Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 91

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 91
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 licensed distribution channels operated by our subsidiaries, we offer various investment products, including primarily domestic and overseas mutual fund products, private secondary products and other products, on behalf of our third-party product partners as well as Gopher and Olive, our asset management arms. We also provide customized value-added financial services to our clients, including investor education and trust services.
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●   Asset management business. Through our asset management arms, Gopher and Olive, we manage our clients’ investments in private equity, real estate, public securities, multi-strategy and other investment products.
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●   Other businesses. This segment mainly includes lending services whereby we make secured loans to creditworthy clients through our subsidiaries. Since the third quarter of 2019, we have decreased lending and other businesses as we strategically shifted focus to our core wealth management and asset management businesses.
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<{self.tag} alt="{self.alt}" src="{self.src}">In 2024, we engaged in organizational restructuring and adjustment to our business operations in order to improve our business model and to comply with the evolving regulatory requirements in our industry. Following a comprehensive evaluation of the nature of our evolving business operations and recent organizational adjustment, we have determined that a refined segmentation approach will provide a clearer understanding of our financial performance and strategic progress. As a result, starting from the fourth quarter of 2024, we began disclosing our revenues under six domestic and overseas business segments and headquarters. This segmentation approach is designed to enhance resource allocation, provide investors with insights into our financial performance across our diverse business segments, and ensure alignment with our long-term strategic objectives. For the purposes of organizing our business segments in this annual report, we describe our businesses conducted in mainland China as “domestic” and businesses conducted outside of mainland China as “overseas.”
Among these six segments, our wealth management business is generally structured around four segments, namely domestic public securities under Noah Upright, domestic insurance under Glory, overseas wealth management under ARK Wealth Management and overseas insurance and comprehensive services under Glory Family Heritage. In 2024, our domestic public securities, domestic insurance, overseas wealth management and overseas insurance and comprehensive services segments contributed to 18.8%, 1.6%, 26.0% and 5.3% of our total net revenues, respectively. Our asset management business is generally structured around the remaining two segments, namely domestic assessment management under Gopher and overseas asset management under Olive. In 2024, our