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v3.22.1

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Information |
Schedule of Segment Information | Segment information of the Group’s business is as follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
Revenues from others | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 688,652 |  | 2,208 |  | — |  | 690,860
Recurring service fees |  | 520,013 |  | 4,679 |  | — |  | 524,692
Performance-based income |  | 23,333 |  | 104 |  | — |  | 23,437
Other service fees |  | 222,912 |  | 4,274 |  | 295,772 |  | 522,958
Total revenues from others |  | 1,454,910 |  | 11,265 |  | 295,772 |  | 1,761,947
Revenues from funds Gopher manages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 239,409 |  | 1,399 |  | — |  | 240,808
Recurring service fees |  | 635,437 |  | 685,336 |  | — |  | 1,320,773
Performance-based income |  | 97 |  | 89,551 |  | — |  | 89,648
Total revenues from funds Gopher manages |  | 874,943 |  | 776,286 |  | — |  | 1,651,229
Total revenues |  | 2,329,853 |  | 787,551 |  | 295,772 |  | 3,413,176
Less: VAT related surcharges |  | (10,574) |  | (3,971) |  | (6,819) |  | (21,364)
Net revenues |  | 2,319,279 |  | 783,580 |  | 288,953 |  | 3,391,812
Operating cost and expenses: |  | ​ |  | ​ |  | ​ |  | ​
Compensation and benefits |  | ​ |  | ​ |  | ​ |  | ​
Relationship manager compensation |  | (625,044) |  | — |  | — |  | (625,044)
Performance-based compensation |  | — |  | (31,283) |  | — |  | (31,283)
Other compensations |  | (607,336) |  | (248,612) |  | (98,495) |  | (954,443)
Total compensation and benefits |  | (1,232,380) |  | (279,895) |  | (98,495) |  | (1,610,770)
Selling expenses |  | (287,541) |  | (26,661) |  | (17,144) |  | (331,346)
General and administrative expenses |  | (194,908) |  | (71,805) |  | (29,779) | ​ | (296,492)
Provision for credit losses | ​ | (121,572) | ​ | (3,800) | ​ | (5,351) | ​ | (130,723)
Other operating expenses |  | (103,846) |  | (25,978) |  | (66,969) |  | (196,793)
Government subsidies |  | 58,704 |  | 15,878 |  | 14,696 |  | 89,278
Total operating cost and expenses |  | (1,881,543) |  | (392,261) |  | (203,042) |  | (2,476,846)
Income from operations |  | 437,736 |  | 391,319 |  | 85,911 |  | 914,966
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2020 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
Revenues from others | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 677,726 | ​ | 1,288 | ​ | — | ​ | 679,014
Recurring service fees |  | 697,140 | ​ | 3,017 | ​ | — | ​ | 700,157
Performance-based income |  | 180,385 | ​ | 144 | ​ | — | ​ | 180,529
Other service fees |  | 123,458 | ​ | 7,451 | ​ | 65,242 | ​ | 196,151
Total revenues from others |  | 1,678,709 | ​ | 11,900 | ​ | 65,242 | ​ | 1,755,851
Revenues from funds Gopher manages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 88,520 | ​ | 41,303 | ​ | — | ​ | 129,823
Recurring service fees |  | 587,307 | ​ | 642,735 | ​ | — | ​ | 1,230,042
Performance-based income |  | 24,920 | ​ | 184,076 | ​ | — | ​ | 208,996
Total revenues from funds Gopher manages |  | 700,747 | ​ | 868,114 | ​ | — | ​ | 1,568,861
Total revenues |  | 2,379,456 | ​ | 880,014 | ​ | 65,242 | ​ | 3,324,712
Less: VAT related surcharges |  | (13,123) | ​ | (4,521) | ​ | (1,242) | ​ | (18,886)
Net revenues |  | 2,366,333 | ​ | 875,493 | ​ | 64,000 | ​ | 3,305,826
Operating cost and expenses: |  | ​ |  | ​ |  | ​ |  | ​
Compensation and benefits |  | ​ |  | ​ |  | ​ |  | ​
Relationship manager compensation |  | (613,101) | ​ | — | ​ | (898) | ​ | (613,999)
Performance-based compensation |  | — | ​ | (85,413) | ​ | — | ​ | (85,413)
Other compensations |  | (486,668) | ​ | (254,278) | ​ | (63,654) | ​ | (804,600)
Total compensation and benefits |  | (1,099,769) | ​ | (339,691) | ​ | (64,552) | ​ | (1,504,012)
Selling expenses |  | (228,853) | ​ | (34,302) | ​ | (8,537) | ​ | (271,692)
General and administrative expenses |  | (197,511) | ​ | (59,440) | ​ | (20,928) | ​ | (277,879)
Provision for credit losses | ​ | (3,785) | ​ | (251) | ​ | (4,047) | ​ | (8,083)
Other operating expenses |  | (76,983) | ​ | (6,443) | ​ | (15,614) | ​ | (99,040)
Government subsidies |  | 58,046 | ​ | 24,443 | ​ | 30,867 | ​ | 113,356
Total operating cost and expenses |  | (1,548,855) | ​ | (415,684) | ​ | (82,811) | ​ | (2,047,350)
Income (loss) from operations |  | 817,478 | ​ | 459,809 | ​ | (18,811) | ​ | 1,258,476
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Revenues: |  |  |  |  |  |  |  |
Revenues from others | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 1,130,653 | ​ | 241 | ​ | — | ​ | 1,130,894
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 | ​ | 2,598,479
Revenues from funds Gopher manages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 50,247 | ​ | 90,275 | ​ | — | ​ | 140,522
Recurring service fees |  | 557,094 | ​ | 638,215 | ​ | — | ​ | 1,195,309
Performance-based income |  | 77,218 | ​ | 315,072 | ​ | — | ​ | 392,290
Total revenues from funds Gopher manages |  | 684,559 | ​ | 1,043,562 | ​ | — | ​ | 1,728,121
Total revenues |  | 3,211,973 | ​ | 1,046,387 | ​ | 68,240 | ​ | 4,326,600
Less: VAT related surcharges |  | (17,076) | ​ | (4,923) | ​ | (11,507) | ​ | (33,506)
Net revenues |  | 3,194,897 | ​ | 1,041,464 | ​ | 56,733 | ​ | 4,293,094
Operating cost and expenses: |  | ​ |  | ​ |  | ​ |  | ​
Compensation and benefits |  | ​ |  | ​ |  | ​ |  | ​
Relationship manager compensation |  | (900,921) | ​ | (19,975) | ​ | — | ​ | (920,896)
Performance-based compensation |  | (45,913) | ​ | (112,130) | ​ | — | ​ | (158,043)
Other compensations |  | (707,455) | ​ | (317,929) | ​ | (64,557) | ​ | (1,089,941)
Total compensation and benefits |  | (1,654,289) | ​ | (450,034) | ​ | (64,557) | ​ | (2,168,880)
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 subsidies |  | 65,368 | ​ | 37,905 | ​ | 12,666 | ​ | 115,939
Total operating cost and expenses |  | (2,273,408) | ​ | (556,227) | ​ | (264,561) | ​ | (3,094,196)
Income (loss) from operations |  | 921,489 | ​ | 485,237 | ​ | (207,828) | ​ | 1,198,898
Revenue from External Customers by Geographic Areas | The following table summarizes the Group’s revenues generated by the different geographic location. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2019 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Mainland China |  | 1,494,742 | ​ | 676,837 | ​ | 295,772 | ​ | 2,467,351
Hong Kong |  | 633,168 | ​ | 99,957 | ​ | — | ​ | 733,125
Others | ​ | 201,943 | ​ | 10,757 | ​ | — | ​ | 212,700
Total revenues |  | 2,329,853 | ​ | 787,551 | ​ | 295,772 | ​ | 3,413,176
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2020 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
Mainland China |  | 1,787,611 | ​ | 742,743 | ​ | 65,242 | ​ | 2,595,596
Hong Kong |  | 452,810 | ​ | 111,431 | ​ | — | ​ | 564,241
Others |  | 139,035 | ​ | 25,840 | ​ | — | ​ | 164,875
Total revenues |  | 2,379,456 | ​ | 880,014 | ​ | 65,242 | ​ | 3,324,712
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
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 |  | 3,211,973 | ​ | 1,046,387 | ​ | 68,240 | ​ | 4,326,600

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