<h1>Profitability rebound spurred by distribution-led revenue growth and expanding overseas momentum, with a new licensed stablecoin fund partnership.</h1> Noah reported a rebound in profitability and higher operating income driven by improved investor sentiment, disciplined cost management, and growth in distribution of investment products. Overseas product revenues constituted a substantial share of net revenues alongside growth in overseas client base and assets under management. The Company announced a strategic partnership to establish a stablecoin yield fund and will prioritise global client expansion, broader product offerings including licensed digital asset vehicles, and embedding AI to enhance operational efficiency and cross border controls.