Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 184

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 184
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 are classified as a mainland China resident enterprise for mainland China income tax purposes, such classification could result in unfavorable tax consequences to us and our non-mainland China shareholders or ADS holders.”
For more information on mainland China tax regulations, see “Item 4. Information on the Company—B. Business Overview—Regulations in China—Regulations on Tax.”

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Financial Results
The following table sets forth a summary of our consolidated results of operations for the years indicated. The information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this annual report. The operating results in any period are not necessarily indicative of results that may be expected for any future period.
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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:                                                                                                                        
One-time commissions                                                        617,636   ​       1,072,838   ​         614,258   ​        84,153
Recurring service fees                                                      768,980   ​         707,580   ​         631,505   ​        86,516
Performance-based income                                                    184,048   ​          16,344   ​          47,841   ​         6,554
Other service fees                                                          223,441   ​         270,579   ​         186,108   ​        25,497
Total revenues from others                                                1,794,105   ​       2,067,341   ​       1,479,712   ​       202,720
Revenues from funds Gopher/Olive manages:                                         ​                   ​                   ​                 ​
One-time commissions                                                         63,809   ​          16,365   ​          21,288   ​         2,916
Recurring service fees                                                    1,145,435   ​       1,112,850   ​       1,015,436   ​       139,114
Performance-based income                                                    125,528   ​         121,265   ​         104,898   ​        14,371
Total revenues from funds Gopher/Olive manages