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Segment Information (Tables)

12 Months Ended

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

​

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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