Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 178

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 178
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 from distributing mutual fund products also decreased by 56.5% from 2023 to 2024. The one-time commissions from private secondary products increased by 24.8%, mainly due to increases in fee rates from 2023 to 2024.
Revenues Organized under Segmentation Adopted in the Fourth Quarter of 2024
In 2024, we engaged in organizational restructuring and adjustment to our business operations in order to improve our business model and to comply with the evolving regulatory requirements in our industry. Following a comprehensive evaluation of the nature of our evolving business operations and recent organizational adjustment, we have determined that a refined segmentation approach will provide a clearer understanding of our financial performance and strategic progress. As a result, starting from the fourth quarter of 2024, we began disclosing our revenues under six domestic and overseas business segments and headquarters. This segmentation approach is designed to enhance resource allocation, provide investors with insights into our financial performance across our diverse business segments, and ensure alignment with our long - term strategic objectives. We generate revenues primarily from:

o   Domestic public securities. The business that distributes mutual funds, which are publicly-raised, public securities investment funds, and private secondary products, which are privately-raised investment funds with underlying assets consisting of publicly listed securities and bonds in the secondary market, under Noah Upright. In 2024, this segment concentrated on developing an “online-first, offline-supported” business model, with the goal of facilitating global asset allocation through RMB-denominated products. Following policy incentives introduced in September 2024, the A-share and Hong Kong markets showed strong performance, driving a more than 200% quarter-over-quarter increase in fundraising for our RMB private secondary products during the fourth quarter of 2024.
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o   Domestic asset management. The business that manages RMB-denominated private equity funds, which include various PE/VC funds managed by third parties or by us and real estate equity funds, and private secondary products, under Gopher. Our domestic asset management operations continue to focus on managing primary market exits and cross-border ETF products in the secondary market. Due to the absence of new fundraising for RMB-denominated private equity funds in 2024, the gradual expiration of legacy products is expected to reduce the management fee base. In response, we are accelerating the expansion of our overseas investment product offerings and growing our secondary market asset management business.
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