NOAH Noah Holdings Limited

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 28, 2017

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EXHIBIT INDEX

Exhibit 99.1 – Press Release

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Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR

THE FOURTH QUARTER AND FULL YEAR 2016

SHANGHAI, February 27, 2017 —Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading wealth and asset management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced its unaudited financial results for the fourth quarter of 2016 and the full year ended December 31, 2016.

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FOURTH QUARTER AND FULL YEAR 2016 OPERATIONAL UPDATES

Wealth Management Business

The Company’s wealth management business provides global wealth investment and asset allocation services to high net worth individuals and enterprise clients in China.

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Asset Management Business

Gopher Asset Management, the Company’s subsidiary, is a leading alternative asset manager in China. Gopher Asset Management develops and manages private equity, real estate, secondary market and other investments denominated in both Renminbi and foreign currencies.

Internet Finance Business

The Company’s internet finance business provides financial products and services through a proprietary internet finance platform targeting mass affluent individuals in China.

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Mr. Kenny Lam, Group President of Noah, commented, “We are very pleased with our fourth quarter and full year financial results. We have delivered record profits in 2016 and beat our profit guidance. 2016 was a year in transition – in market, in regulation and in competition. We have been able to achieve stable operating results amidst the volatile market environment. More importantly, in 2016, we have been able to make substantial progress in building a solid foundation for our medium to long term growth. Our core Wealth Management business has been substantially upgraded in its servicing capabilities and has expanded into new geographies. Our newer businesses – Asset Management and Internet Finance – are bringing impactful results to the Group, with business models refined and new talent added. We are entering into 2017 with high confidence and are committed to extending our leadership across our businesses.”

FOURTH QUARTER 2016 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2016 were RMB646.2 million (US$93.1 million), a 12.6% increase from the corresponding period in 2015, primarily due to increases in one-time commission revenues and recurring service fees more than offsetting the decrease in performance-based income.

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Operating costs and expenses

Operating costs and expenses include compensation and benefits, selling expenses, general and administrative expenses, other operating expenses and government subsidies. Operating costs and expenses for the fourth quarter of 2016 were RMB562.8 million (US$81.1 million), a 6.9% increase from the corresponding period in 2015. The increase was primarily due to increased marketing expenses and rental and related expenses associated with the new head office building which was put into use in the first quarter of 2016.

Operating costs and expenses for the fourth quarter of 2016 were RMB405.9 million (US$58.5 million), a 6.5% increase from the corresponding period in 2015.

Operating costs and expenses for the fourth quarter of 2016 were RMB92.9 million (US$13.4 million), a 24.7% increase from the corresponding period in 2015.

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Operating costs and expenses for the fourth quarter of 2016 were RMB64.1 million (US$9.2 million), a 10.0% decrease from the corresponding period in 2015. Operating costs and expenses for the fourth quarter of 2016 primarily consisted of compensation and benefits of RMB33.4 million (US$4.8 million), selling expenses of RMB7.9 million (US$1.1 million), general and administrative expenses of RMB8.4 million (US$1.2 million) and other operating expenses of RMB14.4 million (US$2.1 million).

Operating Margin

Operating margin for the fourth quarter of 2016 was 12.9%, compared to 8.2% for the corresponding period in 2015.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2016 were RMB22.2 million (US$3.2 million), a 210.9% increase from the corresponding period in 2015. The increase was primarily due to the combined impact of a higher effective tax rate and higher taxable income.

Net Income

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FULL YEAR 2016 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2016 were RMB2,513.6 million (US$362.0 million), an 18.6% increase from the full year 2015, primarily due to increases in one-time commission revenues and recurring service fees.

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Operating costs and expenses

Operating costs and expenses include compensation and benefits, selling expenses, general and administrative expenses, other operating expenses and government subsidies. Operating costs and expenses for the full year 2016 were RMB1,846.3 million (US$265.9 million), an 18.3% increase from the full year 2015. The increase in operating costs and expenses was primary driven by increased expenses related to marketing and client engagement events, and increased rental expenses due to office expansion and relocation.

Operating costs and expenses for the full year 2016 were RMB1,405.6 million (US$202.5 million), a 24.2% increase from the full year 2015.

Operating costs and expenses for the full year 2016 were RMB210.5 million (US$30.3 million), a 3.2% decrease from the full year 2015.

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Operating costs and expenses for the full year 2016 were RMB230.1 million (US$33.1 million), an increase of 8.4% from the full year 2015. Operating costs and expenses primarily consisted of compensation and benefits of RMB135.0 million (US$19.4 million), selling expenses of RMB25.5 million (US$3.7 million), general and administrative expenses of RMB36.5 million (US$5.3 million) and other operating expenses of RMB33.1 million (US$4.8 million).

Operating Margin

Operating margin for the full year 2016 was 26.5%, compared to 26.4% for the full year 2015.

Income Tax Expenses

Income tax expenses for the full year 2016 were RMB158.0 million (US$22.8 million), a 21.6% increase from the full year 2015, primarily due to an increase in taxable income.

Net Income

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Balance Sheet and Cash Flow

As of December 31, 2016, the Company had RMB2,982.5 million (US$429.6 million) in cash and cash equivalents, compared to RMB1,756.9 million as of September 30, 2016 and RMB2,132.9 million as of December 31, 2015.

Cash inflow from the Company’s operating activities during the fourth quarter of 2016 was RMB613.3 million (US$88.3 million). Cash inflow from the Company’s operating activities for the full year of 2016 was RMB686.2 million (US$98.8 million), compared to RMB675.1 million for the full year of 2015.

Cash outflow from the Company’s investing activities during the fourth quarter of 2016 was RMB208.3 million (US$30.0 million). Cash outflow from the Company’s investing activities for the full year of 2016 was RMB883.8 million (US$127.3 million), compared to RMB759.5 million for the full year of 2015.

Cash inflow from the Company’s financing activities for the fourth quarter of 2016 was RMB788.0 million (US$113.5 million). Cash inflow from the Company’s financing activities was RMB994.6 million (US$143.3 million) for the full year of 2016, an increase from RMB462.8 million for the full year of 2015, primarily due to fund raisings for our subsidiaries completed in the fourth quarter of 2016.

On July 8, 2016, the Company’s board of directors authorized a share repurchase program of up to US$50 million worth of its issued and outstanding ADSs over the course of one year. As of December 31, 2016, the Company had repurchased 26,082 ADSs for approximately US$0.6 million under this program, inclusive of transaction charges.

2017 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2017 will be in the range of RMB825 million to RMB860 million, an increase of 14.1% to 18.9% compared to the full year 2016. This estimate reflects management’s current business outlook and is subject to change.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company’s fourth quarter and full year 2016 unaudited financial results and recent business activities.

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The conference call may be accessed with the following details:

A telephone replay will be available starting one hour after the end of the conference call until March 6, 2017 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10101376.

A live and archived webcast of the conference call will be available at Noah’s investor relations website under the News & Events section at http://ir.noahwm.com.

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DISCUSSION OF NON-GAAP FINANCIAL MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation. The reconciliation of these non-GAAP financial measures to the nearest GAAP measures is set forth in the table captioned “Reconciliation of GAAP to Non-GAAP Results” below.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measure used by the Company may be prepared differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

When evaluating the Company’s operating performance in the periods presented, management reviewed non-GAAP net income attributable to Noah shareholders results reflecting adjustments to exclude the impact of share-based compensation to supplement U.S. GAAP financial data. As such, the Company believes that the presentation of the non-GAAP net income attributable to Noah shareholders, non-GAAP net income per diluted ADS and non-GAAP net margin provides important supplemental information to investors regarding financial and business trends relating to the Company’s financial condition and results of operations in a manner consistent with that used by management. Pursuant to U.S. GAAP, the Company recognized significant amounts of expenses for the restricted shares and share options in the periods presented. The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.

ABOUT NOAH HOLDINGS LIMITED

Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management services provider with a focus on global services for high net worth individuals and enterprises in China. In the full year 2016, Noah distributed over RMB101.4 billion (US$15.2 billion) of wealth management products. As of December 31, 2016, Noah had assets under management of RMB120.9 billion (US$17.4 billion).

Noah distributes a wide array of wealth management products, including fixed income products, private equity fund products, secondary market products and insurance products. Gopher Asset Management, the Company’s subsidiary, is a leading alternative asset manager in China. Gopher Asset Management develops and manages private equity, real estate, secondary market and other investments denominated in both Renminbi and foreign currencies. In addition, in 2014, the Company launched a proprietary internet finance platform to provide financial products and services to mass affluent clients in China. Noah delivers customized financial solutions to clients through a network of 1,169 relationship managers across 185 branches and sub-branches in 71 cities in China, and serves the international investment needs of its clients through wholly owned subsidiaries in Hong Kong and the United States. The Company’s wealth management business had 135,396 registered clients as of December 31, 2016.

For more information please visit Noah at ir.noahwm.com .

FOREIGN CURRENCY TRANSLATION

Effective October 1, 2015, the Company changed its reporting currency from U.S. dollars (“US$”) to Chinese Renminbi (“RMB”). The change in reporting currency is to better reflect the Company’s performance, as the majority of the Company’s operations are conducted in RMB, to align the Company’s reporting currency with its underlying operations and to reduce the impact that the increased volatility of the RMB to US$ exchange rate will have on the Company’s reported operating results. Prior to October 1, 2015, the Company reported its annual and quarterly consolidated balance sheets and consolidated statements of income and comprehensive income and shareholder’s equity and cash flows in US$. In this announcement, the unaudited financial results for the fourth quarter of 2016 and the full year ended December 31, 2016 are stated in RMB. The related financial statements prior to October 1, 2015 have been recast to reflect RMB as the reporting currency for comparison to the financial results for the full year ended December 31, 2016.

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This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.943 to US$1.00, the effective noon buying rate for December 31, 2016 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the outlook for 2017 and quotations from management in this announcement, as well as Noah’s strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industry; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industry in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

Contacts:

Noah Holdings Limited

Steve Zeng

Noah Holdings Limited

Tel: +86-21-8035-9221

ir@noahwm.com

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

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