Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 192

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 192
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   Selling expenses increased by 23.7% from RMB299.8 million in 2022 to RMB370.9 million in 2023, primarily due to growing number of client events hosted.
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●   General and administrative expenses increased by 25.8% from RMB153.6 million in 2022 to RMB193.2 million in 2023, primarily due to increasing traveling expenses and one off disposal loss on leasehold improvements for our previous headquarter that we ceased to lease in May 2023.
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●   Provision for credit losses in 2023 was RMB0.9 million, while reversal of credit losses was RMB0.7 million in 2022, primarily due to accrual of allowance for accounts receivable relating to certain funds.
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●   Other operating expenses increased by 185.8% from RMB15.4 million in 2022 to RMB44.0 million in 2023, primarily due to a one-off reversal of processing expenses related to our mutual fund business in 2022, which set a relatively low baseline for comparison.
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●   Government subsidies increased by 16.1% from RMB89.2 million in 2022 to RMB103.6 million in 2023, primarily due to an increase in government subsidies received from local governments in 2023.
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Asset Management
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​                                                ​                                         Years Ended December 31,
​                                                ​        2022   ​          2023   ​                           2024
​                                                          RMB               RMB               RMB              US$
​                                                ​                                                   (in thousands)
Revenues                                         ​           ​   ​             ​   ​             ​   ​            ​
Revenues from funds Gopher/Olive manages:        ​           ​   ​             ​   ​             ​   ​            ​
One-time commissions                                    49,856   ​         2,633   ​         1,178   ​          161
Recurring service fees                                 682,121   ​       714,624   ​       663,438   ​       90,891
Performance-based income                               107,121   ​        51,288   ​       103,809   ​       14,222
Total revenues