Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 189

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 189
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)
Other operating expenses                                (15,412)   ​        (44,042)   ​        (43,107)   ​       (5,906)
Government subsidies                                      89,223   ​         103,597   ​          54,324   ​         7,442
Total operating costs and expenses                   (1,458,517)   ​     (1,681,350)   ​     (1,456,661)   ​     (199,562)
Income from operations:                                  741,460   ​         809,899   ​         344,045   ​        47,134
​
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Total Revenue. For the wealth management business, our total revenue decreased by 27.7% from RMB2,500.6 million in 2023 to RMB1,808.4 million (US$246.7 million) in 2024. Our transaction value decreased by 13.8% from RMB74.1 billion in 2023 to RMB63.9 billion (US$8.8 billion) in 2024, primarily due to a decrease in distribution of domestic mutual fund products:

●   Total revenue from one-time commissions decreased by 41.6% from RMB1,086.6 million in 2023 to RMB634.4 million (US$86.9 million) in 2024, primarily due to decreases in distribution of insurance products.
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●   Total revenue from recurring service fees decreased by 11.1% from RMB1,105.8 million in 2023 to RMB983.5 million (US$134.7 million) in 2024, primarily due to a decrease in recurring service fees generated from private secondary products and private equity products.
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●   Total revenue from performance-based income decreased by 43.3% from RMB86.3 million in 2023 to RMB48.9 million (US$6.7 million) in 2024, primarily due to primarily due to a decrease in performance-based income from private equity products.
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●   Total revenue from other service fees decreased by 36.2% from RMB221.9 million in 2023 to RMB141.6 million (US$19.4 million) in