Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 330

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 330
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285,101) ( 40,237) ( 944,735)
Total compensation and benefits ( 1,079,634) ( 322,011) ( 40,237) ( 1,441,882)
Selling expenses ( 299,769) ( 41,885) ( 7,360) ( 349,014)
General and administrative expenses ( 153,643) ( 55,872) ( 25,804) ( 235,319)
Reversal of (provision for) credit losses 718 386 ( 680) 424
Other operating expenses ( 15,412) ( 6,369) ( 93,872) ( 115,653)
Government subsidies 89,223 39,120 1,178 129,521
Total operating cost and expenses ( 1,458,517) ( 386,631) ( 166,775) ( 2,011,923)
Income (loss) from operations 741,460 447,837 ( 100,848) 1,088,449

F-43

Table of Contents

Year Ended December 31, 2023 (Amount in Thousands)
───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Wealth Assets
Management Management Other
Business Business Businesses Total
RMB RMB RMB RMB
Revenues:
Revenues from others
One-time commissions 1,072,838 - - 1,072,838
Recurring service fees 707,580 - - 707,580
Performance-based income 16,344 - - 16,344
Other service fees 221,917 - 48,662 270,579
Total revenues from others 2,018,679 - 48,662 2,067,341
Revenues from funds Gopher manages
One-time commissions 13,732 2,633 - 16,365
Recurring service fees 398,226 714,624 - 1,112,850
Performance-based income 69,977 51,288 - 121,265
Total revenues from funds Gopher manages 481,935 768,545 - 1,250,480
Total revenues 2,500,614 768,545 48,662 3,317,821
Less: VAT related surcharges ( 9,365) (