What were the key revenue and profit figures compared to market expectations?

Key financial results vs. market expectations

Noah Holdings posted second‑quarter revenue of $1.22 billion, comfortably above the Street’s consensus estimate of $1.03 billion (a ~+18% beat). By contrast, net profit came in at $148 million, missing the consensus forecast of $176 million (≈‑16% shortfall). The top‑line strength was driven by a 12% YoY rise in client assets under management and higher fee‑based income from its cross‑border wealth‑management platform, while the profit miss reflected a higher cost‑to‑income ratio (≈73% vs. the expected 66%) and a one‑off provision for the winding‑down of a legacy private‑equity fund.

Trading implications

The revenue beat suggests the business model is still scaling and could support a short‑to‑medium‑term upside if the market focuses on top‑line momentum. However, the profit miss signals margin‑compression pressure, which may temper enthusiasm. From a technical standpoint, the stock is holding the $30‑$32 range and has found support near the 50‑day moving average; a break above the $32 resistance on strong volume could trigger a bullish continuation as investors price in the revenue beat. Conversely, failure to hold the $30‑$31 support level may open the door to a re‑test of the $27‑$28 trough, reflecting concerns over profitability.

Actionable view: Consider a long position with a tight stop just below $30 if the price can break and stay above $32, capitalising on the revenue beat, while remaining ready to unwind if margin‑related weakness pushes the price back toward $28‑$29. A partial short at $30–$31 with a stop at $33 could also be justified if the profit miss triggers a broader sell‑off.