Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 195

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 195
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 expenses increased by 112.1% from RMB41.9 million in 2022 to RMB88.8 million in 2023, primarily due to higher traveling expenses, particularly those related to global business travel.
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119

●   General and administrative expenses increased by 6.3% from RMB55.9 million in 2022 to RMB59.4 million in 2023, primarily due to low base due to various pandemic control measures implemented in 2022.
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●   Provision for credit losses in 2023 was RMB0.9 million, while reversal of credit losses was RMB0.4 million in 2022. The majority of such provision in 2023 were accrued for receivables accounts related to several private equity products.
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●   Other operating expenses decreased by 47.4% from RMB6.4 million in 2022 to RMB3.3 million in 2023, primarily due to a decrease in the consulting service fee paid to external fund managers.
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●   Government subsidies decreased by 44.7% from RMB39.1 million in 2022 to RMB21.6 million in 2023, primarily due to a reduction in government subsidies received from local governments in 2023.
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Other businesses
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                    ​                        ​       ​        ​        ​        ​        ​        ​       ​    
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​                                            ​                                         Years Ended December 31,
​                                            ​        2022   ​          2023   ​                           2024
​                                                      RMB               RMB               RMB              US$
​                                            ​                                                   (in thousands)
Revenues                                     ​           ​   ​             ​   ​             ​   ​            ​
Revenues from others:                        ​           ​   ​             ​   ​             ​   ​            ​
Other service fees                                  79,340   ​        48,662   ​        44,477   ​        6,093
Total revenues from others                          79,340   ​        48,662   ​        44,477   ​        6,093
Total Revenues                                      79,340   ​        48,662   ​        44,477   ​        6,093
Less: VAT related surcharges                      (13,413)   ​      (11,386)   ​