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NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2024 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2024

1. Q4 2024 net revenues down 18.5% YoY, primarily from insurance products. 2. Mainland China revenues stable; overseas revenues fell 32% YoY. 3. Client base increased slightly, but active clients decreased 23.4% across 2024. 4. Board approved dividends totaling RMB550 million based on 2024 results. 5. Plans to expand internationally targeting Mandarin-speaking markets.

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Why Bearish?

Significant revenue declines in both domestic and overseas markets signal challenges.

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The financial results reveal key challenges, potentially affecting investor confidence and stock price.

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Recent declines in active clients and net income impact immediate investor sentiment.

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, /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the fourth quarter of 2024 and the audited financial results for the full year ended December 31, 2024. FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS Net revenues for the fourth quarter of 2024 were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023 and a 4.6% decrease sequentially, mainly due to a decrease in distribution of insurance products. Net revenues from mainland China for the fourth quarter of 2024 were RMB362.1 million (US$49.6 million), effectively flat when compared with the corresponding period in 2023. Net revenues from mainland China increased by 18.0% compared with the third quarter of 2024, mainly due to a 200.0% increase in distribution of public securities products amid stock market surges beginning from late September. Net revenues from overseas for the fourth quarter of 2024 were RMB289.8 million (US$39.7 million), a 32.0% decrease from the corresponding period in 2023 and a 23.1% decrease sequentially, primarily due to decreases of revenue from distribution of overseas insurance products. Meanwhile the distribution of private equity products increased by 116.7% compared with the fourth quarter of 2023. Starting from the fourth quarter of 2024, the Company discloses net revenues for each domestic and overseas business segment[1]. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment: Domestic public securities[2] is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB146.2 million (US$20.0 million). Domestic asset management[3] is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB198.7 million (US$27.2 million). Domestic insurance[4] is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2024 were RMB3.9 million (US$0.5 million). Overseas wealth management[5] is the business that provides offline and online wealth management services. Net revenues for the fourth quarter of 2024 were RMB156.6 million (US$21.5 million). Overseas asset management[6] is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB101.4 million (US$13.9 million). Overseas insurance and comprehensive services[7] is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the fourth quarter of 2024 were RMB31.9 million (US$4.4 million). Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the fourth quarter of 2024 were RMB13.2 million (US$1.8 million). Net Revenues under the segmentation adopted in Q4 2024 is as follows: (RMB millions) Q4 2024[8] Domestic public securities 146.2 Domestic asset management 198.7 Domestic insurance 3.9 Overseas wealth management 156.6 Overseas asset management 101.4 Overseas insurance and comprehensive services 31.9 Headquarters 13.2 Total net revenues 651.9 Net Revenues under the traditional segmentation is as follows: (RMB millions, except percentages) Q4 2023 Q4 2024 YoY Change Wealth management 610.3 457.4 (25.1 %) Asset management 186.2 185.7 (0.2 %) Other businesses 3.0 8.8 192.6 % Total net revenues 799.5 651.9 (18.5 %) Net Revenues by geography is as follows: (RMB millions, except percentages) Q4 2023 Q4 2024 YoY Change Mainland China 373.3 362.1 (3.0 %) Overseas 426.2 289.8 (32.0 %) Total net revenues 799.5 651.9 (18.5 %) Income from operations for the fourth quarter of 2024 was RMB137.6 million (US$18.8 million), a 37.7% decrease from the corresponding period in 2023 and a decrease of 42.9% sequentially, primarily due to a decrease in net revenues. Income from operations under the traditional segmentation is as follows: (RMB millions, except percentages) Q4 2023 Q4 2024 YoY Change Wealth management 150.7 74.3 (50.7 %) Asset management 95.5 94.0 (1.6 %) Other businesses (25.5) (30.7) 20.6 % Total income from operations 220.7 137.6 (37.7 %) Net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB109.8 million (US$15.0 million), a 49.3% decrease from the corresponding period in 2023, primarily due to a 37.7% decrease in income from operations, a 183.6% increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries, and losses relating to investments in affiliates. Net income attributable to Noah shareholders decreased by 18.3% sequentially, primarily due to a 42.9% decrease in income from operations, partially offset by a 35.7% increase from interest income and RMB43.8 million (US$6.0 million) of other income relating to foreign exchange gains. Non-GAAP[9] net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB132.4 million (US$18.1 million), a 43.3% decrease from the corresponding period in 2023 and a 12.0% decrease from the third quarter of 2024. FULL YEAR 2024 FINANCIAL HIGHLIGHTS Net revenues in the full year 2024 were RMB2,601.0 million (US$356.3 million), a 21.1% decrease from 2023, mainly due to a decrease in distribution of insurance products. Net revenues from mainland China in the full year 2024 were RMB1,348.9 million (US$184.8 million), a 27.5% decrease from the corresponding period in 2023, primarily due to decreases in revenue from distribution of domestic insurance products and recurring service fees from private equity products. Net revenues from overseas in the full year 2024 were RMB1,252.1 million (US$171.5 million), a 12.7% decrease from the corresponding period in 2023, primarily due to a decrease of 21.9% in revenue from overseas insurance products distribution and a decrease of 36.9% in revenue from other services provided to offshore high-net-worth investors, which were partially offset by an increase of 5.1% in recurring service fees from the Company's expanding overseas investment products portfolio. Net Revenues under the segmentation adopted in Q4 2024 is as follows: (RMB millions) FY 2024[10] Domestic public securities 488.7 Domestic asset management 772.1 Domestic insurance 42.9 Overseas wealth management 674.7 Overseas asset management 438.5 Overseas insurance and comprehensive services 138.9 Headquarters 45.2 Total net revenues 2,601.0 Net Revenues under the traditional segmentation is as follows: (RMB millions, except percentages) FY  2023 FY  2024 YoY Change Wealth management 2,491.2 1,800.7 (27.7 %) Asset management 766.2 767.4 0.2 % Other businesses 37.3 32.9 (11.7 %) Total net revenues 3,294.7 2,601.0 (21.1 %) Net Revenues by geography is as follows: (RMB millions, except percentages) FY 2023 FY 2024 YoY Change Mainland China 1,861.3 1,348.9 (27.5 %) Overseas 1,433.4 1,252.1 (12.7 %) Total net revenues 3,294.7 2,601.0 (21.1 %) Income from operations in the full year 2024 was RMB633.9 million (US$86.8 million), a 42.3% decrease from 2023, mainly due to (i) a 21.1% decrease in net revenues and (ii) a 48.6% decrease in government subsidies, partially offset by (i) a 7.4% decrease in total compensation and benefits and (ii) a 44.6% decrease in selling expenses. Income from operations under the traditional segmentation is as follows: (RMB millions, except percentages) FY  2023 FY  2024 YoY Change Wealth management 809.9 344.0 (57.5 %) Asset management 386.7 387.9 0.3 % Other businesses (98.6) (98.0) (0.6 %) Total income from operations 1,097.9 633.9 (42.3 %) Net income attributable to Noah shareholders in the full year 2024 was RMB475.4 million (US$65.1 million), a 52.9% decrease from 2023, mainly due to a 42.3% decrease in income from operations and a loss from equity in affiliates recorded in 2024. Non-GAAP net income attributable to Noah shareholders in the full year 2024 was RMB550.2 million (US$75.4 million), a 46.0% decrease from 2023. FOURTH QUARTER AND FULL YEAR 2024 OPERATIONAL UPDATES Wealth Management Business Noah offers global investment products and provides value-added services to global Mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies. Total number of registered clients as of December 31, 2024 was 462,049, a 1.4% increase from December 31, 2023 and a 0.4% increase from September 30, 2024. Among registered clients as of December 31, 2024, the number of overseas registered clients was 17,654, a 18.3% increase from December 31, 2023, and a 2.1% increase from September 30, 2024. Total number of active clients[11] for the fourth quarter of 2024 was 8,862, a decrease of 1.9% from the fourth quarter of 2023 and a 12.8% increase from the third quarter of 2024. Among active clients during the fourth quarter of 2024, the number of overseas active clients was 2,914, a 15.8% increase from the fourth quarter of 2023 and a 7.2% decrease from the third quarter of 2024.Total number of active clients in the full year 2024 was 17,210, a decrease of 23.4% from 2023. Among active clients during the full year 2024, the number of overseas active clients was 5,544, a 19.8% increase from 2023. Aggregate value of investment products distributed during the fourth quarter of 2024 was RMB16.3 billion (US$2.2 billion), a 1.7% decrease from the corresponding period in 2023. The aggregate value of investment products distributed increased by 14.0% sequentially, mainly due to an increase in distribution of private secondary products and mutual fund products. Among the investment products distributed during the fourth quarter of 2024, Noah distributed RMB7.1 billion (US$1.0 billion) of overseas investment products, a 19.7% increase from the corresponding period of 2023, primarily due to a 60.7% and 116.7% increase in distribution of overseas mutual fund products and private equity products, respectively. The aggregate value of investment products distributed, categorized by product type, is as follows: Three months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 10.9 66.0 % 9.8 60.1 % Private secondary products  4.2 25.1 % 4.7 28.8 % Private equity products 0.7 4.3 % 1.3 8.0 % Other products[12] 0.7 4.6 % 0.5 3.1 % All products 16.5 100.0 % 16.3 100.0 % The aggregate value of investment products distributed, categorized by geography, is as follows： Type of products in mainland China Three months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 8.9 84.0 % 6.6 71.7 % Private secondary products  1.5 14.2 % 2.4 26.1 % Private equity products 0.1 0.9 % - - Other products 0.1 0.9 % 0.2 2.2 % All products in mainland China 10.6 100.0 % 9.2 100.0 % Type of overseas products Three months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 2.0 33.8 % 3.2 45.1 % Private secondary products  2.7 45.8 % 2.3 32.4 % Private equity products 0.6 10.2 % 1.3 18.3 % Other products 0.6 10.2 % 0.3 4.2 % All Overseas products 5.9 100.0 % 7.1 100.00 % Aggregate value of investment products distributed during the full year 2024 was RMB63.9 billion (US$8.8 billion), a 13.8% decrease from 2023, primarily due to a 35.3% decrease in distribution of domestic mutual fund products. Among the investment products distributed during the full year 2024, Noah distributed RMB31.1 billion (US$4.3 billion) of overseas investment products, a 30.7% increase from the corresponding period of 2023, primarily due to a 69.5% and 77.8% increase in distribution of overseas mutual fund products and private equity products, respectively. The aggregate value of investment products distributed, categorized by product type, is as follows: Twelve months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 47.9 64.6 % 39.6 62.0 % Private secondary products  18.4 24.8 % 16.2 25.3 % Private equity products 3.3 4.5 % 4.8 7.5 % Other products 4.5 6.1 % 3.3 5.2 % All products 74.1 100.0 % 63.9 100.0 % The aggregate value of investment products distributed, categorized by geography, is as follows： Type of products in mainland China Twelve months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 39.7 78.9 % 25.7 78.4 % Private secondary products  7.8 15.5 % 5.4 16.4 % Private equity products 0.6 1.2 % - - Other products 2.2 4.4 % 1.7 5.2 % All products in mainland China 50.3 100.0 % 32.8 100.0 % Type of overseas products Twelve months ended December 31, 2023 2024 (RMB in billions, except percentages) Mutual fund products 8.2 34.5 % 13.9 44.8 % Private secondary products  10.6 44.5 % 10.8 34.7 % Private equity products 2.7 11.3 % 4.8 15.4 % Other products 2.3 9.7 % 1.6 5.1 % All Overseas products 23.8 100.0 % 31.1 100.0 % Coverage network in mainland China included 11 cities as of December 31, 2024, compared with 44 cities as of December 31, 2023, and 13 cities as of September 30, 2024, primarily due to the continued streamlining of the Company's domestic coverage network. Aggregate number of overseas relationship managers was 138 as of December 31, 2024, an increase of 55.1% from December 31, 2023, and a decrease of 5.5% from September 30, 2024. Asset Management Business Noah's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China, and Olive Asset Management Co., Ltd. ("Olive Asset Management"), the Company's recently launched overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies. Total assets under management as of December 31, 2024 remained stable at RMB151.5 billion (US$20.8 billion), compared with RMB150.1 billion as of September 30, 2024 and RMB154.6 billion as of December 31, 2023, mainly due to exchange rate fluctuations affecting the value of overseas assets under management. Mainland China assets under management as of December 31, 2024 were RMB108.9 billion (US$14.9 billion), compared with RMB118.6 billion as of December 31, 2023, and RMB110.6 billion as of September 30, 2024. Overseas assets under management as of December 31, 2024 were RMB42.6 billion (US$5.8 billion), compared with RMB36.0 billion as of December 31, 2023, and RMB39.5 billion as of September 30, 2024. Total assets under management, categorized by investment type, are as follows: Investment type As of September 30, 2024 Growth Allocation/Redemption[13] As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 130.1 86.7 % 0.4 (1.0) 131.5 86.8 % Public securities[14] 9.9 6.6 % 1.4 1.9 9.4 6.2 % Real estate 5.5 3.7 % 0.1 (0.6) 6.2 4.1 % Multi-strategies 4.1 2.7 % - 0.2 3.9 2.6 % Others 0.5 0.3 % - - 0.5 0.3 % All Investments 150.1 100.0 % 1.9 0.5 151.5 100.0 % Investment type As of December 31, 2023 Growth Allocation/Redemption As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 132.2 85.5 % 2.6 3.3 131.5 86.8 % Public securities 11.5 7.4 % 8.9 11.0 9.4 6.2 % Real estate 6.2 4.0 % 0.5 0.5 6.2 4.1 % Multi-strategies 4.2 2.8 % - 0.3 3.9 2.6 % Others 0.5 0.3 % 0.1 0.1 0.5 0.3 % All Investments 154.6 100.0 % 12.1 15.2 151.5 100.0 % Total assets under management, categorized by geography, are as follows: Mainland ChinaInvestment type As of September 30, 2024 Growth Allocation/ Redemption As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 100.1 90.5 % - 1.5 98.6 90.5 % Public securities 5.5 5.0 % 0.4 0.6 5.3 4.9 % Real estate 2.2 2.0 % - - 2.2 2.0 % Multi-strategies 2.3 2.0 % - - 2.3 2.1 % Others 0.5 0.5 % - - 0.5 0.5 % All Investments 110.6 100.0 % 0.4 2.1 108.9 100.0 % Mainland ChinaInvestment type As of December 31, 2023 Growth Allocation/ Redemption As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 105.2 88.7 % - 6.6 98.6 90.5 % Public securities 7.1 6.0 % 1.0 2.8 5.3 4.9 % Real estate 3.2 2.7 % - 1.0 2.2 2.0 % Multi-strategies 2.6 2.2 % - 0.3 2.3 2.1 % Others 0.5 0.4 % 0.1 0.1 0.5 0.5 % All Investments 118.6 100.0 % 1.1 10.8 108.9 100.0 % Overseas Investment type As of  September 30, 2024 Growth Allocation/ Redemption As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 30.0 75.9 % 0.4 (2.5) 32.9 77.2 % Public securities 4.4 11.1 % 1.0 1.3 4.1 9.6 % Real estate 3.3 8.4 % 0.1 (0.6) 4.0 9.4 % Multi-strategies 1.8 4.6 % - 0.2 1.6 3.8 % All Investments 39.5 100.0 % 1.5 (1.6) 42.6 100.0 % Overseas Investment type As of  December 31,, 2023 Growth Allocation/ Redemption As ofDecember 31, 2024 (RMB billions, except percentages) Private equity 27.0 75.1 % 2.6 (3.3) 32.9 77.2 % Public securities 4.4 12.2 % 7.9 8.2 4.1 9.6 % Real estate 3.0 8.3 % 0.5 (0.5) 4.0 9.4 % Multi-strategies 1.6 4.4 % - - 1.6 3.8 % All Investments 36.0 100.0 % 11.0 4.4 42.6 100.0 % Other Businesses Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses (under the Company's traditional segmentation) also include headquarters rental income, depreciation and amortization, as well as operating expenses. Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "As we close out 2024, I am proud of the significant progress we've made in transforming and adapting ourselves over the past year. Leveraging our expertise in alternative investments and extensive network of Mandarin-speaking HNWIs, we are determined to not only grow in tandem with our clients as they venture overseas but also expand our business internationally to target underserved new and established Mandarin-speaking immigrants in those markets. With our client base and infrastructure growing globally, our international expansion is gaining significant growth momentum. This is clearly reflected in our financial performance for the year where overseas revenue accounted for 48% of total revenues, transaction value of overseas products increased 30% to US$4.3 billion, and overseas assets under management increased 18% to US$5.8 billion when compared to last year." "We launched new internationally-focused brands during the year that will lead our efforts to not only service existing clients but also facilitate engagement with new clients in Southeast Asia, Canada, and Japan. Our team of overseas relationship managers grew to 138 in 2024, who are driving this expansion by blending our wealth management, asset management, and integrated global inheritance services to craft comprehensive global solutions that address the specific needs of each target client segment." "As we enter 2025, we are poised to build on the momentum we picked up last year where our strategic focus will be squarely on expanding our client base both domestically and internationally. The global infrastructure we are building will deepen our reach into markets with large Mandarin-speaking communities globally, significantly expanding opportunities to acquire new clients with our competitive investment solutions and renowned service standards, and will drive long-term sustainable growth going forward. We recognize that we are still in the early stages of this global expansion and place significant value on delivering sustained returns to the shareholders who join us for this journey. We are committed to sharing our success going forward and are pleased to announce that the Board has approved an annual dividend and a special dividend, which together amount to RMB550 million, equivalent to 100% of our full-year 2024 non-GAAP net income attributable to Noah shareholders." FOURTH QUARTER 2024 FINANCIAL RESULTS[15] Net Revenues Net revenues for the fourth quarter of 2024 were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023. Wealth Management Business Net revenues from one-time commissions for the fourth quarter of 2024 were RMB133.8 million (US$18.3 million), a 56.3% decrease from the corresponding period in 2023, primarily due to a decrease in distribution of overseas insurance products. Net revenues from recurring service fees for the fourth quarter of 2024 were RMB248.7 million (US$34.1 million), a 1.8% decrease from the corresponding period in 2023. Net revenues from performance-based income for the fourth quarter of 2024 were RMB34.6 million (US$4.7 million), compared with RMB0.1 million in the corresponding period of 2023, primarily due to an increase in performance-based income from public securities products. Net revenues from other service fees for the fourth quarter of 2024 were RMB40.2 million (US$5.5 million), a 20.2% decrease from the corresponding period in 2023, primarily due to a decrease in the value-added services offered to high-net-worth clients. Asset Management Business Net revenues from recurring service fees for the fourth quarter of 2024 were RMB170.4 million (US$23.3 million), a 2.3% decrease from the corresponding period in 2023. Net revenues from performance-based income for the fourth quarter of 2024 were RMB14.5 million (US$2.0 million), a 23.4% increase from the corresponding period in 2023, primarily due to an increase in performance-based income from real estate managed by Olive Asset Management. Other Businesses Net revenues for the fourth quarter of 2024 were RMB8.8 million (US$1.2 million), compared with RMB3.0 million in the corresponding period in 2023. Operating Costs and Expenses Operating costs and expenses for the fourth quarter of 2024 were RMB514.3 million (US$70.5 million), an 11.1% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of (i) compensation and benefits of RMB353.7 million (US$48.5 million); (ii) selling expenses of RMB78.9 million (US$10.8 million); (iii) general and administrative expenses of RMB73.5 million (US$10.1 million); (iv) provision for credit losses of RMB18.9 million (US$2.6 million); and (v) other operating expenses of RMB17.2 million (US$2.4 million). Operating costs and expenses for the wealth management business for the fourth quarter of 2024 were RMB383.1 million (US$52.5 million), a 16.7% decrease from the corresponding period in 2023, primarily due to decreases of 52.8% in selling expenses and 34.5% in general and administrative expenses and partially offset by an increase in compensation and benefits relating to new grant of restricted share units to employees. Operating costs and expenses for the asset management business for the fourth quarter of 2024 were RMB91.8 million (US$12.6 million), a 1.2% increase from the corresponding period in 2023. Operating costs and expenses for other businesses for the fourth quarter of 2024 were RMB39.5 million (US$5.4 million), a 38.7% increase from the corresponding period in 2023, due to an increase in recorded credit losses. Operating Margin Operating margin for the fourth quarter of 2024 was 21.1%, compared with 27.6% for the corresponding period in 2023. Operating margin for the wealth management business for the fourth quarter of 2024 was 16.3%, compared with 24.7% for the corresponding period in 2023. Operating margin for the asset management business for the fourth quarter of 2024 was 50.6%, compared with 51.3%% for the corresponding period in 2023. Loss from other businesses for the fourth quarter of 2024 was RMB30.7 million (US$4.2 million), compared with RMB25.5 million in the corresponding period of 2023, primarily due to an increase in provision for credit losses. Interest Income Interest income for the fourth quarter of 2024 was RMB38.6 million (US$5.3 million), a 13.1% decrease from the corresponding period in 2023. Investment Income/loss Investment income for the fourth quarter of 2024 was RMB18.2 million (US$2.5million), compared with investment loss of RMB53.6 million for the corresponding period in 2023, primarily due to unrealized income from fair value changes on certain equity investments. Income Tax Expenses Income tax expenses for the fourth quarter of 2024 were RMB96.6 million (US$13.2 million), a 183.6% increase from the corresponding period in 2023, due to increases in effective tax rate relating to dividend withholding tax and certain unrealized tax losses in mainland China. Net Income Net Income Net income for the fourth quarter of 2024 was RMB113.7 million (US$15.6 million), a 46.7% decrease from the corresponding period in 2023. Net margin for the fourth quarter of 2024 was 17.4%, compared with 26.7% for the corresponding period in 2023. Net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB109.8 million (US$15.0 million), a 49.3% decrease from the corresponding period in 2023. Net margin attributable to Noah shareholders for the fourth quarter of 2024 was 16.8%, compared with 27.1% for the corresponding period in 2023. Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2024 was RMB1.56 (US$0.21) and RMB1.55 (US$0.21), respectively, compared with RMB3.12 and RMB3.12 respectively, for the corresponding period in 2023. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB132.4 million (US$18.1 million), a 43.3% decrease from the corresponding period in 2023. Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2024 was 20.3%, compared with 29.2% for the corresponding period in 2023. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2024 was RMB1.87 (US$0.26), compared with RMB3.36 for the corresponding period in 2023. FULL YEAR 2024 FINANCIAL RESULTS[16] Net Revenues Net revenues for the full year 2024 were RMB2,601.0 million (US$356.3 million), a 21.1% decrease from 2023, primarily due to a decrease in one-time commissions associated with Noah's wealth management business.  Wealth Management Business Net revenues from one-time commissions for 2024 were RMB631.7 million (US$86.5 million), a 41.6% decrease from 2023, primarily due to a decrease in the distribution of insurance products. Net revenues from recurring service fees for 2024 were RMB979.3 million (US$134.2 million), an 11.1% decrease from 2023, mainly due to a decrease in recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for 2024 were RMB48.7 million (US$6.7 million), a 43.4% decrease from 2023, primarily due to a decrease in performance-based income from private equity products. Net revenues from other service fees for 2024 were RMB141.0 million (US$19.3 million), a 36.2% decrease from 2024, primarily due to fewer value-added services Noah provided to its high-net-worth clients. Asset Management Business Net revenues from recurring service fees for 2024 were RMB662.5 million (US$90.8 million), a 7.0% decrease from 2023. Net revenues from performance-based income for 2024 were RMB103.7 million (US$14.2 million), a 103.0% increase from 2023, primarily due to an increase in performance-based income from private equity products. Other Businesses Net revenues for 2024 were RMB32.9 million (US$4.5 million), an 11.7% decrease from 2023. Operating costs and expenses Operating costs and expenses for 2024 were RMB1,967.1 million (US$269.5 million), a 10.5% decrease from 2023. Operating costs and expenses for 2024 primarily consisted of (i) compensation and benefits of RMB1,349.5 million (US$184.9 million); (ii) selling expenses of RMB269.0 million (US$36.9 million); (iii) general and administrative expenses of RMB296.8 million (US$40.7 million); (iv) provision for credit losses of RMB23.9 million (US$3.3 million); and (v) other operating expenses of RMB93.2 million (US$12.8 million). Operating costs and expenses for the wealth management business for 2024 were RMB1,456.7 million (US$199.6 million), a 13.4% decrease from 2023, primarily due to a decrease in selling expenses as well as compensation and benefits. Operating costs and expenses for the asset management business for 2024 were RMB379.5 million (US$52.0 million), effectively flat when compared with the corresponding period in 2023. Operating costs and expenses for other businesses for 2024 were RMB131.0 million (US$17.9 million), a 3.7% decrease from 2023, primarily due to a decrease in other operating expenses. Operating Margin Operating margin for 2024 was 24.4%, compared with 33.3% for 2023. Operating margin for the wealth management business for 2024 was 19.1%, compared with 32.5% for 2023. Operating margin for the asset management business for 2024 was 50.5%, compared with 50.5% for 2023. Loss from other businesses for 2024 was RMB98.0 million (US$13.4 million), compared with an operating loss of RMB98.6 million for 2023. Interest Income Interest income for 2024 was RMB155.8 million (US$21.3 million), a 3.8% decrease from the corresponding period in 2023. Investment Loss/Income Investment income for 2024 was RMB50.2 million (US$6.9 million), compared with investment loss of RMB61.5 million for 2023. Income Tax Expenses Income tax expenses for 2024 were RMB268.6 million (US$36.8 million), a 2.4% increase from 2023. Net Income Net Income Net income for 2024 was RMB487.0 million (US$66.7 million), a 51.3% decrease from 2023. Net margin for 2024 was 18.7%, compared with 30.4% for 2023. Net income attributable to Noah shareholders for 2024 was RMB475.4 million (US$65.1million), a 52.9% decrease from 2023. Net margin attributable to Noah shareholders for 2024 was 18.3%, compared with 30.6% for the corresponding period in 2023. Net income attributable to Noah shareholders per basic and diluted ADS for 2024 was RMB6.78 (US$0.93) and RMB6.75 (US$0.92), respectively, compared with RMB14.53 and RMB14.53, respectively, for the corresponding period in 2023. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for 2024 was RMB550.2 million (US$75.4 million), a 46.0% decrease from 2023. Non-GAAP net margin attributable to Noah shareholders for 2024 was 21.2%, compared with 30.9% for the corresponding period in 2023. Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2024 was RMB7.81 (US$1.07), compared with RMB14.66 for the corresponding period in 2023. BALANCE SHEET AND CASH FLOW As of December 31, 2024, the Company had RMB3,822.3 million (US$523.7 million) in cash and cash equivalents, compared with RMB5,192.1 million as of December 31, 2023 and RMB3,435.8 million as of September 30, 2024. Net cash inflow from the Company's operating activities during the fourth quarter of 2024 was RMB282.3 million (US$38.7 million), compared with RMB152.5 million in the corresponding period in 2023, mainly due to cash inflow generated from net income from operations. Net cash inflow from the Company's operating activities in 2024 was RMB387.3 million (US$53.1 million), compared with RMB1,318.3 million in 2023, primarily due to a decrease in net come and an increase in trading debt products in 2024. Net cash inflow from the Company's investing activities during the fourth quarter of 2024 was RMB72.9 million (US$10.0 million), compared with net cash inflow of RMB226.8 million in the corresponding period in 2023. Net cash outflow from the Company's investing activities in 2024 was RMB840.8 million (US$115.2 million), compared to net cash outflow of RMB247.1 million in 2023, primarily due to various purchases of term deposits in 2024. Net cash outflow from the Company's financing activities was RMB66.6 million (US$9.1 million) in the fourth quarter of 2024, compared to net cash outflow of RMB94.0 million in the corresponding period in 2023. Net cash outflow from the Company's financing activities in 2024 was RMB1,134.2 million (US$155.4 million), compared to net cash outflow of RMB199.8 million in 2023, primarily due to payment of the final dividend to the Company's shareholders in 2024. ANNUAL AND SPECIAL DIVIDEND On March 25, 2025, the Company's Board of Directors (the "Board") approved an annual dividend of approximately RMB275.0 million (US$37.7 million) in total, which is equivalent to 50% of full year 2024 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the "Policy") adopted on November 29, 2023. The Board has also approved a non-recurring special dividend of approximately RMB275.0 million (US$37.7 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2025. [1] Solely for disclosure purposes, "domestic" and "overseas" as used here and throughout this press release refer to the Company's businesses conducted in mainland China and outside of mainland China, respectively. [2] Operates under the Noah Upright brand [3] Operates under the Gopher Asset Management brand [4] Operates under the Glory brand [5] Operates under the ARK Wealth Management brand [6] Operates under the Olive Asset Management brand [7] Operates under the Glory Family Heritage brand [8] The financial information under the segmentation adopted in Q4 2024 presented in this press release does not include a retrospective recast of the financial information of the prior year in accordance with this segmentation, as this segmentation reflects the Company's operational adjustments and organizational restructuring in 2024 and the costs and expenses in the Company's income statements could not be re-allocated retrospectively under this segmentation. [9] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. [10] The financial information under the segmentation adopted in Q4 2024 presented in this press release does not include a retrospective recast of the financial information of the prior year in accordance with this segmentation, as this segmentation reflects the Company's operational adjustments and organizational restructuring in 2024 and the costs and expenses in the Company's income statements could not be re-allocated retrospectively under this segmentation. [11]  "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period. [12]  "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. [13]  The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate. [14]  The asset allocation/redemption of public securities also includes market appreciation or depreciation. [15] To provide meaningful comparative information for investors, the quarter-to-quarter analyses presented below are based on the traditional segmentation adopted by the Company (where applicable). [16] To provide meaningful comparative information for investors, the year-to-year analyses presented below are based on the traditional segmentation adopted by the Company (where applicable). CONFERENCE CALL  The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2024 Results and recent business activities. Details of the conference call are as follows: Zoom webinar details Conference title Noah Holdings 4Q and Full Year 2024 Earnings Conference Call Date/Time Tuesday, March 25, 2025 at 8:00 p.m., U.S. Eastern Time Wednesday, March 26, 2025 at 8:00 a.m., Hong Kong Time Dial in: – Hong Kong Toll Free: 800-963976 – United States Toll Free: 1-888-317-6003 – Mainland China Toll Free:      4001-206115 – International Toll: 1-412-317-6061 Participant Password: 3516952 A telephone replay will be available starting approximately one hour after the end of the conference until April 1, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2095416. DISCUSSION ON NON-GAAP MEASURES In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.   ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH", and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In 2024, Noah distributed RMB63.9 billion (US$8.8 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB151.5 billion (US$20.8 billion) as of December 31, 2024. Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 462,049 registered clients as of December 31, 2024. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses. For more information, please visit Noah at ir.noahgroup.com.  FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the fourth quarter of 2024 and audited financial results for the full year ended December 31, 2024 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2993 to US$1.00, the effective noon buying rate for December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. SAFE HARBOR STATEMENT  This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. ____________________________________ -- FINANCIAL AND OPERATIONAL TABLES FOLLOW -- Noah Holdings Limited  Condensed Consolidated Balance Sheets As of September 30, December 31, December 31, 2024 2024 2024 (unaudited) (Audited) (Audited) RMB'000 RMB'000 USD'000 Assets   Current assets:     Cash and cash equivalents 3,435,758 3,822,339 523,658     Restricted cash 5,786 8,696 1,191     Short-term investments  1,297,914 1,274,609 174,621     Accounts receivable, net  460,076 473,490 64,868     Amounts due from related parties 468,264 499,524 68,435     Loans receivable, net 179,089 169,108 23,168     Other current assets  246,451 226,965 31,091     Total current assets  6,093,338 6,474,731 887,032   Long-term investments, net  960,572 971,099 133,040   Investment in affiliates 1,404,501 1,373,156 188,122   Property and equipment, net 2,395,438 2,382,247 326,367   Operating lease right-of-use assets, net 121,435 121,115 16,593   Deferred tax assets 400,447 319,206 43,731   Other non-current assets  145,394 137,291 18,809 Total Assets 11,521,125 11,778,845 1,613,694 Liabilities and Equity   Current liabilities:     Accrued payroll and welfare expenses  270,282 412,730 56,544     Income tax payable 130,136 63,892 8,753     Deferred revenues 76,867 72,259 9,899     Contingent liabilities 459,436 476,107 65,226     Other current liabilities 437,260 404,288 55,387   Total current liabilities 1,373,981 1,429,276 195,809   Deferred tax liabilities 243,466 246,093 33,715   Operating lease liabilities, non-current 77,652 75,725 10,374   Other non-current liabilities 22,985 15,011 2,056   Total Liabilities  1,718,084 1,766,105 241,954   Equity 9,803,041 10,012,740 1,371,740 Total Liabilities and Equity 11,521,125 11,778,845 1,613,694 Noah Holdings Limited Condensed Consolidated Income Statements (unaudited) Three months ended  December 31, December 31, December 31, Change 2023 2024 2024 Revenues: RMB'000 RMB'000 USD'000 Revenues from others:     One-time commissions 303,460 131,086 17,959 (56.8 %)     Recurring service fees 167,109 158,733 21,746 (5.0 %)     Performance-based income 146 34,824 4,771 23752.1 %     Other service fees 59,244 52,434 7,183 (11.5 %) Total revenues from others 529,959 377,077 51,659 (28.8 %) Revenues from funds     Gopher/Olive manages:     One-time commissions 4,455 4,318 592 (3.1 %)     Recurring service fees 262,363 261,904 35,881 (0.20 %)     Performance-based income 11,762 14,490 1,985 23.2 % Total revenues from funds     Gopher/Olive manages 278,580 280,712 38,458 0.8 % Total revenues 808,539 657,789 90,117 (18.6 %) Less: VAT related surcharges  (9,031) (5,882) (806) (34.9 %) Net revenues 799,508 651,907 89,311 (18.5 %) Operating costs and expenses:   Compensation and benefits     Relationship manager     compensation (140,673) (149,641) (20,501) 6.4 %     Others (160,077) (204,031) (27,953) 27.5 % Total compensation and    benefits (300,750) (353,672) (48,454) 17.6 % Selling expenses (157,399) (78,877) (10,806) (49.9 %) General and administrative    expenses  (98,637) (73,483) (10,067) (25.5 %) Reversal of (provision for)     credit losses 1,025 (18,894) (2,588) (1943.3 %) Other operating expenses  (25,649) (17,198) (2,356) (32.9 %) Government grants  2,626 27,791 3,807 958.30 % Total operating costs and     expenses  (578,784) (514,333) (70,464) (11.1 %) Income from operations  220,724 137,574 18,847 (37.7 %) Other income (expense):   Interest income  44,389 38,563 5,283 (13.1 %)   Investment (loss) income (53,567) 18,233 2,498 N.A.   Settlement  reversal - 978 134 N.A.   Contingent litigation reversal - 14,000 1,918 N.A.   Other (expense) income  (16,933) 43,829 6,005 N.A. Total other (expense) income  (26,111) 115,603 15,838 N.A.  Income before taxes and     income from equity in    affiliates 194,613 253,177 34,685 30.1 % Income tax expense (34,068) (96,612) (13,236) 183.6 % Income (loss) from equity inaffiliates 52,795 (42,884) (5,875) N.A. Net income  213,340 113,681 15,574 (46.7 %) Less: net (loss) income     attributable to non-controlling    interests (3,190) 3,930 538 N.A. Net income attributable to   Noah shareholders  216,530 109,751 15,036 (49.3 %) Income per ADS, basic 3.12 1.56 0.21 (50.0 %) Income per ADS, diluted 3.12 1.55 0.21 (50.3 %) Margin analysis: Operating margin 27.6 % 21.1 % 21.1 % Net margin 26.7 % 17.4 % 17.4 % Weighted average ADS     equivalent[1]: Basic 69,487,210 70,296,590 70,296,590 Diluted 69,500,978 70,901,802 70,901,802 ADS equivalent outstanding at     end of period 65,261,465 66,078,707 66,078,707 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents oneADSs. Noah Holdings Limited Condensed Consolidated Income Statements (Audited) Twelve months ended  December 31, December 31, December 31, Change 2023 2024 2024 Revenues: RMB'000 RMB'000 USD'000 Revenues from others:     One-time commissions 1,072,838 614,258 84,153 (42.7 %)     Recurring service fees 707,580 631,505 86,516 (10.8 %)     Performance-based income 16,344 47,841 6,554 192.7 %     Other service fees 270,579 186,108 25,497 (31.2 %) Total revenues from others 2,067,341 1,479,712 202,720 (28.4 %) Revenues from funds     Gopher/Olive manages:     One-time commissions 16,365 21,288 2,916 30.1 %     Recurring service fees 1,112,850 1,015,436 139,114 (8.8 %)     Performance-based income 121,265 104,898 14,371 (13.5 %) Total revenues from funds    Gopher/Olive manages 1,250,480 1,141,622 156,401 (8.7 %) Total revenues 3,317,821 2,621,334 359,121 (21.0 %) Less: VAT related surcharges  (23,125) (20,352) (2,788) (12.0 %) Net revenues 3,294,696 2,600,982 356,333 (21.1 %) Operating costs and expenses: Compensation and benefits     Relationship manager    compensation (655,460) (562,523) (77,065) (14.2 %) Others (801,293) (786,928) (107,809) (1.8 %) Total compensation and     benefits (1,456,753) (1,349,451) (184,874) (7.4 %) Selling expenses (485,778) (269,038) (36,858) (44.6 %) General and administrative     expenses  (275,727) (296,751) (40,655) 7.6 % Reversal of (provision for)    credit losses 7,028 (23,882) (3,272) N.A. Other operating expenses  (112,506) (93,210) (12,770) (17.2 %) Government grants  126,955 65,239 8,938 (48.6 %) Total operating costs and     expenses  (2,196,781) (1,967,093) (269,491) (10.5 %) Income from operations  1,097,915 633,889 86,842 (42.3 %) Other income (expense):     Interest income  161,926 155,751 21,338 (3.8 %)     Investment (loss) income  (61,486) 50,152 6,871 N.A.     Settlement reversal - 12,454 1,706 N.A.     Contingent litigation reversal - 14,000 1,918 N.A.     Other income 10,892 1,359 186 (87.5 %) Total other income  111,332 233,716 32,019 109.9 % Income before taxes and     income from equity in affiliates 1,209,247 867,605 118,861 (28.3 %) Income tax expense (262,360) (268,591) (36,797) 2.4 % Income (loss) from equity in     affiliates 54,128 (112,010) (15,345) N.A. Net income  1,001,015 487,004 66,719 (51.3 %) Less: net (loss) income     attributable to non-controlling    interests (8,479) 11,559 1,584 N.A. Net income attributable to     Noah shareholders  1,009,494 475,445 65,135 (52.9 %) Income per ADS, basic 14.53 6.78 0.93 (53.3 %) Income per ADS, diluted 14.53 6.75 0.92 (53.5 %) Margin analysis: Operating margin 33.3 % 24.4 % 24.4 % Net margin 30.4 % 18.7 % 18.7 % Weighted average ADS     equivalent[1]: Basic 69,473,972 70,169,529 70,169,529 Diluted 69,484,516 70,470,251 70,470,251 ADS equivalent outstanding at     end of period 65,261,465 66,078,707 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs. Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Three months ended  December 31, December 31, December 31, Change 2023 2024 2024 RMB'000 RMB'000 USD'000 Net income 213,340 113,681 15,574 (46.7 %) Other comprehensive (loss) income, net of tax:     Foreign currency translation adjustments (68,333) 121,470 16,641 N.A. Comprehensive income 145,007 235,151 32,215 62.2 %     Less: Comprehensive (loss) incomeattributable to non-controlling interests (3,287) 3,918 537 N.A. Comprehensive income attributable to Noah shareholders 148,294 231,233 31,678 55.9 % Noah Holdings Limited Condensed Comprehensive Income Statements (Audited) Twelve months ended  December 31, December 31, December 31, Change 2023 2024 2024 RMB'000 RMB'000 USD'000 Net income  1,001,015 487,004 66,719 (51.3 %) Other comprehensive income, net oftax:     Foreign currency translation     adjustments 76,990 112,131 15,362 45.6 % Comprehensive income 1,078,005 599,135 82,081 (44.4 %)     Less: Comprehensive (loss) income attributable to non-controlling interests (8,651) 11,758 1,611 N.A. Comprehensive income attributable to Noah shareholders 1,086,656 587,377 80,470 (45.9 %) Noah Holdings Limited Supplemental Information (unaudited) As of December 31, December 31, Change 2023 2024 Number of registered clients  455,827 462,049 1.4 % Three months ended December 31, December 31, Change 2023 2024 (in millions of RMB, except number of active clients andpercentages) Number of active clients 9,033 8,862 (1.9 %) Transaction value:     Private equity products 717 1,255 74.9 %     Private secondary products 4,153 4,732 14.0 %     Mutual fund products 10,901 9,810 (10.0 %)     Other products 764 454 (40.6 %) Total transaction value 16,535 16,251 (1.7 %) Twelve months ended December 31, December 31, Change 2023 2024 (in millions of RMB, except number of active clients and percentages) Number of active clients 22,453 17,210 (23.4 %) Transaction value:     Private equity products 3,330 4,775 43.4 %     Private secondary products 18,403 16,201 (12.0 %)     Mutual fund products 47,837 39,573 (17.3 %)     Other products 4,486 3,263 (27.3 %) Total transaction value 74,056 63,811 (13.8 %) Noah Holdings Limited Segment Condensed Income Statements  (unaudited)           Three months ended December 31, 2024 Domestic public securities Domestic asset management Domestic insurance Overseas wealth management Overseas asset management Overseas insurance and comprehensive services Headquarters Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others     One-time commissions 10,448 55 3,971 92,234 3,166 21,212 - 131,086     Recurring service fees 92,505 41,895 - 7,237 16,887 - 209 158,733     Performance-based income 29,740 4,908 - - 176 - - 34,824     Other service fees - - - 24,823 - 10,638 16,973 52,434 Total revenues from others 132,693 46,858 3,971 124,294 20,229 31,850 17,182 377,077 Revenues from funds Gopher/Olive manages     One-time commissions 2,889 - - 1,000 429 - - 4,318     Recurring service fees 12,207 145,406 - 31,287 73,004 - - 261,904     Performance-based income 51 6,712 - - 7,727 - - 14,490 Total revenues from funds             Gopher/Olive manages  15,147 152,118 - 32,287 81,160 - - 280,712 Total revenues 147,840 198,976 3,971 156,581 101,389 31,850 17,182 657,789 Less: VAT related surcharges  (1,605) -271 (26) - - - (3,980) (5,882) Net revenues 146,235 198,705 3,945 156,581 101,389 31,850 13,202 651,907 Operating costs and expenses:   Compensation and benefits     Relationship managers  (29,268) (22,172) (4,435) (80,851) (8,375) (4,540) - (149,641)     Others (8,645) (15,709) (7,520) (29,584) (13,843) (11,468) (117,262) (204,031)  Total compensation and     benefits (37,913) (37,881) (11,955) (110,435) (22,218) (16,008) (117,262) (353,672)  Selling expenses (2,689) (3,493) (1,100) (26,829) (3,545) (5,036) (36,185) (78,877)  General and administrative       expenses  (535) (5,022) (2,963) (2,314) (1,322) (3,497) (57,830) (73,483)  Provision for credit losses - - - - - (1,912) (16,982) (18,894)  Other operating expenses (681) (512) (430) - - (4,122) (11,453) (17,198)  Government grants 8,689 6,135 470 - - - 12,497 27,791  Total operating costs and     expenses  (33,129) (40,773) (15,978) (139,578) (27,085) (30,575) (227,215) (514,333) Income (loss) from operations  113,106 157,932 (12,033) 17,003 74,304 1,275 (214,013) 137,574 Noah Holdings Limited Segment Condensed Income Statements  (Audited)  Twelve months ended December 31, 2024 Domestic public securities Domestic assetmanagement Domesticinsurance Overseas wealth management Overseas asset management Overseas insurance and comprehensive services Headquarters Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others     One-time commissions 18,619 1,354 43,204 435,937 14,785 100,359 - 614,258     Recurring service fees 365,992 188,545 - 22,694 52,952 - 1,322 631,505     Performance-based income 38,058 4,908 - - 4,875 - - 47,841     Other service fees - - - 89,846 - 38,507 57,755 186,108 Total revenues from others 422,669 194,807 43,204 548,477 72,612 138,866 59,077 1,479,712 Revenues from funds Gopher/Olive manages     One-time commissions 13,358 - - 5,551 2,379 - - 21,288     Recurring service fees 56,441 556,742 - 120,669 281,584 - - 1,015,436     Performance-based income 1,301 21,659 - - 81,938 - - 104,898 Total revenues from funds    Gopher/Olive manages  71,100 578,401 - 126,220 365,901 - - 1,141,622 Total revenues 493,769 773,208 43,204 674,697 438,513 138,866 59,077 2,621,334 Less: VAT related surcharges  (5,017) (1,101) (337) - - - (13,897) -20,352 Net revenues 488,752 772,107 42,867 674,697 438,513 138,866 45,180 2,600,982 Operating costs and expenses:   Compensation and benefits     Relationship managers  (128,189) (71,316) (53,904) (294,973) (3,730) (10,411) - (562,523)     Others (42,730) (80,182) (41,280) (154,506) (55,104) (46,253) (366,873) (786,928)   Total compensation and   benefits (170,919) (151,498) (95,184) (449,479) (58,834) (56,664) (366,873) (1,349,451)   Selling expenses (8,429) (10,574) (5,599) (106,175) (22,321) (12,177) (103,763) (269,038)   General and administrative     expenses  (2,012) (12,807) (23,696) (13,589) (3,759) (7,307) (233,581) (296,751)   Provision for credit losses (88) (10,083) - - - (7,307) (6,404) (23,882)   Other operating expenses (1,771) (23,829) (449) - - (9,944) (57,217) (93,210)   Government grants 13,448 10,796 479 - - - 40,516 65,239 Total operating costs and    expenses  (169,771) (197,995) (124,449) (569,243) (84,914) (93,399) (727,322) (1,967,093) Income (loss) from operations  318,981 574,112 (81,582) 105,454 353,599 45,467 (682,142) 633,889 Noah Holdings Limited Segment Condensed Income Statements  (unaudited)   Three months ended December 31, 2024 Wealth Management  Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 131,086 - - 131,086 Recurring service fees 158,733 - - 158,733 Performance-based income 34,824 - - 34,824 Other service fees 40,451 - 11,983 52,434 Total revenues from others 365,094 - 11,983 377,077 Revenues from funds Gopher/Olive manages One-time commissions 3,422 896 - 4,318 Recurring service fees 91,264 170,640 - 261,904 Performance-based income - 14,490 - 14,490 Total revenues from funds Gopher/Olive manages 94,686 186,026 - 280,712 Total revenues 459,780 186,026 11,983 657,789 Less: VAT related surcharges (2,397) (271) (3,214) (5,882) Net revenues 457,383 185,755 8,769 651,907 Operating costs and expenses: Compensation and benefits Relationship managers (140,276) (9,365) - (149,641) Others (136,829) (56,279) (10,923) (204,031) Total compensation and benefits (277,105) (65,644) (10,923) (353,672) Selling expenses (56,588) (10,871) (11,418) (78,877) General and administrativeexpenses (41,706) (20,334) (11,443) (73,483) Provision for credit losses (15,724) (577) (2,593) (18,894) Other operating expenses (13,576) (465) (3,157) (17,198) Government grants 21,645 6,135 11 27,791 Total operating costs and expenses (383,054) (91,756) (39,523) (514,333) Income (loss) from operations 74,329 93,999 (30,754) 137,574 Noah Holdings Limited Segment Condensed Income Statements  (unaudited)  Three months ended December 31, 2023 Wealth Management  Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 303,460 - - 303,460 Recurring service fees 167,109 - - 167,109 Performance-based income 146 - - 146 Other service fees 50,644 - 8,600 59,244 Total revenues from others 521,359 - 8,600 529,959 Revenues from funds Gopher manages One-time commissions 4,350 105 - 4,455 Recurring service fees 87,399 174,964 - 262,363 Performance-based income - 11,762 - 11,762 Total revenues from funds Gopher manages 91,749 186,831 - 278,580 Total revenues 613,108 186,831 8,600 808,539 Less: VAT related surcharges (2,778) (650) (5,603) (9,031) Net revenues 610,330 186,181 2,997 799,508 Operating costs and expenses: Compensation and benefits Relationship managers (132,666) (8,007) - (140,673) Others (127,236) (24,783) (8,058) (160,077) Total compensation and benefits (259,902) (32,790) (8,058) (300,750) Selling expenses (119,891) (27,974) (9,534) (157,399) General and administrativeexpenses (63,627) (27,058) (7,952) (98,637) Provision for (reversal of) creditlosses (2,897) (1,429) 5,351 1,025 Other operating expenses (15,790) (1,562) (8,297) (25,649) Government grants 2,502 124 - 2,626 Total operating costs and expenses (459,605) (90,689) (28,490) (578,784) Income (loss) from operations 150,725 95,492 (25,493) 220,724 Noah Holdings Limited Segment Condensed Income Statements   (Audited)           Twelve months ended December 31, 2024 Wealth Management Asset Management Other  Total  Business Business Businesses RMB'000 RMB'000 RMB'000 RMB'000 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 - 1,015,436     Performance-based income 1,089 103,809 - 104,898 Total revenues from funds     Gopher/Olive manages  373,197 768,425 - 1,141,622 Total revenues 1,808,432 768,425 44,477 2,621,334 Less: VAT related surcharges  (7,726) (1,081) (11,545) -20,352 Net revenues 1,800,706 767,344 32,932 2,600,982 Operating costs and expenses:   Compensation and benefits     Relationship managers  (531,172) (31,351) - (562,523)     Others (534,031) (213,668) (39,229) (786,928)   Total compensation and benefits (1,065,203) (245,019) (39,229) (1,349,451)   Selling expenses (195,830) (46,811) (26,397) (269,038)   General and administrative     expenses  (184,688) (70,795) (41,268) (296,751)   Provision for (reversal of) credit    losses (22,157) (3,698) 1,973 (23,882)   Other operating expenses (43,107) (23,948) (26,155) (93,210)   Government grants 54,324 10,797 118 65,239 Total operating costs and expenses  (1,456,661) (379,474) (130,958) (1,967,093) Income (loss) from operations  344,045 387,870 (98,026) 633,889 Noah Holdings Limited Segment Condensed Income Statements   (Audited)           Twelve months ended December 31, 2023 Wealth Management Asset Management Other  Total  Business Business Businesses RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others     One-time commissions 1,072,838 - - 1,072,838     Recurring service fees 707,580 - - 707,580     Performance-based income 16,344 - - 16,344     Other service fees 221,917 - 48,662 270,579 Total revenues from others 2,018,679 - 48,662 2,067,341 Revenues from funds Gopher manages     One-time commissions 13,732 2,633 - 16,365     Recurring service fees 398,226 714,624 - 1,112,850     Performance-based income 69,977 51,288 - 121,265 Total revenues from funds Gopher    manages  481,935 768,545 - 1,250,480 Total revenues 2,500,614 768,545 48,662 3,317,821 Less: VAT related surcharges  (9,365) (2,374) (11,386) (23,125) Net revenues 2,491,249 766,171 37,276 3,294,696 Operating costs and expenses:   Compensation and benefits     Relationship managers  (631,082) (24,378) - (655,460)     Others (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 grants 103,597 21,638 1,720 126,955  Total operating costs 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 Noah Holdings Limited Supplement Revenue Information by Geography  (unaudited) Three months ended December 31, 2024 Wealth Management  Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 252,351 103,635 11,983 367,969 Overseas 207,429 82,391 - 289,820 Total revenues 459,780 186,026 11,983 657,789 Noah Holdings Limited Supplement Revenue Information by Geography   (unaudited)           Three months ended December 31, 2023 Wealth Management Asset Management Other  Total  Business Business Businesses RMB'000 RMB'000 RMB'000 RMB'000 Revenues:     Mainland China 262,775 110,975 8,600 382,350     Overseas 350,333 75,856 - 426,189 Total revenues 613,108 186,831 8,600 808,539 Noah Holdings Limited Supplement Revenue Information by Geography   (Audited)           Twelve months ended December 31, 2024 Wealth Management Asset Management Other Total  Business Business  Businesses RMB'000 RMB'000 RMB'000 RMB'000 Revenues:     Mainland China 932,127 392,654 44,477 1,369,258     Overseas 876,305 375,771 - 1,252,076 Total revenues 1,808,432 768,425 44,477 2,621,334 Noah Holdings Limited Supplement Revenue Information by Geography   (Audited)           Twelve months ended December 31, 2023 Wealth Management Asset Management Other  Total  Business Business Businesses RMB'000 RMB'000 RMB'000 RMB'000 Revenues:     Mainland China 1,366,538 469,193 48,662 1,884,393     Overseas 1,134,076 299,352 - 1,433,428 Total revenues 2,500,614 768,545 48,662 3,317,821 Noah Holdings Limited Supplement Revenue Information by Product Types  (unaudited)  Three months ended  December 31, December 31,  Change 2023 2024 (in thousands of RMB, except percentages) Mainland China:      Public securities     products [1] 121,133 147,840 22.0 %     Private equity products 196,088 198,976 1.5 %     Insurance products 49,673 3,971 (92.0 %)     Others 15,456 17,182 11.2 %     Subtotal 382,350 367,969 (3.8 %) Overseas:      Investment products [2] 131,016 140,621 7.3 %     Insurance products 248,027 106,058 (57.2 %)     Online business [3] 3,218 9,782 204.0 %     Others 43,928 33,359 (24.1 %)     Subtotal 426,189 289,820 (32.0 %) Total revenues 808,539 657,789 (18.6 %) [1] Includes mutual funds and private secondary products. [2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. [3] Includes money market mutual fund products, securities brokerage business. Noah Holdings Limited Supplement Revenue Information by Product Types  (unaudited)  Twelve months ended  December 31, December 31,  Change 2023 2024 (in thousands of RMB, except percentages) Mainland China:      Public securities    products [1] 568,104 493,769 (13.1 %)     Private equity products 865,798 773,208 (10.7 %)     Insurance products 371,863 43,204 (88.4 %)     Others 78,628 59,077 (24.9 %)     Subtotal 1,884,393 1,369,258 (27.3 %) Overseas:      Investment products [2] 589,138 598,578 1.60 %     Insurance products 642,404 501,799 (21.9 %)     Online business [3] 9,195 30,032 226.60 %     Others 192,691 121,667 (36.9 %)     Subtotal 1,433,428 1,252,076 (12.7 %) Total revenues 3,317,821 2,621,334 (21.0 %) [1] Includes mutual funds and private secondary products. [2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. [3] Includes money market mutual fund products, securities brokerage business. Noah Holdings Limited Supplement Information of Overseas Business  (unaudited)  Three months ended  December 31, December 31,  Change 2023 2024 Net Revenues from Overseas (RMB, million) 426.2 289.8 (32.0 %) Number of Overseas    Registered Clients 14,929 17,654 18.3 % Number of Overseas Active     Clients 2,517 2,914 15.8 % Transaction Value of     Overseas Investment     Products (RMB, billion) 5.9 7.1 20.3 % Number of Overseas     Relationship Managers  89 138 55.1 % Overseas Assets Under    Management (RMB,    billion) 36 42.6 18.3 % Noah Holdings Limited Supplement Information of Overseas Business  (unaudited)  Twelve months ended  December 31, December 31,  Change 2023 2024 Net Revenues from Overseas (RMB, million) 1,433.4 1,252.1 (12.7 %) Number of Overseas     Registered Clients 14,929 17,654 18.3 % Number of Overseas Active    Clients 4,629 5,544 19.8 % Transaction Value of     Overseas Investment     Products (RMB, billion) 23.8 31.1 30.7 % Number of Overseas     Relationship Managers  89 138 55.1 % Overseas Assets Under     Management (RMB,     billion) 36.0 42.6 18.3 % Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) Three months ended December 31, December 31, Change 2023 2024 RMB'000 RMB'000 Net income attributable to Noah shareholders 216,530 109,751 (49.3 %) Adjustment for share-based compensation  21,935 30,705 40.0 % Adjustment for settlement expense reversal - (978) N.A. Less: tax effect of adjustments 4,740 7,030 48.3 % Adjusted net income attributable to Noah shareholders     (non-GAAP) 233,725 132,448 (43.3 %) Net margin attributable to Noah shareholders 27.1 % 16.8 % Non-GAAP net margin attributable to Noah shareholders 29.2 % 20.3 % Net income attributable to Noah shareholders per ADS,     diluted 3.12 1.55 (50.3 %) Non-GAAP net income attributable to Noah shareholders    per ADS, diluted 3.36 1.87 (44.3 %) Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) Twelve months ended December 31 December 31 Change 2023 2024 RMB'000 RMB'000 Net income attributable to Noah shareholders 1,009,494 475,445 (52.9 %) Adjustment for share-based compensation  11,530 109,030 845.6 % Adjustment for settlement expense reversal - (12,454) N.A. Less: tax effect of adjustments 2,220 21,836 883.6 % Adjusted net income attributable to Noah shareholders    (non-GAAP) 1,018,804 550,185 (46.0 %) Net margin attributable to Noah shareholders 30.6 % 18.3 % Non-GAAP net margin attributable to Noah shareholders 30.9 % 21.2 % Net income attributable to Noah shareholders per ADS,    diluted 14.53 6.75 (53.5 %) Non-GAAP net income attributable to Noah shareholders     per ADS, diluted 14.66 7.81 (46.7 %) SOURCE Noah Holdings Limited WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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