Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 176

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 176
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 cases. To the extent of recurring service fees and performance-based income are shared with the wealth management branch, such intra-group revenue are deducted from our consolidated statements of operations. 
The above revenue model descriptions reflect the various contractual agreements for fee sharing among parties. The fees received by us are ultimately born by our clients, as when the client subscribes to the fund, the client agrees that the fund pays Noah’s wealth management branch and/or the relevant product provider, including Gopher /Olive, for services provided to the fund. 

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The following table summarizes our revenues from both business models:

           ​                                                                         Wealth Management Model                                                                                              Asset Management Model                               
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
One-time commissions       ​   From the fund–For fund raising services of products distributed by Noah UprightFrom insurance companies–For client referral services   ​   From the fund–For fund raising services of products directly placed by Gopher /Olive 
Recurring service fees     ​   From the fund and/or product provider–For portfolio management services provided                                                       ​   From the fund–For fund management services and portfolio management services provided
Performance-based income   ​   From the product provider–For portfolio management services provided                                                                   ​   From the fund–For fund management services and portfolio management services provided
​
In addition, we also receive other service fees derived from comprehensive financial services we provide in the wealth management model and other services.
The table below sets out one-time commissions of the different types of investment products that we distributed during the years indicated:

              ​                 ​       ​       ​         ​        ​        ​   
--------------------------------------------------------------------------------
​                               ​                        Year Ended December 31,
​                               2022           2023               2024          
​                               ​                          (in thousands of RMB)
One-time Commissions                                                            
Private secondary products(1)         49,911             37,974           47,394
Private equity products(1)            88,808             26,467           38,609
Mutual fund products(1)               16,761             10,445            4,540
Insurance products(2)                525,458          1,014,267          545,003
Others(1)                       509            50                              —
Total                                681,447          1,089,203          635,546
Notes:

(1)   One-time commissions generated on these types of products other than insurance products represent the one-off