Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 188

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 188
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 40,516            65,239
Total operating costs and expenses                    (169,771)        (197,995)       (124,449)        (569,243)         (84,914)       (93,399)                (727,322)       (1,967,093)
Income (loss) from operations                           318,981          574,112       (81,582)           105,454          353,599       45,467                  (682,142)           633,889
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115

1 The financial information shown under “Headquarters” represents the revenues and operating cost and expenses generated by the Group’s headquarters which cannot be allocated to the six business segments.
The financial information under the refined segmentation presented in this annual report does not include a retrospective recast of the financial information of the prior years in accordance with the refined segmentation, as the refined segmentation reflects our operational adjustments and organizational restructuring in 2024 and the costs and expenses in our consolidated results of operations could not be re-allocated retrospectively under the refined segmentation.
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While we have adopted a refined segmentation approach in the fourth quarter of 2024, for comparison and analytical purposes, we continue to present our financial performance under wealth management, asset management and other businesses, in line with our business model. This presentation facilitates a consistent comparison of revenue generated under the such businesses for the years ended December 31, 2022, 2023 and 2024, providing investors with a comprehensive understanding of our operational and financial trends during these years.
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Wealth Management
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​                                                ​                                                Years Ended December 31,
​                                                ​          2022   ​            2023   ​                              2024
​                                                            RMB                 RMB                 RMB               US$
​                                                ​                                                          (in thousands)
Revenues                                         ​             ​   ​               ​   ​               ​   ​             ​
Revenues from others:                            ​             ​   ​               ​   ​               ​   ​             ​
One-time commissions                                     617,636   ​       1,072,838   ​         614,258   ​        84,153
Recurring service fees                                   768,980   ​         707,580   ​         631,505   ​        86,516
Performance-based income