Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 174

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 174
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3% as of December 31, 2022, 2023 and 2024, respectively. The percentage of public securities products in Gopher’s total AUM remained relatively stable at 7.0%, 7.4% and 6.2% as of December 31, 2022, 2023 and 2024, respectively.
For domestic real estate investments, Gopher has been strategically changed the investment strategy over the past few years, gradually shifting from residential real estate to commercial real estate domestically, due to the evolving risks and reward profile of these investments. Meanwhile, Gopher expanded its offshore real estate investments in the United States over the past few years, focusing on multi-family real estate investments.
In addition, over 75% of our total AUM as of December 31, 2024 can generate performance-based income if the investment returns exceed certain thresholds, which are typically recorded when underlying investments are exited and monetized.
Furthermore, in response to client demands for more overseas investment opportunities, we are cooperating with more overseas partners in various asset classes and increased the amount of overseas investment. Our overseas AUM managed by Gopher GP were RMB32.5 billion, RMB36.0 billion and RMB42.6 billion (US$5.8 billion), respectively, representing 20.7%, 23.3% and 28.1% of our total AUM for asset management business as of December 31, 2022, 2023 and 2024, respectively.
Components of Results of Operations
Revenues
We provide comprehensive financial services using wealth management and asset management models, through our subsidiaries and Consolidated Affiliated Entities to our clients. We present the financial information of these businesses for the years ended December 31, 2022, 2023 and 2024 for consistent comparison and providing investors with a comprehensive understanding of our operation and financial trends. A description of our wealth management and asset management businesses is set forth below.

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Revenue from the Wealth Management Business
When a client purchases an investment product recommended by the wealth management branch, the client typically subscribes for a fund managed by the relevant product provider. In connection with the purchase, our wealth management branch is entitled to receive fees from the fund or product provider for services provided and derive revenue accordingly, which include:

a.   from the fund, one-time commissions for fund-raising services that the wealth management branch provides to the fund at the establishment of the fund;
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b