Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 332

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 332
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 - 1,015,436
Performance-based income 1,089 103,809 - 104,898
Total revenues from funds Gopher/Olive manages 373,197 768,425 - 1,141,622
Total revenues 1,808,432 768,425 44,477 2,621,334
Less: VAT related surcharges ( 7,726) ( 1,081) ( 11,545) ( 20,352)
Net revenues 1,800,706 767,344 32,932 2,600,982
Operating cost and expenses:
Compensation and benefits
Relationship manager compensation ( 531,172) ( 31,351) - ( 562,523)
Other compensations ( 534,031) ( 213,668) ( 39,229) ( 786,928)
Total compensation and benefits ( 1,065,203) ( 245,019) ( 39,229) ( 1,349,451)
Selling expenses ( 195,830) ( 46,811) ( 26,397) ( 269,038)
General and administrative expenses ( 184,688) ( 70,795) ( 41,268) ( 296,751)
(Provision for) reversal of credit losses ( 22,157) ( 3,698) 1,973 ( 23,882)
Other operating expenses ( 43,107) ( 23,948) ( 26,155) ( 93,210)
Government subsidies 54,324 10,797 118 65,239
Total operating cost and expenses ( 1,456,661) ( 379,474) ( 130,958) ( 1,967,093)
Income (loss) from operations 344,045 387,870 ( 98,026) 633,889

F-45

Table of Contents

                                                      Year Ended December 31, 2024 (Amount in Thousands)                                                                                                       
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                                                                              Overseas                         
                                                                                                                                                                              insurance                        
                                                                                                Domestic        Domestic                      Overseas        Overseas        and                              
                                                                                                  public           asset      Domestic        wealth          asset           comprehensive                    
                                                                                              securities      management      insurance       management      management      services                  Total