Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 193

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 193
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$20.8 million) as of December 31, 2024:

●   Total revenue from one-time commissions decreased by 55.3% from RMB2.6 million in 2023 to RMB1.2 million (US$0.2 million) in 2024, mainly due to a decrease in income generated from RMB private equity products.
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●   Total revenue from recurring service fees decreased by 7.2% from RMB714.6 million in 2023 to RMB663.4 million (US$90.9 million) in 2024, which was due to a decrease in income generated from RMB private equity products and private secondary products.
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●   Total revenue from performance-based income increased by 102.4% from RMB51.3 million in 2023 to RMB103.8 million (US$14.2 million) in 2024, primarily due to an increase in performance-based income from offshore private equity products.
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Operating Costs and Expenses. For the asset management business, our operating costs and expenses in 2024 were RMB379.5 million, remaining largely unchanged from 2023.

●   Compensation and benefits slightly decreased by 1.5% from RMB248.7 million in 2023 to RMB245.0 million (US$33.6 million) in 2024.
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●   Selling expenses decreased by 47.3% from RMB88.8 million in 2023 to RMB46.8 million (US$6.4 million) in 2024, primarily due to less marketing activities.
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●   General and administrative expenses increased by 19.2% from RMB59.4 million for the year ended December 31, 2023 to RMB70.8 million (US$9.7 million) for the year ended December 31, 2024, primarily due to more rental and depreciation expenses as we expanded our overseas asset management businesses in 2024.
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●   Provision for credit losses in 2024 was RMB3.7 million (US$0.5 million), while provision for credit losses in 2023 was RMB0.9 million. The majority of such provision in 2024 were accrued for receivables accounts related to several private equity products.
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