Noah Holdings Ltd. has published the transcript of its Third Quarter 2025 Earnings Conference Call, held on November 25, 2025. The event was attended by key company representatives including Co-Founder and Chairlady Jingbo Wang, Co-Founder, Director and CEO Zander Yin, Chief Financial Officer Grant Pan, and Senior Director of Investor Relations Doreen Chiu, alongside analysts from UBS, JPMorgan, Citi, and CICC. During the call, management highlighted significant improvements in profitability and margins, noting that "despite ongoing revenue pressure, our profitability and margins improved significantly, with non-GAAP net income increasing by over 50% year-on-year." The discussion also addressed Noah's strategic focus areas, including the adoption of AI, increasing the investment product proportion, and the development of four booking centers, with particular emphasis on the upcoming U.S. booking center launch in 2026. Management indicated that the adoption of AI could result in cost savings on operating expenses and potential improvements in revenue. Regarding the U.S. booking center, there may be a substantial upfront investment in 2026 as the business is fully launched. Investors were encouraged to track progress on these strategies over the coming one to two years. The full transcript can be accessed through the link below.