Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 329

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 329
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 and assessing performance of the Group. Further, the Group’s CODM reviews and utilizes functional expenses or income, including compensation and benefits, selling expenses, general and administrative expenses, other operating expenses, provision for credit losses and government grants to manage the segments’ operations. The Group’s CODM does not review balance sheet information of the segments.

The financial information under the new segmentation presented does not include a retrospective recast of the financial information of the prior year in accordance with the new segmentation, as the new segmentation reflects the Company’s operational adjustments and organizational restructuring in 2024 and the costs and expenses in the Group’s consolidated statements of operations could not be re-allocated retrospectively under the new segmentation.

F-42

Table of Contents

Segment information of the Group’s business is as follow:
Year Ended December 31, 2022 (Amount in Thousands)
───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Wealth Assets
Management Management Other
Business Business Businesses Total
RMB RMB RMB RMB
Revenues:
Revenues from others
One-time commissions 617,636 - - 617,636
Recurring service fees 768,980 - - 768,980
Performance-based income 184,048 - - 184,048
Other service fees 144,101 - 79,340 223,441
Total revenues from others 1,714,765 - 79,340 1,794,105
Revenues from funds Gopher manages
One-time commissions 13,953 49,856 - 63,809
Recurring service fees 463,314 682,121 - 1,145,435
Performance-based income 18,407 107,121 - 125,528
Total revenues from funds Gopher manages 495,674 839,098 - 1,334,772
Total revenues 2,210,439 839,098 79,340 3,128,877
Less: VAT related surcharges ( 10,462) ( 4,630) ( 13,413) ( 28,505)
Net revenues 2,199,977 834,468 65,927 3,100,372
Operating cost and expenses:
Compensation and benefits
Relationship manager compensation ( 460,237) ( 36,910) - ( 497,147)
Other compensations ( 619,397) (