Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 181

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 181
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 we plan to continue to grant share options or restricted shares to our employees and directors.

110

Share-based compensation expenses were included in compensation and benefits in 2022, 2023 and 2024. The following table sets forth our share-based compensation expenses both in absolute amounts and as a percentage of net revenues for the years indicated:
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              ​                  ​     ​      ​     ​    ​      ​      ​     ​    ​       ​      ​      ​      ​     ​ 
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​                                ​   Years Ended December 31,                                                          
​                                2022                    2023                     2024                                 
​                                    RMB           %          RMB           %          RMB            US$      ​    %  
​                                ​   (in thousands, except for percentages)                                            
Share options                    ​   24,195   ​    0.8   ​    1,883    ​    0.1   ​    (1,230)   ​    (169)    ​    —  
Restricted shares                ​   18,105   ​    0.6   ​    9,647    ​    0.3   ​    110,260   ​    15,106   ​    4.2
Total share-based compensation   ​   42,300   ​    1.4   ​    11,530   ​    0.3   ​    109,030   ​    14,937   ​    4.2
​
Selling Expenses
Our selling expenses primarily include (i) expenses associated with the operations of service centers, such as rental expenses, and (ii) expenses for online and offline marketing activities. We operated service centers in 75, 44 and 11 cities in mainland China as of December 31, 2022, 2023 and 2024, respectively.
General and Administrative Expenses
Our general and administrative expenses primarily include rental and related expenses of our leased office spaces and professional service fees. The main items include rental expenses for our group and regional headquarters and offices, depreciation expenses and consulting expenses, among others.
Provision for Credit Losses
Provision for credit losses represent net changes of the allowance for loan losses as well as other financial assets. Our provision for credit losses were recorded primarily in connection with the Camsing Incident and loan receivables.
Other Operating Expenses
Our other operating expenses mainly include various expenses incurred directly in