Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 331

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 331
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 2,374) ( 11,386) ( 23,125)
Net revenues 2,491,249 766,171 37,276 3,294,696
Operating cost and expenses:
Compensation and benefits
Relationship manager compensation ( 631,082) ( 24,378) - ( 655,460)
Other compensations ( 544,804) ( 224,308) ( 32,181) ( 801,293)
Total compensation and benefits ( 1,175,886) ( 248,686) ( 32,181) ( 1,456,753)
Selling expenses ( 370,861) ( 88,827) ( 26,090) ( 485,778)
General and administrative expenses ( 193,248) ( 59,367) ( 23,112) ( 275,727)
(Provision for) reversal of credit losses ( 910) ( 921) 8,859 7,028
Other operating expenses ( 44,042) ( 3,348) ( 65,116) ( 112,506)
Government subsidies 103,597 21,638 1,720 126,955
Total operating cost and expenses ( 1,681,350) ( 379,511) ( 135,920) ( 2,196,781)
Income (loss) from operations 809,899 386,660 ( 98,644) 1,097,915

F-44

Table of Contents

Year Ended December 31, 2024 (Amount in Thousands)
────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Wealth Assets
Management Management Other
Business Business Businesses Total
RMB RMB RMB RMB
Revenues:
Revenues from others
One-time commissions 614,258 - - 614,258
Recurring service fees 631,505 - - 631,505
Performance-based income 47,841 - - 47,841
Other service fees 141,631 - 44,477 186,108
Total revenues from others 1,435,235 - 44,477 1,479,712
Revenues from funds Gopher/Olive manages
One-time commissions 20,110 1,178 - 21,288
Recurring service fees 351,998 663,438