议，都是顺利赎回且获得好的收益的。那还有一些是中风险的客户，他持仓比例比较适中，但他觉得他要流动性，6个月要有流动性，我们也会推荐说啊那你也可以做赎回，目前都是非常顺利的。那有一些私募信贷是他长期配置的一部分，持仓比例非常低，那我们觉得这个客户情绪是很稳定的，我们只需要跟他沟通事实，而不是恐慌性的赎回。我觉得在这些点上我们都总结了我们在中国和高净值的零售的客户的经验，应该说是处理的是非常很smooth的吧，我们目前没有感受到任何这方面带来的流动性的压力或客户的投诉。好，我就补充这这几个点。

Thank you, Chairlady. What we wanted to emphasize is that Noah, the company, has established for many years and we have substantial experience in handling different types of economic cycles.

For the recent situation when we are talking about this PE risks in all these alternative investment products related to social media assets, we can use an example from Blackstone and the BREIT product. We look at it as, under all the normal criteria, is the return should be 5%, but now it's over 9.3%.

Which is we have seen this situation in China, in mainland China before, where that's why we've been taking early position to advise our clients depends on their risk appetite, whether they would prefer to have a more mid-term risk appetite or they are more risk-reserved, that we've been taking advice in an earlier stage. Since the beginning of this month, we've been advising our RM to talk to different clients depends on their asset allocations and also their risk appetite.

We believe that our clients' experience is still a very prudent situation and we don't see any panic sales at the moment.

还有一个就是我们是focus在全球华人嘛。那我们对于特别是出海的中国华人家族非常理解的，他们有一些特殊的脆弱性，因为他们现在进行全球的资产的布局，所以他们对资金的灵活性一般是高于高净值客户的，包含他的跨境的移民啊，他的生活的规划，企业的海外并购，所以我们在私募信贷产品的这类客户组合上一开始上线就非常严格，因为我们经历了中国的这些另类信贷的风暴，我们是在这个方面一开始就有管理的吧。

As we mentioned about our experiences within the mainland market, we also, one of our advantage or strength is that we know Chinese high net worth and these families' characteristics, and what they are vulnerable to, and how they would like to treat their investments portfolio. That's why we've been strictly choosing or strictly been allocating which PE we should go through.

That's why from the very beginning, the company's been providing a rather more suitable to what our clients need when selling this type of products.

我想再讲一下关于这个保险会不会持续啊收入。我觉得这也是有个误区，就是其实诺亚过去也都是产品销售驱动的。这个保险好卖就卖保险，投资好卖市场就卖这个投资。但其实我们今天有个最重要的改变，就是我们已经形成了在海外的Ark、Olive、Glory三个板块。我我觉得你其实可能想问的问题是，未来哪一个是诺亚重要的增长引擎？但从我们来讲，我们想表达的就是说这三个板块它形成了我们财富管理的一个ecosystem，它不是单独竞争的，而而是经过几年构成了我们一个完整的模型。Ark呢就负责客户的连接、执行、交易、开户，Olive就负责资产和回报，而Glory保险、经纪、身份规划、信托是我们对客户的长期的财富管理结构的长期的保障的一个规划。所以我们现在可能我们的跟我们的客户还有我们的RM的沟通方式并不是说我们卖什么产品，而是说我们用不同的这个平台，然后我们架构以及我们全球的四个booking center来全面的服务客户。所以其实没有办法回答未来保险会不会增长，但我们觉得这是客户的资产的长期稳定性的关键节点，所以我们推荐他们身份的规划、税务居民的身份，然后他们的保险、信托都是应该要关注的。但我们会根据我觉得过去我们可能做不到，现在我们有了AI，我们完全可以给客户做到千人千面。这个客户如果他的投资的这个exposure比较大，那他还没有完成他的基础架构，那我们就会推荐他去做基础架构。如果他基础架构全部都完成了，我们就不会再强推他保险，而是真正的帮他做全球的资产配置，那我们会做得更加我觉得就更有底气更有信心吧。

Regarding your second question about our sales in insurance products, I think we do admit that in the past the company is a more product-driven selling company, which when the investment products is very welcoming or the insurance products is very welcoming, then it becomes the key driver of the company's growth. However, what we want to emphasize is today we have formed our global 3-layer systems, as CEO mentioned in his speech, that we have Ark, Olive, and Glory.

We are forming this platform, the ecosystem, being a wealth management company, that we are providing total solutions. Now it's not about what to sell, but about how to help our clients to do the wealth management.

If we are now providing plans, just for example, if they have enough protection from insurance products, then what we may do is more about could be their identity planning, could be providing trust services. It's about wealth management being as a whole.

With the support of AI, we firmly believe that we now have a very firm structure and is more enabled to perform better being a wealth management company. Which that's why a simple answer is hard to just a direct answer to say whether insurance product will be a lead or not.

It is not the focus anymore. 好，Helen？

喂？好，谢谢给我这个提问的机会，对，我是Citi的Calvin。我这边有两个问题，首先是关于AI，能不能请管理层分享一下我们未来在AI方面的策略和投入？我们估计AI的赋能未来可以在哪一些经营或者是财务指标中体现出来？第二个问题是关于股东回报的。2025年的话维持了一个非常高的分红率，就往前看的话能不能请管理层分享一下我们在分红率以及回购有什么计划和考量？就我简单翻译一下。Thanks

for taking my questions. This is Calvin from Citi.

My first question is about AI. Can management share a strategy and investment on AI going forward?

How would this be reflected in Noah's operating or financial metrics? My second question is on shareholder return.

Noah maintained a high payout ratio in 2025, and looking ahead, what is the plan and considerations on payout ratio and share buyback? Thanks.

好，我回答一下啊。首先我觉得诺亚肯定是这个全面拥抱AI的，但我不想让大家觉得每个人都在讲AI，觉得这个是政治正确。就我们有我们核心的AI的战略。我觉得第一个就是在销售端。就我们以前是一个完全的RM人力来驱动的，所以分析师可能会讲诺亚有多少RM，然后来乘以这个RM可以做多少规模来代表我们的这个成长吧。但我觉得今天这个模型确实被打破了。诺亚有被被AI赋能的RM。现在啊你可以看到，同时比如我们在新加坡、香港，然后我们在上海，我们都成立了AI的财富管理部。那这些AI的财富管理部呢，他们完全是通过系统的、AI的方法来千人千面的覆盖我们的客户。那在新加坡我们试验了接近这个9个月的时间吧，取得了非常好的成果。过去5年，就是在2025年的时候，新加坡的AUM到我们用AI之后成长了3倍，然后而且我们的人力是大幅减少了。可能在在今天我们在新加坡我们就不再想要去说我们要hire多少个RM，那这是一个核心点啊。而且我们是可以非常自信的，最重要的是AI RM它交付给客户的产品、服务是远超人类RM的，速度也是远超的。那同时呢我们在香港、新加坡跟上海，我们也构建了我们的叫AI+生态拓展部。就我们开始更多去关注我们可不可以跟EAM、这个multi-family的这个家办，然后跟他们来连接，给他们提供系统，然后他们也可以成为我们整个外延的这个这个RM的群体吧。比如说在Glory，我们其实去年我们在保险啊、信托、这个身份规划这些销售上，更多的是通过跟我们连接的一些这个independent financial advisor来做的，那么也取得了比较好的成果，那这也是AI给我们带来的。那你说是它是不是已经全面的对公司的直接的收入贡献产生了，我觉得正在开始，但是可能也没有那么明显啊。我觉得主要体现在效率的层面上，就人效的提升，以及客户的全面的覆盖。今天可能可以说是诺亚过去20年积累了40万全球高净值的华人客户，过去我们要全面覆盖他们是不可想象的，但今天我们可以非常自信，我们可能还没有完全激活，有很多客户流失，过去有很多这个挫折，但我们今天可以100%做到全面的覆盖。所以我觉得短期是效率的提升，中长期有可能有机会转化为我们客户增长收入的提升。那第二点呢除了这个RM方面，我觉得就是开户、入金、合规，不同司法区的合规完全可以通过AI来实现做得更有效率。那这个也是我们在这一过程中在进阶的吧，就是怎么样能够在我们的客户的开户、入金、合规管理，甚至项目的风险管理方面啊我们我们在推进。那再更加深度的就是我们在Olive方面，我们的这个AI strategy lab，就是我们的投资策略，我们通过AI、通过训练我们的模型，那我们能够自己出策略，而且自己可以管理这个我们对客户的全权委托啊等等，我们还是非常非常有信心的吧。那我觉得我们今天做到了一点，就是我们全员覆盖了AI的基础设施，我们有一个叫诺Chat的内部系统，我们100%的员工可以在上面跟他们互动。第二我们有一个诺亚给客户端的AI的agents，然后他们可以在提问股票啊、了解他们的持仓啊，那这个我们已经开始了。在客户端端底这个，就就是完全客户的这个AUM和他的资产配置策略完全由AI来出，这个我们比较谨慎，主要还是从客户的数据的安全啊、风险啊，但如果客户授权，我们现在的能力上是完全都可以做得到的。

Let me do a translation here. We must emphasize that we embrace AI not because this is the propaganda that is the trend currently, but it's really about how it's been able to enhance the efficiency of the company.

In the past, our analysts when they review our business model, they may use a method to count how many RMs we hire and then just do a multiple and believe that that is a growth engine. However, under the AI-enhanced system, we believe that right now it's not about how many people we hide.

Take Singapore office as example. We've been adopting this AI methods in for 9 months now.

What we see is our human resources has dropped, but at the same time, AUM has increased by three times in the past 9 months. It's about efficiency, it's about quality that we've been able to deliver to our client.

Apart from that, with the AI in mind, we may also able to further develop our business by reaching to the EAM and the multi-family office business, so that we've been able to provide a system to work with this independent third-party channel. Just what we've done with under Glory with hired different commission-based broker to do the insurance business since second floor last year.

To answer your question, maybe currently it's not about if we've been able to use a financial indicator to show the efficiency or a really quantitative returns from using AI. However, we believe that one key factor you can look at is how many clients we've been able to cover.

The company has a record of over 400,000 clients on our record. We may not been able to cover all of them in the past, but with the help of AI, that has enhanced our efficiency.

We believe that this is a very good opportunity that we've been able to talk to all our potential clients or who should be our clients on our list again. We must emphasize the company's still very cautious about clients' privacy.

When doing investment planning suggestions, we would be rather more prudent, because we don't want to have any clients' privacy issues been a concern to the company. At the moment, we would say it's more about efficiency, but I would say the company with the Noah Chat that internally all the client all our employee can use, and also the AI RM that is the translator for CEO just now, that providing already providing service to internally and externally to clients that we've already seeing the efficiency that AI's been bringing to the company.

我们今年还推动了一个就是，ARM怎么被AI赋能。我们要求就是每个ARM都必须使用AI，而且要求他们选出100个能够让他们上天堂的客户，其他的客户都必须分给AI的财富管理顾问。那那我觉得在这个过程中其实你看到我们的ARM，他可能选他都选不到100个，可能50个到70个，但我们要求他们要全面从产品推动的客户服务方法做到客户经营的方式，就深通过AI深度经营每一个客户。我们相信只要他过程做对了，然后他能够给客户交付更好品质的服务的话，这个我们的产能，ARM的产能会大幅提升。ARM产能的提升就意味着他的收入的增长。如果ARM的收入能够翻3倍，那我相信这个我们的业务也会成长。但我们可能未来是一个更小的，不说是1个人的独角兽吧，可能是这个也不是为了裁员啊，但是就是ARM的业绩要增长5倍，可能他的收入可以增长4倍。同时就诺亚是更加精简的，然后我们的回答你刚才那个问题，我们对利润是更有信心的，就是做得到更深、更有品质。那那我们很显然啊，我们一直在回购我们的股票，我们今年我们我们也已经公布了嘛，我们也会持续的分红。那我我想这个诺亚经营了20多年了，这个商业模式我们也比较了解，就是金融这个行业离钱比较近，所以我们可以很好的持续向我们的利润回馈我们的股东。

What we've been now promoting is a program called RM 100. Which what we about this program is that we ask our RM to handpick around 100 clients they would like to serve intensively.

For the rest of clients supposely on their book, then they have to hand it out to our AI wealth management department. Which the core belief behind this, we hope that through the support of AI we can enhance quality.

Which the RMs when they have handpicked their client, they can better serve his own clientels, and that ultimately it's about their income can be increases and ultimately that drives our profits in the future. To your question about buyback and dividend and shareholder returns, because we have confidence in driving our future growth, and also we know the financial industry very well, and we also know how to best allocate our resources, and that's why the company believe that we have a very high confidence in continuing to return our all to reward our shareholders.

I just want to add a piece of information that we actually have, since the repurchase program, we have repurchased about 4.3% of the total shares outstanding. Obviously we have been very disciplined in terms of execution of dividend policy.

I believe that adding this year's dividend to the accumulated dividend out, the number is already crossed the $2 billion threshold. That's actually a very impressive return, I guess not just in Chinese ADR, but probably on many of the listed companies.

We're actually giving out about $1.32 per ADS this year. That's something, as Chairlady just mentioned, that we're pretty confident that we'll be able to generate the same level of cash flow and continue to reward our shareholders.

好，谢谢，非常清楚。

好，谢谢管理层给我提问的机会。我是摩根大通的Peter Zhang。那我这边有两个问题，第一个就是四季度我们收入端有被performance fee的贡献很大，我想请管理层帮我们梳理一下背后的主要驱动因素。然后如果以我们展望2026年来来看的话，这一部在收入的持续性是怎么样的？第二部分是第二个问题是就是因为我们一季度已经快过完了，我想请管理层给我们介绍一下我们一季度的经营趋势，包括客户的投资情绪、然后我们理财产品的这个销售情况，然后我们一季度的收入收入对比四季度的趋势。另外就是因为我们市场也有些波动嘛，我就想请问对于我们equity in affiliates这一个item是不是在一季度也会有一些承压？那我做一下翻译。Thanks for giving me the opportunity to ask questions. This is Peter Zhang from JPMorgan.

I have two questions. First is we noticed that the fourth quarter revenue was mainly supported by the strong performance fee.

We wish to understand what's the drivers behind and can see this revenue segment to be sustainable into 2026? Secondly, we wish to management can help to describe what's the quarter-to-date operating trend for Noah, including client activity, client investment behavior, wealth management sales product sales volume, as well as revenue trend.

In addition, the market has been quite volatile in first quarter. We wish to understand whether this has any implication on your equity in affiliate income items.

Thank you.

好，关于carry啊，那个就是我们去年的话，那个carry的收入确实表现比较好，这也就是得益于我们一方面是长期布局在私募股权上面，过去的话人民币和美元都有；然后第二部分的话是那个我们的二级市场去年化也比较持续吃热。但是对于carry的预测性持续性的话，其实我们过去的话一直没有办法很很准确的那个去预测它到底是个怎么样的一个情况。但是从我们的业务的结构来说的话，我们布局在长期的这种那个VC、PE的投资和二级市场的投资性业务的话，它后面的话总是每年会有多多少少的carry的一个业务的发展，但同时的话我们也非常的注重，这也是为什么我们非常注重AUM的业务的一个积累的一个过程。然后一季度的话请潘青那个Affiliate看看。

Let me do a simple translation first. Honestly, it's hard to precisely predict the trend in the future.

However, we must emphasize that it's about the structure. We've been focusing in investing VC and PE in previous years, and believe that with this structure we've been promoting investment products, this should bring carry to the company in the future for long-term growth.

For your second question regarding in equity in affiliates, yes, we do still see some pressure during Q1. However, we must emphasize that this is only a non-operational impact, it shouldn't be really affecting the cash flow or our operation.

For Q1 operation, Grant would like to...

Sure, I just want to add a little bit more on the carry. I think Peter particularly mentioned about the Q4 carry income.

Two-thirds of the carry actually came from an exit from US dollar-denominated fund in Silicon Valley, and the rest actually came from the domestic product from the RMB private hedge fund. I guess that's a pretty balanced return, but obviously as Zander mentioned, it's quite difficult to forecast particular timing of carry, but we're seeing that, the AUM accumulated rather good opportunities for continuous return performance fees, hopefully.

I think for the first quarter, obviously cannot share too much information about the first quarter actual operations, but we're seeing I guess at least the stabilization of client sentiment toward investments. Two is obviously in terms of the tension, I guess especially in Mid East, people are a little bit more risk-averse, and they tend to actually put items or investments in more liquidity position and more diversified portfolio.

That that's exactly our point of view that we're trying to market to our clients, diversify across asset classes and also region. Peter, did we get your

question? Thanks.

This is very helpful.

Thank you.

好的，谢谢管理层给我这个提问的机会。然后我想请教两个问题。第一个是我们看到公司四季度包括今年以来的经营利润率的提升都比较明显，想请问一下原因，以及如何展望后续的成本控制能力。然后另外一个第二个问题是四季度对于联营企业投资亏损有大幅扩大，我们可以看到在季度之间的波动也比较明显，然后想请问一下怎么展望后续的影响？然后我简单翻译一下。My first question is that we noticed a meaningful in operating margins. Could management provide some color on what drives the notable increase in our operating margin?

Moving forward, how do you view our capacity to maintain effective cost control? My second question on what are the primary drivers behind the significant widening of investment losses from equity in affiliates in the fourth quarter?

Thank you.

I want to just give a little highlight on the operational margin. That obviously one is a result of continuing optimization in terms of cost of, obviously human resources-related in terms of salary and bonuses, especially in mid-back office streamlining as we just discussed, the utilization of AI and as well as the continuing streamlining processes.

As a result of the reduction of headcount, the total actual cost related to staffing decreased about 10%. With the help of, obviously carry income, we're seeing a pretty healthy margin, and 30% is actually the operational margin we always try to aim for.

That will continue to be reflected in our strategy in 2026. Also in terms of your question on the affiliated equity performances, where, obviously seeing a lot of pressure in the fourth quarter, but hopefully it will be able to stabilize in the first quarter.

Thank you. Thank you everyone for joining us today.

If you have further questions about the company, please feel free to reach out to the IR team here. Have a good day, everyone.

Thank you.