Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 170

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 170
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2024
​                                   RMB            %           RMB            %           RMB          US$            %
​                            ​                                                    (in millions, except for percentages)
Product type                          ​   ​        ​   ​         ​   ​        ​   ​         ​   ​        ​   ​        ​
Mutual fund products             44,726   ​     63.6   ​    47,837   ​     64.6   ​    39,573   ​    5,421   ​     62.0
Private secondary products       11,516   ​     16.4   ​    18,403   ​     24.8   ​    16,201   ​    2,220   ​     25.3
Private equity products          11,037   ​     15.7   ​     3,330   ​      4.5   ​     4,775   ​      654   ​      7.5
Other products                    3,001   ​      4.3   ​     4,486   ​      6.1   ​     3,263   ​      447   ​      5.2
All products                     70,280   ​    100.0   ​    74,056   ​    100.0   ​    63,811   ​    8,742   ​    100.0
​

104

Over the last three years, our product mix has evolved due to the economic and market cycles in mainland China and the changing regulatory environment. From the third quarter of 2019, we ceased the offering of private credit products (classified in “other products” in the table above) and transitioned to offer more standardized public securities products. This decision was based on a combination of (i) our understanding and anticipation of the changing regulatory and market environment, and (ii) our commercial evaluation of the risks related to private credit products. Our transaction value increased by 5.4% from RMB70.3 billion in 2022 to RMB74.1 billion in 2023, primarily due to an increase in the distribution of private secondary and mutual fund products in 2023. Our transaction value decreased to RMB63.9 billion (US$8.8 billion) in 2024, primarily due to a decrease in distribution of domestic mutual fund products