{"id":529123,"date":"2021-08-17T17:03:24","date_gmt":"2021-08-17T21:03:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/"},"modified":"2021-08-17T17:03:24","modified_gmt":"2021-08-17T21:03:24","slug":"noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/","title":{"rendered":"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">Aug. 17, 2021<\/span> \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),\u00a0a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its\u00a0unaudited financial results for the second quarter of 2021. <\/p>\n<p>\n        <b>SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>N<\/b><br \/>\n          <b>et revenue<\/b><br \/>\n          <b>s<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB899.4 million<\/span> (<span class=\"xn-money\">US$139.3 million<\/span>), a 20.3% increase from the corresponding period in 2020 due to increased one-time commissions as well as recurring service fees.<\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">542.8<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">625.6<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">181.6<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256.3<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other businesses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">747.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">899.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Income from operations<\/b> for the second quarter of 2021 was <span class=\"xn-money\">RMB335.4 million<\/span> (<span class=\"xn-money\">US$51.9 million<\/span>), a 5.0% increase from the corresponding period in 2020. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB millions, <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q2 2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">YoY Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">196.6<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">176.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10.1%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.8<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">172.8<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other businesses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14.1)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total income from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">319.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>Net income attributable to Noah shareholders<\/b> for the second quarter of 2021 was <span class=\"xn-money\">RMB305.5 million<\/span> (<span class=\"xn-money\">US$47.3 million<\/span>), a 2.0% increase from the corresponding period in 2020. <\/li>\n<li>\n          <b>Non-GAAP<b><sup>[1]<\/sup><\/b><\/b><br \/>\n          <b>net income attributable to Noah shareholders<\/b> for the second quarter of 2021 was <span class=\"xn-money\">RMB337.0 million<\/span> (<span class=\"xn-money\">US$52.2 million<\/span>), a 7.5% increase from the corresponding period in 2020.<\/li>\n<\/ul>\n<div>\n<table id=\"convertedTable6b47\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[1]<\/sup>\u00a0Noah&#8217;s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring share-based settlement expenses and net of relevant tax impact, if any.\u00a0See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>SECOND QUARTER 2021 OPERATIONAL UPDATES<\/b>\n      <\/p>\n<p>\n        <b>Wealth Management Business<\/b>\n      <\/p>\n<p>We offer investment products and provide value-added services to high net worth investors in <span class=\"xn-location\">China<\/span> and overseas for our wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Total number of registered clients<\/b> as of <span class=\"xn-chron\">June 30, 2021<\/span> was 397,235, a 19.6% increase from <span class=\"xn-chron\">June 30, 2020<\/span>, and a 3.4% increase from <span class=\"xn-chron\">March 31, 2021<\/span>. <\/li>\n<li>\n          <b>Total number of active clients<b><sup>[2]<\/sup><\/b><\/b>which excluded mutual fund-only clients during the second quarter of 2021 was 4,676, a 38.9% increase from the second quarter of 2020, and a 25.8% decrease from the first quarter of 2021. Counting in mutual fund-only clients, the total number of clients who transacted with us during the second quarter of 2021 was 20,290, a 38.0% increase from the second quarter of 2020, and a 27.1% decrease from the first quarter of 2021. <\/li>\n<li>\n          <b>A<\/b><br \/>\n          <b>ggregate value of <\/b><br \/>\n          <b>investment<\/b><br \/>\n          <b> products distributed <\/b>during the second quarter of 2021 was\u00a0RMB25.0 billion (<span class=\"xn-money\">US$3.9 billion<\/span>),\u00a0a 16.6% increase from the second quarter of 2020.\u00a0<\/li>\n<\/ul>\n<div>\n<table id=\"convertedTablecd96\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[2]<\/sup> \u00a0&#8220;Active clients&#8221; for a given period refers to registered high net worth investors who purchase investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"7\" nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three months ended June 30,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Product type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"7\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB in billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity products<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.9%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private secondary<b>\u00a0<\/b>products<sup>[3]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33.4%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mutual fund products<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.8<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50.4%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other products<sup>[4]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.3%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All products<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[3]<\/sup> \u00a0&#8220;Private secondary products&#8221; refers to privately raised investment products that invest in publicly traded securities, and <br \/>&#8220;mutual fund products&#8221; refers to publicly raised investment products that invest in publicly traded securities, and these two <br \/>were previously combined as &#8220;public securities products&#8221;.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[4]<\/sup> \u00a0&#8220;Other products&#8221; refers to other investment products, which includes insurance products, multi-strategies products and <br \/>others.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<ul type=\"disc\">\n<li>\n          <b>C<\/b><br \/>\n          <b>overage network <\/b>in mainland <span class=\"xn-location\">China<\/span> covers 81 cities as of <span class=\"xn-chron\">June 30, 2021<\/span>, compared with 78 cities as of <span class=\"xn-chron\">June 30, 2020<\/span> and 82 cities as of <span class=\"xn-chron\">March 31, 2021<\/span>. <\/li>\n<li>\n          <b>Number of relationship managers<\/b> was 1,268 as of <span class=\"xn-chron\">June 30, 2021<\/span>, a 6.0% increase from <span class=\"xn-chron\">June 30, 2020<\/span>, and a 1.8% increase from <span class=\"xn-chron\">March 31, 2021<\/span>. The turnover rate of core &#8220;elite&#8221; relationship managers was 1.7%, compared with 1.4% as of <span class=\"xn-chron\">June 30, 2020<\/span>.<\/li>\n<\/ul>\n<p>\n        <b>Asset Management Business<\/b>\n      <\/p>\n<p>Our asset management business is conducted through Gopher Asset Management Co., Ltd. (&#8220;Gopher Asset Management&#8221;), a leading multi-asset manager in <span class=\"xn-location\">China<\/span> with overseas offices in <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">the United States<\/span>. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB and other currencies.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Total assets under management <\/b>as of <span class=\"xn-chron\">June 30, 2021<\/span> were <span class=\"xn-money\">RMB155.9 billion<\/span> (<span class=\"xn-money\">US$24.1 billion<\/span>), a 1.2% increase from <span class=\"xn-chron\">March 31, 2021<\/span> and a 2.2% decrease from <span class=\"xn-chron\">June 30, 2020<\/span>. <\/li>\n<\/ul>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investment type<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of\u00a0<br \/>March 31,\u00a0<br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <br \/>Growth<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <br \/>Distribution\/\u00a0<br \/>Redemption<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>As of<br \/>June 30,\u00a0<br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"11\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB billions, except percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Private equity<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">121.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">79.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.8<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">127.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Public securities<sup>[5]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.8%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.0%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10.2<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Multi-strategies<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.8%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.5<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.3%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.7<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>All Investments<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">154.1<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.4<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">155.9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[5]<\/sup> \u00a0The asset distribution\/redemption of public securities also includes market appreciation or depreciation.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Other Businesses<\/b>\n      <\/p>\n<p>Since the fourth quarter of 2020, our other businesses segment has been transitioning to &#8220;Noah Digital Intelligence&#8221;, aiming to diversify distribution channels beyond our wealth management, and to provide more comprehensive services and investment products. <\/p>\n<p>Ms. <span class=\"xn-person\">Jingbo Wang<\/span>, co-founder and CEO of Noah, said, &#8220;It has been two years since we started the paradigm transformation in the third quarter of 2019. We are happy to report continued strong growth year-over-year in diamond and black card client numbers and all major revenue streams in the second quarter of 2021. Our net revenues grew 20.3% year-on-year to <span class=\"xn-money\">RMB899.4 million<\/span>, and non-GAAP net income grew 7.5% year-on-year to <span class=\"xn-money\">RMB337.0 million<\/span> in this quarter, supported by that fact that one-time commissions, recurring service fees and performance-based income were up 94.7%, 5.2% and 34.7% year-on-year respectively. A significant milestone we achieved in this quarter is that we have completed the redemption and distribution of all single counter-party private credit products, except for partial Camsing and Huishan products. Another encouraging signal is that the number of black card clients increased by 11.3% to 1,104 as of <span class=\"xn-chron\">June 30, 2021<\/span>, indicating the fastest growth of our ultra-high-net-worth clients since the transformation. In addition, by strategically investing in iCapital Network, we hope to continue improving our competitiveness overseas.&#8221;\u00a0 <\/p>\n<p>\n        <b>SECOND QUARTER 2021 FINANCIAL RESULTS<\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Net Revenues<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Net revenues<\/b>\u00a0for the second quarter of 2021 were <span class=\"xn-money\">RMB899.4 million<\/span> (<span class=\"xn-money\">US$139.3 million<\/span>), a 20.3% increase from the corresponding period in 2020, primarily driven by increased one-time commissions as well as recurring service fees, partially offset by decreased other service fees.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Wealth Management Business<\/b>\n        <\/li>\n<ul type=\"circle\">\n<li>\n            <b>Net revenues from one-time commissions<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB215.3 million<\/span> (<span class=\"xn-money\">US$33.4 million<\/span>), a 70.9% increase from the corresponding period in 2020, primarily due to increased transaction value as well as the distribution of higher one-time commission rates products. <\/li>\n<li>\n            <b>Net revenues from recurring service fees<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB340.0 million<\/span> (<span class=\"xn-money\">US$52.7 million<\/span>), a 9.6% increase from the corresponding period in 2020, mainly due to cumulative effect of investment products with recurring service fees previously distributed. <\/li>\n<li>\n            <b>Net revenues from performance-based income<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB55.6 million<\/span> (<span class=\"xn-money\">US$8.6 million<\/span>), a 25.3% decrease from the corresponding period of 2020, primarily due to less performance-based income from public securities products. <\/li>\n<li>\n            <b>Net revenues from other service fees<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB14.6 million<\/span> (<span class=\"xn-money\">US$2.3 million<\/span>), a 54.5% decrease from the corresponding period in 2020, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic.<\/li>\n<\/ul>\n<li>\n          <b>Asset Management Business<\/b>\n        <\/li>\n<ul type=\"circle\">\n<li>\n            <b>Net revenues from recurring service fees <\/b>for the second quarter of 2021 were <span class=\"xn-money\">RMB158.5 million<\/span> (<span class=\"xn-money\">US$24.5 million<\/span>), a 3.4% decrease from the corresponding period in 2020. <\/li>\n<li>\n            <b>Net revenues from performance-based income <\/b>for the second quarter of 2021 were <span class=\"xn-money\">RMB66.3 million<\/span> (<span class=\"xn-money\">US$10.3 million<\/span>), a 311.8% increase from the corresponding period in 2020, primarily due to an increase in performance-based income from real estate products and offshore private equity products.<\/li>\n<\/ul>\n<li>\n          <b>Other<\/b><br \/>\n          <b>\u00a0Businesses<\/b>\n        <\/li>\n<ul type=\"circle\">\n<li>\n            <b>Net revenues <\/b>for the second quarter of 2021 were <span class=\"xn-money\">RMB17.5 million<\/span> (<span class=\"xn-money\">US$2.7 million<\/span>), a 23.9% decrease from the corresponding period in 2020. The decrease was primarily due to reduced loan origination since the second half of 2020 as well as the ongoing impact of COVID-19.<\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating Costs and Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating<\/b><br \/>\n        <b>\u00a0costs and<\/b><br \/>\n        <b>\u00a0expenses<\/b>\u00a0for the second quarter of 2021 were <span class=\"xn-money\">RMB564.0 million<\/span> (<span class=\"xn-money\">US$87.4 million<\/span>), a 31.8% increase from the corresponding period in 2020. Operating costs and expenses primarily consisted of compensation and benefits of <span class=\"xn-money\">RMB395.8 million<\/span> (<span class=\"xn-money\">US$61.3 million<\/span>), selling expenses of <span class=\"xn-money\">RMB99.5 million<\/span> (<span class=\"xn-money\">US$15.4 million<\/span>), general and administrative expenses of <span class=\"xn-money\">RMB77.9 million<\/span> (<span class=\"xn-money\">US$12.1 million<\/span>), provision of credit losses of <span class=\"xn-money\">RMB2.1 million<\/span> (<span class=\"xn-money\">US$0.3 million<\/span>) and other operating expenses of <span class=\"xn-money\">RMB28.1 million<\/span> (<span class=\"xn-money\">US$4.3 million<\/span>).<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the wealth management business<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB448.9 million<\/span> (<span class=\"xn-money\">US$69.5 million<\/span>), a 29.7% increase from the corresponding period in 2020, primarily due to an increase in compensation and benefits in line with increased transaction value and selling expenses. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for the asset management business<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB83.4 million<\/span> (<span class=\"xn-money\">US$12.9 million<\/span>), a 3.2% increase from the corresponding period in 2020, primarily due to increased compensation and benefits as well as expenses and offset by more government grants received. <\/li>\n<li>\n          <b>Operating costs and expenses<\/b><br \/>\n          <b>for other businesses<\/b> for the second quarter of 2021 were <span class=\"xn-money\">RMB31.7 million<\/span> (<span class=\"xn-money\">US$4.9 million<\/span>), compared with <span class=\"xn-money\">RMB0.8 million<\/span> from the corresponding period in 2020, primarily due to increased depreciation expenses for our newly purchased headquarter buildings as well as less government grants received compared with corresponding period in 2020. <\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Operating Margin<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Operating margin <\/b>for the second quarter of 2021 was 37.3%, decreased from 42.7% for the corresponding period in 2020.<\/p>\n<ul type=\"disc\">\n<li>\n          <b>Operating margin for the wealth management business<\/b> for the second quarter of 2021 was 28.2%, compared with 36.2% for the corresponding period in 2020, due to less expenses incurred in the first half year of 2020 due to the COVID-19 pandemic as well as private equity products distribution business transferred to asset management business. <\/li>\n<li>\n          <b>Operating margin<\/b><br \/>\n          <b>for the asset management business<\/b> for the second quarter of 2021 was 67.4%, compared with 55.5% for the corresponding period in 2020, due to revenue recognition of private equity products transferred from wealth management business to asset management business since the fourth quarter of 2020 as well as more performance-based income in this quarter. <\/li>\n<li>\n          <b>Loss from operation for <\/b><br \/>\n          <b>other businesses<\/b> for the second quarter of 2021 was <span class=\"xn-money\">RMB14.1 million<\/span> (<span class=\"xn-money\">US$2.2 million<\/span>), compared with an operating income of <span class=\"xn-money\">RMB22.1 million<\/span> for the corresponding period in 2020. <\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Investment Income<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Investment income<\/b>\u00a0for the second quarter of 2021 was <span class=\"xn-money\">RMB3.5 million<\/span> (<span class=\"xn-money\">US$0.5 million<\/span>), compared with <span class=\"xn-money\">RMB4.7 million<\/span> for the corresponding period in 2020.<\/p>\n<p>\n        <b><br \/>\n          <i>Income Tax Expenses<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Income tax expense<\/b><br \/>\n        <b>s<\/b><br \/>\n        <b>\u00a0<\/b>for the second quarter of 2021 were <span class=\"xn-money\">RMB68.7 million<\/span> (<span class=\"xn-money\">US$10.6 million<\/span>), an 11.7% decrease from the corresponding period in 2020, primarily due to less taxable income.<b>\u00a0<\/b><\/p>\n<p>\n        <b><br \/>\n          <i>Income from Equity in Affiliates<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Income from equity in affiliates<\/b>\u00a0for the second quarter of 2021 was <span class=\"xn-money\">RMB53.4 million<\/span> (<span class=\"xn-money\">US$8.3 million<\/span>), a 31.3% increase from the corresponding period in 2020, primarily due to the increase of net income of the funds of funds we manage and invest in as the general partner or manager. <\/p>\n<p>\n        <b><br \/>\n          <i>Net Income<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <b>Net Income<\/b>\n        <\/li>\n<ul type=\"circle\">\n<li>\n            <b>Net income <\/b>for the second quarter of 2021 was <span class=\"xn-money\">RMB308.0 million<\/span> (<span class=\"xn-money\">US$47.7 million<\/span>), a 2.0% increase from the corresponding period in 2020. <\/li>\n<li>\n            <b>Net margin <\/b>for the second quarter of 2021 was 34.2%, down from 40.4% for the corresponding period in 2020. <\/li>\n<li>\n            <b>Net income attributable to Noah shareholders <\/b>for the second quarter of 2021 was <span class=\"xn-money\">RMB305.5 million<\/span> (<span class=\"xn-money\">US$47.3 million<\/span>), a 2.0% increase from the corresponding period in 2020. <\/li>\n<li>\n            <b>Net margin attributable to Noah shareholders <\/b>for the second quarter of 2021 was 34.0%, down from 40.1% for the corresponding period in 2020. <\/li>\n<li>\n            <b>Net income attributable to Noah shareholders per basic and diluted ADS<\/b> for the second quarter of 2021 was <span class=\"xn-money\">RMB4.56<\/span><span class=\"xn-money\">(US$0.71)<\/span> and <span class=\"xn-money\">RMB4.53<\/span><span class=\"xn-money\">(US$0.70)<\/span>, respectively, down from <span class=\"xn-money\">RMB4.86<\/span> and <span class=\"xn-money\">RMB4.84<\/span> respectively, for the corresponding period in 2020.<\/li>\n<\/ul>\n<li>\n          <b>Non-GAAP Net Income Attributable to Noah Shareholders <\/b>\n        <\/li>\n<ul type=\"circle\">\n<li>\n            <b>Non-GAAP net income attributable to Noah shareholders <\/b>for the second quarter of 2021 was <span class=\"xn-money\">RMB337.0 million<\/span> (<span class=\"xn-money\">US$52.2 million<\/span>), a 7.5% increase from the corresponding period in 2020. <\/li>\n<li>\n            <b>Non-GAAP net margin attributable to Noah shareholders <\/b>for the second quarter of 2021 was 37.5%, compared with 42.0% for the corresponding period in 2020. <\/li>\n<li>\n            <b>Non-GAAP net income attributable to Noah shareholders per diluted ADS <\/b>for the second quarter of 2021 was <span class=\"xn-money\">RMB5.00<\/span><span class=\"xn-money\">(US$0.77)<\/span>, down from <span class=\"xn-money\">RMB5.06<\/span> for the corresponding period in 2020.<\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b><br \/>\n          <i>Balance Sheet and Cash Flow<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">June 30, 2021<\/span>, the Company had <span class=\"xn-money\">RMB2,686.4 million<\/span> (<span class=\"xn-money\">US$416.1 million<\/span>)\u00a0in cash and cash equivalents, compared with <span class=\"xn-money\">RMB4,904.3 million<\/span> as of <span class=\"xn-chron\">March 31, 2021<\/span> and <span class=\"xn-money\">RMB4,170.7 million<\/span> as of <span class=\"xn-chron\">June 30, 2020<\/span>.<\/p>\n<p>Net cash inflow from the Company&#8217;s operating activities during the second quarter of 2021 was <span class=\"xn-money\">RMB5.7 million<\/span> (<span class=\"xn-money\">US$0.9 million<\/span>), primarily due to cash inflow generated from operating profit and partially offset by annual payment of employee annual bonuses and annual tax filing in the second quarter.<\/p>\n<p>Net cash outflow from the Company&#8217;s investing activities during the second quarter of 2021 was <span class=\"xn-money\">RMB2,201.5 million<\/span> (<span class=\"xn-money\">US$341.0 million<\/span>), primarily due to cash payment for the acquisition of our new headquarter in the second quarter.<\/p>\n<p>Net cash outflow from the Company&#8217;s financing activities was <span class=\"xn-money\">RMB9.9 million<\/span> (<span class=\"xn-money\">US$1.5 million<\/span>) in the second quarter of 2021, primarily due to certain capital divestment and dividend distribution to certain of non-controlling interest shareholders.<\/p>\n<p>\n        <b>2021 FORECAST<\/b>\n      <\/p>\n<p>The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2021 will be in the range of <span class=\"xn-money\">RMB1.2 billion<\/span> to <span class=\"xn-money\">RMB1.3 billion<\/span>. This estimate reflects management&#8217;s current business outlook and is subject to change.<\/p>\n<p>\n        <b>CONFERENCE CALL <\/b>\n      <\/p>\n<p>Senior management will host a combined English and Chinese language conference call to discuss the Company&#8217;s second quarter 2021 unaudited financial results and recent business activities.<\/p>\n<p>The conference call may be accessed with the following details:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Conference call details <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Date\/Time:<\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tuesday, August 17, 2021 at 8:00 p.m., U.S. Eastern Time<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wednesday, August 18, 2021 at 8:00 a.m., Hong Kong Time<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Dial in details:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0United States Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+1-888-317-6003<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0Mainland China Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4001-206-115<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0Hong Kong Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">800-963-976<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;\u00a0International <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">+1-412-317-6061<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Conference Title:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Noah Holdings\u00a02Q21 Earnings Conference Call<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Participant Password:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7553238<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>A telephone replay will be available starting one hour after the end of the conference call until <span class=\"xn-chron\">August 24, 2021<\/span> at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10159207. <\/p>\n<p>A live and archived webcast of the conference call will be available at Noah&#8217;s investor relations website under the Announcements &amp; Events section at <u><a target=\"_blank\" href=\"http:\/\/ir.noahgroup.com\/\" rel=\"nofollow noopener\">http:\/\/ir.noahgroup.com<\/a><\/u>.<\/p>\n<p>\n        <b>DISCUSSION OF NON-GAAP MEASURES\u00a0<\/b>\n      <\/p>\n<p>In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company&#8217;s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring share-based settlement expenses and net of tax impact, if any. See &#8220;Reconciliation of GAAP to Non-GAAP Results&#8221; at the end of this press release. <\/p>\n<p>The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. <\/p>\n<p>When evaluating the Company&#8217;s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company&#8217;s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.\u00a0\u00a0<\/p>\n<p>\n        <b>ABOUT NOAH HOLDINGS LIMITED<\/b>\n      <\/p>\n<p>Noah Holdings Limited (NYSE: NOAH) is a leading and pioneer wealth management service provider in <span class=\"xn-location\">China<\/span> offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. In the first half of 2021, Noah distributed <span class=\"xn-money\">RMB52.1 billion<\/span> (<span class=\"xn-money\">US$8.1 billion<\/span>) of investment products. Through Gopher Asset Management, Noah had assets under management of <span class=\"xn-money\">RMB155.9 billion<\/span> (<span class=\"xn-money\">US$24.1 billion<\/span>) as\u00a0of <span class=\"xn-chron\">June 30, 2021<\/span>.<\/p>\n<p>Noah&#8217;s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,268 relationship managers in 81 cities in mainland <span class=\"xn-location\">China<\/span>, and serves the international investment needs of its clients through offices in <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">Taiwan<\/span>, <span class=\"xn-location\">United States<\/span> and <span class=\"xn-location\">Singapore<\/span>. The Company&#8217;s wealth management business had 397,235 registered clients as of <span class=\"xn-chron\">June 30, 2021<\/span>. As a leading multi-asset manager in <span class=\"xn-location\">China<\/span>, Gopher Asset Management manages private equity, real estate, public securities,\u00a0multi-strategy and other\u00a0investments denominated in RMB\u00a0and other currencies.\u00a0The Company also provides other businesses. <\/p>\n<p>For more information, please visit Noah at <i>ir.noahgroup.com<\/i>.<\/p>\n<p>\n        <b>FOREIGN CURRENCY TRANSLATION<\/b>\n      <\/p>\n<p>In this announcement, the unaudited financial results for the second quarter of 2021 ended <span class=\"xn-chron\">June 30, 2021<\/span> are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of <span class=\"xn-money\">RMB6.4566<\/span> to <span class=\"xn-money\">US$1.00<\/span>, the effective noon buying rate for <span class=\"xn-chron\">June 30, 2021<\/span> as set forth in the H.10 statistical release of the Federal Reserve Board.<\/p>\n<p>\n        <b>SAFE HARBOR STATEMENT <\/b>\n      <\/p>\n<p>This announcement contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Among other things, the outlook for 2021 and quotations from management in this announcement, as well as Noah&#8217;s strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah&#8217;s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah&#8217;s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in <span class=\"xn-location\">China<\/span> and internationally; its expectations regarding demand for and market acceptance of the products it distributes; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in <span class=\"xn-location\">China<\/span> and internationally; general economic and business conditions in <span class=\"xn-location\">China<\/span>; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah&#8217;s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.<\/p>\n<p>\n        <b>Contacts: <\/b>\n      <\/p>\n<p>\n        <b>Noah<\/b><br \/>\n        <b>\u00a0Holdings Limited<br \/><\/b><br \/>\n        <span class=\"xn-person\">Sonia Han<\/span><br \/>\n        <span id=\"spanHghlt9929\">, Melo Xi, <span class=\"xn-person\">Ryan Teng<\/span><\/span><br \/>\n        <br \/>Tel: +86-21-8035-8294<br \/><a target=\"_blank\" href=\"mailto:ir@noahgroup.com\" rel=\"nofollow noopener\">ir@noahgroup.com<\/a><\/p>\n<p>&#8212; FINANCIAL AND OPERATIONAL TABLES FOLLOW &#8212;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Balance Sheets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td colspan=\"5\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">March 31,<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current assets:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,904,316<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,686,422<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">416,074<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Restricted cash<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,995<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,067<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,559<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Short-term investments <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">143,140<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96,050<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,876<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">444,421<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">470,265<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">72,835<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans receivable, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">407,595<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">515,194<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">79,793<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due from related parties<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">715,396<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">643,972<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">99,739<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current assets\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">203,938<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">239,997<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,171<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current assets\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,828,801<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,661,967<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">722,047<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term investments, net <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">556,166<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">554,280<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85,847<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investment in affiliates<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,268,909<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,258,829<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">194,968<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">235,974<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,642,584<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">409,284<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating lease right-of-use assets, net<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">268,395<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256,597<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,742<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax assets<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">223,783<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">223,801<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,662<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other non-current assets\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">214,807<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">199,232<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,858<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,596,835<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,797,290<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,517,408<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities and Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current liabilities:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued payroll and welfare expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">844,021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">491,716<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76,157<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax payable<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">244,518<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">84,675<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,114<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred revenues<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85,143<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96,523<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,950<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contingent liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">532,612<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">460,315<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,294<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">448,127<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">554,383<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85,863<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,154,421<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,687,612<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">261,378<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating lease liabilities, non-current<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180,308<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169,167<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,201<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,139<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">241,084<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,339<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other non-current liabilities<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">844<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">109,134<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,903<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,381,712<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,206,997<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">341,821<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,215,123<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,590,293<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,175,587<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities and Equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,596,835<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,797,290<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,517,408<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB&#8217;000, except for ADS data, per ADS data and percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,085<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">195,891<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,340<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152,253<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">218,988<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,917<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,206<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,468<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,197<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18.8%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,197<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,283<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(42.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">382,741<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">493,630<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76,454<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0 manages:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,431<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,377<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,112<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">402.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">324,174<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">282,333<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,728<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,766<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76,101<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,787<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">368,371<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">410,811<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,627<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">751,112<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">904,441<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">140,081<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,674)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,052)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(782)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">747,438<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">899,389<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">139,299<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Relationship managers<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,044)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(153,275)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23,739)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(217,805)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(242,507)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(37,560)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(330,849)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(395,782)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(61,299)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(62,622)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(99,463)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,405)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">General and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(68,502)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,892)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,064)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,897)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,112)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(327)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other operating expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(20,715)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,082)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,349)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,651<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,300<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,087<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(427,934)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(564,031)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(87,357)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">319,504<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335,358<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51,942<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Interest income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,530<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,212<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,821<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Investment income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,711<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,487<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">540<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(26.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Settlement expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(19,190)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,972)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other income (expenses)\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,298<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,617)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,264)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total other income (expenses)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,539<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,108)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,875)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income before taxes and income from <br \/>\u00a0\u00a0\u00a0\u00a0 equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">339,043<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">323,250<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,067<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,810)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(68,720)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,643)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,693<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">53,420<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,274<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">301,926<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">307,950<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,698<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: net income attributable to non-<br \/>\u00a0\u00a0\u00a0\u00a0 controlling interests<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,285<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,424<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">375<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltd72d\" class=\"prnews_span\">6.1%<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income attributable to Noah <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0 shareholders\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">299,641<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">305,526<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,323<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income per ADS, basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.86<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.56<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.71<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.2%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.84<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.53<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.70<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Margin analysis:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating margin<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.7%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.3%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.3%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.4%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.2%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.2%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average ADS equivalent<sup>[1]<\/sup>:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,661,522<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,993,114<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,993,114<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,921,913<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,449,200<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,449,200<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ADS equivalent outstanding at end of <br \/>period<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,698,055<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,080,070<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,080,070<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[1]<\/sup> Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"11\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB&#8217;000, except for USD data, per ADS data and percentages)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Six months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">324,270<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">474,595<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73,505<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300,710<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">439,501<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,070<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,824<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">322,992<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,025<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">349.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,805<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,996<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,673<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(54.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">819,609<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,293,084<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200,273<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0 manages:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,180<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">98,523<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,259<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">549.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">627,624<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">539,030<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">83,485<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14.1%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,941<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204,657<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,697<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">425.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0 Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">681,745<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">842,210<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">130,441<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,501,354<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,135,294<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">330,714<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,799)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,169)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,730)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,493,555<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,124,125<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">328,984<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Relationship managers <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(283,096)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(360,147)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(55,780)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(412,592)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(617,760)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(95,679)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total compensation and <br \/>\u00a0\u00a0\u00a0\u00a0 benefits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(695,688)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(977,907)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(151,459)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(107,162)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(182,918)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,330)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0\u00a0\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(132,187)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(158,177)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(24,498)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,706)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,519)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(855)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other operating expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(53,332)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(55,170)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,545)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75,286<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">93,314<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,452<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and <br \/>\u00a0\u00a0\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(917,789)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,286,377)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(199,235)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">575,766<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">837,748<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">129,749<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Interest income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,700<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,139<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,372<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Investment income\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,277<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,848<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,862<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Settlement expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(19,190)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,972)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other income (expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,156<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,103)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,339)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total other income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,133<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,694<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,923<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(25.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income before taxes and <br \/>\u00a0\u00a0\u00a0\u00a0 income from equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">635,899<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">882,442<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">136,672<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(146,086)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(198,566)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30,754)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from equity in affiliates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,769<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76,933<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,915<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">545,582<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">760,809<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,833<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: net income attributable to <br \/>\u00a0\u00a0\u00a0\u00a0 non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,916<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,190<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">184<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(59.2%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income attributable to <br \/>\u00a0\u00a0\u00a0\u00a0 Noah shareholders\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">542,666<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">759,619<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,649<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income per ADS, basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.80<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.33<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.75<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.76<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.25<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.74<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Margin analysis:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39.4%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39.4%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.8%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.8%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average ADS <br \/>\u00a0\u00a0\u00a0\u00a0 equivalent<sup>[1]<\/sup>:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,640,688<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,042,174<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,042,174<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,949,755<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,497,514<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,497,514<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ADS equivalent outstanding at <br \/>\u00a0\u00a0\u00a0\u00a0 end of period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,698,055<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,080,070<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">60,080,070<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>[1]<\/sup> Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Comprehensive Income Statements\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">301,926<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">307,950<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,698<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,160)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22,809)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,533)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">218.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fair value fluctuation of available for sale <br \/>\u00a0\u00a0\u00a0\u00a0 Investment (after tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">775<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">134<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(82.7%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">295,541<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">285,275<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,186<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Less: Comprehensive income attributable <br \/>to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,326<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,411<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">373<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income attributable to <br \/>\u00a0\u00a0\u00a0\u00a0 Noah <\/b><br \/>\n                  <b>s<\/b><br \/>\n                  <b>hareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">293,215<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">282,864<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,813<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Comprehensive Income Statements<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Six months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">USD&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">545,582<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">760,809<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,833<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other comprehensive income, net of tax:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,159<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,400)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,230)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Fair value fluctuation of available for sale <br \/>\u00a0\u00a0\u00a0\u00a0 Investment (after tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">771<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">134<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(82.6%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">576,512<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">746,543<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,624<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Less: Comprehensive income attributable <br \/>to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,952<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">187<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(59.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive income attributable to <br \/>\u00a0\u00a0\u00a0\u00a0 Noah <\/b><br \/>\n                  <b>s<\/b><br \/>\n                  <b>hareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">573,560<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">745,333<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,437<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplemental Information\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">As of\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<br \/>2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of registered clients\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">332,157<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">397,235<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of relationship managers\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,196<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,268<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of cities in mainland China under coverage\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl10 prnsbl1 prnpr14\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30, <br \/>2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<br \/>2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"5\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(in millions of RMB, except number of active clients and <br \/>percentages)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,367<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,676<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Number of active clients including mutual fund clients<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,703<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,290<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Transaction value:\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Private equity products\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,551<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,472<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">153.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Private secondary products<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,162<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,708<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Mutual fund products\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,809<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,375<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Other products<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">921<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,446<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57.0%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total transaction value<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,443<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,001<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen20 prnpr8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td colspan=\"7\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended June 30, 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Management<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Businesses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbtbl prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">195,891<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">195,891<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">218,988<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">218,988<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,468<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,468<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Other service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13 prnpr8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,665<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,618<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,283<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">476,012<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,618<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">493,630<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 manages<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,705<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,672<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,377<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">123,031<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">159,302<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">282,333<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,507<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,594<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76,101<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">153,243<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">257,568<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">410,811<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">629,255<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">257,568<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,618<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">904,441<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,665)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,299)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(88)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,052)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">625,590<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256,269<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,530<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">899,389<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0 Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Relationship managers<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(149,874)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,401)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(153,275)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(154,463)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(74,017)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,027)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(242,507)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total compensation and <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(304,337)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,418)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,027)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbtbl prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(395,782)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(82,726)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,496)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,241)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(99,463)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General and administrative <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(54,091)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,676)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,125)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(77,892)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,112)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,112)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,758)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,424)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,900)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,082)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Government grants\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,997<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,579<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,724<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,300<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 expenses\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(448,915)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(83,435)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(31,681)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbtbl prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(564,031)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income (loss) from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">176,675<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">172,834<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,151)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">335,358<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Segment Condensed Income Statements <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0(unaudited) <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnml120 prnmr20\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Three months ended June 30, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset <br \/>Management<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other <br \/>Businesses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen36\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">116,719<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">366<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,085<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151,607<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">646<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152,253<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,206<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,206<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,163<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">627<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,407<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,197<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">357,695<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,639<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,407<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">382,741<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues from funds Gopher manages<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">One-time commissions<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,860<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">571<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,431<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Recurring service fees<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">160,202<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">163,972<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">324,174<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Performance-based income<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,613<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,153<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,766<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues from funds Gopher <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 manages\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">187,675<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180,696<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">368,371<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total revenues<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">545,370<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">182,335<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,407<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">751,112<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: VAT related surcharges <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,560)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(693)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(421)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,674)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">542,810<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">181,642<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,986<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">747,438<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating costs and expenses:<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Relationship managers <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,044)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(113,044)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(129,238)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(70,395)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,172)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(217,805)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Total compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(242,282)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(70,395)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,172)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(330,849)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Selling expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(49,302)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,407)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,913)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(62,622)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">General and administrative <br \/>\u00a0\u00a0 expenses <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(51,735)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,994)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,773)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(68,502)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Provision for credit losses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,897)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,897)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17,796)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,614)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,305)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(20,715)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Government grants<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,868<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,549<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,234<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,651<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating costs and expenses <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(346,247)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(80,861)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(826)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(427,934)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">196,563<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,781<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,160<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">319,504<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntal\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplement Revenue Information by Geography<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td colspan=\"7\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended June 30, 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth\u00a0<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset\u00a0<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other <br \/>Businesses <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">450,226<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">209,183<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,618<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">677,027<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">143,309<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,942<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">182,251<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,720<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,443<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,163<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>629,255<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>257,568<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>17,618<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>904,441<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen17\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended June 30, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Wealth\u00a0<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Asset\u00a0<br \/>Management<br \/>Business<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other <br \/>Businesses <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">392,284<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,489<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,407<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">566,180<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Hong Kong<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">121,176<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,052<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">149,228<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,910<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,794<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,704<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>545,370<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>182,335<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>23,407<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>751,112<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of GAAP to Non-GAAP Results\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB, except for per ADS data and percentages)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change\u00a0<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen16\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">299,641<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">305,526<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.0%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustment for share-based compensation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,106<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,034<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11.4%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add: settlement expense<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,190<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: tax effect of adjustments<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,193<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,720<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11.3%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders <br \/>\u00a0\u00a0\u00a0\u00a0 (non-GAAP)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">313,554<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">337,030<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.5%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin\u00a0attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34.0%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42.0%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.5%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>\u00a0\u00a0\u00a0\u00a0 diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.84<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4.53<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6.4%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>\u00a0\u00a0\u00a0\u00a0 per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.06<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.00<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.2%)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Noah Holdings Limited<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Reconciliation of GAAP to Non-GAAP Results\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(In RMB, except for per ADS data and percentages)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(unaudited)\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Six months ended\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">June 30,\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">RMB&#8217;000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">542,666<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">759,619<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjustment for share-based compensation <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,397<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,178<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28.1%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Add: settlement expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,190<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">N.A.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: tax effect of adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,074<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27.9%)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted net income attributable to Noah shareholders <br \/>\u00a0\u00a0\u00a0\u00a0 (non-GAAP)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">570,635<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">798,913<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net margin\u00a0attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35.8%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net margin attributable to Noah shareholders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.2%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37.6%<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to Noah shareholders per ADS, <br \/>\u00a0\u00a0\u00a0\u00a0 diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.76<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.25<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.4%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-GAAP net income attributable to Noah shareholders <br \/>\u00a0\u00a0\u00a0\u00a0 per ADS, diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9.21<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11.84<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28.6%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN77544&amp;sd=2021-08-17\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021-301356627.html\">https:\/\/www.prnewswire.com\/news-releases\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021-301356627.html<\/a><\/p>\n<p>SOURCE  Noah Holdings Limited<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN77544&amp;Transmission_Id=202108171700PR_NEWS_USPR_____CN77544&amp;DateId=20210817\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SHANGHAI, Aug. 17, 2021 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),\u00a0a 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\u00a0unaudited financial results for the second quarter of 2021. SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS N et revenue s for the second quarter of 2021 were RMB899.4 million (US$139.3 million), a 20.3% increase from the corresponding period in 2020 due to increased one-time commissions as well as recurring service fees. (RMB millions, except percentages) Q2 2020 Q2 2021 YoY Change Wealth management 542.8 625.6 15.3% Asset management 181.6 256.3 41.1% Other businesses 23.0 17.5 (23.9%) Total &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-529123","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHANGHAI, Aug. 17, 2021 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),\u00a0a 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\u00a0unaudited financial results for the second quarter of 2021. SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS N et revenue s for the second quarter of 2021 were RMB899.4 million (US$139.3 million), a 20.3% increase from the corresponding period in 2020 due to increased one-time commissions as well as recurring service fees. (RMB millions, except percentages) Q2 2020 Q2 2021 YoY Change Wealth management 542.8 625.6 15.3% Asset management 181.6 256.3 41.1% Other businesses 23.0 17.5 (23.9%) Total &hellip; Continue reading &quot;Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-17T21:03:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN77544&amp;sd=2021-08-17\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"21 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021\",\"datePublished\":\"2021-08-17T21:03:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/\"},\"wordCount\":4268,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN77544&amp;sd=2021-08-17\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\\\/\",\"name\":\"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/","og_locale":"en_US","og_type":"article","og_title":"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021 - Market Newsdesk","og_description":"PR Newswire SHANGHAI, Aug. 17, 2021 \/PRNewswire\/ &#8212; Noah Holdings Limited (&#8220;Noah&#8221; or the &#8220;Company&#8221;) (NYSE: NOAH),\u00a0a 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\u00a0unaudited financial results for the second quarter of 2021. SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS N et revenue s for the second quarter of 2021 were RMB899.4 million (US$139.3 million), a 20.3% increase from the corresponding period in 2020 due to increased one-time commissions as well as recurring service fees. (RMB millions, except percentages) Q2 2020 Q2 2021 YoY Change Wealth management 542.8 625.6 15.3% Asset management 181.6 256.3 41.1% Other businesses 23.0 17.5 (23.9%) Total &hellip; Continue reading \"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-17T21:03:24+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN77544&amp;sd=2021-08-17","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021","datePublished":"2021-08-17T21:03:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/"},"wordCount":4268,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN77544&amp;sd=2021-08-17","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021\/","name":"Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021 - 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