{"id":21547,"date":"2023-08-28T21:00:00","date_gmt":"2023-08-28T21:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4194060_AE94060_0"},"modified":"2023-08-28T21:00:00","modified_gmt":"2023-08-28T21:00:00","slug":"noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=21547","title":{"rendered":"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2023"},"content":{"rendered":"<p><span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">Aug. 29, 2023<\/span> \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the second quarter of 2023.<\/p>\n<p><b>SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS<\/b><\/p>\n<ul type=\"disc\">\n<li><b>N<\/b><b>et revenue<\/b><b>s<\/b> for the second quarter of 2023 were <span class=\"xn-money\">RMB941.8 million<\/span> (<span class=\"xn-money\">US$129.9 million<\/span>), a 27.6% increase from the corresponding period in 2022, and a 17.2% increase from the first quarter of 2023, mainly due to an increase in distribution of insurance products.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"1.5\">\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB millions, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>except percentages)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q2 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q2 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">508.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">745.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">46.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">210.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">183.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(31.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">738.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">941.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>Income from operations<\/b> for the second quarter of 2023 was&nbsp;RMB349.4 million (<span class=\"xn-money\">US$48<\/span>.2&nbsp;million), an 8.1% increase from the corresponding period in 2022, mainly due to a 27.6% increase in net revenue and partially offset by a 42.7% increase in total operating cost and expenses as less expenses incurred in last second quarter due to various pandemic restrictions. Income from operations increased by 25.3% compared with the first quarter of 2023, mainly due to a 17.2% increase in net revenues and various cost control measures implemented in the second quarter of 2023.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB millions, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>except percentages)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q2 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q2 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">193.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">300.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">142.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(43.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13.3)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(31.7)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">138.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">323.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>Net income attributable to Noah shareholders<\/b>&nbsp;for the second quarter of 2023 was <span class=\"xn-money\">RMB315.4 million<\/span> (<span class=\"xn-money\">US$43.5 million<\/span>), a 9.6% decrease from the corresponding period in 2022, mainly due to a 97.7% decrease in income from equity in affiliates as we recorded a gain of <span class=\"xn-money\">RMB69.2 million<\/span> from the second quarter of 2022, resulting from net book value increases in certain offshore private equity funds managed by Gopher. Net income attributable to Noah shareholders increased by 29.2% compared with the first quarter of 2023, mainly due to a 25.3% increase in income from operations and a 69.7% increase in other income.<\/li>\n<li><b>Non-GAAP<sup><b>[1]<\/b> <\/sup><\/b><b>net income attributable to Noah shareholders<\/b>&nbsp;for the second quarter of 2023 was <span class=\"xn-money\">RMB313.1 million<\/span> (<span class=\"xn-money\">US$43<\/span>.2&nbsp;million), an 11.8% decrease from the corresponding period in 2022, and a 30.7% increase from the first quarter of 2023.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr readability=\"7.5\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"8\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]&nbsp;<\/sup>Noah&#8217;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 &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>SECOND QUARTER 2023 OPERATIONAL UPDATES<\/b><\/p>\n<p><b>Wealth Management Business<\/b><\/p>\n<p>We offer investment products and provide value-added services to high net worth investors in <span class=\"xn-location\">China<\/span> and overseas for our wealth management business. We primarily distribute private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.<\/p>\n<ul type=\"disc\">\n<li><b>Total number of registered clients<\/b>&nbsp;as of <span class=\"xn-chron\">June 30, 2023<\/span> was 446,557, a 6.7% increase from <span class=\"xn-chron\">June 30, 2022<\/span>, and a 1.3% increase from <span class=\"xn-chron\">March 31, 2023<\/span>.<\/li>\n<li><b>Total number of active clients<sup><b>[2]<\/b><\/sup><\/b>&nbsp;who transacted with us during the second quarter of 2023 was 11,548, a 10.2% decrease from the second quarter of 2022, and a 2.8% increase from the first quarter of 2023.<\/li>\n<li><b>A<\/b><b>ggregate value of <\/b><b>investment<\/b><b>&nbsp;products distributed <\/b>during the second quarter of 2023 was <span class=\"xn-money\">RMB18.4 billion<\/span> (<span class=\"xn-money\">US$2.5 billion<\/span>),&nbsp;a 4.7% decrease from the second quarter of 2022, mainly due to an 84.2% decrease in distribution of private equity products, as we maintain a cautious approach to fundraising and investment allocation for our domestic private equity investments, and partially offset by a 79.3% increase in distribution of private secondary products. The aggregate value of investment products distributed increased by 9.6% from the first quarter of 2023, mainly due to increases in the distribution of mutual fund products.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"4\">\n<tr readability=\"4.5\">\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"7\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Three months ended June 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2022<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Product type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB in billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary<\/span><span class=\"prnews_span\">&nbsp;<\/span><span class=\"prnews_span\">products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<\/span><sup><b><b>[3]<\/b><\/b><\/sup><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>C<\/b><b>overage network <\/b>in mainland China&nbsp;covered&nbsp;63 cities as&nbsp;of <span class=\"xn-chron\">June 30, 2023<\/span>, compared with 79 cities as of <span class=\"xn-chron\">June 30, 2022<\/span> and 68 cities as of March&nbsp;31, 2023, as we continue to streamline our domestic coverages.<\/li>\n<li><b>Number of relationship managers<\/b>&nbsp;was 1,375 as of <span class=\"xn-chron\">June 30, 2023<\/span>, a 9.6% increase from <span class=\"xn-chron\">June 30, 2022<\/span>, and a 3.6% increase from <span class=\"xn-chron\">March 31, 2023<\/span>. Among which, we had 56 overseas relationship managers as of <span class=\"xn-chron\">June 30, 2023<\/span>, a 100.0% increase from <span class=\"xn-chron\">March 31, 2023<\/span>.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"4\">\n<tr readability=\"4.5\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2] <\/sup>&nbsp;&#8220;Active clients&#8221; for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"7.5\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"8\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3] <\/sup>&nbsp;&#8220;Other products&#8221; refers to other investment products, which includes insurance products, multi-strategies products and others.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Asset Management Business<\/b><\/p>\n<p>Our asset management business is conducted through Gopher Asset Management Co., Ltd. (&#8220;Gopher Asset Management&#8221;), a leading multi-asset manager in <span class=\"xn-location\">China<\/span> with overseas offices in <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">the United States<\/span>. Gopher Asset Management develops and manages assets ranging from private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies.<\/p>\n<p><b>Total assets under management&nbsp;<\/b>as of <span class=\"xn-chron\">June 30, 2023<\/span> were <span class=\"xn-money\">RMB156.9 billion<\/span> (<span class=\"xn-money\">US$21.6 billion<\/span>), a 0.5% decrease from <span class=\"xn-chron\">March 31, 2023<\/span> and a 0.9% increase from <span class=\"xn-chron\">June 30, 2022<\/span>.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Investment type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of&nbsp;<br \/>March 31,&nbsp;<br \/>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><br \/>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><br \/>Distribution\/&nbsp;<br \/>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>June 30,&nbsp;<br \/>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"11\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">133.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">84.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">132.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">84.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Public securities<\/span><sup><b><b>[4]<\/b><\/b><\/sup><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.7<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All Investments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">157.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">156.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Other Businesses<\/b><\/p>\n<p>Our other businesses mainly aim to provide more comprehensive services and investment products to our clients.<\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, co-founder and CEO of Noah, said, &#8220;For the first half of 2023, I am happy to see a 13.8% period-to-period increase in net revenues, driven by a 104.1% growth in revenues generated from our overseas business, accounting for 41.0% of the group&#8217;s net revenues compared to 22.8% in the first half of 2022, as we continue to successfully execute our globalization strategy. During the second quarter, we were glad to launch the grand opening of our new headquarter, Noah Wealth Centre, which provides a client-centric private banking experience for Noah&#8217;s global clients. Since 2019, we winded down all of our domestic non-standardized single counterparty private credit products, including domestic residential real estate funds, which was proven to have effectively safeguarded our clients&#8217; wealth amidst the recent challenges faced by this asset class. Our continued devotion in strengthening investment research capabilities and shield our clients&#8217; hard-earned capital through optimized asset allocation advice is what distinguish us as a trusted advisor for our clients.&#8221;&nbsp;<\/p>\n<p><b>SECOND QUARTER 2023 FINANCIAL RESULTS<\/b><\/p>\n<p><b><i>Net Revenues<\/i><\/b><\/p>\n<p><b>Net revenues<\/b> for the second quarter of 2023 were <span class=\"xn-money\">RMB941.8 million<\/span> (<span class=\"xn-money\">US$129.9 million<\/span>), a 27.6% increase from the corresponding period in 2022, primarily due to an increase in distribution of insurance products.<\/p>\n<ul type=\"disc\">\n<li><b>Wealth Management Business<br \/><\/b>&nbsp;<\/li>\n<ul type=\"disc\">\n<li><b>Net revenues from one-time commissions<\/b> for the second quarter of 2023 were <span class=\"xn-money\">RMB403.9 million<\/span> (<span class=\"xn-money\">US$55.7 million<\/span>), a 127.2% increase from the corresponding period in 2022, primarily due to an increase in distribution of insurance products.<\/li>\n<li><b>Net revenues from recurring service fees<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB269.3 million<\/span> (<span class=\"xn-money\">US$37.1 million<\/span>), a 7.3% decrease from the corresponding period in 2022, as less recurring service fees generated from private secondary products.<\/li>\n<li><b>Net revenues from performance-based income<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB21.4 million<\/span> (<span class=\"xn-money\">US$2.9 million<\/span>), a 61.4% increase from the corresponding period of 2022, primarily due to more performance-based income from offshore private equity products.<\/li>\n<li><b>Net revenues from other service fees<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB50.7 million<\/span> (<span class=\"xn-money\">US$7.0 million<\/span>), an 86.3% increase from the corresponding period in 2022, primarily due to more value-added services we offered to our high net worth clients.<\/li>\n<\/ul>\n<li><b>Asset Management Business<\/b><\/li>\n<ul type=\"disc\">\n<li><b>Net revenues from recurring service fees <\/b>for the second quarter of 2023 were <span class=\"xn-money\">RMB176.8 million<\/span> (<span class=\"xn-money\">US$24.4 million<\/span>), a 4.9% increase from the corresponding period in 2022 due to increase in assets under management.<\/li>\n<li><b>Net revenues from performance-based income <\/b>for the second quarter of 2023 were <span class=\"xn-money\">RMB6.5 million<\/span> (<span class=\"xn-money\">US$0.9 million<\/span>), compared with <span class=\"xn-money\">RMB12.6 million<\/span> in the corresponding period of 2022. The decrease was primarily due to less performance-based income realized from private equity product.<\/li>\n<\/ul>\n<li><b>Other<\/b><b> Businesses<\/b><\/li>\n<ul type=\"disc\">\n<li><b>Net revenues <\/b>for the second quarter of 2023 were <span class=\"xn-money\">RMB13.1 million<\/span> (<span class=\"xn-money\">US$1.8 million<\/span>), compared with <span class=\"xn-money\">RMB19.2 million<\/span> for the corresponding period in 2022.<\/li>\n<\/ul>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"1.5\">\n<tr readability=\"4.5\">\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4] &nbsp;<\/sup>The asset distribution\/redemption of public securities also includes market appreciation or depreciation.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b><i>Operating Costs and Expenses<\/i><\/b><\/p>\n<p><b>Operating<\/b><b>&nbsp;costs and<\/b><b>&nbsp;expenses<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB592.3 million<\/span> (<span class=\"xn-money\">US$81.7 million<\/span>), a 42.7% increase from the corresponding period in 2022. Operating costs and expenses primarily consisted of compensation and benefits of <span class=\"xn-money\">RMB385.1 million<\/span> (<span class=\"xn-money\">US$53.1 million<\/span>), selling expenses of <span class=\"xn-money\">RMB112.0 million<\/span> (<span class=\"xn-money\">US$15.4 million<\/span>), general and administrative expenses of <span class=\"xn-money\">RMB64.0 million<\/span> (<span class=\"xn-money\">US$8.8 million<\/span>), provision of credit losses of <span class=\"xn-money\">RMB0.2 million<\/span> and other operating expenses of <span class=\"xn-money\">RMB37.1 million<\/span> (<span class=\"xn-money\">US$5.1 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li><b>Operating costs and expenses<\/b> <b>for the wealth management business<\/b> for the second quarter of 2023 were <span class=\"xn-money\">RMB445.1 million<\/span> (<span class=\"xn-money\">US$61.4 million<\/span>), a 41.4% increase from the corresponding period in 2022, primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses, as less expenses incurred in last second quarter due to various pandemic restrictions.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for the asset management business<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB102.5 million<\/span> (<span class=\"xn-money\">US$14.1 million<\/span>), a 51.2% increase from the corresponding period in 2022, primarily due to decreased selling and general and administrative expenses due to various pandemic restrictions for the corresponding period in 2022.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for other businesses<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB44.8 million<\/span> (<span class=\"xn-money\">US$6<\/span>.2&nbsp;million), compared with <span class=\"xn-money\">RMB32.4 million<\/span> from the corresponding period in 2022, mainly due to increased depreciation expenses as we moved into our new headquarter premises in <span class=\"xn-location\">Shanghai<\/span> in May.<\/li>\n<\/ul>\n<p><b><i>Operating Margin<\/i><\/b><\/p>\n<p><b>Operating margin <\/b>for the second quarter of 2023 was 37.1%, decreased from 43.8% for the corresponding period in 2022.<\/p>\n<ul type=\"disc\">\n<li><b>Operating margin for the wealth management business<\/b> for the second quarter of 2023 was 40.3%, compared with 38.1%% for the corresponding period in 2022.<\/li>\n<li><b>Operating margin<\/b> <b>for the asset management business<\/b>&nbsp;for the second quarter of 2023 was 44.1%, compared with 67.8% for the corresponding period in 2022.<\/li>\n<li><b>Loss from operation for <\/b><b>other businesses<\/b>&nbsp;for the second quarter of 2023 was <span class=\"xn-money\">RMB31.7 million<\/span> (<span class=\"xn-money\">US$4.4 million<\/span>), compared with an operating loss of <span class=\"xn-money\">RMB13.3 million<\/span> for the corresponding period in 2022.<\/li>\n<\/ul>\n<p><b><i>Investment Income\/loss<\/i><\/b><\/p>\n<p><b>Investment loss<\/b> for the second quarter of 2023 was <span class=\"xn-money\">RMB4.0 million<\/span> (<span class=\"xn-money\">US$0.5 million<\/span>),&nbsp;compared with investment income <span class=\"xn-money\">RMB5.2 million<\/span> for the corresponding period in 2022.<\/p>\n<p><b><i>Income Tax Expenses<\/i><\/b><\/p>\n<p><b>Income tax expense<\/b><b>s<\/b>&nbsp;for the second quarter of 2023 were <span class=\"xn-money\">RMB90.2 million<\/span> (<span class=\"xn-money\">US$12.4 million<\/span>), a 15.4% increase from the corresponding period in 2022, primarily due to more taxable income compared with the second quarter of 2022.&nbsp;<\/p>\n<p><b><i>Income from Equity in Affiliates<\/i><\/b><\/p>\n<p><b>Income from equity in affiliates<\/b>&nbsp;for the second quarter of 2023 was <span class=\"xn-money\">RMB1.6 million<\/span> (<span class=\"xn-money\">US$0.2 million<\/span>), a 97.7% decrease from the corresponding period in 2022, as we recorded a gain of <span class=\"xn-money\">RMB69.2 million<\/span> from the second quarter of 2022, resulting from net book value increases in certain offshore private equity funds managed by Gopher.<\/p>\n<p><b><i>Net Income<\/i><\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income<\/b><\/li>\n<ul type=\"disc\">\n<li><b>Net income&nbsp;<\/b>for the second quarter of 2023 was <span class=\"xn-money\">RMB312.3 million<\/span> (<span class=\"xn-money\">US$43.1 million<\/span>), a 10.5% decrease from the corresponding period in 2022.<\/li>\n<li><b>Net margin <\/b>for the second quarter of 2023 was 33.2%, down from 47.3% for the corresponding period in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders <\/b>for the second quarter of 2023 was <span class=\"xn-money\">RMB315.4 million<\/span> (<span class=\"xn-money\">US$43.5 million<\/span>), a 9.6% decrease from the corresponding period in 2022.<\/li>\n<li><b>Net margin attributable to Noah shareholders <\/b>for the second quarter of 2023 was 33.5%, down from 47.3% for the corresponding period in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b>&nbsp;for the second quarter of 2023 was <span class=\"xn-money\">RMB4.54<\/span> <span class=\"xn-money\">(US$0.63)<\/span> and <span class=\"xn-money\">RMB4.54<\/span> <span class=\"xn-money\">(US$0.63)<\/span>, respectively, down from <span class=\"xn-money\">RMB5.19<\/span> and <span class=\"xn-money\">RMB5.18<\/span> respectively, for the corresponding period in 2022.<\/li>\n<\/ul>\n<li><b>Non-GAAP Net Income Attributable to Noah Shareholders&nbsp;<\/b><\/li>\n<ul type=\"disc\">\n<li><b>Non-GAAP net income attributable to Noah shareholders&nbsp;<\/b>for the second quarter of 2023 was <span class=\"xn-money\">RMB313.1 million<\/span> (<span class=\"xn-money\">US$43.2 million<\/span>), an 11.8% decrease from the corresponding period in 2022.<\/li>\n<li><b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the second quarter of 2023 was 33.2%, compared with 48.1% for the corresponding period in 2022.<\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the second quarter of 2023 was <span class=\"xn-money\">RMB4.51<\/span> <span class=\"xn-money\">(US$0.62)<\/span>, down from <span class=\"xn-money\">RMB5.28<\/span> for the corresponding period in 2022.<\/li>\n<\/ul>\n<\/ul>\n<p><b><i>Balance Sheet and Cash Flow<\/i><\/b><\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2023<\/span>, the Company had <span class=\"xn-money\">RMB4,740.4 million<\/span> (<span class=\"xn-money\">US$653.7 million<\/span>)&nbsp;in cash and cash equivalents, compared with <span class=\"xn-money\">RMB 4,713.2 million<\/span> as of <span class=\"xn-chron\">March 31, 2023<\/span> and <span class=\"xn-money\">RMB3,608.0 million<\/span> as of <span class=\"xn-chron\">June 30, 2022<\/span>.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the second quarter of 2023 was <span class=\"xn-money\">RMB176.4 million<\/span> (<span class=\"xn-money\">US$24.3 million<\/span>), primarily due to net income earned for the second quarter of 2023.<\/p>\n<p>Net cash outflow from the Company&#8217;s investing activities during the second quarter of 2023 was <span class=\"xn-money\">RMB329.2 million<\/span> (<span class=\"xn-money\">US$45.4 million<\/span>), primarily due to several investments made.<\/p>\n<p>Net cash inflow from the Company&#8217;s financing activities was <span class=\"xn-money\">RMB87.0 million<\/span> (<span class=\"xn-money\">US$12.0 million<\/span>) in the second quarter of 2023, primarily due to consolidation of one investment fund that Gopher manages and accounts for those limited partners&#8217; capital contributions as financing activity.<\/p>\n<p><b>CONFERENCE CALL <\/b><\/p>\n<p>Following the announcement of the Q2 and Interim Results, the Company&#8217;s senior management will host a combined English and Chinese language earnings conference call to discuss its Q2 and Interim Results and recent business activities. The conference call may be accessed with the following details:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"7.5\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Dial-in details:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Conference Title<\/span><span class=\"prnews_span\">:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Noah Holdings<\/span><span class=\"prnews_span\">&nbsp;2Q23 Earnings Conference Call<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"14\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Date\/Time<\/span><span class=\"prnews_span\">:<\/span><\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"13\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Monday, August 28, 2023 at 8:00 p.m., U.S. Eastern Time<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Tuesday, August <\/span><span class=\"prnews_span\">29<\/span><span class=\"prnews_span\">, 2023 at 8:00 a.m., Hong Kong Time<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Dial in<\/span><span class=\"prnews_span\">:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;&nbsp;Hong Kong Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">800-963-976<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;&nbsp;United States Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">+1-888-317-6003<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;&nbsp;Mainland China Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4001-206-115<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;&nbsp;International <\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">+1-412-317-6061<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Participant Password:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7932172<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>A telephone replay will be available starting approximately one hour after the end of the conference call until <span class=\"xn-chron\">September 4, 2023<\/span> at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll) with the access code 9237815.<\/p>\n<p>A live and archived webcast of the conference call will be available at the Company&#8217;s investor relations website under the &#8220;Financial Reports&#8221; section at <a href=\"http:\/\/ir.noahgroup.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/ir.noahgroup.<\/a><a href=\"http:\/\/ir.noahgroup.com\/\" target=\"_blank\" rel=\"nofollow noopener\">com<\/a>.<\/p>\n<p><b>DISCUSSION OF NON-GAAP MEASURES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/b><\/p>\n<p>In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company&#8217;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 &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release.<\/p>\n<p>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.<\/p>\n<p>When evaluating the Company&#8217;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&#8217;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.&nbsp;<\/p>\n<p><b>ABOUT NOAH HOLDINGS LIMITED<\/b><\/p>\n<p>Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. Noah is a <span class=\"xn-location\">Cayman Islands<\/span> holding company and carries on business in <span class=\"xn-location\">Hong Kong<\/span> as Noah Holdings Private Wealth and Asset Management Limited. In the first half of 2023, Noah distributed <span class=\"xn-money\">RMB35.2 billion<\/span> (<span class=\"xn-money\">US$4.9 billion<\/span>) of investment products. Through Gopher Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB156.9 billion<\/span> (<span class=\"xn-money\">US$21.6 billion<\/span>) as of <span class=\"xn-chron\">June 30, 2023<\/span>.<\/p>\n<p>Noah&#8217;s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,375 relationship managers across 63 cities in mainland <span class=\"xn-location\">China<\/span>, and serves the international investment needs of its clients through offices in <span class=\"xn-location\">Hong Kong<\/span> (<span class=\"xn-location\">China<\/span>), <span class=\"xn-location\">Taiwan<\/span> (<span class=\"xn-location\">China<\/span>), <span class=\"xn-location\">New York<\/span>, Silicon Valley and <span class=\"xn-location\">Singapore<\/span>. The Company&#8217;s wealth management business had 446,557 registered clients as of <span class=\"xn-chron\">June 30, 2023<\/span>. Through Gopher Asset Management, Noah manages private equity, public securities, real estate,&nbsp;multi-strategy and other&nbsp;investments denominated in RMB&nbsp;and other currencies.&nbsp;Noah also provides other businesses.<\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>.<\/p>\n<p><b>FOREIGN CURRENCY TRANSLATION<\/b><\/p>\n<p>In this announcement, the unaudited financial results for the second quarter of 2023 ended <span class=\"xn-chron\">June 30, 2023<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 <span class=\"xn-money\">RMB7.2513<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">June 30, 2023<\/span> as set forth in the H.10 statistical release of the Federal Reserve Board.<\/p>\n<p><b>SAFE HARBOR STATEMENT <\/b><\/p>\n<p>This announcement contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; 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 &#8220;Hong Kong Stock Exchange&#8221;), 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&#8217;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&#8217;s cash and cash equivalents and liquidity risk. A number of factors could cause Noah&#8217;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 <span class=\"xn-location\">China<\/span> and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah&#8217;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 <span class=\"xn-location\">China<\/span> and internationally; general economic and business conditions in <span class=\"xn-location\">China<\/span>; 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&#8217;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.<\/p>\n<p class=\"prntac\">&#8212; FINANCIAL AND OPERATIONAL TABLES FOLLOW &#8212;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"15\">\n<tr>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">As of<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Current assets:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,713,215<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,740,434<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">653,736<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">136,074<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">143,255<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,756<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Short-term investments <\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">316,178<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">445,485<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">61,435<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Accounts receivable, net <\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">363,890<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">534,885<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">73,764<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Amounts due from related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">499,220<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">429,202<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">59,190<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">381,449<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">341,083<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,037<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">199,429<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">200,588<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27,662<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,609,455<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,834,932<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">942,580<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Long-term investments, net <\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">851,649<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">980,257<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">135,184<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Investment in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,474,736<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,464,702<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">201,992<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,487,886<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,525,732<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,314<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">175,992<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">152,040<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,967<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred tax assets<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">436,446<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">436,240<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,160<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other non-current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">145,022<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">169,454<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,369<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,181,186<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,563,357<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,732,566<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Accrued payroll and welfare expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">740,811<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">562,029<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">77,507<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">153,799<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">141,693<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,540<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,235<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">71,440<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,852<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Dividend payable<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">177,502<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24,479<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Contingent liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">566,005<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">592,097<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">81,654<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">546,497<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">584,384<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80,590<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,086,347<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,129,145<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">293,622<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">228,271<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">230,797<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31,828<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating lease liabilities, non-current<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">94,178<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,267<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,931<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">51,184<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54,495<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,515<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Liabilities&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,459,980<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,493,704<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">343,896<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,721,206<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,069,653<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,388,670<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,181,186<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,563,357<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,732,566<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"21.5\">\n<tr>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" readability=\"5\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" readability=\"7\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(In RMB&#8217;000, except for ADS data, per ADS data and percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">177,339<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">399,521<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55,096<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">125.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,300<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">176,355<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24,320<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,481<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,328<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">597<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(54.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">52,521<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">64,114<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,842<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">423,641<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">644,318<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">88,855<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">52.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,893<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,982<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">825<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(80.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">277,359<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">271,033<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">37,377<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,533<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,635<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,259<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds Gopher<br \/>&nbsp; &nbsp; &nbsp;manages<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">324,785<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">300,650<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">41,461<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(7.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">748,426<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">944,968<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">130,316<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">26.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10,284)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,211)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(443)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(68.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">738,142<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">941,757<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">129,873<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Relationship managers<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(131,519)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(180,304)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(24,865)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">37.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(226,286)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(204,798)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,243)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(357,805)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(385,102)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(53,108)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(70,307)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(112,003)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,446)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">59.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative<br \/>&nbsp; &nbsp; &nbsp;expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(35,649)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(63,983)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,824)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">79.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Reversal of (provision for) credit <br \/>&nbsp; &nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,788<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(220)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(30)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen36\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prngen36\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,677)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(37,078)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,113)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65,653<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,048<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">834<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(90.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(414,997)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(592,338)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(81,687)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">323,145<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,419<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,186<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,681<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39,684<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,473<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">124.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Investment income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,174<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,976)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(548)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen36\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other income <\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,849<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,821<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,182<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total other income <\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">34,704<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">51,529<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,107<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income before taxes and income from <br \/>&nbsp; &nbsp; &nbsp;equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">357,849<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">400,948<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55,293<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(78,164)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(90,213)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,441)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,203<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,561<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">215<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(97.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,888<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">312,296<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43,067<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: net loss attributable to non-<br \/>&nbsp; &nbsp; &nbsp;controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(117)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,132)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(432)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">2576.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to Noah <br \/>&nbsp; &nbsp; &nbsp;shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,005<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">315,428<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43,499<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.19<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.54<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.63<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.18<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.54<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.63<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Margin analysis:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">37.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">37.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Weighted average ADS equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">67,245,724<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">69,469,110<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">69,469,110<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">67,310,698<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">69,492,786<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,492,786<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">ADS equivalent outstanding at end of <br \/>&nbsp; &nbsp; &nbsp;period<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,222,116<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">63,137,912<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">63,137,912<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"9\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"22.5\">\n<tr>\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\" readability=\"5\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\" readability=\"7\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(In RMB&#8217;000, except for USD data, per ADS data and percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Six months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">258,493<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">570,092<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">78,619<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">120.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">377,679<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">369,063<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50,896<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntaj prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">152,392<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,758<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,070<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(94.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">91,281<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">136,980<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18,890<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">879,845<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,083,893<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">149,475<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">52,048<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,878<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,638<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(77.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">570,411<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">554,505<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">76,470<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,600<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">103,960<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,337<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">113.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp; &nbsp;Gopher manages<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">671,059<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">670,343<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">92,445<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(0.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,550,904<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,754,236<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">241,920<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17,070)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,006)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,242)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(47.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,533,834<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,745,230<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">240,678<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Relationship managers <\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(241,514)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(329,039)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(45,377)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(474,196)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(426,169)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(58,771)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(715,710)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(755,208)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(104,148)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">5.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(130,213)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(208,672)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,777)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(93,856)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(109,683)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,126)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">16.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Reversal of credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,986<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,478<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">755<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(63.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(52,312)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(67,875)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,360)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">29.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80,211<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,032<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,625<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(76.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(896,894)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,116,928)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(154,031)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">24.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">636,940<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">628,302<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">86,647<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,318<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">74,072<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,216<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">144.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Investment income (loss)&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,547<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17,559)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,421)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen36\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other income <\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,571<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,379<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,500<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">119.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total other income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">72,436<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">81,892<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,295<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income before taxes and <br \/>&nbsp; &nbsp; &nbsp;income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">709,376<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">710,194<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">97,942<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(155,500)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(159,793)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,036)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">99,223<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,230<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">719<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(94.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">653,099<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">555,631<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">76,625<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: net loss attributable to <br \/>&nbsp; &nbsp; &nbsp;non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,148)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,007)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(553)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">249.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to <br \/>&nbsp; &nbsp; &nbsp;Noah shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">654,247<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">559,638<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">77,178<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.73<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.06<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.11<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.70<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.05<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.11<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Margin analysis:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">41.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Weighted average ADS equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">67,240,800<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,468,036<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,468,036<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">67,428,368<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,498,956<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,498,956<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">ADS equivalent outstanding at <br \/>&nbsp; &nbsp; &nbsp;end of period<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">60,222,116<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">63,137,912<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">63,137,912<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"11\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"6.5\">\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"10\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\" readability=\"5\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,888<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">312,296<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43,068<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Foreign currency translation adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">75,557<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">140,753<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,411<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">86.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">424,445<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">453,049<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62,479<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Less: Comprehensive loss attributable to <br \/>non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(183)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,269)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(451)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,686.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income attributable to <br \/>&nbsp; &nbsp; &nbsp;Noah <\/b><b>s<\/b><b>hareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">424,628<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">456,318<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62,930<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"5.5\">\n<tr>\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\" readability=\"5\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"10\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Six months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen12\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prngen33\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">653,099<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">555,631<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">76,625<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp;Foreign currency translation adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66,420<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">123,918<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,089<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">86.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">719,519<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">679,549<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen20\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">93,714<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp;Less: Comprehensive loss attributable to<br \/>non-controlling interests<br \/><\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,065)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,189)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(578)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">293.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income attributable to <br \/>&nbsp; &nbsp; &nbsp;Noah <\/b><b>s<\/b><b>hareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">720,584<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">683,738<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">94,292<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"7.5\">\n<tr>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>Supplemental Information&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">As of&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,&nbsp;<br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,&nbsp;<br \/>2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of registered clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">418,675<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">446,557<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of relationship managers&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,255<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,375<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of cities in mainland China under<br \/>coverage&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(20.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">, <br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,&nbsp;<br \/>2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prngen33\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prngen33\"><span class=\"prnews_span\">(in millions of RMB, except number of active clients and <br \/>percentages)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of active clients <\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,866<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,548<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Transaction value:&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,918<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">618<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(84.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,394<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,293<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mutual fund products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,190<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,031<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">814<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,465<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total transaction value<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,316<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18,407<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"15.5\">\n<tr>\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended <\/span><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">, 2023<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other&nbsp;<br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">399,521<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">399,521<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">176,355<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">176,355<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,328<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,328<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50,878<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,236<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">64,114<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">631,082<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,236<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">644,318<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp; &nbsp;manages<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,920<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,982<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">93,914<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">177,119<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">271,033<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,115<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,520<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,635<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Total revenues from funds Gopher<br \/>&nbsp; &nbsp; &nbsp;manages<\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">116,949<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">183,701<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">300,650<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">748,031<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">183,701<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,236<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">944,968<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,755)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(312)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(144)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,211)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">745,276<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">183,389<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,092<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">941,757<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml80\"><span class=\"prnews_span\">Relationship managers<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(175,446)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,858)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(180,304)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml80\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(133,409)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(63,949)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,440)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(204,798)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(308,855)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,807)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,440)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(385,102)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(84,883)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(20,839)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,281)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(112,003)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(47,431)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,721)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,831)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(63,983)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">(Provision for) reversal of credit <br \/>&nbsp; &nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(294)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(220)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,637)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,230)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,211)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(37,078)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,002<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">46<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,048<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(445,098)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(102,477)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44,763)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(592,338)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">300,178<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80,912<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(31,671)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,419<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"16.5\">\n<tr>\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended <\/span><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">, 2022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other&nbsp;<br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">177,339<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">177,339<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,300<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,300<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,481<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,481<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27,375<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,146<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">52,521<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">398,495<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,146<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">423,641<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp; &nbsp;manages<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,518<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">29,375<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,893<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">107,767<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">169,592<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">277,359<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,837<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,696<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,533<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Total revenues from funds Gopher<br \/>&nbsp; &nbsp; &nbsp; manages<\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">113,122<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">211,663<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">324,785<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">511,617<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">211,663<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,146<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">748,426<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml50\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,976)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,313)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,995)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10,284)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">508,641<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">210,350<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,151<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">738,142<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml80\"><span class=\"prnews_span\">Relationship managers<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(120,258)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,261)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(131,519)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml80\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(153,046)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(63,241)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,999)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(226,286)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(273,304)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(74,502)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,999)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(357,805)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(60,479)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,244)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,584)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(70,307)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(18,821)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,287)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,541)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(35,649)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Reversal of (provision for) credit<br \/>&nbsp; &nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">141<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(441)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,088<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,788<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Other operating income (expenses)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">915<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(113)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(23,479)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,677)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml60\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36,750<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27,822<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,081<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65,653<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(314,798)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(67,765)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(32,434)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(414,997)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">193,843<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">142,585<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,283)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">323,145<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"4.5\">\n<tr>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplement Revenue Information by Geography<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"7\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended June 30, 2023<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">419,220<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">118,972<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,236<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">551,428<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">282,693<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42,439<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">325,132<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">46,118<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22,290<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">68,408<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">748,031<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">183,701<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,236<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">944,968<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"3.5\">\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"7\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended June 30, 2022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">378,862<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,939<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,146<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">588,947<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">111,125<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,117<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">120,242<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">21,630<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,607<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39,237<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>511,617<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>211,663<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>25,146<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>748,426<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"11.5\">\n<tr>\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Reconciliation of GAAP to Non-GAAP Results&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB, except for per ADS data and percentages)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June <\/span><span class=\"prnews_span\">30,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,005<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">315,428<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustment for share-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,990<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,055)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,922<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(740)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>&nbsp; &nbsp; &nbsp;(non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">355,073<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">313,113<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin&nbsp;attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">47.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">33.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS,<br \/>&nbsp; &nbsp; &nbsp;diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.18<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.54<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>&nbsp; &nbsp; &nbsp;per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.28<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.51<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"11.5\">\n<tr>\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Reconciliation of GAAP to Non-GAAP Results&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB, except for per ADS data and percentages)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Six months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June <\/span><span class=\"prnews_span\">30,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30<\/span><span class=\"prnews_span\">,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">654,247<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">559,638<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustment for share-based compensation <\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18,836<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,244)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,529<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,239)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>&nbsp; &nbsp; &nbsp;(non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">668,554<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">552,633<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin&nbsp;attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">42.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">32.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>&nbsp; &nbsp; &nbsp;diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.70<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.05<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.0&nbsp;%)<\/span><\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>&nbsp; &nbsp; &nbsp;per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.92<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.95<\/span><\/p>\n<\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(19.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI, Aug. 29, 2023 \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the second quarter of 2023. [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-21547","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2023 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=21547\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2023 - My Blog\" \/>\n<meta property=\"og:description\" content=\"SHANGHAI, Aug. 29, 2023 \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the second quarter of 2023. 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