{"id":25898,"date":"2024-03-26T21:00:00","date_gmt":"2024-03-26T21:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4371117_AE71117_0"},"modified":"2024-03-26T21:00:00","modified_gmt":"2024-03-26T21:00:00","slug":"noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-2023-and-audited-financial-results-for-full-year-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=25898","title":{"rendered":"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2023 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2023"},"content":{"rendered":"\n<p><span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">March 27, 2024<\/span> \/PRNewswire\/ &#8212; Noah Holdings Limited (&quot;Noah&quot; or the &quot;Company&quot;) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the fourth quarter of 2023 and the audited financial results for the full year ended <span class=\"xn-chron\">December 31, 2023<\/span>.<\/p>\n<p><b>FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net revenues <\/b>were <span class=\"xn-money\">RMB799.5 million<\/span> (<span class=\"xn-money\">US$112.6 million<\/span>), a 9.4% decrease from the corresponding period in 2022, mainly due to decreases in performance-based income generated from private equity products and recurring service fees generated from RMB private equity and private secondary products. The decreases were partially offset by a 13.8% increase in one-time commissions from more distribution of insurance products. On a sequential basis, net revenues increased by 6.6% driven by an increase in the distribution of insurance products.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prnpr10 prnpl2 prnvab prnsbtb0 prnrbrb0 prnsbbb0 prnsblb0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q4 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">Q4 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">646.9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">610.3<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">(5.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">223.2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">186.2<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">(16.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" 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\">3.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(74.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">882.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">799.5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Income from operations<\/b> was&nbsp;RMB220.7 million (<span class=\"xn-money\">US$31<\/span>.1&nbsp;million), effectively flat when compared with the corresponding period in 2022 and a decrease of 11.3% sequentially, primarily due to an increase in marketing activities which was partially offset by a decrease in government grants.&nbsp;<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q4 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">Q4 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">179.1<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">150.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">93.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">95.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(52.9)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(25.5)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(51.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">219.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">220.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Net income attributable to Noah shareholders<\/b>&nbsp;was <span class=\"xn-money\">RMB216.5 million<\/span> (<span class=\"xn-money\">US$30.5 million<\/span>), a 54.8% increase from the corresponding period in 2022, primarily&nbsp;due to a <span class=\"xn-money\">RMB99.0 million<\/span> non-recurring contingent litigation expense recorded during the fourth quarter of 2022. Net income attributable to Noah shareholders decreased by 7.2% sequentially, primarily due to mark to market adjustments made to certain balance sheet investments.<\/li>\n<li><b>Non-GAAP<sup><b>[1]<\/b><\/sup> net income attributable to Noah shareholders <\/b>was <span class=\"xn-money\">RMB233.7 million<\/span> (<span class=\"xn-money\">US$32.9 million<\/span>), an increase of 56.7% from the corresponding period in 2022 and 0.6% from the third quarter of 2023.<\/li>\n<\/ul>\n<p><b>FULL YEAR 2023 FINANCIAL HIGHLIGHTS<\/b><\/p>\n<ul type=\"disc\">\n<li><b>N<\/b><b>et revenue<\/b><b>s<\/b>&nbsp;were <span class=\"xn-money\">RMB3,294.7 million<\/span> (<span class=\"xn-money\">US$464.0 million<\/span>), a 6.3% increase from 2022, primarily due to a 59.8% increase in one-time commissions from more distribution of insurance products which was partially offset by a 55.5% decrease in performance-based income.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">FY&nbsp; 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">FY&nbsp; 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,200.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">2,491.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">834.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">766.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">37.3<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(43.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,100.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,294.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Income from operations<\/b> was&nbsp;RMB1,097.9 million (<span class=\"xn-money\">US$154.6 million<\/span>), a 0.9%&nbsp;increase&nbsp;from 2022, mainly due to a 6.3% increase in net revenues which was partially offset by a 9.2% increase in total operating costs and expenses associated with the low base effect created by strict COVID-19 lockdowns in 2022.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">FY&nbsp; 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">FY&nbsp; 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">741.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">809.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">447.8<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">386.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(100.8)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(98.6)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,088.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,097.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Net income attributable to Noah shareholders<\/b>&nbsp;was <span class=\"xn-money\">RMB1,009.5 million<\/span> (<span class=\"xn-money\">US$142.2 million<\/span>), a 3.4% increase from 2022, due to a 0.9% increase in income from operations and a <span class=\"xn-money\">RMB99.0 million<\/span> non-recurring contingent litigation expense recorded in 2022.<\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders<\/b>&nbsp;was <span class=\"xn-money\">RMB1,018.8 million<\/span> (<span class=\"xn-money\">US$143.5 million<\/span>), a 1.0% increase from 2022.<\/li>\n<\/ul>\n<p><b>FOURTH QUARTER AND FULL YEAR 2023 OPERATIONAL UPDATES<\/b><\/p>\n<p><b>Wealth Management Business<\/b><\/p>\n<p>Noah offers global investment products and provides value-added services to global mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.<\/p>\n<ul type=\"disc\">\n<li><b>Total number of registered clients<\/b>&nbsp;as of <span class=\"xn-chron\">December 31, 2023<\/span> was 455,827, a 4.2% increase from <span class=\"xn-chron\">December 31, 2022<\/span> and a 0.8% increase from <span class=\"xn-chron\">September 30, 2023<\/span>.<\/li>\n<li><b>Total number of active clients<sup><b>[2]<\/b> <\/sup><\/b>who transacted with Noah during the fourth quarter of 2023 was 9,033, a 30.0% decrease from the fourth quarter of 2022 and a 4.8% decrease from the third quarter of 2023.&nbsp;<b>Total number of active clients<\/b> who transacted with Noah in 2023 was 22,453, a 37.4% decrease from 2022.<\/li>\n<li><b>A<\/b><b>ggregate value of <\/b><b>investment products<\/b><b>&nbsp;distributed <\/b>during the fourth quarter of 2023 was <span class=\"xn-money\">RMB16.5 billion<\/span> (<span class=\"xn-money\">US$2.3 billion<\/span>),&nbsp;an 8.1% decrease from&nbsp;the corresponding period in 2022, mainly due to a decrease in the distribution of mutual fund products.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Product type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Three months ended December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2022<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">67.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">4.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<\/span><span class=\"prnews_span\"><sup><b><b>[3]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Aggregate value of <\/b><b>investment products<\/b><b> distributed <\/b>during 2023 was <span class=\"xn-money\">RMB74<\/span>.1&nbsp;billion (<span class=\"xn-money\">US$10<\/span>.4&nbsp;billion), a 5.4% increase from&nbsp;2022, mainly due to an increase in the distribution of private secondary and mutual fund products.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Product type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Twelve months ended December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2022<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnpr10 prnpl2 prnvab prntac prnsbtb0 prnrbrb0 prnsbbb0 prnsblb0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntac prnsbtb0 prnrbrb0 prnsbbb0 prnsblb0\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">61.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47.9<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">64.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18.4<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.3<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.0<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.5<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70.3<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">74.1<\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>C<\/b><b>overage network<\/b>&nbsp;in mainland <span class=\"xn-location\">China<\/span> included 44 cities as of <span class=\"xn-chron\">December 31, 2023<\/span>, compared with 59 cities as of <span class=\"xn-chron\">September 30, 2023<\/span>, and 75 cities as of <span class=\"xn-chron\">December 31, 2022<\/span>. Noah continues to streamline its presence in <span class=\"xn-location\">China<\/span> with a focus on strengthening its operations in central hub cities.<\/li>\n<li><b>Number of relationship managers<\/b>&nbsp;was 1,252 as of <span class=\"xn-chron\">December 31, 2023<\/span>, a decrease of 11.1% from <span class=\"xn-chron\">September 30, 2023<\/span>, and 1.9% from <span class=\"xn-chron\">December 31, 2022<\/span>. As of <span class=\"xn-chron\">December 31, 2023<\/span>, Noah had 89 overseas relationship managers, a 15.6% increase from <span class=\"xn-chron\">September 30, 2023<\/span>.<\/li>\n<\/ul>\n<p><b>Asset Management Business<\/b><\/p>\n<p>Noah&#8217;s asset management business is conducted through Gopher Asset Management Co., Ltd. (&quot;Gopher Asset Management&quot;), a leading multi-asset manager in <span class=\"xn-location\">China<\/span> with global investment capabilities and 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, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Total assets under management <\/b>as of <span class=\"xn-chron\">December 31, 2023<\/span> remained stable at <span class=\"xn-money\">RMB154.6 billion<\/span> (<span class=\"xn-money\">US$21.8 billion<\/span>), compared with <span class=\"xn-money\">RMB154.9 billion<\/span> as of <span class=\"xn-chron\">September 30, 2023<\/span> and <span class=\"xn-money\">RMB157.1 billion<\/span> as of <span class=\"xn-chron\">December 31, 2022<\/span>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Investment type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>September 30,<br \/>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\"><b>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\"><b>Distribution\/<br \/>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>December 31,<br \/>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">131.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">85.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">132.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">85.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Public securities<\/span><span class=\"prnews_span\"><sup><b><b>[4]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">2.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3.6<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">11.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.3<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.1<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">6.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">4.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All Investments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154.6<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Investment type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prnpr10 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>December 31,<br \/>2022<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Distribution\/<br \/>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>December 31,<br \/>2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">133.1<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">84.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">2.1<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">132.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">85.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Public securities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">11.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.8<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1.0<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">6.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.8<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.6<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">4.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.9<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All Investments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">157.1<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.2<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.7<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154.6<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">100.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p><b>Other Businesses<\/b><\/p>\n<p>Noah&#8217;s other businesses mainly provide clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses.<\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, co-founder and Chairwoman of Noah, said &quot;Despite a very challenging year for capital markets, I am pleased to report that Noah generated growth in both net revenues and non-GAAP net income in 2023. We are starting the year on a strong footing, having spent the past few quarters repositioning ourselves to drive growth in this challenging market environment. The pace of our international expansion continues to increase as our clients&#8217; demand for global asset allocation grows. During the year, overseas AUM grew 10.7%; overseas net revenue grew 73.0%; and overseas registered clients and active clients grew 14.2% and 38.0%, respectively. Our balance sheet is robust, clean and is generating sufficient capital to support Noah&#8217;s overseas expansion.&quot;<\/p>\n<p>&quot;Reflecting our ongoing effort to improve corporate governance, we split the CEO and Chairperson roles at the end of the year with the appointment of Mr. <span class=\"xn-person\">Yin Zhe<\/span> as CEO. Zhe&#8217;s alignment with our values and culture, coupled with his instrumental role in building our Gopher Asset Management franchise, made him the ideal candidate. We have been working seamlessly together since he took on this new role and I have the upmost confidence in his ability to execute our growth initiatives going forward.&quot;<\/p>\n<p><b>FOURTH QUARTER 2023 FINANCIAL RESULTS<\/b><\/p>\n<p><b><i>Net Revenues<\/i><\/b><\/p>\n<p><b>Net revenues<\/b> for the fourth quarter of 2023 were <span class=\"xn-money\">RMB799.5 million<\/span> (<span class=\"xn-money\">US$112.6 million<\/span>), a 9.4% decrease from the corresponding period in 2022.<\/p>\n<ul type=\"disc\">\n<li><b>Wealth Management Business<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues from one-time commissions<\/b>&nbsp;for the fourth quarter of 2023 were <span class=\"xn-money\">RMB306.4 million<\/span> (<span class=\"xn-money\">US$43.2 million<\/span>), a 15.1% increase from the corresponding period in 2022 driven by an increase in the distribution of insurance products.<\/li>\n<li><b>Net revenues from recurring service fees<\/b> for the fourth quarter of 2023 were <span class=\"xn-money\">RMB253.4 million<\/span> (<span class=\"xn-money\">US$35.7 million<\/span>), a 20.5% decrease from the corresponding period in 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products.<\/li>\n<li><b>Net revenues from performance-based income<\/b>&nbsp;for the fourth quarter of 2023 were <span class=\"xn-money\">RMB0.1 million<\/span>, compared with <span class=\"xn-money\">RMB14.1 million<\/span> in the corresponding period of 2022, primarily due to a decrease in performance-based income from private equity fund products.<\/li>\n<li><b>Net revenues from other service fees<\/b>&nbsp;for the fourth quarter of 2023 were <span class=\"xn-money\">RMB50.4 million<\/span> (<span class=\"xn-money\">US$7.1 million<\/span>), a 4.9% increase from the corresponding period in 2022, primarily due to the growing number of value-added services Noah offers its high-net-worth clients.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Asset Management Business<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues from recurring service fees <\/b>for the fourth quarter of 2023 were <span class=\"xn-money\">RMB174.4 million<\/span> (<span class=\"xn-money\">US$24.6 million<\/span>), a 13.5% increase from the corresponding period in 2022, due to an increase in the number of real estate investments in <span class=\"xn-location\">the United States<\/span> and offshore private equity investments managed by Gopher Asset Management.<\/li>\n<li><b>Net revenues from performance-based income <\/b>for the fourth quarter of 2023 were <span class=\"xn-money\">RMB11.7 million<\/span> (<span class=\"xn-money\">US$1.7 million<\/span>), an 82.3% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based income from private equity investments managed by Gopher Asset Management.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Other Businesses<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues <\/b>for the fourth quarter of 2023 were <span class=\"xn-money\">RMB3.0 million<\/span> (<span class=\"xn-money\">US$0.4 million<\/span>), compared with <span class=\"xn-money\">RMB12.0 million<\/span> in the corresponding period in 2022, driven by the winding down of the Company&#8217;s loan portfolio.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\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> for the fourth quarter of 2023 were <span class=\"xn-money\">RMB578.8 million<\/span> (<span class=\"xn-money\">US$81.5 million<\/span>), a 12.6% decrease from the corresponding period in 2022. Operating costs and expenses primarily consisted of 1) compensation and benefits of <span class=\"xn-money\">RMB300.8 million<\/span> (<span class=\"xn-money\">US$42.4 million<\/span>); 2) selling expenses of <span class=\"xn-money\">RMB157.4 million<\/span> (<span class=\"xn-money\">US$22.2 million<\/span>); 3) general and administrative expenses of <span class=\"xn-money\">RMB98.6 million<\/span> (<span class=\"xn-money\">US$13.9 million<\/span>); 4) reversal of credit losses of <span class=\"xn-money\">RMB1.0 million<\/span> (<span class=\"xn-money\">US$0.1 million<\/span>); and 5) other operating expenses of <span class=\"xn-money\">RMB25.6 million<\/span> (<span class=\"xn-money\">US$3.6 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li><b>Operating costs and expenses<\/b> <b>for the wealth management business<\/b>&nbsp;for the fourth quarter of 2023 were <span class=\"xn-money\">RMB459.6 million<\/span> (<span class=\"xn-money\">US$64.7 million<\/span>), a 1.8% decrease from the corresponding period in 2022, primarily due to a 5.7% decrease in net revenues.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for the asset management business<\/b>&nbsp;for the fourth quarter of 2023 were <span class=\"xn-money\">RMB90.7 million<\/span> (<span class=\"xn-money\">US$12.8 million<\/span>), a 30.0% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based compensation.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for other businesses<\/b> for the fourth quarter of 2023 were <span class=\"xn-money\">RMB28.5 million<\/span> (<span class=\"xn-money\">US$4.0 million<\/span>), a 56.1% decrease from the corresponding period in 2022, due to a decrease in recorded credit losses.<\/li>\n<\/ul>\n<p><b><i>Operating Margin<\/i><\/b><\/p>\n<p><b>Operating margin <\/b>for the fourth quarter of 2023 was 27.6%, compared with 24.9% for the corresponding period in 2022.<\/p>\n<ul type=\"disc\">\n<li><b>Operating margin for the wealth management business<\/b>&nbsp;for the fourth quarter of 2023 was 24.7%, compared with 27.7% for the corresponding period in 2022.<\/li>\n<li><b>Operating margin<\/b> <b>for the asset management business<\/b> for the fourth quarter of 2023 was 51.3%, compared with 41.9% for the corresponding period in 2022.<\/li>\n<li><b>Loss <\/b><b>from other businesses<\/b> for the fourth quarter of 2023 was <span class=\"xn-money\">RMB25.5 million<\/span> (<span class=\"xn-money\">US$3.6 million<\/span>), compared with <span class=\"xn-money\">RMB52<\/span>.9&nbsp;million in the corresponding period of 2022, primarily&nbsp;due to a decrease in provisions for credit losses.<\/li>\n<\/ul>\n<p><b><i>Investment Income\/loss<\/i><\/b><\/p>\n<p><b>Investment loss<\/b> for the fourth quarter of 2023 was <span class=\"xn-money\">RMB53.6 million<\/span> (<span class=\"xn-money\">US$7.5 million<\/span>), compared with investment income of <span class=\"xn-money\">RMB62.2 million<\/span> for the corresponding period in 2022, primarily due to unrealized losses from fair value changes on certain equity investments.<\/p>\n<p><b><i>Income Tax Expenses<\/i><\/b><\/p>\n<p><b>Income tax expense<\/b><b>s<\/b> for the fourth quarter of 2023 were <span class=\"xn-money\">RMB34.1 million<\/span> (<span class=\"xn-money\">US$4<\/span>.8&nbsp;million), a 43.7% decrease from the corresponding period in 2022, primarily due to a lower effective tax rate.<\/p>\n<p><b><i>Income from Equity in Affiliates<\/i><\/b><\/p>\n<p><b>Income from equity in affiliates<\/b> for the fourth quarter of 2023 was <span class=\"xn-money\">RMB52.8 million<\/span> (<span class=\"xn-money\">US$7.4 million<\/span>), compared with <span class=\"xn-money\">RMB12.3 million<\/span> for the corresponding period in 2022. The increase was primarily due to an increase in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.<\/p>\n<p><b><i>Net Income<\/i><\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income<\/b>\n<ul type=\"disc\">\n<li><b>Net income <\/b>for the fourth quarter of 2023 was <span class=\"xn-money\">RMB213.3 million<\/span> (<span class=\"xn-money\">US$30.0 million<\/span>), a 51.8% increase from the corresponding period in 2022.<\/li>\n<li><b>Net margin <\/b>for the fourth quarter of 2023 was 26.7%, an increase from 15.9% in the corresponding period in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders <\/b>for the fourth quarter of 2023 was <span class=\"xn-money\">RMB216.5 million<\/span> (<span class=\"xn-money\">US$30.5 million<\/span>), a 54.8% increase from the corresponding period in 2022.<\/li>\n<li><b>Net margin attributable to Noah shareholders <\/b>for the fourth quarter of 2023 was 27.1%, an increase from 15.9% in the corresponding period in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b>&nbsp;for the fourth quarter of 2023 was <span class=\"xn-money\">RMB3.12<\/span> <span class=\"xn-money\">(US$0.44)<\/span> and <span class=\"xn-money\">RMB3.12<\/span> <span class=\"xn-money\">(US$0.44)<\/span>, respectively, an increase from <span class=\"xn-money\">RMB2.01<\/span> and <span class=\"xn-money\">RMB2.01<\/span> respectively, in the corresponding period in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Non-GAAP Net Income Attributable to Noah Shareholders <\/b>\n<ul type=\"disc\">\n<li><b>Non-GAAP net income attributable to Noah shareholders <\/b>for the fourth quarter of 2023 was <span class=\"xn-money\">RMB233.7 million<\/span> (<span class=\"xn-money\">US$32.9 million<\/span>), a 56.7% increase from the corresponding period in 2022.<\/li>\n<li><b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the fourth quarter of 2023 was 29.2%, an increase from 16.9% in the corresponding period in 2022.<\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the fourth quarter of 2023 was <span class=\"xn-money\">RMB3.36<\/span> <span class=\"xn-money\">(US$0.47)<\/span>, an increase from <span class=\"xn-money\">RMB2.14<\/span> in the corresponding period in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>FULL YEAR 2023 FINANCIAL RESULTS<\/b><\/p>\n<p><b><i>Net Revenues<\/i><\/b><\/p>\n<p><b>Net revenues<\/b> for 2023 were <span class=\"xn-money\">RMB3,294.7 million<\/span> (<span class=\"xn-money\">US$464.0 million<\/span>), a 6.3% increase from 2022, primarily due to an increase in one-time commissions associated with Noah&#8217;s wealth management business.&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Wealth Management Business<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues from one-time commissions<\/b>&nbsp;for 2023 were <span class=\"xn-money\">RMB1,082.4 million<\/span> (<span class=\"xn-money\">US$152.5 million<\/span>), a 72.2% increase from 2022, primarily due to an increase in the distribution of insurance products.<\/li>\n<li><b>Net revenues from recurring service fees<\/b>&nbsp;for 2023 were <span class=\"xn-money\">RMB1,101.7 million<\/span> (<span class=\"xn-money\">US$155.2 million<\/span>), a 10.2% decrease from 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products.<\/li>\n<li><b>Net revenues from performance-based income<\/b>&nbsp;for 2023 were <span class=\"xn-money\">RMB86.0 million<\/span> (<span class=\"xn-money\">US$12.1 million<\/span>), a 57.3% decrease from 2022, primarily due to a decrease in performance-based income from private secondary products.<\/li>\n<li><b>Net revenues from other service fees<\/b>&nbsp;for 2023 were <span class=\"xn-money\">RMB221.1 million<\/span> (<span class=\"xn-money\">US$31.1 million<\/span>), a 54.1% increase from 2022, primarily due to the growing number of value-added services Noah offers to its high-net-worth clients.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Asset Management Business<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues from recurring service fees <\/b>for 2023 were <span class=\"xn-money\">RMB712.5 million<\/span> (<span class=\"xn-money\">US$100.3 million<\/span>), a 5.0% increase from 2022.<\/li>\n<li><b>Net revenues from performance-based income <\/b>for 2023 were <span class=\"xn-money\">RMB51.1 million<\/span> (<span class=\"xn-money\">US$7.2 million<\/span>), a 52.1% decrease from 2022, primarily due to a decrease in performance-based income from private equity products.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Other Businesses<\/b>\n<ul type=\"disc\">\n<li><b>Net revenues <\/b>for 2023 were <span class=\"xn-money\">RMB37.3 million<\/span> (<span class=\"xn-money\">US$5.3 million<\/span>), a 43.5% decrease from 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\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> for 2023 were <span class=\"xn-money\">RMB2,196.8 million<\/span> (<span class=\"xn-money\">US$309.4 million<\/span>), a 9.2% increase from 2022. Operating costs and expenses for 2023 primarily consisted of 1) compensation and benefits of <span class=\"xn-money\">RMB1,456.8 million<\/span> (<span class=\"xn-money\">US$205.2 million<\/span>); 2) selling expenses of <span class=\"xn-money\">RMB485.8 million<\/span> (<span class=\"xn-money\">US$68.4 million<\/span>); 3) general and administrative expenses of <span class=\"xn-money\">RMB275.7 million<\/span> (<span class=\"xn-money\">US$38.8 million<\/span>); 4) reversal of credit losses of <span class=\"xn-money\">RMB7.0 million<\/span> (<span class=\"xn-money\">US$1.0 million<\/span>); and 5) other operating expenses of <span class=\"xn-money\">RMB112.5 million<\/span> (<span class=\"xn-money\">US$15.8 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li><b>Operating costs and expenses<\/b> <b>for the wealth management business<\/b>&nbsp;for 2023&nbsp;were <span class=\"xn-money\">RMB1,681.4 million<\/span> (<span class=\"xn-money\">US$236.8 million<\/span>), a 15.3% increase from&nbsp;2022, primarily due to an increase in compensation and benefits for relationship managers.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for the asset management business<\/b>&nbsp;for 2023&nbsp;were <span class=\"xn-money\">RMB379.5 million<\/span> (<span class=\"xn-money\">US$53.5 million<\/span>), a 1.8% decrease from&nbsp;2022, primarily due to a decrease in performance-based compensation.<\/li>\n<li><b>Operating costs and expenses<\/b> <b>for other businesses<\/b> for&nbsp;2023 were <span class=\"xn-money\">RMB135.9 million<\/span> (<span class=\"xn-money\">US$19.1 million<\/span>), an 18.5% decrease from 2022, primarily due to a decrease in other operating expenses.<\/li>\n<\/ul>\n<p><b><i>Operating Margin<\/i><\/b><\/p>\n<p><b>Operating margin <\/b>for 2023 was 33.3%, compared to&nbsp;35.1% for 2022.<\/p>\n<ul type=\"disc\">\n<li><b>Operating margin for the wealth management business <\/b>for 2023 was 32.5%, compared with 33.7% for 2022, mainly due to an increase in compensation and benefits for relationship managers.<\/li>\n<li><b>Operating margin for the asset management business<\/b>&nbsp;for 2023 was 50.5%, compared with 53.7% for 2022.<\/li>\n<li><b>Loss <\/b><b>from other businesses<\/b> for 2023 was <span class=\"xn-money\">RMB98.6 million<\/span> (<span class=\"xn-money\">US$13.9 million<\/span>), compared with <span class=\"xn-money\">RMB100<\/span>.8&nbsp;million for 2022, due to a 43.5% decrease in net revenues.&nbsp;<\/li>\n<\/ul>\n<p><b><i>Investment Loss\/Income<\/i><\/b><\/p>\n<p><b><i>Investment loss <\/i><\/b>for 2023 was <span class=\"xn-money\">RMB61.5 million<\/span> (<span class=\"xn-money\">US$8.7 million<\/span>), compared with investment income of <span class=\"xn-money\">RMB85.6 million<\/span> for 2022.<\/p>\n<p><b><i>Income Tax Expenses<\/i><\/b><\/p>\n<p><b>Income tax expense<\/b><b>s<\/b> for 2023 were <span class=\"xn-money\">RMB262.4 million<\/span> (<span class=\"xn-money\">US$37.0 million<\/span>), a 1.8% decrease from 2022, primarily due to a lower effective tax rate.<\/p>\n<p><b><i>Income from Equity in Affiliates<\/i><\/b><\/p>\n<p><b>Income from equity in affiliates<\/b> for 2023 was <span class=\"xn-money\">RMB54.1 million<\/span> (<span class=\"xn-money\">US$7.6 million<\/span>), compared with <span class=\"xn-money\">RMB89.1 million<\/span> in 2022. The decrease was primarily due to a decrease in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager. &nbsp;<\/p>\n<p><b><i>Net Income<\/i><\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income<\/b>\n<ul type=\"disc\">\n<li><b>Net income <\/b>for 2023 was <span class=\"xn-money\">RMB1,001.0 million<\/span> (<span class=\"xn-money\">US$141.0 million<\/span>), a 3.0% increase from 2022.<\/li>\n<li><b>Net margin <\/b>for 2023 was 30.4%, a decrease from 31.3% in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders <\/b>for 2023 was <span class=\"xn-money\">RMB1,009.5 million<\/span> (<span class=\"xn-money\">US$142.2 million<\/span>), a 3.4% increase from 2022.<\/li>\n<li><b>Net margin attributable to Noah shareholders&nbsp;<\/b>for 2023 was 30.6%, a decrease from 31.5% in 2022.<\/li>\n<li><b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b>&nbsp;for 2023 was <span class=\"xn-money\">RMB14.53<\/span> <span class=\"xn-money\">(US$2.05)<\/span> and <span class=\"xn-money\">RMB14.53<\/span> <span class=\"xn-money\">(US$2.05)<\/span>, respectively, an increase from <span class=\"xn-money\">RMB14.29<\/span> and <span class=\"xn-money\">RMB14.28<\/span>, respectively, in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li><b>Non-GAAP Net Income Attributable to Noah Shareholders <\/b>\n<ul type=\"disc\">\n<li><b>Non-GAAP net income attributable to Noah shareholders <\/b>for 2023 was <span class=\"xn-money\">RMB1,018.8 million<\/span> (<span class=\"xn-money\">US$143.5 million<\/span>), a 1.0% increase from 2022.<\/li>\n<li><b>Non-GAAP net margin attributable to Noah shareholders <\/b>for 2023 was 30.9%, a decrease from 32.5% in 2022.<\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for 2023 was <span class=\"xn-money\">RMB14.66<\/span> <span class=\"xn-money\">(US$2.07)<\/span>, a decrease from <span class=\"xn-money\">RMB14.75<\/span> in 2022.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>BALANCE SHEET AND CASH FLOW<\/b><\/p>\n<p>As of <span class=\"xn-chron\">December 31, 2023<\/span>, the Company had <span class=\"xn-money\">RMB5,192.1 million<\/span> (<span class=\"xn-money\">US$731.3 million<\/span>) in cash and cash equivalents, compared with <span class=\"xn-money\">RMB4,403.9 million<\/span> as of <span class=\"xn-chron\">December 31, 2022<\/span> and <span class=\"xn-money\">RMB4,959.6 million<\/span> as of <span class=\"xn-chron\">September 30, 2023<\/span>.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the fourth quarter of 2023 was <span class=\"xn-money\">RMB152.5 million<\/span> (<span class=\"xn-money\">US$21.5 million<\/span>), compared with <span class=\"xn-money\">RMB33.0 million<\/span> in the corresponding period in 2022, primarily due to a decrease in trading debt products in the fourth quarter of 2023. Net cash inflow from the Company&#8217;s operating activities in 2023 was <span class=\"xn-money\">RMB1,318.3 million<\/span> (<span class=\"xn-money\">US$185.7 million<\/span>), compared with <span class=\"xn-money\">RMB632.9 million<\/span> in 2022.<\/p>\n<p>Net cash inflow from the Company&#8217;s investing activities during the fourth quarter of 2023 was <span class=\"xn-money\">RMB226.8 million<\/span> (<span class=\"xn-money\">US$31.9 million<\/span>), compared with net cash inflow of <span class=\"xn-money\">RMB58.3 million<\/span> in the corresponding period in 2022. Net cash outflow from the Company&#8217;s investing activities in 2023 was <span class=\"xn-money\">RMB247.1 million<\/span> (<span class=\"xn-money\">US$34.8 million<\/span>), compared to net cash inflow of <span class=\"xn-money\">RMB74.3 million<\/span> in 2022, mainly due to cash payments on short term investments.<\/p>\n<p>Net cash outflow from the Company&#8217;s financing activities was <span class=\"xn-money\">RMB94.0 million<\/span> (<span class=\"xn-money\">US$13.2 million<\/span>) in the fourth quarter of 2023, compared to net cash inflow of <span class=\"xn-money\">RMB8.0 million<\/span> in the corresponding period in 2022. Net cash outflow from the Company&#8217;s financing activities in 2023 was <span class=\"xn-money\">RMB199.8 million<\/span> (<span class=\"xn-money\">US$28.1 million<\/span>), compared to net cash inflow of <span class=\"xn-money\">RMB233.8 million<\/span> in 2022. The cash inflow in 2022 was mainly due to the net proceeds from the Company&#8217;s initial public offering and listing in <span class=\"xn-location\">Hong Kong<\/span> while the cash outflow in 2023 was mainly due to final dividend payments.<\/p>\n<p><b>ANNUAL AND SPECIAL DIVIDEND<\/b><\/p>\n<p>On <span class=\"xn-chron\">March 26, 2024<\/span>, the Company&#8217;s Board of Directors (the &quot;Board&quot;) approved an annual dividend of approximately <span class=\"xn-money\">RMB509.0 million<\/span> (<span class=\"xn-money\">US$71.7 million<\/span>) in total, which is equivalent to 50% of full year 2023 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the &quot;Policy&quot;) adopted on <span class=\"xn-chron\">November 29, 2023<\/span>. The Board has also approved a non-recurring special dividend of approximately <span class=\"xn-money\">RMB509.0 million<\/span> (<span class=\"xn-money\">US$71.7 million<\/span>) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in <span class=\"xn-chron\">June 2024<\/span>.<\/p>\n<p><b>CONFERENCE CALL&nbsp;<\/b><\/p>\n<p>The Company&#8217;s senior management will host an earnings conference call to discuss its Q4 and full year 2023 Results and recent business activities. Details of the conference call are as follows:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen24\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Zoom webinar details<\/b><\/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\">Conference title<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Noah Holdings 4Q and Full Year 2023 Earnings Conference Call<\/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\">Date\/Time<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Tuesday, March 26, 2024 at 8:00 p.m., U.S. Eastern Time<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wednesday, March 27, 2024 at 8:00 a.m., Hong Kong Time<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Dial in:<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u2013 Hong Kong Toll Free:<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">800-963976<\/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\">\u2013 United States Toll Free:<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-888-317-6003<\/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\">\u2013 Mainland China Toll Free:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4001-206115<\/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\">\u2013 International Toll:<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-412-317-6061<\/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\">Participant Password:<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2326545<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>A telephone replay will be available starting approximately one hour after the end of the conference until <span class=\"xn-chron\">April 2, 2024<\/span> at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 1565571.<\/p>\n<p><b>DISCUSSION ON NON-GAAP MEASURES<\/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 &quot;Reconciliation of GAAP to Non-GAAP Results&quot; 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 offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. In 2023, Noah distributed <span class=\"xn-money\">RMB74.1 billion<\/span> (<span class=\"xn-money\">US$10.4 billion<\/span>) of investment products. Through Gopher Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB154.6 billion<\/span> (<span class=\"xn-money\">US$21.8 billion<\/span>) as of <span class=\"xn-chron\">December 31, 2023<\/span>.<\/p>\n<p>Noah&#8217;s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah&#8217;s network covers 44 cities in mainland <span class=\"xn-location\">China<\/span>, as well as <span class=\"xn-location\">Hong Kong<\/span> (<span class=\"xn-location\">China<\/span>), <span class=\"xn-location\">Taiwan<\/span> (<span class=\"xn-location\">China<\/span>), <span class=\"xn-location\">New York<\/span>, Silicon Valley and <span class=\"xn-location\">Singapore<\/span>. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company&#8217;s wealth management business had 455,827 registered clients as of <span class=\"xn-chron\">December 31, 2023<\/span>. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. The Company also provides other businesses.<\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>.<\/p>\n<p><b>FOREIGN CURRENCY TRANSLATION<\/b><\/p>\n<p>In this announcement, the unaudited financial results for the fourth quarter of 2023 and audited financial results for the full year ended <span class=\"xn-chron\">December 31, 2023<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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\">RMB7.0999<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">December 29, 2023<\/span> as set forth in the H.10 statistical release of the Federal Reserve Board.<\/p>\n<p><b>SAFE HARBOR STATEMENT&nbsp;<\/b><\/p>\n<p>This announcement contains forward-looking statements. These statements are made under the &quot;safe harbor&quot; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &quot;will,&quot; &quot;expects,&quot; &quot;anticipates,&quot; &quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates,&quot; &quot;confident&quot; 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 &quot;Hong Kong Stock Exchange&quot;), 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><b>Contacts: <\/b><\/p>\n<p><b>Noah<\/b><b> Holdings Limited<br \/><\/b>Melo Xi<br \/>Tel: +86-21-8035-8292<br \/><a href=\"mailto:ir@noahgroup.com\" target=\"_blank\" rel=\"nofollow noopener\">ir@noahgroup.com<\/a><\/p>\n<p>&#8212; FINANCIAL AND OPERATIONAL TABLES FOLLOW &#8212;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\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=\"prngen19\" colspan=\"9\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" 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=\"prngen14\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September <br \/>30, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December <br \/>31, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December <br \/>31, 2023<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(Unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(Audited)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(Audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" 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=\"prngen11\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Current assets:<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,959,550<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,192,127<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">731,296<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">153,908<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154,433<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">21,751<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Short-term investments <\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">407,872<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">379,456<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">53,445<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Accounts receivable, net <\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">445,386<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">503,978<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70,984<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">315,785<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">286,921<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">40,412<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Amounts due from related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">406,764<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">393,891<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55,478<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189,473<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">206,250<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">29,052<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,878,738<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,117,056<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,002,418<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Long-term investments, net <\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">995,746<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">810,484<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">114,154<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Investment in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,491,173<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,526,544<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">215,009<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,510,839<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,482,199<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,610<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">145,410<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">139,019<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,580<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred tax assets<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">435,632<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">431,494<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,775<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other non-current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">171,083<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">178,582<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,152<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,628,621<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,685,378<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,786,698<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Accrued payroll and welfare expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">545,240<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">564,096<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">166,959<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">89,694<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,633<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">88,377<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">72,824<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,257<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Contingent liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">595,137<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">482,802<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">68,001<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">578,345<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">681,802<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">96,030<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,974,058<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,891,218<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">266,372<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating lease liabilities, non-current<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">77,418<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">76,533<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,779<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">229,003<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">262,404<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36,959<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">45,058<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27,660<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,896<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Liabilities&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,325,537<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,257,815<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">318,006<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,303,084<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,427,563<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,468,692<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,628,621<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,685,378<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,786,698<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">266,592<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">303,460<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42,741<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">195,872<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">167,109<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,537<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,998<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">21<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(99.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,870<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">59,244<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,344<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">537,332<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">529,959<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">74,643<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" 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=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp;One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,915<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,455<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">627<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp;Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">278,376<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">262,363<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36,953<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp;Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66,819<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,762<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,657<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(82.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp; Gopher manages<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">349,110<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">278,580<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">39,237<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(20.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">886,442<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">808,539<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">113,880<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,372)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,031)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,272)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">106.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">882,070<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">799,508<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">112,608<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; &nbsp; Relationship manager<br \/>&nbsp; &nbsp; &nbsp; &nbsp; compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(146,662)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(140,673)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(19,813)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; &nbsp; &nbsp; Others<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(236,484)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(160,077)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,546)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(32.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total compensation and <br \/>&nbsp; &nbsp; &nbsp;benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(383,146)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(300,750)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(42,359)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(21.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(142,806)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(157,399)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,169)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(83,952)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(98,637)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,893)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">17.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Provision for (reversal of) &nbsp;credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(19,836)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,025<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">144<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(38,257)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(25,649)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,613)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(33.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,665<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,626<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">370<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(53.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and 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\">(662,332)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(578,784)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(81,520)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(12.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" 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=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">219,738<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">220,724<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31,088<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income (expense):<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,251<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">44,389<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,252<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">211.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; Investment income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62,240<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(53,567)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,545)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; Contingent litigation expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(99,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(100.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp; Other expense<\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,507)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,933)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,385)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">99.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total other expense <\/span><\/p>\n<\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(31,016)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,111)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,678)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income before taxes and<br \/>&nbsp; &nbsp; income from equity in <br \/>&nbsp; &nbsp; affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">188,722<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">194,613<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">27,410<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(60,530)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(34,068)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,798)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(43.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">12,331<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">52,795<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">7,436<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">328.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">140,523<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">213,340<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,048<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">51.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: net income (loss) <br \/>&nbsp; &nbsp; attributable to non-controlling<br \/>&nbsp; &nbsp; interests<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">614<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,190)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(449)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to <br \/>&nbsp; &nbsp; Noah shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">139,909<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">216,530<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,497<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income&nbsp; per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.01<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.12<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.44<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.01<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.12<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.44<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Margin analysis:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">26.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">26.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Weighted average ADS <br \/>&nbsp; &nbsp; equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,593,068<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,487,210<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,487,210<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,611,652<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,500,978<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,500,978<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">ADS equivalent outstanding at <br \/>&nbsp; &nbsp;end of period<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">62,603,864<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,261,465<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,261,465<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"9\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" 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>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(Audited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" 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=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">617,636<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,072,838<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">151,106<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">73.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,980<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">707,580<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">99,661<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,048<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">16,344<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,302<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(91.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">223,441<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">270,579<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">38,110<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">21.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,794,105<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">2,067,341<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">291,179<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63,809<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">16,365<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,305<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(74.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,145,435<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,112,850<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">156,742<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">125,528<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">121,265<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,080<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp;Gopher manages<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,334,772<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,250,480<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">176,127<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(6.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,128,877<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3,317,821<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">467,306<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,505)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(23,125)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,257)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(18.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,100,372<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3,294,696<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">464,049<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Relationship manager <br \/>compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(497,147)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(655,460)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(92,320)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">31.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(944,735)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(801,293)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(112,860)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and<br \/>&nbsp; &nbsp; benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,441,882)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,456,753)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(205,180)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(349,014)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(485,778)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,420)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">39.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(235,319)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(275,727)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(38,835)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">17.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Reversal of credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">424<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,028<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">990<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1557.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(115,653)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(112,506)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,846)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">129,521<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">126,955<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,881<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and <br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,011,923)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,196,781)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(309,410)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">9.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,088,449<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,097,915<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154,639<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income (expense):<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">61,416<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">161,926<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22,807<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">163.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Investment income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">85,554<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(61,486)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,660)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Contingent litigation expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(99,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(100.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other income<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,130<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10,892<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,534<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total other income <\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">61,100<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">111,332<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,681<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">82.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income before taxes and<br \/>&nbsp; &nbsp;income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,149,549<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,209,247<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,320<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">5.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(267,108)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(262,360)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(36,953)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">89,148<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">54,128<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,624<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(39.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">971,589<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,001,015<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">140,991<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: net loss attributable to <br \/>&nbsp; &nbsp; non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,982)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(8,479)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,194)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">70.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to <br \/>&nbsp; &nbsp; Noah shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">976,571<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,009,494<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">142,185<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen17\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14.29<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">14.53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.05<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14.28<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">14.53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.05<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Margin analysis:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Weighted average ADS <br \/>&nbsp; &nbsp; equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">68,332,032<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">69,473,972<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,473,972<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">68,396,142<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">69,484,516<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,484,516<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">ADS equivalent outstanding at <br \/>&nbsp; &nbsp; end of period<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">62,603,864<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,261,465<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,261,465<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADSs.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"11\" 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>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" 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=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">140,523<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">213,340<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">30,048<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">51.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Other comprehensive loss, <br \/>net of tax:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Foreign currency <br \/>translation adjustments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(36,494)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,333)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,625)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">87.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">104,029<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">145,007<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen28\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,423<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Less: Comprehensive <br \/>income (loss) attributable to <br \/>non-controlling interests<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">598<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,287)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(463)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income <br \/>attributable to Noah <br \/><\/b><b>s<\/b><b>hareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; <\/span><\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">103,431<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">&nbsp; <\/span><\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">148,294<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen30\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">20,886<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(Audited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December <br \/>31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December<br \/>31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December <br \/>31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" 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=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">971,589<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,001,015<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">140,991<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Other comprehensive income, net of tax:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Foreign currency translation <br \/>adjustments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">137,555<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">76,990<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10,844<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,109,144<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,078,005<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen28\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">151,835<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Less: Comprehensive loss attributable<br \/>to non-controlling interests<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,895)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(8,651)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">(1,218)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">76.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income attributable to <br \/>Noah <\/b><b>s<\/b><b>hareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen30\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,114,039<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,086,656<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen30\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">153,053<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplemental Information<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">As of<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">December 31<\/span><span class=\"prnews_span\">,<br \/>2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of registered clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">437,288<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">455,827<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of relationship managers&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,276<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,252<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of cities in mainland China under <br \/>&nbsp; &nbsp;coverage<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">75<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">44<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(41.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">, <br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">December 31<\/span><span class=\"prnews_span\">,<br \/>2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><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=\"prngen31\" 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=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,904<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">9,033<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(30.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Transaction value:<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,452<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">717<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(50.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,362<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">4,153<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,183<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">10,901<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,003<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">764<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(23.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total transaction value<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18,000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">16,535<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">, <br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">December 31<\/span><span class=\"prnews_span\">,<br \/>2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><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=\"prngen31\" 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=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35,877<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">22,453<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(37.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Transaction value:<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,037<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3,330<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(69.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,109<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">18,403<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">40.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">43,133<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">47,837<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,002<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">4,486<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">49.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total transaction value<\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70,281<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">74,056<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" 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>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(unaudited) <\/b><\/span><\/p>\n<p class=\"prnml4\">&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr4 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended December 31, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">303,460<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">303,460<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">167,109<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">167,109<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50,644<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,600<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">59,244<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">521,359<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,600<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">529,959<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher manages<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,350<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">105<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,455<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">87,399<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">174,964<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">262,363<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,762<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,762<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds Gopher <br \/>&nbsp; &nbsp; manages<\/span><span class=\"prnews_span\"> <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">91,749<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">186,831<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">278,580<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">613,108<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">186,831<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,600<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">808,539<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,778)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(650)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,603)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,031)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">610,330<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">186,181<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,997<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">799,508<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(132,666)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,007)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(140,673)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(127,236)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(24,783)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,058)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(160,077)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(259,902)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(32,790)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,058)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(300,750)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(119,891)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(27,974)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,534)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(157,399)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(63,627)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(27,058)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,952)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(98,637)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for <\/span><span class=\"prnews_span\">(reversal of) <\/span><span class=\"prnews_span\">credit<br \/>&nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,897)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,429)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,351<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,790)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,562)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,297)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(25,649)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,502<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">124<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,626<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(459,605)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(90,689)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,490)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(578,784)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">150,725<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">95,492<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(25,493)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">220,724<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" 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>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(unaudited)<\/b><\/span><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended December 31, 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Asset<br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Other<br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">266,592<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">266,592<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">195,872<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">195,872<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,998<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,998<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,245<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,625<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,870<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">524,707<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,625<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">537,332<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher manages<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">576<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,339<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,915<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">124,040<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">154,336<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">278,376<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">187<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66,632<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66,819<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds Gopher <br \/>&nbsp; &nbsp;manages<\/span><span class=\"prnews_span\"> <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">124,803<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">224,307<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">349,110<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">649,510<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">224,307<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,625<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">886,442<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,563)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,139)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(670)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,372)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">646,947<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">223,168<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,955<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">882,070<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(137,016)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,646)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(146,662)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(152,971)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(73,585)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,928)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(236,484)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(289,987)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(83,231)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,928)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(383,146)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(121,259)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(20,611)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(936)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(142,806)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative<br \/>&nbsp; &nbsp;expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(52,723)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(22,609)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,620)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(83,952)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for ( reversal of ) credit<br \/>&nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">249<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,068<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(21,153)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(19,836)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,344)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,629)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(24,284)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(38,257)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,224<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">408<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,665<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(467,840)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(129,604)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(64,888)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(662,332)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">179,107<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">93,564<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(52,933)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">219,738<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"25\" 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>\n<td class=\"prngen19\" colspan=\"25\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"25\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(Aaudited)<\/b><\/span><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"23\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"18\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"> Twelve months ended December 31, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen39\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen39\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen39\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen39\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen34\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"4\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,072,838<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,072,838<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">707,580<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">707,580<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,344<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,344<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">221,917<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,662<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">270,579<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,018,679<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,662<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,067,341<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>manages<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,732<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,633<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,365<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">398,226<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">714,624<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,112,850<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,977<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">51,288<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">121,265<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds Gopher <br \/>&nbsp; &nbsp; manages<\/span><span class=\"prnews_span\"> <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">481,935<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,545<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,250,480<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,500,614<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,545<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,662<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,317,821<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,365)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,374)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,386)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(23,125)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,491,249<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">766,171<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">37,276<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,294,696<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(631,082)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(24,378)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(655,460)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(544,804)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(224,308)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(32,181)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(801,293)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,175,886)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(248,686)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(32,181)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,456,753)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(370,861)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(88,827)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,090)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(485,778)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(193,248)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(59,367)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(23,112)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(275,727)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for (reversal of) credit <br \/>&nbsp; losses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(910)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(921)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,859<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,028<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44,042)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,348)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(65,116)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(112,506)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants<\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">103,597<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">21,638<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,720<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">126,955<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,681,350)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(379,511)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(135,920)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,196,781)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">809,899<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">386,660<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(98,644)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,097,915<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><b>Noah Holdings Limited<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(Audited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended December 31, 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Asset<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" 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\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" 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=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" 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=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">617,636<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">617,636<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,980<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,980<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,048<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">184,048<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">144,101<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,340<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">223,441<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,714,765<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,340<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,794,105<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>&nbsp; &nbsp; manages<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,953<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">49,856<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63,809<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">463,314<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">682,121<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,145,435<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">18,407<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">107,121<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">125,528<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds Gopher <br \/>&nbsp; &nbsp; manages<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">495,674<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">839,098<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,334,772<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,210,439<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">839,098<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,340<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,128,877<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10,462)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,630)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,413)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,505)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,199,977<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">834,468<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65,927<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen37\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,100,372<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(460,237)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(36,910)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(497,147)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(619,397)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(285,101)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(40,237)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(944,735)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,079,634)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(322,011)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(40,237)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,441,882)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(299,769)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(41,885)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,360)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(349,014)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(153,643)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(55,872)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(25,804)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(235,319)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for (reversal of) credit<br \/>losses<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">718<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">386<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(680)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen35\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">424<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,412)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,369)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(93,872)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(115,653)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">89,223<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39,120<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,178<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">129,521<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and <br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,458,517)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(386,631)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(166,775)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,011,923)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">741,460<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">447,837<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(100,848)<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen36\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,088,449<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" 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>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(unaudited)<\/b><\/span><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended December 31, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">262,775<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">110,975<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,600<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">382,350<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">289,973<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,012<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">336,985<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">60,360<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">28,844<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">89,204<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">613,108<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">186,831<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,600<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">808,539<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><b>Noah Holdings Limited<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(unaudited)<\/b><\/span><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended December 31, 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">442,208<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">147,301<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,625<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">602,134<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">182,111<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54,976<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">237,087<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25,191<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22,030<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,221<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">649,510<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">224,307<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,625<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">886,442<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" 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>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(Audited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended December 31, 2023<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Other<br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,366,538<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">469,193<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,662<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,884,393<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">921,091<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">193,588<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,114,679<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">212,985<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">105,764<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">318,749<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,500,614<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">768,545<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,662<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,317,821<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;(Audited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended December 31, 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Asset <br \/>Management<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Other <br \/>Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" 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\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" 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=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,548,395<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">672,785<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,340<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,300,520<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">508,907<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">83,029<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">591,936<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">153,137<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">83,284<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">236,421<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,210,439<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">839,098<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,340<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen38\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,128,877<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" 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>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Reconciliation of GAAP to Non-GAAP Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB, except for per ADS data and percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><span class=\"prnews_span\">,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">139,909<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">216,530<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustment for share-based compensation <\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,316<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">21,935<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">78.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,066<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen41\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,740<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntar prnbbbs\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp; &nbsp;(non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">149,159<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">233,725<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">56.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">29.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>&nbsp; &nbsp; diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.01<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3.12<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">55.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>&nbsp; &nbsp; per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.14<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">3.36<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">57.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" 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>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Reconciliation of GAAP to Non-GAAP Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB, except for per ADS data and percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Twelve months ended<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">December 31<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">976,571<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">1,009,494<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustment for share-based compensation <\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42,300<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">11,530<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(72.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,279<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" 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\">2,220<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(78.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>&nbsp; &nbsp;(non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,008,592<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,018,804<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">1.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">31.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>&nbsp; &nbsp; diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">14.28<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">14.53<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>&nbsp; &nbsp; per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">14.75<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">14.66<\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(0.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]&nbsp;<\/sup><\/span>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 &quot;Reconciliation of GAAP to Non-GAAP Results&quot; at the end of this press release.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2]&nbsp;<\/sup><\/span>&quot;Active clients&quot; for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3]<\/sup><\/span>&nbsp;&quot;Other products&quot; refers to other investment products, which includes insurance products, multi-strategies products and others.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4]<\/sup><\/span>&nbsp;The asset distribution\/redemption of public securities also includes market appreciation or depreciation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI, March 27, 2024 \/PRNewswire\/ &#8212; Noah Holdings Limited (&quot;Noah&quot; or the &quot;Company&quot;) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the fourth quarter of 2023 and [&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-25898","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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