Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 179

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 179
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 Domestic insurance. The business that distributes domestic insurance products, consisting mainly of life and health insurance products, under Glory. In 2024, revenue from this segment was impacted by adjustments to our sales team structure and a strategic shift in product focus. While the transition to a new model will require time to be reflected in our financial results, we believe this restructuring positions the business for long-term, stable growth. We expect to prioritize the recruitment of commission-only brokers to drive the distribution of health and retirement insurance products to strengthen this segment’s potential.
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o   Overseas wealth management. The business that provides offline and online wealth management services under ARK Wealth Management. By the end of 2024, our overseas registered client base exceeded 17,000, representing an 18.3% year-over-year increase. The number of active clients surpassed 5,500, representing a 19.8% year-over-year increase. We continue to deepen our coverage in key markets while expanding our client base through both existing relationship and new client acquisition.
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o   Overseas asset management. The business that manages USD-denominated private equity funds and private secondary products under Olive. Over the past wo years, we have significantly enhanced the competitiveness of our overseas primary market product shelf through the establishment of a dedicated U.S. product center. This allows us to offer private equity products that are on par with those provided by leading global private banks. On the secondary market side, we have expanded partnerships with top-tier global managers and diversified our offerings in structured products and hedge funds. We continue to strengthen our global alternative investment capabilities to meet the evolving needs of our clients.
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o   Overseas insurance and comprehensive services. The business that provides comprehensive overseas services, such as insurance, trust services and other services under Glory Family Heritage. We actively explore new business models in the overseas insurance market and expand our insurance offerings from Hong Kong to other international markets. We also enhance our client acquisition efforts by recruiting licensed, commission-only brokers.
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In addition to these six segments, we also derive revenues from Headquarters, through which we conduct our general corporate operations at our corporate headquarters in Shanghai. These operations are not directly allocated to one of the aforementioned six business segments. See “—Financial Results—Net Revenues and Operating Costs and Expenses Under Segmentation Adopted in Q4 2024” for detailed