Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 333

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 333
---
 the six business...  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

The following table summarizes the Group’s revenues generated by the different geographic locations.

                      Year Ended December 31, 2022 (Amount in Thousands)                                
                                                                    2022           2023           2024  
                                                                     RMB            RMB            RMB  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Mainland China                                               2,300,520      1,884,393      1,369,258  
  Hong Kong                                                      591,936      1,114,679        925,846  
  Others                                                         236,421        318,749        326,230  
  Total revenues                                               3,128,877      3,317,821      2,621,334  

18. Related Party Transactions

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.

F-46

Table of Contents

The table below sets forth major related parties and their relationships with the Group:
Company Name Relationship with the Group
HongShan Capital Investment Management (Tianjin) Co., Ltd. (“formerly known as Sequoia Capital Investment Management (Tianjin) Co., Ltd.”) Affiliate of shareholder of the Group
Wanjia Win-Win Investee of Gopher Asset Management Co., Ltd. (“ Gopher Assets”), a consolidated VIE of the Group
Shanghai Dingnuo Technology Co., Ltd. (“ Dingnuo”) Affiliate of shareholder of the Group 1
Investee funds of Gopher Assets Investees of Gopher Assets
Investee funds of Gopher Capital GP Ltd. Investees of Gopher Capital GP Ltd., a subsidiary of the Group
Shanghai Noah Charity Fund A charity fund established by the Group
Note 1: Dingnuo was no longer the affiliate of shareholder of the Group after the Group acquired100% of the issued shares in DD Finance Ltd. (the parent company of Dingnuo) on June 28, 2023.
During the years ended December 31, 2022, 202