Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 315

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 315
---
 reported in investment income in the consolidated statements of operations.
Certain equity investments were previously valued based on recent observable transaction prices, classified within Level 2 of the fair value hierarchy. However, as no observable transactions of the investments occurred since 2023, the Group’s valuation methodology in 2024 for these investments involved significant unobservable inputs that required significant judgment or estimation. Hence such investments were classified within Level 3 measurement for the year ended December 31, 2024.
Fair value measurement on a non-recurring basis for the year ended December 31, 2023 and 2024 included that used in impairment of investments measured at cost less impairment (see Note 4) which was classified as a Level 2 fair value measurement, respectively.
The Group also has financial instruments that are not reported at fair value on the consolidated balance sheets but whose fair value is practicable to estimate, which include cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, short-term held-to-maturity investments, loan receivables, other receivables and payables. The carrying amount of these short-term financial instruments approximates their fair value due to the short-term nature.

F-31

Table of Contents

6. Investments in Affiliates
The following table summarizes the Group’s balances of investments in affiliates:
As of December 31,
────────────────────────────────────────────────────────────────────────────────────────────────────────────
(Amount in Thousands)
2023 2024 2024
RMB RMB US$
Kunshan Jingzhao 8,690 8,284 1,135
Wanjia Win-Win 89,249 86,896 11,905
Others 15,839 9,488 1,300
Funds that the Group serves as general partner 1,412,766 1,268,488 173,782
-Gopher/Olive Transform Private Fund 102,100 81,390 11,150
-Real estate funds and real estate funds of funds 105,531 84,221 11,538
-Private equity funds of funds 1,201,703 1,066,320 146,085
-Others 3,432 36,557 5,009
Total investments in affiliates 1,526,544 1,373,156 188,122
In May 2011, the Group injected RMB4.0million into Kunshan Jingzh