Financial Data and Key Metrics Changes - In 2022, the company achieved annual net revenues of RMB3.1 billion, down 28% year-over-year, primarily due to a decrease in one-time commissions and performance-based income [22][9] - Non-GAAP net income was RMB1 billion, meeting the annual profit guidance, with an operating income margin improving to 35.1% from 27.9% [21][9] - Operating costs decreased by 35% year-over-year to RMB2 billion, driven by lower relationship manager compensation and reduced travel expenses due to COVID-19 restrictions [23][9] Business Line Data and Key Metrics Changes - Wealth Management segment reported annual net revenues of RMB2.2 billion, down 31.1% year-over-year, with transaction value declining by 27.7% to RMB70.3 billion [10][26] - Asset Management segment recorded net revenues of RMB835 million, down 19.9% year-over-year, primarily due to a 66% decline in performance-based income [12][27] - The Overseas segment generated net revenues of RMB828 million, accounting for 26.7% of total revenue, an increase from 23.5% in 2021 [9][29] Market Data and Key Metrics Changes - The global market experienced significant volatility, with the MSCI World Index down 17.8%, S&P 500 down 18.7%, and MSCI China Index down 21.2% in 2022 [10][19] - The Chinese household savings rate increased to 37% by the end of 2022, while consumer confidence hit a decade low [20][19] - The demand for lower volatility assets increased, with a 50% year-over-year rise in new mutual fund issuances [20][19] Company Strategy and Development Direction - The company is focusing on a globalization strategy, enhancing its international wealth management capabilities to better serve high net worth clients abroad [8][9] - A shift towards protecting client wealth rather than chasing higher revenues has been emphasized, with recommendations for clients to adopt a preservation strategy [6][19] - The company aims to capture at least 1% of the market share in the wealth management sector for Chinese high net worth clients globally [17][9] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the complex macroeconomic environment in 2022, including geopolitical conflicts and rapid interest rate hikes [4][19] - The outlook for 2023 includes continued investment in talent and resources to expand global operations while maintaining cost controls [33][9] - Management expressed optimism about the potential for growth in overseas AUM and the importance of adapting to client needs in a changing market [28][9] Other Important Information - The company completed its primary listing on the Hong Kong Stock Exchange, eliminating potential delisting risks for ADR stocks [16][9] - An annual dividend plan was approved, proposing to pay out 17.5% of non-GAAP net income for 2022, amounting to approximately RMB176.5 million [31][9] - The company has been actively involved in ESG initiatives, including sustainability reporting and environmental projects [15][9] Q&A Session Summary Question: Insurance product distribution growth and penetration rate - Management noted that the penetration rate for insurance products among diamond and black card clients is relatively low, at 21% for overseas and 24% for domestic clients, indicating room for growth [36][9] Question: Impact of Gopher AUM and product strategy - Management believes that Gopher's fund-of-funds portfolio will benefit from upcoming IPO opportunities, and they are investing in R&D to enhance product offerings [37][9] Question: Client reactions to market volatility and 2023 outlook - Management highlighted a conservative approach in client recommendations, focusing on liquid products and seeing a significant influx of repatriated funds [42][9] Question: Differentiation from leading banks and investment sentiment - Management emphasized their focus on USD-denominated products and the establishment of a global insurance platform to better serve clients [46][9] Question: Improvement in investment sentiment for 2023 - Management observed a cautious optimism among clients post-reopening, with a continued focus on diversifying asset allocation [52][9]

Exhibit 99.1 NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2022 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2022 SHANGHAI, March 28, 2023 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its unaudited financial results for the four ...

Noah Holdings Limited (NYSE:NOAH) Q3 2022 Earnings Conference Call November 21, 2022 7:00 PM ET Company Participants Jingbo Wang - Chair, President & Chief Executive Officer Qin Pan - Chief Financial Officer Conference Call Participants Operator Hello, dear investors and analysts, and welcome to the Noah Holdings' Third Quarter 2022 Earnings Conference Call. Please note, your line has been automatically muted and this event is being recorded. The company management team will first give a quarterly update pr ...

Exhibit 99.1 NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2022 SHANGHAI, November 22, 2022 — Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its unaudited financial results for the third quarter of 2022. THIRD QUARTER 2022 FINANC ...

Call Start: 20:00 January 1, 0000 8:46 PM ET Noah Holdings Limited (NYSE:NOAH) Q2 2022 Earnings Conference Call August 20, 2022 08:00 PM ET Company Participants Jingbo Wang - Co-Founder & CEO Qin Pan - CFO Conference Call Participants Operator Good day and welcome to the Noah Holdings Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Ms. Jingbo Wang, C ...

TABLE OF CONTENTS Exhibit 99.1 Noah Holdings Limited Supplemental and Updated Disclosures Noah Holdings Limited (the "Company" or "we") has filed an application (the "Listing Application") with the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") in connection with a proposed secondary listing (the "Listing") of its ordinary shares on the Main Board of the Hong Kong Stock Exchange. The Listing Application contains new and supplemental descriptions of certain aspects of the Company's busi ...

Financial Data and Key Metrics Changes - In Q1 2022, Noah's net revenue was RMB796 million, down 35% year-over-year and down 37% quarter-over-quarter [20][51] - GAAP net income attributable to shareholders was RMB310 million, down 32% year-over-year but up 8% quarter-over-quarter, reaching 22% of annual guidance [20][59] - Operating costs fell sharply by 33% year-over-year and 57% quarter-over-quarter, with an operating margin of 39.4%, down 1.6% year-over-year but up 29% quarter-over-quarter [19][58] Business Line Data and Key Metrics Changes - The wealth management segment generated net revenues of RMB578 million, down 39% year-over-year and 40% quarter-over-quarter due to a slowdown in transaction value [60] - The asset management segment's net income was RMB200 million, down 26% year-over-year and 27% quarter-over-quarter, with recurring service fees increasing by 5% year-over-year [29][60] - The total transaction value for the quarter was RMB15 billion, down 45% year-over-year and 29% quarter-over-quarter, with private secondary funding decreasing by 69% year-over-year [21][53] Market Data and Key Metrics Changes - The MSCI Overseas China index fell by 23%, while the Shanghai Securities Composite Index decreased by 11% in Q1 2022, reflecting a challenging capital market environment [48] - The overseas transaction value reached RMB2.4 billion, a year-on-year decrease of 35% but a quarter-on-quarter increase of 3% [24] Company Strategy and Development Direction - The company adopted a "protection over growth" strategy for client asset allocation, focusing on risk avoidance amid market volatility [8][14] - Noah is transitioning from a product-driven model to a client-centric approach, emphasizing the importance of understanding client needs and protecting their assets [17][42] - The company aims to expand its core client group, particularly Black Card and Diamond Card clients, which grew by 12% year-over-year [55][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic, geopolitical conflicts, and macroeconomic uncertainties, which have affected investor sentiment [47][48] - The company remains optimistic about recovering lost clients and achieving its full-year net profit guidance despite a tough first quarter [77][78] - Management emphasized the importance of maintaining communication with clients and guiding them through the volatile market [54] Other Important Information - The company has established several crisis management teams to address the impacts of the COVID-19 pandemic and ensure business continuity [35][39] - Noah has been actively involved in community support during the pandemic, delivering supplies and providing medical assistance to employees and clients [39][40] Q&A Session Summary Question: Concerns about asset management product redemptions - Management indicated that there has not been a significant outflow of funds but rather a strategic reallocation among different investment strategies [65][66] Question: Impact of insurance sales regulations - Management explained that new regulations caused a temporary pause in insurance sales, but they have since obtained the necessary permits to resume sales in Q2 [71][72] Question: COVID-19 lockdown impacts on business - Management acknowledged the negative impact of lockdowns but also highlighted opportunities for client engagement and service diversification [75][76] Question: Updates on the Hong Kong team - Management refrained from providing specific updates on the Hong Kong team due to ongoing pressures in the market [88][89]

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, 2021. 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 ...

Noah Holdings Limited (NYSE:NOAH) Q4 2021 Earnings Conference Call March 14, 2022 8:00 PM ET Company Participants Jingbo Wang - Co-Founder & Chief Executive Officer Qin Pan - Chief Financial Officer Conference Call Participants Ethan Wang - CLSA Emma Liu - Bank of America Operator Good day, and welcome to the Noah Holdings Fourth Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask quest ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) The company achieved significant revenue growth in 2021 driven by wealth management, though operating income was impacted by strategic investments [Fourth Quarter 2021 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202021%20Financial%20Highlights) Q4 2021 saw strong revenue growth of 32.2% YoY, but a 60.6% decline in operating income due to investments and provisions Q4 2021 Net Revenues by Segment (YoY) | Segment (RMB millions) | Q4 2020 | Q4 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Wealth management | 643.2 | 969.3 | 50.7% | | Asset management | 306.0 | 273.8 | (10.5)% | | Other businesses | 4.0 | 17.0 | 325.5% | | **Total net revenues** | **953.2** | **1,260.1** | **32.2%** | Q4 2021 Income from Operations by Segment (YoY) | Segment (RMB millions) | Q4 2020 | Q4 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Wealth management | 206.3 | 183.6 | (11.0)% | | Asset management | 151.8 | 80.8 | (46.8)% | | Other businesses | (22.6) | (132.1) | 481.9% | | **Total income from operations** | **335.5** | **132.3** | **(60.6)%** | - Net income attributable to Noah shareholders was **RMB 281.3 million**, compared to a net loss of RMB 1,573.5 million in Q4 2020, with the prior-year loss mainly due to a one-off Camsing settlement expense[4](index=4&type=chunk) - Non-GAAP net income attributable to Noah shareholders for Q4 2021 was **RMB 289.6 million**, a **10.3% increase** from the corresponding period in 2020[6](index=6&type=chunk) [Full Year 2021 Financial Highlights](index=2&type=section&id=Full%20Year%202021%20Financial%20Highlights) Full year 2021 net revenues grew 29.9%, while operating income slightly decreased by 4.7% due to higher expenses Full Year 2021 Net Revenues by Segment (YoY) | Segment (RMB millions) | FY 2020 | FY 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Wealth management | 2,366.3 | 3,194.9 | 35.0% | | Asset management | 875.5 | 1,041.5 | 19.0% | | Other businesses | 64.0 | 56.7 | (11.4)% | | **Total net revenues** | **3,305.8** | **4,293.1** | **29.9%** | Full Year 2021 Income from Operations by Segment (YoY) | Segment (RMB millions) | FY 2020 | FY 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Wealth management | 817.5 | 921.5 | 12.7% | | Asset management | 459.8 | 485.2 | 5.5% | | Other businesses | (18.8) | (207.8) | 1,004.8% | | **Total income from operations** | **1,258.5** | **1,198.9** | **(4.7)%** | - Net income attributable to Noah shareholders for the full year 2021 was **RMB 1,314.1 million**, compared to a net loss of RMB 745.2 million in 2020[9](index=9&type=chunk) - Non-GAAP net income attributable to Noah shareholders for the full year 2021 was **RMB 1,372.7 million**, a **21.5% increase** from 2020[10](index=10&type=chunk) [Fourth Quarter and Full Year 2021 Operational Updates](index=2&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202021%20Operational%20Updates) Operational performance in 2021 was marked by growth in registered clients, distributed product value, and total AUM [Wealth Management Business](index=2&type=section&id=Wealth%20Management%20Business) The wealth management segment expanded its client base and relationship manager team in 2021 - Total registered clients increased by **14.2% YoY to 411,981** as of December 31, 2021[12](index=12&type=chunk) - For the full year 2021, the total number of active clients (including mutual fund-only clients) increased by **25.0% YoY to 42,764**[14](index=14&type=chunk) - The number of relationship managers increased by **6.9% YoY to 1,316** as of December 31, 2021[18](index=18&type=chunk) Aggregate Value of Investment Products Distributed (Full Year) | Product type | FY 2020 (RMB billions) | FY 2021 (RMB billions) | | :--- | :--- | :--- | | Mutual fund products | 38.0 | 37.1 | | Private secondary products | 35.2 | 37.8 | | Private equity products | 17.9 | 18.1 | | Other products | 3.6 | 4.2 | | **All products** | **94.7** | **97.2** | [Asset Management Business](index=3&type=section&id=Asset%20Management%20Business) The asset management business saw modest AUM growth, with private equity remaining the dominant investment type - Total assets under management (AUM) as of December 31, 2021, grew **2.1% YoY to RMB 156.0 billion** (US$24.5 billion)[20](index=20&type=chunk) Assets Under Management by Investment Type (as of Dec 31, 2021) | Investment type | AUM (RMB billions) | Allocation | | :--- | :--- | :--- | | Private equity | 130.9 | 83.9% | | Public securities | 11.2 | 7.2% | | Real estate | 6.6 | 4.3% | | Multi-strategies | 5.9 | 3.8% | | Others | 1.4 | 0.8% | | **All Investments** | **156.0** | **100.0%** | [Other Businesses](index=4&type=section&id=Other%20Businesses) The other businesses segment was strategically rebranded to 'Noah Digital International' to enhance client services - The other businesses segment has been transitioned to "Noah Digital International" to provide more comprehensive services and investment products to clients[22](index=22&type=chunk) [Detailed Financial Results](index=4&type=section&id=Detailed%20Financial%20Results) A detailed analysis of 2021 financials reveals revenue growth offset by rising operating costs and credit loss provisions [Fourth Quarter 2021 Financial Results](index=4&type=section&id=Fourth%20Quarter%202021%20Financial%20Results) Q4 revenue growth was driven by one-time commissions, but profitability was constrained by sharply higher operating expenses [Net Revenues](index=4&type=section&id=Q4%202021%20Net%20Revenues) Q4 net revenues rose 32.2% YoY, primarily fueled by a doubling of one-time commissions in wealth management - Total net revenues for Q4 2021 were **RMB 1,260.1 million**, a **32.2% increase YoY**[24](index=24&type=chunk) - Wealth Management one-time commissions **doubled to RMB 472.0 million (+100.2% YoY)** due to an increase in insurance products distributed[25](index=25&type=chunk) - Wealth Management recurring service fees grew **40.3% YoY to RMB 417.0 million**[26](index=26&type=chunk) - Asset Management performance-based income remained stable at **RMB 125.4 million**, primarily from offshore private equity funds[28](index=28&type=chunk) [Operating Costs and Expenses](index=5&type=section&id=Q4%202021%20Operating%20Costs%20and%20Expenses) Operating costs surged 82.6% in Q4, largely due to a significant provision for credit losses - Total operating costs and expenses for Q4 2021 were **RMB 1,127.8 million**, an **82.6% increase YoY**[30](index=30&type=chunk) - A provision for credit losses of **RMB 100.9 million** was recorded, with RMB 85.6 million related to loan receivables in the 'Other Businesses' segment[30](index=30&type=chunk)[33](index=33&type=chunk) [Operating Margin](index=6&type=section&id=Q4%202021%20Operating%20Margin) The overall operating margin compressed significantly to 10.5% in Q4 from 35.2% in the prior year - Overall operating margin for Q4 2021 was **10.5%**, down from 35.2% in Q4 2020[34](index=34&type=chunk) - Wealth management operating margin decreased to **18.9% from 32.1%** due to investments in talent and systems[34](index=34&type=chunk) - Asset management operating margin fell to **29.5% from 49.6%** due to investments in client events and talent[35](index=35&type=chunk) [Net Income](index=6&type=section&id=Q4%202021%20Net%20Income) The company returned to profitability in Q4 with a net income of RMB 273.9 million - Net income for Q4 2021 was **RMB 273.9 million**, compared to a net loss of RMB 1,572.9 million in Q4 2020[38](index=38&type=chunk) - Net income attributable to Noah shareholders per diluted ADS was **RMB 4.16 (US$0.65)**[41](index=41&type=chunk) - Non-GAAP net income attributable to Noah shareholders per diluted ADS was **RMB 4.28 (US$0.67)**, up from RMB 4.13 in Q4 2020[42](index=42&type=chunk) [Full Year 2021 Financial Results](index=7&type=section&id=Full%20Year%202021%20Financial%20Results) Full-year revenue grew 29.9%, but operating margin declined due to faster growth in operating costs [Net Revenues](index=7&type=section&id=FY%202021%20Net%20Revenues) Full-year net revenues increased by 29.9%, with strong growth in commissions and performance-based income - Total net revenues for FY 2021 were **RMB 4,293.1 million**, a **29.9% increase YoY**[43](index=43&type=chunk) - Wealth Management one-time commissions grew **54.1% YoY to RMB 1,174.6 million**, primarily from insurance products[44](index=44&type=chunk) - Wealth Management performance-based income surged **128.5% YoY to RMB 466.6 million** from public securities products[45](index=45&type=chunk) - Asset Management performance-based income increased **71.1% YoY to RMB 313.6 million** from private equity fund products[46](index=46&type=chunk) [Operating Costs and Expenses](index=7&type=section&id=FY%202021%20Operating%20Costs%20and%20Expenses) Operating costs for the full year increased by 51.1%, outpacing revenue growth - Total operating costs and expenses for FY 2021 were **RMB 3,094.2 million**, a **51.1% increase YoY**[47](index=47&type=chunk) - Provision for credit losses for the full year was **RMB 113.0 million**[47](index=47&type=chunk) [Operating Margin](index=8&type=section&id=FY%202021%20Operating%20Margin) The full-year operating margin declined to 27.9% due to strategic investments and a lower 2020 expense base - Overall operating margin for FY 2021 was **27.9%**, down from 38.1% in FY 2020[50](index=50&type=chunk) - The decline in operating margin was attributed to budgeted investments in talent and client experiences, as well as lower expenses in 2020 due to the COVID-19 pandemic[50](index=50&type=chunk)[51](index=51&type=chunk) [Net Income](index=8&type=section&id=FY%202021%20Net%20Income) The company achieved a strong net income of RMB 1,306.1 million for the full year, reversing the prior year's loss - Net income for FY 2021 was **RMB 1,306.1 million**, compared to a net loss of RMB 743.5 million in FY 2020[54](index=54&type=chunk) - Net income attributable to Noah shareholders per diluted ADS was **RMB 19.45 (US$3.05)**[55](index=55&type=chunk) - Non-GAAP net income attributable to Noah shareholders per diluted ADS was **RMB 20.32 (US$3.19)**, up from RMB 18.12 in FY 2020[56](index=56&type=chunk) [Financial Position and Cash Flow](index=9&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a solid cash position while navigating significant cash outflows for investments and share repurchases [Balance Sheet and Cash Flow](index=9&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) Operating cash flow nearly doubled in 2021, though large investment and financing outflows impacted the overall cash balance - Cash and cash equivalents stood at **RMB 3,404.6 million (US$534.2 million)** as of December 31, 2021[57](index=57&type=chunk) - Net cash inflow from operating activities for FY 2021 was **RMB 1,521.8 million**, a significant increase from RMB 796.3 million in FY 2020[58](index=58&type=chunk) - Net cash outflow from investing activities for FY 2021 was **RMB 2,572.1 million**, compared to an inflow of RMB 352.6 million in FY 2020, due to the cash payment for a new headquarters[59](index=59&type=chunk) - Net cash outflow from financing activities for FY 2021 was **RMB 513.1 million**, mainly due to a share repurchase program[60](index=60&type=chunk) [Outlook and Other Information](index=10&type=section&id=Outlook%20and%20Other%20Information) The company provides an optimistic 2022 forecast and reconciles GAAP to non-GAAP financial measures [2022 Forecast](index=10&type=section&id=2022%20Forecast) Management forecasts 2022 non-GAAP net income between RMB 1.45 billion and RMB 1.55 billion, expecting continued growth - The company forecasts non-GAAP net income attributable to Noah shareholders for the full year 2022 to be in the range of **RMB 1.45 billion to RMB 1.55 billion**[63](index=63&type=chunk) - Management is optimistic about growth in the number of core clients, net revenues, and take rate in 2022, citing growing demand in domestic insurance and higher performance-based income[63](index=63&type=chunk) [Reconciliation of GAAP to Non-GAAP Results](index=26&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) Non-GAAP results are presented by adjusting for share-based compensation and non-recurring settlement expenses Q4 2021 GAAP to Non-GAAP Reconciliation (RMB'000) | Description | Q4 2020 | Q4 2021 | | :--- | :--- | :--- | | Net (loss) income attributable to Noah shareholders (GAAP) | (1,573,507) | 281,312 | | Adjustment for share-based compensation | 9,041 | 12,435 | | Add: settlement expense (reversal) | 1,828,907 | (719) | | Less: tax effect of adjustments | 1,985 | 3,421 | | **Adjusted net income (non-GAAP)** | **262,456** | **289,607** | Full Year 2021 GAAP to Non-GAAP Reconciliation (RMB'000) | Description | FY 2020 | FY 2021 | | :--- | :--- | :--- | | Net (loss) income attributable to Noah shareholders (GAAP) | (745,225) | 1,314,131 | | Adjustment for share-based compensation | 59,789 | 51,036 | | Add: settlement expense | 1,828,907 | 19,908 | | Less: tax effect of adjustments | 13,821 | 12,374 | | **Adjusted net income (non-GAAP)** | **1,129,650** | **1,372,701** |