Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 198

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 198
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 ​     2023        2024                   ​      
​                                                                         RMB               RMB                    RMB         US$    
​                                                                    ​    (in thousands)                                              
Net income attributable to Noah’s shareholders                            976,571     ​     1,009,494   ​      475,445   ​     65,136 
Add: share-based compensation                                             42,300      ​     11,530      ​      109,030   ​     14,937 
Add: non-cash settlement expenses reversal(1)                             —           ​     —           ​     (12,454)   ​     (1,706)
Less: Tax effect of adjustments                                           10,279      ​     2,220       ​       21,836   ​     2,992  
Adjusted net income attributable to Noah’s shareholders (non-GAAP)        1,008,592   ​     1,018,804   ​      550,185   ​     75,375 

(1)   Please see “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Camsing Incident.”
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B.   Liquidity and Capital Resources
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We finance our operations primarily through cash generated from our operating activities. Our principal use of cash in 2022, 2023 and 2024 were for operating and investing activities. In addition, we used nil, nil and RMB53.3 million (US$7.3 million) to repurchase our ADSs in 2022, 2023 and 2024, respectively. From 2022 to 2024, we have declared and distributed dividends for an aggregate amount of RMB1,185.4 million (US$162.4 million). As of December 31, 2024, we had RMB3,822.3 million (US$523.7 million) in cash and cash equivalents, consisting of cash on hand, demand deposits, fixed term deposits and money market funds which are unrestricted as to withdrawal and use. As of December 31, 2024, cash and cash equivalents of RMB11.4 million (US$1.6 million) was held by the consolidated funds, which although not legally restricted, is not available to our general liquidity needs as the use of such funds is generally limited to the investment activities of the consolidated funds. We believe that our current cash and anticipated