NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2022 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2022

SHANGHAI,March 28,2023 -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686),a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors,today announced itsunaudited financial results for the fourth quarter of 2022 and the audited financial results for the full year ended December 31,2022.

FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS

Net revenues for the fourth quarter of 2022 were RMB882.1 million (US$127.9 million),a 30.0% decrease from the corresponding period in 2021,mainly due to 1) decreases in one-time commissions,as less insurance products distributed compared with last year and 2) less performance based income generated from public securities products and offshore private equity products amid market volatilities. Net revenues increased by 28.9% compared with the third quarter of 2022,mainly due to an increase in distribution of insurance products and performance-based income.

(RMB millions,

except percentages)

Q4 2021

Q4 2022

YoY Change

Wealth management

969.3

646.9

(33.3%)

Asset management

273.8

223.2

(18.5%)

Other businesses

17.0

12.0

(29.2%)

Total net revenues

1,260.1

882.1

(30.0%)

Income from operations for the fourth quarter of 2022 wasRMB219.7 million (US$31.9million),a 66.1% increasefrom the corresponding period in 2021,as we recorded RMB85.6 million credit loss for our other business in the fourth quarter of 2021; income from operations decreased by 5.2% compared with the third quarter of 2022,primarily due to an increase in selling expenses and provision for credit losses.

(RMB millions,

except percentages)

Q4 2021

Q4 2022

YoY Change

Wealth management

183.6

179.1

(2.5%)

Asset management

80.8

93.5

15.8%

Other businesses

(132.1)

(52.9)

(60.0%)

Total income from operations

132.3

219.7

66.1%

Net income attributable to Noah shareholdersfor the fourth quarter of 2022 was RMB139.9 million (US$20.3 million),a 50.3% decrease from the corresponding period in 2021,due to a 30.0% decrease in net revenues and a 23.3% decrease from the third quarter of 2022,due to a provision of contingent litigation expenses related to the first-instance ruling disclosed in December 12,2022.

Non-GAAP[1] net income attributable to Noah shareholders for the fourth quarter of 2022 was RMB149.2 million (US$21.6 million),a 48.5% decrease from the corresponding period in 2021,and a 21.9% decrease from the third quarter of 2022.

FULL YEAR 2022 FINANCIAL HIGHLIGHTS

Net revenuesin the full year 2022 was RMB3,100.4 million (US$449.5 million),a 27.8% decrease from the full year 2021,mainly due to decreases in one-time commissions and performance-based income.

(RMB millions,

except percentages)

FY 2021

FY 2022

YoY Change

Wealth management

3,194.9

2,200.0

(31.1%)

Asset management

1,041.5

834.5

(19.9%)

Other businesses

56.7

65.9

16.2%

Total net revenues

4,293.1

3,100.4

(27.8%)

Income from operations in the full year 2022 was RMB1,088.4 million (US$157.8 million),a 9.2%decreasefrom the full year 2021.

(RMB millions,

except percentages)

FY 2021

FY 2022

YoY Change

Wealth management

921.5

741.4

(19.5%)

Asset management

485.2

447.8

(7.7%)

Other businesses

(207.8)

(100.8)

(51.5%)

Total income from operations

1,198.9

1,088.4

(9.2%)

Net income attributable to Noah shareholdersin the full year 2022 was RMB976.6 million (US$141.6 million),a 25.7% decrease compared with full year 2021,due to decreases in net revenue and income from equity in affiliates amid market volatilities.

Non-GAAP net income attributable to Noah shareholdersin the full year 2022 was RMB1,008.6 million (US$146.2 million),a 26.5% decrease from the full year 2021.

FOURTH QUARTER AND FULL YEAR 2022 OPERATIONAL UPDATES

Wealth Management Business

We offer investment products and provide value-added services to high net worth investors in China 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.

Total number of registered clientsas of December 31,2022 was 437,288,a 6.1% increase from December 31,2021 and a 0.9% increase compared with September 30,2022.

Total number of active clients[2] who transacted with us during the fourth quarter of 2022 was 12,904,a 26.1% decrease from the fourth quarter of 2021,and a 43.0% decrease from the third quarter of 2022.Total number of active clients who transacted with us during the full year 2022 was 35,877,a 16.1% decrease from the full year 2021.

Aggregate value of investment productsdistributed during the fourth quarter of 2022 was RMB18.0 billion (US$2.6 billion),a 14.5% decrease fromthe corresponding period in 2021,mainly due to a decrease in the distribution of private secondary products due to the volatile secondary market.

Product type

Three months ended December 31,

2021

2022

(RMB in billions,except percentages)

Mutual fund products

10.2

48.5%

12.2

67.7%

Private secondary products

6.7

31.6%

3.4

18.7%

Private equity products

3.0

14.5%

1.4

8.0%

Other products[3]

1.1

5.4%

1.0

5.6%

All products

21.0

100.0%

18.0

100.0%

Aggregate value of investment products distributed during the full year 2022 was RMB70.3billion (US$10.2billion),a 27.7% decrease from the full year 2021,mainly due to a decrease in the distribution of private secondary products.

Product type

Twelve months ended December 31,except percentages)

Mutual fund products

37.1

38.2%

43.1

61.4%

Private secondary products

37.8

38.9%

13.1

18.6%

Private equity products

18.1

18.6%

11.1

15.7%

Other products

4.2

4.3%

3.0

4.3%

All products

97.2

100.0%

70.3

100.0%

Coverage networkin mainland China included 75 cities as of December 31,2022,compared with 76 cities as of September 30,and 84 cities as of December 31,2021.

Number of relationship managerswas 1,276 as of December 31,a 1.5% increase from September 30,and a 3.0% decrease from December 31,2021.

[1]Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation,non-cash settlement expense 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.

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

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co.,Ltd. ("Gopher Asset Management"),a leading multi-asset manager in China with 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 and other currencies.

Total assets under management as of December 31,2022 remained relatively stable in the amount of RMB157.1 billion (US$22.8 billion),compared with RMB156.2 billion as of September 30,2022 and RMB156.0 billion as of December 31,2021.

Investment type

As of

September 30,

2022

Growth

Distribution/

Redemption

As of

December 31,

2022

(RMB billions,except percentages)

Private equity

132.8

85.0%

1.4

1.1

133.1

84.7%

Public securities[4]

10.2

6.5%

1.3

0.5

11.0

7.0%

Real estate

6.7

4.3%

0.2

0.1

6.8

4.3%

Multi-strategies

5.1

3.3%

-

0.3

4.8

3.1%

Others

1.4

0.9%

-

-

1.4

0.9%

All Investments

156.2

100.0%

2.9

2.0

157.1

100.0%

Investment type

As of

December 31,

2021

Growth

Distribution/

Redemption

As of

December 31,except percentages)

Private equity

130.9

83.9%

11.0

8.8

133.1

84.7%

Public securities

11.2

7.2%

2.1

2.3

11.0

7.0%

Real estate

6.6

4.3%

1.4

1.2

6.8

4.3%

Multi-strategies

5.9

3.8%

-

1.1

4.8

3.1%

Others

1.4

0.8%

-

-

1.4

0.9%

All Investments

156.0

100.0%

14.5

13.4

157.1

100.0%

Other Businesses

Our other businesses mainly aim to provide more comprehensive services and investment products to our clients.

Ms. Jingbo Wang,co-founder and CEO of Noah,said,"I'm happy to report that our voluntary conversion to dual-primary listing in Hong Kong has been successfully completed,fully mitigating the ADR delisting risk. In the fourth quarter of 2022,we continued to see challenges in the domestic economy brought by the Covid-19 pandemic. Nevertheless,net revenues grew 28.9% quarter-on-quarter,supported by a 169.4% increase in one-time commissions and 191.1% increase in performance based income quarter-on-quarter. Despite a challenging capital markets environment,non-GAAP net income attributable to Noah shareholders for the full year was RMB1.0 billion,in-line with our annual guidance. Furthermore,The Board has approved an annual dividend of approximately RMB176.5 million (US$25.6 million) in total,which is equivalent to around 17.5% of our unaudited annual non-GAAP net income attributable to Noah shareholders. The annual dividend payment plan will be reviewed during and announced after the Annual General Meeting,which is expected to be held in June 2023."

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

FOURTH QUARTER 2022 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2022 were RMB882.1 million(US$127.9 million),primarily driven by decreased one-time commissions and performance-based income.

Wealth Management Business

Net revenues from one-time commissionsfor the fourth quarter of 2022 were RMB266.1 million (US$38.6 million),a 43.6% decrease from the corresponding period in 2021,due to a decrease in insurance products distributed in fourth quarter of 2022.

Net revenues from recurring service feesfor the fourth quarter of 2022 were RMB318.6 million (US$46.2 million),a 23.6% decrease from the corresponding period in 2021. The decrease was primarily due to the service fees recognized upon liquidation of certain credit products with higher fee rates in the fourth quarter of 2021.

Net revenues from performance-based incomefor the fourth quarter of 2022 were RMB14.1 million (US$2.0 million),compared with RMB47.7 million from the corresponding period of 2021,primarily due to a decrease in performance-based income from public securities products and offshore private equity fund products.

Net revenues from other service feesfor the fourth quarter of 2022 were RMB48.1 million (US$7.0 million),a 47.4% increase from the corresponding period in 2021,primarily due to more value-added services Noah offers to its high net worth clients.

Asset Management Business

Net revenues from recurring service fees for the fourth quarter of 2022 were RMB153.6 million (US$22.3 million),an 8.9% increase from the corresponding period in 2021,due to an increase in the amount of private equity investments managed by Gopher.

Net revenues from performance-based income for the fourth quarter of 2022 were RMB66.3 million (US$9.6 million),a 47.1% decrease from the corresponding period in 2021,primarily due to a decrease in performance-based income from offshore private equity investments managed by Gopher.

Other Businesses

Net revenues for the fourth quarter of 2022 were RMB12.0 million (US$1.7 million),compared with RMB17.0 million in the corresponding period in 2021.

Operating Costs and Expenses

Operatingcosts andexpensesfor the fourth quarter of 2022 were RMB662.3 million (US$96.0 million),a 41.3% decrease from the corresponding period in 2021. Operating costs and expenses primarily consisted of compensation and benefits of RMB383.1 million (US$55.6 million),selling expenses of RMB142.8 million (US$20.7 million),general and administrative expenses of RMB84.0 million (US$12.2 million),provision of credit losses of RMB19.8 million (US$2.9 million) and other operating expenses of RMB38.3 million (US$5.5 million).

Operating costs and expenses for the wealth management businessfor the fourth quarter of 2022 were RMB467.8 million (US$67.8 million),a 40.5% decrease from the corresponding period in 2021,primarily due to a decrease in relationship manager compensation,which is in line with decreased transaction value and a decrease in general and administrative expenses due to our cost control measures implemented.

Operating costs and expenses for the asset management businessfor the fourth quarter of 2022 were RMB129.6 million (US$18.8 million),a 32.9% decrease from the corresponding period in 2021,primarily due to less performance fee compensation and less provision for credit losses.

Operating costs and expenses for other businesses for the fourth quarter of 2022 were RMB64.9 million (US$9.4 million),a 56.5% decrease from the corresponding period in 2021,due to less credit losses recorded.

Operating Margin

Operating margin for the fourth quarter of 2022 was 24.9%,compared with 10.5% for the corresponding period in 2021.

Operating margin for the wealth management businessfor the fourth quarter of 2022 was 27.7%,compared with 18.9% for the corresponding period in 2021,due to less general and administrative expensesincurred due to our cost control measures implemented.

Operating margin for the asset management business for the fourth quarter of 2022 was 41.9%,compared with 29.5% for the corresponding period in 2021,due to less performance fee compensation recorded in 2022.

Loss from other businesses for the fourth quarter of 2022 was RMB52.9 million (US$7.7 million),compared with RMB132.1million in the corresponding period of 2021,primarilydue to decreased provision for credit losses.

Investment Income

Investment income for the fourth quarter of 2022 was RMB62.2 million (US$9.0 million),compared with investment income of RMB3.5 million for the corresponding period in 2021,primarily due to unrealized gains of fair value changes from our certain equity investments.

Income Tax Expenses

Income tax expensesfor the fourth quarter of 2022 were RMB60.5 million (US$8.8million),a 71.3% increase from the corresponding period in 2021,primarily due to higher taxable income as well as dividend tax accrued in the fourth quarter of 2022.

Income from Equity in Affiliates

Income from equity in affiliatesfor the fourth quarter of 2022 was RMB12.3 million (US$1.8 million),compared with RMB160.5 million for the corresponding period in 2021,primarily due to the decrease in net income of the funds of funds that we manage and invest in as the general partner or fund manager.

Net Income

Net Income

Net income for the fourth quarter of 2022 was RMB140.5 million (US$20.4 million),a 48.7% decrease from the corresponding period in 2021.

Net margin for the fourth quarter of 2022 was 15.9%,down from 21.7% for the corresponding period in 2021,due to less income from equity affiliates recorded compared with corresponding period in 2021.

Net income attributable to Noah shareholders for the fourth quarter of 2022 was RMB139.9 million (US$20.3 million),a 50.3% decrease from the corresponding period in 2021.

Net margin attributable to Noah shareholders for the fourth quarter of 2022 was 15.9%,down from 22.3% for the corresponding period in 2021.

Net income attributable to Noah shareholders per basic and diluted ADSfor the fourth quarter of 2022 was RMB2.01 (US$0.29) and RMB2.01 (US$0.29),respectively,down from RMB4.18 and RMB4.16 respectively,for the corresponding period in 2021.

Non-GAAP Net Income Attributable to Noah Shareholders

Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2022 was RMB149.2 million (US$21.6 million),a 48.5% decrease from the corresponding period in 2021.

Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2022 was 16.9%,down from 23.0% for the corresponding period in 2021

Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2022 was RMB2.14 (US$0.31),down from RMB4.28 for the corresponding period in 2021.

FULL YEAR 2022 FINANCIAL RESULTS

Net Revenues

Net revenues for the full year 2022 were RMB3,primarily due to a decrease in one-time commissions and performance-based income.

Wealth Management Business

Net revenues from one-time commissionsfor 2022 were RMB628.6 million (US$91.1 million),a 46.5% decrease from 2021,primarily due to less insurance products distributed.

Net revenues from recurring service feesfor 2022 were RMB1,226.5 million (US$177.8 million),a 16.1% decrease from 2021. The decrease was primarily due to the service fees recognized upon liquidation of certain credit products with higher fee rates for the full year 2021.

Net revenues from performance-based incomefor 2022 were RMB201.5 million (US$29.2 million),a 56.8% decrease from 2021,primarily due to a decrease in performance-based income from public securities products and private equity fund products.

Net revenues from other service feesfor 2022 were RMB143.4 million (US$20.8 million),a 56.1% increase from 2021,primarily due to more value-added services Noah offers to its high net worth clients.

Asset Management Business

Net revenues from recurring service fees for 2022 were RMB678.3 million (US$98.4 million),a 6.6% increase from 2021.

Net revenues from performance-based income for 2022 were RMB106.5 million (US$15.4 million),a 66.0% decrease from 2021,primarily due to a decrease in performance-based income from private equity fund products.

Other Businesses

Net revenues for 2022 were RMB65.9 million (US$9.6 million),a 16.2% increase from 2021.

Operating costs and expenses

Operatingcosts andexpensesfor 2022 were RMB2,011.9 million (US$291.7 million),a 35.0% decrease from the full year 2021. Operating costs and expenses for the full year 2022 primarily consisted of compensation and benefits of RMB1,441.9 million (US$209.1 million),selling expenses of RMB349.0 million (US$50.6 million),general and administrative expenses of RMB235.3 million (US$34.1 million),reversal of credit losses of RMB0.4 million (US$0.1 million) and other operating expenses of RMB115.7 million (US$16.8 million).

Operating costs and expenses for the wealth management businessfor 2022were RMB1,458.5 million (US$211.5 million),a 35.8% decrease from2021,primarily due to a decrease in compensation and benefits,as well as general and administrative expenses.

Operating costs and expenses for the asset management businessfor 2022were RMB386.6 million (US$56.1 million),a 30.5% decrease from2021,as well as general and administrative expenses.

Operating costs and expenses for other businesses for2022 were RMB166.8 million (US$24.2million),a 37.0% decrease from 2021,primarily due to a decrease in provision for credit losses.

Operating Margin

Operating margin for the full year 2022 was 35.1%,compared to27.9% for the full year 2021.

Operating margin for the wealth management business for 2022 was 33.7%,compared to 28.8% for 2021,mainly due to cost control measures implemented.

Operating margin for the asset management businessfor 2022 was 53.7%,compared to 46.6% for 2021,mainly due to cost control measures implemented.

Loss from other businesses for 2022 was RMB100.8 million (US$14.6 million),compared with RMB207.8 million for 2021,due to decreased provision of credit losses.

Investment Income

Investment income for the full year 2022 was RMB85.6 million (US$12.4 million),a 30.8% increase from the full year 2021,primarily due to unrealized gains of fair value changes from our certain equity investments.

Income Tax Expenses

Income tax expensesfor the full year 2022 were RMB267.1 million (US$38.7 million),a 9.1% decrease from the full year 2021,primarilydue to less taxable income.

Income from Equity in Affiliates

Income from equity in affiliatesfor the full year 2022 was RMB89.1 million (US$12.9 million),compared with RMB302.0 million in the corresponding period in 2021,primarily due to less income recognized from the funds of funds that we manage and invest in as the general partner or fund manager.

Net Income

Net Income

Net income for the full year 2022 was RMB971.6 million (US$140.9 million),a 25.6% decrease from the full year 2021.

Net margin for the full year 2022 was 31.3%,up from 30.4% for the corresponding period in 2021.

Net income attributable to Noah shareholders for the full year 2022 was RMB976.6 million (US$141.6 million),a 25.7% decrease from the full year 2021.

Net margin attributable to Noah shareholders for the full year 2022 was 31.5%,up from 30.6% for the full year 2021.

Net income attributable to Noah shareholders per basic and diluted ADSfor the full year 2022 was RMB14.29 (US$2.07) and RMB14.28 (US$2.07),down from RMB19.56 and RMB19.45,for the corresponding period in 2021.

Non-GAAP Net Income Attributable to Noah Shareholders

Non-GAAP net income attributable to Noah shareholders for the full year 2022 was RMB1,a 26.5% decrease from the full year 2021.

Non-GAAP net margin attributable to Noah shareholders for the full year 2022 was 32.5%,up from 32.0% for the full year 2021.

Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2022 was RMB14.75 (US$2.14),down from RMB20.32 for the full year 2021.

BALANCE SHEET AND CASH FLOW

As of December 31,the Company had RMB4,403.9 million (US$638.5 million) in cash and cash equivalents,compared with RMB3,404.6 million as of December 31,2021 and RMB4,312.8 million as of September 30,2022.

Net cash inflow from the Company's operating activities during the fourth quarter of 2022 was RMB33.0 million (US$4.8 million),compared to RMB659.2 million in the corresponding period in 2021,primarily due to the reclassification of trading debt products from cash and cash equivalents to short term investments in the fourth quarter of 2022. Net cash inflow from the Company's operating activities during the full year 2022 was RMB632.9 million (US$91.8 million),compared to RMB1,521.8 million during the full year 2021,the variance was mainly due to a decrease in net income.

Net cash inflow from the Company's investing activities during the fourth quarter of 2022 was RMB58.3 million (US$8.5 million),compared to net cash outflow of RMB67.4 million in the corresponding period in 2021. Net cash inflow from the Company's investing activities during the full year 2022 was RMB74.3 million (US$10.8 million),compared to net cash outflow of RMB2,572.1 million during the full year 2021,the cash outflow in 2021 was mainly due to cash payment for the acquisition of our new headquarter.

Net cash inflow from the Company's financing activities was RMB8.0 million (US$1.2 million) in the fourth quarter of 2022,compared to net cash inflow of RMB20.9 million in the corresponding period in 2021. Net cash inflow from the Company's financing activities during the full year 2022 was RMB233.8 million (US$33.9 million),compared to net cash outflow of RMB513.1 million during the full year 2021. The cash inflow for 2022 was mainly due to net proceeds from our initial public offering and listing in Hong Kong,and the cash outflow in 2021 was mainly due to the share repurchase program.

RECENT DEVELOPMENT

Silicon Valley Bank ("SVB") Receivership

As disclosed in the Form 6-K furnished with the SEC on March 13,2023 (the "Press Release"),Noah informed its investors that its exposure to any liquidity concern as a result of the SVB's Receivership (as defined in the Press Release) is immaterial and that it has taken necessary measures to protect against or minimize the potential impact of the SVB's Receivership on the investment funds for which Noah acts as general partner or fund manager.

As of the date of this press release,Noah has transferred out all its cash and cash equivalents previously deposited with SVB. In addition,as general partner or fund manager,Noah has also transferred out all funds cash balances from SVB to their designated accounts. As a result,Noah has no remaining exposure to the SVB Receivership.

Resignation of Senior Management Member

Mr. Jin Chen resigned from his position as the chief executive officer of Noah Digital International,effective on March 15,2023,due to personal reasons. Mr. Chen will assist the Company in achieving a smooth transition of his job responsibilities. His resignation was not a result of any disagreements with the Company.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter unaudited financial results and full year 2022 audited financial results and recent business activities.

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

Zoom webinar details

Conference title

Noah Holdings 4Q22 Earnings Conference Call

Date/Time

Monday,March 27,2023 at 8:00 p.m.,U.S. Eastern Time

Tuesday,2023at 8:00 a.m.,Hong Kong Time

Meeting ID:

910 2002 0524

Meeting Passcode:

Noah4Q22

Dial in

- New York:

+1 929 205 6099

-Hong Kong:

+852 3709 4942

- London:

+44 207 660 2677

- Singapore:

+65 6347 5852

A replay will be available on the same day of the conference call until April 18,2023 at the Company's investor relations website under the Quarterly Results section athttp://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,non-cash settlement expense 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 in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. In the full year 2022,Noah distributed RMB70.3 billion (US$10.2 billion) of investment products. Through Gopher Asset Management,Noah had assets under management of RMB157.1 billion (US$22.8 billion) as of December 31,2022.

Noah's wealth management business primarily distributes private equity,mutual fund and other products denominated in RMB and other currencies. Noah's network covers 75 cities in mainland China,as well as Hong Kong (China),Taiwan (China),New York,Silicon Valley and Singapore. A total of 1,276 relationship managers provide customized financial solutions for clients through this network,and meet their international investment needs. The Company's wealth management business had 437,288 registered clients as of December 31,2022. Through Gopher Asset Management,Noah manages private equity,public securities,multi-strategy and other investments denominated in Renminbi and other currencies. The Company 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 fourth quarter of 2022 and audited financial results for the full year ended December 31,2022 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 RMB6.8972 to US$1.00,the effective noon buying rate for December 30,2022 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

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

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited

Condensed Consolidated Balance Sheets

As of

September

30,2022

December

31,2022

(Unaudited)

(Audited)

(Audited)

RMB'000

RMB'000

USD'000

Assets

Current assets:

Cash and cash equivalents

4,312,827

4,403,915

638,508

Restricted cash

10,311

23,203

3,364

Short-term investments

98,770

315,979

45,813

Accounts receivable,net

426,900

498,106

72,219

Loans receivable,net

566,933

465,780

67,532

Amounts due from related parties

424,821

443,424

64,290

Other current assets

184,506

166,739

24,175

Total current assets

6,025,068

6,317,146

915,901

Long-term investments,net

723,902

774,095

112,232

Investment in affiliates

1,516,292

1,491,820

216,293

Property and equipment,net

2,497,558

2,486,317

360,482

Operating lease right-of-use assets,net

189,906

168,192

24,386

Deferred tax assets

333,522

436,441

63,278

Other non-current assets

160,059

124,124

17,996

Total Assets

11,446,307

11,798,135

1,710,568

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

543,435

668,953

96,989

Income tax payable

69,214

126,848

18,391

Deferred revenues

81,602

67,967

9,854

Contingent liabilities

483,727

568,018

82,355

Other current liabilities

458,079

473,175

68,604

Total current liabilities

1,636,057

1,961

276,193

Operating lease liabilities,non-current

101,110

83,171

12,059

Deferred tax liabilities

231,589

249,768

36,213

Other non-current liabilities

76,330

59,760

8,664

Total Liabilities

2,045,086

2,297,660

333,129

Equity

9,401,221

9,500,475

1,377,439

Total Liabilities and Equity

11,568

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended

December 31,

December 31,

Change

2021

2022

2022

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

472,566

266,592

38,652

(43.6%)

Recurring service fees

214,835

195,872

28,399

(8.8%)

Performance-based income

42,115

13,998

2,030

(66.8%)

Other service fees

54,296

60,870

8,825

12.1%

Total revenues from others

783,812

537,332

77,906

(31.4%)

Revenues from funds Gopher

manages:

One-time commissions

9,886

3,915

568

(60.4%)

Recurring service fees

346,747

278,376

40,361

(19.7%)

Performance-based income

131,988

66,819

9,688

(49.4%)

Total revenues from funds

Gopher

manages

488,621

349,110

50,617

(28.6%)

Total revenues

1,272,433

886,442

128,523

(30.3%)

Less: VAT related surcharges

(12,379)

(4,372)

(634)

(64.7%)

Net revenues

1,260,054

882,070

127,889

(30.0%)

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(382,160)

(146,662)

(21,264)

(61.6%)

Others

(349,004)

(236,484)

(34,287)

(32.2%)

Total compensation and

benefits

(731,164)

(383,146)

(55,551)

(47.6%)

Selling expenses

(139,906)

(142,806)

(20,705)

2.1%

General and administrative

expenses

(148,015)

(83,952)

(12,172)

(43.3%)

Provision for credit losses

(100,858)

(19,836)

(2,876)

(80.3%)

Other operating expenses

(19,644)

(38,257)

(5,547)

94.8%

Government grants

11,821

5,665

821

(52.1%)

Total operating costs and expenses

(1,127,766)

(662,332)

(96,030)

(41.3%)

Income from operations

132,288

219,738

31,859

66.1%

Other income (expense):

Interest income

14,571

14,251

2,066

(2.2%)

Investment income

3,469

62,240

9,024

1,694.2%

Settlement reversal

719

-

-

N.A.

Contingent litigation expenses

-

(99,000)

(14,354)

N.A.

Other expense

(2,313)

(8,507)

(1,233)

267.8%

Total other income (expense)

16,446

(31,016)

(4,497)

N.A.

Income before taxes and

income from equity in

affiliates

148,734

188,722

27,362

26.9%

Income tax expense

(35,329)

(60,530)

(8,776)

71.3%

Income from equity in affiliates

160,510

12,331

1,788

(92.3%)

Net income

273,915

140,523

20,374

(48.7%)

Less: net (loss) income

attributable to non-controlling

interests

(7,397)

614

89

N.A.

Net income attributable to

Noah shareholders

281,312

139,909

20,285

(50.3%)

Income per ADS,basic

4.18

2.01

0.29

(51.9%)

Income per ADS,diluted

4.16

2.01

0.29

(51.7%)

Margin analysis:

Operating margin

10.5%

24.9%

24.9%

Net margin

21.7%

15.9%

15.9%

Weighted average ADS

equivalent[1]:

Basic

67,348,790

69,593,068

69,068

Diluted

67,700,437

69,611,652

69,652

ADS equivalent outstanding at

end of period

60,338,054

62,603,864

62,864

[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

Noah Holdings Limited

Condensed Consolidated Income Statements

(Audited)

Twelve months ended

December 31,

Change

2021

2022

2022

Revenues:

RMB'000

RMB'000

USD'000

Revenues from others:

One-time commissions

1,130,894

617,636

89,549

(45.4%)

Recurring service fees

913,700

768,980

111,492

(15.8%)

Performance-based income

391,903

184,048

26,684

(53.0%)

Other service fees

161,982

223,441

32,396

37.9%

Total revenues from others

2,598,479

1,794,105

260,121

(31.0%)

Revenues from funds Gopher

manages:

One-time commissions

140,522

63,809

9,251

(54.6%)

Recurring service fees

1,195,309

1,145,435

166,072

(4.2%)

Performance-based income

392,290

125,528

18,200

(68.0%)

Total revenues from funds

Gopher manages

1,728,121

1,334,772

193,523

(22.8%)

Total revenues

4,326,600

3,128,877

453,644

(27.7%)

Less: VAT related surcharges

(33,506)

(28,505)

(4,133)

(14.9%)

Net revenues

4,293,094

3,100,372

449,511

(27.8%)

Operating costs and expenses:

Compensation and benefits

Relationship manager

compensation

(920,896)

(497,147)

(72,080)

(46.0%)

Others

(1,247,984)

(944,735)

(136,974)

(24.3%)

Total compensation and

benefits

(2,168,880)

(1,441,882)

(209,054)

(33.5%)

Selling expenses

(437,131)

(349,014)

(50,602)

(20.2%)

General and administrative

expenses

(383,321)

(235,319)

(34,118)

(38.6%)

(Reversal of) Provision for

credit losses

(112,959)

424

61

N.A.

Other operating expenses

(107,844)

(115,653)

(16,768)

7.2%

Government grants

115,939

129,521

18,779

11.7%

Total operating costs and

expenses

(3,094,196)

(2,011,923)

(291,702)

(35.0%)

Income from operations

1,198,898

1,088,449

157,809

(9.2%)

Other income (expense):

Interest income

71,866

61,416

8,904

(14.5%)

Investment income

65,426

85,554

12,404

30.8%

Settlement expenses

(19,908)

-

-

N.A.

Contingent litigation expenses

-

(99,354)

N.A.

Other (expense) income

(18,240)

13,130

1,904

N.A.

Total other income

99,144

61,100

8,858

(38.4%)

Income before taxes and

income from equity in affiliates

1,298,042

1,149,549

166,667

(11.4%)

Income tax expense

(293,940)

(267,108)

(38,727)

(9.1%)

Income from equity in affiliates

301,979

89,148

12,925

(70.5%)

Net income

1,306,081

971,589

140,865

(25.6%)

Less: net loss attributable to

non-controlling interests

(8,050)

(4,982)

(722)

(38.1%)

Net income attributable to

Noah shareholders

1,314,131

976,571

141,587

(25.7%)

Income per ADS,basic

19.56

14.29

2.07

(26.9%)

Income per ADS,diluted

19.45

14.28

2.07

(26.6%)

Margin analysis:

Operating margin

27.9%

35.1%

35.1%

Net margin

30.4%

31.3%

31.3%

Weighted average ADS

equivalent[1]:

Basic

67,171,636

68,332,032

68,032

Diluted

67,563,546

68,396,142

68,142

ADS equivalent outstanding at

end of period

60,864

[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)

Three months ended

December

31,

December

31,

Change

2021

2022

2022

RMB'000

RMB'000

USD'000

Net income

273,374

(48.7%)

Other comprehensive income,net of tax:

Foreign currency translation adjustments

(14,094)

(36,494)

(5,291)

159.1%

Fair value fluctuation of available for sale

Investment (after tax)

(243)

-

-

N.A.

Comprehensive income

259,578

104,029

15,083

(59.9%)

Less: Comprehensive loss attributable to

non-controlling interests

(7,366)

598

87

N.A.

Comprehensive income attributable to

Noah shareholders

266,944

103,431

14,996

(61.3%)

Noah Holdings Limited

Condensed Comprehensive Income Statements

(Audited)

Twelve months ended

December

31,

Change

2021

2022

2022

RMB'000

RMB'000

USD'000

Net income

1,865

(25.6%)

Other comprehensive income,net of tax:

Foreign currency translation adjustments

(60,851)

137,555

19,944

N.A.

Comprehensive income

1,245,230

1,109,144

160,809

(10.9%)

Less: Comprehensive loss attributable to

non-controlling interests

(8,001)

(4,895)

(710)

(38.8%)

Comprehensive income attributable to

Noah shareholders

1,253,231

1,114,039

161,519

(11.1%)

Noah Holdings Limited

Supplemental Information

(unaudited)

As of

December 31,

2021

December 31,

2022

Change

Number of registered clients

411,981

437,288

6.1%

Number of relationship managers

1,316

1,276

(3.0%)

Number of cities in mainland China under

coverage

84

75

(10.7%)

Three months ended

December 31,

2022

Change

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

percentages)

Number of active clients

17,456

12,904

(26.1%)

Transaction value:

Private equity products

3,041

1,452

(52.3%)

Private secondary products

6,659

3,362

(49.5%)

Mutual fund products

10,207

12,183

19.4%

Other products

1,136

1,003

(11.7%)

Total transaction value

21,043

18,000

(14.5%)

Twelve months ended

December 31,except number of active clients and

percentages)

Number of active clients

42,764

35,877

(16.1%)

Transaction value:

Private equity products

18,069

11,037

(38.9%)

Private secondary products

37,776

13,109

(65.3%)

Mutual fund products

37,169

43,133

16.0%

Other products

4,189

3,002

(28.3%)

Total transaction value

97,203

70,281

(27.7%)

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31,2022

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

266,592

-

-

266,592

Recurring service fees

195,872

-

-

195,872

Performance-based income

13,998

-

-

13,998

Other service fees

48,245

-

12,625

60,870

Total revenues from others

524,707

-

12,625

537,332

Revenues from funds Gopher manages

One-time commissions

576

3,339

-

3,915

Recurring service fees

124,040

154,336

-

278,376

Performance-based income

187

66,632

-

66,819

Total revenues from funds Gopher manages

124,803

224,307

-

349,110

Total revenues

649,510

224,307

12,625

886,442

Less: VAT related surcharges

(2,563)

(1,139)

(670)

(4,372)

Net revenues

646,947

223,168

11,955

882,070

Operating costs and expenses:

Compensation and benefits

Relationship managers

(137,016)

(9,646)

-

(146,662)

Others

(152,971)

(73,585)

(9,928)

(236,484)

Total compensation and benefits

(289,987)

(83,231)

(9,928)

(383,146)

Selling expenses

(121,259)

(20,611)

(936)

(142,806)

General and administrative expenses

(52,723)

(22,609)

(8,620)

(83,952)

Reversal of (Provision for) credit losses

249

1,068

(21,153)

(19,836)

Other operating expenses

(9,344)

(4,629)

(24,284)

(38,257)

Government grants

5,224

408

33

5,665

Total operating costs and expenses

(467,840)

(129,604)

(64,888)

(662,332)

Income (loss) from operations

179,107

93,564

(52,933)

219,738

Noah Holdings Limited

Segment Condensed Income Statements

(unaudited)

Three months ended December 31,2021

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

472,566

-

-

472,566

Recurring service fees

214,835

-

-

214,835

Performance-based income

42,115

-

-

42,115

Other service fees

32,814

-

21,482

54,296

Total revenues from others

762,330

-

21,482

783,812

Revenues from funds Gopher

manages

One-time commissions

2,488

7,398

-

9,886

Recurring service fees

204,919

141,828

-

346,747

Performance-based income

5,905

126,083

-

131,988

Total revenues from funds Gopher

manages

213,312

275,309

-

488,621

Total revenues

975,642

275,309

21,482

1,433

Less: VAT related surcharges

(6,358)

(1,496)

(4,525)

(12,379)

Net revenues

969,284

273,813

16,957

1,054

Operating costs and expenses:

Compensation and benefits

Relationship managers

(371,788)

(10,372)

-

(382,160)

Others

(204,386)

(127,455)

(17,163)

(349,004)

Total compensation and benefits

(576,174)

(137,827)

(17,163)

(731,164)

Selling expenses

(112,287)

(19,709)

(7,910)

(139,906)

General and administrative

expenses

(103,142)

(22,247)

(22,626)

(148,015)

Provision for credit losses

(2,691)

(12,574)

(85,593)

(100,858)

Other operating expenses

(2,507)

(687)

(16,450)

(19,644)

Government grants

11,101

13

707

11,821

Total operating costs and expenses

(785,700)

(193,031)

(149,035)

(1,766)

Income (loss) from operations

183,584

80,782

(132,078)

132,288

Noah Holdings Limited

Segment Condensed Income Statements

(Audited)

Twelve months ended December 31,2022

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

617,636

-

-

617,636

Recurring service fees

768,980

-

-

768,980

Performance-based income

184,048

-

-

184,048

Other service fees

144,101

-

79,340

223,441

Total revenues from others

1,714,765

-

79,340

1,105

Revenues from funds Gopher

manages

One-time commissions

13,953

49,856

-

63,809

Recurring service fees

463,314

682,121

-

1,435

Performance-based income

18,407

107,121

-

125,528

Total revenues from funds Gopher

manages

495,674

839,098

-

1,772

Total revenues

2,210,439

839,098

79,340

3,877

Less: VAT related surcharges

(10,462)

(4,630)

(13,413)

(28,505)

Net revenues

2,199,977

834,468

65,927

3,372

Operating costs and expenses:

Compensation and benefits

Relationship managers

(460,237)

(36,910)

-

(497,147)

Others

(619,397)

(285,101)

(40,237)

(944,735)

Total compensation and benefits

(1,079,634)

(322,011)

(40,237)

(1,882)

Selling expenses

(299,769)

(41,885)

(7,360)

(349,014)

General and administrative

expenses

(153,643)

(55,872)

(25,804)

(235,319)

Reversal of (provision for) credit

losses

718

386

(680)

424

Other operating expenses

(15,412)

(6,369)

(93,872)

(115,653)

Government grants

89,223

39,120

1,178

129,521

Total operating costs and

expenses

(1,458,517)

(386,631)

(166,775)

(2,923)

Income (loss) from operations

741,460

447,837

(100,848)

1,449

Noah Holdings Limited

Segment Condensed Income Statements

(Audited)

Twelve months ended December 31,2021

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Revenues from others

One-time commissions

1,653

241

-

1,894

Recurring service fees

912,506

1,194

-

913,700

Performance-based income

391,903

-

-

391,903

Other service fees

92,352

1,390

68,240

161,982

Total revenues from others

2,527,414

2,825

68,240

2,479

Revenues from funds Gopher

manages

One-time commissions

50,247

90,275

-

140,522

Recurring service fees

557,094

638,215

-

1,309

Performance-based income

77,218

315,072

-

392,290

Total revenues from funds Gopher

manages

684,559

1,043,562

-

1,121

Total revenues

3,211,973

1,046,387

68,240

4,600

Less: VAT related surcharges

(17,076)

(4,923)

(11,507)

(33,506)

Net revenues

3,194,897

1,041,464

56,733

4,094

Operating costs and expenses:

Compensation and benefits

Relationship managers

(900,921)

(19,975)

-

(920,896)

Others

(753,368)

(430,059)

(64,557)

(1,984)

Total compensation and benefits

(1,654,289)

(450,034)

(64,557)

(2,880)

Selling expenses

(354,128)

(55,790)

(27,213)

(437,131)

General and administrative expenses

(270,253)

(70,686)

(42,382)

(383,321)

Provision for credit losses

(6,490)

(13,275)

(93,194)

(112,959)

Other operating expenses

(53,616)

(4,347)

(49,881)

(107,844)

Government grants

65,368

37,905

12,666

115,939

Total operating costs and expenses

(2,273,408)

(556,227)

(264,561)

(3,196)

Income (loss) from operations

921,489

485,237

(207,828)

1,898

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended December 31,2022

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

442,208

147,301

12,625

602,134

Hong Kong

182,111

54,976

-

237,087

Others

25,191

22,030

-

47,221

Total revenues

649,442

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)

Three months ended December 31,2021

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

849,846

205,797

21,077,125

Hong Kong

116,154

57,337

-

173,491

Others

9,642

12,175

-

21,817

Total revenues

975,433

Noah Holdings Limited

Supplement Revenue Information by Geography

(Audited)

Twelve months ended December 31,2022

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

1,548,395

672,785

79,340

2,300,520

Hong Kong

508,907

83,029

-

591,936

Others

153,137

83,284

-

236,421

Total revenues

2,877

Noah Holdings Limited

Supplement Revenue Information by Geography

(Audited)

Twelve months ended December 31,2021

Wealth

Management

Business

Asset

Management

Business

Other

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

2,479,576

768,203

68,240

3,316,019

Hong Kong

629,587

240,136

-

869,723

Others

102,810

38,048

-

140,858

Total revenues

3,600

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Three months ended

December 31,

Change

2021

2022

RMB'000

RMB'000

Net income attributable to Noah shareholders

281,909

(50.3%)

Adjustment for share-based compensation

12,435

12,316

(1.0%)

Add: settlement expense reversal

(719)

-

N.A.

Less: tax effect of adjustments

3,421

3,066

(10.4%)

Adjusted net income attributable to Noah shareholders

(non-GAAP)

289,607

149,159

(48.5%)

Net margin attributable to Noah shareholders

22.3%

15.9%

Non-GAAP net margin attributable to Noah shareholders

23.0%

16.9%

Net income attributable to Noah shareholders per ADS,

diluted

4.16

2.01

(51.7%)

Non-GAAP net income attributable to Noah shareholders

per ADS,diluted

4.28

2.14

(50.0%)

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)

Twelve months ended

December 31

December 31

Change

2021

2022

RMB'000

RMB'000

Net income attributable to Noah shareholders

1,571

(25.7%)

Adjustment for share-based compensation

51,036

42,300

(17.1%)

Add: settlement expense

19,908

-

N.A.

Less: tax effect of adjustments

12,374

10,279

(16.9%)

Adjusted net income attributable to Noah shareholders

(non-GAAP)

1,372,701

1,008,592

(26.5%)

Net margin attributable to Noah shareholders

30.6%

31.5%

Non-GAAP net margin attributable to Noah shareholders

32.0%

32.5%

Net income attributable to Noah shareholders per ADS,

diluted

19.45

14.28

(26.6%)

Non-GAAP net income attributable to Noah shareholders

per ADS,diluted

20.32

14.75

(27.4%)