Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 95

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 95
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 or funds managed by them over the duration of the investment product, (iii) sharing of a portion of the performance-based income earned by product partners who manage the products, and (iv) revenue from comprehensive services we provide, especially the revenue from our investor education business. We also earn one-time commissions from insurance companies by referring clients to purchase insurance products from them, and recognize revenue when the underlying insurance contracts become effective. We do not bear any loss from our clients’ investments nor do we provide guarantees of return with respect to the products we distribute, in accordance with the investment agreements with our clients.
<{self.tag} alt="{self.alt}" src="{self.src}">Set forth below is a diagram illustrating the business and revenue model of our wealth management business:
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Investment Product Offerings
We have a proven track record of consistently pioneering a broad array of innovative and high-quality investment products and service offerings which provide comprehensive and tailored investment opportunities to meet the specific wealth management requirements of our clients. During the three years ended December 31, 2022, 2023 and 2024, the domestic and overseas investment products provided by our product partners as well as Gopher and Olive primarily consist of: 
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●   mutual fund products, which are publicly-raised, public securities investment funds, including money market funds;
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●   private secondary products, which are privately-raised investment funds and structured products with underlying assets consisting of publicly listed securities and bonds in the secondary market, as well as privately raised discretionary cash management products;
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●   private equity products, including investments in (i) various primary market funds, including PE/VC funds, private credit funds, and private infrastructure funds sponsored by third-party domestic and international asset management firms, (ii) real estate equity funds, and (iii) PE/VC funds managed by Gopher/Olive, including FOFs, feeder funds, S funds and direct and co-investment funds. We provide domestic private equity products through our asset management arm, Gopher/Olive, which forms funds and raises capital directly from our clients;
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●   other products we distribute or provide or manage but cannot be classified into any of the above product categories, such as insurance and multi-strategy products.
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The table below sets out the aggregate transaction value of the different types of investment products that we distributed during the years indicated:

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