Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 190

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 190
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 2024, primarily due to less value-added services that we offered to our HNW clients.
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Operating Costs and Expenses. For the wealth management business, our operating costs and expenses decreased by 13.4% from RMB1,681.4 million in 2023 to RMB1,456.7 million (US$199.6 million) in 2024, primarily due to less selling expenses incurred in 2024.

●   Compensation and benefits decreased by 9.4% from RMB1,175.9 million in 2023 to RMB1,065.2 million (US$145.9 million) in 2024. In 2024, our relationship manager compensation decreased by 15.8% from 2023, aligning with the decreases in one-time commissions. Our other compensation slightly decreased by 2.0% from 2023.
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●   Selling expenses decreased by 47.2% from RMB370.9 million in 2023 to RMB195.8 million (US$26.8 million) in 2024, primarily due to less marketing activities in 2024.
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●   General and administrative expenses slightly decreased by 4.4% from RMB193.2 million in 2023 to RMB184.7 million (US$25.3 million) in 2024, primarily due to less legal expenses incurred in 2024.
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●   Provision for credit losses in 2024 was RMB22.2 million (US$3.0 million), while provision for credit losses was RMB0.9 million in 2023, primarily due to an increase in the provision for losses related to long-term receivables.
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●   Other operating expenses slightly decreased by 2.1% from RMB44.0 million in 2023 to RMB43.1 million (US$5.9 million) in 2024, primarily due to driven by lower costs relating to various expenditures of trust business.
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●   Government subsidies decreased by 47.6% from RMB103.6 million in 2023 to RMB54.3 million (US$7.4 million) in 2024, primarily due to a reduction in government subsidies received from local governments in 2024.
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Year Ended December 31, 2023 Compared