Financial Data and Key Metrics Changes - In Q2 2021, Noah reported net revenues of RMB900 million, a year-on-year increase of 20.3% and a quarter-over-quarter decrease of 26.6% [5][23] - Non-GAAP net income attributable to shareholders reached RMB340 million, a year-on-year increase of 7.5%, with a total non-GAAP net income of RMB800 million for the first half of 2021, representing 66.7% of the full-year guidance [5][21] - Operating income for the first half was RMB837 million, up 45% year-over-year, with an operating margin of 39.4% [27] Business Line Data and Key Metrics Changes - Transaction value in Q2 was RMB25 billion, up 16.6% year-on-year, with private secondary market funds at RMB7.7 billion (up 7.6%) and mutual funds at RMB9.4 billion (down 13.3%) [6] - Wealth Management segment net revenues were RMB1.5 billion, up 43.5% year-over-year, accounting for about 70% of total net revenues [28] - Asset Management segment net revenues were RMB526 million, up about 51.6% year-over-year [28] Market Data and Key Metrics Changes - The overseas sector's net income was RMB230 million, a year-on-year increase of 23%, with overseas AUM at RMB27.9 billion, up 7.4% from the end of Q1 2021 [6] - Active clients increased by 46% year-over-year to 32,945, contributing to a total transaction value of RMB52.1 billion, a 16.7% increase year-over-year [26] Company Strategy and Development Direction - The company is transitioning from a product-driven to a client-oriented model, focusing on high net worth and ultra-high net worth clients [4][8] - The Noah Triangle Service Model aims to enhance client service and improve communication between relationship managers and clients, achieving a 98% completion rate in monthly communications [8][10] - The company plans to continue investing in talent acquisition and technology infrastructure to strengthen competitive advantages [31] Management's Comments on Operating Environment and Future Outlook - Management noted that compliance costs have increased due to regulatory adjustments, but the company has successfully exited non-standardized private credit products [4][22] - The outlook remains positive despite short-term market volatility, with a focus on long-term sustainable development and compliance [16][40] - The company aims to enhance its brand image and client experience through new headquarters and improved service offerings [19] Other Important Information - As of June 30, 2021, the company had 6,386 Diamond Card clients and 1,482 Black Card clients, marking significant growth in these segments [7] - The company has established a sustainable development committee to enhance ESG awareness and set carbon neutrality goals [19][30] Q&A Session Summary Question: Changes in mutual fund retention rates and transaction volume - Management observed a slight slowdown in mutual fund distribution, with a stable retention period for total AUM mutual funds [34] Question: Impact of real estate fund registration halt - The impact on residential property funds is minimal as the company has exited from such investments since 2017 [35] Question: Distribution of private equity and hedge fund products amid market volatility - Management acknowledged short-term volatility but emphasized the long-term demand for new economy investments [39][40] Question: Growth of Black Card and Diamond Card clients - The growth is attributed to enhanced client service experiences and systematic efforts to connect with core clients [42][44]

Noah Holdings Limited (NYSE:NOAH) Q1 2021 Earnings Conference Call May 10, 2021 8:00 PM ET Company Participants Jingbo Wang - Co-Founder, Chairman and Chief Executive Officer Grant Pan - Chief Financial Officer Conference Call Participants Emma Liu - Bank of America Operator Good evening and welcome to the Noah Holdings 1Q ‘21 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 questions. Please not ...

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, 2020. 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 Ltd (NYSE:NOAH) Q4 2020 Earnings Conference Call March 15, 2021 8:00 PM ET Company Participants Jingbo Wang - Co-Founder, Chairwoman & CEO Qing Pan - CFO Sonia Han - IR Conference Call Participants Emma Xu - Bank of America Merrill Lynch Han Pu - CICC Operator Good evening, and welcome to the Noah Holdings 4Q '20 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to Ms. Jingbo Wang, Co-Founder and Chief Executive Officer at Noah Holdings. Please go ...

Noah Holdings Limited (NYSE:NOAH) Q3 2020 Results Earnings Conference Call November 30, 2020 7:00 PM ET Company Participants Jingbo Wang - Chairlady and CEO Grant Pan - Chief Financial Officer Conference Call Participants Ethan Wang - CLSA Xue Yuan - CICC Daphne Poon - Citi Operator Good day. And welcome to the Noah Holdings Limited Third Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator instructions] After today's presentation there will be an opportunity to a ...

Financial Performance - Net cash provided by operating activities in 2019 was RMB1,288.2 million (US$185.0 million), up from RMB1,029.4 million in 2018[320] - Net cash used in investing activities in 2019 was RMB182.0 million (US$26.1 million), primarily due to net purchases of investments[323] - Net cash provided by financing activities was RMB543.3 million (US$78.0 million) in 2019, mainly from contributions from non-controlling interests[324] - The total one-time commissions earned in 2019 amounted to RMB 240,808, equivalent to approximately US$ 34,590, showing a decrease from RMB 294,984 in 2018[375] - Recurring service fees for 2019 reached RMB 1,339,627, approximately US$ 192,425, an increase from RMB 1,227,061 in 2018[375] - Performance-based income for 2019 was RMB 89,648, or US$ 12,877, down from RMB 100,533 in 2018[375] - Total revenue from all service fees in 2019 was RMB 1,673,982, approximately US$ 240,452, reflecting growth from RMB 1,651,805 in 2018[375] Cash and Liquidity - The company had RMB4,387.3 million (US$630.2 million) in cash and cash equivalents as of December 31, 2019[319] - The company expects that current cash and anticipated cash flow from operations will be sufficient to meet cash needs for at least the next 12 months[319] - The company reported a cash balance of US$338.9 million in non-U.S. dollar denominated cash and US$291.3 million in U.S. dollar cash as of December 31, 2019[425] Capital Expenditures and Investments - The company’s capital expenditures were RMB65.3 million (US$9.4 million) in 2019, down from RMB128.2 million in 2018[327] - The company had RMB874.8 million invested in credit products with a weighted average duration of approximately 1.73 years as of December 31, 2019[426] Shareholder Structure and Equity - The total number of ordinary shares outstanding as of March 31, 2020, was 30,817,640 on an as-converted basis[367] - Directors and executive officers collectively owned 14,310,908 ordinary shares, representing 46.4% of total shares[368] - Jingbo Wang, a director, held 6,829,179 ordinary shares, accounting for 22.2% of total shares[368] - The company has a dual-class common share structure, with Class A shares having one vote and Class B shares having four votes, impacting shareholder influence[386] Management and Governance - The company has a chief financial officer, Qing Pan, who has been in position since November 2019, previously serving as COO of Gopher Asset Management[338] - Jingbo Wang, the co-founder and CEO, has over 20 years of experience in wealth management and asset management[334] - Yi Zhao has been the president since March 2019, enhancing management of the sales network and implementing key strategies[338] - The company has independent directors with diverse backgrounds, including finance, investment, and asset management[336] - The company has established an audit committee, a compensation committee, and a corporate governance and nominating committee to oversee various governance aspects[359] Taxation and Regulatory Matters - The company is subject to a 25% enterprise income tax rate in the People's Republic of China (PRC) for both domestic and foreign-invested companies[397] - Dividends from a PRC subsidiary to its foreign parent company are subject to a 10% withholding tax unless a tax treaty provides for a reduced rate[397] - The company believes it is not a PRC resident enterprise for tax purposes, which would exempt it from PRC enterprise income tax on global income[399] - The company will be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes if at least 75% of its gross income is passive income or at least 50% of the value of its assets is attributable to passive income[406] Internal Controls and Audit - The company maintained effective internal control over financial reporting as of December 31, 2019, as confirmed by an independent audit[435] - There were no changes in internal control over financial reporting that materially affected the company during the year ended December 31, 2019[440] - The company’s internal control over financial reporting was assessed based on criteria established in the Internal Control-Integrated Framework (2013)[434] Employee and Compensation - The company had 2,992 employees as of December 31, 2019, a decrease from 3,441 employees in 2018, with 1,288 relationship managers representing 43.0% of the total[365] - For the fiscal year ended December 31, 2019, the company paid approximately RMB31.1 million (US$4.5 million) in cash to directors and executive officers[340] - The compensation committee is responsible for reviewing and approving the total compensation package for executives, including long-term incentive compensation[359] Legal and Compliance - Gopher Shanghai is currently assessing potential legal risks related to claims against it, although it was not involved in any fraudulent activities[382] - The company has not entered into any material contracts outside the ordinary course of business[394] - The company has not disclosed any material adverse events that could impact future operating results[331]

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, 2018. 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 ...