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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Information |
Segment Information | 18. Segment Information The Group uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The Group’s CODM has been identified as the chief executive officer, who reviews consolidated results including revenues, operating cost and expenses and income (loss) from operations when making decisions about allocating resources and assessing performance of the Group. The Group believes it operates in three reportable segments: wealth management, asset management and, other business. The Group’s CODM does not review balance sheet information of the segments. 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
​ 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
​ Substantially all of the Group’s revenues are derived from, and its assets are located in the mainland of China and Hong Kong.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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