Amber International Holding Ltd (AMBR) 2024 Q4 法說會逐字稿

Good morning and welcome to Amber International Holding Limited's fiscal year 2024 earnings conference call. At this time, all participants are enlisting only mode.

早安，歡迎參加 Amber International Holding Limited 2024 財年收益電話會議。此時，所有參與者均處於僅入伍模式。

(Operator Instructions) As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Mr. Terence Lee, Chief Strategy Officer of Amber International Holding Limited.

（操作員指示）提醒一下，本次電話會議正在錄音。現在我很高興向大家介紹主持人，安珀國際控股有限公司首席策略長 Terence Lee 先生。

Mr. Lee, you may begin.

李先生，您可以開始。

Thank you. Good morning, everyone, and welcome to Amber International Holding Limited physical year 2024 earnings conference call. My name is Terrence Lee, Chief Strategy Officer of Amber International Holding Limited.

謝謝。大家早安，歡迎參加安珀國際控股有限公司 2024 年實體收益電話會議。我叫 Terrence Lee，是 Amber International Holding Limited 的首席策略長。

Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements within the meaning of Federal securities law. These forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

在我們開始之前，我想提醒大家，今天的討論可能包含聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。

For a more detailed description of these and other risks and uncertainties, please refer to our findings with the Securities and Exchange Commission, including our recent Form 20-F. On today's call, we have Waney huo, our Chief Executive Officer, and Josephine Ngai, our Chief Financial Officer.

有關這些和其他風險和不確定性的更詳細描述，請參閱我們向美國證券交易委員會提交的調查結果，包括我們最近的 20-F 表格。今天參加電話會議的還有我們的執行長 Waney huo 和財務長 Josephine Ngai。

They will be discussing our financial results for the physical year end December 31, 2024 and providing an update on our business strategy following our recent merger and (inaudible) listing under the ticket symbol AMBR.

他們將討論我們截至 2024 年 12 月 31 日的實際年度財務業績，並在我們最近合併和（聽不清楚）以票號 AMBR 上市後提供我們的業務策略更新。

Today's agenda will begin with Wayne, providing an overview of our business and strategic initiatives, followed by Josephine's review of our financial results. We will then open the call for your questions.

今天的議程將首先由韋恩概述我們的業務和策略舉措，然後由約瑟芬回顧我們的財務結果。然後我們將開始回答您的問題。

With that, I will now turn the call over to our CEO Wayne Huo. Wayne, please go ahead.

現在，我將把電話轉給我們的執行長 Wayne Huo。韋恩，請繼續。

Thank you, Terence. Good morning, everyone, and thank you for joining us today for Amber International Holding Limited fiscal year 2024 earnings conference call. I'm Wayne, CEO and director of Amber International and institutional crypto financial services and solutions provider, operating under the brand name Amber Premium and headquartered in Singapore.

謝謝你，特倫斯。大家早安，感謝您今天參加 Amber International Holding Limited 2024 財年財年財報電話會議。我是 Wayne，Amber International 的執行長兼董事，該公司是一家機構加密金融服務和解決方案提供商，以 Amber Premium 品牌運營，總部位於新加坡。

Before we begin, I'd like to express my gratitude to our shareholders, clients, and employees for their continued support throughout this transformative year. Our team has worked tirelessly to position Amber Premium as a leader in institutional crypto finance, and I'm excited to share our progress with you today.

在我們開始之前，我想向我們的股東、客戶和員工表示感謝，感謝他們在這變革的一年裡給予我們的持續支持。我們的團隊不懈努力，致力於將 Amber Premium 定位為機構加密金融領域的領導者，我很高興今天與大家分享我們的進展。

Let me begin by providing an overview of Amber International's journey, business model, and the market environment we are operating in. On March 12, 2025, we successfully completed the merger between Amber DWM Holding Limited and iClick Interactive Asia Group Limited, marking a significant milestone in our journey. As we became publicly listed on the Nasdaq under the name Amber International Holding Limited.

首先，我先概述一下 Amber International 的發展歷程、商業模式以及我們所處的市場環境。2025年3月12日，我們成功完成Amber DWM Holding Limited與iClick Interactive Asia Group Limited的合併，這是我們發展歷程中的一個重要里程碑。我們以 Amber International Holding Limited 的名稱在納斯達克公開上市。

With the ticker symbol, AMBR. This listing represents not just a financial achievement, but a validation of our vision to become the top choice of a one-stop institutional digital access services and solution provider that drives crypto adoption in the world.

股票代碼為 AMBR。此次上市不僅代表著一項財務成就，也驗證了我們的願景，即成為推動全球加密貨幣採用的一站式機構數位存取服務和解決方案提供者的首選。

For those who may be new to our story, Amber International Holding Limited operates under the brand name Amber Premium, providing institutional crypto financial services and solutions. We deliver institutional grade market assets, execution infrastructure and investment solutions to help institutions and high net worth individuals optimize their digital asset portfolios.

對於可能不熟悉我們故事的人來說，Amber International Holding Limited 以 Amber Premium 品牌運營，提供機構加密金融服務和解決方案。我們提供機構級市場資產、執行基礎設施和投資解決方案，幫助機構和高淨值人士優化其數位資產組合。

Established in 2021 as originally Amber Group's crypto private banking business, Amber Premium formally commenced operation as an independent business unit in the second half of 2023.

Amber Premium 最初於 2021 年成立，是 Amber Group 的加密私人銀行業務，並於 2023 年下半年作為獨立業務部門正式開始營運。

Since then, we've built a regulated scalable financial ecosystem powered by proprietary blockchain and financial technologies, AI-driven risk management, and quantitative algorithms across centralized finance, decentralized finance, and OTC markets.

自那時起，我們建立了一個受監管的可擴展金融生態系統，該生態系統由專有區塊鏈和金融技術、人工智慧驅動的風險管理以及涵蓋中心化金融、去中心化金融和場外交易市場的量化演算法提供支援。

During our operation. The digital asset market has experienced significant growth, with total market capitalization surging from approximately USD800 billion as of the end of 2022 to close to USD4 trillion at the end of 2024. This growth is fueled by increasing institutional adoption of digital assets, the rapid development of decentralized finance ecosystems. And the breakthrough of advanced blockchain technologies.

在我們的行動中。數位資產市場經歷了顯著成長，總市值從 2022 年底的約 8,000 億美元飆升至 2024 年底的近 4 兆美元。這種成長是由機構對數位資產的採用日益增加以及去中心化金融生態系統的快速發展所推動的。以及先進區塊鏈技術的突破。

As financial institutions, hedge funds, family offices, and high net worth individuals increasingly integrate digital assets into their portfolios, the demand for sophisticated wealth management solutions has intensified.

隨著金融機構、對沖基金、家族辦公室和高淨值人士越來越多地將數位資產納入其投資組合，對複雜財富管理解決方案的需求也日益加劇。

As institutions and high net worth individuals expand beyond basic crypto ETFs and Bitcoin exposure, Amber Premium is positioned to address three critical industry challenges. First, fragmented liquidity across centralized and decentralized finance, decentralized markets, which brings challenges to execution efficiency.

隨著機構和高淨值人士的投資範圍超越基本的加密貨幣 ETF 和比特幣，Amber Premium 致力於解決三個關鍵的行業挑戰。首先，中心化金融、去中心化市場流動性分散，為執行效率帶來挑戰。

Our deep industry connectivity and fast mover advantage unlock access to new token markets, liquidity pools, and D5 venues, enabling institutions to deploy capital seamlessly across all types of crypto markets and venues.

我們深厚的行業聯繫和快速的行動優勢使我們能夠進入新的代幣市場、流動性池和 D5 場所，使機構能夠在所有類型的加密市場和場所無縫部署資本。

Second, crypto-yellow sources are rich but spread across the centralized protocols and centralized spot markets and derivative markets.

其次，加密黃幣來源豐富但分散在中心化協議和中心化現貨市場及衍生性商品市場。

Amber premium structure yield solutions apply the latest technologies and enable clients to access the aggregated opportunities across these venues.

Amber 優質結構收益解決方案採用最新技術，使客戶能夠獲得這些場所的聚合機會。

Finally, regulatory complexity, which often slows down institutional adoption. Amber Premium operates as a regulated platform with automated compliance tools, institutional grade KYC, AML procedures, and transparent governance frameworks. This allows clients to navigate the market confidently and compliantly while securely secure scaling their digital asset portfolios.

最後，監管的複雜性往往會減緩機構的採用。Amber Premium 是一個受監管的平台，擁有自動合規工具、機構級 KYC、AML 程序和透明的治理框架。這使得客戶能夠自信且合規地駕馭市場，同時安全地擴展其數位資產組合。

By solving these challenges, MM Premium is the trusted gateway for institutions and high net worth individuals to start from basic crypto exposure to sophisticated compliant digital asset strategies.

透過解決這些挑戰，MM Premium 成為機構和高淨值人士從基本的加密貨幣投資到複雜的合規數位資產策略的可信賴門戶。

Next, I'll walk you through our key business segments. Our business model is uniquely positioned to bridge traditional finance and decentralized finance with institutional-based solutions. We've built our operations across three key business segments.

接下來，我將向大家介紹我們的主要業務部門。我們的商業模式具有獨特的優勢，能夠將傳統金融和分散金融與基於機構的解決方案結合。我們的業務涉及三個關鍵業務領域。

First, our full stack execution solution. Provide institutional market access to thousands of trading pairs across over 100 trading venues, covering centralized exchanges, decentralized liquidity pools, and OTC markets. Our high-performance trading infrastructure handles over a billion dollars US dollars of client transaction volumes monthly, supporting sophisticated trading outgoes for optimized execution.

首先，我們的全端執行解決方案。為機構市場提供超過 100 個交易場所的數千個交易對的准入，涵蓋中心化交易所、去中心化流動性池和場外交易市場。我們的高效能交易基礎設施每月處理超過十億美元的客戶交易量，支援複雜的交易支出以實現最佳化執行。

Second, Amber Premium provides comprehensive wealth management solutions, including structured investment products such as dual currency options strategies and accumulator products designed for strategic asset accumulation and adjusted exposure management.

其次，Amber Premium提供全面的財富管理解決方案，包括雙貨幣選擇權策略等結構化投資產品以及為策略資產累積和調整風險敞口管理而設計的累積產品。

We also provide Yellow and D5 solutions featuring earned programs, staking rewards, and D5 Yel enhanced products to optimize capital efficiency with control risk exposure.

我們還提供 Yellow 和 D5 解決方案，包括賺取計劃、權益獎勵和 D5 Yel 增強產品，以優化資本效率並控制風險敞口。

Additionally, our strategic funds deliver regulated audited assets to high growth opportunities in cryptocurrencies. Finally, collateralized lending offers crypto-bank financing solutions with competitive rates, flexible terms, and automated safeguards to minimize liquidation risks.

此外，我們的策略基金為加密貨幣的高成長機會提供受監管的審計資產。最後，抵押貸款為加密銀行融資解決方案提供了具有競爭力的利率、靈活的條款和自動化保障措施，以最大限度地降低清算風險。

Third, our seamless crypto payment solutions facilitate secure, regulated crypto to fiat and fiat to crypto conversion alongside the Amber Premium crypto card that allows clients to make payments instantly and globally with their crypto asset balance with Amber Premium.

第三，我們的無縫加密支付解決方案可實現安全、受監管的加密貨​​幣與法定貨幣以及法定貨幣與加密貨幣的轉換，同時配合 Amber Premium 加密卡，使客戶能夠使用 Amber Premium 的加密資產餘額在全球範圍內即時付款。

Central to our value proposition is our distinctive 1-plus and premium service model. Delivering tailored integrated wealth management solutions. Each client is supported by a dedicated relationship manager alongside a team of specialists, ensuring a seamless and highly personalized experience.

我們的價值主張的核心是我們獨特的 1-plus 和優質服務模式。提供量身訂製的綜合財富管理解決方案。每位客戶都由專門的關係經理和專家團隊提供支持，確保無縫且高度個人化的體驗。

Our client base includes institutional investors such as financial institutions, hedge funds, private banks, proprietary trading firms, and corporate treasuries, as well as high net worth individuals and family offices looking for cryptostructure investment products and personalized portfolio management.

我們的客戶群包括金融機構、對沖基金、私人銀行、自營交易公司和企業財務部門等機構投資者，以及尋求加密結構投資產品和個人化投資組合管理的高淨值個人和家族辦公室。

Following that, I would like to highlight the strategic initiative we've undertaken and how they will be enhancing the resilience of our business. We've had several achievements to strengthen our position in the institutional crypto finance space. On the technology front, Amber Premium has developed proprietary platforms, including secure, user-friendly mobile apps and web interfaces for real-time trading, investing, and portfolio management.

接下來，我想強調我們採取的策略舉措以及它們將如何增強我們業務的彈性。我們取得了多項成就，鞏固了我們在機構加密金融領域的地位。在技​​術方面，Amber Premium 開發了專有平台，包括安全、用戶友好的行動應用程式和用於即時交易、投資和投資組合管理的網路介面。

We are also capable of integrating to the latest. Advanced smart contract and blockchains that enhances our offerings with D5 capabilities such as Yellow enhanced products, staking rewards and airdrops from leading crypto projects.

我們還能夠整合最新的技術。先進的智慧合約和區塊鏈透過 D5 功能增強了我們的產品，例如黃色增強產品、來自領先加密項目的權益獎勵和空投。

We provide institutional grade security through military grade encryption, multi-factor authentication, and hybrid hot code wallet storage. These expertise takes years to develop. Meanwhile, on the business front, Amber Premium is expanding its presence in the real-world asset tokenization ecosystem.

我們透過軍用級加密、多因素身份驗證和混合熱代碼錢包存儲提供機構級安全性。這些專業知識需要多年的時間來培養。同時，在業務方面，Amber Premium 正在擴大其在現實世界資產代幣化生態系統中的影響力。

The company is developing blockchain native enhanced investment products, providing institutional clients with diversified, transparent, and secure access to emerging crypto opportunities. In addition to enhanced market positioning, Amber Premium is implementing a refined go to market strategy and integrating key resources across regions.

該公司正在開發區塊鏈原生增強型投資產品，為機構客戶提供多樣化、透明和安全的新興加密機會。除了強化市場定位外，Amber Premium 還實施精細的市場進入策略，並整合跨區域的關鍵資源。

Building on a strong reputation for service quality and trust, or marketing efforts remain client-centric, emphasizing long-term value creation and relationship-based engagement. With all the technology and business developments, Amber Premium is able to sustain stability across market cycles.

建立在服務品質和信任的良好聲譽之上，行銷工作仍然以客戶為中心，強調長期價值創造和基於關係的參與。隨著所有技術和業務的發展，Amber Premium 能夠在整個市場週期中保持穩定。

Distinguishing itself from retail-driven platforms through our institutional grade infrastructure and a diversified compliance first operating model. Here's how we achieve resilience. First, institutional client base anchor in our long-term strategies, our focus on high-net-worth individuals and institutions who prioritize long term asset allocation over speculative trading reduces exposure to short-term volatility.

透過我們的機構級基礎設施和多元化合規優先營運模式，我們有別於零售驅動的平台。以下是我們實現復原力的方法。首先，機構客戶群是我們長期策略的支柱，我們專注於高淨值個人和機構，他們優先考慮長期資產配置而不是投機交易，從而減少了短期波動的風險。

Second, diversify revenue model beyond trading volumes. Like platforms relying on transaction fees, Amber premiums, revenue streams are diversified, offering products that meet different risk preferences across different market cycles.

第二，實現交易量以外的收入模式多元化。與依賴交易費、Amber 溢價的平台一樣，收入來源多樣化，提供滿足不同市場週期中不同風險偏好的產品。

Third, regulatory and operational excellence. Headquarters in Singapore. And with additional presence in other major global financial hubs, we adhere to highest KYC standards. And maintain institutional great custody. These measures mitigate security risks and help with asset protection, even during high volatility periods.

第三，卓越的監管和營運。總部位於新加坡。並且，由於我們在其他主要全球金融中心也擁有業務，所以我們嚴格遵守最高的 KYC 標準。並保持機構嚴密監護。這些措施減輕了安全風險，即使在高波動時期也有助於保護資產。

Now, turning to our outlook for 2025, I will share the priorities and growth initiatives we are focused on as we move forward. We are focused on executing our growth strategy across several dimensions. Following the completion of the merger in March 2025, Amber International is executing a focused strategy to strengthen its leadership in institutional crypto finance.

現在，展望2025年，我將分享我們未來關注的優先事項和成長舉措。我們專注於在多個維度實施我們的成長策略。2025 年 3 月完成合併後，Amber International 正在執行一項重點策略，以加強其在機構加密金融領域的領導地位。

The company is enhancing its compliance first scalable platform to better serve the evolving needs of institutions and high net worth individuals globally. Strategic priorities for 2025 include expansion into tokenization of rural assets, enhancement of our institutional grade product suite.

該公司正在增強其合規優先的可擴展平台，以更好地滿足全球機構和高淨值人士不斷變化的需求。2025 年的策略重點包括擴展到農村資產的代幣化，增強我們的機構級產品套件。

And the rollout of a refined go to market strategy across core financial hubs. These efforts are supported by a broader geographic footprint with a particular focus on regulated markets in Asia and the Middle East.

並在核心金融中心推出完善的市場策略。這些努力得到了更廣泛的地理覆蓋的支持，特別關注亞洲和中東的受監管市場。

As previously announced, Sparrow Tech Private Limited. A major payment institution license under the Payment Service Act by the Monetary Authority of Singapore has recently integrated into Amber International following the approval from the Monetary Authority of Singapore.

如同先前所宣布的，Sparrow Tech Private Limited。安珀國際（Amber International）最近宣布，其根據新加坡金融管理局《支付服務法》頒發的大型支付機構牌照已於近日併入安珀國際。

A milestone in executing our strategic priorities.

這是我們在執行策略重點過程中的一個里程碑。

Effective April 30, 2025, Sparrow will operate under the new brand name Amber Premium Singapore, further reinforcing the company's regulative presence in Asia. In conclusion, fiscal year 2024 has been transformative for Empire International Holding Limited.

自 2025 年 4 月 30 日起，Sparrow 將以新品牌名稱 Amber Premium Singapore 運營，進一步加強公司在亞洲的監管影響力。總而言之，2024 財年對帝國國際控股有限公司來說是個具有變革意義的一年。

Our successful merger with and Nasdaq listing combined with our growing client base and asset under management positioned us well for continued success. Legacy infrastructure from iClick has enabled a smooth transition to public markets. And Amber International is now entering the next phase with clarity and strategic focus.

我們成功與納斯達克合併並上市，加上我們不斷成長的客戶群和資產管理規模，為我們持續成功奠定了良好的基礎。iClick 的遺留基礎設施使其能夠順利過渡到公開市場。琥珀國際目前正以清晰的思路和戰略重點進入下一階段。

We remain committed to our mission of connecting chat 5 and D5 with institutional based solutions, empowering institutions and high net worth individuals with seamless access to digital assets.

我們始終致力於將 Chat 5 和 D5 與基於機構的解決方案連接，使機構和高淨值人士能夠無縫存取數位資產。

As a NasA listed company will continue to deliver reliable trading technology, risk management, and scalable infrastructure to accelerate crypto adoption.

作為一家 NasA 上市公司，我們將繼續提供可靠的交易技術、風險管理和可擴展的基礎設施，以加速加密貨幣的採用。

I would like to once again thank our shareholders, clients, and employees for their support. We look forward to continuing our journey as a public company and delivering long-term value to all our stakeholders. With that.

我再次感謝我們的股東、客戶和員工的支持。我們期待作為一家上市公司繼續前行，並為所有利害關係人創造長期價值。就這樣。

let me hand the call over to our CFO, Josephine, who will walk you through our financial results for fiscal year 2024 in more detail.

讓我把電話交給我們的財務長約瑟芬，她將向您更詳細地介紹我們 2024 財年的財務表現。

Thank you and good morning everyone. I'm Josephine Ngai, CFO of Amber International Holding Limited, and I'm pleased to watch you through our financial results for the physical year 2024. As Wayne mentioned, 2024 was a pivotal year of strategic realignment and operational transformations for our company.

謝謝大家，早安。我是安珀國際控股有限公司財務長 Josephine Ngai，很高興為您呈現我們 2024 年全年的財務表現。正如韋恩所說，2024 年是我們公司策略調整和營運轉型的關鍵一年。

While our financial results reflect the impact of non-recurring restructuring and transactions related expenses, we entered 2025 with a more focused operating model and a strengthened foundation for growth. Let me begin by discussing the audited financial results of our legacy business for the year end December 31, 2024.

雖然我們的財務表現反映了非經常性重組和交易相關費用的影響，但我們進入 2025 年時將擁有更專注的營運模式和更堅實的成長基礎。首先，我來討論我們遺留業務截至 2024 年 12 月 31 日的年度審計財務結果。

As a reminder, these results reflect the financial performance of our marketing solutions and enterprise solutions business, which were part of iClick Interactive Asia Group Limited prior to the merger with Amber AWM Holding Limited. As mentioned earlier, the numbers I will be sharing today are for our legacy operations only. They do not include any financial contributions from Amber DWM as the merger was completed after year end in March 2025.

提醒一下，這些結果反映了我們的行銷解決方案和企業解決方案業務的財務業績，這些業務在與 Amber AWM Holding Limited 合併之前屬於 iClick Interactive Asia Group Limited 的一部分。如前所述，我今天分享的數字僅適用於我們的傳統營運。由於合併是在 2025 年 3 月年末之後完成的，因此其中不包括 Amber DWM 的任何財務貢獻。

The consolidated results, including Amber DWM will be reflected starting in our first quarter 2025 reporting. We are excited to share those updates with you in the next earning cycle. So please stay tuned. For the full year of 2024, total revenue from continual operations was USD32.8 million compared with USD36.1 million for the full year of 2023, representing a 9% decrease.

包括 Amber DWM 在內的綜合業績將從我們的 2025 年第一季報告開始體現。我們很高興在下一個盈利週期與您分享這些更新。因此請繼續關注。2024年全年持續經營總收入為3,280萬美元，而2023年全年為3,610萬美元，下降9%。

This decrease was primarily due to clients tightened advertising budgets in our marketing solution segment caused by the macroeconomic uncertainty. By breaking down our revenue into business segments, the revenue for marketing solutions decreased by 30% year-over-year to [2,22 USD3.5 million].

這一下降主要是由於宏觀經濟不確定性導致客戶縮緊了我們行銷解決方案部門的廣告預算。透過將我們的收入細分為業務部門，行銷解決方案的收入較去年同期下降了 30%，至[222萬美元，350萬美元]。

The revenue from enterprise solutions increased by 3% year-over-year to USD9.3 million, driven by increasing demand for digital transformation and services. Gross profit for the full year was USD16.7 million compared with USD19.1 million in 2023.

受數位轉型和服務需求不斷增長的推動，企業解決方案營收年增 3% 至 930 萬美元。全年毛利為 1,670 萬美元，而 2023 年為 1,910 萬美元。

Our gross profit margin maintained relatively stable at 51% for 2024 compared with 52.9% for 2023. Total operating expenses were USD34.1 million in 2024 compared with USD13.7 million in 2023. The increase was primarily due to the recurring consultancy, legal, and other professional service fee related to our restructuring and merger preparation.

我們的毛利率在 2024 年保持相對穩定，為 51%，而 2023 年為 52.9%。2024 年總營運費用為 3,410 萬美元，而 2023 年為 1,370 萬美元。成長的主要原因是與我們的重組和合併準備相關的經常性諮詢、法律和其他專業服務費用。

However, it was partially offset by our tighten cost controls, which result in reduced staff costs and saving on promotion expenses, as well as the decline in impairment of long-life assets. Other losses net worth USD7.2 million in 2024.

然而，我們加強了成本控制，降低了員工成本，節省了促銷費用，長期資產減損也減少了，這部分抵銷了這一影響。2024年其他損失淨值為720萬美元。

Compared to USD2.3 million in 2023, this increase was mainly due to impairment losses on our long-term investments, no recurring losses on restructuring and exchange losses, partially offset by the gain from the disposal of discontinued operations. As a result, we report a net loss from continuing operations of USD24 million in 2024, compared with a net loss of USD13.7 million in 2023.

與 2023 年的 230 萬美元相比，這一成長主要是由於我們長期投資的減損損失、重組中沒有經常性損失和匯兌損失，但部分被處置終止經營的收益所抵銷。因此，我們報告 2024 年持續經營淨虧損為 2,400 萬美元，而 2023 年淨虧損為 1,370 萬美元。

For our discontinued operations, we recorded up a net loss of USD5.1 million in (inaudible). .

對於我們已停止的業務，我們錄得 510 萬美元的淨虧損（聽不清楚）。 。

Ladies and gentlemen, please stand by. We're experiencing technical difficulties. We'll resume momentarily. Once again, thank you for joining us. Please stand by. We'll resume momentarily thank you.

女士們、先生們，請稍候。我們遇到了技術困難。我們馬上就恢復。再次感謝您的參與。請稍候。我們將立即恢復，謝謝。

Thank you, ladies and gentlemen, thank you for standing by please continue. Please continue our speakers you make your lines connect reconnected. Thank you for standing by everyone, please continue. Your line is reconnected.

謝謝各位，女士們，先生們，謝謝你們的支持，請繼續。請繼續我們的揚聲器，讓您的線路重新連接。謝謝大家的支持，請繼續。您的線路已重新接通。

Hello? Hey, sorry everyone, there's a telecom issues right now. So, our CFO Josephine will continue from where she stopped.

你好？嘿，抱歉大家，現在出現了電信問題。因此，我們的財務長約瑟芬將繼續她先前的工作。

Okay, thank you, Terrence. Let me continue my presentation. For our discontinued operations, we record a net loss of USD5.1 million in 2024, a significant improvement from the net loss of USD25.2 million in 2023. This improvement was primarily due to the consolidation of loss-making operations following their disposal. As well as the gain on disposals of USD2.6 million.

好的，謝謝你，特倫斯。讓我繼續我的演講。對於我們已終止的業務，我們在 2024 年錄得淨虧損 510 萬美元，較 2023 年的淨虧損 2,520 萬美元有顯著改善。這項改善主要歸因於虧損業務處置後的合併。以及260萬美元的處置收益。

Turning to our balance sheet, as of December 31, 2024, we had cash and cash equivalent, time deposits and restricted cash of USD19.6 million compared with USD41.3 million as of December 31, 2023. The company will pay bank borrowing net. USD35 million for the restructuring in 2024. Total assets was worth USD49.6 million as of December 31, 2024, compared to USD163.7 million as of December 31st, 2023.

回顧我們的資產負債表，截至 2024 年 12 月 31 日，我們的現金及現金等價物、定期存款及受限現金為 1,960 萬美元，而截至 2023 年 12 月 31 日為 4,130 萬美元。本公司將償還銀行借款淨額。2024 年重組資金為 3,500 萬美元。截至 2024 年 12 月 31 日，總資產價值為 4,960 萬美元，而截至 2023 年 12 月 31 日的總資產價值為 1.637 億美元。

Total liabilities were USD35.2 million as of December 31, 2024, compared to USD122.5 million as of December 31, 2023. Below are the summary of performance financial figures of Amber DWM for the first half, second half and full year of 2024 that have been considered by the Board of Directors of the company before closing the merger.

截至 2024 年 12 月 31 日，總負債為 3,520 萬美元，而截至 2023 年 12 月 31 日的總負債為 1.225 億美元。以下是 Amber DWM 2024 年上半年、下半年和全年業績財務數據的摘要，這些數據已由公司董事會在合併完成前進行了審議。

The revenue of Amber DWM increased from USD19 million in the first half to 23 million in the second half of 2024. Total full year's revenue was recorded as USD42 million.

Amber DWM 的收入從上半年的 1,900 萬美元增長至 2024 年下半年的 2,300 萬美元。全年總收入為 4,200 萬美元。

The gross profit increased from USD12 million to USD14.6 million, which come up with a four year gross profit reachedUSD26 million.

毛利由1200萬美元增加至1460萬美元，四年毛利達2600萬美元。

The operating profits also increased from USD1 million to USD4 million to make up to USD5.1 million for the full year 2024. Once again, the above balance sheets figures represent our pro sections prior to the consolidations of every DWM. You can expect to see the full combined financial pictures starting from our first quarter 2025 results.

營業利潤也從 100 萬美元增加到 400 萬美元，到 2024 年全年將達到 510 萬美元。再次強調，上述資產負債表數字代表了我們合併每個 DWM 之前的專業部分。您可以從我們的 2025 年第一季業績開始看到完整的綜合財務狀況。

As mentioned by our CEO Wing, on March 12, 2025, we successfully completed our merger and Ember International Holding Limited American depository share began trading under the new ticket symbol. AMBR on the Nasda effective from March 13, 2025.

正如我們的執行長 Wing 所說，2025 年 3 月 12 日，我們成功完成合併，Ember International Holding Limited 美國存託股票開始以新的票號進行交易。Nasda 的 AMBR 將於 2025 年 3 月 13 日起生效。

The legacy business provides key operational advantages that enable its smooth transactions to profit market readines. This includes a mature reporting infrastructure, internal governance capabilities, and a full SEC compliance public companies platform, which is critical elements that help rise our public debate.

傳統業務提供了關鍵的營運優勢，使其能夠順利進行交易並實現市場盈利。這包括成熟的報告基礎設施、內部治理能力以及完整的 SEC 合規上市公司平台，這些都是幫助我們引發公眾辯論的關鍵要素。

With discontinued operation largely wound down and legacy liabilities adjust by the end of 2024, we enter our next phase with clarity and strategic focus. Looking ahead to 2025, we remain confident in the long term opportunity in the digital access space.

隨著停止營運業務基本結束以及遺留負債在 2024 年底前調整，我們將以清晰的思路和策略重點進入下一階段。展望2025年，我們仍對數位接取領域的長期機會充滿信心。

Bolstered by the recent approval from Ember International's board of director for a crypto treasury investment. We are authorized a strategic USD10 million crypto reserve building up.

受到 Ember International 董事會最近批准加密資金投資的推動。我們被授權建立 1000 萬美元的戰略加密儲備。

Leveraging our combined cash reserve as part of a forward-thinking treasury management strategy. This reserve is a strategic treasury management decision balancing innovations with fiscal responsibility. By verifying, diversifying into crypto assets, we aim to enhance long-term shareholder value while maintaining robust liquidity to support our operation.

利用我們的合併現金儲備作為前瞻性財務管理策略的一部分。此儲備金是平衡創新與財務責任的策略性財務管理決策。透過驗證、多元化加密資產，我們的目標是提高長期股東價值，同時保持強勁的流動性以支持我們的營運。

Finally, I would like to share our financial priority for 2025, which includes, we want to optimize our capital structure to support Amber premium growth initiatives. Implementing disciplined course management across all business functions. Enhancing our financial reporting system to provide transparent insights into our new business model and maintaining strong liquidity and balance sheet flexibility to capitalize on strategic opportunities.

最後，我想分享我們 2025 年的財務重點，其中包括我們希望優化資本結構以支持 Amber 優質成長計畫。在所有業務職能中實施嚴格的課程管理。加強我們的財務報告系統，為我們的新業務模式提供透明的見解，並保持強大的流動性和資產負債表靈活性，以利用策略機會。

As we operate our new business model under the Amber Premium brand, we are focused on building a scalable financial foundation that supports sustainable growth and creates long-term shareholder value.

當我們在 Amber Premium 品牌下經營新的業務模式時，我們專注於建立可擴展的財務基礎，以支持永續成長並創造長期股東價值。

With that, I will now turn the call back to Terrence for closing remarks thank you.

說完這些，我現在將電話轉回給 Terrence，請他做最後發言，謝謝。

Thank you, Josephine. That concludes our prepared remarks for today. Thank you for joining us on the call. Before we open the line of questions, I'd like to mention that you can find additional information in our investor presentation, which has been posted on our investor relations website at ir.ambr.io.

謝謝你，約瑟芬。我們今天的準備演講到此結束。感謝您參加我們的電話會議。在我們開始提問之前，我想提一下，您可以在我們的投資者介紹中找到更多信息，該介紹已發佈在我們的投資者關係網站 ir.ambr.io 上。

We will now be happy to answer any questions you might have. Operator, please open the line for Q&A.

我們現在很樂意回答您可能遇到的任何問題。接線員，請開通問答專線。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Brian Kinslinger with Alliance Global. Please receive your questions.

Alliance Global 的 Brian Kinslinger。請接收您的問題。

Hi, this is Kevin for Brian. Thanks for taking our questions. Could you share what your three largest revenue sources are and what their percentage of total revenue was for Amber Group in 2024?

大家好，我是凱文，代表布萊恩。感謝您回答我們的問題。您能否分享一下您的三大收入來源是什麼，以及它們在 2024 年 Amber Group 總收入中所佔的百分比是多少？

Thank you, Kevin. And maybe Wayne could explain a little bit about the source of revenues and Josephine can add on the big color on a ballpark, percentage, if we could this. Yeah.

謝謝你，凱文。也許韋恩可以解釋一下收入來源，約瑟芬可以大概說明一下百分比，如果可以的話。是的。

So, our main offerings are in 3 key segments. The first one is execution solutions, which we help clients execute the transactions and execute their orders to. Centralized, decentralized exchanges and OTC markets.

因此，我們的主要產品涵蓋三個關鍵領域。第一個是執行解決方案，我們幫助客戶執行交易並執行他們的訂單。中心化、去中心化交易所和場外交易市場。

The second segment is wealth management solutions, which we aggregate Yelp and combined with option structures to enhance their crypto holding yields. The third segment is the payment solution where we offer compliance solutions for fiat to crypto crypto to fiat conversion as well as card payments to the Amber premium crypto card. So those are the three main revenue segments that we are currently operating with.

第二部分是財富管理解決方案，我們聚合了 Yelp 並結合選擇權結構來提高其加密貨幣持有收益率。第三部分是支付解決方案，我們為法定貨幣到加密貨幣、加密貨幣到法定貨幣的轉換以及向 Amber 高級加密卡的卡支付提供合規解決方案。這些就是我們目前營運的三個主要收入部分。

Okay thank you, Wayne. For the training and execution service, it will be around 20 to 30% of our total revenue max and the rest will be the wealth management products and the payment solutions. For more detail, maybe we can look forward to our first quarter results in 2025 thank you.

好的，謝謝你，韋恩。對於培訓和執行服務，最多占我們總收入的20％至30％，其餘將是財富管理產品和支付解決方案。如需了解更多詳細信息，也許我們可以期待 2025 年第一季度的業績，謝謝。

Thank you. And just another question with the majority of your revenue coming from Dubai. What changes when your platform gets its to buy license and, do you think, attracting customers becomes easier?

謝謝。還有一個問題，您的大部分收入來自杜拜。當您的平台獲得購買許可證時，會發生什麼變化？您認為吸引客戶會變得更容易嗎？

So The, so we operate on a global basis. I think we have, not yet touched into the local presence into Middle East and with the official license, hopefully, Well, hopefully, when we get the official license in Dubai, we'll be able to tap into the local client segment, local highs and institutions in Middle East.

因此，我們在全球範圍內開展業務。我認為我們還沒有涉足中東的本地業務，但希望當我們獲得杜拜的官方許可時，我們將能夠進入中東的本地客戶群、當地高層和機構。

So that would expand our client base and our target client target client target client. Adjustable market. So that would, change some of our resources and strategic focus in Middle East. With that right now, we are more on a, global basis and, the Yeah, that, that's basically how that answer your question.

這樣可以擴大我們的客戶群和目標客戶目標客戶目標客戶。可調整的市場。因此，這將改變我們在中東的一些資源和戰略重點。現在，我們更站在全球的角度，是的，這基本上就是對你問題的回答。

Yeah, thank you. And then could you describe the competitive landscape in your key markets, including Dubai, Hong Kong, and Singapore?

是的，謝謝。那麼，您能描述一下杜拜、香港和新加坡等主要市場的競爭格局嗎？

So I think we are operating a very unique business model. So if you look at the three different business lines that we have, I'm sure there are competitors in each business line, but combined, we serve a full life cycle for institutions that And high net worth demands in crypto assets.

所以我認為我們經營的是一種非常獨特的商業模式。因此，如果你看看我們擁有的三條不同的業務線，我相信每條業務線上都有競爭對手，但綜合起來，我們為機構提供全生命週期的服務，以及對加密資產的高淨值需求。

So I don't see much direct competitor in the business model that we operate at, especially in Asia. While I think the, in terms of, other, in each of the business that You can find competitors or you can find similar offerings in the region.

因此，我認為我們所經營的商業模式不會有太多直接競爭對手，尤其是在亞洲。而我認為，就其他方面而言，在每個業務領域，你都可以找到競爭對手，或在該地區找到類似的產品。

And with that said, I believe our listing status actually set us aside from the rest of the competition where we are offering a more transparent and and a better governance, a better disclosure business to our partners in the crypto space.

話雖如此，我相信我們的上市地位實際上使我們從其他競爭對手中脫穎而出，我們為加密領域的合作夥伴提供更透明、更好的治理、更好的揭露業務。

Yeah, just to echo on what Wayne has said, I think we are pretty unique and in different segments, we do have a very different, I would say, different sort of, competition as Wayne just mentioned, and the exchange will be one and some, more traditional chat.

是的，重複韋恩所說的，我認為我們非常獨特，在不同的領域，我們確實有著非常不同的競爭，我想說，不同類型的競爭，正如韋恩剛才提到的，交流將是更加傳統的聊天。

Players also maybe trying to tap into, this space, but obviously we stand at a a really strong position with our infrastructure and all the expertise that we build on. So I guess we're pretty much a position at a well positioned to counter these competitions.

玩家也許也試圖進入這個領域，但顯然我們憑藉我們的基礎設施和所有專業知識處於非常有利的地位。所以我想我們基本上已經處於有利地位來應對這些競爭。

Great, thank you. And so just one last question. How is your business differentiated from some of the larger platforms, the more the well-known platforms in North America?

太好了，謝謝。最後一個問題。你們的業務與一些較大的平台，尤其是北美知名的平台有何不同？

So I believe, most of the platforms are good, especially crypto platforms are mostly exchanges and they are more retail-driven. And for us, again, our business model is unique. We focus on institutions and high networks only. And the demand for these client segment is very much different from what retail would.

所以我相信，大多數平台都是好的，尤其是加密平台大多是交易所，而且它們更由零售驅動。對我們來說，我們的商業模式是獨一無二的。我們只關注機構和高級網路。這些客戶群的需求與零售業的需求有很大不同。

Retail users would like. So for example, the investment or wealth management product, pretty much a mainly cater towards institutions and high net worth clients. Where in retail side of things, I think the retail users, they are, most likely more speculative. They look for, higher volatility opportunities.

零售用戶會喜歡。例如，投資或財富管理產品主要面向機構和高淨值客戶。在零售方面，我認為零售用戶很可能更具投機性。他們尋找波動性更高的機會。

They look for a more trading centric or speculative centric features where the institutions and our high level client base are not very keen about. So I guess, We have a different focus and with different resources focusing on developing the key features towards our client segment in general, over a time period, it will set us aside from the more retail-driven platforms.

他們尋求更加以交易為中心或以投機為中心的功能，而機構和我們的高級客戶群對此並不太熱衷。所以我想，我們有不同的關注點，並且使用不同的資源專注於開發針對我們整體客戶群的關鍵功能，一段時間後，它將使我們有別於那些更以零售為導向的平台。

Just to add on, I think the US customer and and the Asian customers are quite different in terms of the service level and important offerings that we require. In a part of the world, most of the high level institutionals that we are serving basically will require certain level of services, and so it's not like a pure technology model. In some extent, I think our, and the premium has well positioned to tackle the Asian growth in terms of high level and institutions adoptions of cryptos, in this kind of demand.

補充一點，我認為美國客戶和亞洲客戶在服務水準和我們所需的重要產品方面有很大不同。在世界的某個地方，我們服務的大多數高級機構基本上都需要一定程度的服務，所以它不像一個純粹的技術模式。在某種程度上，我認為我們的溢價已經能夠很好地應對亞洲在高水準和機構採用加密貨幣方面的成長，滿足這種需求。

I hope this makes sense.

我希望這是有意義的。

Great, thanks so much.

太好了，非常感謝。

Thank you, Mr. Lee, there are no additional questions on the phone at this time. Do we have any, submitted questions?

謝謝李先生，目前電話裡沒有其他問題。我們有任何問題嗎？

There's an online questions, to talk about, in terms of our mergers, is there any lockup in terms of shared issues? And I think this, we have published, in terms of M&A agreements, to the market that there is a one year lockup after, the merger. Yeah, and apart from that, I think there's no more questions online as well, yeah.

有一個線上問題，想討論一下，就我們的合併而言，共享問題方面是否存在鎖定？我認為，就併購協議而言，我們已經向市場公佈，合併後有一年的鎖定期。是的，除此之外，我認為網路上也沒有其他問題了，是的。

Mr. Lee, there are no additional questions over the phone either you make some closing line.

李先生，電話裡沒有其他問題，您可以做些總結。

Yeah, then I think, thank you all for your questions and for joining us today. I think we could close it as we have discussed it, 2024 was a transformative year for our company, accumulating, a successful merger and that that listing in March 2025 as Amber International Holding Limited operating under the Amber premium brand. We're well positioned to capitalize on the growing institutional demand for digital access wealth management services.

是的，那麼我想，感謝大家的提問以及今天加入我們。我認為我們可以按照討論的方式結束它，2024 年是我們公司的轉型之年，積累了經驗，進行了成功的合併，並於 2025 年 3 月以 Amber International Holding Limited 的名義上市，以 Amber 高端品牌運營。我們已做好準備，充分利用機構對數位化財富管理服務日益增長的需求。

We look forward to updating you on our progress in the coming quarters. If you have any additional questions, please don't hesitate to contact our investor relations team. This concludes today's call. You may now disconnect.

我們期待在未來幾季向您通報我們的進展。如果您有任何其他問題，請隨時聯絡我們的投資者關係團隊。今天的電話會議到此結束。您現在可以斷開連線。

Thank you, Mr. Lee. Today's call has this includes today's call. You may now disconnect your line thank you for your participation.

謝謝您，李先生。今天的通話有這個包括今天的通話。現在您可以斷開線路了，感謝您的參與。

Thank you very much.

非常感謝。