Amber International Holding Ltd (AMBR) 2025 Q3 法說會逐字稿

Good morning. Welcome to Amber International fiscal year 2025, third-quarter financial results. (Operator Instructions) As a reminder, this conference is being recorded.

早安.歡迎閱讀 Amber International 2025 財政年度第三季財務業績報告。（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 AgentFi Ambassador. MIA, you may begin.

現在，我很高興向大家介紹主持人 MIA，她是 Amber Premium 的官方 AgentFi 大使。MIA，你可以開始了。

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

早安，歡迎參加安柏國際控股有限公司2025年第三季業績電話會議。我是 MIA，Amber Premium 的官方 AgentFi 大使，也是今天的版主。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 on today's call are Michael Wu, Chairman of the Board and CEO, who will share our strategic vision and AI transformation initiatives; Vicky Wang, President, who will focus on our core business updates, current positioning, offerings, and goals; Yi Bao, Chief Product Officer, who will update us on our product development and innovation pipeline; Josephine Ngai, CFO, who will review our financial results and provide guidance, and Steve Zhangg, our Head of capital markets.

今天參加電話會議的有：董事長兼執行長吳偉強，他將分享我們的策略願景和人工智慧轉型計劃；總裁王薇薇，她將重點介紹我們的核心業務更新、當前定位、產品和服務以及目標；首席產品官包毅，他將向我們介紹我們的產品開發和創新管道；首席財務官吳資本若芬，她將回顧我們的財務業績並提供我們的財務業績並提供我們的財務績效。

Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

發言結束後，我們將開放問答環節。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 thank you all for joining us today. Q3 was a defining quarter for Amber International. We delivered operating income of USD1.4 million within an 8% operating margin, a strong profitability, and a clear validation of the operating leverage we have been building quarter-after-quarter. This improvement reflects not only disciplined cost management, but also a stronger, more durable revenue mix anchored in the premium client engagement and high-quality business activity.

謝謝 MIA，也謝謝今天所有到場的各位。第三季是Amber International的關鍵季度。我們實現了 140 萬美元的營業收入，營業利潤率為 8%，獲利能力強勁，這清楚地驗證了我們每個季度都在建立的營運槓桿效應。這項改進不僅體現了嚴格的成本管理，也體現了以優質客戶互動和高品質業務活動為基礎的更強大、更持久的收入結構。

Underneath the financials, client behavior tells an even more compelling story. Assets on platform grew 20% quarter-on-quarter to USD1.84 billion supported by robust inflows and deepening client relationships. Trading activity accelerated across segments, reaffirming that our platform remains a trusted high touch par for sophisticated investors, particularly in volatile markets where our differentiated capabilities matter most.

撇開財務數據不談，客戶行為揭示了一個更引人入勝的故事。受強勁資金流入和客戶關係加深的推動，平台資產環比成長 20%，達到 18.4 億美元。各板塊的交易活動加速，再次證明我們的平台仍然是成熟投資者值得信賴的高觸達標準，尤其是在波動較大的市場中，我們差異化的能力最為重要。

These results demonstrate the strength of our core. We are Asia's leading digital wealth management platform serving the region's most sophisticated clients with a private banking experience, built on technology and unmatched access to digital asset opportunities. This business is profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy.

這些結果證明了我們核心業務的實力。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私人銀行體驗，以技術和無與倫比的數位資產機會為基礎。這項業務盈利能力強、韌性強、可擴展性高，並持續為我們的長期策略奠定基礎。

As part of our ongoing commitment to maximizing shareholder value and demonstrating our confidence in the long-term prospects of our business, I'm pleased to announce that our Board of Directors has authorized a share repurchase program of up to USD50 million of our outstanding ADS over the next 12 months starting from December 1, 2025.

作為我們持續致力於最大限度提升股東價值並展現我們對公司長期前景信心的一部分，我很高興地宣布，我們的董事會已批准一項股份回購計劃，在未來 12 個月內（從 2025 年 12 月 1 日開始）回購我們已發行的美國存託股份 (ADS)，回購金額最高可達 5000 萬美元。

This decision follows directly from the strong Q3 results we just shared with you. The authorization reflects our Board's confidence on multiple fronts. First, in the durability and the scalability of our core digital wealth management business.

這項決定直接源自於我們剛剛與大家分享的強勁的第三季業績。這項授權反映了董事會在多個方面的信心。首先，在我們核心數位財富管理業務的持久性和可擴展性方面。

Second, in our ability to generate sustainable cash flow, and the third, in our belief that the current valuation does not fully reflect Amber International's intrinsic value and the long-term potential.

其次，我們認為公司有能力產生可持續的現金流；第三，我們認為目前的估值並沒有充分反映 Amber International 的內在價值和長期潛力。

We intend to execute this program opportunistically over the next 12 months, balancing repurchases with our ongoing investments in technology, AI capabilities, and the platform expansion. Importantly, this buyback does not signal a shift away from growth. Rather, it demonstrates that we can deliver both, returning value to shareholders today while building the AI powered crypto finance platform of tomorrow.

我們計劃在未來 12 個月內抓住機會執行該計劃，在回購的同時，繼續增加對技術、人工智慧能力和平台擴展的投資。重要的是，此次回購並不意味著放棄成長策略。相反，這表明我們可以兩者兼顧，既能為今天的股東創造價值，又能建構面向未來的人工智慧驅動的加密金融平台。

As many of you know, Amber is more than a crypto finance platform. At our core, we are and have always been a technology-driven company. Remain at the forefront of technology, we must be relentlessly forward-looking, technology-driven, and bold in building what comes next. That brings me to the broader strategic arc.

正如許多人所知，Amber 不僅僅是一個加密金融平台。從本質上講，我們一直是一家技術驅動型公司。要始終走在科技前沿，我們必須不斷向前看，以科技為驅動，大膽創新，打造未來。這就引出了更廣泛的戰略方向。

From our founding of Amber AI in 2017, we have held a steadfast belief. Two technologies, crypto and AI would fundamentally reshape finance and the broader economy. That conviction has only grown, and today we're uniquely positioned to capitalize on their convergence.

自 2017 年 Amber AI 成立以來，我們始終秉持著堅定不移的信念。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格局。這種信念有增無減，如今我們擁有得天獨厚的優勢，可以充分利用它們的融合。

This quarter, we continued to make significant strides in embedding AI at every layer of our operations. Most notably, we have successfully launched the work with MIA portal, and advancing AI integration across both our internal and external processes. MIA, our AI agent and your host today, now plays a hands-on role in nearly every aspect of our content generation and social media management, ensuring a new level of operational efficiency and consistency.

本季度，我們在將人工智慧融入營運的各個層面方面繼續取得了重大進展。最值得一提的是，我們已成功啟動與 MIA 入口網站的合作，並推進人工智慧在我們內部和外部流程中的整合。MIA，我們的人工智慧代理商和您今天的主持人，現在在我們內容生成和社交媒體管理的幾乎每個方面都發揮著實際作用，確保了營運效率和一致性達到新的水平。

Inside the organization, MIA is now live within our internal Slack workspace, acting as a proactive, always available teammate, accelerating knowledge sharing and empowering our staff to operate with greater agility. Additionally, we have developed a proprietary knowledge-based engine inspired by Amber's unique needs and modeled after perplexity, which is currently ongoing, undergoing a comprehensive security review prior to full deployment.

在組織內部，MIA 已在我們的內部 Slack 工作區上線，它扮演著積極主動、隨時可用的團隊成員的角色，加速知識共享，並使我們的員工能夠更加靈活地開展工作。此外，我們還開發了專有的知識型引擎，其靈感來自 Amber 的獨特需求，並以困惑度為模型，目前該引擎正在進行中，在全面部署之前將接受全面的安全審查。

Together, these initiatives are not simply efficiency upgrades. They are reinforcing Amber as a true technology-driven leader at the intersection of AI and crypto finance. We remain committed to harnessing AI to improve the client experience, drive scalable and sustainable growth, and further sharpen our competitive edge. Q3 shows that the foundation of our business is strong. The transformation is accelerating, and the long-term vision remains deeply compelling. AI for crypto in the near term, employing the most advanced agent technologies to scale and personalize premium services, empowering us to better serve sophisticated clients and improve our unit economics.

這些舉措加在一起，不只是效率提升。他們正在鞏固 Amber 作為人工智慧和加密金融交叉領域真正的技術驅動型領導者的地位。我們將繼續致力於利用人工智慧來改善客戶體驗，推動可擴展和永續的成長，並進一步增強我們的競爭優勢。第三季數據顯示，我們業務的基礎很強。變革正在加速，而長遠願景依然極具吸引力。短期內，我們將利用最先進的代理技術為加密貨幣領域引入人工智慧，以擴展和個性化高級服務，從而更好地服務高端客戶並改善我們的單位經濟效益。

And looking further out, crypto for AI building the rails for the coming agent economy where crypto and AI converge to redefine how value is created and transferred with Amber positioned at the very heart of this future. Thank you.

展望未來，加密貨幣助力人工智慧發展，為即將到來的代理經濟奠定基礎。在代理經濟中，加密貨幣和人工智慧融合，重新定義價值的創造和轉移方式，而 Amber 則處於這一未來的核心位置。謝謝。

Thank you, Michael. As. Michael mentioned, in Q3, we are carrying forward the same strategic focus from Q2, really doubling down on our [annual], ultra-high with individuals and institutional segments. And we're doing that by advancing our infrastructure, new product initiatives, and operational discipline.

謝謝你，麥可。正如麥可所提到的，在第三季度，我們延續了第二季度的策略重點，真正加倍投入個人和機構客戶的超高年度銷售額。我們正在透過推進基礎設施建設、推出新產品以及加強營運紀律來實現這一目標。

We are already seeing clear evidence that the strategy is taking hold. Our revenue is more diversified. Client engagement is deeper, and our business fundamentals are stronger. That's why we are increasingly confident in both the growth momentum of our business and its sustainability.

我們已經看到明顯的證據表明，這項策略正在發揮作用。我們的收入來源更加多元化。客戶互動更加深入，我們的業務基本面也更加穩固。正因如此，我們對公司業務的成長動能及其永續性越來越有信心。

As we ask you against the strategy, our core business performance is now showing clear and encouraging progress. Assets on platform increased to USD1.84 billion up 20% from USD1.53 billion in Q2, driven largely by strong net new asset inflows and stronger client allocation. Together with a significant increase in trading volumes, this clearly shows that clients are not only staying with us, but are growing their engagement across multiple product lines despite market volatility.

儘管我們反對該策略，但我們的核心業務表現目前已顯示出清晰且令人鼓舞的進展。平台資產增至 18.4 億美元，較第二季的 15.3 億美元成長 20%，主要得益於強勁的淨新增資產流入和更強勁的客戶配置。交易量的顯著增長也清楚地表明，儘管市場波動，客戶不僅繼續與我們保持合作關係，而且還在多個產品線上不斷增加參與度。

We have also brought on board experienced professionals with backgrounds in leading professional financial institutions, including DJP Morgan and Morgan Stanley, which enables stronger client coverage and a level of professional standard that is still unmatched in our part of the industry.

我們還聘請了來自摩根大通和摩根士丹利等領先金融機構的經驗豐富的專業人士，這使我們能夠更好地服務客戶，並達到業內至今無人能及的專業標準。

Now let me turn to our financial results for the quarter. Total revenue for Q3 was USD16.3 million. The major step down is expected as we begin to shift our revenue mix towards higher margin, higher quality revenue streams, and more scalable business. As a result, operating profitability were meaningfully improved quarter- over-quarter, with operating margin rising to 8% in Q3 from minus 4% in Q2.

現在讓我來看看本季的財務表現。第三季總收入為1630萬美元。隨著我們開始將收入結構轉向利潤率更高、品質更高的收入來源和更具可擴展性的業務，預計會大幅下滑。因此，營業利潤率較上季顯著提高，第三季營業利潤率從第二季的-4%上升至8%。

Meanwhile, our core activity continues to gain momentum with transaction volume up 40% and payment volume up 26% quarter-over-quarter. Enter this improving revenue mix. The execution solution revenue saw strong progress increasing 57.6% quarter-over-quarter to USD3.17 million from USD2.01 million Q2. This growth was driven by greater institutional OTC market share and more sophisticated trading needs from clients. It underscores our focus on execution quality and the disciplines optimization.

同時，我們的核心業務持續成長，交易量較上季成長 40%，支付量較上季成長 26%。收入結構不斷改善，這為此提供了有利條件。執行解決方案營收實現了強勁成長，季增 57.6%，從第二季的 201 萬美元增至 317 萬美元。這一增長是由機構場外交易市場份額的擴大和客戶更複雜的交易需求所推動的。這凸顯了我們對執行品質和流程最佳化的重視。

Payment solution revenue also delivered robust growth, rising 39.9% quarter-over-quarter to USD1.2 million supported by stronger institutional adoption and higher client engagement across the platform. To support this shift towards higher quality revenue, we have been steadily expanding our product offering and upgrading our underlying infrastructure, so we can better meet a wider range of client objectives and risk profiles.

支付解決方案收入也實現了強勁增長，環比增長 39.9% 至 120 萬美元，這得益於機構採用率的提高和客戶在整個平台上的參與度的提高。為了支持向更高品質的收入轉變，我們一直在穩步擴大產品供應範圍並升級底層基礎設施，以便更好地滿足更廣泛的客戶目標和風險狀況。

So looking ahead, we're plan to build on this foundation by further enhancing our execution capabilities and product line. In particular, we're looking to grow our structure product suite including FDMs and daily new currency offerings to help clients generate yields across different market environments while maintaining robust downside of protection through stronger risk monitoring.

展望未來，我們計劃在此基礎上，進一步提升執行能力和產品線。具體來說，我們希望擴大結構性產品組合，包括 FDM 和每日新貨幣發行，以幫助客戶在不同的市場環境下獲得收益，同時透過更強大的風險監控來維持穩健的下行保護。

On the trading side, we're focused on further optimizing our pricing models and refining our OTC workflow, so clients can benefit from more competitive execution and timely access to more market opportunities. We will also keep pushing forward on our RWA initiatives which are designed to unlock more diversified yields and improve capital efficiency across both traditional and digital exposures, and you will elaborate further on this shortly.

在交易方面，我們專注於進一步優化定價模型和改進場外交易工作流程，以便客戶能夠受益於更具競爭力的執行和更及時的市場機會。我們將繼續推進 RWA 計劃，旨在釋放更多元化的收益，並提高傳統和數位投資的資本效率，您稍後將對此進行更詳細的闡述。

In addition, we're developing digital asset inhabitant solutions to support long-term wealth planning for family offices and ultra-high net worth clients. This is naturally -- this is a natural extension of our ambition to deliver private banking grid service in digital assets. There's a clear institutional framework for succession and estate planning. By making digital assets a seamless part of their broader wealth plans, we're making more confident for this client to put more meaningful capital to work with this over time.

此外，我們正在開發數位資產儲存解決方案，以支援家族辦公室和超高淨值客戶的長期財富規劃。這自然而然地——這是我們致力於在數位資產領域提供私人銀行網格服務的願景的自然延伸。國家有明確的繼承和遺產規劃制度架構。透過將數位資產無縫融入他們更廣泛的財富規劃中，我們讓這位客戶更有信心隨著時間的推移，將更多有意義的資金投入數位資產。

On the client acquisition side, with our front office team growing, we are taking a more proactive approach to reaching premium clients. We are rolling out curated offline and online engagement programs in key well communities across Asia. This initiative will definitely help us to increase our visibility in elite networks, accelerate trust-based client acquisition, and strengthen long-term relationships with elite clients.

在客戶獲取方面，隨著我們前台團隊的壯大，我們正在採取更積極主動的方式來吸引高端客戶。我們正在亞洲各地的重點健康社區推出精心策劃的線上線下互動活動。這項措施必將幫助我們提高在精英網絡中的知名度，加速基於信任的客戶獲取，並加強與精英客戶的長期關係。

Taken together, we are very confident that we are moving in the right direction, investing in high-quality revenue, enhancing our product and execution capabilities, and continue to deepen engagement with our core client segment. We believe that these steps will position us well for long-term growth and value creation in the quarters ahead.

綜上所述，我們非常有信心我們正朝著正確的方向前進，投資於高品質的收入，提升我們的產品和執行能力，並繼續深化與核心客戶群的互動。我們相信，這些舉措將使我們在未來幾季為長期成長和價值創造奠定良好基礎。

Okay, thanks, Yuki. I would like to update you on the two areas where we continue to invest for future growth. The first part will be the evolution of our platform and product suits, and the second part is the build out of our rail world assets or RWA tokenization capabilities. These are the same pillars I highlighted last quarter and in Q3 we moved meaningfully from vision to execution.

好的，謝謝你，Yuki。我想向大家報告我們為未來成長而持續投資的兩個領域。第一部分將是我們平台和產品套件的演進，第二部分將建構我們的鐵路世界資產或RWA代幣化能力。這些正是我上個季度重點強調的支柱，在第三季度，我們取得了從願景到執行的實質進展。

For platform evolution and product innovation, our starting point remains the same. Crypto is structural cyclical, and our product roadmap is built to support clients through both down and up cycles from capital preservation and yield to access, leverage and alpha.

對於平台演進和產品創新，我們的出發點始終不變。加密貨幣具有結構性週期性，我們的產品路線圖旨在支援客戶度過下行和上行週期，從資本保值和收益到存取、槓桿和超額收益。

In Q3 we made concrete programs on three fronts. First, we are integrating OTC into the platform. We are streamlining the OTC dex, execution, operations, and the product illustration within our application and the website. Whether a client trades via flow traders, relationship managers, or self directs on the platform, they are increasingly getting a single holistic view of their total assets and exposure with us. This reduces internal friction and gives institutional and family offices clients cleaner real-time visibility.

第三季度，我們在三個方面製定了具體的計劃。首先，我們將場外交易整合到平台中。我們正在簡化應用程式和網站中的場外交易交易流程、執行、營運和產品展示。無論客戶是透過交易員、客戶經理或在平台上進行自主交易，他們都越來越能全面了解他們在我們這裡的全部資產和風險敞口。這可以減少內部摩擦，並為機構和家族辦公室客戶提供更清晰的即時可見性。

Second, we're building our AI co-pilot. We advanced development and AI co-pilot designed to make the platform more proactive and adversary, not just the transactional. It will support the daily account with cap and the key P&L and risk drivers and the portfolio and the current reviews highlighting what requires attention and the target markets and the product insights within each client's risk parameters. We have started internal pilots and we see this as a core enabler of scalable and high touch coverage.

其次，我們正在建立我們的人工智慧副駕駛系統。我們推進了開發和人工智慧輔助駕駛，旨在使平台更具主動性和對抗性，而不僅僅是交易性。它將支援每日帳戶，包括上限、關鍵損益和風險驅動因素、投資組合和當前審查，重點關注需要注意的事項、目標市場以及每個客戶風險參數內的產品見解。我們已啟動內部試點項目，並將此視為實現可擴展、高觸達服務的核心推動因素。

Third, about the new structured products. On the product side, we start to launched more advanced structures such as the leveraged accumulator and the FCM type payoffs. This solution helps sophisticated clients express views and enhance you with defined payoff ranges, anchored in robust risk management and suitability. Combined with our existing suits, this strengthen our ability to serve clients across different stages of the market cycle.

第三，關於新的結構化產品。在產品方面，我們開始推出更先進的結構，例如槓桿累積器和 FCM 型收益。此解決方案可協助成熟的客戶表達觀點，並透過明確的效益範圍提升您的價值，同時以穩健的風險管理和適當性為基礎。結合我們現有的業務，這將增強我們為處於市場週期不同階段的客戶提供服務的能力。

Overall, platform evolution is about making our efforts to institutions, family office, and accredited investors more seamless, more intelligent, and easier to scale. These initiatives directly support our goal of improving unique economics while delivering superior client experiences enabling us to serve more sophisticated clients profitably without proportional increases in head count.

總體而言，平台演進旨在使我們為機構、家族辦公室和合格投資者所做的努力更加順暢、更加智能，並且更容易擴展。這些措施直接支持我們改善獨特經濟效益的目標，同時提供卓越的客戶體驗，使我們能夠在不按比例增加員工人數的情況下，為更成熟的客戶提供盈利服務。

Then let's turning to RWA tokenization. In Q3, we saw growing inbound interest from listed companies, family offices, and the corporates exploring how to bring assets on chain. For capital efficiency, distribution, and the more programmable instruments, the demand drivers are clear, the challenge for most organizations is execution.

接下來我們來談談RWA代幣化。第三季度，我們看到上市公司、家族辦公室和企業對如何將資產上鍊錶現出越來越濃厚的興趣。對於資本效率、分銷和更可編程的工具而言，需求驅動因素很明確，大多數組織面臨的挑戰是執行。

In response, we focuses on productizing our capabilities into an internal RW platform solution rather than treating each opportunity as a one-off project. The goal is a standard similar SOP we can offer as a technology service provider, covering the boarding and structuring, insurance technology capability and the servicing of tokenized instruments and the custody and connectivity to distribution venues. We are on track to set up the core RW platform in Q4 and expected to start generating revenues thereafter, mainly via technology and a service fee initially.

為此，我們專注於將我們的能力產品化為內部 RW 平台解決方案，而不是將每個機會視為一次性專案。我們的目標是製定一套類似的標準作業程序，作為技術服務提供者，我們可以提供涵蓋上市和結構化、保險技術能力、代幣化工具的服務以及與分銷場所的託管和連接等方面的服務。我們正按計劃於第四季度建立核心 RW 平台，預計此後將開始產生收入，初期主要通過技術和服務費。

Over time, we see this platform sitting naturally alongside our trading and structured product business and enabling clients to hold token tokenized products directly within their broader digital wealth portfolio with us. To close, both pillars, platform evolution and RWA tokenization are fully aligned with our institutional strategy. They give our value proposition to sophisticated clients, leverage our existing regulatory and product stress, and expand our addressable markets while improving scalability and the unique economics.

隨著時間的推移，我們看到該平台自然而然地與我們的交易和結構化產品業務並存，使客戶能夠直接在他們與我們合作的更廣泛的數位財富組合中持有代幣化產品。最後，平台演進和RWA代幣化這兩個支柱完全符合我們的機構策略。它們為成熟的客戶提供我們的價值主張，利用我們現有的監管和產品優勢，擴大我們的目標市場，同時提高可擴展性和獨特的經濟效益。

I'm encouraged by the programs in Q3 and I'm looking forward to the milestones ahead in Q4 and beyond. I will handle the mic to our CFO, Josephine Ngai.

我對第三季的各項計劃感到鼓舞，並期待第四季及以後的里程碑式進展。我將把麥克風交給我們的財務長 Josephine Ngai。

Thank you, Vicky Good morning, everyone. I will now review our financial results for the third-quarter and September 30, 2025, and explain how they align with our business strategy. [CRISpy] noted that all financial results discussed during this call reflects continuing operations only. Since we optimize our business to drive return to the shareholders through proactive monitoring on our operations and market trends and certain operations under iClick were classified as hell for sale as of the end of the quarter of 2025.

謝謝你，維姬。大家早安。接下來，我將回顧我們第三季和截至2025年9月30日的財務業績，並解釋這些業績如何與我們的業務策略相符。 [CRISpy]指出，本次電話會議中討論的所有財務表現僅反映持續經營業務。由於我們透過積極監控營運和市場趨勢來優化業務，從而為股東創造回報，而 iClick 旗下的某些業務在 2025 年季度末被列為待售資產。

This quarter, we delivered solid record results across key financial matrix, demonstrating the strength of our business model and the growing institutional demand for our solutions. We generated total revenue of USD16.3 million, which increased significantly from USD0.6 million a year ago. It is primarily attributable to robust growth in wealth management solutions and execution solutions, as well as integrations of revenue from marketing and enterprise solutions following the merger with iClick.

本季度，我們在關鍵財務指標方面取得了穩健的創紀錄業績，證明了我們商業模式的實力以及機構對我們解決方案日益增長的需求。我們的總收入為 1,630 萬美元，比一年前的 60 萬美元大幅成長。這主要歸功於財富管理解決方案和執行解決方案的強勁成長，以及與 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 DMM business also contribute to the revenue growth. Revenue from our wealth management solutions was USD7.5 million, which significantly increased from USD0.5 million in the same period last year. The execution solutions generate USD3.2 million revenue this quarter compared with USD0.1 million in the third-quarter of 2024.

此外，Amber DMM 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 750 萬美元，比去年同期的 50 萬美元大幅成長。該執行解決方案本季創造了 320 萬美元的收入，而 2024 年第三季僅為 10 萬美元。

Regarding the payment solution, it was increased to USD1.2 million this quarter compared with USD0.1 million in the third-quarter 2024. Revenue for marketing and enterprise solutions was USD4.4 million after the reclassifications of income statements from disposing units in Q4, which was consolidated in the listed company after the merger last year. What's particularly encouraging about this result is the ongoing improvement in our profit profile year-over-year.

關於支付解決方案，本季增加到 120 萬美元，而 2024 年第三季為 10 萬美元。在第四季度處置部門的損益表進行重新分類後，行銷和企業解決方案的收入為 440 萬美元，這些部門在去年合併後併入了上市公司。這項結果最令人鼓舞的是，我們的獲利狀況逐年持續改善。

Gross profit for the third-quarter of 2025 reached USD11.8 million compared to USD0.4 million in the same period of 2024. Gross profit margin demonstrates an upward trend to 72.3% in the third-quarter of 2025 from 44.7% in the third-quarter last year. The operating income was USD1.4 million in the third-quarter of 2025. and achieve a turnaround from USD1.8 million operating loss in the third-quarter of 2024. As a result of our growth in gross profit and strengthen operating leverage.

2025 年第三季毛利達 1,180 萬美元，而 2024 年同期毛利為 40 萬美元。毛利率呈現上升趨勢，從去年第三季的 44.7% 成長至 2025 年第三季的 72.3%。2025 年第三季營業收入為 140 萬美元，扭轉了 2024 年第三季 180 萬美元營業虧損的局面。由於毛利成長和經營槓桿增強。

The net income from continuing operations was USD2.2 million compared to net loss from continuing operations of USD0.8 million in the third-quarter of 2024 as a result of the foregoing. As of September 30, 2025, the company has cash and cash equivalents, time deposits, and restricted cash of USD39.9 million compared to USD9.3 million as of December 31, 2024.

受上述因素影響，2024 年第三季持續經營業務淨收入為 220 萬美元，而 2024 年第三季持續經營業務淨虧損為 80 萬美元。截至 2025 年 9 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 3,990 萬美元，而截至 2024 年 12 月 31 日，這些資金為 930 萬美元。

This strong cash position supported by both our July 2025 private placements provides us with strategic flexibilities to invest in high return growth initiatives, including RWA organizations and our AI powered platform capabilities. On an on-gap basis, they adjusted EBITDA from continuing operations reached USD2.9 million and adjusted net income from continuing operations was USD2.7 million.

憑藉 2025 年 7 月的私募配售，我們擁有強勁的現金儲備，這為我們提供了戰略靈活性，可以投資於高回報增長計劃，包括 RWA 組織和我們的人工智慧驅動平台能力。以缺口計算，持續經營業務的調整後 EBITDA 達到 290 萬美元，持續經營業務的調整後淨收入為 270 萬美元。

I will now provide an update on our forward-looking outlook. Based on current market conditions and our preliminary estimates, we expect 2025 full year revenue from our Amber premium segments to be in the range of USD50 million to USD52.5 million. This guidance reflects our expectations on sustainable institutional demand and the diversification of our revenue streams across wealth management, executions, and payment solutions.

接下來，我將介紹我們對未來的展望。根據目前的市場狀況和我們的初步估計，我們預計 2025 年全年 Amber 高端業務的收入將在 5,000 萬美元至 5,250 萬美元之間。此指導意見反映了我們對永續機構需求的預期，以及我們在財富管理、執行和支付解決方案等領域的收入來源多元化。

This outlook is also 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 demand, which are all subject to change. Please also refer to the factors set out under the sections title Safe Harbor statement and the earnings.

這項展望也基於當前的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，所有這些都可能發生變化。另請參閱標題為“安全港聲明”和“收益”部分中列出的因素。

Looking ahead, in addition to the external business strategy that we mentioned before, internally, we implementing disciplined cost management to drive continued improvement in operating leverage as we scale. We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrate 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，以便在合併後整合各項業務的過程中，提供關於我們業績的透明資訊。

We maintain strong liquidity and balance sheet flexibility in order to support our global expansions and strategic partnerships to improve the profitability demonstrates that our institutional approach is resonating with clients and creating values for shareholders. With that, I will turn the call back to MIA. Thank you.

我們保持強勁的流動性和資產負債表靈活性，以支持我們的全球擴張和策略合作，從而提高盈利能力，這表明我們的機構方法引起了客戶的共鳴，並為股東創造了價值。這樣，我就把電話轉回給 MIA 了。謝謝。

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

謝謝你，約瑟芬。我們今天的演講到此結束。現在我們將開放問答環節。操作員，請開始。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hi, good morning. So first question on the share repurchase authorization as you're thinking about utilizing that, would you take a more opportunistic or programmatic approach to retiring common shares?

您好，早安。那麼，關於股份回購授權的第一個問題，既然您正在考慮利用該授權，您會採取更具機會主義還是更具計劃性的方式來註銷普通股？

Hi Brian, thanks for the question. Regarding the execution of this share repurchase program, I mean, we are taking a an open minded approach right? We may repurchase ADS through open market transactions a prevailing market prices. We might conduct privately negotiated transactions, we might do block trades or any combination of these. Again, we will conduct all purchases in compliance. But you know regarding the specific timing, the type of transactions, the amount will all depend on a lot of factors, right, including the share price itself, the volume, market conditions, working capital requirements, and other general business conditions.

嗨，布萊恩，謝謝你的提問。關於這項股票回購計畫的執行，我的意思是，我們採取的是一種開放的態度，對吧？我們可能會透過公開市場交易，以現行市場價格回購美國存託股份。我們可能會進行私下協商的交易，也可能會進行大宗交易，或者兩者兼而有之。再次重申，我們將依法進行所有採購。但您也知道，具體時間、交易類型、金額都取決於許多因素，對吧，包括股價本身、交易量、市場狀況、營運資金需求以及其他一般商業狀況。

And again, the given the decision is from our Board of Directors, our Board will also review the program periodically and may authorize adjustments to the terms size based on evolving business needs and the market conditions.

再次強調，鑑於該決定來自我們的董事會，我們的董事會也將定期審查該計劃，並可能根據不斷變化的業務需求和市場狀況授權調整條款規模。

Yeah, great, thanks. And then do you think you could just touch on some of the key drivers of better than expected volumes in 3Q and, I know it's early in 4Q, but what are you seeing so far? Do you expect that strength to continue?

好的，謝謝。那麼，您能否談談第三季銷售量優於預期的一些關鍵驅動因素？我知道現在才第四季初期，但您目前看到了什麼？你認為這種強勁勢頭會持續下去嗎？

Yeah, this is Wang and for the volume side, I think you may see the number in Q3, both execution payment volumes pick up dramatically and in Q3, the main driver is about, I mean, the raising, the risk of ETH price you may -- you can see in the Q3 and it prompts the ETH miners. They just -- some of the previous ETH miners to take profits and engaging in the direction of trading which sparks our, I mean, execution volume a lot and also the ETS price really well spark imagination of the small cap tokens and so some like the hedge funds, etc.

是的，我是王。關於交易量方面，我認為您可能會在第三季看到相關數據，執行支付量都會大幅成長。第三季的主要驅動因素是以太坊價格上漲的風險，您可能會在第三季看到這一點，這刺激了以太坊礦工。他們只是——一些之前的 ETH 礦工獲利了結，並開始進行交易，這極大地刺激了我們的交易量，而且 ETS 的價格也確實激發了小市值代幣的想像力，因此一些人，比如對沖基金等等。

They're just doing the rebalancing with their portfolios, and then, they engage us with [extra] execution service, and also, yeah, there was some high profile IO, etc. projects they just, maybe, engage us to do some, I mean the buy and selling activity as well. So this will be the key drivers of the execution volume side.

他們只是在進行投資組合的再平衡，然後，他們聘請我們進行（額外的）執行服務，而且，是的，還有一些備受矚目的IO等項目，他們可能也會聘請我們進行一些買賣活動。因此，這將是影響執行量的關鍵因素。

And in terms of the Q4, I could anticipate that if the market volatize continues, we can imagine there was still active trading behaviors and which will engage us to or using our execution of the trading desk capabilities going forward. I hope I answered your question.

至於第四季度，我預期如果市場波動持續，我們仍然可以想像會有活躍的交易行為，這將促使我們繼續運用交易台的執行能力。希望我的回答能幫助你。

Yeah, that was very helpful, particularly the commentary regarding volatility. Thanks very much.

是的，那很有幫助，特別是關於波動性的評論。非常感謝。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

Hi everyone, thanks for taking my question. I know over in Hong Kong we're coming off a pretty big, the Fintech Festival over there. Then obviously we had token 24/9 the past couple weeks. Just wondering, as you start to see more of these mainstream financial institutions kind of attend these conferences, how are your conversations with this kind of group and how close do you think we are to potentially one day kind of forming a partnership with a company like one of these more traditional, institutions? Thanks.

大家好，感謝大家回答我的問題。我知道香港那邊剛舉辦了一場規模相當大的金融科技節。顯然，過去兩週我們一直有全天候24小時的代幣供應。我只是好奇，隨著越來越多的主流金融機構參加這些會議，您與這類機構的溝通狀況如何？您認為我們距離與這類較傳統的機構建立合作關係還有多遠？謝謝。

Hi, yeah, thanks for the question. Yeah, I think, I'm attending several panels in the Hong Kong Fintech Festival and the -- I mean, the Singapore Fintech Festival. I think that their interests are mainly focused on the stablecoins and the RWA perspective, and they just want maybe finding some solutions for them to tokenize their -- like the money market funds, real estates, stocks, public stock private shares, and they want like a one stop service even for them to distribute, right?

你好，是的，謝謝你的提問。是的，我想我會參加香港金融科技節和──我是說，新加坡金融科技節的幾個小組討論會。我認為他們的興趣主要集中在穩定幣和 RWA 方面，他們只是想找到一些解決方案，讓他們能夠將自己的資產（例如貨幣市場基金、房地產、股票、公開股票和私人股份）代幣化，他們甚至想要一個一站式服務來進行分銷，對嗎？

So, this is what the inbounds, lots of the inbound interest, coming to us. So we, as I mentioned, during the maybe the past session, we are actively engaged with them talking about how could I, how could we help them to do the other initiatives. And in terms of the stablecoins, yes, I, as you may know like Hong Kong is rolling out the stablecoin regulation and the license regime and I hope, we anticipate that there will be some of the, like the stablecoins, partners in the future to maybe discuss with some, about how to list it within our licensed regulatory platform, etc.

所以，這就是我們收到的大量外部諮詢和關注。正如我剛才提到的，在上次會議中，我們積極與他們交流，討論如何幫助他們進行其他專案。至於穩定幣，是的，正如您可能知道的，香港正在推行穩定幣監管和牌照制度，我希望，我們預計未來會有一些穩定幣合作夥伴，可以與他們討論如何在我們的持牌監管平台上上市等事宜。

Yeah, but is still, I mean some preliminary discussion. Yeah, but to answer your questions, we do find that, lots of the traditional institutions, they are quite interesting -- interested in the stablecoin RWA kind of initiatives, and we're definitely one of the maybe the potential service providers among their options. Thank you.

是的，但目前仍是一些初步討論。是的，但要回答你的問題，我們發現很多傳統機構都對穩定幣 RWA 之類的項目很感興趣，而我們絕對是他們潛在的服務提供者之一。謝謝。

Great, appreciate the call there, and then, I guess since the flash crash or liquidations for the industry, back in early October, curious on a medium perspective. Does this create any opportunity, for kind of Amber, I guess to increase market share in any of the areas? Thanks.

太好了，感謝你的來電。另外，我想自從 10 月初行業閃崩或清算以來，我對中端市場的看法感到好奇。這是否為Amber公司創造了任何機會，使其能夠在某些領域增加市場佔有率？謝謝。

Hi, this is Steve. I'll take that one. So as with, cycles before, typically in these kind of events, there are players that would be whose risk management might not be completely up to par that would be hurt by such a liquidation event. However, that presents opportunities for market share to shift to players with, I guess more stringent risk control and platforms where folks perceived to have more stability or financial or financial backing right.

大家好，我是史蒂夫。我選那個。因此，與先前的週期一樣，通常在這類事件中，有些參與者的風險管理可能不夠完善，會受到這種清算事件的傷害。然而，這也為市場份額轉移到那些風險控制更為嚴格、且被認為擁有更穩定或更雄厚財力或財務支持的參與者提供了機會。

So I think we did benefit from that shift in the past month or so and we continue to hope to capitalize on these opportunities as some of the other smaller desks and smaller players retrench from such an event. So, right now we're still, we're still looking at this as an additional opportunity, incremental opportunities for us.

所以我認為，在過去一個月左右的時間裡，我們確實從這種轉變中受益，並且我們繼續希望能夠抓住這些機會，因為其他一些規模較小的機構和小企業會因為這類事件而收縮戰線。所以，目前我們仍然將此視為一個額外的機會，一個漸進的機會。

Great, thanks everyone, and congrats on all the progress.

太好了，謝謝大家，恭喜你們取得的所有進展。

Thank you. There are no additional questions at this time. MIA, do you have any comments? Thank you, I'll turn this, I'll turn the call back to MIA for closing remarks. We're going to answer one more question.

謝謝。目前沒有其他問題。MIA，你有什麼要補充的嗎？謝謝，我這就把電話轉回給 MIA，請他做總結發言。我們再回答一個問題。

So, yeah, we have got some questions from the system. There's a question from Kelvin. The question reads, since the merger and the stock price has softened, how do you position your evaluation versus tiers and what key metrics should investors focus on ?

是的，我們收到了一些來自系統的問題。凱爾文有個問題。問題是：合併後股價走軟，您如何根據層級對公司進行評估？投資人應該關注哪些關鍵指標？？

So I think, again, fundamentally we are, as we mentioned, we are building what we believe a company at the frontier of technologies. We really position Amber to be at the forefront of crypto and AI, and we do believe the two technologies will not only converge, but they will reshape finance and the broader economy.

所以我認為，從根本上講，正如我們所提到的，我們正在打造一家我們認為處於技術前沿的公司。我們致力於將 Amber 定位為加密貨幣和人工智慧領域的前沿企業，我們相信這兩種技術不僅會融合，而且會重塑金融和更廣泛的經濟格局。

Therefore, we are really taking a long-term technology driven growth approach towards our business and towards how we build the company. Rome is not built in one day. We have a lot of patience, a lot of commitment to realize that really greater, and ambitious vision.

因此，我們真正採取的是以技術驅動的長期成長方式來發展業務和建立公司。羅馬不是一天造成的。我們有足夠的耐心和決心來實現這個更偉大、更有野心的願景。

Now, in the meantime, that does not mean we only focus on the long-term. We do care about, how to maximize shareholder values. Market sometimes does its own thing, but that's why both, we are focused day to day to improve our business, to generate revenue, to generate profits, as you can see, the business is profitable, is the business strong, the business highly resilient across market cycles.

但同時，這並不意味著我們只關注長期發展。我們非常關心如何實現股東價值最大化。市場有時會自行其是，但也因為如此，我們每天都專注於改善業務、創造收入和利潤。正如你所看到的，我們的業務獲利能力強，業務穩健，業務在市場週期中具有很強的韌性。

At the same time, we are taking different approaches, we are trying different ideas and the Board in this case blessed us with this share buyback program and again, we are trying to both with a very long-term approach built towards our vision and we do think Amber has an opportunity to become really a cornerstone of that future we envision. At the same time, in the immediate term, we care a lot about, how to return values to shareholders and taking all kinds of measures in that as well.

同時，我們正在採取不同的方法，嘗試不同的想法。在這種情況下，董事會批准了我們的股票回購計劃。我們再次嘗試以非常長遠的眼光來實現我們的願景，我們認為 Amber 有機會成為我們所設想的未來的真正基石。同時，就近期而言，我們非常關心如何為股東創造價值，並為此採取各種措施。

In terms of evaluation versus peers, again, I do think, we are quite uniquely positioned. Most listed crypto companies, a lot of them either fall into the category of retail focused to crypto exchanges or into the category of crypto minor or minor related companies.

就與同行的比較而言，我認為，我們確實擁有相當獨特的優勢。大多數上市的加密貨幣公司，要麼屬於專注於加密貨幣交易所的零售類公司，要麼屬於加密貨幣相關小型公司或小型公司。

Amber is neither. We are, as we are positioned as Asia's leading digital wealth management platform, and we do service a very unique and extremely, strong client base of institutions and family offices and high networks alike. So we do think we are in a unique position and it's a bit harder to compare us directly with other companies. But if you really want to look at metrics, you do see, we are a profitable company, we're growing our revenue, of course, that the industry can be cyclical, but at the same time, I think over time if you look at the company's history going backwards and if you see the companies going forward, I do think you know we'll continue to see growth in revenue and profitability.

琥珀兩者都不是。作為亞洲領先的數位財富管理平台，我們擁有非常獨特且極其強大的客戶群，包括機構、家族辦公室和高端人脈網絡。所以我們認為我們處於一個獨特的地位，很難將我們與其他公司直接比較。但如果你真的想看指標，你會發現，我們是一家獲利的公司，我們的收入也在成長。當然，這個行業可能會有周期性波動，但同時，我認為隨著時間的推移，如果你回顧公司的歷史，再展望公司的未來，我認為你會知道我們將繼續看到收入和盈利能力的增長。

Another question, it reads, congrats on Q3. I'm curious about your outlook on the crypto market and how you expect it to influence revenue and the profitability going forward. I think my colleagues Yi and Steve both touched upon this question a little bit. I think it's very hard to predict the market in the short-term, long-term, we're extremely confident about the growth of the crypto industry, the crypto market, and the Blue chip assets such as Bitcoin itself.

上面寫著另一個問題，恭喜你拿到第三季。我很好奇您對加密貨幣市場的看法，以及您預計它將如何影響未來的收入和獲利能力。我認為我的同事 Yi 和 Steve 都稍微談到了這個問題。我認為短期內很難預測市場走勢，但長期來看，我們對加密貨幣產業、加密貨幣市場以及比特幣等藍籌資產的成長充滿信心。

But in the near term, there will be volatility. We do see since October there has been a sharp price decline, and overall, shrinking liquidity in the crypto market in the near term that will impose challenges to some investors, to some investor confidence, but at the same time, there are also factors, potentially benefiting us such as what Steve mentioned that there are other potential smaller players or players who are less robust in terms of their risk management that will leave market share and then leave potential client activities towards us or players like us.

但短期內，市場會出現波動。我們看到，自 10 月以來，加密貨幣價格大幅下跌，短期內加密貨幣市場的流動性總體上也在萎縮，這將對一些投資者及其信心構成挑戰。但同時，也有一些因素可能對我們有利，例如 Steve 提到的，其他一些規模較小或風險管理能力較弱的參與者將會失去市場份額，從而將潛在客戶拱手讓給我們或與我們類似的參與者。

So yeah, I mean you know it's hard to predict the market itself but you know again if we bring the horizon a bit further and look at the long-term we're both, extremely confident about the industry about the market long-term and also confident about our own growth. I think that's all the questions, we have answered today.

所以，是的，我的意思是，你知道，預測市場本身很難，但是，如果我們把目光放得更長遠一些，著眼於長遠，我們對產業的長期發展以及我們自身的成長都充滿信心。我想今天我們已經回答了所有的問題。

Thank you. There are no additional phone questions.

謝謝。沒有其他電話諮詢。

Thank you all for joining us today. This quarter represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming Amber International's position as a global leading digital wealth management platform. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call. Thank you and have a great day.

感謝各位今天蒞臨。本季標誌著我們邁出了關鍵一步，我們將加速人工智慧驅動的轉型，並加強對卓越機構的承諾，從而鞏固 Amber International 作為全球領先的數位財富管理平台的地位。我們衷心感謝您一直以來的信任與支持，並期待在下一季與您分享更多最新進展。今天的電話會議到此結束。謝謝，祝您今天過得愉快。