SHANGHAI,Nov. 27,2024 --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 third quarter of 2024.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS

Net revenues for the third quarter of 2024 were RMB683.7 million (US$97.4 million),an 8.8% decrease from the corresponding period in 2023,primarily due to a 33.0% decrease in net revenues from mainland China,which was partially offset by a 28.9% increase in net revenues from overseas.

Net revenues from mainland China for the third quarter of 2024 were RMB306.8 million (US$43.7 million),a 33.0% decrease from the corresponding period in 2023,primarily due to decreases of 89.9% in revenue from distribution of domestic insurance products and 17.3% in revenue from recurring service fees from RMB private equity products.

Net revenues from overseas for the third quarter of 2024 were RMB376.9 million (US$53.7 million),a 28.9% increase from the corresponding period in 2023,primarily due to increases of 42.5% in revenue from offshore investment products and 42.4% in revenue from insurance products,which were partially offset by a 38.8% decrease in revenue from other services provided to offshore high-net-worth investors.

Net Revenues by segment is as follows:

(RMB millions,

except percentages)

Q3 2023

Q3 2024

YoY Change

Wealth management

548.8

465.0

(15.3%)

Asset management

191.4

208.9

9.2%

Other businesses

9.8

9.8

(0.7%)

Total net revenues

750.0

683.7

(8.8%)

Net Revenues by geography is as follows:

(RMB millions,

except percentages)

Q3 2023

Q3 2024

YoY Change

Mainland China

457.7

306.8

(33.0%)

Overseas

292.3

376.9

28.9%

Total net revenues

750.0

683.7

(8.8%)

Income from operations for the third quarter of 2024 was RMB240.8 million (US$34.3 million),a 3.2% decrease from the corresponding period in 2023,mainly due to the 8.8% decrease in net revenues,which was partially offset by an 11.6% decrease in operating costs and expenses driven by various cost control measures. Income from operations increased by 79.7% sequentially for the third quarter of 2024,primarily due to an 11.0% increase in net revenues and an 8.1% decrease in operating costs and expenses.

Income from operations by segment is as follows:

(RMB millions,

except percentages)

Q3 2023

Q3 2024

YoY Change

Wealth management

154.5

138.9

(10.1%)

Asset management

106.5

122.5

15.0%

Other businesses

(12.1)

(20.6)

70.5%

Total income from operations

248.9

240.8

(3.2%)

Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million (US$19.2 million),a 42.4% decrease from the corresponding period in 2023,mainly due to (i) a 3.2% decrease in income from operations; (ii) approximately RMB43.6 million in unrealized USD-denominated foreign exchange losses; and (iii) a one-off 30.0% increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries. Net income attributable to Noah shareholders increased by 34.7% sequentially in the third quarter of 2024,mainly due to a 79.7% increase in income from operations.

Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2024 was RMB150.5 million (US$21.4 million),a 35.2% decrease from the corresponding period in 2023 and a 41.9% increase from the second quarter of 2024.

THIRD QUARTER 2024 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity,private secondary,mutual funds and other products denominated in RMB,USD and other currencies.

Total number of registered clients as of September 30,2024,was 460,380,a 1.8% increase from September 30,2023,and a 0.3% increase from June 30,2024. Among registered clients as of September 30,the number of overseas registered clients was 17,287,a 20.9% increase from September 30,and a 3.0% increase from June 30,2024.

Total number of active clients[2] for the third quarter of 2024 was 7,857,a decrease of 17.2% from the third quarter of 2023 and a 9.0% decrease from the second quarter of 2024. Among active clients during the third quarter of 2024,the number of overseas active clients was 3,139,a 37.4% increase from the third quarter of 2023,and a 3.2% decrease from the second quarter of 2024.

Aggregate value of investment products distributed during the third quarter of 2024 was RMB14.3 billion (US$2.0 billion),a 36.1% decrease from the corresponding period in 2023,mainly due to a 42.1% decrease in distribution of mutual fund products. The aggregate value of investment products distributed decreased by 1.1% sequentially,mainly due to a decrease in distribution of private secondary products. Among the investment products distributed during the third quarter of 2024,Noah distributed RMB7.8 billion (US$1.1 billion) of overseas investment products,an 11.4% increase from the corresponding period of 2023,primarily due to a 76.7% increase in distribution of overseas mutual fund products.

The aggregate value of investment products distributed,categorized by product type,is as follows:

Three months ended September 30,

2023

2024

Product type

(RMB in billions,except percentages)

Mutual fund products

14.9

66.9%

8.6

60.6%

Private secondaryproducts

5.7

25.4%

3.6

25.0%

Private equity products

0.7

3.1%

1.1

7.5%

Other products[3]

1.0

4.6%

1.0

6.9%

All products

22.3

100.0%

14.3

100.0%

The aggregate value of investment products distributed,categorized by geography,is as follows：

Type of products in mainland China

Three months ended September 30,

2023

2024

(RMB in billions,except percentages)

Mutual fund products

12.9

84.0%

5.2

80.2%

Private secondary products

1.8

11.4%

0.8

12.3%

Private equity products

-

0.3%

-

0.0%

Other products

0.7

4.3%

0.5

7.5%

All products in mainland China

15.4

100.0%

6.5

100.0%

Type of overseas products

Three months ended September 30,except percentages)

Mutual fund products

2.0

28.1%

3.4

44.6%

Private secondary products

3.9

56.2%

2.8

35.7%

Private equity products

0.7

10.8%

1.1

13.7%

Other products

0.3

4.9%

0.5

6.0%

All Overseas products

6.9

100.0%

7.8

100.0%

Coverage network in mainland China included 13 cities as of September 30,compared with 59 cities as of September 30,and 15 cities as of June 30,primarily due to the continued streamlining of the Company's coverage network.

Aggregate number of overseas relationship managers was 146 as of September 30,an increase of 89.6% from September 30,and 29.2% from June 30,2024.

Asset Management Business

Noah's asset management business is conducted through Gopher Asset Management Co.,Ltd. ("Gopher Asset Management"),a leading multi-asset manager in China,and Olive Asset Management Co.,Ltd. ("Olive Asset Management"),the Company's recently launched overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity,real estate,public securities to multi-strategy investments denominated in RMB,USD and other currencies.

Total assets under management as of September 30,were RMB150.1 billion (US$21.4 billion),a 2.5% decrease from June 30,and a 3.1% decrease from September 30,mainly due to exits in RMB private equity investment products and exchange rate fluctuations affecting the value of overseas assets under management.

Mainland China assets under management as of September 30,were RMB110.6 billion (US$15.8 billion),compared with RMB119.5 billion as of September 30,and RMB114.9 billion as of June 30,2024.

Overseas assets under management as of September 30,were RMB39.5 billion (US$5.6 billion),compared with RM35.4 billion as of September 30,and RMB39.1 billion as of June 30,2024.

Total assets under management,categorized by investment type,are as follows:

Investment type

As of

June 30,

2024

Redemption

As of

September 30,

2024

(RMB billions,except percentages)

Private equity

133.0

86.4%

0.5

3.4 [4]

130.1

86.7%

Public securities[5]

10.4

6.7%

2.3

2.8

9.9

6.6%

Real estate

5.8

3.8%

-

0.3

5.5

3.7%

Multi-strategies

4.2

2.7%

-

0.1

4.1

2.7%

Others

0.6

0.4%

-

0.1

0.5

0.3%

All Investments

154.0

100.0%

2.8

6.7

150.1

100.0%

Total assets under management,are as follows:

Mainland China

Investment type

As of

June 30,

2024

Growth

Allocation/

Redemption

As of

September 30,except percentages)

Private equity

103.4

90.1%

-

3.3

100.1

90.5%

Public securities

6.0

5.2%

0.5

1.0

5.5

5.0%

Real estate

2.4

2.1%

-

0.2

2.2

2.0%

Multi-strategies

2.5

2.1%

-

0.2

2.3

2.0%

Others

0.6

0.5%

-

0.1

0.5

0.5%

All Investments

114.9

100.0%

0.5

4.8

110.6

100.0%

Overseas

Investment type

As of

June 30,except percentages)

Private equity

29.6

75.5%

0.5

0.1

30.0

75.9%

Public securities

4.4

11.2%

1.8

1.8

4.4

11.1%

Real estate

3.4

8.7%

-

0.1

3.3

8.4%

Multi-strategies

1.7

4.6%

-

(0.1)

1.8

4.6%

All Investments

39.1

100.0%

2.3

1.9

39.5

100.0%

[1]Noah'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. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

[2] "Active clients" for a given period refers to registered clients who purchase investment products distributed or receive services provided by the Company during that given period.

[3] "Other products" refers to other investment products,which includes insurance products,multi-strategies products and others.

[4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.

[5] The asset allocation/redemption of public securities also includes market appreciation or depreciation.

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income,depreciation and amortization,as well as operating expenses.

Ms. Jingbo Wang,co-founder and chairwoman of Noah,commented,"I'm pleased to report a significant sequential rebound in net revenues,operating margin,and net income as the pace of our overseas expansion gains momentum and client demand for global asset allocation strengthens. Net revenues from overseas grew by 28.9% year-over-year,bolstered by ongoing investments to expand our global footprint. Our team of relationship managers directly supporting this expansion grew to 146 professionals,an increase of 89.6% year-over-year and 29.2% sequentially. We also opened our Japan office during the quarter to attract local Mandarin-speaking clients and are actively evaluating opportunities in other key potential markets such as Canada,Australia,Southeast Asia,and Europe,to capitalize on this momentum. While sluggish domestic markets continue to pose challenges,we are encouraged by initial signs of a recovery and improving client sentiment,driven by recent policies aimed at supporting the broader economy. We remain confident in the substantial potential for wealth management services tailored to global Mandarin-speaking high-net-worth investors,many of whom are currently underserved by local financial institutions. This presents us with significant opportunities to acquire new clients through our competitive global investment solutions and renowned service standards."

THIRD QUARTER 2024 FINANCIAL RESULTS

Net Revenues

Net revenues for the third quarter of 2024 were RMB683.7million (US$97.4million),an 8.8% decrease from the corresponding period in 2023.

Wealth Management Business

Net revenues from one-time commissions for the third quarter of 2024 were RMB175.1 million (US$25.0 million),an 11.8% decrease from the corresponding period in 2023,primarily due to a decrease in distribution of domestic insurance products.

Net revenues from recurring service fees for the third quarter of 2024 were RMB251.0 million (US$35.8 million),a 10.3% decrease from the corresponding period in 2023,primarily due to a decrease in recurring service fees from private secondary products and private equity products associated with the decrease in assets under management in mainland China.

Net revenues from performance-based income for the third quarter of 2024 were RMB3.0 million (US$0.4 million),a 65.8% decrease from the corresponding period of 2023,primarily due to a decrease in performance-based income from private secondary products.

Net revenues from other service fees for the third quarter of 2024 were RMB35.9 million (US$5.1 million),a 41.7% decrease from the corresponding period in 2023,primarily due to a decrease in the value-added services offered to high-net-worth clients.

Asset Management Business

Net revenues from recurring service fees for the third quarter of 2024 were RMB150.6 million (US$21.5 million),a 19.1% decrease from the corresponding period in 2023,primarily due to a decrease in recurring service fees generated from RMB private equity products.

Net revenues from performance-based income for the third quarter of 2024 were RMB58.0 million (US$8.3 million),a substantial increase from the corresponding period in 2023,primarily due to an increase in performance-based income realized from offshore private equity products.

Other Businesses

Net revenues for the third quarter of 2024 were RMB9.8 million (US$1.4 million),remaining flat compared with the corresponding period in 2023.

Operating Costs and Expenses

Operatingcosts andexpensesfor the third quarter of 2024 were RMB442.9 million (US$63.1 million),an 11.6% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of (i) compensation and benefits of RMB310.0 million (US$44.2 million); (ii) selling expenses of RMB65.9 million (US$9.4 million); (iii) general and administrative expenses of RMB72.3 million (US$10.3 million); (iv) provision for of credit losses of RMB5.4 million (US$0.8 million); and (v) other operating expenses of RMB12.9 million (US$1.8 million).

Operating costs and expenses for the wealth management business for the third quarter of 2024 were RMB326.1 million (US$46.5 million),a 17.3% decrease from the corresponding period in 2023,primarily due to decreases of 23.5% in compensation and benefits and 48.6% in selling expenses.

Operating costs and expenses for the asset management business for the third quarter of 2024 were RMB86.4 million (US$12.3 million),a 1.8% increase from the corresponding period in 2023.

Operating costs and expenses for other businesses for the third quarter of 2024 were RMB30.4 million (US$4.3 million),compared with RMB21.9 million from the corresponding period in 2023.

Operating Margin

Operating margin for the third quarter of 2024 was 35.2%,compared with 33.2% for the corresponding period in 2023.

Operating margin for the wealth management business for the third quarter of 2024 was 29.9%,compared with 28.2% for the corresponding period in 2023.

Operating margin for the asset management business for the third quarter of 2024 was 58.6%,compared with 55.6% for the corresponding period in 2023.

Loss from operation for other businesses for the third quarter of 2024 was RMB20.6 million (US$2.9 million),compared with an operating loss of RMB12.1 million for the corresponding period in 2023.

Interest Income

Interest income for the third quarter of 2024 was RMB28.4 million (US$4.0 million),a 34.6% decrease from the corresponding period in 2023.

Investment Income

Investment income for the third quarter of 2024 was RMB16.3 million (US$2.3 million),compared with RMB9.6 million for the corresponding period in 2023.

Income Tax Expenses

Income tax expensesfor the third quarter of 2024 were RMB89.0 million (US$12.7 million),a 30.0% increase from the corresponding period in 2023,primarily due to anincrease in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries.

Net Income

Net Income

Net income for the third quarter of 2024 was RMB137.8 million (US$19.6 million),a 40.6% decrease from the corresponding period in 2023.

Net margin for the third quarter of 2024 was 20.2%,compared with 30.9% for the corresponding period in 2023.

Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million (US$19.2 million),a 42.4% decrease from the corresponding period in 2023.

Net margin attributable to Noah shareholders for the third quarter of 2024 was 19.7%,compared with 31.1% for the corresponding period in 2023.

Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2024 was RMB1.91 (US$0.27) and RMB1.91 (US$0.27),respectively,compared with RMB3.36 and RMB3.36 respectively,for the corresponding period in 2023.

Non-GAAP Net Income Attributable to Noah Shareholders

Non-GAAP net income attributable to Noah shareholders for the third quarter of 2024 was RMB150.5 million (US$21.4 million),a 35.2% decrease from the corresponding period in 2023.

Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2024 was 22.0%,compared with 31.0% for the corresponding period in 2023.

Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2024 was RMB2.14 (US$0.30),down from RMB3.35 for the corresponding period in 2023.

Balance Sheet and Cash Flow

As of September 30,the Company had RMB3,435.8 million (US$489.6 million)in cash and cash equivalents,compared with RMB4,604.9million as of June 30,2024and RMB4,959.6 million as of September 30,2023. The sequential decrease in cash and cash equivalents was primarily due to the payment of dividends in the amount of RMB1,007.9 million (US$143.6 million) to shareholders and a reclassification of a short-term time deposit in the amount of RMB252.7 million (US$36.0 million) from cash and cash equivalents to short-term investments.

Net cash inflow from the Company's operating activities during the third quarter of 2024 was RMB237.2 million (US$33.8 million),mainly due to cash inflow generated from net income from operations.

Net cash outflow from the Company's investing activities during the third quarter of 2024 was RMB53.7 million (US$7.7 million),mainly due to cash used for long-term investments.

Net cash outflow from the Company's financing activities was RMB1,010.8 million (US$144.0 million) in the third quarter of 2024,primarily due to payment of the final dividend to the Company's shareholders.

CONFERENCE CALL

The Company's senior management will host an earnings conference call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows:

Conference title: Noah Holdings 3Q24 Earnings Conference Call

Date/Time: Tuesday,November 26,at 7:00 p.m.,U.S. Eastern Time

Wednesday,November 27,at 8:00 a.m.,Hong Kong Time

Dial in:

– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

5468333

A telephone replay will be available starting approximately one hour after the end of the conference until December 3,2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 6914431.

A live and archived webcast of the conference call will be available at the Company's investor relations website under the "News & Events" section at http://ir.noahgroup.com.

DISCUSSION OF NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP,the Company'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 "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

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.

When evaluating the Company'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'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.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares,or ADSs,are listed on the New York Stock Exchange under the symbol "NOAH",and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares,par value $0.00005 per share.

In the first nine months of 2024,Noah distributed RMB47.6 billion (US$6.8 billion) of investment products. Through Gopher Asset Management and Olive Asset Management,Noah had assets under management of RMB150.1 billion (US$21.4 billion) asof September 30,2024.

Noah's wealth management business primarily distributes private equity,public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China,as well as Hong Kong (China),New York,Silicon Valley,Singapore,and Los Angeles. The Company's wealth management business had 460,380 registered clients as of September 30,2024. Through Gopher Asset Managementand Olive Asset Management,Noah manages private equity,public securities,multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other services.

For more information,please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement,the unaudited financial results for the third quarter of 2024 ended September 30,2024 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 RMB7.0176 to US$1.00,the effective noon buying rate for September 30,2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,in its annual report to shareholders,in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"),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's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include,but are not limited to,estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah'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 China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah'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 China and internationally; general economic and business conditions in China; 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's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release,and Noah does not undertake any obligation to update any such information,including forward-looking statements,as a result of new information,future events or otherwise,except as required under the applicable law.

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW –

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

June 30,

September30,

2024

2024

2024

RMB'000

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

4,604,946

3,435,758

489,592

Restricted cash

4,574

5,786

824

Short-term investments

1,400

1,297,914

184,951

Accounts receivable,net

429,417

460,076

65,560

Amounts due from related parties

444,937

468,264

66,727

Loans receivable,net

207,122

179,089

25,520

Other current assets

226,332

246,451

35,120

Total current assets

7,204,728

6,093,338

868,294

Long-term investments,net

742,322

960,572

136,880

Investment in affiliates

1,445,356

1,404,501

200,140

Property and equipment,net

2,416,072

2,395,438

341,347

Operating lease right-of-use assets,net

102,301

121,435

17,304

Deferred tax assets

400,401

400,447

57,063

Other non-current assets

155,825

145,394

20,718

Total Assets

12,467,005

11,521,125

1,641,746

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

346,543

270,282

38,515

Income tax payable

76,318

130,136

18,544

Deferred revenues

73,857

76,867

10,953

Dividend payable

1,018,000

-

-

Contingent liabilities

475,777

459,436

65,469

Other current liabilities

420,527

437,260

62,309

Total current liabilities

2,411,022

1,373,981

195,790

Deferred tax liabilities

245,609

243,466

34,694

Operating lease liabilities,non-current

55,043

77,652

11,065

Other non-current liabilities

24,980

22,985

3,275

Total Liabilities

2,736,654

1,718,084

244,824

Equity

9,730,351

9,803,041

1,396,922

Total Liabilities and Equity

12,746

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000,except for ADS data,per ADS data and percentages)

(unaudited)

Three months ended

September 30,

September 30,

Change

2023

2024

2024

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

199,286

170,023

24,228

(14.7%)

Recurring service fees

171,408

166,138

23,674

(3.1%)

Performance-based income

8,440

2,974

424

(64.8%)

Other service fees

74,355

48,764

6,949

(34.4%)

Total revenues from others

453,489

387,899

55,275

(14.5%)

Revenues from funds Gopher

manages:

One-time commissions

32

6,014

857

18693.8%

Recurring service fees

295,982

236,638

33,721

(20.0%)

Performance-based income

5,543

58,151

8,286

949.1%

Total revenues from funds

Gopher manages

301,557

300,803

42,864

(0.3%)

Total revenues

755,046

688,702

98,139

(8.8%)

Less: VAT related surcharges

(5,088)

(5,016)

(715)

(1.4%)

Net revenues

749,958

683,686

97,424

(8.8%)

Operating costs and expenses:

Compensation and benefits

Relationship managers

(185,748)

(137,082)

(19,534)

(26.2%)

Others

(215,047)

(172,902)

(24,639)

(19.6%)

Total compensation and

benefits

(400,795)

(309,984)

(44,173)

(22.7%)

Selling expenses

(119,707)

(65,939)

(9,396)

(44.9%)

General and administrative

expenses

(67,407)

(72,250)

(10,296)

7.2%

Reversal of (Provision for)

credit losses

525

(5,416)

(772)

N.A.

Other operating expenses

(18,982)

(12,859)

(1,832)

(32.3%)

Government subsidies

105,297

23,576

3,360

(77.6%)

Total operating costs and

expenses

(501,069)

(442,872)

(63,109)

(11.6%)

Income from operations

248,889

240,814

34,315

(3.2%)

Other income:

Interest income

43,465

28,416

4,049

(34.6%)

Investment income

9,640

16,334

2,328

69.4%

Other income (expenses)

2,446

(43,577)

(6,210)

N.A.

Total other income

55,551

1,173

167

(97.9%)

Income before taxes and

income from equity in

affiliates

304,440

241,987

34,482

(20.5%)

Income tax expense

(68,499)

(89,036)

(12,688)

30.0%

Loss from equity in affiliates

(3,897)

(15,184)

(2,164)

289.6%

Net income

232,044

137,767

19,630

(40.6%)

Less: net (loss) gain

attributable to non-controlling

interests

(1,282)

3,351

478

N.A.

Net income attributable to

Noah shareholders

233,326

134,416

19,152

(42.4%)

Income per ADS,basic

3.36

1.91

0.27

(43.2%)

Income per ADS,diluted

3.36

1.91

0.27

(43.2%)

Margin analysis:

Operating margin

33.2%

35.2%

35.2%

Net margin

30.9%

20.2%

20.2%

Weighted average ADS

equivalent[1]:

Basic

69,472,282

70,334,784

70,784

Diluted

69,485,287

70,502

70,502

ADS equivalent outstanding at

end of period

63,154,215

65,824,608

65,608

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADS.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

September 30,

Change

2023

2024

2024

RMB'000

RMB'000

USD'000

Net income

232,630

(40.6%)

Other comprehensive income,net

of tax:

Foreign currency translation

adjustments

21,405

(92,022)

(13,113)

N.A.

Comprehensive income

253,449

45,745

6,517

(82.0%)

Less: Comprehensive (loss)

income attributable to non-

controlling interests

(1,169)

4,822

687

N.A.

Comprehensive income

attributable to Noah

shareholders

254,618

40,923

5,830

(83.9%)

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

September 30,

2023

September 30,

2024

Change

Number of registered clients

452,222

460,380

1.8%

Three months ended

September 30,

2024

Change

(in millions of RMB,except number of active clients and percentages)

Number of active clients

9,489

7,857

(17.2%)

Transaction value:

Private equity products

693

1,070

54.3%

Private secondary products

5,670

3,560

(37.2%)

Mutual fund products

14,929

8,651

(42.1%)

Other products

1,024

977

(4.5%)

Total transaction value

22,316

14,258

(36.1%)

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30,2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

170,023

-

-

170,023

Recurring service fees

166,138

-

-

166,138

Performance-based income

2,974

-

-

2,974

Other service fees

36,087

-

12,677

48,764

Total revenues from others

375,222

-

12,677

387,899

Revenues from funds Gopher

manages

One-time commissions

5,776

238

-

6,014

Recurring service fees

85,850

150,788

-

236,638

Performance-based income

50

58,101

-

58,151

Total revenues from funds Gopher

manages

91,676

209,127

-

300,803

Total revenues

466,898

209,127

12,677

688,702

Less: VAT related surcharges

(1,881)

(208)

(2,927)

(5,016)

Net revenues

465,017

208,919

9,750

683,686

Operating costs and expenses:

Compensation and benefits

Relationship managers

(129,395)

(7,687)

-

(137,082)

Others

(118,388)

(47,556)

(6,958)

(172,902)

Total compensation and benefits

(247,783)

(55,243)

(6,958)

(309,984)

Selling expenses

(48,392)

(11,704)

(5,843)

(65,939)

General and administrative

expenses

(45,766)

(17,500)

(8,984)

(72,250)

Provision for credit losses

(1,758)

(2,203)

(1,455)

(5,416)

Other operating expenses

(5,708)

(22)

(7,129)

(12,859)

Government subsidies

23,350

226

-

23,576

Total operating costs and expenses

(326,057)

(86,446)

(30,369)

(442,872)

Income (loss) from operations

138,960

122,473

(20,619)

240,814

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended September 30,2023

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

199,286

-

-

199,286

Recurring service fees

171,408

-

-

171,408

Performance-based income

8,440

-

-

8,440

Other service fees

61,915

-

12,440

74,355

Total revenues from others

441,049

-

12,440

453,489

Revenues from funds Gopher

manages

One-time commissions

-

32

-

32

Recurring service fees

109,368

186,614

-

295,982

Performance-based income

405

5,138

-

5,543

Total revenues from funds Gopher

manages

109,773

191,784

-

301,557

Total revenues

550,822

191,784

12,440

755,046

Less: VAT related surcharges

(2,074)

(389)

(2,625)

(5,088)

Net revenues

548,748

191,395

9,815

749,958

Operating costs and expenses:

Compensation and benefits

Relationship managers

(179,854)

(5,894)

-

(185,748)

Others

(144,256)

(64,041)

(6,750)

(215,047)

Total compensation and benefits

(324,110)

(69,935)

(6,750)

(400,795)

Selling expenses

(94,088)

(18,723)

(6,896)

(119,707)

General and administrative

expenses

(53,401)

(9,217)

(4,789)

(67,407)

(Provision for) reversal of credit

losses

(894)

(400)

1,819

525

Other operating expenses

(11,677)

(298)

(7,007)

(18,982)

Government subsidies

89,925

13,656

1,716

105,297

Total operating costs and expenses

(394,245)

(84,917)

(21,907)

(501,069)

Income (loss) from operations

154,503

106,478

(12,092)

248,889

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended September 30,2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

225,569

73,589

12,677

311,835

Overseas

241,329

135,538

-

376,867

Total revenues

466,702

Three months ended September 30,2023

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

333,911

116,355

12,440

462,706

Overseas

216,911

75,429

-

292,340

Total revenues

550,046

Noah Holdings Limited

Supplement Revenue Information by Product Types

(unaudited)

Three months ended

September 30,

2024

Change

(in thousands of RMB,except percentages)

Mainland China:

Public securities

products[1]

137,967

108,038

(21.7%)

Private equity products

218,502

180,636

(17.3%)

Insurance products

85,445

8,617

(89.9%)

Others

20,792

14,544

(30.1%)

Subtotal

462,706

311,835

(32.6%)

Overseas:

Investment products [2]

134,209

191,200

42.5%

Insurance products

101,754

144,942

42.4%

Online business [3]

2,706

7,865

190.7%

Others

53,671

32,860

(38.8%)

Subtotal

292,340

376,867

28.9%

Total revenues

755,046

688,702

(8.8%)

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products,discretionary products,private secondary

products,private equity products,real estate products and private credit products.

[3] Includes money market mutual fund products,securities brokerage business.

Noah Holdings Limited

Supplement Information of Overseas Business

(unaudited)

Three months ended

September 30,

2024

Change

Net Revenues from Overseas

(RMB,million)

292.3

376.9

28.9%

Number of Overseas

Registered Clients

14,296

17,287

20.9%

Number of Overseas Active

Clients

2,284

3,139

37.4%

Transaction Value of

Overseas Investment

Products (RMB,billion)

7.0

7.8

11.4%

Number of Overseas

Relationship Managers

77

146

89.6%

Overseas Assets Under

Management (RMB,

billion)

35.4

39.5

11.6%

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB,except for per ADS data and percentages)

(unaudited)

Three months ended

September

30,

September

30,

Change

2023

2024

RMB'000

RMB'000

Net income attributable to Noah shareholders

233,416

(42.4%)

Adjustment for share-based compensation

(1,161)

19,846

N.A.

Less: tax effect of adjustments

(281)

3,745

N.A.

Adjusted net income attributable to Noah shareholders

(non-GAAP)

232,446

150,517

(35.2%)

Net marginattributable to Noah shareholders

31.1%

19.7%

Non-GAAP net margin attributable to Noah shareholders

31.0%

22.0%

Net income attributable to Noah shareholders per ADS,

diluted

3.36

1.91

(43.2%)

Non-GAAP net income attributable to Noah shareholders

per ADS,diluted

3.35

2.14

(36.1%)