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v3.23.1

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Information |
Schedule of Segment Information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
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 | ​ | 1,794,105
Revenues from funds Gopher manages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-time commissions |  | 13,953 | ​ | 49,856 | ​ | — | ​ | 63,809
Recurring service fees |  | 463,314 | ​ | 682,121 | ​ | — | ​ | 1,145,435
Performance-based income |  | 18,407 | ​ | 107,121 | ​ | — | ​ | 125,528
Total revenues from funds Gopher manages |  | 495,674 | ​ | 839,098 | ​ | — | ​ | 1,334,772
Total revenues |  | 2,210,439 | ​ | 839,098 | ​ | 79,340 | ​ | 3,128,877
Less: VAT related surcharges |  | (10,462) | ​ | (4,630) | ​ | (13,413) | ​ | (28,505)
Net revenues |  | 2,199,977 | ​ | 834,468 | ​ | 65,927 | ​ | 3,100,372
Operating cost and expenses: |  | ​ |  | ​ |  | ​ |  | ​
Compensation and benefits |  | ​ |  | ​ |  | ​ |  | ​
Relationship manager compensation |  | (460,237) | ​ | (36,910) | ​ | — | ​ | (497,147)
Performance-based compensation |  | (872) | ​ | (6,167) | ​ | — | ​ | (7,039)
Other compensations |  | (618,525) | ​ | (278,934) | ​ | (40,237) | ​ | (937,696)
Total compensation and benefits |  | (1,079,634) | ​ | (322,011) | ​ | (40,237) | ​ | (1,441,882)
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 subsidies |  | 89,223 | ​ | 39,120 | ​ | 1,178 | ​ | 129,521
Total operating cost and expenses |  | (1,458,517) | ​ | (386,631) | ​ | (166,775) | ​ | (2,011,923)
Income (loss) from operations |  | 741,460 | ​ | 447,837 | ​ | (100,848) | ​ | 1,088,449
​
Revenue from External Customers by Geographic Areas | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 (Amount in Thousands)
​ | ​ | Wealth Management | ​ | Assets Management | ​ | Other | ​ | ​
​ | ​ | Business | ​ | Business | ​ | Businesses | ​ | Total
​ |  | RMB |  | RMB |  | RMB |  | RMB
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 |  | 2,210,439 | ​ | 839,098 | ​ | 79,340 | ​ | 3,128,877
​

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