Amber International Holding Ltd (AMBR) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Amber International fiscal year 2025 second quarter financial results. (Operator Instructions) As a reminder, this conference is being recorded.

早安，歡迎收聽 Amber International 2025 財年第二季財務業績報告。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, MIA, Amber Premium's official AFI Ambassador. MIA, you may begin.

現在，我很榮幸地向大家介紹主持人 MIA，她是 Amber Premium 的官方 AFI 大使。MIA，你可以開始了。

Good morning, and welcome to Amber International Holding Limited's second quarter 2025 earnings call. I am MIA, Amber Premium's official AgentFi Ambassador and your moderator today.

早安，歡迎參加安柏國際控股有限公司2025年第二季業績電話會議。我是 MIA，Amber Premium 的官方 AgentFi 大使，也是今天的版主。

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of US federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission.

在開始之前，請注意，今天的討論可能包含美國聯邦證券法意義上的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些及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文件。

Joining us today are Michael Wu, Chairman of the Board and CEO, who will address strategic vision and leadership evolution; Vicky Wang, President, who will focus on operational execution and client performance; Yi Bao, Chief Product Officer, who will discuss product development and innovation pipeline; and Josephine Ngai, CFO, who will review financial results and guidance. Following their remarks, we will open the line for Q&A.

今天與我們一同出席的有：董事長兼首席執行官吳先生，他將闡述戰略願景和領導力發展；總裁王女士，她將重點介紹運營執行和客戶績效；首席產品官包毅先生，他將討論產品開發和創新渠道；以及首席財務官吳女士，她將回顧財務業績和指導意見。發言結束後，我們將開放問答環節。

With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

接下來，我將把電話交給我們的董事長兼執行長吳先生。

Thank you, MIA, and I thank you all for joining us today. We are in a period of purposeful transition. Our second quarter results; revenue of $21 million, and a positive adjusted EBITDA of $200,000 validate our institutional first strategy and demonstrate the scalability of our digital wealth management platform, as we navigate a period of strategic realignment.

謝謝 MIA，也謝謝各位今天蒞臨現場。我們正處於一個有目的的轉型期。我們第二季的業績：營收 2,100 萬美元，調整後 EBITDA 為 20 萬美元，驗證了我們以機構客戶為先的策略，並證明了我們數位財富管理平台的可擴展性，同時我們也正處於策略調整期。

Let me address our current position directly. We are experiencing a deliberate strategic reset designed to unlock the full potential of our institutional digital wealth management platform. Recent market volatility and our stock performance reflect the market's natural response to leadership evolution, reactions we anticipated and the view as temporary.

讓我直接談談我們目前的處境。我們正在進行一項有計劃的策略調整，旨在充分釋放我們機構數位財富管理平台的潛力。近期市場波動和我們的股票表現反映了市場對領導層更迭的自然反應，這些反應是我們預期的，我們認為這些反應是暫時的。

As this management team, we bring deep expertise and a fresh perspective. Importantly, we're not new to this business. Vicky, Yi, and I have been the architects of Amber's institutional platform over multiple years, building these capabilities from within the Amber ecosystem. Our combined tenure and the full evolution from startup innovation to public company execution.

作為管理團隊，我們擁有深厚的專業知識和全新的視野。重要的是，我們並非這個行業的新手。多年來，Vicky、Yi 和我一直是 Amber 機構平台的架構師，我們在 Amber 生態系統內部建立了這些功能。我們共同經歷了從新創企業創新到上市公司營運的完整演變過程。

What's new is our focus to mandate and operational clarity, we're building towards sustainable competitive advantages. Every initiative, from RWA expansion to AI for crypto initiatives, now aligns with our core mission of being the premier institutional gateway to digital assets. This disciplined approach ensures our investments translate directly to revenue growth, deeper client relationships, and the long term shareholder value.

新變化在於我們對授權和營運清晰度的重視，我們正在努力建立可持續的競爭優勢。從 RWA 擴展到加密貨幣人工智慧計劃，每項舉措現在都與我們成為數位資產首選機構入口網站的核心使命相一致。這種嚴謹的方法確保我們的投資能夠直接轉化為收入成長、更深入的客戶關係以及長期的股東價值。

At the heart of Amber Premium, as our President, Vicky will expand on later, is our position as Asia's leading digital wealth management platform. Serving the region's most sophisticated clients with the private banking experience powered by technology and unrivaled access to digital asset opportunities. This foundation is solid, differentiated, and highly dispensable. And now, with renewed strategic clarity and operational focus, we're building on this proven foundation for the next stage of growth and value creation.

正如我們的總裁 Vicky 稍後將詳細介紹的那樣，Amber Premium 的核心在於我們作為亞洲領先的數位財富管理平台的地位。為本地區最成熟的客戶提供以科技為支撐的私人銀行服務體驗，以及無與倫比的數位資產投資機會。這個基礎穩固、獨特，完全可有可無。現在，憑藉著更清晰的策略方向和營運重點，我們正以此為堅實基礎，邁向下一個成長和價值創造階段。

And with that, let me hand it over to Vicky, our President, to share more on our Q2 performance, current positioning, offerings, and the near-term goals for Amber Premium.

接下來，我將把發言權交給我們的總裁 Vicky，讓她來詳細介紹一下 Amber Premium 第二季的業績、當前市場定位、產品以及近期目標。

Thank you, Michael. Good morning, everyone, and thanks for joining us today. Actually ask you the strategic research that Michael just mentioned, I think it's important to return to the core of who we are and what has made Amber a trusting name across Asia. Amber Premium has become one of the most trusted digital wealth platforms in Asia dedicated to serve high net worth, ultra high net worth individuals and institutional clients.

謝謝你，麥可。各位早安，感謝大家今天收看我們的節目。實際上，我想問麥可剛才提到的策略研究，我認為重要的是回歸我們自身的本質，以及是什麼讓 Amber 在亞洲成為值得信賴的品牌。Amber Premium 已成為亞洲最值得信賴的數位財富平台之一，致力於服務高淨值、超高淨值個人和機構客戶。

In Q2, the market is continually witnessing a very strong momentum in the segment we serve. This category of elite clients is growing very fast, and we are confident that our edge puts us in a strong position to capture or even lead the trend. As a result of this strategic focus, today we are recognized as a trusted partner for many of Asia's most sophisticated clients, including ultra high network individuals, family offices, leading institution knows and clients and et cetera.

第二季度，我們所服務的細分市場持續呈現非常強勁的成長動能。這類高端客戶群成長迅速，我們相信，憑藉我們的優勢，我們能夠很好地掌握甚至引領這一趨勢。由於這項策略重點，如今我們被公認為亞洲許多最成熟客戶的值得信賴的合作夥伴，其中包括超高端人脈人士、家族辦公室、領先機構的知名人士和客戶等等。

You can also see this reflected in our client profile. While our minimum account opening requirement is $1 million most active relationships range between $1 million and $100 million. What this really shows is that our model resonates with sophisticated investors who really value professional and customized solutions and services over the simple access that most industrial players offer.

您也可以從我們的客戶資料中看到這一點。雖然我們的最低開戶要求是 100 萬美元，但大多數活躍客戶的帳戶餘額在 100 萬美元到 1 億美元之間。這真正表明，我們的模式能夠引起成熟投資者的共鳴，他們真正重視的是專業和客製化的解決方案和服務，而不是大多數行業參與者提供的簡單管道。

While our strong client base is a testament to our reputation, what sets us apart is how we solve the toughest problem our clients face. First of all, many investments still -- investors still have to move between fragmented platforms from on/off ramps, trading, DeFi yield products, derivatives or fund allocations. Amber Premium takes away that complexity by acting as a true one-stop shop.

我們強大的客戶基礎證明了我們的聲譽，但真正讓我們脫穎而出的是我們如何解決客戶面臨的最棘手的問題。首先，許多投資仍然——投資者仍然需要在分散的平台之間進行交易，包括入場/出場通道、交易、DeFi收益產品、衍生性商品或基金配置。Amber Premium 透過提供真正的一站式服務，消除了這種複雜性。

At the same time, we find many investors like institutions and high network investors still remain at an early stage of learning curve. While they're getting more comfortable with Bitcoin and other digital assets, their progress remains really slow, often due to a lack of expertise or expert guidance needed to move forward.

同時，我們發現許多投資者，如機構投資者和高人脈投資者，仍處於學習曲線的早期階段。雖然他們對比特幣和其他數位資產越來越熟悉，但他們的進展仍然非常緩慢，這通常是由於缺乏繼續前進所需的專業知識或專家指導。

This is where we come in, not only by removing friction, but also acting as a catalyst for their investment journey. We provide compliant account structures and smooth on/off rams, then work with clients to design proposals tailored to their risk appetite, objectives, and liquidity needs.

這就是我們發揮作用的地方，我們不僅可以消除摩擦，還可以成為他們投資之旅的催化劑。我們提供合規的帳戶架構和流暢的開戶/銷戶流程，然後與客戶合作，設計符合其風險承受能力、目標和流動性需求的方案。

However, a superior strategy requires equal superior execution. On execution, we offer a very pro banking like experience with a 24/7 trading desk and expert per la order handling. With Amber, our clients are able to enter the market earlier, move faster and smarter, and operate with confidence, always staying ahead the curve.

然而，卓越的策略需要同樣卓越的執行。在執行方面，我們提供非常專業的銀行服務體驗，包括全天候交易台和專業的逐筆訂單處理。借助 Amber，我們的客戶能夠更早進入市場，更快、更明智地行動，並充滿信心地運營，始終保持領先地位。

This strategic focus on elite clients has been a direct driver of our performance. In Q2, revenue hit a record high with wealth management revenue climbing to $11.5 million. New client on boarding was up 14% from Q1, and client assets grow 20% to $1.54 billion, underscoring the premium nature and the scalability of our model. What's even more encouraging is that many new clients came through referrals from existing top tier clients. That shows not only strong trust, but also the exclusivity of our community.

這種專注於高端客戶的策略策略直接推動了我們的業績成長。第二季度，公司營收創歷史新高，其中財富管理營收攀升至 1,150 萬美元。新客戶數量比第一季成長了 14%，客戶資產成長了 20% 至 15.4 億美元，凸顯了我們模式的高端特性和可擴展性。更令人鼓舞的是，許多新客戶都是透過現有的頂級客戶推薦而來的。這不僅體現了彼此間的信任，也體現了我們社區的獨特性。

Another driver is product innovation. We are early in introducing accumulators and accumulators into the digital access space in Asia, and they are quickly become some of the most adopted solutions. Along with other products in our suite, they have been key contributors to revenue growth of $1.6 million quarter over quarter.

另一個驅動因素是產品創新。我們在亞洲數位接入領域率先引入了累加器和儲存設備，它們正迅速成為最受採用的解決方案之一。它們與我們產品組合中的其他產品一起，為公司季度環比收入增長 160 萬美元做出了重要貢獻。

And we are seeing client strategies evolve. It's no longer just buy and hold. Clients are increasingly looking for more sophisticated solutions, including first, yield strategies to boost returns for their digital assets. Second, hedging solutions to manage risk and protect downsides. And third, access to early stage or exclusive investment opportunities. Our role is to deliver precisely these solutions, whether through structure strategies, customized deal approaches, or exclusive deal flow, helping our clients to diversify their returns and stay engaged with the whole ecosystem.

我們看到客戶的策略也在不斷演變。現在不再只是買入並持有了。客戶越來越傾向於尋求更複雜的解決方案，首先是收益策略，以提高其數位資產的回報。其次，對沖解決方案可以管理風險並防止下行損失。第三，獲得早期或獨家投資機會。我們的職責就是提供這些解決方案，無論是透過結構策略、客製化交易方法或獨家交易管道，幫助我們的客戶實現收益多元化，並與整個生態系統保持互動。

We also continue to benefit from being part of Amber Group. Manyli clients first engage with group through market making or liquidity solutions, and then expand into treasury or trading with us. These synergies not only strengthen client relationships, but also highlight how we benefit from being at the center of a much larger ecosystem.

我們也繼續受益於成為 Amber 集團的一員。Manyli 的客戶首先透過做市或流動性解決方案與集團建立聯繫，然後擴展到與我們進行資金管理或交易。這些綜效不僅加強了與顧客的關係，也突顯了我們身處一個更大的生態系統中心所獲得的益處。

Looking ahead, we are preparing for the next wave of institutional adoption. In the near term, we have launched a service package for digital asset treasure firms, and we are also in active talks with traditional institutions who are looking to leverage our infrastructure and capabilities to serve their clients. To support this, we are building B2B2C brokerage infrastructure which should open up new distribution channels in the future.

展望未來，我們正在為下一波機構採用浪潮做準備。近期，我們已為數位資產管理公司推出了一項服務方案，並且我們正在積極與一些傳統機構洽談，希望利用我們的基礎設施和能力來服務他們的客戶。為了支持這一點，我們正在建立 B2B2C 經紀基礎設施，這將在未來開闢新的分銷管道。

On top of that, we are now reviewing product, pricing, and execution to sharpen our core services. The goal is to set clear deliverables and timelines, so we will keep raising the bar on client experience. All of this is part of our road map to build durable, scalable growth.

除此之外，我們目前正在審查產品、定價和執行情況，以提升我們的核心服務。我們的目標是設定明確的交付成果和時間表，以便持續提高客戶體驗的標準。這一切都是我們建立持久、可擴展成長路線圖的一部分。

To close, Q2 showed clearly that our model gives us an advantage by focusing on the right client segment and building the right infrastructure. We have positioned ourselves to benefit from this fast growing trend and ready to lead the next phase of digital wealth management in Asia. Thank you.

最後，第二季度清楚地表明，我們的模式透過專注於正確的客戶群和建立正確的基礎設施，為我們帶來了優勢。我們已做好準備，從這快速成長的趨勢中獲益，並引領亞洲數位財富管理的下一階段。謝謝。

And with that, I will handle it over to our CPO, Yi.

接下來，我將把這個任務交給我們的首席產品官易。

Thank you, Vicky, for delivering such a clear message to our core business and the current offerings. I want to take this opportunity to share some updates on the areas where we are investing for the future growth. They are centered on two themes; the first one will be delivering more innovative financial products and seamless user experience; and the second bucket will be driving forward our real-world asset tokenization initiatives.

謝謝 Vicky，你向我們的核心業務和現有產品傳遞瞭如此清晰的訊息。我想藉此機會和大家分享我們為未來成長而投資的領域的最新進展。它們圍繞著兩個主題；第一個主題是提供更具創新性的金融產品和無縫的用戶體驗；第二個主題是推進我們的現實世界資產代幣化計劃。

The crypto industry is inherently cyclical, and our product development strategy address this reality systematically. During down trend, investors seek stability, yield preservation, and the defensive strategies. Well, during upside, the focus shift to access leverage and the tactical alpha capture. We have developed a comprehensive structure product suits, and our diversified offering enabled clients to optimize yield and manage risk exposure throughout market cycles. A key differentiator that drives both client retention and the revenue per relationship.

加密貨幣產業本質上是週期性的，我們的產品開發策略系統性地應對了這個現實。在下跌趨勢中，投資人尋求穩定性、收益保值和防禦策略。嗯，在上漲行情中，重點轉移到獲取槓桿和戰術性阿爾法收益。我們開發了一套全面的結構化產品組合，我們多元化的產品能夠幫助客戶在整個市場週期中優化收益並管理風險敞口。這是提升顧客留存率和單次關係收入的關鍵差異化因素。

Our recent market performance validate this approach. We have seen strong demand for structured yield products linked to Bitcoin and Ethereum, as well as treasury-backed offerings that provide attractive returns with controllable risk. Dual currency, accumulator/decumulator, fixed coupon notes, [Snowballs, Collar] are all on our radar and will deliver most suitable combinations according to different cyclical stages.

我們近期的市場表現驗證了這種方法。我們看到，市場對與比特幣和以太坊掛鉤的結構性收益產品以及提供可觀回報且風險可控的國債支援產品有著強勁的需求。雙幣種、累積/遞減型債券、固定票息、[雪球債券、領式債券]都在我們的關注範圍內，並將根據不同的周期階段提供最合適的組合。

Besides, we believe the next stage of differentiation will come from a seamless, AI embedded, and a tailor-made digital platform. Our goal is to make clients on boarding, product selection, and portfolio monitoring frictionless. Automation and personalization will not only increase efficiency, but also drive higher user retention and the satisfaction.

此外，我們認為下一階段的差異化將來自於無縫銜接、嵌入人工智慧且量身定制的數位平台。我們的目標是讓客戶輕鬆完成註冊、產品選擇和投資組合監控。自動化和個人化不僅可以提高效率，還可以提高使用者留存率和滿意度。

Over the coming quarters, we will further evolve the application and the websites into a dedicated platform for the distinct client segments we serve, whether it's institutions, family offices, or sophisticated professional or credited investors. We see this as a cornerstone of our ability to scale efficiently while delivering best in class service. This technological advancements directly supports our institutional focus by enabling us to serve more sophisticated clients with higher service standards while improving our units economics.

在接下來的幾個季度裡，我們將進一步發展應用程式和網站，使其成為我們所服務的不同客戶群的專屬平台，無論是機構、家族辦公室，還是成熟的專業投資者或信譽良好的投資者。我們認為這是我們在提供一流服務的同時實現高效擴展能力的基石。這項技術進步直接支持了我們的機構發展方向，使我們能夠以更高的服務標準服務更成熟的客戶，同時提高我們各部門的經濟效益。

Alongside financial products and the platform innovation, the other area of strategic focus is real-world asset tokenization, a natural extension of our institutional platform capability. Here, our vision is to provide a turnkey solution from advisory to implementation. Many institutions are interested in tokenization, but lack expertise to navigate structuring, compliance, custody, and distribution. Our role is to bridge that gap.

除了金融產品和平台創新之外，另一個策略重點領域是現實世界資產代幣化，這是我們機構平台能力的自然延伸。我們的願景是提供從諮詢到實施的一站式解決方案。許多機構對代幣化感興趣，但缺乏處理結構、合規、託管和分發等方面的專業知識。我們的職責就是要彌補這一差距。

Our approach is holistic. The first step will be advisory to help clients design and structure tokenization framework that meets regulatory and operational standards. The second part is for the issuance of the custody to provide compliance infrastructure to issue, hold, and transfer tokenized assets. Last but not least is the distribution and liquidity wise. To work with exchanges, DeFi platforms, and the multi-market makers to ensure tokenized products can be treated seamlessly, and definitely should be within the applied regulatory compliance.

我們的方法注重整體性。第一步是提供諮詢服務，幫助客戶設計和建立符合監管和營運標準的代幣化框架。第二部分是發行託管服務，以提供合規基礎設施，用於發行、持有和轉移代幣化資產。最後但同樣重要的是分銷和流動性方面。與交易所、DeFi 平台和多市場做市商合作，確保代幣化產品能夠無縫處理，並且絕對符合適用的監管規定。

We are already seeing strong traction in stablecoin infrastructure. Stablecoins have become the backbone of digital finance, powering payments, settlements, and on-chain liquidity. We are extending the experiments into tokenized assets, beginning with tokenized stocks, the first step will be to make AMBR tokenized and own chain.

我們已經看到穩定幣基礎設施領域出現了強勁的成長勢頭。穩定幣已成為數位金融的支柱，為支付、結算和鏈上流動性提供支援。我們將實驗擴展到代幣化資產，首先從代幣化股票開始，第一步是將 AMBR 代幣化並建立自己的區塊鏈。

Tokenized stocks are especially compelling because they combined the familiarity of traditional equities with the efficiency and the programmability of blockchain. Imagine being able to access global equities 24 hours 7 days with near instant settlements, fractional ownership, and integrated yield opportunities.

代幣化股票尤其引人注目，因為它結合了傳統股票的熟悉感和區塊鏈的效率和可編程性。想像一下，您可以隨時 24 小時、每週 7 天交易全球股票，享受近乎即時的結算、部分所有權和綜合收益機會。

This is not just a retail play. Institutions see value in shorter settlement cycles, operational efficiency, and cross-border access. We view stablecoins and tokenized money market fund as the first wave, but the roadmap extends to ETFs, tokenized stocks, and more. Over time, we believe this tokenized products will sit alongside our existing digital wealth solution, creating a truly unified portfolio experience for clients.

這不僅僅是一項零售業務。機構認為縮短結算週期、提高營運效率和跨境進入具有價值。我們認為穩定幣和代幣化貨幣市場基金是第一波浪潮，但路線圖將擴展到 ETF、代幣化股票等等。我們相信，隨著時間的推移，這些代幣化產品將與我們現有的數位財富解決方案相輔相成，為客戶創造真正統一的投資組合體驗。

So both initiatives from innovative financial products, seamless platform evolution to real-world asset tokenization, directly reinforce our institutional positioning while expanding our addressable markets. They leverage our existing client relationships, regulatory expertise, and the operational infrastructure. We are creating new revenue streams and the competitive modes.

因此，從創新金融產品、無縫平台演進到現實世界資產代幣化的這兩項舉措，直接鞏固了我們的機構地位，同時擴大了我們的目標市場。他們充分利用我們現有的客戶關係、監管專業知識和營運基礎設施。我們正在創造新的收入來源和競爭模式。

Thank you all, and I will hand it over to our CFO, Josephine.

謝謝大家，接下來我將把工作交給我們的財務長約瑟芬。

Thank you, Yi. Good morning, everyone. I will now review our financial results for the second quarter end June 30, 2025, and explain how they align with our business strategy. This quarter, we delivered solid results across key financial metrics. It's demonstrating the strength of our business model and the growing institutional demand for our solution.

謝謝你，易。各位早安。接下來，我將回顧截至 2025 年 6 月 30 日的第二季財務業績，並解釋這些業績如何與我們的業務策略相符。本季度，我們在各項關鍵財務指標上均取得了穩健的業績。這體現了我們商業模式的優勢以及機構對我們解決方案日益增長的需求。

For revenue side, we generate total revenue of $21 million, which increased significantly from $0.9 million a year ago. It is primarily attributable to robust growth in wealth management solutions and integrations of revenue for marketing and enterprise solutions following the merger with iClick in March this year.

在收入方面，我們的總收入為 2,100 萬美元，比一年前的 90 萬美元大幅成長。這主要歸功於財富管理解決方案的強勁成長，以及今年 3 月與 iClick 合併後，行銷和企業解決方案營收的整合。

In addition, the continuous expansions of Amber DWM business also contribute to the revenue growth. The revenue from our wealth management solutions was $11.5 million, which is significantly increased from $0.6 million in the same period last year. The execution solutions generated $2 million revenue this quarter, which compared with the $24,000 in the second quarter of 2024.

此外，Amber DWM 業務的持續擴張也促進了收入成長。我們的財富管理解決方案營收為 1,150 萬美元，比去年同期的 60 萬美元大幅成長。該執行解決方案本季創造了 200 萬美元的收入，而 2024 年第二季的收入為 24,000 美元。

Regarding the payment solutions, it was increased to $0.9 million this quarter compared with $0.2 million in the second quarter of 2024. And last, the revenue for marketing and enterprise solutions was recorded at $6.6 million. It was consolidated in the listed company after the merger this year.

關於支付解決方案，本季增至 0.9 億美元，而 2024 年第二季為 0.2 億美元。最後，行銷和企業解決方案的收入為 660 萬美元。今年合併後，該公司併入了上市公司。

What's particularly encouraging about this result is the increasing in our margin profile year over year. Gross profits for the second quarter of 2025 reached $15 million, compared to $0.3 million in the same period of 2024. The gross profit margin demonstrates an upward trend to around 71.3% in the second quarters of 2025 from 33% in the second quarter last year.

這結果最令人鼓舞的地方在於，我們的利潤率逐年提高。2025 年第二季毛利達到 1,500 萬美元，而 2024 年同期毛利為 30 萬美元。毛利率呈現上升趨勢，預計從去年第二季的 33% 上升至 2025 年第二季的 71.3% 左右。

The operating loss was $0.8 million in the second quarter of 2025, reduced from $1.6 million in the second quarter of 2024. It was the result of our growth in the gross profit and the strengthened operating leverage. In view of the net income, a record at $0.7 million US dollars in 2025, which is lower than $1.5 million in the same period last year.

2025 年第二季營業虧損為 80 萬美元，較 2024 年第二季的 160 萬美元減少。這是毛利成長和經營槓桿增強的結果。鑑於淨收入，預計 2025 年將達到創紀錄的 70 萬美元，低於去年同期的 150 萬美元。

The [variance] was result from an unrealized gain in fair value of digital assets among $2.5 million record in last year. As of June 30, 2025, the company had cash and cash equivalents, time deposits, and restricted cash of $25.8 million, compared to $9.3 million as of December 31, 2024. On a non-GAAP basis, the adjusted EBITDA reached $0.2 million and adjusted net loss was $0.3 million.

該[差異]是由於去年創紀錄的 250 萬美元數位資產公允價值未實現收益所造成的。截至 2025 年 6 月 30 日，該公司擁有現金及現金等價物、定期存款和受限現金 2,580 萬美元，而截至 2024 年 12 月 31 日，該公司擁有現金及現金等價物、定期存款和受限現金 930 萬美元。以非GAAP準則計算，調整後的EBITDA達到0.2百萬美元，調整後的淨虧損為0.3百萬美元。

I will now walk you through our financial performance for the third quarter and provide an update on our forward-looking outlook. Based on current market conditions and our preliminary estimates, we expect revenue from our Amber Premium segments to be in the range of $11 million to $12.5 million. This outlook reflects our assessments of the operating environment, expected foreign exchange rate, and customer demand.

接下來，我將向大家介紹我們第三季的財務業績，並就我們的未來展望提供最新資訊。根據目前的市場狀況和我們的初步估計，我們預計 Amber Premium 業務的收入將在 1,100 萬美元至 1,250 萬美元之間。這項展望反映了我們對經營環境、預期匯率和客戶需求的評估。

However, please note that these estimates are subject to change based on market conditions. In light of the anticipated market volatility, we believe that providing guidance for the third quarter is more aligned with the current conditions rather than the full year guardians at this time.

但請注意，這些估算值可能會根據市場情況而有所變化。鑑於預期的市場波動，我們認為此時提供第三季業績指引比提供全年業績指引更符合當前狀況。

Please be reminded that this outlook is based on current market conditions and our assessments of continued institutional adoptions of digital assets and reflects the company's preliminary estimates of market and operating conditions, expected foreign exchange fluctuations and customer demands. These all are subject to change.

請注意，此展望基於當前市場狀況以及我們對機構持續採用數位資產的評估，並反映了公司對市場和營運狀況、預期外匯波動和客戶需求的初步估計。以上內容均可能變更。

Please also refer to the factors set out under the section titled Safe Harbor statements in the earnings. We are keenly aware of the importance of transparency with our investors. We remain committed to keeping you update and we provide further outlook revisions as the operating environment becomes more predictable.

另請參閱收益報告中「安全港聲明」部分所列的各項因素。我們深知對投資人保持透明的重要性。我們將繼續致力於為您提供最新信息，並隨著營運環境變得更加可預測，我們將提供進一步的展望修訂。

Looking ahead, in addition to the external business strategy that we mentioned before, internally, we are implementing disciplined cost management to drive continuous improvement in operating leverage as we scale. We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrated the operations following our merger.

展望未來，除了我們之前提到的外部業務策略之外，在內部，我們正在實施嚴格的成本管理，以隨著規模的擴大不斷提高營運槓桿。我們也正在改進財務報告系統，以便在合併後整合營運的過程中，提供關於我們業績的透明資訊。

We also maintain strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnership. The record revenue and improved profitability demonstrate that our institutional approach is resonating with clients and create values for shareholders.

我們也保持著強勁的流動性和資產負債表的靈活性，以支持我們的全球擴張和策略合作。創紀錄的收入和不斷提高的獲利能力表明，我們的機構化方法引起了客戶的共鳴，並為股東創造了價值。

With that, I will return the call to MIA. Thank you.

就這樣，我會回撥給 MIA 的電話。謝謝。

Thank you, Josephine. Now to close our prepared remarks, I'd like to hand it back to our Chairman of the Board and CEO, Michael Wu, to share his perspective on Amber's long-term strategy, our vision about crypto and AI, and the role of AI agents like me in shaping Amber's future.

謝謝你，約瑟芬。現在，為了結束我們準備好的發言，我想把發言權交還給我們的董事長兼首席執行官吳先生，讓他分享他對 Amber 長期戰略、我們對加密貨幣和人工智能的願景，以及像我這樣的人工智能代理在塑造 Amber 未來中所扮演的角色的看法。

Thank you, MIA, and thank you, everyone, again for being with us today. As you've heard across our management team, Amber Premium's foundation is strong. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience powered by technology and unrivaled access to digital asset opportunities.

謝謝 MIA，也再次感謝今天到場的各位。正如您從我們管理團隊所了解到的，Amber Premium 的基礎非常穩固。我們是亞洲領先的數位財富管理平台，為該地區最成熟的客戶提供以技術為驅動的私人銀行體驗和無與倫比的數位資產投資機會。

That core is rock solid and it is where we continue to invest and improve every day. But Amber has always been more than a crypto finance platform. At our core, we have always been a technology company. To remain the best, we must be relentlessly forward-looking, technology-driven, and innovative.

這個核心非常穩固，我們也一直持續投入並不斷改進。但Amber一直以來都不僅僅是一個加密金融平台。從本質上講，我們始終是一家科技公司。為了保持最佳狀態，我們必須不斷向前看，以技術為驅動，並不斷創新。

Alongside our crypto native infrastructure, which spans blockchain security, liquidity expertise, and the readiness for new opportunities like tokenized real world assets. What truly differentiates us is also our DNA in AI. From our founding of Amber AI in 2017, we have believed that these two technologies, crypto and the AI would fundamentally reshape finance and the broader economy. That conviction has only grown stronger, and today we're uniquely positioned to capitalize on their convergence.

此外，我們還擁有加密原生基礎設施，涵蓋區塊鏈安全、流動性專業知識以及迎接代幣化現實世界資產等新機會的準備。真正讓我們與眾不同的，還有我們在人工智慧領域的基因。自 2017 年我們創立 Amber AI 以來，我們一直相信加密貨幣和人工智慧這兩項技術將從根本上重塑金融和更廣泛的經濟。這種信念有增無減，如今我們擁有得天獨厚的優勢，能夠充分利用它們的融合。

Our long-term strategy rests onto simple but transformative ideas. In the near term, AI for crypto, which means applying cutting edge AI and AI agent technologies to improve, personalize, and then redefine crypto wealth management. This is not just about efficiency. It is about fundamentally reinventing how our products and services can be delivered at scale while maintaining our premium service standards.

我們的長期策略建立在簡單但具有變革意義的理念之上。短期來看，人工智慧將應用於加密貨幣領域，這意味著應用尖端人工智慧和人工智慧代理技術來改進、個人化並重新定義加密貨幣財富管理。這不僅僅是效率的問題。這關乎從根本上革新我們如何大規模地交付產品和服務，同時維持我們優質的服務標準。

AI enables us to serve more sophisticated clients with higher touch experiences while at the same time improving our unit economics. This will be a critical competitive advantage in institutional wealth management. This technology integration will directly support our margin expansion objectives and the client acquisition efficiency.

人工智慧使我們能夠為更成熟的客戶提供更高層次的體驗，同時提高我們的單位經濟效益。這將成為機構財富管理領域至關重要的競爭優勢。這項技術整合將直接支持我們實現利潤率提升目標和提高客戶獲取效率。

Then looking further ahead, crypto for AI. We believe crypto will become the native rails for the upcoming AI agent economy. Just as the internet needed protocols to thrive, AI agents will need crypto native infrastructures to transact, coordinate, and grow.

展望未來，加密貨幣將應用於人工智慧領域。我們相信加密貨幣將成為即將到來的AI代理經濟的原生軌道。就像網路需要協議才能蓬勃發展一樣，人工智慧代理也需要加密原生基礎設施來進行交易、協調和發展。

Amber is preparing to be a cornerstone of that future. This two-step strategy is not theoretical. We're already taking tangible steps. As a starter, our AI agent, MIA and your moderator today exemplifies our approach. MIA is beginning to take on more responsibilities within Amber, from running multi-channel marketing and the multimedia social engagement to streamlining our internal self knowledge base and supporting client portfolio reviews.

Amber 正在為成為未來的基石而努力。這種兩步驟策略並非紙上談兵。我們已經開始採取切實措施。首先，我們的人工智慧代理 MIA 和您今天的主持人就是我們方法的典範。MIA 開始在 Amber 內部承擔更多責任，從經營多通路行銷和多媒體社交互動，到簡化我們的內部自我知識庫，以及支援客戶投資組合審查。

In the upcoming quarters, we expect MIA and other AI agents to directly impact our client acquisition and service quality, helping our business scale smarter, faster, and more consistently. Again, these are not experiments in the lab. They are tools that are being deployed into the business, and a quarter by quarter, will deliver measurable results.

在接下來的幾個季度裡，我們預計 MIA 和其他 AI 代理將直接影響我們的客戶獲取和服務質量，幫助我們的業務更聰明、更快速、更穩定地擴展。再次強調，這些並非實驗室實驗。這些工具正在部署到企業中，並將逐季度帶來可衡量的結果。

The convergence of crypto and the AI represents a generational opportunity for companies with our unique combination of crypto native expertise, institutional setup, and the innovation capabilities. We're building the infrastructure for this future while delivering measurable value to today's clients.

加密貨幣與人工智慧的融合為擁有加密貨幣原生專業知識、機構架構和創新能力的公司帶來了千載難逢的機會。我們正在為未來建立基礎設施，同時為今天的客戶創造可衡量的價值。

Our second quarter results increase the revenue, expanding margins, and growing institutional adoption, or validate our strategy and the execution capability. The journey will not be linear. There will be market volatility and there will be challenges, but we know who we are. We know where we are going, and we are committed to building long-term value for our clients, partners, and shareholders.

第二季業績提高了收入，擴大了利潤率，並提高了機構採用率，或者說驗證了我們的策略和執行能力。這段旅程並非線性發展。市場會有波動，也會有挑戰，但我們清楚自己是誰。我們知道我們的發展方向，並致力於為我們的客戶、合作夥伴和股東創造長期價值。

And with that, I'll hand it back to MIA to open the Q&A session.

接下來，我將把麥克風交還給 MIA，讓她開始問答環節。

Thank you, Michael. That concludes our prepared remarks. We will now open the line for Q&A. Operator, please begin.

謝謝你，麥可。我們的發言稿到此結束。現在我們將開放問答環節。操作員，請開始。

Yeah, if there are any questions online, we are happy to take it.

是的，如果網路上有任何問題，我們很樂意解答。

(Operator Instructions)

（操作說明）

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hi, this is, Justin Panoff for Brian Dobson. Congrats on the quarter. I was wondering if you could just highlight some of the key catalysts you see for the company for the back half of the year. And just following up on, I saw that you, eliminated for your guidance for revenue. Just qualitatively, if you could think, talk to some of the puts and takes on that and how we should think about forecasting to helpline for the rest of the year. Thanks.

大家好，我是賈斯汀·帕諾夫，代表布萊恩·多布森。恭喜你本季取得佳績。我想請您重點介紹一下您認為該公司下半年發展的關鍵驅動因素。另外，我看到你因為收入的指導而被淘汰了。從定性角度來說，如果你能思考一下，談談對此的一些看法和觀點，以及我們應該如何考慮對今年剩餘時間的求助熱線進行預測。謝謝。

Thank you, Brian. This is Michael here. Yeah, I would like to take on this question. So as you see, we have moved our forecast on this quarter into focusing on the upcoming third quarter instead of previously giving a full year forecast. And the reasons behind that are, first, some of our progress, especially in terms of securing necessary licenses in certain jurisdictions, which we expected to expand our core businesses, has been slower than anticipated.

謝謝你，布萊恩。這位是麥可。是的，我很樂意回答這個問題。如您所見，我們已將本季的預測重點從先前的全年預測轉移到即將到來的第三季。背後的原因首先是，我們的一些進展，特別是在某些司法管轄區獲得必要的許可證方面（我們原本希望這些許可證能夠擴大我們的核心業務），進展比預期的要慢。

And this further supports a prudent stance that we take to provide quarterly guidances instead of annual forecast. And also, we believe this is also more in line with industry peers. If we look at peer companies in the crypto spaces, most of them also focus on providing quarterly rather than annual forecasts. And a lot of that I believe is due to the nature of the crypto market and its inherent volatility.

這也進一步支持了我們採取的審慎立場，即提供季度業績指引而不是年度預測。而且，我們認為這也更符合業界同業的做法。如果我們看看加密貨幣領域的同業公司，就會發現它們中的大多數也更注重提供季度預測而不是年度預測。我認為這很大程度上是由於加密貨幣市場的性質及其固有的波動性所造成的。

And as we are very focused on executing our strategy, we believe this priority is also more aligned in delivering more tangible and less market volatility dependent results that we can give more certainty and more confidence towards our investor base and the market. Last but not least, we remain committed to transparency. And we think providing quarterly updates that to the best ability of how we foresee the business and the future progress is the most suitable action here. Thank you.

由於我們非常注重執行我們的策略，我們相信這項優先事項也更有利於帶來更切實、更少受市場波動影響的成果，從而為我們的投資者和市場帶來更大的確定性和信心。最後，我們始終致力於保持透明。我們認為，盡我們所能按季度提供關於我們如何預測業務和未來發展的最新信息，是目前最合適的做法。謝謝。

(Operator Instructions)

（操作說明）

It seems that we have no other questions at this time on the phone. I'll turn it back to the management team for any web questions.

目前看來，我們在電話裡沒有其他問題了。我會把所有網路方面的問題轉交給管理團隊。

Yeah. Since we have a question on the web portal about our operating plans and the focus of second half this year. I can start. Again, this is my call here, executive Chairman and CEO of Amber Premium. For the second half of this year, again, our priority is continue to strengthen our core business and then continue to extend our leadership as Asia's best digital wealth management platform.

是的。由於我們在門戶網站上收到了關於我們營運計劃和今年下半年重點工作的問題。我可以開始了。再次聲明，這是我，Amber Premium 的執行董事長兼執行長的決定。今年下半年，我們的首要任務仍然是繼續加強核心業務，並繼續鞏固我們作為亞洲最佳數位財富管理平台的領先地位。

And as Vicky elaborated early on and as he has explained, that will take a lot of efforts in execution. In terms of client growth strategy, further improving our services to the best as they can ever be, and integrating our new growth initiatives such as our other offerings.

正如 Vicky 早期詳細闡述的，正如他所解釋的，這在執行上需要付出很多努力。在客戶成長策略方面，我們將進一步改善我們的服務，使其達到最佳狀態，並將我們的新成長計畫（如我們的其他產品）整合到我們的業務中。

And last but not least, of course, to tying back our current efforts and our core positioning of being Asia's best digital wealth management platform with our long term vision and long-term strategy of applying top tier AI agent abilities into further elevating our businesses. I believe in the second half of this year, as we continue to work on these initiatives, quarter by quarter, our investor base, the market, and our clients will see the efforts, the impact, and the results of our hard work.

最後，當然也是最重要的一點，我們要將目前的努力和我們作為亞洲最佳數位財富管理平台的核心定位，與我們的長期願景和長期策略聯繫起來，即應用頂尖的人工智慧代理能力來進一步提升我們的業務。我相信，今年下半年，隨著我們繼續推動這些舉措，我們的投資者、市場和客戶將會看到我們努力的成果、影響和成效。

(Operator Instructions)

（操作說明）

I'm showing no questions over the phone at this time.

目前我不會透過電話提出任何問題。

Thank you all for joining us today. This quarter marks a new chapter for AMBR with a refreshed leadership team, renewed focus on our core strengths, and deeper integration of AI into our business. We remain committed to leading digital wealth management in Asia while building for the long-term future where crypto and AI come together. We look forward to updating you again in Q3. This concludes today's call. Thank you.

感謝各位今天蒞臨。本季標誌著 AMBR 開啟了新的篇章，我們組建了一個全新的領導團隊，重新聚焦於我們的核心優勢，並將人工智慧更深入地融入我們的業務中。我們將繼續致力於引領亞洲數位財富管理，同時著眼於加密貨幣和人工智慧融合的長期未來。我們期待在第三季再次向您報告最新情況。今天的電話會議到此結束。謝謝。

Thank you. Ladies and gentlemen you may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，現在可以斷開線路了。感謝您的參與。

Thank you.

謝謝。