{"id":41735,"date":"2025-11-25T21:30:00","date_gmt":"2025-11-25T21:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4833038_AE33038_0"},"modified":"2025-11-25T21:30:00","modified_gmt":"2025-11-25T21:30:00","slug":"noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2025","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=41735","title":{"rendered":"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025"},"content":{"rendered":"<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SHANGHAI<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Nov. 26, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and&nbsp;HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the third quarter of 2025.<\/p>\n<p>Starting from the fourth quarter of 2024, the Company has adopted refined segment reporting structure to disclose net revenue by each domestic and overseas business segment. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment. Historical financial information has been recast to conform to the new structure, and additional business information is provided for comparison purposes.<\/p>\n<p><b>THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS<\/b><\/p>\n<ul type=\"disc\">\n<li><b>N<\/b><b>et revenue<\/b><b>s<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB632.9 million<\/span> (<span class=\"xn-money\">US$88.9 million<\/span>), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in revenues from one-time commissions as a result of decreases in insurance product distribution and performance-based income. Net revenues remained relatively stable on a sequential basis.<\/li>\n<li><b>Income from operations <\/b>for the third quarter of 2025 was <span class=\"xn-money\">RMB171.9 million<\/span> (<span class=\"xn-money\">US$24.1 million<\/span>), a 28.6% decrease from the corresponding period in 2024, primarily due to a 7.4% decrease in net revenues.<\/li>\n<li><b>Net income attributable to Noah shareholders<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB218.5 million<\/span> (<span class=\"xn-money\">US$30.7 million<\/span>), a significant 62.6% increase from the corresponding period in 2024, primarily due to an increase in fair value of investments in affiliates.<\/li>\n<li><b>Non-GAAP<sup><b>[1]<\/b><\/sup> <\/b><b>net income attributable to Noah shareholders<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB229.1 million<\/span> (<span class=\"xn-money\">US$32.2 million<\/span>), a 52.2% increase from the corresponding period in 2024.<\/li>\n<\/ul>\n<p><b>THIRD QUARTER 2025 OPERATIONAL UPDATES<\/b><\/p>\n<p><b>Wealth Management Business&nbsp;<\/b><\/p>\n<p>Noah offers global investment products and provides value-added services to global Chinese 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> as of <span class=\"xn-chron\">September 30, 2025<\/span> was 466,153, a 1.3% increase from <span class=\"xn-chron\">September 30, 2024<\/span>, and a 0.3% increase from <span class=\"xn-chron\">June 30, 2025<\/span>. Among such clients, the number of overseas registered clients as of <span class=\"xn-chron\">September 30, 2025<\/span>, was 19,543, a 13.1% increase from <span class=\"xn-chron\">September 30, 2024<\/span>, and a 3.0% increase from <span class=\"xn-chron\">June 30, 2025<\/span>.<\/li>\n<li><b>Total number of active clients<sup><b>[2]<\/b><\/sup> <\/b>who transacted with us during the third quarter of 2025 was 10,650, a 35.5% increase from the third quarter of 2024, and a 16.3% increase from the second quarter of 2025. Among such clients, the number of overseas active clients who transacted with us during the third quarter of 2025 was 3,561, a 13.4% increase from the third quarter of 2024, and a 2.4% decrease from the second quarter of 2025.<\/li>\n<li><b>A<\/b><b>ggregate value of <\/b><b>investment products<\/b><b> distributed <\/b>during the third quarter of 2025 was <span class=\"xn-money\">RMB17.0 billion<\/span> (<span class=\"xn-money\">US$2.4 billion<\/span>), a 19.1% increase from the third quarter of 2024, mainly due to a 66.9% increase in distribution of private secondary products. Among such products distributed, Noah distributed <span class=\"xn-money\">RMB8.6 billion<\/span> (<span class=\"xn-money\">US$1.2 billion<\/span>) of overseas investment products, an 11.2% increase from the third quarter of 2024, mainly due to an increase in distribution of overseas mutual fund products.<\/li>\n<\/ul>\n<p><b>The aggregate value of investment products distributed, categorized by product type, is as follows:<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"4\">\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Three months ended September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB in billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">60.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">54.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">25.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">34.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">6.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<sup><b><b>[3]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.0<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">6.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">0.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" 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=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>14.3<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>17.0<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>The aggregate value of investment products distributed, categorized by geography, is as follows<\/b><b>\uff1a<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"6\">\n<tr readability=\"7.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Type of products in Mainland China<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Three months ended September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB in billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">63.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">12.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">33.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">7.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">3.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All products in Mainland China<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>6.5<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>8.4<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"5\">\n<tr readability=\"7.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Type of overseas products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Three months ended September 30,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB in billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">44.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">45.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private secondary products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">35.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">36.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">12.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">6.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">5.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>All Overseas products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7.8<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>8.6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>C<\/b><b>overage network<\/b> in mainland <span class=\"xn-location\">China<\/span> included 16 cities as of <span class=\"xn-chron\">September 30, 2025<\/span>, compared with 13 cities as of <span class=\"xn-chron\">September 30, 2024<\/span> and 12 cities as of <span class=\"xn-chron\">June 30, 2025<\/span>.<\/li>\n<li><b>Aggregate number of overseas relationship managers<\/b> was 136 as of <span class=\"xn-chron\">September 30, 2025<\/span>, a 6.8% decrease from <span class=\"xn-chron\">September 30, 2024<\/span>, and a 10.5% decrease from <span class=\"xn-chron\">June 30, 2025<\/span>.<\/li>\n<\/ul>\n<p><b>Asset Management Business&nbsp;<\/b><\/p>\n<p>Our asset management business is conducted through Gopher Asset Management Co., Ltd. (&#8220;Gopher Asset Management&#8221; or &#8220;Gopher&#8221;), a leading multi-asset manager in mainland <span class=\"xn-location\">China<\/span>, and Olive Asset Management Co., Ltd. (&#8220;Olive Asset Management&#8221; or &#8220;Olive&#8221;), as the overseas asset management brand focused on providing global investment solutions with offices in <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">Japan<\/span> and <span class=\"xn-location\">the United States<\/span>. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategies investments denominated in RMB, USD and other currencies.<\/p>\n<ul type=\"disc\">\n<li><b>Total assets under management <\/b>as of <span class=\"xn-chron\">September 30, 2025<\/span>, remained relatively stable at <span class=\"xn-money\">RMB143.5 billion<\/span> (<span class=\"xn-money\">US$20.2 billion<\/span>), compared with <span class=\"xn-money\">RMB150.1 billion<\/span> as of <span class=\"xn-chron\">September 30, 2024<\/span>, and <span class=\"xn-money\">RMB145.1 billion<\/span> as of <span class=\"xn-chron\">June 30, 2025<\/span>. Mainland <span class=\"xn-location\">China<\/span> assets under management as of <span class=\"xn-chron\">September 30, 2025<\/span> were <span class=\"xn-money\">RMB101.3 billion<\/span> (<span class=\"xn-money\">US$14.2 billion<\/span>), compared with <span class=\"xn-money\">RMB110.6 billion<\/span> as of <span class=\"xn-chron\">September 30, 2024<\/span> and <span class=\"xn-money\">RMB103.7 billion<\/span> as of <span class=\"xn-chron\">June 30, 2025<\/span>. Overseas assets under management as of <span class=\"xn-chron\">September 30, 2025<\/span> were <span class=\"xn-money\">RMB42.2 billion<\/span> (<span class=\"xn-money\">US$5.9 billion<\/span>), compared with <span class=\"xn-money\">RMB39.5 billion<\/span> as of <span class=\"xn-chron\">September 30, 2024<\/span> and <span class=\"xn-money\">RMB41.4 billion<\/span> as of <span class=\"xn-chron\">June 30, 2025<\/span>.<\/li>\n<\/ul>\n<p><b>Total assets under management, categorized by investment type, are as follows:<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr readability=\"3\">\n<td class=\"prngen6\" 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=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of&nbsp;<br \/>June 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><br \/>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Allocation\/&nbsp;<br \/>Redemption<\/b><sup><b><b>[4]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>September 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">129.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">89.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">128.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">89.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;Public securities<sup><b><b>[5]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">6.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">6.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">3.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">3.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" 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\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>145.1<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1.9<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>3.5<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>143.5<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Total assets under management, categorized by<\/b><b>&nbsp;geography, are as follows:<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Mainland China<br \/>Investment type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of&nbsp;<br \/>June 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><br \/>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Allocation\/<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>September 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">96.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">93.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">94.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">93.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Public securities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" 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\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>103.7<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>0.2<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2.6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>101.3<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"1.5\">\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Overseas<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Investment type<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of&nbsp;<br \/>June 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b><br \/>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Allocation\/<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>As of<br \/>September 30,&nbsp;<br \/>2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(RMB billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">79.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(0.3)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">78.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Public securities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">10.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">10.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.0<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">1.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" 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\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>41.4<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1.7<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>0.9<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>42.2<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>100.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Other Businesses<\/b><\/p>\n<p>Noah&#8217;s other businesses mainly include providing clients with additional comprehensive services and investment products.<\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, Co-founder and Chairwoman of Noah, commented, &#8220;We are pleased to report strong growth in profitability during the third quarter as we continue to build on the strong momentum from the previous period. While net revenues increased slightly on a sequential basis to <span class=\"xn-money\">RMB632.9 million<\/span>, non-GAAP net income grew significantly to <span class=\"xn-money\">RMB229.1 million<\/span>, a robust 52.2% year-over-year increase.<\/p>\n<p>During the quarter, we obtained a U.S. broker-dealer license which will further strengthen our global footprint and drive the development of our overseas expansion. We also began integrating AI technology across our operations to enhance client acquisition, improve efficiency, and reduce reliance on manual processes, marking a significant step forward in our digital transformation journey. We believe our strong balance sheet provides a solid foundation for future investments and our long-term growth. Moving forward, we remain committed to executing our strategies with discipline and focus, driving sustainable development while maintaining prudent oversight of market conditions to create lasting value for shareholders.&#8221;<\/p>\n<p><b>THIRD QUARTER 2025 FINANCIAL RESULTS<\/b><\/p>\n<p><b><i>Net Revenues<\/i><\/b><\/p>\n<p><b>Net revenues<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB632.9 million<\/span> (<span class=\"xn-money\">US$88.9 million<\/span>), a 7.4% decrease from the corresponding period in 2024, primarily due to a decrease in net revenues from overseas.<\/p>\n<p><b>Net Revenues under the segmentation adopted in Q4 2024 is as follows:<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"6.5\">\n<tr readability=\"3\">\n<td class=\"prngen6\" 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=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q3 2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q3 2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic public securities<sup><b><b>[6]<\/b><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">106.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">115.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">8.7&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic asset management<sup><b><i><b>[7]<\/b><\/i><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">180.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic insurance<sup><b><i><b>[8]<\/b><\/i><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas wealth management<sup><b><i><b>[9]<\/b><\/i><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189.0<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">146.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(22.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas asset management<sup><b><i><b>[10]<\/b><\/i><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">148.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">117.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(20.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas insurance and comprehensive <br \/>services<sup><i><b>[<\/b><\/i><\/sup><sup><b><i><b>1<\/b><\/i><\/b><\/sup><sup><b><i><b>1]<\/b><\/i><\/b><\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">19.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Headquarters<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" 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=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>683.7<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>632.9<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>(7.4&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b><i>Domestic public securities<\/i><\/b> is the business that distributes mutual funds and private secondary products. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB115.9 million<\/span> (<span class=\"xn-money\">US$16.3 million<\/span>), an 8.7% increase from the corresponding period in 2024, primarily due to an increase in one-time commissions generated from distribution of domestic private secondary products.<\/li>\n<li><b><i>Domestic asset management<\/i><\/b> is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB189.3 million<\/span> (<span class=\"xn-money\">US$26.6 million<\/span>), a 4.9% increase from the corresponding period in 2024, primarily due to increases in recurring service fees from RMB private equity products.<\/li>\n<li><b><i>Domestic insurance<\/i><\/b> is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB4.7 million<\/span> (<span class=\"xn-money\">US$0.7 million<\/span>), a 44.8% decrease from the corresponding period in 2024, mainly due to a decrease in distribution of domestic insurance products.<\/li>\n<li><b><i>Overseas wealth management<\/i><\/b> is the business that provides offline and online wealth management services. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB146.2 million<\/span> (<span class=\"xn-money\">US$20.5 million<\/span>), a 22.7% decrease from the corresponding period in 2024, mainly due to a decrease in allocated referral fees for assistance in distribution of overseas insurance products.<\/li>\n<li><b><i>Overseas asset management<\/i><\/b> is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB117.6 million<\/span> (<span class=\"xn-money\">US$16.5 million<\/span>), a 20.8% decrease from the corresponding period in 2024, primarily due to a decrease in performance-based income from private equity investment products managed by Olive.<\/li>\n<li><b><i>Overseas insurance and comprehensive services<\/i><\/b> is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the third quarter of 2025 were <span class=\"xn-money\">RMB47.1 million<\/span> (<span class=\"xn-money\">US$6.6 million<\/span>), a 19.8% increase from the corresponding period in 2024, mainly due to an increase in commission gained from distribution of overseas insurance products by commission-only brokers.<\/li>\n<li><b><i>Headquarters<\/i><\/b> reflects revenue generated from corporate operations at the Company&#8217;s headquarters in <span class=\"xn-location\">Shanghai<\/span> as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the third quarter of 2025 were <span class=\"xn-money\">RMB12.1 million<\/span> (<span class=\"xn-money\">US$1.7 million<\/span>), compared with <span class=\"xn-money\">RMB11.3 million<\/span> for the corresponding period in 2024, maintaining a relatively stable trend.<\/li>\n<\/ul>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"16.5\">\n<tr readability=\"10.5\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"10\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]&nbsp;<\/sup>Noah&#8217;s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2]&nbsp;<\/sup>&nbsp;&#8220;Active clients&#8221; for a given period refers to registered investors who purchased investment products distributed or received services provided by us during that given period.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"7.5\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"8\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3]&nbsp;<\/sup>&nbsp;&#8220;Other products&#8221; refers to other investment products, which includes insurance products, multi-strategies products and others.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4]&nbsp;&nbsp;<\/sup>The asset allocation\/redemption of overseas investment products includes the impact from changes in foreign currency exchange rates.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[5]&nbsp;&nbsp;<\/sup>The asset allocation\/redemption of public securities also includes the impact from market value appreciation or depreciation.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[6]&nbsp;<\/sup>Operates under the Noah Upright brand<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[7]&nbsp;<\/sup>Operates under the Gopher Asset Management brand<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[8]&nbsp;<\/sup>Operates under the Glory brand<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[9]&nbsp;<\/sup>Operates under the ARK Wealth Management brand<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[10]&nbsp;<\/sup>Operates under the Olive Asset Management brand<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[11]&nbsp;<\/sup>Operates under the Glory Family Heritage brand<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b><i>Operating Costs and Expenses<\/i><\/b><\/p>\n<p><b>Operating<\/b><b>&nbsp;costs and<\/b><b>&nbsp;expenses<\/b>&nbsp;for the third quarter of 2025 were <span class=\"xn-money\">RMB461.0 million<\/span> (<span class=\"xn-money\">US$64.8 million<\/span>), a 4.1% increase from the corresponding period in 2024. Operating costs and expenses for the third quarter of 2025 primarily consisted of (i) compensation and benefits of <span class=\"xn-money\">RMB319.8 million<\/span> (<span class=\"xn-money\">US$44.9 million<\/span>); (ii) selling expenses of <span class=\"xn-money\">RMB68.6 million<\/span> (<span class=\"xn-money\">US$9.6 million<\/span>); (iii) general and administrative expenses of <span class=\"xn-money\">RMB71.9 million<\/span> (<span class=\"xn-money\">US$10.1 million<\/span>); (iv) provision for credit losses of <span class=\"xn-money\">RMB4.7 million<\/span> (<span class=\"xn-money\">US$0.7 million<\/span>); (v) other operating expenses of <span class=\"xn-money\">RMB16.4 million<\/span> (<span class=\"xn-money\">US$2.3 million<\/span>);&nbsp;and (vi) income gained from government grants of <span class=\"xn-money\">RMB20.4 million<\/span> (<span class=\"xn-money\">US$2.9 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li><b>Operating costs and expenses<\/b><b>for domestic public securities <\/b>for the third quarter of 2025 were <span class=\"xn-money\">RMB35.0 million<\/span> (<span class=\"xn-money\">US$4.9 million<\/span>), a 15.9% decrease from the corresponding period in 2024, mainly due to a decrease in compensation and benefits in the third quarter of 2025.<\/li>\n<li><b>Operating costs and expenses<\/b><b>for domestic asset management<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB35.9 million<\/span> (<span class=\"xn-money\">US$5.0 million<\/span>), a 15.9% decrease from the corresponding period in 2024, primarily due to a decrease in compensation and benefits in the third quarter of 2025.<\/li>\n<li><b>Operating costs and expenses<\/b><b>for domestic insurance<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB9.3 million<\/span> (<span class=\"xn-money\">US$1.3 million<\/span>), a 64.3% decrease from the corresponding period in 2024. The change was consistent with the decline in revenue from domestic insurance business.<\/li>\n<li><b>Operating costs and expenses for overseas wealth management<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB97.5 million<\/span> (<span class=\"xn-money\">US$13.7 million<\/span>), a 27.6% decrease from the corresponding period in 2024, primarily due to the corresponding decrease in relationship manager commissions resulting from the reduction in one-time commissions.<\/li>\n<li><b>Operating costs and expenses<\/b><b>for overseas asset management<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB37.4 million<\/span> (<span class=\"xn-money\">US$5.3 million<\/span>), compared with <span class=\"xn-money\">RMB19.8 million<\/span> for the corresponding period in 2024, primarily due to the expansion of the relationship management team which drove up relationship manager compensation.<\/li>\n<li><b>Operating costs and expenses<\/b><b>for overseas insurance and comprehensive services<\/b> for the third quarter of 2025 were <span class=\"xn-money\">RMB34.9 million<\/span> (<span class=\"xn-money\">US$4.9 million<\/span>), a 43.4% increase from the corresponding period in 2024, primarily due to an increase in costs incurred by commission-only brokers.<\/li>\n<li><b>Operating costs and expenses for headquarters <\/b>for the third quarter of 2025 were <span class=\"xn-money\">RMB211.0 million<\/span> (<span class=\"xn-money\">US$29.6 million<\/span>), a 37.3% increase from the corresponding period in 2024, primarily due to an increase in compensation and benefits.<\/li>\n<\/ul>\n<p><b>Income(loss) from operations<\/b><\/p>\n<p><b>Income(loss) from operations <\/b><b>under the segmentation adopted in Q4 2024 is as follows<\/b><b>:<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"7.5\">\n<tr readability=\"3\">\n<td class=\"prngen6\" 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=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q3 2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Q3 2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic public securities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65.0<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">24.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">137.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">153.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">11.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic insurance<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.5)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(4.6)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(73.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">54.4<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48.7<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(10.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">128.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">80.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(37.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas insurance and <br \/>&nbsp; &nbsp;comprehensive services<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.1<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.3<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(18.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Headquarters<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(142.6)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">(198.9)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\">39.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>240.8<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\"><b>171.9<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" 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\"><b>(28.6&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>Income from operations<\/b><b> for domestic public securities<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB80.8 million<\/span> (<span class=\"xn-money\">US$11.3 million<\/span>), a 24.4% increase from the corresponding period in 2024.<\/li>\n<li><b>Income from operations<\/b><b>for domestic asset management<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB153.4 million<\/span> (<span class=\"xn-money\">US$21.5 million<\/span>), a 11.3% increase from the corresponding period in 2024.<\/li>\n<li><b>Loss from operations<\/b><b>for domestic insurance <\/b>for the third quarter of 2025 was <span class=\"xn-money\">RMB4.6 million<\/span> (<span class=\"xn-money\">US$0.6 million<\/span>), a 73.7% decrease from the corresponding period in 2024.<\/li>\n<li><b>Income from operations<\/b><b>for overseas wealth management<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB48.7 million<\/span> (<span class=\"xn-money\">US$6.8 million<\/span>), a 10.5% decrease from the corresponding period in 2024.<\/li>\n<li><b>Income from operations<\/b><b>for overseas asset management<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB80.2 million<\/span> (<span class=\"xn-money\">US$11.3 million<\/span>), a 37.6% decrease from the corresponding period in 2024.<\/li>\n<li><b>Income from operations<\/b><b>for overseas insurance and comprehensive services<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB12.3 million<\/span> (<span class=\"xn-money\">US$1.7 million<\/span>), an 18.2% decrease from the corresponding period in 2024.<\/li>\n<li><b>Loss from operations<\/b><b>for headquarters <\/b>for the third quarter of 2025 was <span class=\"xn-money\">RMB198.9 million<\/span> (<span class=\"xn-money\">US$27.9 million<\/span>), a 39.6% increase from the corresponding period in 2024.<\/li>\n<\/ul>\n<p><b><i>Operating Margin<\/i><\/b><\/p>\n<p><b>Operating margin <\/b>for the third quarter of 2025 was 27.2%, compared with 35.2% for the corresponding period in 2024.<\/p>\n<p><b><i>Interest Income<\/i><\/b><\/p>\n<p><b>Interest income<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB28.7 million<\/span> (<span class=\"xn-money\">US$4.0 million<\/span>), a 0.9% increase from the corresponding period in 2024.<\/p>\n<p><b><i>Investment Income<\/i><\/b><\/p>\n<p><b>Investment income<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB20.6 million<\/span> (<span class=\"xn-money\">US$2.9 million<\/span>), compared with investment income of <span class=\"xn-money\">RMB16.3 million<\/span> in the corresponding period in 2024, primarily due to an increase in income from our private equity fund investment.<\/p>\n<p><b><i>Income Tax Expense<\/i><\/b><\/p>\n<p><b>Income tax expense <\/b>for the third quarter of 2025 were <span class=\"xn-money\">RMB67.5 million<\/span> (<span class=\"xn-money\">US$9.5 million<\/span>), a 24.2% decrease from the corresponding period in 2024, primarily due to a decrease in income tax expenses associated with dividend withholding tax for offshore dividend payments from PRC subsidiaries in the third quarter of 2025.<\/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 third quarter of 2025 was <span class=\"xn-money\">RMB218.9 million<\/span> (<span class=\"xn-money\">US$30.7 million<\/span>), a 58.9% increase from the corresponding period in 2024.<\/li>\n<li><b>Net margin <\/b>for the third quarter of 2025 was 34.6%, compared with 20.2% for the corresponding period in 2024.<\/li>\n<li><b>Net income attributable to Noah shareholders <\/b>for the third quarter of 2025 was <span class=\"xn-money\">RMB218.5 million<\/span> (<span class=\"xn-money\">US$30.7 million<\/span>), a 62.6% increase from the corresponding period in 2024.<\/li>\n<li><b>Net margin attributable to Noah shareholders <\/b>for the third quarter of 2025 was 34.5%, compared with 19.7% for the corresponding period in 2024.<\/li>\n<li><b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b> for the third quarter of 2025 was <span class=\"xn-money\">RMB3.14<\/span> <span class=\"xn-money\">(US$0.44)<\/span> and <span class=\"xn-money\">RMB3.11<\/span> <span class=\"xn-money\">(US$0.44)<\/span>, compared with <span class=\"xn-money\">RMB1.91<\/span> and <span class=\"xn-money\">RMB1.91<\/span> for the corresponding period in 2024, respectively.<\/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 third quarter of 2025 was <span class=\"xn-money\">RMB229.1 million<\/span> (<span class=\"xn-money\">US$32.2 million<\/span>), a 52.2% increase from the corresponding period in 2024.<\/li>\n<li><b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the third quarter of 2025 was 36.2%, compared with 22.0% for the corresponding period in 2024.<\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the third quarter of 2025 was <span class=\"xn-money\">RMB3.26<\/span> <span class=\"xn-money\">(US$0.46)<\/span>, compared with <span class=\"xn-money\">RMB2.14<\/span> for the corresponding period in 2024.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b><i>Balance Sheet and Cash Flow<\/i><\/b><\/p>\n<p>As of <span class=\"xn-chron\">September 30, 2025<\/span>, the Company had <span class=\"xn-money\">RMB3,837.4 million<\/span> (<span class=\"xn-money\">US$539.0 million<\/span>) in cash and cash equivalents, compared with <span class=\"xn-money\">RMB3,821.8 million<\/span> as of <span class=\"xn-chron\">June 30, 2025<\/span> and <span class=\"xn-money\">RMB3,435.8 million<\/span> as of <span class=\"xn-chron\">September 30, 2024<\/span>, respectively.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the third quarter of 2025 was <span class=\"xn-money\">RMB316.9 million<\/span> (<span class=\"xn-money\">US$44.5 million<\/span>), compared with net cash inflow of <span class=\"xn-money\">RMB237.2 million<\/span> in the corresponding period in 2024, mainly due to increased cash inflow generated from net income from operations and enhanced working capital management.<\/p>\n<p>Net cash inflow from the Company&#8217;s investing activities during the third quarter of 2025 was <span class=\"xn-money\">RMB253.7 million<\/span> (<span class=\"xn-money\">US$35.6 million<\/span>), compared with net cash outflow of <span class=\"xn-money\">RMB53.7 million<\/span> in the corresponding period in 2024, primarily due to the cash inflows from the maturity of some held-to-maturity investments in the third quarter of 2025.<\/p>\n<p>Net cash outflow to the Company&#8217;s financing activities was <span class=\"xn-money\">RMB549.9 million<\/span> (<span class=\"xn-money\">US$77.3 million<\/span>) in the third quarter of 2025, compared with net cash outflow of <span class=\"xn-money\">RMB1,010.8 million<\/span> in the corresponding period in 2024, primarily due to a decrease in dividend payment to the Company&#8217;s shareholders in the third quarter of 2025.<\/p>\n<p><b><i>Treasury Shares<\/i><\/b><\/p>\n<p>As of the date of the 2024 annual report of the Company, for the 3,063,510 ordinary shares held in treasury as of <span class=\"xn-chron\">December 31, 2024<\/span>, the Company intended to cancel or to hold these shares in treasury for any purpose as long as it is in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the &#8220;<b>Hong Kong Listing Rules<\/b> &#8220;) (e.g., providing incentives to employees, reselling, or otherwise using such treasury shares subject to market conditions and the Company&#8217;s capital management needs, in compliance with the Hong Kong Listing Rules). After evaluating recent market conditions as well as the Company&#8217;s capital management plan, on <span class=\"xn-chron\">November 21, 2025<\/span> (Hong Kong Time), the Company cancelled 6,762,680 ordinary shares it held in treasury as of <span class=\"xn-chron\">September 30, 2025<\/span>. The Company may continue to repurchase its shares under its Share Repurchase Program (as defined in the Company&#8217;s announcement dated <span class=\"xn-chron\">August 29, 2024<\/span>) and will hold the repurchased shares in treasury for purposes permitted under the Hong Kong Listing Rules or cancel them periodically, depending on market conditions.<\/p>\n<p><b>CONFERENCE CALL&nbsp;<\/b><\/p>\n<p>Senior management will host a combined English and Chinese language conference call to discuss the Company&#8217;s third quarter of 2025 unaudited financial results and recent business activities.<\/p>\n<p>The conference call will be accessed via Zoom webinar with the following details:<\/p>\n<p><b>Dial-in details:&nbsp;<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"8.5\">\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Conference title:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"3\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Noah Third Quarter 2025 Earnings Conference Call<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"17\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Date\/Time: &nbsp;&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"3\" rowspan=\"1\" readability=\"15\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Tuesday, November 25, 2025, at 7:00 p.m., U.S. Eastern Time<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wednesday, November 26, 2025, at 8:00 a.m., Hong Kong Time<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Dial in:<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u2013 Hong Kong Toll Free:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">800-963976<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u2013 United States Toll Free:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-888-317-6003<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u2013 Mainland China Toll Free:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4001-206115<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">\u2013 International Toll:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-412-317-6061<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Participant Password:<\/span><\/p>\n<\/td>\n<td class=\"prnpr2 prnpl2 prnvab prntal prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4879767<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>A telephone replay will be available starting approximately one hour after the end of the conference until <span class=\"xn-chron\">December 2, 2025<\/span> at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2159903.<\/p>\n<p>A live and archived webcast of the conference call will be available at the Company&#8217;s investor relations website under the &#8220;Financial Reports&#8221; section at <a href=\"http:\/\/ir.noahgroup.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/ir.noahgroup.com.<\/a><\/p>\n<p><b>DISCUSSION ON NON-GAAP MEASURES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/b><\/p>\n<p>In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company&#8217;s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-cash settlement expenses or reversal and net of tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release.<\/p>\n<p>The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.<\/p>\n<p>When evaluating the Company&#8217;s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company&#8217;s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.<\/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 global Chinese high-net-worth investors. Noah&#8217;s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol &#8220;NOAH,&#8221; and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code &#8220;6686.&#8221; One ADS represent five ordinary shares, par value <span class=\"xn-money\">$0.00005<\/span> per share.<\/p>\n<p>In the first nine months of 2025, Noah distributed <span class=\"xn-money\">RMB50.1 billion<\/span> (<span class=\"xn-money\">US$7.0 billion<\/span>) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB143.5 billion<\/span> (<span class=\"xn-money\">US$20.2 billion<\/span>) as of September&nbsp;30, 2025.<\/p>\n<p>Noah&#8217;s domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah&#8217;s network covers major cities in mainland <span class=\"xn-location\">China<\/span>, as well as <span class=\"xn-location\">Hong Kong<\/span> (<span class=\"xn-location\">China<\/span>), <span class=\"xn-location\">New York<\/span>, Silicon Valley, <span class=\"xn-location\">Singapore<\/span>, and <span class=\"xn-location\">Los Angeles<\/span>. The Company&#8217;s wealth management business had 466,153 registered clients as of <span class=\"xn-chron\">September 30, 2025<\/span>. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other businesses.<\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>.<\/p>\n<p><b>FOREIGN CURRENCY TRANSLATION<\/b><\/p>\n<p>In this announcement, the unaudited financial results for the third quarter of 2025 ended <span class=\"xn-chron\">September 30, 2025<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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\">RMB7.119<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">September 30, 2025<\/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 &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the &#8220;Hong Kong Stock Exchange&#8221;), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah&#8217;s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah&#8217;s cash and cash equivalents and liquidity risk. A number of factors could cause Noah&#8217;s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in <span class=\"xn-location\">China<\/span> and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah&#8217;s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in <span class=\"xn-location\">China<\/span> and internationally; general economic and business conditions in <span class=\"xn-location\">China<\/span>; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah&#8217;s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.<\/p>\n<p>_________________<\/p>\n<p>&#8212; FINANCIAL AND OPERATIONAL TABLES FOLLOW &#8212;<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"15\">\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" 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=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">June 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" 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=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Current assets:<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,821,846<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,837,367<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">539,032<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,617<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,071<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">853<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Short-term investments<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,602,362<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,157,410<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">162,580<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Accounts receivable, net <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">403,226<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">358,143<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50,308<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Amounts due from related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">591,977<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">568,979<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79,924<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">122,658<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">117,598<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,519<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">223,676<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">330,699<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">46,454<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Total current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,776,362<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,376,267<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">895,670<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Long-term investments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">712,155<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">785,992<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">110,408<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Investment in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,363,061<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,469,275<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">206,388<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,346,487<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,377,786<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">334,006<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">109,688<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">98,947<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,899<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Deferred tax assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">317,124<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">317,007<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">44,530<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other non-current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">120,005<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">120,668<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,950<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" 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\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,744,882<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,545,942<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,621,851<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Accrued payroll and welfare expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">324,621<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">346,233<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,635<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">55,491<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">117,029<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,439<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Deferred revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62,097<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">72,207<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,143<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Dividend payable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">550,000<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Contingent liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">467,255<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">462,042<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">64,903<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">302,049<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">340,086<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,772<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,761,513<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,337,597<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">187,892<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">242,254<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">240,363<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">33,764<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Operating lease liabilities, non-current<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">69,597<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">59,634<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,377<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,755<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,701<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,363<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Total Liabilities&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,083,119<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,647,295<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>231,396<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\"><b>Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>9,661,763<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>9,898,647<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,390,455<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,744,882<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,545,942<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,621,851<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"21\">\n<tr>\n<td class=\"prngen5\" colspan=\"23\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"23\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen5\" colspan=\"23\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"7\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB&#8217;000, except for ADS data, per ADS data and percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"23\" 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=\"prngen18\" colspan=\"23\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"21\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen4\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">170,023<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">158,386<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22,248<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">166,138<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">148,333<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,836<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,974<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,008<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">844<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">102.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,764<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35,450<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4,980<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(27.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">387,899<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,177<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">48,908<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher\/Olive <br \/>&nbsp; &nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,014<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">930<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">131<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(84.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">236,638<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">273,105<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">38,363<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">58,151<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,839<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">2,225<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(72.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp; &nbsp;Gopher\/Olive manages<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">300,803<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">289,874<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">40,719<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3.6&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">688,702<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">638,051<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">89,627<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7.4&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,016)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,152)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(724)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" 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=\"prngen6\" 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=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>683,686<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>632,899<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>88,903<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(7.4&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"2\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Relationship managers<\/span><\/p>\n<p class=\"prnml50\"><span class=\"prnews_span\">compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(137,082)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(126,159)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(17,721)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8.0&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(172,902)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(193,653)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(27,203)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12.0&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(309,984)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(319,812)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(44,924)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.2&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(65,939)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,623)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(9,639)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp; &nbsp;expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(72,250)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(71,876)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(10,096)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(0.5&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,416)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,664)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13.9&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,859)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,389)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(2,302)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.5&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,576<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,352<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">2,859<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and<br \/>&nbsp; &nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(442,872)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(461,012)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(64,757)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>240,814<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>171,887<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>24,146<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(28.6&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">28,416<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">28,683<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,029<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" 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=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Investment income<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,334<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,569<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,889<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">25.9&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Settlement reversal<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,356<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">190<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"5\" 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=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(43,577)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(20,813)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen16\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,924)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(52.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total other income <\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,173<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">29,795<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4,184<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,440.1&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income before taxes and income <br \/>&nbsp; &nbsp; &nbsp;from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">241,987<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">201,682<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">28,330<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16.7&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(89,036)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen14\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(67,471)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(9,478)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(24.2&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(Loss) income from equity in <br \/>&nbsp; &nbsp; &nbsp;affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,184)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">84,649<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,891<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prnpr2 prnpl2 prnvab prnsbtb1 prnrbrb1 prnbbbs prnsblb1\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\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=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>137,767<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>218,860<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>30,743<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>58.9&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: net gain attributable to non-<br \/>&nbsp; &nbsp; &nbsp;controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,351<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prnpr10 prnpl11 prnvab prntar prnsbtb1 prnrbrb1 prnbbbs prnsblb1\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">366<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">51<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(89.1&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to Noah <br \/>&nbsp; &nbsp; &nbsp;shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>134,416<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen10\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>218,494<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen10\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>30,692<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>62.6&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.91<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.14<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.44<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">64.4&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.91<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3.11<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">0.44<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" 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=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">34.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">34.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Weighted average ADS<br \/>&nbsp; &nbsp; &nbsp;equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">70,334,784<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">69,617,957<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">69,617,957<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70,396,502<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70,324,538<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">70,324,538<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">ADS equivalent outstanding at end<br \/>&nbsp; &nbsp; &nbsp;of period<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,824,608<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,854,612<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">65,854,612<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"19\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"6.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" 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=\"prngen18\" colspan=\"11\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"10\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">137,767<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">218,860<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,743<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">58.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other comprehensive (loss) income, net of tax:<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Foreign currency translation adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(92,022)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,860<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">261<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Fair value fluctuation of available-for-sale <br \/>&nbsp; &nbsp; &nbsp;investment<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">238<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">33<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Comprehensive income<\/span><\/p>\n<\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>45,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>220,958<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>31,037<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>383.0&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Less: Comprehensive gain attributable to non-<br \/>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; controlling interests<\/span><\/p>\n<\/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\">4,822<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">518<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(89.3&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Comprehensive income attributable to Noah <br \/>&nbsp; &nbsp; &nbsp;shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>40,923<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>220,440<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>30,964<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen11\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>438.7&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"17.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"28\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"29\" rowspan=\"1\" readability=\"5\">\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=\"prngen5\" colspan=\"29\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr4 prnpl2 prnvab prntac prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"29\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen23\" colspan=\"4\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"22\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three months ended September 30, 2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"29\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"9\">\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic <br \/>public <br \/>securities<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic<br \/>asset <br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic<br \/>insurance<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas <br \/>wealth<br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas<br \/>asset<br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas <br \/>insurance <br \/>and<br \/>comprehensive <br \/>services<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Headquarters<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,556<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">665<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,756<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">90,767<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,247<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">41,395<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">158,386<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">88,580<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">27,966<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,539<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">22,248<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">148,333<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,007<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,008<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13,496<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,784<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,170<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35,450<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">107,143<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">28,631<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,756<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">113,802<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,496<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,179<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,170<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,177<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds <br \/>&nbsp; &nbsp; &nbsp;Gopher\/Olive manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">930<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">930<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,552<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">156,572<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32,395<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">75,586<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">273,105<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,273<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,504<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,839<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp; &nbsp;Gopher\/Olive manages <\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,544<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">160,845<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32,395<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">87,090<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">289,874<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">116,687<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189,476<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,756<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">146,197<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">117,586<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">47,179<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,170<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">638,051<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(823)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(215)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,070)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,152)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>115,864<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>189,261<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,712<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>146,197<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>117,586<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>47,179<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>12,100<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>632,899<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Relationship managers <br \/>compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,739)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,597)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,348)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(60,910)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,244)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,321)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(126,159)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,530)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,861)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,692)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(21,449)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17,614)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,311)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(116,196)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(193,653)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and <br \/>&nbsp; &nbsp;benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(33,269)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(27,458)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,040)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(82,359)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(30,858)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(23,632)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(116,196)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(319,812)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,521)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,463)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(265)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(14,822)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,757)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,764)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(37,031)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,623)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative<br \/>&nbsp; &nbsp;expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(25)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,527)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,604)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(299)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(775)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,343)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(62,303)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(71,876)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Reversal of (provision for)<br \/>&nbsp; &nbsp;credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,315<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,866)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,712<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,825)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,664)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(515)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(672)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(406)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,829)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,967)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,389)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,081<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,271<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,352<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and<br \/>&nbsp; &nbsp;expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(35,015)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(35,905)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,315)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(97,480)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(37,390)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(34,856)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(211,051)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(461,012)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from <br \/>&nbsp; &nbsp;operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>80,849<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>153,356<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(4,603)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>48,717<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>80,196<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>12,323<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(198,951)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>171,887<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"17.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"29\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"29\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"29\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"29\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen23\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"22\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three months ended September 30, 2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"29\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"9\">\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic <br \/>public <br \/>securities<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic<br \/>asset<br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Domestic<br \/>insurance<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas <br \/>wealth <br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas<br \/>asset<br \/>management<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas <br \/>insurance <br \/>and <br \/>comprehensive <br \/>services<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Headquarters<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,796<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,617<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">126,166<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">4,377<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">28,988<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">170,023<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">87,108<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">56,575<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,624<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">15,455<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">376<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">166,138<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,972<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">2<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">2,974<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">24,217<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,379<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,168<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,764<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">91,876<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">56,654<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,617<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">157,007<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,834<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">39,367<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,544<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">387,899<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds <br \/>Gopher\/Olive manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,671<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,640<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">703<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">6,014<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,442<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">122,857<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">30,402<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">70,937<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">236,638<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">49<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,125<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">56,977<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">58,151<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp;Gopher\/Olive manages <\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">16,162<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">123,982<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32,042<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">128,617<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">300,803<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">108,038<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">180,636<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,617<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189,049<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">148,451<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">39,367<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">14,544<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">688,702<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,458)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(208)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(85)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(3,265)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,016)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>106,580<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>180,428<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,532<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>189,049<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>148,451<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>39,367<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,279<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>683,686<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Relationship managers<br \/>&nbsp; &nbsp;compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,914)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17,842)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(10,505)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(76,089)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(474)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(3,258)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(137,082)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml40\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,201)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(17,791)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,668)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(31,228)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,193)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(11,851)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(77,970)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(172,902)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and <br \/>&nbsp; &nbsp;benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(40,115)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(35,633)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(20,173)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(107,317)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(13,667)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,109)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(77,970)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(309,984)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(269)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,807)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,012)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,011)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,739)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(4,131)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(24,970)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(65,939)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp;expenses <\/span><\/p>\n<\/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\">(819)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,720)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,871)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,288)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(439)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(1,660)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(60,453)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(72,250)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(724)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(2,043)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(2,649)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,416)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(411)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(18)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(1,358)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(11,070)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(12,859)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">226<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,350<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,576<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and <br \/>&nbsp; &nbsp;expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(41,614)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(42,676)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,058)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(134,616)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(19,845)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(24,301)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(153,762)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(442,872)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from<br \/>&nbsp; &nbsp;operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>64,966<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>137,752<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(17,526)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>54,433<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>128,606<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>15,066<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\"><b>(142,483)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>240,814<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"16.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Additional Business Information<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended September 30, 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">158,386<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">158,386<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">148,333<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">148,333<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,008<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">6,008<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,352<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,098<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35,450<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">336,079<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,098<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">348,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds <br \/>&nbsp; &nbsp; Gopher\/Olive manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">306<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">624<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">930<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">92,431<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">180,674<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">273,105<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,839<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">15,839<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp; Gopher\/Olive manages<\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">92,737<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">197,137<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">289,874<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">428,816<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">197,137<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,098<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">638,051<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,321)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(215)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,616)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,152)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>427,495<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>196,922<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,482<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>632,899<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers <br \/>&nbsp; &nbsp;compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(124,514)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,645)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(126,159)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(129,633)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(58,074)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,946)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(193,653)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(254,147)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(59,719)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,946)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(319,812)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(50,133)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,774)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,716)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(68,623)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative<br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(45,250)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,884)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,742)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(71,876)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for (reversal of) credit<br \/>&nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,775<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,866)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,573)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,664)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,667)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,968)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,754)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,389)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,265<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,087<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">20,352<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(334,157)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(93,124)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(33,731)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(461,012)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>93,338<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>103,798<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(25,249)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>171,887<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"16.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Additional Business Information<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended September 30, 2024<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">170,023<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">170,023<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">166,138<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">166,138<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,974<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">2,974<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">36,087<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,677<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">48,764<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">375,222<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">12,677<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">387,899<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Revenues from funds Gopher\/Olive <br \/>&nbsp; &nbsp;manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,776<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">238<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">6,014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">85,850<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">150,788<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">236,638<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">50<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">58,101<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">58,151<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues from funds <br \/>&nbsp; &nbsp;Gopher\/Olive manages<\/span><\/p>\n<\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">91,676<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">209,127<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">300,803<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">466,898<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">209,127<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">12,677<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">688,702<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,881)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(208)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(2,927)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,016)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" 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=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>465,017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>208,919<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>9,750<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>683,686<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship managers <br \/>&nbsp; &nbsp;compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(129,395)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,687)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(137,082)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(118,388)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(47,556)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(6,958)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(172,902)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(247,783)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(55,243)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(6,958)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(309,984)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(48,392)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(11,704)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,843)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(65,939)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(45,766)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(17,500)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(8,984)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(72,250)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Reversal of credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,758)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(2,203)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(1,455)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(5,416)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,708)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(22)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,129)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(12,859)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government grants&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,350<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">226<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">23,576<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Total operating costs and<br \/>&nbsp; &nbsp;expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(326,057)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(86,446)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(30,369)<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\">(442,872)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>138,960<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>122,473<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" 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\"><b>(20,619)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen25\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>240,814<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"2.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplemental Revenue Information by Geography<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" 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=\"prngen18\" colspan=\"8\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" 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=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <br \/>2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(in thousands of RMB, except percentages)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues:&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">311,835<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">327,089<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">286,766<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">226,139<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(21.1&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">90,101<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">84,823<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(5.9&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>688,702<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>638,051<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>(7.4&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"3.5\">\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplemental Revenue Information by Product Types<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" 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=\"prnpr10 prnpl2 prnvab prnsbtb1 prnrbrb1 prnsbbb1 prnsblb1\" colspan=\"8\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" 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=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <br \/>2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(in thousands of RMB, except percentages)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Mainland China:&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Public securities products&nbsp;<sup>[1]<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">108,038<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">116,687<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">8.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">180,636<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">189,476<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Insurance products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,617<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4,756<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(44.8&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,544<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">16,170<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">11.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Subtotal<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">311,835<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">327,089<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">4.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Overseas:&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Investment products <sup>[2]<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">191,200<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">170,962<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(10.6&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Insurance products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">144,942<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">112,921<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(22.1&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Online business <sup>[3]<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,865<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">11,998<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">52.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">32,860<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">15,081<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(54.1&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Subtotal<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">376,867<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">310,962<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(17.5&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>688,702<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>638,051<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>(7.4&nbsp;%)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>[1] Includes mutual funds and private secondary products.<\/p>\n<p>[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.<\/p>\n<p>[3] Includes money market mutual fund products, securities brokerage business.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"15\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"31\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"31\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplemental Information&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"31\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"31\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"13\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">As of&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of registered clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">460,380<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">466,153<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.3&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"8\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"11\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"15\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <br \/>2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"28\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(in millions of RMB, except number of active clients and percentages)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of active clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">7,857<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">10,650<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">35.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Transaction value:&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,070<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1,097<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.6&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,560<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5,940<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">66.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mutual fund products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">8,651<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">9,159<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">5.9&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">977<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">790<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen9\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">(19.2&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total transaction value<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>14,258<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>16,986<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"9\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>19.1&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"prngen18\" colspan=\"26\" rowspan=\"1\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"26\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&nbsp;<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"26\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Supplemental Information of Overseas Business<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"26\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"12\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"12\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30, <br \/>2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">September 30,&nbsp;<br \/>2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen3\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"22\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen29\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net Revenues from Overseas (RMB, million)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">376.9<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">311.0<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(17.5&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of Overseas Registered Clients<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">17,287<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,543<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.1&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of Overseas Active Clients<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,139<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,561<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">13.4&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">Transaction Value of Overseas Investment <br \/>&nbsp; &nbsp;Products (RMB, billion)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">7.8<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">8.6<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">11.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Number of Overseas Relationship Managers&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">146<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">136<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(6.8&nbsp;%)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen26\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Overseas Assets Under Management (RMB, <br \/>&nbsp; &nbsp;billion)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">39.5<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">42.2<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"6\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"4\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">6.8&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"5\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"11.5\">\n<tr>\n<td class=\"prngen5\" 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 readability=\"3\">\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Reconciliation of GAAP to Non-GAAP Results&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(In RMB, except for per ADS data and percentages)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"7\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(unaudited)<sup><b>[12]<\/b><\/sup><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\" colspan=\"7\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"3\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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\">September 30,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">September 30,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Change&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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\">2024<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">134,416<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">218,494<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen7\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">62.6&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustment for share-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19,846<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">14,920<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(24.8&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Add: settlement reversal<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(1,356)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Less: Tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">3,745<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2,984<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">(20.3&nbsp;%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders<br \/>&nbsp; &nbsp;(non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>150,517<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>229,074<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\"><b>52.2&nbsp;%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net margin&nbsp;attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">19.7&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">34.5&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"5\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah<br \/>&nbsp; &nbsp;shareholders<\/span><\/p>\n<\/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\">22.0&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">36.2&nbsp;%<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"2\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>&nbsp; &nbsp;diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1.91<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">3.11<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">62.8&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\" readability=\"6\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-GAAP net income attributable to Noah <br \/>&nbsp; &nbsp;shareholders per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2.14<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\">\n<p class=\"prnml4\">&nbsp;<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">3.26<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" 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\">52.3&nbsp;%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\" nowrap=\"nowrap\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody readability=\"3\">\n<tr readability=\"9\">\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" readability=\"9\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[12]&nbsp;<\/sup>&nbsp;Noah&#8217;s Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation, impact related to settlements and net of relevant tax impact, if any.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI, Nov. 26, 2025 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and&nbsp;HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the third quarter of 2025. Starting [&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-41735","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=41735\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025 - My Blog\" \/>\n<meta property=\"og:description\" content=\"SHANGHAI, Nov. 26, 2025 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH and&nbsp;HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the third quarter of 2025. 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