Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 318

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 318
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,802 404,288 55,387
Accrued expenses mainly consist of payables for marketing expenses and professional service fees.
Payables to individual investors consist of payables in relation to other service to the clients. 9. Revenues
The Group derives revenue primarily from one-time commissions, recurring service fees and performance-based income paid by clients or investment product providers. The disaggregation of revenues by service lines have been presented in the consolidated statements of operations.
Revenues by timing of recognition is analyzed as follows:
Year Ended December 31
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(Amount in Thousands)
2022 2023 2024 2024
RMB RMB RMB US$
Revenue recognized at a point in time 1,130,364 1,408,389 904,274 123,885
Revenue recognized over time 1,998,513 1,909,432 1,717,060 235,236
Total revenues 3,128,877 3,317,821 2,621,334 359,121
For the Group’s revenues generated from different geographic locations, please see Note 17 segment information. 10. Income Taxes
Cayman Islands
Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, the Cayman Islands do not impose withholding tax on dividend payments.

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Hong Kong
Under the current Hong Kong Inland Revenue Ordinance, the first HK$2million of profits earned by the qualifying group entities incorporated in Hong Kong will be taxed at half the current tax rate (i. e. 8.25%) while the remaining profits will continue to be taxed at the existing16.5% tax rate. The profits of group entities incorporated in Hong Kong not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of16.5%. In addition, payments of dividends from Hong Kong subsidiaries to their shareholders are not subject to any Hong Kong withholding tax.
PRC
Under the Law of the People’s Republic of China on Enterprise Income Tax (“ EIT Law”), domestically-owned enterprises and foreign-invested enterprises (“ FIEs”) are subject to a uniform tax rate of25%. Zigong Noah Financial Service Co., Ltd. falls within the encouraged industries catalogue in Western China, which is eligible for preferential income tax rate of