Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 185

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 185
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 expenses                                     ​             —   ​               —   ​          12,454   ​         1,706
Contingent legal expense                                                   (99,000)   ​               —   ​          14,000   ​         1,918
Other (expense) income                                                       13,130   ​          10,892   ​           1,359   ​           186
Total other income                                                           61,100   ​         111,332   ​         233,716   ​        32,019
Income before taxes and income from equity in affiliates                  1,149,549           1,209,247             867,605           118,861
Income tax expense                                                        (267,108)   ​       (262,360)   ​       (268,591)   ​      (36,797)
Income (loss) from equity in affiliates                                      89,148              54,128           (112,010)          (15,345)
Net income                                                                  971,589   ​       1,001,015   ​         487,004   ​        66,719
Less: net (loss) income attributable to non-controlling interests           (4,982)             (8,479)              11,559             1,584
Net income attributable to Noah’s shareholders                              976,571           1,009,494             475,445            65,135
​
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113

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Total Revenues. Our total revenue decreased by 21.0% from RMB3,317.8 million in 2023 to RMB2,621.3 million (US$359.1 million) in 2024. The decrease in total revenues was primarily due to a decrease in one-time commissions associated with Noah’s wealth management business.
Operating Costs and Expenses. Our operating costs and expenses decreased by 10.5% from RMB2,196.8 million in 2023 to RMB1,967.1 million (US$269.5 million) in 2024. The decrease in operating costs and expenses was primarily driven by cost control measures implemented.
Other Income. Our total other income increased by 109.9% from RMB111.3 million in 2023 to RMB233.7 million (US$32.