Financial Performance - In Q1 2024, net revenue was RMB 649.5 million (USD 90.0 million), a decrease of 19.2% compared to Q1 2023, primarily due to reduced performance fee income from USD private equity products and management fees from RMB private equity products and private securities funds[4]. - Operating income for Q1 2024 was RMB 121.5 million (USD 16.8 million), down 56.4% year-over-year, attributed to a 19.2% decrease in net revenue and a 55.6% increase in general and administrative expenses[6]. - The net income attributable to Noah's shareholders for Q1 2024 was RMB 131.5 million (USD 18.2 million), a decrease of 46.2% compared to Q1 2023, mainly due to the decline in operating income[7]. - The net income from mainland China in Q1 2024 was RMB 342.8 million (USD 47.5 million), down 28.8% year-over-year, primarily due to reduced management fees from private equity products[4]. - Non-GAAP net income attributable to Noah's shareholders for Q1 2024 was RMB 161.2 million (USD 22.3 million), a decrease of 32.7% year-over-year[7]. - The operating profit margin for Q1 2024 was 18.7%, down from 34.7% in Q1 2023[22]. - Net income for Q1 2024 was RMB 131.9 million ($18.3 million), a decrease of 45.8% compared to Q1 2023, with a net profit margin of 20.3%[24]. - The company reported a significant increase in performance fee income, which rose by 61.2% to RMB 3,430 thousand compared to the previous year[36]. - Noah Holdings Limited reported a net profit attributable to shareholders of RMB 244.21 million, a decrease of 46.2% compared to RMB 131.49 million in the same period last year[47]. Client and Advisor Metrics - The number of registered clients as of March 31, 2024, was 457,705, an increase of 3.9% year-over-year, with overseas registered clients totaling 15,725, up 17.1% from the previous year[8]. - The number of active clients in Q1 2024 was 10,391, a decrease of 7.5% year-over-year, but an increase of 15.0% compared to Q4 2023[8]. - The number of financial advisors decreased by 16.4% year-over-year to 1,109 as of March 31, 2024, while the number of overseas financial advisors increased by 2.2%[12]. - The wealth management business serves 457,705 registered clients through a network of 1,109 financial advisors across 18 cities in mainland China[31]. Investment Products and Distribution - The total value of investment products distributed in Q1 2024 was RMB 18.9 billion (USD 2.6 billion), a 12.4% increase year-over-year, driven by a 26.4% increase in public fund product distribution[8]. - The total value of public fund products reached RMB 10.0 billion, accounting for 59.4% of the total distribution in Q1 2024, compared to RMB 12.6 billion and 66.8% in the same period of 2023[9]. - The total value of private equity products was RMB 1.3 billion, representing 7.8% of the total distribution in Q1 2024, down from 6.3% in the same period of 2023[9]. - In Q1 2024, Noah Holdings distributed RMB 18.9 billion (USD 2.6 billion) in investment products[31]. Asset Management - As of March 31, 2024, the total asset management scale remained relatively stable at RMB 153.3 billion (USD 21.2 billion), compared to RMB 157.6 billion as of March 31, 2023, and RMB 154.6 billion as of December 31, 2023[13]. - The total asset management scale in mainland China was RMB 116.1 billion (USD 16.1 billion) as of March 31, 2024, down from RMB 124.2 billion as of March 31, 2023[13]. - The overseas asset management scale increased to RMB 37.2 billion (USD 5.1 billion) as of March 31, 2024, from RMB 36.0 billion as of December 31, 2023[15]. Operating Costs and Expenses - Operating costs and expenses in Q1 2024 were RMB 528.0 million ($73.1 million), an increase of 0.7% from Q1 2023, with compensation and benefits accounting for RMB 388.8 million ($53.8 million)[20]. - The company’s operating expenses totaled RMB 528,049 thousand, a slight increase of 0.7% from RMB 524,590 thousand in the previous quarter[37]. Future Plans and Strategic Initiatives - The company plans to launch new products originating from Japan and Dubai in the second half of the year[16]. - The company plans to expand its market presence and invest in new technologies to drive future growth[36]. - The company is focused on enhancing its product offerings and services through investment in research and development[33]. - The company acknowledges various risks and uncertainties that may affect its future performance, including market conditions and regulatory changes[33]. Cash and Liquidity - As of March 31, 2024, cash and cash equivalents were RMB 5,129.4 million ($710.4 million), down from RMB 5,192.1 million at the end of 2023[27]. - The net cash outflow from operating activities in Q1 2024 was RMB 181.8 million ($25.2 million), primarily due to an increase in trading debt products[27]. Stock Performance - The diluted net income per American Depositary Share for Q1 2024 was RMB 1.88 ($0.26), down from RMB 3.52 in Q1 2023[24]. - The diluted earnings per American Depositary Share (ADS) under non-GAAP was RMB 3.51, a decrease of 46.4% from RMB 1.88[47]. - The diluted earnings per ADS under GAAP was RMB 3.45, down 33.0% from RMB 2.31[47].

SHANGHAI, May 29, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the first quarter of 2024. FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS                                                                        ...

SHANGHAI, May 17, 2024 /PRNewswire/ -- Noah Holdings Limited (the "Company" or "Noah") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for Mandarin speaking high-net-worth investors, today announced that it will report its unaudited financial results for the first quarter ended March 31, 2024, after U.S. markets close on May 29, 2024. Noah's management team will hold an earnings ...

Core Viewpoint - Noah Holdings Limited has filed its annual report for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission, highlighting its position as a leading wealth management service provider for high net worth investors [1]. Company Overview - Noah Holdings Limited is a pioneer in wealth management, offering comprehensive advisory services primarily for Mandarin-speaking high-net-worth investors [2]. - In 2023, Noah distributed investment products worth RMB74.1 billion (approximately US$10.4 billion) [2]. - As of December 31, 2023, Noah's assets under management through Gopher Asset Management totaled RMB154.6 billion (approximately US$21.8 billion) [2]. Wealth Management Business - The wealth management business of Noah primarily includes private equity, private secondary, mutual funds, and other investment products in RMB and other currencies [3]. - Noah operates a network covering major cities in mainland China, Hong Kong, Taiwan, New York, Silicon Valley, Singapore, and Los Angeles, with 1,252 relationship managers across 44 cities [3]. - As of December 31, 2023, the company had 455,827 registered clients, providing customized financial solutions to meet their investment needs [3].

SHANGHAI, April 24, 2024 /PRNewswire/ -- Dear Shareholders: On behalf of the Board of Directors and the management team of Noah, we would like to express our sincere gratitude to our shareholders for their unwavering support. Global markets experienced significant turbulence across various key asset classes while also grappling with tight credit conditions and ongoing geopolitical instability in 2023. This difficult environment gave rise to sharp divergences in economic conditions and interest rate environm ...

Table of Contents UNITED STATES SECURITY AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ...

Leadership and Governance Changes - The company underwent significant leadership changes, including the appointment of Yin Zhe as CEO effective December 29, 2023, replacing Wang Jingbo[5] - Key board changes occurred on August 29, 2023, including the transition of Zhang Jiayu to non-executive director and the resignation of Shen Nanpeng from the same position[5] - The company's audit committee saw leadership changes, with Chen Zhiwu appointed as chairman and Meng Jinhong joining as a new member on August 29, 2023[5] - Noah Holdings' corporate governance and nomination committee underwent restructuring, with Wang Jingbo appointed as chair on March 28, 2023[5] - The company separated the roles of CEO and Chairman, appointing Mr. Yin Zhe as CEO while Ms. Wang Jingbo continues as Chairman, aligning with global corporate governance best practices[12] - Yao Jinbo stepped down as a member of the Corporate Governance and Nomination Committee on March 28, 2023, and Wang Jingbo was appointed as the new chairperson of the committee[127] - Shen Nanpeng resigned as a non-executive director on August 29, 2023, and Wang Kai was appointed to replace him[127] - Yang Zijiang retired as an independent director and chairman of the Audit Committee on August 29, 2023, and Meng Jinhong was appointed as an independent director and member of the Audit Committee[127] Financial Performance - Total revenue for the year reached RMB 3,413,176 thousand, with net income of RMB 3,391,812 thousand[8] - Revenue from Gopher-managed funds amounted to RMB 1,651,229 thousand, contributing significantly to total income[8] - Operating income for the year was RMB 914,966 thousand, reflecting a decrease from the previous year's RMB 1,258,476 thousand[8] - Net profit attributable to shareholders was RMB 1,009,494 thousand, showing an increase from RMB 976,571 thousand in 2022[9] - Total assets increased to RMB 12,685,378 thousand, up from RMB 11,798,135 thousand in 2022[10] - Total liabilities decreased to RMB 2,257,815 thousand, compared to RMB 2,297,660 thousand in the previous year[10] - Shareholders' equity rose to RMB 10,427,563 thousand, indicating strong financial health[10] - Interest income surged to RMB 161,926 thousand, a significant increase from RMB 61,416 thousand in 2022[9] - Investment losses were recorded at RMB 61,486 thousand, compared to a gain of RMB 85,554 thousand in the previous year[9] - Government subsidies received amounted to RMB 89,278 thousand, contributing to the reduction in operating expenses[8] - Net income for 2023 reached RMB 3,294.7 million, a 6.3% increase from 2022, driven by expanded insurance product distribution and a 59.8% increase in placement fee income[14] - Shareholders' net profit increased by 3.4% from RMB 976.6 million in 2022 to RMB 1,009.5 million in 2023[14] - Non-GAAP shareholders' net profit slightly increased by 1.0% from RMB 1,008.6 million in 2022 to RMB 1,018.8 million in 2023[14] - Overseas AUM grew by 7.6% to USD 5.1 billion by the end of 2023, with overseas net income surging 73.0%[17] - Wealth management segment revenue rose 13.1% to RMB 2,500.6 million in 2023, driven by a 72.0% increase in insurance product distribution fees[18] - Total transaction value of investment products in 2023 reached RMB 74.1 billion, up 5.4% from 2022[18] - Asset management segment revenue declined 8.4% to RMB 768.5 million in 2023 due to weaker capital market performance[19] - Total AUM remained stable at RMB 1,546 billion by the end of 2023, with a slight 1.6% decrease from 2022[19] - Total revenue increased by 6.0% from RMB 3,128.9 million in 2022 to RMB 3,317.8 million in 2023, driven by increased fundraising fees from insurance product distribution in the wealth management business[22] - Wealth management business revenue grew by 13.1% from RMB 2,210.4 million in 2022 to RMB 2,500.6 million in 2023, with fundraising fees increasing by 72.0% due to higher insurance product distribution[23] - Asset management business revenue decreased by 8.4% from RMB 839.1 million in 2022 to RMB 768.5 million in 2023, primarily due to a 94.7% drop in fundraising fees from private equity product distribution[24] - Other business revenue declined by 38.7% from RMB 79.3 million in 2022 to RMB 48.7 million in 2023, mainly due to the reduction in lending activities[25] - Operating costs and expenses rose by 9.2% from RMB 2,011.9 million in 2022 to RMB 2,196.8 million in 2023, driven by increased client events and travel expenses as part of global expansion efforts[27] - The company's operating income increased by 0.9% from RMB 1,088.4 million in 2022 to RMB 1,097.9 million in 2023[35] - The company's net income increased by 3.0% from RMB 971.6 million in 2022 to RMB 1,001.0 million in 2023[37] - As of December 31, 2023, the company held cash and cash equivalents of RMB 5,192.1 million, with RMB 9.7 million held by consolidated funds[38] - The company's leverage ratio decreased to 17.8% as of December 31, 2023, compared to 19.5% as of December 31, 2022[41] - No accounts payable as of December 31, 2023 (December 31, 2022: none)[43] - Contingent liabilities related to the unresolved Chengxing incident amounted to RMB 482.8 million as of December 31, 2023 (December 31, 2022: RMB 568.0 million)[44] - Capital expenditures for 2023 were RMB 157.9 million, primarily due to the renovation and upgrade of the new headquarters in Shanghai (2022: RMB 62.7 million)[45] - No outstanding loans, overdrafts, or borrowings from banks or financial institutions as of December 31, 2023 (December 31, 2022: none)[46] - The company's consolidated financial statements were audited by Deloitte Touche Tohmatsu, which will retire at the upcoming annual general meeting but is eligible for re-election[97] - The company paid RMB 10,070 thousand for audit services and RMB 154 thousand for audit-related services to its external auditor, Deloitte, for the year ended December 31, 2023[160] Business Operations and Strategy - Noah Holdings Private Wealth and Asset Management Limited reported its 2023 annual financial summary, covering the past five fiscal years from 2019 to 2023[7] - The company maintains dual listings on both the Hong Kong Stock Exchange (Stock Code: 6686) and the New York Stock Exchange (Ticker: NOAH)[6] - Noah Holdings' primary business operations are headquartered in Shanghai, China, with a major office in Hong Kong's Times Square[6] - The company's financial statements are audited by Deloitte Touche Tohmatsu, with Maples Fund Services (Cayman) Limited serving as the registrar in the Cayman Islands[6] - The company successfully recruited 89 overseas wealth managers by the end of 2023, with an additional 12 in the recruitment process, aiming to expand global influence in high-potential markets[12] - The company launched the CATS solution, focusing on cash and liquidity management, alternative global secondary market products, cross-cycle global private market products, and wealth preservation solutions[12] - The company upgraded its technology systems to enhance global client experience and optimize internal efficiency[12] - The company was recognized as "Best Wealth Manager for HNWIs" and "Best Wealth Manager for Overseas Asset Management" by *Asian Money* in 2023[13] - The company won the "Best Independent Wealth Manager – China" award at the 13th Asian Private Banker Awards and the "Best Wealth Management Platform – Investments and Digital Innovation" award at the iFAST Wealth Advisor Awards[13] - The company expects continued strong demand for asset safety, diversification, and insurance products in 2024 amid market volatility[20] - The company maintains a robust capital structure with total assets exceeding RMB 12 billion and no interest-bearing debt[19] - The company aims to expand its international private banking team to 200 by 2024, with a long-term goal of exceeding 300, and plans to increase dollar product assets under management from $8 billion to $20 billion[21] - The company plans to launch new products, including M&A funds, private equity S funds, and early-stage venture capital funds, leveraging undervalued opportunities in private markets[21] - The company's asset management scale remained stable at RMB 154.6 billion as of December 31, 2023, a slight decrease of 1.6% from RMB 157.1 billion in 2022[24] - Wealth management fundraising increased by 5.4% from RMB 70.3 billion in 2022 to RMB 74.1 billion in 2023, driven by a RMB 5.3 billion increase in private securities fund products[23] - The company's international team had 89 overseas wealth managers by the end of 2023, with an additional 12 in recruitment, targeting 1,000 to 1,500 new international black card clients to support growth[21] - The company acquired DD Finance Ltd. for RMB 8.8 million to enhance its digital capabilities and integrate AI technology for portfolio analysis, aiming to improve user experience and operational efficiency[63] - The company implemented strict customer due diligence processes, including identity verification, biometric recognition, and investment fund source declarations during account opening[59] - The company requires clients to complete a comprehensive "Know Your Customer" questionnaire before purchasing products, collecting detailed personal and financial information[59] - The company has a risk scoring model for clients and products, ensuring that recommended products match or are lower than the client's risk profile[60] - The company has established an anti-money laundering (AML) information reporting system and conducts regular AML training for employees[60] - The company continuously reviews and updates its risk management and internal control policies to ensure effectiveness and adequacy[60] - The company is committed to environmental sustainability, focusing on energy conservation, carbon reduction, and water management[61] - The company ensures compliance with all relevant laws and regulations, with no significant violations reported in 2023[62] - The company operates domestic asset management business through contractual arrangements, adhering to foreign investment restrictions in China[64] - Contract arrangements generated net income of RMB 922.1 million, accounting for 30.1% of the company's net income[65] - Total assets under contract arrangements amounted to RMB 3,618.8 million, representing 28.5% of the company's total assets[65] - The company relies on contract arrangements to conduct domestic asset management business due to foreign investment restrictions in China[65] - Risks associated with contract arrangements include potential legal and regulatory changes, tax scrutiny, and conflicts of interest among shareholders[66] - The company's current structure and operations may be affected by the new Foreign Investment Law[66] - No new contract arrangements were established, renewed, or terminated during the fiscal year ending December 31, 2023[67] - The exclusive purchase agreement allows the company to acquire equity in Noah Investment at the minimum price permitted by Chinese law[68] - The exclusive purchase agreement was amended in June 2022 to remove the 10-year validity period and automatic renewal clause[68] - Exercising the option to acquire Noah Investment's equity may result in significant costs and tax implications[68] - Exclusive Support Service Agreement between Noah Investment and Noah Group, with service fees based on Noah Investment's revenue minus expenses and licensing fees, and the agreement is now valid indefinitely until all equity is transferred to Noah Group[69] - Equity Pledge Agreement where registered shareholders pledged their equity in Noah Investment to Noah Group as security for obligations under the Exclusive Support Service Agreement and Exclusive Purchase Agreement[70] - Power of Attorney granted by registered shareholders to Noah Group, allowing Noah Group to act on their behalf in all matters related to Noah Investment, including voting rights and equity transfers[71] - Exemptions granted by the Hong Kong Stock Exchange regarding the reporting, annual review, announcement, circular, independent financial advice, and shareholder approval requirements for transactions related to the contractual arrangements[72] - Conditions for the contractual arrangements, including no changes without independent director approval, no changes without independent shareholder approval, and the ability to renew or renegotiate the arrangements without shareholder approval[73][75] - Independent directors confirmed that the contractual arrangements were conducted in accordance with relevant provisions, no dividends were distributed to equity holders, and the arrangements were fair and reasonable[77] - Auditor's confirmation that the contractual arrangements were in compliance with the Hong Kong Listing Rules and relevant standards as of December 31, 2023[78] - Revenue from the top five clients accounted for 28.6% of the company's total revenue in 2023, up from 20.5% in 2022, with no single client contributing more than 10.0% of total revenue (2022: 11.1%)[80] - The company made charitable donations of RMB 6.3 million in 2023, compared to RMB 3.2 million in 2022[83] - The company's subsidiary, Shanghai Gopher, was involved in the Chengxing incident, affecting 818 clients with an outstanding amount of RMB 3.4 billion in unpaid receivables[85] - As of December 31, 2023, 1,462,340 restricted share units had been vested by clients who accepted the settlement offer related to the Chengxing incident[86] - The company's board authorized the issuance of up to 1.6% of the company's share capital annually for ten years to settle claims related to the Chengxing incident, starting from August 24, 2020[86] - The company plans to distribute a final dividend of RMB 509.0 million (approximately USD 71.7 million) for the fiscal year ending December 31, 2023, representing 50% of the non-GAAP net profit attributable to shareholders[87] - A special dividend of RMB 509.0 million (approximately USD 71.7 million) will also be distributed from the accumulated return surplus of previous years[87] - The final dividend and special dividend will be RMB 1.55 per share (approximately USD 0.22 or HKD 1.71), subject to adjustments based on the number of shares entitled to receive the dividend[88] - The distributable reserves of the company as of December 31, 2023, amounted to RMB 3,564.2 million, compared to RMB 2,778.3 million as of December 31, 2022[90] - The company has adopted a dividend policy that aims to provide stable and continuous returns to shareholders, with a minimum annual dividend of 35% of the non-GAAP net profit attributable to shareholders[87] - The final and special dividends are subject to approval at the annual general meeting scheduled for June 12, 2024, and are expected to be paid by August 2024[88] - The company's retirement benefit plan requires contributions based on a percentage of employee salaries, with no ongoing liability after contributions are made to the Chinese government-mandated multi-employer defined contribution plan[95] - No significant contracts or service agreements were entered into with the single largest shareholder during the year ended December 31, 2023[96] - No arrangements were made during the year for directors to acquire shares or bonds of the company or any other corporation[98] - The single largest shareholder and directors had no interests in businesses competing directly or indirectly with the company during the year[99] - Non-executive directors may hold positions in private or listed companies with similar industries, but their roles do not affect the company's independence[100] - Wang Jingbo, the company's founder and chairman, has over 22 years of experience in wealth and asset management and stepped down as CEO on December 29, 2023[102] - Yin Zhe, appointed as CEO on December 29, 2023, has over 22 years of professional experience in wealth and asset management and previously served as chairman of Gopher Asset Management[102] - Zhang Jiayu, a non-executive director, holds several non-executive roles within the group, including vice chairman of Noah Wealth and director of Noah Investment[105] - Wang Kai, a non-executive director since August 29, 2023, has extensive experience in venture capital and private equity investments and serves as managing director of HongShan Capital[105] - He Boquan has been an independent director since October 2011 and is the founder of Guangdong Today Investment Co., Ltd., focusing on new investments in China's retail and service industries[106] - Chen Zhiwu has been an independent director since January 2014 and is currently a professor of finance at the University of Hong Kong, with extensive experience in financial research and investment management[107] - Chen Zhiwu holds a Ph.D. in Financial Economics from Yale University and has served as an independent non-executive director for several listed companies, including PetroChina and Bank of Communications[107][108] - Meng Jinhong has been an independent director since August 2023 and has over a decade of experience in investment banking and equity research, particularly in the TMT sector[108] - Meng Jinhong founded Shende Investment Co., Ltd. in 2016 and has expertise in ESG/sustainability strategy and crisis management[108] - Meng Jinhong holds an MBA from Northwestern University's Kellogg School of Management and has professional qualifications from the Hong Kong Securities and Investment Institute[109] - The company decided to decentralize the risk management function to specific business divisions, eliminating the Chief Risk Officer position at the group level, effective March 27, 2024[114] - The company deviated from the Corporate Governance Code by having Ms. Wang Jingbo serve as both Chairman and CEO until December 29, 2023, when Mr. Yin Zhe was appointed as CEO to replace her[117] - Mr. Yin Zhe was appointed as CEO on December 29, 2023, separating the roles of Chairman and CEO, with Ms. Wang Jingbo continuing as Chairman[117] - Mr. Pan Qing has been serving as the company

Exhibit 99.1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 (Incorporated in the Cayman Islands with ...

Financial Performance - For the fiscal year ending December 31, 2023, the net income reached RMB 3,294.7 million, representing a growth of 6.3% compared to 2022, primarily due to a 59.8% increase in fundraising fee income from expanded insurance product distribution[6]. - Shareholders' net profit increased by 3.4% to RMB 1,009.5 million for the year ending December 31, 2023, up from RMB 976.6 million in 2022[6]. - Total revenue for 2023 reached RMB 3,317.8 million, a 6.0% increase from RMB 3,128.9 million in 2022[7]. - Net income for 2023 was RMB 3,294.7 million, reflecting a 6.3% growth compared to RMB 3,100.4 million in 2022[9]. - The adjusted net income attributable to shareholders (non-GAAP) for 2023 was RMB 1,018.8 million, up 1.0% from RMB 1,008.6 million in 2022[7]. - Wealth management segment revenue increased by 13.1% to RMB 2,500.6 million in 2023, driven by a 72.0% rise in distribution fees from insurance products[10]. - Asset management segment revenue decreased by 8.4% to RMB 768.5 million in 2023, primarily due to a 52.1% drop in performance-based income[11]. - Total revenue for the wealth management segment was RMB 2,210,439,000, while the asset management segment generated RMB 839,098,000 in revenue[76]. - The company reported a total comprehensive income of RMB 1,078,005 for 2023, down from RMB 1,109,144 in 2022, a decrease of 2.8%[54]. Client and Market Expansion - The company has successfully recruited 89 overseas client managers and is in the process of hiring an additional 12 to enhance its global influence in high-potential markets[4]. - The company aims to expand its international private banking business, targeting a team of 200 overseas client managers by 2024, up from 89 at the end of 2023[13]. - The number of overseas registered clients and active clients increased by 14.2% and 38.0%, respectively, in 2023[9]. - The company continues to expand its global insurance product network and trust services to address the concerns of Chinese investors regarding geopolitical tensions[13]. - The total transaction value of various investment products reached RMB 741 billion in 2023, marking a 5.4% increase from 2022[10]. Corporate Governance and Management - The separation of the CEO and Chairman roles aims to enhance corporate governance and organizational capability[5]. - The company has maintained a stable core management team and has not experienced any significant labor disputes during the reporting period[40]. - The audit committee has reviewed the annual performance for the year ending December 31, 2023, and recommended approval to the board[43]. Technology and Innovation - The company has upgraded its technology system to improve global client experience and optimize internal efficiency[4]. - The company anticipates that advancements in artificial intelligence and other technologies will drive wealth creation in the next economic cycle[2]. - The launch of the CATS solution allows clients to leverage the current high-interest rate environment, reflecting the company's commitment to meet evolving client needs[4]. Operating Costs and Expenses - Operating costs and expenses increased by 9.2% from RMB 2,011.9 million in 2022 to RMB 2,196.8 million in 2023, driven by increased client events and travel expenses[19]. - Management fees decreased by 10.3% from RMB 1,232.3 million in 2022 to RMB 1,105.8 million in 2023, mainly due to reduced service fees charged to fund managers[16]. - Performance fees dropped by 57.4% from RMB 202.5 million in 2022 to RMB 86.3 million in 2023, attributed to decreased performance fees from private equity products[16]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 509.0 million (approximately USD 71.7 million), representing 50% of the net profit attributable to shareholders for the reporting period[50]. - The proposed special dividend also amounts to RMB 509.0 million (approximately USD 71.7 million), to be paid from accumulated surplus cash prior to 2023[50]. - The final dividend and special dividend are subject to shareholder approval at the upcoming annual general meeting scheduled for June 12, 2024[50]. Financial Position and Assets - The company maintained a robust capital structure with total assets exceeding RMB 120 billion and no interest-bearing debt as of December 31, 2023[11]. - As of December 31, 2023, the company had cash and cash equivalents of RMB 5,192.1 million, sufficient to meet expected cash needs for at least the next 12 months[31]. - The company's leverage ratio decreased to 17.8% as of December 31, 2023, down from 19.5% as of December 31, 2022[33]. - The company had no outstanding loans or borrowings from banks or other financial institutions as of December 31, 2023, consistent with the previous year[38]. Future Plans and Strategies - The company plans to launch new mergers and acquisitions, private equity funds, and early-stage venture capital funds to capitalize on undervalued opportunities in the private market[13]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[71]. - The company has adopted a share incentive plan in 2022 to enhance employee motivation and retention[40].

Financial Performance - Net income for Q4 2023 was RMB 799.5 million (USD 112.6 million), a decrease of 9.4% year-over-year, primarily due to reduced performance fee income from private equity products [4]. - Total net income for the fiscal year 2023 was RMB 3,294.7 million (USD 464.0 million), an increase of 6.3% compared to 2022, driven by a 59.8% increase in fundraising fees from insurance product distribution [8]. - Operating profit for Q4 2023 was RMB 220.7 million (USD 31.1 million), remaining relatively stable compared to the same quarter in 2022 [5]. - For the fiscal year 2023, operating profit was RMB 1,097.9 million (USD 154.6 million), a growth of 0.9% compared to 2022 [9]. - Q4 2023 net income was RMB 213.3 million (USD 30.0 million), an increase of 51.8% year-over-year, with a net profit margin of 26.7% [30]. - The operating profit margin for 2023 was 33.3%, down from 35.1% in 2022 [33]. - The company reported a total net income of RMB 3,100,372 thousand for 2022, compared to RMB 2,199,977 thousand in 2021, indicating a growth of approximately 41% [57]. Client and Advisor Metrics - The number of registered clients as of December 31, 2023, was 455,827, representing a 4.2% increase year-over-year [11]. - Active clients trading with Noah in Q4 2023 totaled 9,033, a decrease of 30.0% year-over-year [12]. - As of December 31, 2023, the number of financial advisors was 1,252, a decrease of 11.1% from September 30, 2023, and a decrease of 1.9% from December 31, 2022 [15]. Revenue and Income Sources - In Q4 2023, net income from fundraising fees was RMB 306.4 million (USD 43.2 million), an increase of 15.1% year-over-year due to increased distribution of insurance products [21]. - In Q4 2023, net income from management fees was RMB 174.4 million (USD 24.6 million), a 13.5% increase year-over-year, attributed to the growth in real estate investments managed in the U.S. and overseas private equity investments [22]. - The wealth management segment generated RMB 2,491.2 million (USD 353.5 million) in revenue for the fiscal year 2023, reflecting a growth of 13.2% compared to 2022 [9]. - The company reported a total revenue of RMB 3,128,877 thousand for the twelve months ending December 31, 2022, compared to RMB 2,300,520 thousand for the same period in 2021, reflecting a growth of 36.0% [61]. Investment Products and Management - The total value of investment products distributed in Q4 2023 was RMB 16.5 billion (USD 2.3 billion), down 8.1% from the same period in 2022 [12]. - In 2023, the total value of distributed investment products reached RMB 74.1 billion (USD 10.4 billion), an increase of 5.4% compared to 2022, primarily driven by growth in private securities and public fund products [13]. - The total income from funds managed by the company was RMB 1,250,480 thousand, a decrease of 6.3% from RMB 1,334,772 thousand in 2022 [46]. Operating Costs and Expenses - Q4 2023 operating costs and expenses were RMB 578.8 million (USD 81.5 million), a decrease of 12.6% compared to the same period in 2022 [24]. - The total operating expenses for 2023 amounted to RMB 2,196,781 thousand, compared to RMB 2,011,923 thousand in 2022, reflecting an increase of about 9% [56]. Tax and Investment Losses - Q4 2023 income tax expense was RMB 34.1 million (USD 4.8 million), a decrease of 43.7% year-over-year due to a lower effective tax rate [28]. - The investment loss for 2023 was RMB 61.5 million (USD 8.7 million), compared to an investment income of RMB 85.6 million in 2022 [33]. Corporate Governance and Strategy - The company plans to separate the roles of CEO and Chairman to enhance corporate governance, appointing Yin Zhe as the new CEO [19]. - The company is focused on expanding its wealth management services and enhancing its product offerings through research and development [41]. - Noah Holdings aims to strengthen relationships with key clients and adapt to market trends and technological advancements [41].