Shares of Noah Holdings (NOAH) are soaring 5.19% in intraday trading on Thursday, following the release of the company's impressive first-quarter earnings report. The Chinese wealth management firm has managed to significantly boost its profitability despite a slight decline in revenue, catching the attention of investors.

According to the financial results filed with the Hong Kong stock exchange, Noah's attributable profit for the first quarter rose 13% to 149 million yuan, up from 131.5 million yuan in the same period last year. The company's earnings per American depositary share (ADS) also saw a healthy increase of 12%, reaching 2.11 yuan compared to 1.88 yuan in the prior-year period. These robust bottom-line figures came even as revenue declined 5.4% to 614.6 million yuan from 649.5 million yuan a year ago.

The market's positive reaction to Noah's financial performance underscores investors' focus on profitability and efficiency in the current economic climate. Despite facing challenges that led to a slight revenue decrease, Noah's ability to grow its profit margins significantly has clearly resonated with shareholders. This earnings beat may also signal the company's resilience and effective cost management strategies in navigating the complex wealth management landscape in China.