{"id":9334,"date":"2022-05-11T20:15:00","date_gmt":"2022-05-11T20:15:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3753886_CN53886_0"},"modified":"2022-05-11T20:15:00","modified_gmt":"2022-05-11T20:15:00","slug":"noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=9334","title":{"rendered":"NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022"},"content":{"rendered":"<p><span class=\"xn-location\">SHANGHAI<\/span>, May 12, 2022 \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),&nbsp;a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the first quarter of 2022. <\/p>\n<p><b>FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS<\/b><\/p>\n<ul type=\"disc\">\n<li><b>N<\/b><b>et revenue<\/b><b>s<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB795.7 million<\/span> (<span class=\"xn-money\">US$125.5 million<\/span>), a 35.0% decrease from the corresponding period in 2021, and a 36.9% decrease from the fourth quarter of 2021, mainly due to decreases in one-time commissions and performance-based incomes.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"1.5\">\n<tr readability=\"3\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(RMB millions, <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>except percentages)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Q1 2021<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Q1 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">946.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">578.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22 prnpr4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(38.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">200.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(25.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8.3<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,224.7<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">795.7<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(35.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>Income from operations<\/b> for the first quarter of 2022 was <span class=\"xn-money\">RMB313.8 million<\/span> (<span class=\"xn-money\">US$49.5 million<\/span>), a 37.5% decrease from the corresponding period in 2021, due to the decreased net revenues for the first quarter of 2022, but a 137.2% increase from the fourth quarter of 2021, due to less expenses and provision of credit losses incurred, which is partially offset by a decrease in net revenues.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"2.5\">\n<tr readability=\"3\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(RMB millions, <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>except percentages)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Q1 2021<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Q1 2022<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">YoY Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">418.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">235.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(43.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset management<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">93.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(30.2)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15.5)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10 prnpr4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(48.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">502.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(37.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<ul type=\"disc\">\n<li><b>Net income attributable to Noah shareholders<\/b> for the first quarter of 2022 was <span class=\"xn-money\">RMB305.2 million<\/span> (<span class=\"xn-money\">US$48.2 million<\/span>), a 32.8% decrease from the corresponding period in 2021, but an 8.5% increase from the fourth quarter of 2021. <\/li>\n<li><b>Non-GAAP<b>[1]<\/b> <\/b><b>net income attributable to Noah shareholders<\/b> for the first quarter of 2022 was <span class=\"xn-money\">RMB313.5 million<\/span> (<span class=\"xn-money\">US$49.5 million<\/span>), a 32.1% decrease from the corresponding period in 2021, but an 8.2% increase from the fourth quarter of 2021.<\/li>\n<\/ul>\n<div>\n<table id=\"convertedTable0266\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tbody readability=\"2.5\">\n<tr readability=\"7.5\">\n<td class=\"prngen2\" readability=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">[1]&nbsp;Noah&#8217;s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any.&nbsp;See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>FIRST QUARTER 2022 OPERATIONAL UPDATES<\/b><\/p>\n<p><b>Wealth Management Business<\/b><\/p>\n<p>We offer investment products and provide value-added services to high net worth investors in <span class=\"xn-location\">China<\/span> and overseas for our wealth management business. We primarily distribute private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.<\/p>\n<ul type=\"disc\">\n<li><b>Total number of registered clients<\/b> as of <span class=\"xn-chron\">March 31, 2022<\/span> was 415,082, an 8.1% increase from <span class=\"xn-chron\">March 31, 2021<\/span>, and a 0.8% increase from <span class=\"xn-chron\">December 31, 2021<\/span>. <\/li>\n<li><b>Total number of active clients<b>[2]<\/b>, <\/b>which excluded mutual fund-only clients during the first quarter of 2022 was 2,818, a 55.3% decrease from the first quarter of 2021, and a 21.2% decrease from the fourth quarter of 2021. Including mutual fund-only clients, the number of clients who transacted with us during the first quarter of 2022 was 14,970, a 46.2% decrease from the first quarter of 2021, and a 14.2% decrease from the fourth quarter of 2021. The decreases were mainly related to the adverse performance of secondary market in the first quarter. <\/li>\n<li><b>A<\/b><b>ggregate value of <\/b><b>investment products<\/b><b> distributed <\/b>during the first quarter of 2022 was <span class=\"xn-money\">RMB15.0 billion<\/span> (<span class=\"xn-money\">US$2.4 billion<\/span>), a 44.6% decrease from the first quarter of 2021, primarily due to a 68.7%, 33.2% and 17.8% decrease of private secondary products, private equity products and mutual fund products, respectively. The aggregate value decreased by 28.7% compared with the fourth quarter of 2021, due to a 39.5% and 30.3% decrease of private secondary products and mutual fund products, respectively and partially offset by a 4.6% increase of private equity products. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"4\">\n<tr readability=\"4.5\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Product type<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"7\" class=\"prngen12\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended March 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2021<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2022<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen13\"><\/td>\n<td colspan=\"7\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(RMB in billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mutual fund products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">31.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Private secondary products<b>&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47.5%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">26.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Private equity products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">17.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other products<b><b>[3]<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.7<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>All products<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100.0%<\/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> covered 83 cities as of <span class=\"xn-chron\">March 31, 2022<\/span>, compared with 82 cities as of <span class=\"xn-chron\">March 31, 2021<\/span> and 84 cities as of <span class=\"xn-chron\">December 31, 2021<\/span>. <\/li>\n<li><b>Number of relationship managers<\/b> was 1,281 as of <span class=\"xn-chron\">March 31, 2022<\/span>, a 2.8% increase from <span class=\"xn-chron\">March 31, 2021<\/span>, but a 2.7% decrease from <span class=\"xn-chron\">December 31, 2021<\/span>. <\/li>\n<\/ul>\n<div>\n<table id=\"convertedTable0835\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tbody readability=\"5\">\n<tr readability=\"7.5\">\n<td class=\"prngen2\" readability=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">[2] &nbsp;&#8220;Active clients&#8221; for a given period refers to registered high net worth clients who purchase investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"7.5\">\n<td class=\"prngen2\" readability=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">[3] &nbsp;&#8220;Other products&#8221; refers to other investment products, which includes insurance products, multi-strategies products and others<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Asset Management Business<\/b><\/p>\n<p>Our asset management business is conducted through Gopher Asset Management Co., Ltd. (&#8220;Gopher Asset Management&#8221;), a leading multi-asset manager in <span class=\"xn-location\">China<\/span> with overseas offices in <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">the United States<\/span>. Gopher Asset Management develops and manages assets ranging from private equity, public securities,&nbsp;real estate, multi-strategy and other investments denominated in RMB and other currencies.&nbsp;<\/p>\n<ul type=\"disc\">\n<li><b>Total assets under management <\/b>as of <span class=\"xn-chron\">March 31, 2022<\/span> remained relatively stable in the amount of <span class=\"xn-money\">RMB156.1 billion<\/span> (<span class=\"xn-money\">US$24.6 billion<\/span>), a 1.3% increase from <span class=\"xn-chron\">March 31, 2021<\/span>. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"3\">\n<tr readability=\"4.5\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investment type<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen12\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As of&nbsp;<br \/>December 31,&nbsp;<br \/>2021<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><br \/>Growth<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Allocation\/&nbsp;<br \/>Redemption<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As of<br \/>March 31,&nbsp;<br \/>2022<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen4\"><\/td>\n<td colspan=\"11\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(RMB billions, except percentages)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Private equity<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">130.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.8<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">132.7<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">85.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Public securities[4]<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Real estate<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.6<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.2<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Multi-strategies<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5.9<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>All Investments<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156.0<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5.5<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5.4<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">156.1<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable89db\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tbody readability=\"1.5\">\n<tr>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">[4] The asset allocation\/redemption of public securities also includes market appreciation or depreciation.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Other Businesses<\/b><\/p>\n<p>Our other businesses segment has been transitioned to &#8220;Noah Digital International&#8221;, and to provide more comprehensive services and investment products to our clients. <\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, co-founder and CEO of Noah, said, &#8220;In the first quarter of 2022, I am happy to see the number of our core clients, diamond and black card, continued to grow at 7.3% and 30.6% year-on-year respectively amid volatile market environment, showing the effectiveness of our client-centric reform. Despite weaker transaction value in mutual funds and private secondary products, which is in line with the market trend, and thanks to the sophistication of our clients and our investor education efforts, we allocated 4.6% more long-duration private equity products in the quarter compared with the fourth quarter of 2021. With the successful implementation of our new compensation scheme in 2021, as well as strict cost control and strategic investment, our operating margin restored to nearly 40% in the first quarter. We are mindful of the global macro outlook and the impact of the recent COVID-19 lockdowns in <span class=\"xn-location\">China<\/span>, and recommend our clients to adopt a Protection before Growth strategy in 2022, by reevaluating and proactively rebalancing the asset allocation to construct a well-positioned portfolio that is safe and effective. We remain confident in the resilience of Chinese economy, the growth of the wealth management and asset management industries here, as well as the support from our clients, and hope to meet the full-year non-GAAP net income guidance that we published in the last earnings release.&#8221; <\/p>\n<p><b>FIRST QUARTER 2022 FINANCIAL RESULTS<\/b><\/p>\n<p><b><i>Net Revenues<\/i><\/b><\/p>\n<p><b>Net revenues<\/b>&nbsp;for the first quarter of 2022 were <span class=\"xn-money\">RMB795.7 million<\/span> (<span class=\"xn-money\">US$125.5 million<\/span>), a 35.0% decrease from the corresponding period in 2021, primarily due to decreases in one-time commissions and performance-based income, partially offset by increases in recurring service fees and other service fees.<\/p>\n<p><b>&#8211; Wealth Management Business<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net revenues from one-time commissions<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB92.6 million<\/span> (<span class=\"xn-money\">US$14.6 million<\/span>), a 68.4% decrease from the corresponding period in 2021, primarily due to a 68.7% decrease in transaction value of private secondary products that we distributed. <\/li>\n<li><b>Net revenues from recurring service fees<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB310.8 million<\/span> (<span class=\"xn-money\">US$49.0 million<\/span>), a 0.9% decrease from the corresponding period in 2021. <\/li>\n<li><b>Net revenues from performance-based income<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB156.0 million<\/span> (<span class=\"xn-money\">US$24.6 million<\/span>), compared with <span class=\"xn-money\">RMB325.6 million<\/span> in the corresponding period of 2021. The decrease was primarily due to less performance-based income that were shared from private secondary products providers. <\/li>\n<li><b>Net revenues from other service fees<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB19.0 million<\/span> (<span class=\"xn-money\">US$3.0 million<\/span>), compared with <span class=\"xn-money\">RMB13.9 million<\/span> in the corresponding period in 2021, primarily due to more value-added services we offered to our high net worth clients.<\/li>\n<\/ul>\n<p><b>&#8211; Asset Management Business<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net revenues from one-time commissions <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB9.2 million<\/span> (<span class=\"xn-money\">US$1.5 million<\/span>), a 69.1% decrease from the corresponding period in 2021 due to less private equity products sold. <\/li>\n<li><b>Net revenues from recurring service fees <\/b>for the first quarter of 2022 were <span class=\"xn-money\">RMB173.3 million<\/span> (<span class=\"xn-money\">US$27.3 million<\/span>), a 7.5% increase from the corresponding period in 2021 due to increase in assets under management. <\/li>\n<li><b>Net revenues from performance-based income <\/b>for the first quarter of 2022 were <span class=\"xn-money\">RMB18.1 million<\/span> (<span class=\"xn-money\">US$2.9 million<\/span>), compared with <span class=\"xn-money\">RMB77.5 million<\/span> in the corresponding period of 2021. The decrease was primarily due to less performance-based income realized from private equity products.<\/li>\n<\/ul>\n<p><b>&#8211; Other <\/b><b>Businesses<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net revenues <\/b>for the first quarter of 2022 were <span class=\"xn-money\">RMB16.6 million<\/span> (<span class=\"xn-money\">US$2.6 million<\/span>), compared with <span class=\"xn-money\">RMB8.3 million<\/span> from the corresponding period in 2021. <\/li>\n<\/ul>\n<p><b><i>Operating Costs and Expenses<\/i><\/b><\/p>\n<p><b>Operating<\/b><b>&nbsp;costs and<\/b><b>&nbsp;expenses<\/b>&nbsp;for the first quarter of 2022 were <span class=\"xn-money\">RMB481.9 million<\/span> (<span class=\"xn-money\">US$76.0 million<\/span>), a 33.3% decrease from the corresponding period in 2021. Operating costs and expenses primarily consisted of compensation and benefits of <span class=\"xn-money\">RMB357.9 million<\/span> (<span class=\"xn-money\">US$56.5 million<\/span>), selling expenses of <span class=\"xn-money\">RMB59.9 million<\/span> (<span class=\"xn-money\">US$9.5 million<\/span>), general and administrative expenses of <span class=\"xn-money\">RMB58.2 million<\/span> (<span class=\"xn-money\">US$9.2 million<\/span>), reversal of provision of credit losses of <span class=\"xn-money\">RMB9.2 million<\/span> (<span class=\"xn-money\">US$1.5 million<\/span>) and other operating expenses of <span class=\"xn-money\">RMB29.6 million<\/span> (<span class=\"xn-money\">US$4.7 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li><b>Operating costs and expenses<\/b> <b>for the wealth management business<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB343.1 million<\/span> (<span class=\"xn-money\">US$54.1 million<\/span>), a 35.1% decrease from the corresponding period in 2021, primarily due to less relationship manager compensation relating to transaction value of investment products distributed and less selling, general and administrative expenses incurred. <\/li>\n<li><b>Operating costs and expenses<\/b> <b>for the asset management business<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB106.7 million<\/span> (<span class=\"xn-money\">US$16.8 million<\/span>), a 31.4% decrease from the corresponding period in 2021, primarily due to less performance fee compensation as well as less selling, general and administrative expenses incurred. <\/li>\n<li><b>Operating costs and expenses<\/b> <b>for other businesses<\/b> for the first quarter of 2022 were <span class=\"xn-money\">RMB32.1 million<\/span> (<span class=\"xn-money\">US$5.1 million<\/span>), a 16.6% decrease from the corresponding period in 2021, primarily due to less compensation and benefits.<\/li>\n<\/ul>\n<p><b><i>Operating Margin<\/i><\/b><\/p>\n<p><b>Operating margin <\/b>for the first quarter of 2022 was 39.4%, compared with 41.0% for the corresponding period in 2021. <\/p>\n<ul type=\"disc\">\n<li><b>Operating margin for the wealth management business<\/b> for the first quarter of 2022 was 40.7%, compared with 44.2% for the corresponding period in 2021. <\/li>\n<li><b>Operating margin<\/b> <b>for the asset management business<\/b> for the first quarter of 2022 was 46.8%, compared with 42.4% for the corresponding period in 2021. <\/li>\n<li><b>Loss from operation<\/b> <b>for the other businesses <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB15.5 million<\/span> (<span class=\"xn-money\">US$2.4 million<\/span>), compared with an operating loss of <span class=\"xn-money\">RMB30.2 million<\/span> for the corresponding period in 2021, due to more revenues generated in the first quarter of 2022. <\/li>\n<\/ul>\n<p><b><i>Investment Income<\/i><\/b><\/p>\n<p><b>Investment income<\/b>&nbsp;for the first quarter of 2022 was <span class=\"xn-money\">RMB25.4 million<\/span> (<span class=\"xn-money\">US$4.0 million<\/span>),&nbsp;compared with <span class=\"xn-money\">RMB34.4 million<\/span> for the corresponding period in 2021. <\/p>\n<p><b><i>Income Tax Expenses<\/i><\/b><\/p>\n<p><b>Income tax expense<\/b><b>s<\/b><b>&nbsp;<\/b>for the first quarter of 2022 were <span class=\"xn-money\">RMB77.3 million<\/span> (<span class=\"xn-money\">US$12.2 million<\/span>), a 40.4% decrease from the corresponding period in 2021. The decrease was primarily due to less taxable income.<b>&nbsp;<\/b><\/p>\n<p><b><i>Net Income<\/i><\/b><\/p>\n<p><b>&#8211; Net Income<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net income <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB304.2 million<\/span> (<span class=\"xn-money\">US$48.0 million<\/span>), a 32.8% decrease from the corresponding period in 2021. <\/li>\n<li><b>Net margin <\/b>for the first quarter of 2022 was 38.2%, up from 37.0% for the corresponding period in 2021. <\/li>\n<li><b>Net income attributable to Noah shareholders <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB305.2 million<\/span> (<span class=\"xn-money\">US$48.2 million<\/span>), a 32.8% decrease from the corresponding period in 2021. <\/li>\n<li><b>Net margin attributable to Noah shareholders <\/b>for the first quarter of 2022 was 38.4%, up from 37.1% for the corresponding period in 2021. <\/li>\n<li><b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b> for the first quarter of 2022 was <span class=\"xn-money\">RMB4.54<\/span> <span class=\"xn-money\">(US$0.72)<\/span> and <span class=\"xn-money\">RMB4.52<\/span> <span class=\"xn-money\">(US$0.71)<\/span>, respectively, compared with <span class=\"xn-money\">RMB6.77<\/span> and <span class=\"xn-money\">RMB6.72<\/span> for the corresponding period in 2021, respectively.<\/li>\n<\/ul>\n<p>&#8211; <b>Non-GAAP Net Income Attributable to Noah Shareholders <\/b><\/p>\n<ul type=\"disc\">\n<li><b>Non-GAAP net income attributable to Noah shareholders <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB313.5 million<\/span> (<span class=\"xn-money\">US$49.5 million<\/span>), a 32.1% decrease from the corresponding period in 2021, but an 8.6% increase from the fourth quarter of 2021. <\/li>\n<li><b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the first quarter of 2022 was 39.4%, up from 37.7% for the corresponding period in 2021. <\/li>\n<li><b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the first quarter of 2022 was <span class=\"xn-money\">RMB4.65<\/span> <span class=\"xn-money\">(US$0.73)<\/span>, down from <span class=\"xn-money\">RMB6.84<\/span> for the corresponding period in 2021.<\/li>\n<\/ul>\n<p><b><i>Balance Sheet and Cash Flow<\/i><\/b><\/p>\n<p>As of <span class=\"xn-chron\">March 31, 2022<\/span>, the Company had <span class=\"xn-money\">RMB3,899.9 million<\/span> (<span class=\"xn-money\">US$615.2 million<\/span>) in cash and cash equivalents, compared with <span class=\"xn-money\">RMB3,404.6 million<\/span> as of <span class=\"xn-chron\">December 31, 2021<\/span> and <span class=\"xn-money\">RMB4,904.3 million<\/span> as of <span class=\"xn-chron\">March 31, 2021<\/span>, respectively.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the first quarter of 2022 was <span class=\"xn-money\">RMB501.2 million<\/span> (<span class=\"xn-money\">US$79.1 million<\/span>), primarily due to operating cash inflow generated by net income and collection of accounts receivables.<\/p>\n<p>Net cash inflow from the Company&#8217;s investing activities during the first quarter of 2022 was <span class=\"xn-money\">RMB9.3 million<\/span> (<span class=\"xn-money\">US$1.5 million<\/span>), primarily due to the collection of loans originated.<\/p>\n<p>Net cash outflow from the Company&#8217;s financing activities was <span class=\"xn-money\">RMB12.1 million<\/span> (<span class=\"xn-money\">US$1.9 million<\/span>) in the first quarter of 2022, primarily due to payment&nbsp;of&nbsp;assumed&nbsp;liability&nbsp;resulting&nbsp;from&nbsp;certain&nbsp;asset&nbsp;acquisition.<\/p>\n<p><b>2022 FORECAST<\/b><\/p>\n<p>The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2022 will be in the range of <span class=\"xn-money\">RMB1.45 billion<\/span> to <span class=\"xn-money\">RMB1.55 billion<\/span>. This estimate reflects management&#8217;s current business outlook and is subject to change.<\/p>\n<p><b>CONFERENCE CALL <\/b><\/p>\n<p>Senior management will host a combined English and Chinese language conference call to discuss the Company&#8217;s first quarter of 2022 unaudited financial results and recent business activities.<\/p>\n<p>The conference call may be accessed with the following details:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"8.5\">\n<tr readability=\"2\">\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Conference call details <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"14\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Date\/Time<\/span><\/p>\n<p class=\"prnews_p\">&nbsp;<\/p>\n<\/td>\n<td class=\"prngen2\" readability=\"13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wednesday, May 11, 2022&nbsp;at 8:00 p.m., U.S. Eastern Time<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Thursday, May 12, 2022&nbsp;at 8:00 a.m., Hong Kong Time<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Dial in details<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;&nbsp;United States Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1-888-317-6003<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;&nbsp;Mainland China Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4001-206-115<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;&nbsp;Hong Kong Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">800-963-976<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;&nbsp;International<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1-412-317-6061<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Conference Title<\/span><\/p>\n<\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Noah Holdings 1Q22 Earnings Conference Call<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Participant Password<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8316018<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>A telephone replay will be available starting one hour after the end of the conference call until&nbsp;May 18, 2022&nbsp;at +1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International Toll). The replay access code is 9378127.<\/p>\n<p>A live and archived webcast of the conference call will be available at Noah&#8217;s investor relations website under the Announcements &amp; Events section at <i>ir.noahgroup.com<\/i>. <\/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 and net of tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/p>\n<p>The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. <\/p>\n<p>When evaluating the Company&#8217;s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company&#8217;s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management. &nbsp;<\/p>\n<p><b>ABOUT NOAH HOLDINGS LIMITED<\/b><\/p>\n<p>Noah Holdings Limited (NYSE: NOAH) is a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. In the first quarter of 2022, Noah distributed <span class=\"xn-money\">RMB15.0 billion<\/span> (<span class=\"xn-money\">US$2.4 billion<\/span>) of investment products. Through Gopher Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB156.1 billion<\/span> (<span class=\"xn-money\">US$24.6 billion<\/span>) as&nbsp;of <span class=\"xn-chron\">March 31, 2022<\/span>.<\/p>\n<p>Noah&#8217;s wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,281 relationship managers across 83 cities in mainland <span class=\"xn-location\">China<\/span>, and serves the international investment needs of its clients through offices in <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">Taiwan<\/span>, <span class=\"xn-location\">New York<\/span>, Silicon Valley and <span class=\"xn-location\">Singapore<\/span>. The Company&#8217;s wealth management business had 415,082 registered clients as of <span class=\"xn-chron\">March 31, 2022<\/span>. Through Gopher Asset Management, Noah&nbsp;manages private equity, public securities,&nbsp;real estate,&nbsp;multi-strategy&nbsp;and other investments denominated in Renminbi and other currencies.&nbsp;Noah also provides other businesses. <\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>.<\/p>\n<p><b>FOREIGN CURRENCY TRANSLATION<\/b><\/p>\n<p>In this announcement, the unaudited financial results for the first quarter of 2022 ended <span class=\"xn-chron\">March 31, 2022<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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\">RMB6.3393<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">March 31, 2022<\/span> as set forth in the H.10 statistical release of the Federal Reserve Board.<\/p>\n<p><b>SAFE HARBOR STATEMENT <\/b><\/p>\n<p>This announcement contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Among other things, the outlook for 2022 and quotations from management in this announcement, as well as Noah&#8217;s strategic and operational plans, contain forward-looking 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 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. 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, including its annual reports on Form 20-F. 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 cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"15\">\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"8\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen15\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td colspan=\"5\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As of<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2021<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current assets:<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,404,603<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,899,892<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">615,193<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">510<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">512<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Short-term investments<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92,803<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">64,347<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,150<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable, net <\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">808,029<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">396,485<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">62,544<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">595,766<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">578,355<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">91,233<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amounts due from related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">451,389<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">532,533<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">84,005<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">163,710<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">170,813<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">26,945<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,516,810<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,642,937<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">890,151<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long-term investments, net<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">668,572<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">699,174<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110,292<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,402,083<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,430,346<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">225,632<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and equipment, net<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,580,935<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,544,521<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">401,388<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">223,652<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">212,993<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">33,599<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Deferred tax assets<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">335,905<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">335,911<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">52,989<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other non-current assets&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">161,832<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162,206<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,587<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,889,789<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,028,088<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,739,638<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current liabilities:<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accrued payroll and welfare expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">946,547<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">880,353<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">138,872<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">190,260<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">236,915<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37,372<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Deferred revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">63,631<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">79,970<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,615<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">649,255<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">518,214<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81,746<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Contingent liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">433,345<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">431,080<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">68,001<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,283,038<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,146,532<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">338,606<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating lease liabilities, non-current<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">130,956<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">120,790<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,054<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">234,134<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">232,848<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36,731<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other non-current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100,020<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83,931<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,748,148<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,584,101<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">407,631<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,141,641<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,443,987<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,332,007<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"3\" class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,889,789<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,028,088<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,739,638<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"22.5\">\n<tr>\n<td colspan=\"11\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"11\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Consolidated Income Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td colspan=\"11\" class=\"prngen15\" readability=\"7\">\n<p class=\"prnews_p\"><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 colspan=\"11\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen19\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"10\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2021<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">278,704<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81,154<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,802<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(70.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">220,513<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">193,379<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,505<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(12.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">276,524<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,911<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22,544<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(48.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23,713<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38,760<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,114<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">63.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">799,454<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">456,204<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">71,965<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(42.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,146<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21,155<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,337<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(54.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">256,697<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">293,052<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,228<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">128,556<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">32,067<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,058<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(75.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from funds Gopher<br \/>manages<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">431,399<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">346,274<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">54,623<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,230,853<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">802,478<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">126,588<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(34.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,117)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,786)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,070)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,224,736<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">795,692<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">125,518<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(35.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Relationship manager <br \/>compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(206,872)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(109,995)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(17,351)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(46.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(375,253)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(247,910)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(39,107)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(33.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(582,125)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(357,905)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(56,458)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(38.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(83,455)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(59,906)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,450)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(28.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" 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=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(80,285)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(58,207)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,182)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">(Provision for) reversal of credit<br \/>&nbsp;&nbsp; &nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,407)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,198<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,451<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,088)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(29,635)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,675)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">54,014<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,558<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,296<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(73.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total operating costs and <br \/>&nbsp;&nbsp; expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(722,346)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(481,897)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(76,018)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(33.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income from operations&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">502,390<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313,795<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">49,500<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(37.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other income:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Interest income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22,927<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,637<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,993<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(44.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Investment income&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">34,361<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,373<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,002<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(26.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other expense<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(486)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(278)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(44)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(42.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total other income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,802<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37,732<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,951<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(33.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income before taxes and income<br \/>&nbsp;&nbsp; from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">559,192<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">351,527<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">55,451<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(37.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(129,846)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(77,336)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(12,199)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(40.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income from equity in affiliates<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23,513<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,020<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,736<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">452,859<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">304,211<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47,988<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml2\"><span class=\"prnews_span\">Less: net loss attributable to non-<br \/>&nbsp;&nbsp; controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,234)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbbs prntar prnpl10 prnsblb0\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,031)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(163)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net income attributable to Noah <br \/>&nbsp;&nbsp; shareholders&nbsp;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">454,093<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">305,242<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">48,151<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income per ADS, basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.77<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.54<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.72<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Income per ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.72<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.52<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.71<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Margin analysis:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating margin<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">39.4%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">39.4%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net margin<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38.2%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38.2%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average ADS <br \/>equivalent<sup>[1]<\/sup>:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,091,780<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,235,270<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,235,270<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,572,038<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,480,826<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67,480,826<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">ADS equivalent outstanding at <br \/>&nbsp;&nbsp; end of period<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">59,976,690<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">60,173,494<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">60,173,494<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td colspan=\"11\" class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><\/span>&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents <br \/>two ADSs.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"5.5\">\n<tr>\n<td colspan=\"10\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"10\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Comprehensive Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"5\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, <br \/>2021<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, <br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, <br \/>2022<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">USD&#8217;000<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">452,859<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">304,211<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47,988<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Foreign currency translation <br \/>adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,409<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,148)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,443)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">N.A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Comprehensive income<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">461,268<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">295,063<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,545<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Less: Comprehensive loss attributable <br \/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,201)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(882)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(139)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(26.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Comprehensive income attributable to <br \/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">462,469<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">295,945<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,684<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"9.5\">\n<tr>\n<td colspan=\"6\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"6\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Supplemental Information&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As of&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<br \/>2021<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of registered clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">384,021<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">415,082<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of relationship managers&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,246<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,281<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of cities under coverage&nbsp;in <br \/>&nbsp;&nbsp;&nbsp; mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen25\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, <br \/>2021<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<br \/>2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen4\"><\/td>\n<td colspan=\"5\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in millions of RMB, except number of active clients and <br \/>percentages)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of active clients&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,299<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,818<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(55.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of active clients including mutual <br \/>&nbsp;&nbsp; fund-only clients<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27,846<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,970<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(46.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Transaction value:&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private equity products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,763<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,180<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(33.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Private secondary products<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,864<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,027<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(68.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Mutual fund products&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,645<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,110<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(17.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other products<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">820<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">679<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(17.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total transaction value<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27,092<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,996<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(44.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"16.5\">\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"8\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen26\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen26\"><\/td>\n<td colspan=\"7\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended March 31, 2022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81,154<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81,154<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">193,379<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">193,379<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,911<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,911<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen10 prnpr8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,113<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,647<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38,760<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">436,557<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,647<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">456,204<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from funds Gopher <br \/>manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,859<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,296<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21,155<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">118,871<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">174,181<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">293,052<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml20\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,868<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18,199<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">32,067<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from funds Gopher <br \/>&nbsp;&nbsp;&nbsp; manages<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">144,598<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">201,676<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">346,274<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">581,155<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201,676<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,647<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">802,478<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: VAT related surcharges&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,711)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,039)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,036)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,786)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">578,444<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">200,637<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16,611<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">795,692<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship manager <br \/>compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(99,688)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,307)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(109,995)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(148,135)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(89,517)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,258)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(247,910)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(247,823)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(99,824)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,258)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(357,905)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(52,043)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,234)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,629)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(59,906)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative <br \/>&nbsp;&nbsp;&nbsp; expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(42,754)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,029)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,424)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(58,207)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">(Provision for) reversal of credit<br \/>&nbsp;&nbsp;&nbsp;&nbsp;losses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(603)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(227)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,028<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,198<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,516)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,270)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(22,849)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(29,635)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government subsidies&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,639<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,885<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">34<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,558<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total operating costs and expenses&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(343,100)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(106,699)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32,098)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(481,897)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen24\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income (loss) from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">235,344<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">93,938<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15,487)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313,795<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"16.5\">\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"8\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Segment Condensed Income Statements <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>&nbsp;(unaudited) <\/b><\/span><\/p>\n<p class=\"prnews_p\">&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td colspan=\"8\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnml120 prnmr20\"><span class=\"prnews_span\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three months ended March 31, 2021<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"4\">\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth Management<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">&nbsp;Business<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset Management<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Business<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other Businesses<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen26\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from others:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">278,463<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">241<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">278,704<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">219,319<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,194<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">220,513<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">276,524<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">276,524<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,017<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,390<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,306<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23,713<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from others<\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">788,323<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,825<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,306<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">799,454<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenues from funds Gopher<br \/>&nbsp;&nbsp; manages:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">One-time commissions<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">16,270<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">29,876<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,146<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Recurring service fees<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,971<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">160,726<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">256,697<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Performance-based income<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50,726<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,830<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">128,556<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues from funds Gopher<br \/>&nbsp;&nbsp; &nbsp;manages <\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162,967<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">268,432<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">431,399<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">951,290<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">271,257<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,306<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,230,853<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: VAT related surcharges <\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,838)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,229)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(50)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,117)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">946,452<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270,028<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,256<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,224,736<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Operating costs and expenses:<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Relationship manager <br \/>compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(206,790)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(82)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(206,872)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml30\"><span class=\"prnews_span\">Other compensations<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(215,289)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(138,854)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21,110)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(375,253)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Total compensation and benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(422,079)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(138,936)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21,110)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(582,125)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Selling expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(66,827)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(12,001)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,627)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(83,455)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">General and administrative expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(55,924)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18,094)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,267)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(80,285)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Provision for credit losses<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,407)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,407)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(22,083)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,805)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,200)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,088)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10\"><span class=\"prnews_span\">Government subsidies<\/span><\/p>\n<\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38,596<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,283<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">135<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen27\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">54,014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total operating costs and expenses <\/span><\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(528,317)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(155,553)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(38,476)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(722,346)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income (loss) from operations <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">418,135<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114,475<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(30,220)<\/span><\/p>\n<\/td>\n<td class=\"prngen27\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">502,390<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"8\">\n<tr readability=\"3\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Supplement Revenue Information for Segment <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited) <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen16\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended March 31, 2022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">425,237<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">166,774<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,647<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">611,658<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">90,431<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,991<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">102,422<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">65,487<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">22,911<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">88,398<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">581,155<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201,676<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,647<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">802,478<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen16\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen16\"><\/td>\n<td colspan=\"7\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended March 31, 2021<\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"6\">\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Wealth&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Asset&nbsp;<br \/>Management<br \/>Business<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Other <br \/>Businesses <\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Revenues:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">697,471<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">187,621<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,306<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">893,398<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Hong Kong<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">230,621<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">76,431<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">307,052<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">23,198<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,205<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,403<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">951,290<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">271,257<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,306<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,230,853<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tbody readability=\"11.5\">\n<tr>\n<td colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Noah Holdings Limited<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td colspan=\"8\" class=\"prngen15\" readability=\"5\">\n<p class=\"prnews_p\"><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 colspan=\"8\" class=\"prngen15\" readability=\"6\">\n<p class=\"prnews_p\"><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 colspan=\"8\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(unaudited)&nbsp;<b>[5]<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31,&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change&nbsp;<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2021<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">RMB&#8217;000<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">454,093<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">305,242<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.8%)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment for share-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,144<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10,846<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Less: Tax effect of adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,354<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,607<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">10.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted net income attributable to Noah <br \/>&nbsp;&nbsp; shareholders (non-GAAP)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">461,883<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">313,481<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.1%)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net margin&nbsp;attributable to Noah shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">38.4%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"3\">\n<td class=\"prngen2\" readability=\"5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-GAAP net margin attributable to Noah <br \/>&nbsp;&nbsp; shareholders<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">39.4%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to Noah shareholders per <br \/>&nbsp;&nbsp; ADS, diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.72<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.52<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.7%)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td class=\"prngen2\" readability=\"6\">\n<p class=\"prnews_p\"><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=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6.84<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">4.65<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">&nbsp;<\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32.0%)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen4\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<div>\n<table id=\"convertedTable8c9d\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tbody readability=\"2.5\">\n<tr readability=\"7.5\">\n<td class=\"prngen2\" readability=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">[5] &nbsp;&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 and net of relevant tax impact, if any.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN53886&amp;sd=2022-05-11\"> View original content:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022-301544807.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022-301544807.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI, May 12, 2022 \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),&nbsp;a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the first quarter of 2022. FIRST QUARTER 2022 FINANCIAL [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":9335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-9334","post","type-post","status-publish","format-standard","has-post-thumbnail","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 FIRST QUARTER OF 2022 - 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=9334\" \/>\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 FIRST QUARTER OF 2022 - My Blog\" \/>\n<meta property=\"og:description\" content=\"SHANGHAI, May 12, 2022 \/PRNewswire\/ &#8212;&nbsp;Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),&nbsp;a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its&nbsp;unaudited financial results for the first quarter of 2022. 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