诺亚财富:投资驱动利润增长;AI战略及全球布局深化

中金公司
Nov 27, 2025

业绩回顾3Q25 业绩小幅高于我们预期诺亚3Q25 净收入同比-7%/环比+1%至6.3 亿元,Non-GAAP 归母净利润同比+52%/环比+21%至2.3 亿元,略高于我们预期、主因公司投资收益、对联营企业投资收益贡献显著。发展趋势产品募集规模微升,财富管理收入略降。3Q25 财富管理净收入同比-8%/环比-1%至4.3 亿元,其中:募集费同比-10%/环比+2%至1.6 亿元,管理费同比-...

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