eToro Group Ltd. (ETOR) 2026 Q1 法說會逐字稿

Hi. My name is Daniel Amir, Head of Investor Relations. This webcast is being recorded and will be available for replay in the Investors section of eToro's website. Our earnings press release, investor presentation and April monthly spreadsheet is now available on our website at investors.etoro.com.

嗨。我是 Daniel Amir，投資人關係主管。本次網路直播將會錄製，並可於 eToro 官網的「投資人」專區回放觀看。我們的財報新聞稿、投資人簡報以及 4 月月度試算表現已公布於 investors.etoro.com。

Today, I'm joined by Yoni Assia, our CEO; and by Meron Shani, our CFO. Following the prepared remarks, we will conduct a Q&A session and answer questions from both institutional research analysts and a selection of the most upvoted question previously submitted by eToro's retail shareholders.

今天與我一同出席的有我們的執行長 Yoni Assia，以及財務長 Meron Shani。在預先準備的發言之後，我們將進行問答環節，回答機構研究分析師的提問，以及從 eToro 零售股東先前提交、獲得最多按讚的一部分問題中挑選的提問。

But before we begin, I want to note that today's discussion contains forward-looking statements, including statements about goals, business outlook, industry trends, market opportunities, expectations for future financial performance and similar items, all of which are subject to risks, uncertainties and assumptions. And you can find more information about these risks and uncertainties in the press release that we issued today and in the Risk Factors section of our filings at sec.gov. Actual results may differ, and we take no obligation to revise or update any forward-looking statements.

不過在開始之前，我想提醒各位，今天的討論包含前瞻性陳述，包括關於目標、業務展望、產業趨勢、市場機會、對未來財務表現的預期及類似事項的陳述，這些均受風險、不確定性與假設影響。關於這些風險與不確定性的更多資訊，請參閱我們今日發布的新聞稿，以及我們在 sec.gov 申報文件中的「風險因素」章節。實際結果可能有所不同，我們亦不承擔修訂或更新任何前瞻性陳述的義務。

Finally, during today's meeting, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Definitions and reconciliation of GAAP to non-GAAP measures is available in our press release, investor presentation and on the sec.gov website as applicable.

最後，在今天的會議中，我們將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是 GAAP 編製之財務績效衡量指標的補充，並非替代，也不優於 GAAP 指標。GAAP 與非 GAAP 指標的定義與調節表（reconciliation）可於我們的新聞稿、投資人簡報以及（如適用）sec.gov 網站查閱。

With that, I will pass the call to Yoni.

接下來，我把電話交給 Yoni。

Thank you, Daniel, and thank you to everyone joining us today. Welcome to eToro's first-quarter 2026 earnings call. After Meron and I conclude our prepared remarks, we will open the call for questions.

謝謝你，Daniel，也謝謝今天加入我們的各位。歡迎參加 eToro 2026 年第一季財報電話會議。在我與 Meron 完成預先準備的發言後，我們將開放提問。

This was a very strong quarter and a very strong start to 2026. Net contribution and adjusted EBITDA were both record as a public company. Net contribution increased by 19% year over year to $258 million, while adjusted EBITDA grew 35% to $109 million. This marks our fourth consecutive strong quarter since becoming a public listing.

這是一個非常強勁的季度，也是 2026 年非常強勁的開局。淨貢獻（net contribution）與調整後 EBITDA 皆創下我們成為上市公司以來的新高。淨貢獻年增 19% 至 2.58 億美元，而調整後 EBITDA 成長 35% 至 1.09 億美元。這是我們自公開上市以來連續第四個強勁季度。

Just as importantly, the quarter demonstrates the durability of our model and a confirmation of our strategy as trading continued to shift from crypto to commodities and our diversified offering kept users engaged. This highlights our ability to sell across market environments and is a core structure advantage.

同樣重要的是，本季度展現了我們模式的耐久性，並驗證了我們的策略：在交易活動持續從加密資產轉向大宗商品之際，我們多元化的產品供給讓用戶保持參與。這凸顯了我們在不同市場環境中進行銷售的能力，也是核心的結構性優勢。

We also saw meaningful acceleration across our key performance indicators. Funded accounts grew 12% year over year to over 4 million, representing our fastest organic growth in over a year, driven by increased strategic marketing investment and improved retention efforts. Momentum carried into April, with funded accounts growing 13% year over year. Assets under administration reached $17 billion, up 15% year over year, driven by strong customer inflows.

我們也看到關鍵績效指標出現明顯加速。入金帳戶（funded accounts）年增 12% 至超過 400 萬戶，創下一年多以來最快的自然成長，主要受更高的策略性行銷投資與更佳的留存措施帶動。動能延續至 4 月，入金帳戶年增 13%。代管資產（assets under administration）達 170 億美元，年增 15%，主要由強勁的客戶資金流入所驅動。

We are a highly diversified global financial services company. We're building a global platform for investing built around the idea that everyone should have access to the world's financial markets in a simple and transparent way. Today, users can invest across almost every major asset classes from stocks, indices, commodities, currencies, crypto assets, tokenized assets and emerging market opportunities like prediction markets.

我們是一家高度多元化的全球金融服務公司。我們正在打造一個全球投資平台，核心理念是：每個人都應以簡單且透明的方式，取得全球金融市場的投資機會。如今，用戶幾乎可以投資所有主要資產類別，包括股票、指數、大宗商品、貨幣、加密資產、代幣化資產，以及如預測市場等新興市場機會。

Innovation remains at the core of our strategy. We continue to expand our platform with new products and technologies, including AI-powered investing experiences, 24/7 trading capabilities and on-chain financial infrastructure while continue to strengthen our traditional investment offering. We believe these initiatives position us well to capture the long-term evolution of global investing and wealth creation.

創新仍是我們策略的核心。我們持續以新產品與新技術擴展平台，包括 AI 驅動的投資體驗、24/7 交易能力與鏈上金融基礎設施，同時也持續強化我們的傳統投資產品。我們相信，這些舉措使我們能夠把握全球投資與財富創造長期演進的機會。

Six months ago, we made AI a company-wide mandate across every function in eToro. We didn't just adopt tools. We rethought how we operate. Today, every function inside eToro, research, engineering, product development and marketing is supported by AI agents that operate against our infrastructure, continuously upgrade themselves as frontier models improve.

六個月前，我們將 AI 設為 eToro 各項職能的公司級強制要求。我們不只是導入工具。我們重新思考了營運方式。如今，eToro 內部的每個職能——研究、工程、產品開發與行銷——都由在我們基礎設施上運作的 AI 代理（agents）所支援，並會隨著前沿模型的進步而持續自我升級。

The impact is significant. We're already seeing significant productivity gains in engineering with more to come and similar acceleration is extending across the rest of the organization. Work that historically took quarters now ships in a fraction of the time. Capabilities that used to require deep technical expertise are become accessible across the business. We believe 2026 is the year of agents, and eToro is among the early adopters of this shift in our industry. This is an engine behind a significantly faster product road map.

其影響相當顯著。我們已在工程領域看到明顯的生產力提升，未來還會更多，而類似的加速也正在擴展到組織的其他部分。過去需要以季度為單位完成的工作，如今在更短的時間內就能交付。以往需要深厚技術專業才能具備的能力，正逐步在整個業務中變得可取得。我們相信 2026 年是「代理」之年，而 eToro 是本產業中較早採用這一轉變的公司之一。這也是推動我們產品路線圖大幅加速的引擎。

As we deliver against our mission, we have remained focused on execute on our four strategic pillars: trading, investing, wealth management and neo banking. Allow me to share a few highlights across each of these areas.

在推進我們使命的同時，我們仍專注於落實四大策略支柱：交易、投資、財富管理與新型銀行（neo banking）。接下來我將分享各領域的一些重點。

In trading, we saw incredibly strong growth in commodities, which represented 60% of trading commission in the first quarter, with volumes increasing nearly fourfold year over year. This reflects both market conditions as well as the strength of our multi-asset model, which continues to drive cross-asset engagement.

在交易方面，我們看到大宗商品出現極為強勁的成長；第一季大宗商品占交易佣金的 60%，交易量年增接近四倍。這反映了市場環境，也反映了我們多資產模式的優勢，該模式持續帶動跨資產的參與度。

Over the past six months, users who initially traded crypto or equities accounted for most of the commodities trading volume. That is the multi-asset model in action, and it is how we deepen user engagement over time. The strength and resilience of eToro's business model are anchored in our proven ability to sell across a diversified multi-asset platform, a pattern we've successfully executed through both crypto rallies and periods of elevated activity in traditional capital markets.

在過去六個月中，最初交易加密資產或股票的用戶，貢獻了大部分的大宗商品交易量。這正是多資產模式的實際運作方式，也是我們隨時間加深用戶參與度的方法。eToro 商業模式的強勁與韌性，根植於我們在多元化多資產平台上進行銷售的成熟能力；無論是在加密資產大漲期間，或是在傳統資本市場活動升溫的時期，我們都已成功執行這一模式。

Our 24/5 trading offering launched last year and is being widely used and it underscores the global nature of our user base. This year, we took the next step. We rolled out 24/7 trading across multiple asset classes. eToro users can now trade select commodities, single stocks and indices around the clock with more to come. We see this as an evolution in capital markets. Traditional markets are starting to look like crypto markets and users want to trade on their own schedule.

我們於去年推出的 24/5 交易服務已被廣泛使用，並凸顯了我們用戶基礎的全球性。今年，我們更進一步。我們已在多個資產類別推出 24/7 交易。eToro 用戶現在可全天候交易部分大宗商品、個股與指數，後續還會擴充。我們將此視為資本市場的一次演進。傳統市場正開始更像加密市場，而用戶希望能依照自己的時間表進行交易。

We also continue to expand our offering. With the addition this quarter of Japanese equities, eToro users can now trade equities from 26 of the world's leading stock exchanges. In the US, we expanded our crypto offering with the launch of crypto trading for users in New York, the epicenter of the country's financial markets following the successful activation of our BitLicense and Money Transmitter License.

我們也持續擴大產品供給。本季度新增日本股票後，eToro 用戶如今可交易來自全球 26 個主要證券交易所的股票。在美國，我們在成功啟用 BitLicense 與匯款業者牌照（Money Transmitter License）後，推出紐約用戶的加密資產交易，進一步擴大我們的加密產品供給；紐約是美國金融市場的核心。

Turning to investing. Copy trading remains a core differentiator for eToro as we're the only company offering automated agentic trading. This quarter, Copy trading reached an all-time high, driven by rising demand to copy and Pro Investors were actively reacting to volatile market events. Copy trading is widely used by our users, reinforcing its role as a cornerstone of our social investing model.

接著談投資。跟單交易（Copy trading）仍是 eToro 的核心差異化優勢，因為我們是唯一提供自動化代理式交易（automated agentic trading）的公司。本季度跟單交易創下歷史新高，主要由跟單需求上升所帶動，且專業投資人（Pro Investors）也在市場波動事件中積極應對。跟單交易被我們的用戶廣泛使用，進一步鞏固其作為我們社交投資模式基石的角色。

As an AI-first company, AI-powered investing sits at the core center of our innovation strategy. We're entering a new era of investing where AI is reshaping how individuals access markets, make decisions and build wealth. At eToro, we see AI as a force that levels the playing field, giving every investor access to capabilities once reserved only for institutions.

作為一家 AI 優先（AI-first）的公司，AI 驅動的投資位於我們創新策略的核心。我們正進入投資的新時代，AI 正在重塑個人如何接觸市場、做出決策並累積財富。在 eToro，我們將 AI 視為一股能夠拉平競爭環境的力量，讓每位投資人都能取得過去僅機構才擁有的能力。

Our vision is to equip each user with their own team of AI agents, tools that analyze the markets, generate insights and share personalized analysis while enabling them to build, share and scale strategies within a global collaborative investing ecosystem. We're extending the same agent architecture we have built internally directly to our users by putting institutional-grade capabilities into the hands of every retail investor on eToro, designed to similarly integrate with the community they already trust to learn from and engage with.

我們的願景是為每位用戶配備其專屬的 AI 代理團隊——這些工具可分析市場、產生洞見並分享個人化分析，同時讓用戶能在全球協作式投資生態系中建立、分享並擴展策略。我們正把內部打造的同一套代理架構直接延伸給用戶，將機構級能力交到 eToro 上每一位零售投資者手中，並設計為可同樣與他們既有信任、用以學習與互動的社群整合。

Ultimately, AI is accelerating a long-term trend of making investing more accessible, more social and more personalized. The Internet democratized information, blockchain democratized value, AI is now democratizing financial expertise. And as finance and technology continue to converge, it is becoming the primary interface between users and the markets. AI will help millions of people participate in the markets with greater confidence, better tools and a stronger connection to both data and community.

歸根結底，AI 正在加速一個長期趨勢：讓投資更易取得、更具社交性且更個人化。網際網路使資訊民主化，區塊鏈使價值民主化，而 AI 現在正使金融專業知識民主化。隨著金融與科技持續融合，它正逐漸成為用戶與市場之間的主要介面。AI 將協助數百萬人以更高的信心、更好的工具，以及與數據與社群更緊密的連結來參與市場。

The introduction of Agent Portfolios is also a meaningful step on that journey. Agent Portfolios let users allocate capital to AI-driven strategies inside a dedicated environment in the eToro account. Through Tori, our AI investing agent and conversational interface, users define the parameters and the AI agents run the portfolio. They get exposure to intelligent portfolio management in a controlled and transparent way while keeping full control over their broader investments.

Agent Portfolios（代理投資組合）的推出，也是這段旅程中的重要一步。Agent Portfolios 讓用戶可在 eToro 帳戶內的專屬環境中，將資金配置到 AI 驅動的策略。透過 Tori——我們的 AI 投資代理與對話式介面——用戶可定義參數，並由 AI 代理運行投資組合。用戶能以受控且透明的方式接觸智慧型投資組合管理，同時仍對其更廣泛的投資保持完全掌控。

As part of our AI efforts, we also recently expanded our partnership with SpaceX AI by embedding real-time X intelligence and market sentiment powered by the frontier Grok 4.2 model directly into the investment workflows of Tori.

作為我們 AI 努力的一部分，我們近期也擴大了與 SpaceX AI 的合作，將由前沿 Grok 4.2 模型驅動的即時 X 情報與市場情緒，直接嵌入 Tori 的投資工作流程中。

As more activity shifts toward automated AI-driven strategies, we expect increased engagement, trading activity and volume across the platform. Building on this, we have launched the eToro App Store, a marketplace for trading and analytics applications directly within the eToro ecosystem. We have also introduced a builders portal, providing partners with access to APIs, tools and development resources.

隨著更多活動轉向自動化的 AI 驅動策略，我們預期平台上的互動度、交易活動與交易量都將提升。在此基礎上，我們推出了 eToro App Store——一個直接位於 eToro 生態系內的交易與分析應用程式市集。我們也推出了 builders portal（建置者入口網站），為合作夥伴提供 API、工具與開發資源的存取權。

Some of the apps developed include AI trading -- an AI trading cockpit, a trading hub, a Bloomberg-style terminal for traders. Price point turns web page into trading signals, and POTUS turns politicians and influencer comments into trading signals. Together with Agent Portfolios, the eToro App Store and our builders portal create a foundation for a new builders economy, enabling the creation and distribution of applications to millions of users, including no-code AI-powered tools.

已開發的部分應用程式包括 AI 交易——AI 交易駕駛艙、交易中樞，以及類彭博終端機的交易者終端。Price point 會將網頁內容轉換為交易訊號，而 POTUS 會將政治人物與網紅的評論轉換為交易訊號。結合 Agent Portfolios、eToro App Store 與我們的 builders portal，為全新的建置者經濟奠定基礎，使應用程式（包含無程式碼的 AI 驅動工具）得以被創建並分發給數百萬用戶。

Developers, quantitative strategists and everyday users can now access, create, share and scale financial applications across our global platform. Over time, we expect a broad set of applications to be built on top of eToro, further expanding the capabilities of our ecosystem and fostering a more engaged, loyal user base.

開發者、量化策略師與一般用戶如今都能在我們的全球平台上存取、創建、分享並擴展金融應用程式。隨著時間推進，我們預期將有廣泛的應用程式建立在 eToro 之上，進一步擴大我們生態系的能力，並培養更投入、更忠誠的用戶基礎。

In wealth management, the continued adoption of our Club subscription gave us the runway to introduce an upgraded plan, giving users access to first-class benefits of our premium tier for a monthly or annual recurring fee. More users can now get enhanced rewards, professional tools and premium experiences, which we believe drives deeper engagement and higher user satisfaction.

在財富管理方面，我們 Club 訂閱的持續採用為我們提供了推出升級方案的空間，讓用戶可按月或按年支付循環費用，享有我們高階方案的一流權益。更多用戶如今可獲得加碼獎勵、專業工具與尊榮體驗；我們相信這將帶來更深度的互動與更高的用戶滿意度。

Our Cash ISA offering in the UK also had a record quarter. ISA AUA grew 15 times compared to the same period last year with the underlying market opportunity exceeding $1 trillion. We're now using that playbook to push deeper into localized savings products across other key markets.

我們在英國的 Cash ISA 產品也創下單季新高。ISA 的 AUA 較去年同期成長 15 倍，而其背後的市場機會超過 1 兆美元。我們正運用同樣的作法，進一步推進其他關鍵市場的在地化儲蓄產品。

In neobanking, eToro Money delivered a record quarter. We continue to invest in localization and in regional expansion, enhancing the user experience and supporting long-term growth. We've seen strong adoption to the eToro Money card available today in Europe and the UK, and we'll continue to expand the benefits associated with that card. In the first quarter, the number of cards issued more than doubled quarter over quarter.

在新型銀行（neobanking）方面，eToro Money 也繳出創紀錄的一季。我們持續投資在地化與區域擴張，以提升用戶體驗並支持長期成長。我們看到目前在歐洲與英國推出的 eToro Money 卡有強勁採用率，並將持續擴大該卡所附帶的權益。第一季發卡數量較前一季增加逾一倍。

Finally, last month, we announced the acquisition of Zengo, a leading self-custodial crypto wallet provider, marking an important step in advancing our long-term crypto strategy. At eToro, we have long believed that blockchain technology and digital assets will play a central role in the future of finance.

最後，上個月我們宣布收購 Zengo——領先的自我託管加密錢包供應商——這標誌著推進我們長期加密策略的重要一步。在 eToro，我們長期以來一直相信區塊鏈技術與數位資產將在金融的未來扮演核心角色。

Crypto is revolutionary because it reduces friction in financial services, gives individuals and companies true ownership of their assets and expands access to a more inclusive global economy. As one of the first crypto companies to offer crypto back in 2013, we've been pioneers in the blockchain technology. Having experienced many crypto cycles, we believe that crypto downtimes are the time to build, and this acquisition reflects that long-term commitment and approach.

加密資產之所以具有革命性，是因為它降低金融服務的摩擦，讓個人與企業真正擁有其資產，並擴大對更具包容性的全球經濟之可及性。作為 2013 年最早提供加密資產的公司之一，我們一直是區塊鏈技術的先驅。歷經多輪加密週期後，我們相信加密市場低迷期正是建設的時機，而這次收購反映了我們長期的承諾與做法。

Zengo combines naturally with eToro. Our global multi-asset platform and distribution, together with their secure self-custodial wallet technology, gives users direct control over their digital assets while staying seamlessly connected to on-chain infrastructure. This transaction enhances our digital asset capabilities and accelerates our strategy to bridge traditional investing with decentralized finance, unlocking new opportunities across tokenized assets, prediction markets and perpetual futures.

Zengo 與 eToro 可自然結合。我們的全球多元資產平台與分發能力，結合其安全的自我託管錢包技術，讓用戶在與鏈上基礎設施無縫連結的同時，仍能直接掌控其數位資產。此交易強化我們的數位資產能力，並加速我們連結傳統投資與去中心化金融的策略，開啟代幣化資產、預測市場與永續期貨等領域的新機會。

Globally, we now offer over 200 crypto assets on eToro and access now to thousands of more on Zengo, including tokenized stocks. Importantly, our crypto efforts are not dependent on short-term market conditions. We are seeking to position eToro to lead the transition to an on-chain financial world.

在全球範圍內，我們目前在 eToro 上提供超過 200 種加密資產，並可透過 Zengo 存取數千種更多資產，包括代幣化股票。重要的是，我們的加密布局並不依賴短期市場狀況。我們致力於讓 eToro 站上領導向鏈上金融世界轉型的位置。

To wrap up, we've delivered strong financial results, grown funded accounts ahead of the market and continue to drive product and innovation, particularly in AI. At the same time, we continue to thoughtfully pursue strategic initiatives, including expansion through acquisitions and our share repurchase program. Our focus remains firmly on creating long-term value, and we believe our strong start to the year reflects our unwavering commitment to that objective.

總結來說，我們交出強勁的財務成果，入金帳戶數的成長領先市場，並持續推動產品與創新，尤其是在 AI 方面。同時，我們也持續審慎推進策略性舉措，包括透過併購擴張以及我們的股票回購計畫。我們的重點仍堅定放在創造長期價值，我們相信今年強勁的開局反映了我們對該目標不變的承諾。

With that, I'll hand it over to Meron.

接下來，我把時間交給 Meron。

Thank you, Yoni. As Yoni mentioned, we are very pleased with our first-quarter results, which demonstrate our continued momentum as well as the durability of our diversified business model.

謝謝你，Yoni。如 Yoni 所提到的，我們對第一季的業績感到非常滿意，這展現了我們持續的動能，以及我們多元化商業模式的韌性。

First-quarter net contribution grew 19% year over year to $258 million, and adjusted EBITDA grew 35% year over year to $109 million. In line with our focus on diversified profitable revenue growth, our adjusted EBITDA margin was 42% compared to 37% a year ago. These very strong margin results were due to a higher net contribution in the quarter.

第一季淨貢獻（net contribution）年增 19% 至 2.58 億美元，而調整後 EBITDA 年增 35% 至 1.09 億美元。符合我們對多元化且具獲利性的營收成長之聚焦，我們的調整後 EBITDA 利潤率為 42%，高於一年前的 37%。這些非常強勁的利潤率表現，主要來自本季較高的淨貢獻。

Our KPIs reflect strong momentum in the first quarter, with AUA increasing 15% year over year to $17 billion and funded accounts growing 12% year over year to $4.02 million. These positive trends continued into April, which I will discuss in more detail shortly. Growth was driven by strong user acquisition and retention, supported by continued investment in marketing initiatives.

我們的 KPI 反映第一季的強勁動能：AUA 年增 15% 至 170 億美元，入金帳戶（funded accounts）年增 12% 至 402 萬戶。這些正向趨勢延續至 4 月，我稍後會更詳細說明。成長主要由強勁的用戶獲取與留存所帶動，並由持續投入行銷計畫所支持。

Now let's take a closer look at our first-quarter financials by business lines compared to a year ago.

現在，讓我們更深入地按業務線別，對照一年前來檢視第一季的財務表現。

Our net revenue contribution from capital markets grew 71% year over year to a record $166 million, supported by increased engagement of our customers and crypto traders shifting to trading capital markets, with commodities being particularly strong. As Yoni mentioned, in Q1, commodities accounted for 60% of our trading commissions.

我們來自資本市場的淨營收貢獻年增 71% 至創紀錄的 1.66 億美元，主要受惠於客戶互動度提升，以及加密交易者轉向交易資本市場，其中商品表現尤其強勁。如 Yoni 所提到的，在第一季，商品占我們交易佣金的 60%。

The 90% rise in the number of trades during the quarter was primarily driven by strong market activity in commodities and record inflows into copy trading as Pro Investors reacted to evolving market conditions in the first quarter. This performance reflects growing user engagement and the strength of our multi-asset business model.

本季交易筆數成長 90%，主要受惠於商品市場的強勁交易活動，以及專業投資者因應第一季市場情勢變化而帶動跟單交易（copy trading）資金流入創新高。此表現反映用戶參與度持續提升，以及我們多元資產商業模式的優勢。

Additionally, the growth of our business is reflected in the steady increase in total invested amount over time. This growth has been driven by the expansion of our capital markets business and the continued shift of crypto customers towards broader investment products amid crypto market cyclicality.

此外，我們業務的成長也反映在總投資金額隨時間穩步增加。此成長主要由我們資本市場業務的擴張所帶動，並且在加密市場週期性波動的背景下，加密客戶持續轉向更廣泛的投資產品。

Net trading contribution from crypto was $13 million with a year-over-year decline driven primarily by lower trading activity and customers shifting to trade commodities. As we have seen in prior crypto cycles, these periods of volatility are expected, and our diversified business model has demonstrated resilience across market cycles. Our crypto net contribution includes a $5 million negative valuation impact of our corporate crypto holdings, resulting in a balance of $14 million at the end of the quarter.

加密資產的淨交易貢獻為 1,300 萬美元，年減主要由於交易活動降低，以及客戶轉向交易商品。如同我們在過往加密週期所見，這些波動期屬於可預期情況，而我們多元化的商業模式已展現跨市場週期的韌性。我們的加密淨貢獻包含公司加密資產持有部位 500 萬美元的負面估值影響，使得季末餘額為 1,400 萬美元。

Net interest income contributed $48 million, down 5% year over year, largely driven by a lower interest rate environment and user deleveraging amid market volatility. The decline was partially offset by a 13% increase in higher interest-earning assets as a result of an increase in user cash deposits, staking, and corporate cash.

淨利息收入貢獻 4,800 萬美元，年減 5%，主要受較低利率環境以及市場波動下用戶去槓桿影響。不過，因用戶現金存款、質押（staking）及公司現金增加，帶動高利息收益資產年增 13%，部分抵銷了下滑。

eToro Money's contribution grew 32% year over year to a record $29 million, driven by a 70% year-over-year increase in total money transfers as we continue to experience increased deposits and user activity. In the first quarter, adjusted OpEx was $150 million, up 7% quarter-on-quarter, driven by a $12 million increase in customer acquisition costs.

eToro Money 的貢獻年增 32% 至創新高的 2,900 萬美元，主要由總匯款金額年增 70% 所帶動，因我們持續看到存款與用戶活動增加。第一季調整後營業費用（OpEx）為 1.5 億美元，季增 7%，主要由客戶獲取成本增加 1,200 萬美元所致。

Our adjusted selling and marketing expenses for the quarter was $58 million or 22% of net contribution. As discussed last quarter, given the strength of our cohort returns and our objective to accelerate growth in 2026, we plan to increase our sales and marketing investment from 21% last year, scaling gradually to 25% of net contribution this year.

本季調整後銷售與行銷費用為 5,800 萬美元，占淨貢獻 22%。如同上季所述，鑑於我們同批用戶（cohort）回報表現強勁，且目標在 2026 年加速成長，我們計畫將銷售與行銷投資占比自去年的 21% 提高，並於今年逐步擴大至淨貢獻的 25%。

Adjusted R&D, G&A, and operating expenses for the quarter were $38 million and $54 million, respectively. Our adjusted diluted EPS for the quarter was $0.91 compared to $0.77 in the first quarter of 2025.

本季調整後研發（R&D）、一般及行政（G&A）與營運費用分別為 3,800 萬美元與 5,400 萬美元。本季調整後稀釋每股盈餘（EPS）為 0.91 美元，較 2025 年第一季的 0.77 美元提升。

Moving to our balance sheet. We ended the quarter with $1.3 billion in cash, cash equivalents, and short-term investments, and generated $104 million of cash from operating activities during the quarter. In the first quarter, we repurchased approximately 3.3 million shares with an aggregate of $103 million in accordance with our previously announced share repurchase program.

接著看資產負債表。本季末我們持有現金、約當現金及短期投資共 13 億美元，並於本季由營運活動產生 1.04 億美元現金。第一季我們依照先前公布的庫藏股回購計畫，回購約 330 萬股，合計金額 1.03 億美元。

Now, let me share a few comments on the second-quarter trends. As part of our quarterly results today, we also released our April monthly KPIs. April has continued on a positive trajectory with the business momentum carrying through from Q1. Our capital markets business followed the same year-over-year pattern as Q1, with significant growth in total trades led by equities and commodities, with a higher-than-average revenue per trade.

接下來我分享幾點第二季的趨勢。作為今日季度業績的一部分，我們也發布了 4 月的月度 KPI。4 月延續正向走勢，業務動能從第一季持續到第二季。我們的資本市場業務延續與第一季相同的年增型態，總交易量顯著成長，主要由股票與商品帶動，且單筆交易平均收入高於平均水準。

We have seen the multi-asset strength yet again when 40% of the customers who traded commodities in Q1 also traded stocks or crypto in April. In April, KPIs accelerated. AUA reached $18.7 billion, up 90% year over year, and funded accounts grew to $4.07 million, up 13% year over year. These KPIs reflect the strength of our multi-asset platform and a confirmation of our strategy, even against the backdrop of the current crypto market cycle.

我們再次看到多元資產的優勢：第一季交易商品的客戶中，有 40% 在 4 月也交易了股票或加密資產。4 月 KPI 進一步加速。AUA 達 187 億美元，年增 90%；入金帳戶數增至 407 萬戶，年增 13%。這些 KPI 反映我們多元資產平台的實力，也驗證了我們的策略，即使在當前加密市場週期的背景下亦然。

To summarize, we are very pleased with our strong first-quarter performance and positive momentum year to date. We believe we are well-positioned to capture new opportunities, drive sustainable growth, and further strengthen eToro's leadership at the forefront of trading and investing while delivering meaningful value to shareholders.

總結而言，我們對第一季的強勁表現以及今年迄今的正向動能感到非常滿意。我們相信公司已具備良好定位，可把握新機會、推動可持續成長，並在交易與投資領域的前沿進一步鞏固 eToro 的領導地位，同時為股東創造具意義的價值。

With that, Daniel, let's move to Q&A.

接下來，Daniel，我們進入問答環節。

Thank you, Meron. The first question comes from our list of questions that have been pre-submitted by our retail investors. This question is for Yoni.

謝謝你，Meron。第一個問題來自我們零售投資者預先提交的問題清單。這個問題要請教 Yoni。

Following Zengo's acquisition, can you elaborate on eToro's crypto strategy?

在收購 Zengo 之後，你能否進一步說明 eToro 的加密策略？

We've always been very big believers in crypto and blockchain and in Bitcoin, starting with launching Bitcoin back in 2013, while actually starting the company as a TradFi company. So, we were always a regulated financial institution, starting from our regulated activities and then adding to our brokerage activities, crypto over time, where we support now more than 200 crypto assets.

我們一直非常看好加密與區塊鏈，以及比特幣；早在 2013 年我們就推出比特幣產品，儘管公司最初其實是以傳統金融（TradFi）起家。因此，我們一直都是受監管的金融機構，從受監管業務開始，之後逐步擴展到經紀業務，並隨時間加入加密業務；目前我們支援超過 200 種加密資產。

Over the last five years, roughly, we've seen an inflection in DeFi technologies and customers, mostly Gen-Zer's, so even younger audiences that are crypto native and are basically managing their entire financials on chain.

過去大約五年，我們看到 DeFi 技術與客戶出現拐點，客群多為 Z 世代，甚至更年輕、原生於加密世界的受眾，他們基本上在鏈上管理其全部財務。

Zengo accelerates our path to have a crypto native offering where our customers can hold their own crypto on-chain, transact with thousands of coins and hundreds of different blockchains, introducing products like on-chain swaps, yield, prediction markets, and perpetuals over time, and any other new innovation coming into the DeFi world. So Zengo accelerates our path into DeFi and on-chain capital.

Zengo 加速我們打造加密原生產品的進程，讓客戶能在鏈上自行持有加密資產，並在數千種代幣與數百條不同區塊鏈上進行交易；同時也將逐步引入鏈上兌換（on-chain swaps）、收益（yield）、預測市場與永續合約（perpetuals）等產品，以及 DeFi 世界中任何其他新創新。因此，Zengo 加速我們邁向 DeFi 與鏈上資本的布局。

Thank you, Yoni. So, we'll now open it up to questions from our institutional analysts. Operator, go ahead.

謝謝你，Yoni。接下來我們開放機構分析師提問。接線員，請開始。

(Operator Instructions) Dan Fannon, Jefferies.

(接線員指示) Jefferies 的 Dan Fannon。

So I wanted to just follow-up on the kind of current environment. So the April update seeing still very good activity and the mix skewed more towards commodities.

我想就目前的環境再追問一下。4 月更新顯示活動仍然非常好，而且組合更偏向商品。

So can you maybe talk about the capture rates that you're seeing as well as we start 2Q, but also just the sustainability of the move to commodities versus crypto and whether you think or any stats that you could share around number of products being traded or thinking about the structural change towards commodities that might be more sustainable versus temporary?

你能否談談在第二季初你們看到的捕捉率（capture rates），以及轉向商品相對於加密的可持續性？另外，你是否能分享一些數據，例如交易的產品數量，或你如何看待這種朝向商品的結構性變化，究竟更可能是可持續的還是暫時性的？

Sure. So as we've always said, there's always something interesting happening in the markets. During both Q4 and Q1, that's something interesting was really around first precious metals, then oil then going back to precious metals. And the strength of the eToro platform has always been the ability to offer our customers a multi-asset offering where with a click of a button, they can shift between crypto commodities to stocks.

當然。如同我們一直所說，市場上總是有一些有趣的事情在發生。在第四季與第一季期間，那些「有趣的事情」主要圍繞在先是貴金屬、接著是原油、然後又回到貴金屬。而 eToro 平台的優勢一直在於能提供客戶多元資產選擇，讓他們只要按一下按鈕，就能在加密、商品與股票之間切換。

Right now, we're seeing more volatility, all-time high in stocks, still heightened volatility in commodities. So as we look at the different markets, usually crypto is very directional. When crypto and we're starting to see that shift back up when crypto is going higher, especially when it reaches all-time high, we'll see record activities in crypto, and we've seen that historically in the last four waves of crypto.

目前我們看到波動性更高，股票創歷史新高，而商品的波動性仍然偏高。因此，當我們觀察不同市場時，加密通常具有很強的方向性。當加密走高——我們也開始看到這種回升——尤其當它達到歷史新高時，我們會看到加密交易活動創紀錄；過去四波加密行情中，我們一直都觀察到這點。

Stocks, we actually see more heightened activity when the markets drop. So, when there is significant volatility, we see actually customers buying the deep consistently. We've seen it through tariffs. We've seen it through Q4. So every time there is significant volatility downturn, we see increased customer activity and then they basically accumulate as markets go up and reach all-time high.

至於股票，我們其實在市場下跌時看到更活躍的交易。因此，當波動顯著時，我們確實看到客戶持續逢低買入。我們在關稅事件中看到了這點。我們在第四季也看到了這點。所以每當出現顯著的波動下行時，我們就會看到客戶活動增加，接著他們會在市場回升並創新高的過程中逐步累積部位。

In commodities, it's really about volatility. The heightened volatility across different types of assets. By the way, we're seeing interesting things in food commodities now like corn and cacao. So the heightened volatility impacts almost directly the same day, the increased activity of customers.

在大宗商品方面，關鍵其實在於波動性。不同類型資產的波動性都在加劇。順帶一提，我們現在在農產品大宗商品上也看到一些有趣的現象，例如玉米和可可。因此，波動性升高幾乎會在同一天就直接影響到客戶活動的增加。

So in relation to what should we expect in the rest of the quarter, it's really up to the markets. What we are seeing right now is again, increased volatility still in the commodities market and starting to see the rise of crypto, which we expect to see higher by the end of the year.

所以，關於本季剩餘時間我們應該預期什麼，這真的取決於市場。我們目前看到的是，大宗商品市場的波動性仍在上升，同時也開始看到加密貨幣回升，我們預期到年底會更高。

In relation to some of the numbers and KPIs that we shared on April, maybe Meron can add some more.

至於我們在4月分享的一些數字與KPI，也許Meron可以再補充一些。

Sure. We also added some color about the fact that we expect our revenue per trade to be just slightly above the range, which is the $0.60 to $0.75 that we normally communicate to the market. So that continued the trend also from previous quarter.

當然。我們也補充說明了，我們預期每筆交易收入會略高於我們通常對市場溝通的區間，也就是0.60美元到0.75美元。因此，這也延續了上一季的趨勢。

In terms of the rest of the KPIs, we do see the strength. So we do see the effectiveness of our business model where customers are trading and navigating from one asset to another. So customers who traded commodities in Q1, we saw a lot of them already switching back to equities or to crypto as well.

就其他KPI而言，我們確實看到強勁表現。我們也看到我們商業模式的有效性，客戶會在不同資產之間交易並進行配置調整。因此，在第一季交易大宗商品的客戶中，我們看到很多人已經轉回股票或也轉向加密貨幣。

That's helpful. And just as a follow-up, as you think about the account growth that's picked up a bit, any shift in geography or areas of contribution that maybe is a bit more outsized more recently than previous periods?

這很有幫助。再追問一下，隨著帳戶成長略有加速，地理區域或貢獻來源是否有任何變化？例如近期是否有某些地區的貢獻相較以往期間更為突出？

So we haven't seen any significant growth in a specific region. We are spread all over the world, as you guys are aware, and our efforts are globally. But into the future, we do have some markets that we expect to grow faster, being Singapore, being US and some other markets where we are trying to integrate as well.

我們沒有看到某個特定地區出現顯著成長。如各位所知，我們的業務遍布全球，我們的投入也是全球性的。但展望未來，我們確實有一些市場預期會成長更快，包括新加坡、美國，以及其他一些我們也在嘗試整合的市場。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

First one, just on the agentic portfolios and kind of the opportunity there. Obviously, investors are going to have more tools and access. Do you have any early evidence about how customers can perform the customer outcomes being better using these agentic tools? Obviously, that's going to be important to adoption.

第一個問題，關於代理式投資組合（agentic portfolios）以及其中的機會。顯然，投資人將會有更多工具與更多取得管道。你們是否已有任何早期證據，顯示客戶使用這些代理式工具後，客戶成果（customer outcomes）會更好？顯然，這對採用率會很重要。

And then just also the kind of the multiplier that you expect on transaction activity, clearly, would expect to be many times more than kind of the average trader. So kind of what do you expect on the transactions per account using those as well?

另外，關於你們預期對交易活動的倍數效應，顯然會預期遠高於一般交易者的平均水準。那麼，使用這些工具的帳戶，每個帳戶的交易筆數你們預期會是什麼樣的水準？

Sure. So I've been -- I'd call it amateur quant trader since I was about 16. So I love algo trading. But historically, anything that revolves around building software to automatically trade the market has been a very complex process that required a lot of resources.

好的。我從大約16歲起就算是——我會稱之為業餘量化交易者。所以我很喜歡演算法交易。但從歷史上看，任何圍繞著打造能自動在市場交易的軟體，都是非常複雜的流程，且需要大量資源。

When you think of the capabilities today of AI that are in the hands of hundreds of millions of people, AI really levels the playing field for people to actually trade algorithmically. What we're seeing right now is we have about published 45 apps to the App Store, and we see that the majority of them include actually agentic trading capabilities.

當你想到如今AI的能力已掌握在數以億計的人手中，AI確實讓人們能進行演算法交易的競爭環境更為公平。我們目前看到的是，我們已經在App Store上發布了約45個應用程式，而其中多數其實都包含代理式交易能力。

And with that, we're seeing a significant increase in the velocity of the trading behavior velocity of our customers as they're starting to use more and more of these tools to manage some or their entire portfolio. I believe that over time, we're going to see retail investors as a whole use more agentic tools to optimize their portfolios over time. And I'm a very big believer that, that significantly improves their alpha.

在此之下，我們看到客戶的交易行為速度（velocity）顯著提升，因為他們開始使用越來越多這類工具來管理部分或全部投資組合。我相信，隨著時間推移，整體散戶投資人會使用更多代理式工具來逐步優化其投資組合。而我非常相信，這會顯著提升他們的超額報酬（alpha）。

Retail customers actually were very good at finding beta and investing in the markets over time and beta of retail actually was quite good, whether it's crypto or tech stocks over the past five years. I think agentic tools enable retail investors to actually also participate and find alpha in a much more meaningful way.

散戶客戶其實很擅長找到β（beta），並隨時間在市場中投資；而散戶的β其實相當不錯，無論是過去五年的加密貨幣或科技股。我認為代理式工具讓散戶投資人也能以更有意義的方式參與並尋找α（alpha）。

Okay. And then just a follow-up here just on the balance sheet. Obviously, continue to be in an incredibly strong position with over a third of the market cap in cash and investments today. You just did the Zengo deal.

了解。再追問一下資產負債表方面。顯然，你們仍處於極其強勁的狀態，目前現金與投資合計超過市值的三分之一。你們剛完成了Zengo這筆交易。

Can you talk about just the optionality that you have right now and kind of how you're thinking about deploying cash toward more buybacks versus what does the acquisition pipeline look like? And are there actionable things to do there that are accretive, but it just seems like you have a lot of optionality to drive accretion with that excess cash?

能否談談你們目前的選擇權（optionality），以及你們如何思考運用現金：更多用於回購，或是併購管線目前看起來如何？是否有可執行、具增益（accretive）的事項？但看起來你們有很大的彈性，可以用這些多餘現金來推動增益。

So first of all, we announced two acquisitions over just the last two weeks. We also announced B2C acquisition, which is one of the two regulated exchanges of crypto in Israel. We have a very, very strong M&A pipeline.

首先，我們在過去兩週內宣布了兩項收購。我們也宣布了B2C的收購案，B2C是以色列兩家受監管的加密貨幣交易所之一。我們有非常、非常強的併購（M&A）管線。

So we've been in the business soon 20 years. We know hundreds of companies in this space. And we actually do believe that the fact that currently crypto is in a downturn provides us the opportunity to find significant and accretive M&A opportunities in 2026. So we have a very good pipeline. That's why we keep the optionality. And in parallel, as we said in the past, we believe in buybacks as a company, and we'll continue to explore that in relation, of course, to the company's cash flow.

我們在這個產業經營將近20年。我們認識這個領域的數百家公司。而我們確實相信，目前加密貨幣處於下行週期，為我們在2026年尋找重大且具增益的併購機會提供了契機。所以我們有非常好的管線。這也是我們保留彈性的原因。同時，正如我們過去所說，我們公司也相信回購，並會持續探索；當然也會視公司的現金流狀況而定。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Great results here. Congratulations. Just wanted to drill down a little more on the pivot and trading volume from crypto over commodities and equities. Just the mechanics there. To a certain degree, if a user signs up to trade crypto, they may not be a commodity trader. They may not know much about commodities.

這次成果非常好。恭喜。我想再深入了解一下，交易量從加密貨幣轉向大宗商品與股票的轉換（pivot）情況。就其中的運作機制而言，某種程度上，如果使用者是為了交易加密貨幣而註冊，他們可能不是大宗商品交易者。他們可能對大宗商品了解不多。

Are they following CopyTraders? Is there incentives or education you're providing? How are these investors finding this other asset class in such a big way? And then I have a quick follow-up.

他們是在跟隨CopyTraders嗎？你們是否提供激勵或教育？這些投資人是如何以如此大的規模發現並進入這個其他資產類別的？然後我還有一個簡短的追問。

So we're very focused on market education and retail investor education. We have the eToro Academy, which continuously adds more and more information. Now we added also the layer of shared intelligence and of Tori, the AI agent, that actually can cover what's happening in the markets and tell you about what's happening in the markets, where are things that are interesting and actually sees your portfolio and tell you in relation to other people's portfolios where are the opportunities.

我們非常重視市場教育與散戶投資人教育。我們有eToro Academy，會持續新增越來越多資訊。現在我們也加入了共享智慧（shared intelligence）以及Tori這個AI代理層，它實際上可以涵蓋市場正在發生的事情、告訴你市場動態、哪些事情值得關注，並且也會查看你的投資組合，並相對於其他人的投資組合告訴你機會在哪裡。

So we are very focused on making sure our customers understand both the risk management and understand all of the options in eToro's ecosystem. We look internally at products sold per customer. And as we've seen in the IPO deck, which we're celebrating now one year too, the more products that our customers use, we see a significant increase both to the lifetime value of eToro, but more important to actually the net deposits over time and the size of the accounts of our customers.

因此，我們非常重視確保客戶同時理解風險管理，也理解eToro生態系中的所有選項。我們內部會看每位客戶購買的產品數。而正如我們在IPO簡報中所看到的——我們現在也在慶祝一週年——客戶使用的產品越多，我們看到eToro的客戶終身價值（lifetime value）顯著提升；但更重要的是，隨著時間推移，淨入金（net deposits）以及客戶帳戶規模也會顯著增加。

So as our customers educate themselves more about the markets, we see them significantly adding more and more funds into the accounts. Just as an example, our long/short momentum Smart Portfolio accumulated a lot of assets during the last nine months, and it actually brought people to educate themselves about long/short strategies.

因此，隨著我們的客戶對市場的認識愈來愈深入，我們看到他們持續且顯著地往帳戶投入更多資金。舉例來說，我們的多空動能 Smart Portfolio 在過去九個月累積了大量資產，並且實際上也促使人們去學習多空策略。

About 60% of customers that traded commodities in Q1 originally came to eToro to trade crypto or to trade equities. So we've always seen that, I'd say, unification between people who came to trade crypto on eToro and learned about the stock markets, people who came to eToro to trade stocks and learn about crypto.

第一季交易大宗商品的客戶中，約有 60% 最初是來 eToro 交易加密貨幣或交易股票。所以我們一直看到，我會說，在 eToro 上來交易加密貨幣並進而了解股票市場的人，與來 eToro 交易股票並進而了解加密貨幣的人之間，存在某種「融合」。

I'd say the last six months where we had a lot of commodities trading in the news enabled a lot of our customers to dive into and learn more about commodities markets as well. And in addition, we've launched, which is a very unique product, 24/7 trading on commodities and now selected stocks as well.

我想過去六個月，新聞中大量報導大宗商品交易，讓許多客戶也能深入並學習更多關於大宗商品市場的知識。此外，我們也推出了一個非常獨特的產品：大宗商品 24/7 交易，現在也涵蓋部分精選股票。

What does that mean for the business moving forward strategically and the US business? Was that a key thing to acquire before a bigger push, maybe broader product set, et cetera? Just updated thoughts there.

從策略面來看，這對未來的業務推進以及美國業務意味著什麼？在更大規模推進之前（例如更廣泛的產品組合等），這是否是一個必須先取得的關鍵項目？想請你更新一下目前的想法。

So what we're seeing internally as a much more accelerated product delivery utilizing AI in the company. And just as an example, we have today both product managers launching directly to the app store without engineering as well as internally operations teams that are building internal tools and launching them to an internal app store. That accelerated product roadmap enables us to bring more products to more regions faster.

我們內部看到的是：公司正在利用 AI 以更快的速度交付產品。舉例來說，目前我們既有產品經理可以在不需要工程團隊介入的情況下，直接上架到 App Store；也有內部營運團隊在打造內部工具並發布到內部的 App Store。這種加速的產品路線圖，讓我們能更快把更多產品帶到更多地區。

And in the US, of course, futures or commodities is CFTC/NFA regulated. We are looking at enabling our customers to trade commodities in the US in the next six to nine months as well. So definitely, our capabilities of delivering faster on product globally in all of the regions where we operate will enable us to bring more products to our customers across the globe, which we believe will increase significantly lifetime value and the deposits of customers as well.

而在美國，當然，期貨或大宗商品是由 CFTC/NFA 監管。我們也在評估於未來六到九個月內，讓美國客戶能交易大宗商品。因此，我們在全球、在所有營運地區更快交付產品的能力，將使我們能把更多產品帶給全球客戶；我們相信這也會顯著提升客戶終身價值（LTV）以及客戶存款金額。

Edward Engel, Compass Point.

Edward Engel，Compass Point。

I want to dig a little bit more into the agentic portfolios. Have these been rolled out across most of your key markets today? And I guess for the users that you are seeing implementing new strategies, is there any color you can give on the impact to trading volumes for these users?

我想再深入了解一下 agentic portfolios（代理式投資組合）。目前是否已在你們大多數主要市場推出？另外，對於你們看到正在採用新策略的使用者，你能否分享一下這對這些使用者交易量的影響？

Sure. So first of all, it's relatively early days. I think it's been about three weeks since we launched it. We've seen north of 500,000 trades so far. So early days of agentic portfolios, small amount of customers with a lot of trades.

當然。首先，這還算是相對早期。我想我們推出大約才三週。到目前為止我們已看到超過 50 萬筆交易。所以代理式投資組合仍在早期階段：客戶數量不多，但交易筆數很多。

So if you look at the ratio of number of trades per customer per agentic portfolio, we see a significant increase. Customers are actually using their agents, whether it's a Tori internal agent or external agents anywhere from OpenClaw.

如果你看每位客戶、每個代理式投資組合的平均交易筆數比例，我們看到顯著提升。客戶確實在使用他們的代理，不論是 Tori 的內部代理，或是來自 OpenClaw 等任何外部代理。

We just were on the app store of Cursor as well, which is rumored to be acquired by SpaceX AI, which is a partner of ours on Tori with Grok 4.2. I believe that over time, we'll see significant adoption of customers to Agent Portfolios. These are still early days and that will significantly increase trading velocity of customers.

我們也剛上架到 Cursor 的 App Store；市場傳聞它可能會被 SpaceX AI 收購，而 SpaceX AI 也是我們在 Tori 上與 Grok 4.2 的合作夥伴。我相信隨著時間推移，我們會看到客戶對 Agent Portfolios 的採用顯著增加。

Great. And then I recall the take rate on copy trading is often lower than stand-alone trading. I was wondering for the take rate on agentic trading, is it similar to copy trading? Or is it similar to typical trading?

很好。另外，我記得跟單交易（copy trading）的 take rate 通常低於單獨交易。我想請問代理式交易（agentic trading）的 take rate，是比較像跟單交易？還是比較像一般交易？

It's more similar to copy trading. So we see higher velocity in smaller size right now. So a big part of the Agent Portfolio rollout was our understanding that customers don't want to connect AI or their AI agent, whether it's internal or third party, to their entire portfolio because people still need to trust AI and their strategies, which is why when you create an Agent Portfolio, if you have a $50,000 account in eToro, you basically tell the agent, take $5,000.

它更接近跟單交易。所以我們目前看到的是：交易速度更高、但單筆規模較小。Agent Portfolio 推出的很大一部分原因，是我們理解客戶不希望把 AI 或其 AI 代理（不論內部或第三方）連到他們的整個投資組合，因為人們仍需要對 AI 與其策略建立信任；因此當你建立 Agent Portfolio 時，如果你在 eToro 有一個 50,000 美元的帳戶，你基本上會告訴代理：拿 5,000 美元去操作。

So it actually operates on the same model of copy trading and Smart Portfolio, which is why it enables us to run faster. So it actually creates a personalized Smart Portfolio for you and then you connect your agent to define the strategy of that Agent Portfolio.

所以它實際上運作在與跟單交易與 Smart Portfolio 相同的模型上，這也是為什麼它能讓我們更快推進。它會為你建立一個個人化的 Smart Portfolio，然後你再連接你的代理來定義該 Agent Portfolio 的策略。

So once we launched that Agent Portfolio, it actually increased significantly the usage of the eToro APIs that we launched about six months ago because, again, retail investors with AI suddenly have capabilities to run algorithms very easily, but they were still afraid or concerned to connect that to their entire account.

因此，一旦我們推出 Agent Portfolio，它也顯著提升了 eToro API 的使用量——我們大約在六個月前推出這些 API——因為零售投資人搭配 AI 突然就能非常容易地運行演算法，但他們仍然害怕或擔心把它連到整個帳戶。

So we use the same technology of Smart Portfolios and CopyTrader to enable Agent Portfolio through APIs. And that means it's a part of their portfolio, which is why also trades are smaller than managed by AI, which is why velocity is higher.

所以我們使用 Smart Portfolios 與 CopyTrader 的同一套技術，透過 API 來實現 Agent Portfolio。這代表它只佔其投資組合的一部分；也因此 AI 管理下的單筆交易規模較小，而交易速度更高。

James Yaro, Goldman Sachs.

James Yaro，高盛。

Divyam here on behalf of James. My first question is that you touched upon the rationale for the Zengo acquisition. I wanted to ask if having self-custodial wallet capabilities allow you to facilitate CopyTrader in the US.

我是 Divyam，代表 James 提問。我的第一個問題是，你提到了收購 Zengo 的理由。我想請問，具備自我託管錢包（self-custodial wallet）能力，是否能讓你們在美國推動 CopyTrader？

Well, CopyTrader in the US is actually under our regulated broker-dealer in the US and MSB. So it operates for copy trading on the CeFi part or the TradFi part. On DeFi, we haven't yet went into the details of copy trading. We are looking at agentic trading into the DeFi part of eToro and soon are going to launch something very similar to Agent Portfolio, which is called Agent Wallet, where we can actually create now a DeFi wallet and use AI to algorithmically trade DeFi markets as well.

嗯，美國的 CopyTrader 實際上是在我們美國受監管的 broker-dealer 以及 MSB 架構下運作。所以它是在 CeFi 或 TradFi 的部分進行跟單交易。至於 DeFi，我們尚未深入到跟單交易的細節。我們正在評估把代理式交易導入 eToro 的 DeFi 部分，並且很快會推出一個非常類似 Agent Portfolio 的產品，稱為 Agent Wallet；我們現在可以建立一個 DeFi 錢包，並使用 AI 以演算法方式交易 DeFi 市場。

So we are looking at parts of automated trading into DeFi markets. Copy trading and how it is being done and who do you copy in the DeFi wallet of Zengo is something we started exploring, but don't have a direct road map.

因此，我們正在研究將部分自動化交易導入 DeFi 市場。至於跟單交易要如何進行、以及在 Zengo 的 DeFi 錢包中要跟單誰，我們已開始探索，但目前還沒有明確的產品路線圖。

That's helpful. As a quick follow-up, could you update us on the status of CopyTrader in the US? Where are you in the rollout and the regulatory considerations at this point?

這很有幫助。快速追問一下，你能否更新美國 CopyTrader 的進度？目前推廣到哪個階段，以及現階段的監管考量是什麼？

Sure. So we are in process of getting the RIA license to enable the Smart Portfolios in the US. CopyTrader is in limited rollout right now is in process with discussions with the regulators. So we do expect both to be in complete rollout in H2.

當然。我們正在申請 RIA 執照，以便在美國推出 Smart Portfolios。CopyTrader 目前在有限範圍內推廣，並且正在與監管機構討論中。因此，我們預期兩者都會在下半年（H2）完成全面推廣。

Jamie Friedman, Susquehanna.

Jamie Friedman，Susquehanna。

Yoni, could you share your early impressions regarding 24/5 and 24/7 training? How much can you see this adding to your volume?

Yoni，你能分享一下你對 24/5 與 24/7 交易的初步觀察嗎？你認為這能為你們的交易量增加多少？

So 24/5 added significant amount of volume, about 30% of volume in stock shifted to aftermarket hours. I'm not sure whether we have how much was it additive versus substitute volumes. Do we have that number?

24/5 帶來了顯著的交易量增長，大約有 30% 的股票交易量轉移到了盤後時段。我不確定我們是否有數據能說明其中有多少是新增量、多少是替代量。我們有那個數字嗎？

No. We haven't shared that number.

沒有。我們尚未分享那個數字。

We haven't shared that number. So we did add to volumes. I'm not sure how much of the 30% again is additive versus substitute. 24/7 still relatively early days. I do believe that over time, again, we saw this in crypto. So I remember these dialogues in 2017 because we came from TradFi to crypto, we had these dialogues around, do we open over the weekend trading? That's how we call it back then.

我們尚未分享那個數字。所以我們確實增加了交易量。我不確定那 30% 裡面有多少是新增、又有多少是替代。24/7 仍然是相對早期的階段。我確實相信隨著時間推移——我們在加密貨幣上也看到了這點。所以我記得 2017 年的這些對話，因為我們從傳統金融（TradFi）進入加密貨幣，我們當時有過這些討論：我們要不要在週末開放交易？那時我們就是這樣稱呼它的。

In crypto -- and obviously, that required for us to set up the trading room, the NOC, the network monitoring room, as well as everything had to shift to 24/7 for crypto back then. And we've seen roughly 10% to 20% of additional volume to crypto. And in crypto rallies, in some cases, we saw Saturday and Sunday trading activity, which actually surpassed the activity in regular days, right? So again, it all comes down to volatility and the volatility of those assets over the weekend.

在加密貨幣——而且很明顯，這要求我們當時要建立交易室、NOC（網路營運中心）、網路監控室，同時所有事情都必須轉為 24/7 來支援加密貨幣。而我們看到加密貨幣大約有 10% 到 20% 的額外交易量。在加密貨幣上漲行情中，有些情況下，我們看到週六和週日的交易活動，實際上超過了平日的活動，對吧？所以再說一次，這一切都取決於波動性，以及那些資產在週末的波動程度。

Right now, it's early days for 24/7. The market formation and price formation is actually coming from, in some cases, the crypto markets, which operate always 24/7. I do believe overtime, again, that adds both customers, customers' expectations coming from crypto. We saw a lot of people who don't understand why aren't markets opened during the weekend. And I expect that to be at least 10% to 20% of volumes over time.

目前 24/7 還在早期階段。市場形成與價格形成在某些情況下其實是來自加密市場，而加密市場一直都是 24/7 運作。我確實相信隨著時間推移——這會同時帶來更多客戶，以及來自加密領域的客戶期待。我們看到很多人不理解為什麼市場週末不開盤。我預期長期來看，交易量至少會有 10% 到 20% 來自這部分。

And then what's your high-level perspective on marketing? Is this summer or winter or spring? Is that 1% sequential that we had talked about last quarter still a good way to think about it?

那你對行銷的高層次看法是什麼？現在是夏天、冬天還是春天？我們上季談到的那個環比 1% 的概念，仍然是個好的思考方式嗎？

So you referred to the margin in terms of the net contribution. So as we discussed last quarter as well, we are planning to grow marketing out of net contribution to 25% by the end of the year. We do expect to do it gradually.

所以你提到的是以淨貢獻（net contribution）來看利潤率。如同我們上季也討論過的，我們計畫在年底前把行銷支出占淨貢獻的比例提高到 25%。我們預期會逐步達成。

However, we are also looking at the market opportunities and taking advantages of different events that are coming. So when markets are high, then we have like the summer -- also in terms of customer acquisition. We do have the ability to scale up very quickly and scale down as well. So we do expect that to gradually grow. Again, as Yoni mentioned, also depending on the events in the market.

不過，我們也在觀察市場機會，並把握即將到來的不同事件。所以當市場走高時，就像夏天一樣——也包括在客戶獲取方面。我們有能力非常快速地擴大規模，也能快速縮小。因此我們確實預期會逐步成長。同樣地，如 Yoni 提到的，也取決於市場中的事件。

And again, when we operate globally across the globe, 24/7 across all markets, 26 now stock exchanges, commodities, currencies, crypto, there's always summer somewhere. So it might be winter-ish in crypto, but it's some are in commodities and it's some are in AI stocks.

而且，當我們在全球範圍內運作、跨所有市場 24/7，現在涵蓋 26 個證券交易所、商品、貨幣、加密貨幣，某個地方總是夏天。所以加密貨幣可能有點像冬天，但商品那邊是夏天，AI 股票那邊也是夏天。

We saw increased volatility and activity now in a lot of the AI-driven stocks from the obvious ones like NVIDIA to the hopefully expectation of SpaceX AI coming post IPO into the platform to the 4,000% suddenly increase in SanDisk and other AI-related stocks.

我們現在在許多 AI 驅動的股票上看到波動性與活動增加，從像 NVIDIA 這種顯而易見的標的，到大家希望 SpaceX AI 在 IPO 之後能上架到平台，再到 SanDisk 突然上漲 4,000% 以及其他 AI 相關股票。

So as a reminder, we always look at the daily activity of our customers to see what is happening, what is interesting for retail investors. And then we take those insights and actually promote them on social media, on digital channels.

提醒一下，我們一直會看客戶的每日活動，了解正在發生什麼、哪些是零售投資人感興趣的。然後我們把這些洞察拿來，並在社群媒體與數位渠道上推廣。

So we have the insight of millions of customers trading millions of trades every day. We take those insights and actually translate them with AI directly to all of the ad platforms and social media channels of eToro accelerating basically that impact and market education about where is summer right now.

所以我們擁有數百萬客戶每天進行數百萬筆交易的洞察。我們把這些洞察透過 AI 直接轉換到所有廣告平台與 eToro 的社群媒體渠道，基本上加速了這種影響力與市場教育，讓大家知道現在的「夏天」在哪裡。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe if you could just talk a little bit more about Zengo in terms of your expectations on -- maybe it's early, but any expectations on revenue contribution and probably more importantly, just that 2 million user base that you're acquiring, your views on converting those users to funded accounts? And any color on expectations of trading growth from that business?

也許你可以再多談一點你們對 Zengo 的期待——可能還早，但對營收貢獻有沒有任何預期？以及更重要的是，你們正在取得的那 200 萬用戶基礎，你們對把這些用戶轉換為入金帳戶（funded accounts）的看法是什麼？另外，對該業務帶來的交易成長預期，有沒有任何補充說明？

Sure. I think it's still early days. We just closed the deal. And again, the hypothesis there is that customers, which we've seen in eToro, that crypto-native customers, want to trade also stocks and that our customers will want to trade also assets on Zengo.

當然。我認為仍然是早期階段。我們才剛完成交易。而且這裡的假設是：我們在 eToro 已經看到，加密原生（crypto-native）的客戶也想交易股票，而我們的客戶也會想在 Zengo 上交易資產。

We are seeing convergence because you can actually trade now tokenized stocks in Zengo. And you can obviously trade crypto, the 200 coins today on eToro, but now suddenly thousands on Zengo. So there's a process here of both integrating the platforms.

我們看到正在趨於融合，因為你現在其實可以在 Zengo 交易代幣化股票。而你當然也可以在 eToro 交易加密貨幣，目前有 200 種幣，但在 Zengo 上突然變成數千種。所以這裡有一個整合兩個平台的過程。

I would say that over time, what it increases is our market share in crypto. So we're now building the entire suite of products to compete on crypto on the entire product categories across the globe. And that will, over time, increase our crypto market share in all of the different markets where we operate.

我會說，隨著時間推移，它提升的是我們在加密貨幣的市占率。所以我們現在正在打造完整的產品套件，以在全球各地、跨所有產品類別，在加密貨幣領域競爭。而這將隨著時間推移，在我們營運的所有不同市場中提升我們的加密貨幣市占率。

So I see this as an opportunity to actually scale up product category coverage across DeFi and TradFi, which enables our customers to basically stay in eToro, trade all of the crypto that they want on eToro and all of the products that they want, whether it's DeFi or TradFi within the eToro ecosystem.

因此我把這視為一個機會，去擴大在 DeFi 與 TradFi 的產品類別覆蓋，讓客戶基本上可以留在 eToro，在 eToro 上交易他們想要的所有加密貨幣，以及他們想要的所有產品——不論是 DeFi 或 TradFi——都在 eToro 生態系內完成。

Great. That's great color. And maybe just any update on prediction markets in terms of your development of connectivity to prediction markets and how you're seeing the customer demand for that at eToro.

很好。這些補充很有幫助。另外，關於預測市場（prediction markets）有沒有任何更新？包括你們在連接預測市場方面的開發進度，以及你們在 eToro 看到的客戶需求情況。

So again, early days for us. With the Zengo acquisition, we do plan to launch prediction markets in Zengo over time in the applicable markets. And we are also working on building prediction markets for our US customers with the NFA-regulated introducing broker.

同樣地，對我們來說仍是早期階段。隨著收購 Zengo，我們確實計畫在適用的市場中，逐步在 Zengo 上推出預測市場。我們也在為美國客戶建置預測市場，透過受 NFA 監管的介紹經紀商（introducing broker）。

So we're looking at a lot of the new products. We're now looking at both TradFi and DeFi for the right applicable markets with the right licenses.

所以我們正在評估許多新產品。我們現在同時從 TradFi 與 DeFi 兩邊著手，在具備正確牌照的前提下，選擇合適且適用的市場。

John Todaro, Needham.

John Todaro，Needham。

Congrats on the results here. I guess just first on -- there's a number of big IPOs coming up. We've seen a push from these companies to get more retail allocation. Just wondering on the overall strategy there and how you guys see that opportunity set playing out over a longer time.

恭喜這次的業績表現。我想先問——接下來有不少大型 IPO。我們看到這些公司推動要取得更多零售配售。想請教你們整體策略是什麼，以及你們如何看待這個機會集合在更長時間內的發展。

Sure. So first of all, we're actually looking now at potentially launching prices on secondary markets to our customers around these IPOs. We've been talking to other companies who we work with as well to see how can we get potential IPO location. There has been also an interesting shift potentially in regulation in Europe and the UK, specifically around enabling US IPOs to launch overseas, which is an interesting development.

當然。首先，我們目前正在評估，是否可能在這些 IPO 周邊，向客戶提供次級市場的價格。我們也一直在和其他合作公司溝通，看看如何能取得潛在的 IPO 配售。此外，歐洲與英國的監管可能也出現了一些有趣的轉變，特別是關於允許美國 IPO 在海外發行，這是一個有意思的發展。

So we do -- we know from the past when there's hot IPO season, we launch it on the same day of trading, and that's quite popular. And we are looking at enabling actually participation in the IPOs. And again, some of them are expected to be very significant IPOs that we are seeing our customers already gaining interest, whether it's the SpaceX AI, Anthropic and potentially OpenAI IPOs.

所以我們確實——我們從過去知道，當 IPO 旺季很熱時，我們會在交易首日就上架，這非常受歡迎。而我們也在研究如何讓客戶實際參與 IPO。同樣地，我們預期其中一些會是非常重大的 IPO，我們已經看到客戶開始產生興趣，不論是 SpaceX AI、Anthropic，以及可能的 OpenAI IPO。

That's great to hear, Yoni. And then I guess just turning to crypto. You talked about there just needs to be some of that directionality movement in order to get customers more engaged. Is there just kind of other catalysts you see driving that to, whether that's Clarity Act here in the US, this adoption of tokenized real-world assets, anything there that you can point to that maybe drives some of that momentum?

很高興聽到這個消息，Yoni。接著我想把話題轉到加密貨幣。你提到需要出現一些方向性的走勢，才能讓客戶更投入。你是否看到還有其他催化劑能推動這件事，例如美國的《Clarity Act》，或是代幣化的現實世界資產（RWA）採用等？有沒有什麼你可以指出、可能帶動這股動能的因素？

Sure. I think, first of all, markets have their cycles in crypto. We do believe that we're going to see, again, I'm personally very bullish on crypto markets in the future, especially when we're seeing capital markets moving on chain, I'd say, systematically, right?

當然。我想首先，加密市場本來就有其週期。我們確實相信未來會看到——我個人對未來的加密市場非常看多，尤其是當我們看到資本市場正系統性地上鏈（on chain）移動，對吧？

So when you think of the dialogues that DTCC is having now and when you hear the SEC chair, CFTC chair pushing basically the market infrastructure players to move on chain, that's a very significant catalyst into crypto markets. So the same way that stablecoins accelerate the adoption of crypto across the globe. I think tokenized assets, whether it's stocks, treasuries, money market funds, private equity, private credit, all of that moving on chain will continue to accelerate crypto as a whole.

所以當你想到 DTCC 目前正在進行的對話，以及你聽到 SEC 主席、CFTC 主席基本上在推動市場基礎設施參與者上鏈時，這對加密市場而言是非常重要的催化劑。同樣地，穩定幣加速了全球對加密的採用。我認為代幣化資產——不論是股票、國債、貨幣市場基金、私募股權、私募信貸——所有這些上鏈，都將持續加速整體加密產業的發展。

Basically, crypto and digital assets are going to converge. Again, our view is this is a transition of $100 trillion over the next 10 to 15 years, moving on chain and potentially happening much, much faster if DTCC converges what is now early days into a full rollout. So I think those are very, very strong momentum within the crypto industry.

基本上，加密與數位資產將會趨於融合。再次強調，我們的看法是：未來 10 到 15 年內，將有 100 兆美元的資產完成這個上鏈轉移；而如果 DTCC 把目前仍屬早期階段的進展整合並全面推行，這個進程可能會快得多、快得多。所以我認為，這些都是加密產業內非常、非常強勁的動能。

Clarity Act is another one. I think it's, by the way, beautifully marketed as exactly what it is. Clarity Act. It provides clarity on the regulation of crypto markets and digital asset markets.

《Clarity Act》也是其中之一。我認為順帶一提，它的行銷包裝非常到位，正如其名。《Clarity Act》。它為加密市場與數位資產市場的監管提供了明確性。

Right now, when you look at DeFi and TradFi, you're seeing those sort of parallel worlds. And in many cases, in many jurisdictions, you don't necessarily have that bridge between DeFi and TradFi. You don't have clarity on the various regulations in DeFi. I think once there are better rules, regulations, clarity coming from regulators not only in the US but globally, that will increase adoption of crypto, crypto markets and prices will follow that.

目前當你看 DeFi 與 TradFi，你會看到兩個平行世界。而在許多情況下、許多司法管轄區，你未必有一座連結 DeFi 與 TradFi 的橋樑。你也缺乏對 DeFi 各項監管規則的明確性。我認為一旦規則更完善、監管更到位，且監管機構不僅在美國、也在全球提供更多規範與清晰度，將會提升加密的採用；加密市場與價格也會隨之跟進。

(Operator Instructions) Dan Dolev, Mizuho.

(接線員指示) Dan Dolev，瑞穗（Mizuho）。

Great results as expected. I wanted to ask you, Yoni and Meron, like the user growth has been phenomenal and continued into April. Can you maybe talk about your new strategic user acquisition strategy? And to the extent that you feel comfortable talking about it. Again, congrats.

如預期般的亮眼成果。我想請教你，Yoni 和 Meron，用戶成長非常驚人，而且延續到四月。你們能否談談新的策略性用戶獲取策略？在你們覺得方便分享的範圍內即可。再次恭喜。

So we've been utilizing more and more actually AI in marketing activities leading to more, I'd say, micro segments, both on retention and on acquisition. So what -- in the past would have taken us four, five weeks to create a specific campaign to, let's say, a target audience in Germany is now shortening to a point of like we're able to create a landing page marketing assets multiple times a day and also distributed across the company.

我們在行銷活動中越來越多地運用 AI，進而帶來更多——我會說——更細分的微型分眾（micro segments），同時用於留存與獲客。所以過去我們可能需要四、五週才能為例如德國的目標受眾打造一個特定活動；現在已縮短到我們一天能建立多次的落地頁與行銷素材，而且也能在公司內部更廣泛地分發使用。

So in the past, our region like Germany or Australia, if they needed a campaign, they needed to sort of open a ticket, go to marketing, marketing had to build the campaign, they had to then go to engineering to set up the website and lending pages then for someone to hook up everything for tracking today. It's a click of a button basically for people in the different places, and that's accelerating. So we moved, I'd say, from five campaigns a month to potentially now 20 to 50, and we expect that to potentially accelerate to 100 a day, and that's both for retention and for acquisition.

過去像德國或澳洲這樣的區域如果需要一個活動，他們得先開工單、找行銷部門；行銷要建活動，接著還得找工程團隊架設網站與落地頁，然後再由其他人把追蹤等所有東西串接起來。而今天，對各地的人來說基本上就是按一下按鈕，這正在加速。所以我們大概從每月 5 個活動，提升到現在可能 20 到 50 個；我們預期還可能加速到每天 100 個，且同時涵蓋留存與獲客。

So we can now, using AI, find these micro segments within the eToro ecosystem, which is who are the people. So things that in the past, companies like Meta, Facebook did, which is called custom audiences, right? So you're looking for people who are similar to the people who already bought a specific product, now we're able to do that internally and searching for the audiences that we believe the right marketing message is relevant to, plus the ability to create those campaigns with AI is truly magnificent.

因此我們現在可以用 AI 在 eToro 生態系中找出這些微型分眾，也就是「哪些人」這件事。過去像 Meta、Facebook 這類公司做的事情，稱為自訂受眾（custom audiences），對吧？也就是你在找與已經購買某個特定產品的人相似的族群；現在我們能在內部做到這件事，去搜尋我們認為適合、且行銷訊息具有相關性的受眾；再加上用 AI 建立這些活動的能力，真的非常出色。

We're even testing right now with our Pro Investors who are with me in various groups. We're actually testing the ability of our Pro Investors using our AI and our brand to create their own landing pages. So with a click of a button, they create a landing page and that landing page is then connected to our AI that can manage Facebook, Taboola, X, LinkedIn.

我們甚至正在與我們的專業投資人（Pro Investors）進行測試——他們和我在不同群組裡。我們正在測試讓專業投資人使用我們的 AI 與品牌來建立他們自己的落地頁的能力。所以只要按一下按鈕，他們就能建立落地頁，而該落地頁會連接到我們的 AI，由它來管理 Facebook、Taboola、X、LinkedIn。

So what we're building for our internal teams in eToro be able to run faster, better micro segments on both acquisition and retention and much faster campaign creation and management is something that we're actually looking to give the 5,000 people that are in the Pro Investor Program. And I do believe that will continue acceleration of funded accounts over time.

因此，我們為 eToro 內部團隊打造的能力——能更快、更好地針對獲客與留存做微型分眾，並更快速地建立與管理活動——我們其實也在考慮提供給參與專業投資人計畫的 5,000 人。我確實相信，這將隨時間推進持續加速入金帳戶（funded accounts）的成長。

I would now like to turn the conference back to Daniel Amir for closing remarks. Sir?

我現在想把會議交回 Daniel Amir 進行結語。先生？

Thank you. Thank you all for attending our earnings call today. We're looking forward to seeing you at our upcoming investor conferences during the quarter, and thanks, and have a great day.

謝謝。感謝各位今天參加我們的財報電話會議。我們期待在本季即將舉行的投資人會議上與各位見面，謝謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。