Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 312

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 312
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The Group invests in term deposits and held-to-maturity debt investments which have stated maturity and normally pay a prospective fixed or floating rate of return, carried at amortized cost. Current term deposits are bank deposits with original maturities longer than three months but less than one year. Non-current term deposits are bank deposits with maturities longer than one year. The Group recorded investment income on these products of RMB383, RMB7,382and RMB53,724for the years ended December 31, 2022, 2023 and 2024, respectively. The gross unrecognized holding gain was RMB582, RMB6,239and RMB13,474as of December 31, 2022, 2023 and 2024, respectively. Nocredit loss related to held-to-maturity investments was recognized for the years ended December 31, 2022, 2023 and 2024.

Available-for-sale investments consist of investments that have stated maturity and normally pay a prospective fixed rate of return, carried at fair value. As of December 31, 2024, RMB31,536of available-for-sale investments will mature in 2026. The amortized cost of the available-for-sale investments as of December 31, 2023 and 2024 wasniland RMB31,536, respectively. Nocredit loss related to available-for-sale investments was recognized for the years ended December 31, 2022, 2023 and 2024.

The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments at fair value. The Group has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments held by the consolidated investment funds are recorded in the consolidated statements of operations as investment income.

Other long-term investments consist of investments in several private equity funds as a limited partner with insignificant equity interest and equity investments of common shares of several companies with no significant influence. The Group elects to measure these investments at fair value or at cost, less impairment. The Group recognized impairment loss related to investments measured at cost, less impairment, ofnil, RMB13,343and RMB1,000in investment loss for the years ended December 31, 2022, 2023 and 2024, respectively.

F-29

Table of Contents

5. Fair Value Measurement
As of December 31, 2023 and