Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 194

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 194
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●   Other operating expenses increased significantly from RMB3.3 million in 2023 to RMB23.9 million (US$3.3 million) in 2024, primarily due to a one-off expense Gopher paid to one of its funds as general partner.
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●   Government subsidies decreased by 50.1% from RMB21.6 million in 2023 to RMB10.8 million (US$1.5 million) in 2024, primarily due to a reduction in government subsidies received from local governments in 2024.
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Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
Total Revenue. For the asset management business, our total revenue decreased by 8.4% from RMB839.1 million in 2022 to RMB768.5 million in 2023. Our total AUM remained stable from RMB157.1 billion as of December 31, 2022 to RMB154.6 billion as of December 31, 2023:

●   Total revenue from one-time commissions decreased by 94.7% from RMB49.9 million in 2022 to RMB2.6 million in 2023, mainly due to a decrease of 69.8% in distribution of private equity products.
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●   Total revenue from recurring service fees increased by 4.8% from RMB682.1 million in 2022 to RMB714.6 million in 2023, which was due to an accumulated effect of private equity products previously distributed.
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●   Total revenue from performance-based income decreased by 52.1% from RMB107.1 million in 2022 to RMB51.3 million in 2023, primarily due to decreases generated from offshore private equity products.
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Operating Costs and Expenses. For the asset management business, our operating costs and expenses decreased by 1.8% from RMB386.6 million in 2022 to RMB379.5 million in 2023, primarily resulted from a decrease in performance-based compensation aligning with a decrease in performance-based income.

●   Compensation and benefits decreased by 22.8% from RMB322.0 million in 2022 to RMB248.7 million in 2023 due to our cost control strategy over employee headcounts.
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●   Selling