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Segment Information (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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