Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 17

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 17
---
The income of our holding company attributable to our non-mainland China subsidiaries was RMB551.2 million, RMB748.0 million and RMB245.5 million (US$33.6 million) for the years ended December 31, 2022, 2023 and 2024, respectively. No dividend or distribution was made to our holding company by our non-mainland China subsidiaries for the years ended December 31, 2022 and 2023. Our non-mainland China subsidiaries made cash distributions of RMB608.3 million (US$83.3 million) to our holding company for the year ended December 31, 2024.

16

The income (loss) of our holding company attributable to our PRC-based subsidiaries was RMB (267.2) million, RMB54.5 million and RMB382.0 million (US$52.3 million) for the years ended December 31, 2022, 2023 and 2024, respectively. Among which, Noah Group made distributions of RMB5.0 million, RMB200.0 million and RMB225.8 million (US$30.9 million) to our holding company for the years ended December 31, 2022, 2023 and 2024, respectively, and paid RMB0.5 million, RMB20.0 million and RMB22.1 million (US$3.0 million) dividend tax to PRC tax authorities, respectively.
The income (loss) of our holding company attributable to the Consolidated Affiliated Entities was RMB658.0 million, RMB212.3 million and RMB(112.0) million (US$(15.3) million) for the years ended December 31, 2022, 2023 and 2024, respectively. No dividends or distributions have been made to our holding company by the Consolidated Affiliated Entities.

A.   [Reserved]
---------------

B.   Capitalization and Indebtedness
------------------------------------
Not applicable.

C.   Reasons for the Offer and Use of Proceeds
----------------------------------------------
Not applicable.

D.   Risk Factors
-----------------
Risks Related to Corporate Structure
We are a Cayman Islands holding company primarily operating in mainland China through our subsidiaries and Consolidated Affiliated Entities, including Noah Investment with which we have maintained Contractual Arrangements and its subsidiaries in mainland China. Investors thus are not purchasing, and may never directly hold