Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 186

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 186
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0 million) in 2024. The increase in other income was primarily attributable to unrealized income from fair value changes on certain equity investments.
Interest Income. The interest income decreased by 3.8% from RMB161.9 million in 2023 to RMB155.8 million (US$21.3 million) in 2024. The interest income from cash and cash equivalents denominated in Renminbi decreased by 31.5% from RMB58.1 million in 2023 to RMB39.8 million (US$5.4 million) in 2024, mainly due to the final dividend payment in 2024, which led to a 40.5% decrease in our Renminbi denominated cash balance. The interest income from cash and cash equivalents denominated in US dollars increased by 11.7% from RMB103.9 million in 2023 to RMB116.0 million (US$15.9 million) in 2024.
Income Tax Expense. Income tax expense increased by 2.4% from RMB262.4 million in 2023 to RMB268.6 million (US$36.8 million) in 2024, primarily due to increases in effective tax rate relating to dividend withholding tax and certain unrealized tax losses in mainland China.
Net Income attributable to Noah’s Shareholders. Due to the foregoing, the net income attributable to Noah’s shareholders decreased by 52.9% from RMB1,009.5 million in 2023 to RMB475.4 million (US$65.1 million) in 2024.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
Total Revenues. Our total revenue increased by 6.0% from RMB3,128.9 million for the year ended December 31, 2022 to RMB3,317.8 million for the year ended December 31, 2023. The increase in total revenues was primarily due to an increase in one-time commissions from distribution of insurance products.
Operating Costs and Expenses. Our operating costs and expenses increased by 9.2% from RMB2,011.9 million in 2022 to RMB2,196.8 million in 2023. The increase in operating costs and expenses was primarily driven by growing number of client events hosted and traveling expenses incurred in 2023 accompanied with our global expansion strategy, while