6-K - NOAH - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2024

Commission file number: 001-34936

Noah Holdings Limited

1226 South Shenbin Road

Shanghai 201107

People’s Republic of China

+86 (21) 8035-8292

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

EXHIBIT INDEX

Exhibit 99.1	Announcement — Press Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Noah Holdings Limited
By:	/s/ Qing Pan
	Name: Qing Pan
	Title: Chief Financial Officer

Date: March 26, 2024

Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES

UNAUDITED FINANCIAL RESULTS FOR THE FOURTHQUARTER 2023

AND AUDITED FINANCIAL RESULTS FOR FULL YEAR2023

SHANGHAI, March 27, 2024 — 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 2023 and the audited financial results for the full year ended December 31, 2023.

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS

·	Net revenues were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding<br> period in 2022, mainly due to decreases in performance-based income generated from private<br> equity products and recurring service fees generated from RMB private equity and private<br> secondary products. The decreases were partially offset by a 13.8% increase in one-time commissions<br> from more distribution of insurance products. On a sequential basis, net revenues increased<br> by 6.6% driven by an increase in the distribution of insurance products.
(RMB millions,<br> <br>except percentages)	Q4 2022		Q4 2023		YoY Change
---	---	---	---	---	---	---	---
Wealth management		646.9		610.3		(5.7	)%
Asset management		223.2		186.2		(16.6	)%
Other businesses		12.0		3.0		(74.9	)%
Total net revenues		882.1		799.5		(9.4	)%
·	Income from operations was RMB220.7 million (US$31.1 million), effectively flat when compared<br> with the corresponding period in 2022 and a decrease of 11.3% sequentially, primarily due<br> to an increase in marketing activities which was partially offset by a decrease in government<br> grants.
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(RMB millions,<br> <br>except percentages)	Q4 2022			Q4 2023			YoY Change
---	---	---	---	---	---	---	---	---	---
Wealth management		179.1			150.7			(15.9	)%
Asset management		93.5			95.5			2.0	%
Other businesses		(52.9	)		(25.5	)		(51.8	)%
Total income from operations		219.7			220.7			0.4	%
·	Net income attributable to Noah shareholders was RMB216.5 million (US$30.5 million), a 54.8%<br> increase from the corresponding period in 2022, primarily due to a RMB99.0 million non-recurring<br> contingent litigation expense recorded during the fourth quarter of 2022. Net income attributable<br> to Noah shareholders decreased by 7.2% sequentially, primarily due to mark to market adjustments<br> made to certain balance sheet investments.
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·	Non-GAAP^1^net income attributable to Noah shareholders was RMB233.7 million (US$32.9<br> million), an increase of 56.7% from the corresponding period in 2022 and 0.6% from the third<br> quarter of 2023.
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^1^ Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

FULL YEAR 2023 FINANCIAL HIGHLIGHTS

·	Net revenues were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily<br> due to a 59.8% increase in one-time commissions from more distribution of insurance products<br> which was partially offset by a 55.5% decrease in performance-based income.
(RMB millions,<br> <br>except percentages)	FY 2022		FY 2023		YoY Change
---	---	---	---	---	---	---	---
Wealth management		2,200.0		2,491.2		13.2	%
Asset management		834.5		766.2		(8.2	)%
Other businesses		65.9		37.3		(43.5	)%
Total net revenues		3,100.4		3,294.7		6.3	%
·	Income from operations was RMB1,097.9 million (US$154.6 million), a 0.9% increase from 2022,<br> mainly due to a 6.3% increase in net revenues which was partially offset by a 9.2% increase<br> in total operating costs and expenses associated with the low base effect created by strict<br> COVID-19 lockdowns in 2022.
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(RMB millions,<br> <br>except percentages)	FY 2022			FY 2023			YoY Change
---	---	---	---	---	---	---	---	---	---
Wealth management		741.4			809.9			9.2	%
Asset management		447.8			386.7			(13.7	)%
Other businesses		(100.8	)		(98.6	)		(2.2	)%
Total income from operations		1,088.4			1,097.9			0.9	%
·	Net income attributable to Noah shareholders was RMB1,009.5 million (US$142.2 million), a<br> 3.4% increase from 2022, due to a 0.9% increase in income from operations and a RMB99.0 million<br> non-recurring contingent litigation expense recorded in 2022.
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·	Non-GAAP net income attributable to Noah shareholders was RMB1,018.8 million (US$143.5 million),<br> a 1.0% increase from 2022.
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FOURTH QUARTER AND FULL YEAR 2023 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, 2023 was 455,827, a 4.2% increase<br> from December 31, 2022 and a 0.8% increase from September 30, 2023.
·	Total number of active clients^2^ who transacted<br> with Noah during the fourth quarter of 2023 was 9,033, a 30.0% decrease from the fourth quarter<br> of 2022 and a 4.8% decrease from the third quarter of 2023. Total number of active clients who transacted with Noah in 2023 was 22,453, a 37.4% decrease from 2022.
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·	Aggregate value of investment products distributed during the fourth quarter of 2023 was RMB16.5<br> billion (US$2.3 billion), an 8.1% decrease from the corresponding period in 2022, mainly<br> due to a decrease in the distribution of mutual fund products.
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^2^ “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.

	Three<br> months ended December 31,
	2022				2023
	(RMB in billions, except percentages)
Product type
Mutual fund products		12.2	67.7	%		10.9	66.0	%
Private secondary products		3.4	18.7	%		4.2	25.1	%
Private equity products		1.4	8.0	%		0.7	4.3	%
Other<br> products^3^		1.0	5.6	%		0.7	4.6	%
All products		18.0	100.0	%		16.5	100.0	%
·	Aggregate value of investment products distributed during 2023 was RMB74.1 billion (US$10.4 billion),<br> a 5.4% increase from 2022, mainly due to an increase in the distribution of private secondary<br> and mutual fund products.
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	Twelve<br> months ended December 31,
---	---	---	---	---	---	---	---	---
	2022				2023
	(RMB in billions, except percentages)
Product type
Mutual fund products		43.1	61.4	%		47.9	64.6	%
Private secondary products		13.1	18.6	%		18.4	24.8	%
Private equity products		11.1	15.7	%		3.3	4.5	%
Other products		3.0	4.3	%		4.5	6.1	%
All products		70.3	100.0	%		74.1	100.0	%
·	Coverage network in mainland China included 44 cities as of December 31, 2023, compared with<br> 59 cities as of September 30, 2023, and 75 cities as of December 31, 2022. Noah<br> continues to streamline its presence in China with a focus on strengthening its operations<br> in central hub cities.
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·	Number of relationship managers was 1,252 as of December 31, 2023, a decrease of 11.1%<br> from September 30, 2023, and 1.9% from December 31, 2022. As of December 31,<br> 2023, Noah had 89 overseas relationship managers, a 15.6% increase from September 30,<br> 2023.
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^3^ “Other products” refers to other investment products, which includes insurance products, multi -strategies products and others.

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 with global investment capabilities and overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages 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, 2023 remained stable at RMB154.6 billion<br> (US$21.8 billion), compared with RMB154.9 billion as of September 30, 2023 and RMB157.1<br> billion as of December 31, 2022.
	As of<br><br> September 30,<br> 2023				Growth		Distribution/ <br><br> Redemption		As of<br><br> December 31,<br> 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
	(RMB billions, except percentages)
Investment type
Private equity		131.7	85.0	%		0.5		-		132.2	85.5	%
Public securities^4^		12.2	7.9	%		2.9		3.6		11.5	7.4	%
Real estate		6.3	4.0	%		-		0.1		6.2	4.0	%
Multi-strategies		4.2	2.8	%		-		-		4.2	2.8	%
Others		0.5	0.3	%		-		-		0.5	0.3	%
All Investments		154.9	100.0	%		3.4		3.7		154.6	100.0	%
	As of<br><br> December 31,<br> 2022				Growth		Distribution/ <br><br> Redemption		As of<br><br> December 31,<br> 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
	(RMB billions, except percentages)
Investment type
Private equity		133.1	84.7	%		2.1		3.0		132.2	85.5	%
Public securities		11.0	7.0	%		10.7		10.2		11.5	7.4	%
Real estate		6.8	4.3	%		0.4		1.0		6.2	4.0	%
Multi-strategies		4.8	3.1	%		-		0.6		4.2	2.8	%
Others		1.4	0.9	%		-		0.9		0.5	0.3	%
All Investments		157.1	100.0	%		13.2		15.7		154.6	100.0	%

Other Businesses

Noah’s other businesses mainly provide clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and Chairwoman of Noah, said “Despite a very challenging year for capital markets, I am pleased to report that Noah generated growth in both net revenues and non-GAAP net income in 2023. We are starting the year on a strong footing, having spent the past few quarters repositioning ourselves to drive growth in this challenging market environment. The pace of our international expansion continues to increase as our clients’ demand for global asset allocation grows. During the year, overseas AUM grew 10.7%; overseas net revenue grew 73.0%; and overseas registered clients and active clients grew 14.2% and 38.0%, respectively. Our balance sheet is robust, clean and is generating sufficient capital to support Noah’s overseas expansion.”

“Reflecting our ongoing effort to improve corporate governance, we split the CEO and Chairperson roles at the end of the year with the appointment of Mr. Yin Zhe as CEO. Zhe’s alignment with our values and culture, coupled with his instrumental role in building our Gopher Asset Management franchise, made him the ideal candidate. We have been working seamlessly together since he took on this new role and I have the upmost confidence in his ability to execute our growth initiatives going forward.”

^4^ The asset distribution/redemption of public securities also includes market appreciation or depreciation.

FOURTH QUARTER 2023 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2023 were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding period in 2022.

·	Wealth Management Business
·	Net revenues from one-time commissions for the fourth quarter of 2023 were RMB306.4 million<br> (US$43.2 million), a 15.1% increase from the corresponding period in 2022 driven by an increase<br> in the distribution of insurance products.
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·	Net revenues from recurring service fees for the fourth quarter of 2023 were RMB253.4 million<br> (US$35.7 million), a 20.5% decrease from the corresponding period in 2022, due to a shift<br> in product mix and client investment preferences, as well as a decrease in recurring service<br> fees generated from private secondary and private equity products.
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·	Net revenues from performance-based income for the fourth quarter of 2023 were RMB0.1 million,<br> compared with RMB14.1 million in the corresponding period of 2022, primarily due to a decrease<br> in performance-based income from private equity fund products.
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·	Net revenues from other service fees for the fourth quarter of 2023 were RMB50.4 million<br> (US$7.1 million), a 4.9% increase from the corresponding period in 2022, primarily due to<br> the growing number of value-added services Noah offers its high-net-worth clients.
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·	Asset Management Business
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·	Net revenues from recurring service fees for the fourth quarter of 2023 were RMB174.4 million<br> (US$24.6 million), a 13.5% increase from the corresponding period in 2022, due to an increase<br> in the number of real estate investments in the United States and offshore private equity<br> investments managed by Gopher Asset Management.
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·	Net revenues from performance-based income for the fourth quarter of 2023 were RMB11.7 million<br> (US$1.7 million), an 82.3% decrease from the corresponding period in 2022, primarily due<br> to a decrease in performance-based income from private equity investments managed by Gopher<br> Asset Management.
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·	Other Businesses
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·	Net revenues for the fourth quarter of 2023 were RMB3.0 million (US$0.4 million), compared<br> with RMB12.0 million in the corresponding period in 2022, driven by the winding down of the<br> Company’s loan portfolio.
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Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2023 were RMB578.8 million (US$81.5 million), a 12.6% decrease from the corresponding period in 2022. Operating costs and expenses primarily consisted of 1) compensation and benefits of RMB300.8 million (US$42.4 million); 2) selling expenses of RMB157.4 million (US$22.2 million); 3) general and administrative expenses of RMB98.6 million (US$13.9 million); 4) reversal of credit losses of RMB1.0 million (US$0.1 million); and 5) other operating expenses of RMB25.6 million (US$3.6 million).

·	Operating costs and expenses for the wealth management business for the fourth quarter of 2023<br> were RMB459.6 million (US$64.7 million), a 1.8% decrease from the corresponding period in<br> 2022, primarily due to a 5.7% decrease in net revenues.
·	Operating costs and expenses for the asset management business for the fourth quarter of 2023 were<br> RMB90.7 million (US$12.8 million), a 30.0% decrease from the corresponding period in 2022,<br> primarily due to a decrease in performance-based compensation.
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·	Operating costs and expenses for other businesses for the fourth quarter of 2023 were RMB28.5 million<br> (US$4.0 million), a 56.1% decrease from the corresponding period in 2022, due to a decrease<br> in recorded credit losses.
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Operating Margin

Operating margin for the fourth quarter of 2023 was 27.6%, compared with 24.9% for the corresponding period in 2022.

·	Operating margin for the wealth management business for the fourth quarter of 2023 was 24.7%, compared<br> with 27.7% for the corresponding period in 2022.
·	Operating margin for the asset management business for the fourth quarter of 2023 was 51.3%, compared<br> with 41.9% for the corresponding period in 2022.
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·	Loss from other businesses for the fourth quarter of 2023 was RMB25.5 million (US$3.6 million),<br> compared with RMB52.9 million in the corresponding period of 2022, primarily due to a decrease<br> in provisions for credit losses.
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Investment Income/loss

Investment loss for the fourth quarter of 2023 was RMB53.6 million (US$7.5 million), compared with investment income of RMB62.2 million for the corresponding period in 2022, primarily due to unrealized losses from fair value changes on certain equity investments.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2023 were RMB34.1 million (US$4.8 million), a 43.7% decrease from the corresponding period in 2022, primarily due to a lower effective tax rate.

Income from Equity in Affiliates

Income from equity in affiliates for the fourth quarter of 2023 was RMB52.8 million (US$7.4 million), compared with RMB12.3 million for the corresponding period in 2022. The increase was primarily due to an increase in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.

Net Income

·	Net Income
·	Net income for the fourth quarter of 2023 was RMB213.3 million (US$30.0 million), a 51.8%<br> increase from the corresponding period in 2022.
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·	Net margin for the fourth quarter of 2023 was 26.7%, an increase from 15.9% in the corresponding<br> period in 2022.
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·	Net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB216.5<br> million (US$30.5 million), a 54.8% increase from the corresponding period in 2022.
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·	Net margin attributable to Noah shareholders for the fourth quarter of 2023 was 27.1%, an<br> increase from 15.9% in the corresponding period in 2022.
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·	Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter<br> of 2023 was RMB3.12 (US$0.44) and RMB3.12 (US$0.44), respectively, an increase from RMB2.01<br> and RMB2.01 respectively, in the corresponding period in 2022.
·	Non-GAAP Net Income Attributable to Noah Shareholders
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·	Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB233.7<br> million (US$32.9 million), a 56.7% increase from the corresponding period in 2022.
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·	Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2023 was 29.2%,<br> an increase from 16.9% in the corresponding period in 2022.
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·	Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of<br> 2023 was RMB3.36 (US$0.47), an increase from RMB2.14 in the corresponding period in 2022.
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FULL YEAR 2023 FINANCIAL RESULTS

Net Revenues

Net revenues for 2023 were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily due to an increase in one-time commissions associated with Noah’s wealth management business.

·	Wealth Management Business
·	Net revenues from one-time commissions for 2023 were RMB1,082.4 million (US$152.5 million),<br> a 72.2% increase from 2022, primarily due to an increase in the distribution of insurance<br> products.
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·	Net revenues from recurring service fees for 2023 were RMB1,101.7 million (US$155.2 million),<br> a 10.2% decrease from 2022, due to a shift in product mix and client investment preferences,<br> as well as a decrease in recurring service fees generated from private secondary and private<br> equity products.
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·	Net revenues from performance-based income for 2023 were RMB86.0 million (US$12.1 million),<br> a 57.3% decrease from 2022, primarily due to a decrease in performance-based income from<br> private secondary products.
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·	Net revenues from other service fees for 2023 were RMB221.1 million (US$31.1 million), a<br> 54.1% increase from 2022, primarily due to the growing number of value-added services Noah<br> offers to its high-net-worth clients.
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·	Asset Management Business
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·	Net revenues from recurring service fees for 2023 were RMB712.5 million (US$100.3 million),<br> a 5.0% increase from 2022.
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·	Net revenues from performance-based income for 2023 were RMB51.1 million (US$7.2 million),<br> a 52.1% decrease from 2022, primarily due to a decrease in performance-based income from<br> private equity products.
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·	Other Businesses
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·	Net revenues for 2023 were RMB37.3 million (US$5.3 million), a 43.5% decrease from 2022.
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Operating costs and expenses

Operating costs and expenses for 2023 were RMB2,196.8 million (US$309.4 million), a 9.2% increase from 2022. Operating costs and expenses for 2023 primarily consisted of 1) compensation and benefits of RMB1,456.8 million (US$205.2 million); 2) selling expenses of RMB485.8 million (US$68.4 million); 3) general and administrative expenses of RMB275.7 million (US$38.8 million); 4) reversal of credit losses of RMB7.0 million (US$1.0 million); and 5) other operating expenses of RMB112.5 million (US$15.8 million).

·	Operating costs and expenses for the wealth management business for 2023 were RMB1,681.4 million<br> (US$236.8 million), a 15.3% increase from 2022, primarily due to an increase in compensation<br> and benefits for relationship managers.
·	Operating costs and expenses for the asset management business for 2023 were RMB379.5 million (US$53.5<br> million), a 1.8% decrease from 2022, primarily due to a decrease in performance-based compensation.
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·	Operating costs and expenses for other businesses for 2023 were RMB135.9 million (US$19.1 million),<br> an 18.5% decrease from 2022, primarily due to a decrease in other operating expenses.
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Operating Margin

Operating margin for 2023 was 33.3%, compared to 35.1% for 2022.

·	Operating margin for the wealth management business for 2023 was 32.5%, compared with 33.7% for<br> 2022, mainly due to an increase in compensation and benefits for relationship managers.
·	Operating margin for the asset management business for 2023 was 50.5%, compared with 53.7% for<br> 2022.
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·	Loss from other businesses for 2023 was RMB98.6 million (US$13.9 million), compared with RMB100.8<br> million for 2022, due to a 43.5% decrease in net revenues.
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Investment Loss/Income

Investment loss for 2023 was RMB61.5 million (US$8.7 million), compared with investment income of RMB85.6 million for 2022.

Income Tax Expenses

Income tax expenses for 2023 were RMB262.4 million (US$37.0 million), a 1.8% decrease from 2022, primarily due to a lower effective tax rate.

Income from Equity in Affiliates

Income from equity in affiliates for 2023 was RMB54.1 million (US$7.6 million), compared with RMB89.1 million in 2022. The decrease was primarily due to a decrease in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.

Net Income

·	Net Income
·	Net income for 2023 was RMB1,001.0 million (US$141.0 million), a 3.0% increase from 2022.
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·	Net margin for 2023 was 30.4%, a decrease from 31.3% in 2022.
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·	Net income attributable to Noah shareholders for 2023 was RMB1,009.5 million (US$142.2 million),<br> a 3.4% increase from 2022.
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·	Net margin attributable to Noah shareholders for 2023 was 30.6%, a decrease from 31.5% in<br> 2022.
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·	Net income attributable to Noah shareholders per basic and diluted ADS for 2023 was RMB14.53<br> (US$2.05) and RMB14.53 (US$2.05), respectively, an increase from RMB14.29 and RMB14.28, respectively,<br> in 2022.
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·	Non-GAAP Net Income Attributable to Noah Shareholders
·	Non-GAAP net income attributable to Noah shareholders for 2023 was RMB1,018.8 million (US$143.5<br> million), a 1.0% increase from 2022.
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·	Non-GAAP net margin attributable to Noah shareholders for 2023 was 30.9%, a decrease from 32.5%<br> in 2022.
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·	Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2023 was RMB14.66 (US$2.07),<br> a decrease from RMB14.75 in 2022.
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BALANCE SHEET AND CASH FLOW

As of December 31, 2023, the Company had RMB5,192.1 million (US$731.3 million) in cash and cash equivalents, compared with RMB4,403.9 million as of December 31, 2022 and RMB4,959.6 million as of September 30, 2023.

Net cash inflow from the Company’s operating activities during the fourth quarter of 2023 was RMB152.5 million (US$21.5 million), compared with RMB33.0 million in the corresponding period in 2022, primarily due to a decrease in trading debt products in the fourth quarter of 2023. Net cash inflow from the Company’s operating activities in 2023 was RMB1,318.3 million (US$185.7 million), compared with RMB632.9 million in 2022.

Net cash inflow from the Company’s investing activities during the fourth quarter of 2023 was RMB226.8 million (US$31.9 million), compared with net cash inflow of RMB58.3 million in the corresponding period in 2022. Net cash outflow from the Company’s investing activities in 2023 was RMB247.1 million (US$34.8 million), compared to net cash inflow of RMB74.3 million in 2022, mainly due to cash payments on short term investments.

Net cash outflow from the Company’s financing activities was RMB94.0 million (US$13.2 million) in the fourth quarter of 2023, compared to net cash inflow of RMB8.0 million in the corresponding period in 2022. Net cash outflow from the Company’s financing activities in 2023 was RMB199.8 million (US$28.1 million), compared to net cash inflow of RMB233.8 million in 2022. The cash inflow in 2022 was mainly due to the net proceeds from the Company’s initial public offering and listing in Hong Kong while the cash outflow in 2023 was mainly due to final dividend payments.

ANNUAL AND SPECIAL DIVIDEND

On March 26, 2024, the Company's Board of Directors (the “Board”) approved an annual dividend of approximately RMB509.0 million (US$71.7 million) in total, which is equivalent to 50% of full year 2023 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 RMB509.0 million (US$71.7 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 2024.

CONFERENCE CALL

The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2023 Results and recent business activities. Details of the conference call are as follows:

Zoom webinar details
Conference title	Noah Holdings 4Q and Full Year 2023<br> Earnings Conference Call
Date/Time	Tuesday, March 26, 2024 at 8:00 p.m., U.S. Eastern Time<br><br> <br>Wednesday, March 27, 2024 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:	2326545

A telephone replay will be available starting approximately one hour after the end of the conference until April 2, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 1565571.

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 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. In 2023, Noah distributed RMB74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB154.6 billion (US$21.8 billion) as of December 31, 2023.

Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers 44 cities in mainland China, as well as Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi 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 2023 and audited financial results for the full year ended December 31, 2023 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 RMB7.0999 to US$1.00, the effective noon buying rate for December 29, 2023 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.

Contacts:

Noah Holdings Limited

Melo Xi

Tel: +86-21-8035-8292

ir@noahgroup.com

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

NoahHoldings Limited

CondensedConsolidated Balance Sheets

	As<br> of
	September <br><br> 30, 2023		December <br><br> 31, 2023		December<br> 31, 2023
	(Unaudited)		(Audited)		(Audited)
	RMB'000		RMB'000		'000
Assets
Current<br> assets:
Cash<br> and cash equivalents		4,959,550		5,192,127
Restricted<br> cash		153,908		154,433
Short-term<br> investments		407,872		379,456
Accounts<br> receivable, net		445,386		503,978
Loans<br> receivable, net		315,785		286,921
Amounts<br> due from related parties		406,764		393,891
Other<br> current assets		189,473		206,250
Total<br> current assets		6,878,738		7,117,056
Long-term<br> investments, net		995,746		810,484
Investment<br> in affiliates		1,491,173		1,526,544
Property<br> and equipment, net		2,510,839		2,482,199
Operating<br> lease right-of-use assets, net		145,410		139,019
Deferred<br> tax assets		435,632		431,494
Other<br> non-current assets		171,083		178,582
Total<br> Assets		12,628,621		12,685,378
Liabilities<br> and Equity
Current<br> liabilities:
Accrued<br> payroll and welfare expenses		545,240		564,096
Income<br> tax payable		166,959		89,694
Deferred<br> revenues		88,377		72,824
Contingent<br> liabilities		595,137		482,802
Other<br> current liabilities		578,345		681,802
Total<br> current liabilities		1,974,058		1,891,218
Operating<br> lease liabilities, non-current		77,418		76,533
Deferred<br> tax liabilities		229,003		262,404
Other<br> non-current liabilities		45,058		27,660
Total<br> Liabilities		2,325,537		2,257,815
Equity		10,303,084		10,427,563
Total<br> Liabilities and Equity		12,628,621		12,685,378

All values are in US Dollars.

NoahHoldings Limited

CondensedConsolidated Income Statements

(unaudited)

	Three<br> months ended
	December 31,			December 31,			December 31,
	2022			2023			2023		Change
		RMB'000			RMB'000			'000
Revenues:
Revenues<br> from others:
One-time<br> commissions		266,592			303,460			42,741		13.8	%
Recurring<br> service fees		195,872			167,109			23,537		(14.7	)%
Performance-based<br> income		13,998			146			21		(99.0	)%
Other<br> service fees		60,870			59,244			8,344		(2.7	)%
Total<br> revenues from others		537,332			529,959			74,643		(1.4	)%
Revenues<br> from funds Gopher manages:
One-time<br> commissions		3,915			4,455			627		13.8	%
Recurring<br> service fees		278,376			262,363			36,953		(5.8	)%
Performance-based<br> income		66,819			11,762			1,657		(82.4	)%
Total<br> revenues from funds Gopher manages		349,110			278,580			39,237		(20.2	)%
Total<br> revenues		886,442			808,539			113,880		(8.8	)%
Less:<br> VAT related surcharges		(4,372	)		(9,031	)		(1,272		106.6	%
Net<br> revenues		882,070			799,508			112,608		(9.4	)%
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> manager compensation		(146,662	)		(140,673	)		(19,813		(4.1	)%
Others		(236,484	)		(160,077	)		(22,546		(32.3	)%
Total<br> compensation and benefits		(383,146	)		(300,750	)		(42,359		(21.5	)%
Selling<br> expenses		(142,806	)		(157,399	)		(22,169		10.2	%
General<br> and administrative expenses		(83,952	)		(98,637	)		(13,893		17.5	%
Provision<br> for (reversal of) credit losses		(19,836	)		1,025			144		N.A.
Other<br> operating expenses		(38,257	)		(25,649	)		(3,613		(33.0	)%
Government<br> grants		5,665			2,626			370		(53.6	)%
Total<br> operating costs and expenses		(662,332	)		(578,784	)		(81,520		(12.6	)%
Income<br> from operations		219,738			220,724			31,088		0.4	%
Other<br> income (expense):
Interest<br> income		14,251			44,389			6,252		211.5	%
Investment<br> income (loss)		62,240			(53,567	)		(7,545		N.A.
Contingent<br> litigation expenses		(99,000	)		-			-		(100.0	)%
Other<br> expense		(8,507	)		(16,933	)		(2,385		99.0	%
Total<br> other expense		(31,016	)		(26,111	)		(3,678		(15.8	)%
Income<br> before taxes and income from equity in affiliates		188,722			194,613			27,410		3.1	%
Income<br> tax expense		(60,530	)		(34,068	)		(4,798		(43.7	)%
Income<br> from equity in affiliates		12,331			52,795			7,436		328.1	%
Net<br> income		140,523			213,340			30,048		51.8	%
Less:<br> net income (loss) attributable to non-controlling interests		614			(3,190	)		(449		N.A.
Net<br> income attributable to Noah shareholders		139,909			216,530			30,497		54.8	%
Income per<br> ADS, basic		2.01			3.12			0.44		55.2	%
Income<br> per ADS, diluted		2.01			3.12			0.44		55.2	%
Margin<br> analysis:
Operating<br> margin		24.9	%		27.6	%		27.6
Net<br> margin		15.9	%		26.7	%		26.7
Weighted<br> average ADS equivalent^[1]^:
Basic		69,593,068			69,487,210			69,487,210
Diluted		69,611,652			69,500,978			69,500,978
ADS<br> equivalent outstanding at end of period		62,603,864			65,261,465			65,261,465

All values are in US Dollars.

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.

Noah<br> Holdings Limited
Condensed<br> Consolidated Income Statements
(Audited)
	Twelve<br> months ended
	December<br> 31,			December<br> 31,			December<br> 31,
	2022			2023			2023		Change
		RMB'000			RMB'000			'000
Revenues:
Revenues<br> from others:
One-time<br> commissions		617,636			1,072,838			151,106		73.7	%
Recurring<br> service fees		768,980			707,580			99,661		(8.0	)%
Performance-based<br> income		184,048			16,344			2,302		(91.1	)%
Other<br> service fees		223,441			270,579			38,110		21.1	%
Total<br> revenues from others		1,794,105			2,067,341			291,179		15.2	%
Revenues<br> from funds Gopher manages:
One-time<br> commissions		63,809			16,365			2,305		(74.4	)%
Recurring<br> service fees		1,145,435			1,112,850			156,742		(2.8	)%
Performance-based<br> income		125,528			121,265			17,080		(3.4	)%
Total<br> revenues from funds Gopher manages		1,334,772			1,250,480			176,127		(6.3	)%
Total<br> revenues		3,128,877			3,317,821			467,306		6.0	%
Less:<br> VAT related surcharges		(28,505	)		(23,125	)		(3,257		(18.9	)%
Net<br> revenues		3,100,372			3,294,696			464,049		6.3	%
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> manager compensation		(497,147	)		(655,460	)		(92,320		31.8	%
Others		(944,735	)		(801,293	)		(112,860		(15.2	)%
Total<br> compensation and benefits		(1,441,882	)		(1,456,753	)		(205,180		1.0	%
Selling<br> expenses		(349,014	)		(485,778	)		(68,420		39.2	%
General<br> and administrative expenses		(235,319	)		(275,727	)		(38,835		17.2	%
Reversal<br> of credit losses		424			7,028			990		1557.5	%
Other<br> operating expenses		(115,653	)		(112,506	)		(15,846		(2.7	)%
Government<br> grants		129,521			126,955			17,881		(2.0	)%
Total<br> operating costs and expenses		(2,011,923	)		(2,196,781	)		(309,410		9.2	%
Income<br> from operations		1,088,449			1,097,915			154,639		0.9	%
Other<br> income (expense):
Interest<br> income		61,416			161,926			22,807		163.7	%
Investment<br> income (loss)		85,554			(61,486	)		(8,660		N.A.
Contingent<br> litigation expenses		(99,000	)		-			-		(100.0	)%
Other<br> income		13,130			10,892			1,534		(17.0	)%
Total<br> other income		61,100			111,332			15,681		82.2	%
Income<br> before taxes and income from equity in affiliates		1,149,549			1,209,247			170,320		5.2	%
Income<br> tax expense		(267,108	)		(262,360	)		(36,953		(1.8	)%
Income<br> from equity in affiliates		89,148			54,128			7,624		(39.3	)%
Net<br> income		971,589			1,001,015			140,991		3.0	%
Less:<br> net loss attributable to non-controlling interests		(4,982	)		(8,479	)		(1,194		70.2	%
Net<br> income attributable to Noah shareholders		976,571			1,009,494			142,185		3.4	%
Income<br> per ADS, basic		14.29			14.53			2.05		1.7	%
Income<br> per ADS, diluted		14.28			14.53			2.05		1.8	%
Margin<br> analysis:
Operating<br> margin		35.1	%		33.3	%		33.3
Net<br> margin		31.3	%		30.4	%		30.4
Weighted<br> average ADS equivalent^[1]^:
Basic		68,332,032			69,473,972			69,473,972
Diluted		68,396,142			69,484,516			69,484,516
ADS<br> equivalent outstanding at end of period		62,603,864			65,261,465			65,261,465
[1]<br> Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents<br> one ADSs.

All values are in US Dollars.

Noah<br> Holdings Limited
Condensed<br> Comprehensive Income Statements
(unaudited)
	Three months ended
	December<br> 31,			December<br> 31,			December<br> 31,
	2022			2023			2023		Change
		RMB'000			RMB'000			'000
Net<br> income		140,523			213,340			30,048		51.8	%
Other<br> comprehensive loss, net of tax:
Foreign<br> currency translation adjustments		(36,494	)		(68,333	)		(9,625		87.2	%
Comprehensive<br> income		104,029			145,007			20,423		39.4	%
Less:<br> Comprehensive income (loss) attributable to non-controlling interests		598			(3,287	)		(463		N.A.
Comprehensive<br> income attributable to Noah shareholders		103,431			148,294			20,886		43.4	%

All values are in US Dollars.

NoahHoldings Limited

CondensedComprehensive Income Statements

(Audited)

	Twelve months ended
	December<br> 31,			December<br> 31,			December<br> 31,
	2022			2023			2023		Change
		RMB'000			RMB'000			'000
Net<br> income		971,589			1,001,015			140,991		3.0	%
Other<br> comprehensive income, net of tax:
Foreign<br> currency translation adjustments		137,555			76,990			10,844		(44.0	)%
Comprehensive<br> income		1,109,144			1,078,005			151,835		(2.8	)%
Less:<br> Comprehensive loss attributable to non-controlling interests		(4,895	)		(8,651	)		(1,218		76.7	%
Comprehensive<br> income attributable to Noah shareholders		1,114,039			1,086,656			153,053		(2.5	)%

All values are in US Dollars.

Noah<br> Holdings Limited
Supplemental<br> Information
(unaudited)
	As<br> of
	December 31,<br><br> 2022		December 31,<br><br> 2023		Change
Number<br> of registered clients		437,288		455,827		4.2	%
Number<br> of relationship managers		1,276		1,252		(1.9	)%
Number<br> of cities in mainland China under coverage		75		44		(41.3	)%
	Three<br> months ended
---	---	---	---	---	---	---	---
	December 31,<br> <br> 2022		December 31,<br><br> 2023		Change
		(in<br> millions of RMB, except number of active clients and percentages)
Number<br> of active clients		12,904		9,033		(30.0	)%
Transaction<br> value:
Private<br> equity products		1,452		717		(50.6	)%
Private<br> secondary products		3,362		4,153		23.5	%
Mutual<br> fund products		12,183		10,901		(10.5	)%
Other<br> products		1,003		764		(23.8	)%
Total<br> transaction value		18,000		16,535		(8.1	)%
	Twelve<br> months ended
---	---	---	---	---	---	---	---
	December 31,<br> <br> 2022		December 31,<br><br> 2023		Change
		(in<br> millions of RMB, except number of active clients and percentages)
Number<br> of active clients		35,877		22,453		(37.4	)%
Transaction<br> value:
Private<br> equity products		11,037		3,330		(69.8	)%
Private<br> secondary products		13,109		18,403		40.4	%
Mutual<br> fund products		43,133		47,837		10.9	%
Other<br> products		3,002		4,486		49.4	%
Total<br> transaction value		70,281		74,056		5.4	%

Noah<br> Holdings Limited
Segment<br> Condensed Income Statements
(unaudited)
	Three months ended December 31, 2023
	Wealth<br> Management <br>Business			Asset<br> Management <br>Business			Other<br> Businesses			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenues:
Revenues<br> from others
One-time<br> commissions		303,460			-			-			303,460
Recurring<br> service fees		167,109			-			-			167,109
Performance-based<br> income		146			-			-			146
Other<br> service fees		50,644			-			8,600			59,244
Total<br> revenues from others		521,359			-			8,600			529,959
Revenues<br> from funds Gopher manages
One-time<br> commissions		4,350			105			-			4,455
Recurring<br> service fees		87,399			174,964			-			262,363
Performance-based<br> income		-			11,762			-			11,762
Total<br> revenues from funds Gopher manages		91,749			186,831			-			278,580
Total<br> revenues		613,108			186,831			8,600			808,539
Less:<br> VAT related surcharges		(2,778	)		(650	)		(5,603	)		(9,031	)
Net<br> revenues		610,330			186,181			2,997			799,508
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> managers		(132,666	)		(8,007	)		-			(140,673	)
Others		(127,236	)		(24,783	)		(8,058	)		(160,077	)
Total<br> compensation and benefits		(259,902	)		(32,790	)		(8,058	)		(300,750	)
Selling<br> expenses		(119,891	)		(27,974	)		(9,534	)		(157,399	)
General<br> and administrative expenses		(63,627	)		(27,058	)		(7,952	)		(98,637	)
Provision<br> for (reversal of) credit losses		(2,897	)		(1,429	)		5,351			1,025
Other<br> operating expenses		(15,790	)		(1,562	)		(8,297	)		(25,649	)
Government<br> grants		2,502			124			-			2,626
Total<br> operating costs and expenses		(459,605	)		(90,689	)		(28,490	)		(578,784	)
Income<br> (loss) from operations		150,725			95,492			(25,493	)		220,724

NoahHoldings Limited

SegmentCondensed Income Statements

(unaudited)

	Three months<br> ended December 31, 2022										****	****
****	Wealth<br> Management <br>Business			Asset<br> Management <br>Business			Other<br> Businesses			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenues:
Revenues<br> from others
One-time<br> commissions		266,592			-			-			266,592
Recurring<br> service fees		195,872			-			-			195,872
Performance-based<br> income		13,998			-			-			13,998
Other<br> service fees		48,245			-			12,625			60,870
Total<br> revenues from others		524,707			-			12,625			537,332
Revenues<br> from funds Gopher manages
One-time<br> commissions		576			3,339			-			3,915
Recurring<br> service fees		124,040			154,336			-			278,376
Performance-based<br> income		187			66,632			-			66,819
Total<br> revenues from funds Gopher manages		124,803			224,307			-			349,110
Total revenues		649,510			224,307			12,625			886,442
Less:<br> VAT related surcharges		(2,563	)		(1,139	)		(670	)		(4,372	)
Net<br> revenues		646,947			223,168			11,955			882,070
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> managers		(137,016	)		(9,646	)		-			(146,662	)
Others		(152,971	)		(73,585	)		(9,928	)		(236,484	)
Total<br> compensation and benefits		(289,987	)		(83,231	)		(9,928	)		(383,146	)
Selling<br> expenses		(121,259	)		(20,611	)		(936	)		(142,806	)
General<br> and administrative expenses		(52,723	)		(22,609	)		(8,620	)		(83,952	)
Provision<br> for ( reversal of ) credit losses		249			1,068			(21,153	)		(19,836	)
Other<br> operating expenses		(9,344	)		(4,629	)		(24,284	)		(38,257	)
Government<br> grants		5,224			408			33			5,665
Total<br> operating costs and expenses		(467,840	)		(129,604	)		(64,888	)		(662,332	)
Income<br> (loss) from operations		179,107			93,564			(52,933	)		219,738

NoahHoldings Limited

SegmentCondensed Income Statements

(Audited)

	Twelve months<br> ended December 31, 2023
	Wealth<br><br> Management <br>Business			Asset<br><br> Management <br>Business			Other<br><br> Businesses			Total
	RMB’000			RMB’000			RMB’000			RMB’000
Revenues:
Revenues<br> from others
One-time<br> commissions		1,072,838			-			-			1,072,838
Recurring<br> service fees		707,580			-			-			707,580
Performance-based<br> income		16,344			-			-			16,344
Other<br> service fees		221,917			-			48,662			270,579
Total<br> revenues from others		2,018,679			-			48,662			2,067,341
Revenues<br> from funds Gopher manages
One-time<br> commissions		13,732			2,633			-			16,365
Recurring<br> service fees		398,226			714,624			-			1,112,850
Performance-based<br> income		69,977			51,288			-			121,265
Total<br> 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:<br> VAT related surcharges		(9,365	)		(2,374	)		(11,386	)		(23,125	)
Net<br> revenues		2,491,249			766,171			37,276			3,294,696
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> managers		(631,082	)		(24,378	)		-			(655,460	)
Others		(544,804	)		(224,308	)		(32,181	)		(801,293	)
Total<br> compensation and benefits		(1,175,886	)		(248,686	)		(32,181	)		(1,456,753	)
Selling<br> expenses		(370,861	)		(88,827	)		(26,090	)		(485,778	)
General<br> and administrative expenses		(193,248	)		(59,367	)		(23,112	)		(275,727	)
Provision<br> for (reversal of) credit losses		(910	)		(921	)		8,859			7,028
Other<br> operating expenses		(44,042	)		(3,348	)		(65,116	)		(112,506	)
Government<br> grants		103,597			21,638			1,720			126,955
Total<br> operating costs and expenses		(1,681,350	)		(379,511	)		(135,920	)		(2,196,781	)
Income<br> (loss) from operations		809,899			386,660			(98,644	)		1,097,915

NoahHoldings Limited

SegmentCondensed Income Statements

(Audited)

	Twelve months<br> ended December 31, 2022
	Wealth<br><br> Management<br> Business			Asset<br><br> Management<br> Business			Other<br><br> Businesses			Total
	RMB'000			RMB'000			RMB'000			RMB'000
Revenues:
Revenues<br> from others
One-time<br> commissions		617,636			-			-			617,636
Recurring<br> service fees		768,980			-			-			768,980
Performance-based<br> income		184,048			-			-			184,048
Other<br> service fees		144,101			-			79,340			223,441
Total<br> revenues from others		1,714,765			-			79,340			1,794,105
Revenues<br> from funds Gopher manages
One-time<br> commissions		13,953			49,856			-			63,809
Recurring<br> service fees		463,314			682,121			-			1,145,435
Performance-based<br> income		18,407			107,121			-			125,528
Total<br> revenues from funds Gopher manages		495,674			839,098			-			1,334,772
Total<br> revenues		2,210,439			839,098			79,340			3,128,877
Less:<br> VAT related surcharges		(10,462	)		(4,630	)		(13,413	)		(28,505	)
Net<br> revenues		2,199,977			834,468			65,927			3,100,372
Operating<br> costs and expenses:
Compensation<br> and benefits
Relationship<br> managers		(460,237	)		(36,910	)		-			(497,147	)
Others		(619,397	)		(285,101	)		(40,237	)		(944,735	)
Total<br> compensation and benefits		(1,079,634	)		(322,011	)		(40,237	)		(1,441,882	)
Selling<br> expenses		(299,769	)		(41,885	)		(7,360	)		(349,014	)
General<br> and administrative expenses		(153,643	)		(55,872	)		(25,804	)		(235,319	)
Provision<br> for (reversal of) credit losses		718			386			(680	)		424
Other<br> operating expenses		(15,412	)		(6,369	)		(93,872	)		(115,653	)
Government<br> grants		89,223			39,120			1,178			129,521
Total<br> operating costs and expenses		(1,458,517	)		(386,631	)		(166,775	)		(2,011,923	)
Income<br> (loss) from operations		741,460			447,837			(100,848	)		1,088,449

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

	Three months<br> ended December 31, 2023
		Wealth<br><br> Management <br> Business		Asset<br><br> Management <br> Business		Other<br><br> Businesses		Total
		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Mainland<br> China			262,775		110,975		8,600		382,350
Hong<br> Kong			289,973		47,012		-		336,985
Others			60,360		28,844		-		89,204
Total<br> revenues			613,108		186,831		8,600		808,539
Noah Holdings Limited
---	---	---	---	---	---	---	---	---	---
Supplement<br> Revenue Information by Geography
(unaudited)
	Three months<br> ended December 31, 2022
		Wealth<br><br> Management <br>Business		Asset<br><br> Management <br>Business		Other<br><br> Businesses		Total
		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Mainland<br> China			442,208		147,301		12,625		602,134
Hong<br> Kong			182,111		54,976		-		237,087
Others			25,191		22,030		-		47,221
Total<br> revenues			649,510		224,307		12,625		886,442

Noah Holdings<br> Limited
Supplement<br> Revenue Information by Geography
(Audited)
	Twelve months<br> ended December 31, 2023
		Wealth<br><br> Management <br> Business		Asset<br><br> Management <br> Business		Other<br><br> Businesses		Total
		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Mainland<br> China			1,366,538		469,193		48,662		1,884,393
Hong<br> Kong			921,091		193,588		-		1,114,679
Others			212,985		105,764		-		318,749
Total<br> revenues			2,500,614		768,545		48,662		3,317,821
Noah Holdings Limited
---	---	---	---	---	---	---	---	---	---
Supplement<br> Revenue Information by Geography
(Audited)
	Twelve months<br> ended December 31, 2022
		Wealth<br><br> Management <br>Business		Asset<br><br> Management <br>Business		Other<br><br> Businesses		Total
		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Mainland<br> China			1,548,395		672,785		79,340		2,300,520
Hong<br> Kong			508,907		83,029		-		591,936
Others			153,137		83,284		-		236,421
Total<br> revenues			2,210,439		839,098		79,340		3,128,877

Noah Holdings<br> Limited
Reconciliation<br> of GAAP to Non-GAAP Results
(In RMB,<br> except for per ADS data and percentages)
(unaudited)
	Three months ended
	December 31,			December 31,
	2022			2023			Change
	RMB'000			RMB'000
Net<br> income attributable to Noah shareholders		139,909			216,530			54.8	%
Adjustment<br> for share-based compensation		12,316			21,935			78.1	%
Less:<br> tax effect of adjustments		3,066			4,740			54.6	%
Adjusted<br> net income attributable to Noah shareholders (non-GAAP)		149,159			233,725			56.7	%
Net margin<br> attributable to Noah shareholders		15.9	%		27.1	%
Non-GAAP<br> net margin attributable to Noah shareholders		16.9	%		29.2	%
Net<br> income attributable to Noah shareholders per ADS, diluted		2.01			3.12			55.2	%
Non-GAAP<br> net income attributable to Noah shareholders per ADS, diluted		2.14			3.36			57.0	%

Noah Holdings<br> Limited
Reconciliation<br> of GAAP to Non-GAAP Results
(In RMB,<br> except for per ADS data and percentages)
(unaudited)
	Twelve months<br> ended
	December 31			December 31			Change
	2022			2023
	RMB'000			RMB'000
Net<br> income attributable to Noah shareholders		976,571			1,009,494			3.4	%
Adjustment<br> for share-based compensation		42,300			11,530			(72.7	)%
Less:<br> tax effect of adjustments		10,279			2,220			(78.4	)%
Adjusted<br> net income attributable to Noah shareholders (non-GAAP)		1,008,592			1,018,804			1.0	%
Net margin<br> attributable to Noah shareholders		31.5	%		30.6	%
Non-GAAP<br> net margin attributable to Noah shareholders		32.5	%		30.9	%
Net<br> income attributable to Noah shareholders per ADS, diluted		14.28			14.53			1.8	%
Non-GAAP<br> net income attributable to Noah shareholders per ADS, diluted		14.75			14.66			(0.6	)%