Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 92

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 92
---
 domestic asset management and overseas asset management segments contributed to 29.7% and 16.9% of our total net revenues, respectively. In addition to these six segments, we also conduct our general corporate operations at our corporate headquarters in Shanghai, which are operations not directly allocated to one of the aforementioned six business segments. In 2024, our headquarters contributed to 1.7% of our total net revenues.
We operate our business to cater to the needs of our clients by leveraging (i) our unique ecosystem with leading product partners, including fund managers and top PE/VC general partners, (ii) a diversified product mix that contributes to a favorable revenue structure with competitive profit margins and delivers successful investment results, and (iii) significant synergies and high operating efficiency. We are a pioneer in mainland China’s HNW wealth management services industry with various market-first achievements, and are the first wealth manager to have built an ecosystem with leading private secondary funds and PE/VC firms in mainland China. Leveraging our early-mover advantage, deep understanding of the industry, strong execution capabilities and rigorous risk management, we have developed a comprehensive set of product offerings in collaboration with our product partners.
​

57

Set forth below is a diagram illustrating our unique ecosystem:

1   Others include insurance products, multi-strategies products and others.
----------------------------------------------------------------------------
Our Clients
We primarily serve Chinese HNW clients who reside in mainland China or overseas with total investable assets exceeding RMB6.0 million. In addition to individual clients, we also strategically provide services to certain institutional clients, including entities affiliated with such individuals, such as their family offices, as well as other institutional investors. In 2021, we started to provide mutual funds and related wealth management services to satisfy our corporate and institutional clients’ money market and liquidity management demands through our mutual fund SaaS platform, “Smile Treasury”, operated by our domestic public securities operation, Noah Upright. We have attracted a loyal and high quality client base, with approximately 17,210 active clients (including mutual fund-only clients) as of December 31, 2024.
The table below sets forth certain information regarding our clients for the years and as of the dates indicated.

                              ​                                 ​      ​       ​       ​       ​       ​   
-----------------------------------------------------------------------------------------------------------
​                                                               ​                   Year Ended December 31,
​                                                               2022          2023            2024         
Number of active clients (excluding mutual fund-only clients)         6,520   ​       5,