Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 99

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 99
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 under the framework agreement.
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Our Asset Management Business 
We operate our domestic asset management business under Gopher and our overseas asset management business under Olive to further address the asset allocation needs of our clients. We manage investments with underlying assets in mainland China through the Consolidated Affiliated Entities, denominated in Renminbi, and outside of mainland China through our subsidiary, Olive Asset Management, denominated in U.S. dollars or other currencies. This allows us to offer private equity products that are on par with those provided by leading global private banks. On the secondary market side, we have expanded partnerships with top-tier global managers and diversified our offerings in structured products and hedge funds. Our total AUM were RMB157.1 billion, RMB154.6 billion and RMB151.5 billion (US$20.8 billion) as of December 31, 2022, 2023 and 2024, respectively. As of December 31, 2024, the AUM of Olive reached RMB42.6 billion (US$5.8 billion), representing 28.1% of the total AUM for our asset management business.
Revenue Model
We generate revenue from our asset management business through the Consolidated Affiliated Entities and certain overseas subsidiaries primarily in the form of (i) one-time commissions from funds managed by Gopher or Olive when the investment product was distributed directly by Gopher or Olive (ii) recurring service fees paid by funds managed by Gopher or Olive over the duration of the investment products and (iii) performance-based income from funds for which we serve as the fund managers.
Gopher and Olive, as proprietary product providers, enter into agreements on an arm’s length basis with our wealth management branch for product distribution, and in accordance with such agreements, share a portion of recurring service fees and performance-based income with the wealth management branch in certain cases. To the extent that recurring service fees and performance-based income are shared with the wealth management branch, such intragroup revenue is deducted from our consolidated statements of operations.
<{self.tag} alt="{self.alt}" src="{self.src}">Set forth below is a diagram illustrating the business and revenue model of our asset management business:
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Given that over 90.0% of Gopher’s AUM and over 70% of Olive’s AUM as of December 31, 2024 consisted of private equity investments, which generally have a long duration with no contractual redemption rights or high redemption costs as provided under the