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Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Principal Accounting Policies

Amounts of Noah Investment and its Subsidiaries and the Consolidated Funds Included in Consolidated Financial Statements

The following amounts of Noah Investment and its subsidiaries and the consolidated funds were included in the Group’s consolidated financial statements and are presented before the elimination of intercompany transactions with the non-VIE subsidiaries of the Group.

​

​	​	​	​	​	​	​
​		As of December 31
​	​	(Amount in Thousands)
​	​	2018	​	2019	​	2019
​		RMB		RMB		US$
Cash and cash equivalents		456,063		892,944	​	128,264
Restricted cash		2,500		2,509	​	360
Short-term investments		405,930		652,759	​	93,763
Accounts receivable, net of allowance for doubtful accounts		11,484		22,253	​	3,196
Amounts due from related parties		279,860		338,655	​	48,645
Other current assets		116,756		125,877	​	18,080
Long-term investments		418,710		496,095	​	71,260
Investment in affiliates		1,011,565		843,866	​	121,214
Property and equipment, net		24,681		17,922	​	2,574
Deferred tax assets		29,452		42,918	​	6,165
Other non-current assets		17,767		17,902	​	2,572
Total assets		2,774,768		3,453,700	​	496,093
Accrued payroll and welfare expenses		108,257		102,211	​	14,682
Income tax payable		49,192		63,333	​	9,097
Amounts due to the Group’s subsidiaries		606,440		583,347	​	83,793
Deferred revenue		23,658		24,363	​	3,500
Deferred tax liabilities		11,609		13,637	​	1,959
Other current liabilities		76,129		159,037	​	22,844
Total liabilities		875,285		945,928	​	135,875

​

​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31
​	​	(Amount in Thousands)
​		2017		2018		2019		2019
​	​	RMB	​	RMB	​	RMB	​	US$
Revenue:
Revenues from others
One-time commissions		16,521		13,146		71,528	​	10,274
Recurring service fees		24,275		16,884		3,032	​	436
Performance-based income		2,389		531		—	​	—
Other service fees		58,789		91,538		124,837	​	17,932
Total revenues from others		101,974		122,099		199,397	​	28,642
Revenues from funds Gopher manages
One-time commissions		1,012		2,085		3,660	​	526
Recurring service fees		306,883		501,873		615,999	​	88,482
Performance-based income		37,240		92,127		53,010	​	7,614
Total revenues from funds Gopher manages		345,135		596,085		672,669	​	96,622
Total revenues		447,109		718,184		872,066	​	125,264
Less: VAT related surcharges		(2,792)		(3,715)		(4,916)	​	(706)
Net revenues		444,317		714,469		867,150	​	124,558
Total operating cost and expenses		(361,765)		(372,870)		(565,203)	​	(81,187)
Total other income		43,281		73,119		51,370	​	7,379
Net income		149,703		316,951		289,514	​	41,586
Net income attributable to Noah Holding Limited shareholders		147,483		306,912		278,827	​	40,051
Cash flows provided by operating activities*		426,663		429,008		761,312	​	109,356
Cash flows used in investing activities		(372,590)		(379,327)		(345,092)	​	(49,569)
Cash flows provided by financing activities		15,680		14,210		20,670	​	2,969

* Cash flows provided by operating activities in 2017, 2018 and 2019 include amounts due to the Group’s subsidiaries of RMB498,557, RMB606,440 and RMB583,347 (US$83,793).

Summary of Maximum Exposure to Loss Associated with Identified Nonconsolidated VIEs

The following table summarizes the Group’s maximum exposure to loss associated with identified nonconsolidated VIEs in which it holds variable interests as of December 31, 2018 and 2019, respectively.

​

​	​	​	​	​	​	​
​	​	As of December 31,
​	​	(Amount in Thousands)
​		2018		2019		2019
​	​	RMB	​	RMB	​	US$
Amounts due from related parties		79,464		88,415	​	12,700
Investments		581,255		471,602	​	67,741
Maximum exposure to loss in non-consolidated VIEs		660,719		560,017	​	80,441

Summary of Effects of Changes in Group's Ownership Interest in Less than Wholly Owned Subsidiaries on Equity Attributable to Noah Holdings Limited Shareholders

The following schedule shows the effects of changes in the Company’s ownership interest in less than wholly owned subsidiaries on equity attributable to Noah Holdings Limited shareholders:

​

​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	(Amount in Thousands)
​		2017		2018		2019		2019
​	​	RMB	​	RMB	​	RMB	​	US$
Net income attributable to Noah Holdings Limited shareholders		762,923		811,297		829,151	​	119,098
Transfers from the non-controlling interest:
Increase in Noah’s equity by partial disposal of subsidiaries		30		—		—		—
Increase in Noah’s capital from contribution of non-controlling interest	​	—		—	​	17,640	​	2,534
Net transfers from  non-controlling interest		30		—		17,640		2,534
Change from net income attributable to Noah and transfers from non-controlling interest		762,953		811,297		846,791	​	121,632

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the following estimated useful lives:

​

​	​	​
​		Estimated Useful Lives in Years
Leasehold improvements		Shorter of the lease term or expected useful life
Furniture, fixtures, and equipment		3—5 years
Motor Vehicles		5 years
Software		2—5 years
Building		30 years

Schedule of Primary Revenue Streams from Contracts with Customers

​

Revenue Streams		Performance Obligation Satisfied Over Time or Point In Time		Payment Terms		Variable or Fixed Consideration
Fund distribution services	​	Point in time	​	Typically paid within a month after financial product established	​	Fixed
Insurance brokerage services	​	Point in time	​	Typically monthly in arrears	​	Fixed
Recurring service fees	​	Over time	​	Typically quarterly, semi-annually or annually	​	Variable
Performance-based income	​	Point in time	​	Typically paid shortly after the income has been determined	​	Variable
Lending services	​	Over time	​	Typically monthly in arrears	​	Fixed
Investor education services	​	Point in time	​	Typically paid at the beginning of each course	​	Fixed

Schedule of Disaggregation of Revenue

The following tables show, by segment, revenue from contracts with customers disaggregated by service lines for the years ended December 31, 2018 and 2019:

​

​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31, 2019
​	​	(Amount in Thousands)
​	​	Wealth Management	​	Assets Management	​	Lending and Other	​	​
​		Business		Business		Businesses		Total
​	​	RMB	​	RMB	​	RMB	​	RMB
One-time commissions		928,061	​	3,607	​	—	​	931,668
Recurring service fees		1,155,450	​	690,015	​	—	​	1,845,465
Performance-based income		23,430	​	89,655	​	—	​	113,085
Other service fees		222,912	​	4,274	​	295,772	​	522,958
Lending services		91,164	​	—	​	285,473	​	376,637
Investor education services		26,353	​	—	​	—	​	26,353
Other services(1)		105,395	​	4,274	​	10,299	​	119,968
Total revenues		2,329,853	​	787,551	​	295,772	​	3,413,176

(1) The Group also provides other services including financial leasing, family trust and payment technology services.

​

​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31, 2018
​	​	(Amount in Thousands)
​		​		​		Other Financial		​
​	​	Wealth Management	​	Assets Management	​	Service	​	​
​		Business		Business		Business		Total
​	​	RMB	​	RMB	​	RMB	​	RMB
One-time commissions		1,024,323	​	3,670	​	—	​	1,027,993
Recurring service fees		1,136,010	​	640,539	​	—	​	1,776,549
Performance-based income		44,309	​	99,325	​	—	​	143,634
Other service fees		113,570	​	8,225	​	240,091	​	361,886
Lending services		—	​	—	​	209,804	​	209,804
Investor education services		36,555	​	—	​	—	​	36,555
Other services		77,015	​	8,225	​	30,287	​	115,527
Total revenues		2,318,212	​	751,759	​	240,091	​	3,310,062

​

For the Group's revenues generated by the different geographic location, please see note 18 segment information.

Schedule of Changes in Reserve for Allowances for Doubtful Accounts

​

​	​	​	​	​	​	​	​	​
​	​	Year ended December 31, 2019
​	​	(Amounts in thousands)
​	​	Amount due	​	Accounts	​	Loan receivables	​	Other
​	​	from related parties	​	receivable	​	from factoring business	​	receivables
​	​	RMB	​	RMB	​	RMB	​	RMB
Balance at beginning of the year		—		—		—		—
Provisions		14,602		11,858		82,000		16,912
Write off		(14,602)		(11,858)		(82,000)		(16,912)
Balance at end of the year		—		—		—		—

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