NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2024

SHANGHAI,May 30,2024 -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686),a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors,today announced its unaudited financial results for the first quarter of 2024.

FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS

Net revenuesfor the first quarter of 2024 were RMB649.5 million (US$90.0 million),a 19.2% decrease from the corresponding period in 2023,mainly due to decreases in performance-based income generated from USD private equity products and recurring service fees generated from RMB private equity and private secondary products. The Company recorded a 6.0% increase in one-time commissions from the corresponding period in 2023 due to a 4.6% increase in revenues generated from the distribution of insurance products. Net revenues decreased by 18.8% from the fourth quarter of 2023,mainly due to decreases in one-time commissions.

Net revenues from mainland China for the first quarter of 2024 was RMB342.8 million (US$47.5 million),a 28.8% decrease from the corresponding period in 2023,mainly due to decreases in recurring service fees generated from private equity and private secondary products. Net revenues from overseas for the first quarter of 2024 was RMB306.7 million (US$42.5 million),a 4.5% decrease from the corresponding period of 2023,mainly due to decreases in performance-based income generated from private equity products.

Net Revenues by segment is as follows:

(RMB millions,

except percentages)

Q1 2023

Q1 2024

YoY Change

Wealth management

586.9

462.7

(21.2%)

Asset management

205.2

180.3

(12.1%)

Other businesses

11.4

6.5

(42.8%)

Total net revenues

803.5

649.5

(19.2%)

Net Revenues by geography is as follows:

(RMB millions,

except percentages)

Q1 2023

Q1 2024

YoY Change

Mainland China

482.1

342.8

(28.8%)

Overseas

321.4

306.7

(4.5%)

Total net revenues

803.5

649.5

(19.2%)

Income from operations for the first quarter of 2024 wasRMB121.5 million (US$16.8 million),a 56.4%decreasefrom the corresponding period in 2023,primarily due to i) a 19.2% decrease in net revenues,ii) a 10.4% increase in other compensations,mainly due to the new share-based compensation scheme granted in December 2023 and March 2024 amounting to RMB36.6 million (US$5.1 million); and iii) a 55.6% increases in general and administrative expenses,mainly due to the relatively lower base in the first quarter of 2023,which occurred immediately after the lifting of pandemic restrictions.

Income from operations by segment is as follows:

(RMB millions,

except percentages)

Q1 2023

Q1 2024

YoY Change

Wealth management

204.5

65.3

(68.1%)

Asset management

103.8

84.9

(18.2%)

Other businesses

(29.4)

(28.6)

(2.5%)

Total income from operations

278.9

121.5

(56.4%)

Net income attributable to Noah shareholders for the first quarter of 2024 was RMB131.5 million (US$18.2 million),a 46.2% decrease from the corresponding period in 2023,mainly due to a 56.4% decrease in income from operations,and partially offset by a 34.3% increase in interest income.

Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2024 was RMB161.2 million (US$22.3 million),a 32.7% decrease from the corresponding period in 2023.

FIRST QUARTER 2024 OPERATIONAL UPDATES

Wealth Management Business

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

Total number of registered clients as of March 31,2024 was 457,705,a 3.9% increase from March 31,2023,and a 0.4% increase from December 31,2023. Among which,the number of overseas registered clients as of March 31,2024 was 15,725,a 17.1% increase from March 31,2023 and a 5.3% increase from December 31,2023.

Total number of active clients[2] who transacted with us during the first quarter of 2024 was 10,391,a 7.5% decrease from the first quarter of 2023,and a 15.0% increase from the fourth quarter of 2023. Among which,the number of overseas active clients who transacted with us during the first quarter of 2024 was 2,745,a 39.6% increase from the first quarter of 2023,and a 9.1% increase from the fourth quarter of 2023.

Aggregate value of investment products distributed during the first quarter of 2024 was RMB18.9 billion (US$2.6 billion),a 12.4% increase from the first quarter of 2023,primarily due to a 26.4% increase in mutual fund products distribution. Among which,Noah distributed RMB8.4 billion (US$1.2 billion) of overseas investment products,a 58.5% increase from the first quarter of 2023,primarily due to a 60.6% increase in the value of mutual fund products.

[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact,if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

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

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

Product type

Three months ended March 31,

2023

2024

(RMB in billions,except percentages)

Mutual fund products

10.0

59.4%

12.6

66.8%

Private secondary products

4.3

25.5%

3.8

20.0%

Private equity products

1.3

7.8%

1.2

6.3%

Other products[3]

1.2

7.3%

1.3

6.9%

All products

16.8

100.0%

18.9

100.0%

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

Type of products in Mainland China

Three months ended March 31,except percentages)

Mutual fund products

7.6

66.3%

8.8

84.3%

Private secondary products

2.7

23.5%

1.0

8.8%

Private equity products

0.4

3.2%

-

0.0%

Other products

0.8

7.0%

0.7

6.9%

All products in Mainland China

11.5

100.0%

10.5

100.00%

Type of overseas products

Three months ended March 31,except percentages)

Mutual fund products

2.4

44.3%

3.8

44.9%

Private secondary products

1.6

30.0%

2.8

33.9%

Private equity products

0.9

17.7%

1.2

14.2%

Other products

0.4

8.0%

0.6

7.0%

All Overseas products

5.3

100.0%

8.4

100.00%

Coverage network in mainland China included 18 cities as of March 31,2024,compared with 68 cities as of March 31,2023 and 44 cities as of December 31,as a result of the Company's efforts to streamline its operations in China with a focus on strengthening its operations in central hub cities.

Number of relationship managers was 1,109 as of March 31,a 16.4% decrease from March 31,and an 11.4% decrease from December 31,we had 91 overseas relationship managers as of March 31,a 2.2% increase from December 31,2023.

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

Asset Management Business

Noah's asset management business is conducted through Gopher Asset Management Co.,Ltd. ("Gopher Asset Management"),a leading multi-asset manager in China with global investment capabilities and overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity,real estate,public securities to multi-strategy investments denominated in RMB,USD and other currencies.

Total assets under managementas of March31,2024 remained relatively stable at RMB153.3 billion (US$21.2 billion),compared with RMB157.6 billion as of March 31,2023 and RMB154.6 billion as of December 31,2023. Mainland China assets under management as of March31,2024 were RMB116.1 billion (US$16.1billion),compared with RMB124.2 billion as of March 31,2023 and RMB118.6 billion as of December 31,2023. Overseas assets under management as of March31,2024 were RMB37.2 billion (US$5.1 billion),compared with RM33.4 billion as of March31,2023 and RMB36.0 billion as of December 31,2023.

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

Investment type

As of

December 31,

2023

Growth

Allocation/

Redemption

As of

March 31,

2024

(RMB billions,except percentages)

Private equity

105.2

88.7%

-

1.7

103.5

89.2%

Public securities

7.1

6.0%

0.1

0.3

6.9

6.0%

Real estate

3.2

2.7%

-

0.7

2.5

2.2%

Multi-strategies

2.6

2.2%

-

-

2.6

2.2%

Others

0.5

0.4%

0.1

-

0.6

0.4%

All Investments

118.6

100.0%

0.2

2.7

116.1

100.0%

Overseas

Investment type

As of

December 31,

2023

Growth

Allocation/

Redemption

As of

March 31,except percentages)

Private equity

27.0

74.9%

1.0

(0.3)

28.3

75.7%

Public securities

4.4

12.3%

2.6

3.0

4.0

10.8%

Real estate

3.0

8.2%

0.2

-

3.2

8.6%

Multi-strategies

1.6

4.6%

-

(0.1)

1.7

4.9%

All Investments

36.0

100.0%

3.8

2.6

37.2

100.0%

Other Businesses

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

Ms. Jingbo Wang,co-founder and chairwoman of Noah,commented,"We made significant progress during this quarter in repositioning ourselves to drive growth in this challenging market environment. While sluggish domestic markets had a stronger-than-expected impact on our business during this quarter,we strategically used this window of opportunity to increase the pace of our overseas expansion as client demand for global asset allocation continues to grow. Excluding performance-based income,which was elevated due to the high base effect from the same period last year,net revenues from our overseas business increased 22.4% year-over-year. Transaction value from USD denominated products also increased significantly,as did the number of overseas registered and active clients,which increased 17.1% and 39.6% year-over-year,respectively. With these tailwinds,we are rapidly expanding our global offerings and expect to roll out new products originated from Japan and Dubai later this year. While we are still in the relatively early stages of our overseas expansion,these results have reinforced our confidence in our strategy going forward."

FIRST QUARTER 2024 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2024 were RMB649.5 million (US$90.0 million),primarily due to decreases in performance-based incomegenerated from private equity products and recurring service fees generated from RMB private equity and private secondary products.

Wealth Management Business

Net revenues from one-time commissions for the first quarter of 2024 were RMB186.4 million (US$25.8 million),a 7.4% increase from the corresponding period in 2023,primarily due to a 4.6% increase in revenues generated by the distribution of insurance products in first quarter of 2024.

Net revenues from recurring service fees for the first quarter of 2024 were RMB244.1 million (US$33.8 million),an 18.5% decrease from the corresponding period in 2023,mainly due to decreases in recurring service fees from private secondary products as a result of decrease in assets under management in Mainland China.

Net revenues from performance-based income for the first quarter of 2024 were RMB6.5 million (US$0.9 million),compared with RMB55.7 million in the corresponding period of 2023,primarily due to a decrease in performance-based income from certain offshore private equity products.

Net revenues from other service fees for the first quarter of 2024 were RMB25.6 million (US$3.5 million),compared with RMB58.3 million in the corresponding period in 2023,primarily due to a reduction in the value-added services Noah offers to its high-net-worth clients.

Asset Management Business

Net revenues from recurring service fees for the first quarter of 2024 were RMB172.5 million (US$23.9 million),a 1.4% decrease from the corresponding period in 2023,primarily due to decreases in recurring service fees generated from RMB private equity products.

Net revenues from performance-based income for the first quarter of 2024 were RMB7.8 million (US$1.1 million),compared with RMB27.7 million in the corresponding period of 2023. The decrease was primarily due to less performance-based income realized from private equity products.

Other Businesses

Net revenues for the first quarter of 2024 were RMB6.5 million (US$0.9 million),compared with RMB11.4 million from the corresponding period in 2023.

Operating Costs and Expenses

Operatingcosts andexpensesfor the first quarter of 2024 were RMB528.0 million (US$73.1 million),a 0.7% increase from the corresponding period in 2023. Operating costs and expenses for the first quarter of 2024 primarily consisted of i) compensation and benefits of RMB388.8 million (US$53.8 million),ii) selling expenses of RMB62.3 million (US$8.6 million),iii) general and administrative expenses of RMB71.1 million (US$9.8 million),iv) other operating expenses of RMB17.1 million (US$2.4 million).

Operating costs and expenses for the wealth management business for the first quarter of 2024 were RMB397.4 million (US$55.0 million),a 3.9% increase from the corresponding period in 2023,primarily due to an increase in share-based compensation.

Operating costs and expenses for the asset management business for the first quarter of 2024 were RMB95.5 million (US$13.2 million),a 5.8% decrease from the corresponding period in 2023,primarily due to a reduction in the compensation and benefits as a result of a decrease in the number of employees.

Operating costs and expenses for other businesses for the first quarter of 2024 were RMB35.1 million (US$4.9 million),a 13.8% decrease from the corresponding period in 2023.

Operating Margin

Operating margin for the first quarter of 2024 was 18.7%,compared with 34.7% for the corresponding period in 2023.

Operating margin for the wealth management business for the first quarter of 2024 was 14.1%,compared with 34.8% for the corresponding period in 2023.

Operating margin for the asset management business for the first quarter of 2024 was 47.0%,compared with 50.6% for the corresponding period in 2023.

Loss from operation for the other businesses for the first quarter of 2024 was RMB28.6 million (US$4.0 million),compared with an operating loss of RMB29.4 million for the corresponding period in 2023.

Investment Income

Investment income for the first quarter of 2024 was RMB5.2 million (US$0.7 million),compared with investment loss RMB13.6 million for the corresponding period in 2023.

Income Tax Expenses

Income tax expenses for the first quarter of 2024 were RMB42.7 million (US$5.9 million),a 38.7% decrease from the corresponding period in 2023. The decrease was primarily due to a reduction in the taxable income.

Net Income

Net Income

Net income for the first quarter of 2024 was RMB131.9 million (US$18.3 million),a 45.8% decrease from the corresponding period in 2023.

Net margin for the first quarter of 2024 was 20.3%,down from 30.3% for the corresponding period in 2023.

Net income attributable to Noah shareholders for the first quarter of 2024 was RMB131.5 million (US$18.2 million),a 46.2% decrease from the corresponding period in 2023.

Net margin attributable to Noah shareholders for the first quarter of 2024 was 20.2%,down from 30.4% for the corresponding period in 2023.

Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2024 was RMB1.88 (US$0.26),compared with RMB3.52 and RMB3.51 for the corresponding period in 2023,respectively.

Non-GAAP Net Income Attributable to Noah Shareholders

Non-GAAP net income attributable to Noah shareholders for the first quarter of 2024 was RMB161.2 million (US$22.3 million),a 32.7% decrease from the corresponding period in 2023.

Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2024 was 24.8%,down from 29.8% for the corresponding period in 2023.

Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2024 was RMB2.31 (US$0.32),down from RMB3.45 for the corresponding period in 2023.

Balance Sheet and Cash Flow

As of March 31,the Company had RMB5,129.4 million (US$710.4 million) in cash and cash equivalents,compared with RMB5,192.1 million as of December 31,2023 and RMB4,713.2 million as of March 31,respectively.

Net cash outflow from the Company's operating activities during the first quarter of 2024 was RMB181.8 million (US$25.2 million),primarily due to an increase in trading debt products in the first quarter of 2024.

Net cash outflow from the Company's investing activities during the first quarter of 2024 was RMB59.1 million (US$8.2 million),primarily due to various purchases of term deposits.

Net cash outflow from the Company's financing activities was RMB12.3 million (US$1.7 million) in the first quarter of 2024,compared to net cash inflow of RMB3.4 million in the corresponding period in 2023.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter of 2024 unaudited financial results and recent business activities.

The conference call will be accessed via Zoom webinar with the following details:

Dial-in details:

Conference title:

Noah First Quarter 2024 Earnings Conference Call

Date/Time:

Wednesday,May 29,at 8:00p.m.,U.S. Eastern Time

Thursday,at 8:00 a.m.,Hong Kong Time

Dial in:

– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

4318231

A telephone replay will be available starting approximately one hour after the end of the conference

until June 5,2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with

the access code 9541104.

A live and archived webcast of the conference call will be available at the Company's investor

relations website under the "Financial Reports" section at http://ir.noahgroup.com.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP,the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact,if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and,therefore,may not be comparable to similarly titled measures used by other companies.

When evaluating the Company's operating performance in the periods presented,management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such,the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares,or ADSs,are listed on the New York Stock Exchange under the symbol "NOAH",and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares,par value $0.00005 per share. To the Company's knowledge,as of March 31,177,020,325 of its ordinary shares were held by one record holder in the United States,which is Citibank,N. A.,the depositary of its ADS program. The number of beneficial owners of its ADSs in the United States is much larger than the number of record holders of its ordinary shares in the United States.

In the first quarter of 2024,Noah distributed RMB18.9 billion (US$2.6 billion) of investment products. As of March 31,through Gopher Asset Management,Noah managed assets totaling RMB153.3 billion (US$21.2 billion).

Noah's wealth management business primarily distributes private equity,public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,109 relationship managers across 18 cities in mainland China,and serves the international investment needs of its clients through offices in Hong Kong (China),Taiwan (China),New York,Silicon Valley and Singapore as of March 31,2024. Noah's wealth management business had 457,705 registered clients as of March 31,2024. Through Gopher Asset Management,Noah manages private equity,public securities,multi-strategy and other investments denominated in Renminbi and other currencies. Noah also provides other businesses.

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

FOREIGN CURRENCY TRANSLATION

In this announcement,the unaudited financial results for the first quarter of 2024 ended March 31,2024 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted,all translations from RMB to US$ are made at a rate of RMB7.2203 to US$1.00,the effective noon buying rate for March 29,2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of theU.S.Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to theU.S. Securities and Exchange Commission,in its annual reports to shareholders,in announcements,circulars or other publications made on the website ofThe Stock Exchange of Hong Kong Limited(the "Hong Kong Stock Exchange"),in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about Noah's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include,but are not limited to,estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: its goals and strategies; its future business development,financial condition and results of operations; the expected growth of the wealth management and asset management market inChinaand internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors,including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries inChinaand internationally; general economic and business conditions globally and inChina; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with theU.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release,and Noah does not undertake any obligation to update any such information,including forward-looking statements,as a result of new information,future events or otherwise,except as required under the applicable law.

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

(unaudited)

As of

December 31,

March 31,

2023

2024

2024

RMB'000

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

5,192,127

5,129,437

710,419

Restricted cash

154,433

2,276

315

Short-term investments

379,456

747,084

103,470

Accounts receivable,net

503,978

435,114

60,263

Loans receivable,net

286,921

222,516

30,818

Amounts due from related parties

393,891

508,236

70,390

Other current assets

206,250

178,644

24,740

Total current assets

7,117,056

7,223,307

1,000,415

Long-term investments,net

810,484

803,598

111,297

Investment in affiliates

1,526,544

1,522,996

210,933

Property and equipment,net

2,482,199

2,450,271

339,359

Operating lease right-of-use assets,net

139,019

125,475

17,378

Deferred tax assets

431,494

427,680

59,233

Other non-current assets

178,582

189,794

26,286

Total Assets

12,685,378

12,743,121

1,764,901

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

564,096

585,886

81,144

Income tax payable

89,694

98,998

13,711

Deferred revenues

72,824

88,182

12,213

Contingent liabilities

482,802

490,989

68,001

Other current liabilities

681,529

67,937

Total current liabilities

1,891,218

1,754,584

243,006

Operating lease liabilities,non-current

76,533

70,335

9,741

Deferred tax liabilities

262,404

260,976

36,145

Other non-current liabilities

27,660

25,564

3,541

Total Liabilities

2,257,815

2,111,459

292,433

Equity

10,427,563

10,631,662

1,472,468

Total Liabilities and Equity

12,901

Noah Holdings Limited

Condensed Consolidated Income Statements

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

(unaudited)

Three months ended

March 31,

Change

2023

2024

2024

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

170,571

185,255

25,658

8.6%

Recurring service fees

192,708

155,165

21,490

(19.5%)

Performance-based income

3,430

5,528

766

61.2%

Other service fees

72,866

34,960

4,842

(52.0%)

Total revenues from others

439,575

380,908

52,756

(13.3%)

Revenues from funds Gopher

manages:

One-time commissions

5,896

1,827

253

(69.0%)

Recurring service fees

283,472

262,689

36,382

(7.3%)

Performance-based income

80,325

8,844

1,225

(89.0%)

Total revenues from funds Gopher

manages

369,693

273,360

37,860

(26.1%)

Total revenues

809,268

654,268

90,616

(19.2%)

Less: VAT related surcharges

(5,795)

(4,733)

(656)

(18.3%)

Net revenues

803,473

649,535

89,960

(19.2%)

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(148,735)

(144,295)

(19,985)

(3.0%)

Others

(221,371)

(244,490)

(33,862)

10.4%

Total compensation and benefits

(370,106)

(388,785)

(53,847)

5.0%

Selling expenses

(96,669)

(62,332)

(8,633)

(35.5%)

General and administrative

expenses

(45,700)

(71,116)

(9,849)

55.6%

Reversal of credit losses

5,698

97

13

(98.3%)

Other operating expenses

(30,797)

(17,146)

(2,375)

(44.3%)

Government subsidies

12,984

11,233

1,556

(13.5%)

Total operating costs and expenses

(524,590)

(528,049)

(73,135)

0.7%

Income from operations

278,883

121,486

16,825

(56.4%)

Other income:

Interest income

34,388

46,185

6,397

34.3%

Investment(loss) income

(13,583)

5,185

718

N.A.

Other income

9,558

3,935

545

(58.8%)

Total other income

30,363

55,305

7,660

82.1%

Income before taxes and income

from equity in affiliates

309,246

176,791

24,485

(42.8%)

Income tax expense

(69,580)

(42,686)

(5,912)

(38.7%)

Income (loss) from equity in affiliates

3,669

(2,242)

(311)

N.A.

Net income

243,335

131,863

18,262

(45.8%)

Less: net (loss) income attributable

to non-controlling interests

(875)

372

52

N.A.

Net income attributable to Noah

shareholders

244,210

131,491

18,210

(46.2%)

Income per ADS,basic

3.52

1.88

0.26

(46.6%)

Income per ADS,diluted

3.51

1.88

0.26

(46.4%)

Margin analysis:

Operating margin

34.7%

18.7%

18.7%

Net margin

30.3%

20.3%

20.3%

Weighted average ADS equivalent

[1]:

Basic

69,466,932

69,781,578

69,578

Diluted

69,517,068

69,788,638

69,638

ADS equivalent outstanding at end

of period

62,606,724

65,535

65,535

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

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

March 31,

2023

March 31,

2024

March 31,

2024

Change

RMB'000

RMB'000

USD'000

Net income

243,262

(45.8%)

Other comprehensive income,net of tax:

Foreign currency translation adjustments

(16,834)

53,400

7,396

N.A.

Comprehensive income

226,501

185,263

25,658

(18.2%)

Less: Comprehensive loss attributable to

non-controlling interests

(926)

(492)

(68)

(46.9%)

Comprehensive income attributable to

Noah shareholders

227,427

185,755

25,726

(18.3%)

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

March 31,

2023

March 31,

2024

Change

Number of registered clients

440,664

457,705

3.9%

Number of relationship managers

1,327

1,109

(16.4%)

Three months ended

March 31,

2024

Change

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

percentages)

Number of active clients

11,236

10,391

(7.5%)

Transaction value:

Private equity products

1,302

1,195

(8.2%)

Private secondary products

4,288

3,772

(12.0%)

Mutual fund products

9,975

12,610

26.4%

Other products

1,309

6.1%

Total transaction value

16,798

18,886

12.4%

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31,2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others:

One-time commissions

185,255

-

-

185,255

Recurring service fees

155,165

-

-

155,165

Performance-based income

5,528

-

-

5,528

Other service fees

25,711

-

9,249

34,960

Total revenues from others

371,659

-

9,249

380,908

Revenues from funds Gopher

manages:

One-time commissions

1,793

34

-

1,827

Recurring service fees

89,719

172,970

-

262,689

Performance-based income

1,039

7,805

-

8,844

Total revenues from funds Gopher

manages

92,551

180,809

-

273,360

Total revenues

464,210

180,809

9,249

654,268

Less: VAT related surcharges

(1,530)

(440)

(2,763)

(4,733)

Net revenues

462,680

180,369

6,486

649,535

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(136,644)

(7,651)

-

(144,295)

Other compensations

(164,652)

(61,548)

(18,290)

(244,490)

Total compensation and benefits

(301,296)

(69,199)

(18,290)

(388,785)

Selling expenses

(47,547)

(11,825)

(2,960)

(62,332)

General and administrative

expenses

(43,641)

(16,605)

(10,870)

(71,116)

(Reversal of) provision for credit

losses

(4,735)

(996)

5,828

97

Other operating expenses

(7,306)

(974)

(8,866)

(17,146)

Government subsidies

7,108

4,093

32

11,233

Total operating costs and expenses

(397,417)

(95,506)

(35,126)

(528,049)

Income (loss) from operations

65,263

84,863

(28,640)

121,486

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended March 31,2023

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others:

One-time commissions

170,571

-

-

170,571

Recurring service fees

192,708

-

-

192,708

Performance-based income

3,430

-

-

3,430

Other service fees

58,480

-

14,386

72,866

Total revenues from others

425,189

-

14,386

439,575

Revenues from funds Gopher

manages:

One-time commissions

3,462

2,434

-

5,896

Recurring service fees

107,545

175,927

-

283,472

Performance-based income

52,457

27,868

-

80,325

Total revenues from funds Gopher

manages

163,464

206,229

-

369,693

Total revenues

588,653

206,229

14,386

809,758)

(1,023)

(3,014)

(5,795)

Net revenues

586,895

205,206

11,372

803,473

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(143,116)

(5,619)

-

(148,735)

Other compensations

(139,903)

(71,535)

(9,933)

(221,371)

Total compensation and benefits

(283,019)

(77,154)

(9,933)

(370,106)

Selling expenses

(71,999)

(21,291)

(3,379)

(96,669)

General and administrative

expenses

(28,789)

(11,371)

(5,540)

(45,700)

Reversal of credit losses

3,175

834

1,689

5,698

Other operating expenses

(6,938)

(258)

(23,601)

(30,797)

Government subsidies

5,168

7,812

4

12,984

Total operating costs and expenses

(382,402)

(101,428)

(40,760)

(524,590)

Income (loss) from operations

204,493

103,778

(29,388)

278,883

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended March 31,2024

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

235,422

102,834

9,249

347,505

Overseas

228,788

77,975

306,763

Total revenues

464,268

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended March 31,2023

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

350,632

122,891

14,386

487,909

Overseas

238,021

83,338

321,359

Total revenues

588,268

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)[4]

Three months ended

March 31,

Change

2023

2024

RMB'000

RMB'000

Net income attributable to Noah shareholders

244,491

(46.2%)

Adjustment for share-based compensation

(6,189)

36,599

N.A.

Less: Tax effect of adjustments

(1,499)

6,922

N.A.

Adjusted net income attributable to Noah shareholders

(non-GAAP)

239,520

161,168

(32.7%)

Net marginattributable to Noah shareholders

30.4%

20.2%

Non-GAAP net margin attributable to Noah

shareholders

29.8%

24.8%

Net income attributable to Noah shareholders per ADS,

diluted

3.51

1.88

(46.4%)

Non-GAAP net income attributable to Noah

shareholders per ADS,diluted

3.45

2.31

(33.0%)

[4] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial

measures excluding the effects of all forms of share-based compensation and net of relevant tax impact,if any.