Noah : 2023 Sustainability Report

2023

Sustainability Report

諾亞控股私人財富資產管理有限公司

(Incorporated in the Cayman Islands with limited liability under the name Noah Holdings Limited and

carrying on business in Hong Kong as Noah Holdings Private

Wealth and Asset Management Limited)

股份代號：6686

2023 Sustainability Report ｜ Report Parameters

Report Parameters

Introduction

Reporting Scope

Reporting

Standard

Reporting

Principles

This Report is the tenth Sustainability Report of Noah Holdings Private Wealth and Asset Management Limited (hereinafter referred to as "Noah", "Noah Wealth", "Noah Holding", "we/us", "The Company" or "The Group". Our purpose in releasing this annual sustainability report is to inform stakeholders of our efforts that have been made in pursuing sustainable economic, environmental, and social values. We also encourage more companies to engage in public dialogues, helping create a more harmonious environment together with us.

This Report covers the year 2023 (from January 1 to December 31) and discloses Noah's management philosophy on corporate governance, society, and the environ- ment, as well as our performance and achievements related to those substantive topics. This Report covers the information and data related to Noah's headquarter and offices in Hong Kong. Nonetheless, we will gradually expand the reporting scope to fully cover our subsidiaries and affiliated entities. To fully demonstrate Noah's achievements in corporate social responsibility brought by our projects and the trend of development, we have laid out our specific actions and progress in detail, dating back to 2022 and up till 2024.

The report has been complied in accordance with the Appendix C2 "Environmental, Social, and Governance Reporting Guide" ("ESG Guide") of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("SEHK") ("Listing Rules"). It draws reference from the Global Reporting Initiative (GRI) Standards issued by the Global Sustainability Standards Board (GSSB), the International Financial Reporting Standards (IFRS) S2 - Climate-related disclosures issued by the International Sustainability Standards Board (ISSB)1，and the United Nations Sustainable Development Goals (UNSDGs).

Given the reporting principles that underpin the preparation of the ESG report as required by the ESG Guide of SEHK, this ESG Report abides by the overarching reporting principles of Materiality, Quantitative, Balance, and Consistency, along with the disclosure responsibilities outlined in the "mandatory disclosure" and "comply or explain" provisions.

1. The supervisory responsibilities of the Task Force on Climate-related Financial Disclosures (TCFD) have been transferred to the International Sustainability Standards Board (ISSB).

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Materiality: Through a rigorous materiality assessment, the impact of ESG-related issues on various stakeholders is evaluated, with priority given to addressing and disclosing issues of significant materiality.

Quantitative: Quantitative methodology is adopted in the report to measure pertinent key performance indicators and transparently discloses the measurement methods, bases, and gauges employed.

Balance: The report is a faithful reflection of objective realities, disclosing both positive and negative indicators, and impartially presenting the Company's ESG performance.

Consistency: Unless specifically noted, the statistical disclosure methods of this report maintain consistency with that of reports from previous years, so as to ensure the comparability of ESG data over time. Any alterations in statistical methodologies will be duly annotated for clarity.

Information

Disclosure

All information disclosed in this report originates from the Company's internal docu- ments, aggregated statistical data, and summaries of subsidiary companies' respon- sibilities. The report is meticulously compiled by Noah Holding's ESG Committee, reviewed by management, and deliberated and approved by the Board of Directors. Unless otherwise stated, all monetary figures in this report are denoted in Chinese yuan (RMB). As the Company vigorously implemented its globalization strategy in 2023, it has yet to obtained the accurate data for certain information to be included in the report, in particular those relating to geographical breakdown of suppliers. To avoid misleading the public, the Company will not disclose such preliminary data for the time being. The relevant disclosure will be optimized in FY2024 to better satisfy the relevant disclosure guidelines and requirements.

Terminology

Clarification

Report

Accessibility

Feedback

For clarity, terms such as "Noah", "Noah Wealth", "Noah Holding", "we/us", "The Company" or "The Group"throughout this report refer to Noah Holdings Private Wealth and Asset Management Limited.

Our Sustainability Reports are released annually in both Chinese and English versions and are accessible in electronic format on the Noah website for online browsing or download.

(Website: https://www.noahgroup.com/)

We sincerely value your feedback and advice, which play a pivotal role in our ongoing efforts to enhance our sustainable development performance and elevate our environmental, social, and governance capabilities. Should you have any inquiries regarding this report or require a printed copy, please do not hesitate to contact us via email at [e-mail] or by phone at 400-820-0025.

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2023 Sustainability Report

Content		02	03
		01
1	Report	Business Ethics and		ESG Efforts to		Intelligent Empower-
	Parameters	Integrity		Sustainability Man-		ment to Robust
5	Letter from the				agement		Operations
	Chairwoman
7	About Noah	17	Sound Corporate	39	Sustainable	49	Data Security
			Governance			Management
		28	Responsible	43	Stakeholder	56	Digital Manage-
			Business Conduct			Engagement			ment

45 Material Topics

Management

123 Index table of indicators

03

04 05 06 07

Embrace Responsi-	Commitment to	Diverse Talents
ble Investment to	Environmental	Attracted and Culti-
Pioneer the Future	Protection	vated in Noah

Fulfill Social Responsibility with Love and Charity

59	Responsible Inve-	75	Environmental	95	Employment	116	Caring for Autistic
	stment Strategy			Sustainability			Responsibilities			Children
				Commitment
69	Responsible Client	77	Climate Change	100	Talent Develop-	118	Emergency
	Management			Response			ment			Assistance
		82	Promote Green	107	Occupational	119	Rural Revitaliza-
				Operation			Health and Safety			tion
		91	Environmental	109	Salary and	120	Ecological
				Protection			Benefits			Protection
								121	Spreads of Love

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2023 Sustainability Report ｜ Letter from the Chairwoman

Letter from the Chairwoman

• Adhering to the Arduous but Correct Path of
  Long-termism"

In 2023, China's wealth management industry underwent profound transformations, entering a critical phase of transition and "survival of the fittest." Faced with the dual pressures of industry clearing and market competition, Noah Holdings has remained composed, upheld prudent judgment, and chose the arduous yet correct path of long-termism. Through a commitment to deepening high-quality development, we endeavor to create enduring, sustainable value for stakeholders such as clients and shareholders.

In terms of investment mechanisms, strategies, and execution, we wholeheartedly embrace the ethos of long-termism.

As one of the pioneers in adopting ESG principles in China, Noah Hold- ings, alongside its subsidiary Gopher Asset, stands as signatories to the United Nations Principles for Responsible Investment (UN PRI), demonstrating our dedication to sustainable development and responsible investment practices. We have established a Responsible Investment Due Diligence Team to formulate and implement responsible investment strategies based on stringent standards. Further- more, we have released an ESG Investment Due Diligence Action Report to ensure the effective implementation of responsible investment principles. Throughout our service process, we remain unwavering in our client-centric philosophy. We employ sound management practices, effective governance, forward-thinking strategies, and technological tools to assist clients in establishing effective investment strategies and promoting the widespread adoption of ESG investment principles. Consequently, we have consistently demonstrated outstanding performance for a long time across key business metrics such as investment, asset management scale, and client growth. Our exceptional performance has garnered recognition from the industry and capital markets, earning Noah accolades such as the "Best Independent Wealth Manager-China" "Best Wealth Manager-UHNW (Ultra high-net-worth)" "Best Wealth Manager-ESG" and "Best Wealth Manager-Investment Service and Research" awarded by the Asian Private Banker in 2023.

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In terms of corporate governance and business conduct, we are committed to being responsible long-termists.

We continually strive for excellence, enhancing the capabilities of our management team in areas such as business ethics, leadership, and expertise. We steadily enhance corporate governance efficiency through the coordinated operation of 8 committees, including the Noah ESG Committee, Human Resource Committee, Strategy Committee, and Technology and Transformation Committee, etc. Concurrently, Noah Holdings unwaveringly adheres to compliance standards. Since our inception, we have never established capital pools, engaged in leveraged margin financ- ing, conducted maturity mismatching, implemented redemption suspensions, or undertaken any form of cross-border operations involving client funds. This adherence to financial industry regulations and market norms has enabled Noah to thrive within the industry.

Regarding our efforts to empower stakeholders to lead fulfilling lives, we prioritize creating long-term value.

As a Chinese saying goes, all beings flourish when they live in harmony and receive nourishment from nature. Noah fosters a culture and working environment characterized by equality, respect, inclusivity, and diversity for our employees. In 2023, Noah was honored with the Forbes China "2023 China's Top Innovative Employer" for the first time. Particularly, in the cultivation of female leadership, Noah adopts a brand tone of "professional, authentic, and warm," creating a vibrant ecosystem for female employees. Among Noah Holdings' existing workforce of over 2,000 employees, approximately 62% are female, with female executives and directors accounting for around 44% respec- tively. They contribute diligently to their respective roles, continually striving and blossoming within Noah. Further- more, Noah remains committed to initiatives in mental health charities, autism care, rural revitalization, emergency relief, and ecological restoration through projects like the "100 Million SuoSuo", and "Biodiversity Conservation Campaign for Green Peafowl". We maintain a presence in remote and impoverished mountainous areas, guiding industry ESG practices through ongoing exploration. In 2023, we actively participated in the "National Bird Strike Prevention Action Network Construction Project" alongside multiple institutions such as Duke Kunshan University, Shan Shui Conservation Center, Friends of Nature, and Guarding Wilderness, further realize the vision of the Convention on Biological Diversity by 2050.

As a Chinese saying goes, "Follow the natural order, assisting all things to thrive." We remain firm in our belief in the power of love that people, land, and objects coexist harmoniously. Looking ahead to 2024, Noah will continue to uphold long-termism, actively promoting Chinese enterprises to participate in global competition, and supporting the high-quality development of the real economy and Chinese enterprises. Additionally, the Company will leverage its strengths, based in Hong Kong SAR, to implement its globalization strategy, providing swifter responses and exemplary services to help clients deepen their global investments. Throughout our efforts to empower regional development, we will maintain our commitment to sustainable development, fostering harmony between people and nature, and nurturing symbiotic relationships among diverse stakeholders. In doing so, we contribute to global conventions such as the Paris Agreement with our corporate strength.

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2023 Sustainability Report ｜ About Noah

About Noah

Company Overview

Noah was founded in 2005, attracted investment from Sequoia Capital in 2007 and was listed on the New York Stock Exchange (NYSE: NOAH) in 2010, turning itself into China's first independent wealth management institution listed in the United States, and being the first to carve out the business model driven by "dual wheels" -- wealth management and asset management.

In July 2022, Noah (HKEX: 6686) successfully achieved a secondary listing on the Hong Kong Stock Exchange, marking a significant milestone as China's first independent wealth management institution listed on both the Hong Kong Stock Exchange in Hong Kong and the New York Stock Exchange in the United States. In December 2022, Noah converted its secondary listing status in Hong Kong to primary, becoming a dual-primary listed company on both the Stock Exchange of Hong Kong and the New York Stock Exchange. Currently, Noah Holdings' business scope encompasses wealth management, asset management, and other related services.

Since its debut on the New York Stock Exchange, Noah Holdings has accumulatively allocated a total of approximately RMB 1 trillion in assets under management. As of December 31, 2023, the Company has established branches in 44 cities across China and expanded its presence internationally including the Hong Kong SAR, the United States (Silicon Valley and New York), Singa- pore, and so forth.

20172018

Noah US:	Included in the
New York	MSCI China Index
Silicon Valley

Expanded its market beyond the border of the Chinese mainland

Built a comprehensive financial platform

2014

Gopher Asset obtained the qualification as a private fund manager from the Asset Management Association of China

2003		2005		2007		2010		2012
Wealth		Management		Investment		First Chinese wealth		Noah Upright Fund
Management		buyout		from		management institution		Distribution obtained the
Department of				Sequoia Capital		listed on the New York		"No. 001" fund distribution
Xiangcai						Stock Exchange		license from the China
Securities								Securities Regulatory
								Commission
						Gopher Asset
						Management Co., Ltd.		Noah Holdings (Hong Kong)
						officailly established		obtained
								licenses of all types and
								turned a profit

Establishment of financial product	Launched an IPO on New York Stock
distribution channel	Exchange; Launched the operation of its
	asset management business

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2019

Noah Singapore

2020

Noah and Gopher became the signatories to the UN Supported Principles for Responsible Investment (UNPRI)

2021

Completed the transition to standardized products

2022

Completed the second listing on the Hong Kong Stock Exchange; Completed the dual listing in the US and Hong Kong

2023

New Headquarters in Shanghai:

Noah's Wealth Center (NWC)

Established international financial management business to serve global Chinese clients

Noah - A leading independent wealth management institution serving high-net-worth Chinese clients

3.29 billion

RMB

FY23 net revenue

A leading independent wealth management institution serving high-net-worth Chinese clients

	1.0 trillion	154.61 billion
	RMB	AUM
The first independent	Cumulative financial	Managed by Gopher Asset,
a 100% owned subsidiary
wealth management	products since listing
Of which, $5.08 billion in
institution in China to
	overseas AUM
States and Hong Kong
	+7.6% YoY
be listed in the United

Market Pioneer

The first company

Pioneered a dual-driven business model of wealth management and asset management

Obtained China Fund Sales License No. 001

One of the first asset management companies in China to establish PE FOF

Solid and loyal	Global Presence	Professional
customer base		Service Team
Number of Black Diamond	44 cities in Chinese mainland	Number of financial
clients in FY23 *: 9,658	& Hong Kong, New York,	advisors: 1,252
Total number of active	Silicon Valley, Los Angeles,	Of which, overseas financial
customers in FY23**: 22,453	Singapore, Taiwan	advisors: 89
		+15.6% QoQ

*Black Card clients and Diamond Card clients require a minimum asset under administration (AUA) of at least RMB 50 million and RMB 10
million respectively, including the total asset under administration managed by Gopher and third-party product providers.
**Active clients for a certain period refer to high-net-worth investors who purchased investment products distributed or provided by Noah,	08
including clients who only conducted transactions on our online public fund platform during that period.

2023 Sustainability Report ｜ Global Presence

Global Presence

Originating from China, Serving the World

Noah Holdings stands as mainland China's pioneer, being the first independent wealth management institution listed on the New York Stock Exchange (NYSE: NOAH). On July 13, 2022, Noah Holdings (HKEX: 6686) achieved another milestone by listing on the Hong Kong Stock Exchange, becoming the inaugural Chinese independent wealth management institution to secure dual listings in both Hong Kong and the United States. On December 23, 2022, Noah voluntarily converted its secondary listing status in Hong Kong to primary, becoming a dual-primary listed company on both the Stock Exchange of Hong Kong and the New York Stock Exchange. Noah Holdings has deeply entrenched itself in wealth management, asset management, and comprehensive financial services, with a strategic presence in regions such as Hong Kong SAR, the United States, and Singapore. It provides comprehensive financial solutions catering to the needs of global high-net-worth individuals, families, and corporate clients in areas such as overseas asset allocation and wealth inheritance.

Mainland China

44

cities

Jersey Island

Dubai*

Wealth Management (#4)

	Headquarter:
Hong Kong	Shanghai

Singapore

09 *Dubai license application is in progress