富途控股 (FUTU) 2022 Q1 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings First Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好。歡迎參加富途控股2022年第一季財報電話會議。 （操作員指示）今天的電話會議正在錄音。如果您有任何異議，此時您可以斷開連接。

I'd now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff and Head of IR at Futu. Please go ahead, sir.

現在，我想將今天的電話會議主持人、富途證券首席參謀長兼投資者關係主管 Daniel Yuan 交給您。先生，請繼續。

Thanks, operator, and thank you for joining us today to discuss our first quarter 2022 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

謝謝，接線員，感謝您今天加入我們討論我們的 2022 年第一季財報結果。今天與我一起參加電話會議的還有董事長兼執行長李立先生； Arthur Chen，財務長；以及資深副總裁 Robin Xu。

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which, by their nature, are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those containing any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its registration statement.

提醒一下，今天的電話會議可能包含前瞻性陳述，這些陳述代表了公司對未來事件的看法，而這些事件本質上並不確定，也不在公司的控制範圍內。前瞻性陳述涉及固有風險和不確定性。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述的結果有重大差異。有關潛在風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括其註冊聲明。

With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.

說完這些，我現在將電話轉給 Leaf。 Leaf 將以中文發表評論，我負責翻譯。

(foreign language)

（外語）

[Interpreted]

[翻譯]

Thank you all for joining us today. As of quarter end, we had 1.3 million paying clients, representing a 68% growth year-over-year. In the first quarter, we added approximately 82,000 paying clients, and we are well on track to deliver on our prior guidance of adding 200,000 paying clients in 2022. This was also the ninth consecutive quarter to which organic growth contributed over 50% as new paying clients.

感謝大家今天的參與。截至季末，我們擁有 130 萬付費客戶，年增 68%。第一季度，我們增加了約 82,000 名付費客戶，我們預計將實現先前的預期，在 2022 年增加 20 萬名付費客戶。這也是連續第九個季度有機成長對新增付費客戶的貢獻率超過 50%。

In Hong Kong, client acquisition picked up as we leveraged our strong brand positioning leading product offering and sound financial standing to attract clients and assets from smaller-sized brokers suffering from plummeting client engagement amid a weak equities and IPO market. Our quarterly paying client retention rate returned to the pre headline news level of over 98%. Client retention in Singapore improved for every quarter since we launched the business as we optimize client acquisition channels and incentives through rapid iteration.

在香港，我們利用強大的品牌定位、領先的產品供應和健全的財務狀況來吸引小型經紀商的客戶和資產，這些經紀商在股票和 IPO 市場疲軟的情況下客戶參與度急劇下降，客戶獲取量隨之回升。我們的季度付費客戶保留率恢復到頭條新聞前的 98% 以上的水平。自從我們開展業務以來，透過快速迭代優化客戶獲取管道和激勵措施，新加坡的客戶保留率每季都在提高。

(foreign language)

（外語）

[Interpreted]

[翻譯]

Despite dampened market sentiment, users continue to engage actively with a growing portfolio of content, products and services in our ecosystem. Average DAUs exceeded 1 million and average user time spend was around 30 minutes for all trading days in March. Our DAU also exceeded 1.2 million for the first time.

儘管市場情緒低迷，但用戶仍然積極參與我們生態系統中不斷增長的內容、產品和服務組合。 3 月份所有交易日的平均 DAU 超過 100 萬，平均用戶花費時間約 30 分鐘。我們的DAU也首次超過120萬。

(foreign language)

（外語）

[Interpreted]

[翻譯]

Total client assets declined 16% year-over-year and 5% quarter-over-quarter. The sequential decline can be attributed to sharp market depreciation, partially offset by robust net asset inflow across markets. Notably, total client assets in Singapore increased by 15% sequentially despite challenging mark-to-market impact. We continue to see an inflow of high-quality clients in Singapore. For clients that we acquired in January, for example, their average asset balance almost doubled by March.

客戶總資產年減 16%，季減 5%。連續下滑可歸因於市場的大幅貶值，但被各市場強勁的淨資產流入部分抵銷。值得注意的是，儘管面臨嚴峻的市價衝擊，新加坡的客戶總資產仍較上季成長了 15%。我們持續看到優質客戶湧入新加坡。例如，對於我們在一月獲得的客戶，到三月他們的平均資產餘額幾乎翻了一番。

(foreign language)

（外語）

[Interpreted]

[翻譯]

While we observed a meaningful uptake in securities lending balance, margin financing balance slipped sequentially as our clients deleveraged some of their margin positions amid market turmoil.

雖然我們觀察到證券借貸餘額顯著增加，但由於市場動盪，我們的客戶降低了部分保證金部位的槓桿率，導致保證金融資餘額較上季下滑。

Total trading volume was HKD 1.3 trillion, up 8% quarter-over-quarter, of which U.S. trading constituted 64%. Higher trading turnover in China tech names as well as leveraged and inverse ETF contributed to the 9% and 11% sequential growth in U.S. and Hong Kong stock trading volume.

總成交量為 1.3 兆港元，季增 8%，其中美國交易佔 64%。中國科技股以及槓桿和反向 ETF 交易量的增加，推動美國和香港股票交易量較上季成長 9% 和 11%。

Meanwhile, our market share in Hong Kong futures and options trading climbed to over 6% and 12%, respectively, for the first time, driving a further increase in blended commission rate. In the first quarter, we continued to broaden our trading product offerings by launching VIX futures in Hong Kong to new types of algo order for accredited investors in Singapore as well as U.S. and Australian stocks and ETPs in Australia.

同時，香港期貨及選擇權交易市佔率首次分別攀升至6%及12%以上，帶動綜合佣金率進一步提升。第一季度，我們繼續擴大交易產品範圍，在香港推出了 VIX 期貨，為新加坡的合格投資者推出了新類型的演算法訂單，並在澳洲推出了美國和澳洲的股票和 ETP。

(foreign language)

（外語）

[Interpreted]

[翻譯]

Total client assets in Wealth Management were HKD 21 billion, up 59% year-over-year and 11% quarter-over-quarter. As of quarter end, over 13% of our paying clients held wealth management positions. We continue to expand fund offerings for Singapore clients, including money market funds and dividend funds. We collaborated with BNY Mellon Investment Management and E Fund (HK) to provide diversified asset allocation strategies for clients with Futu Securities International Hong Kong. .

財富管理業務總客戶資產達210億港元，較去年同期成長59%，較上一季成長11%。截至季末，超過 13% 的付費客戶擁有財富管理職位。我們持續擴大新加坡客戶的基金產品，包括貨幣市場基金和股息基金。我們與紐約梅隆銀行投資管理公司、易方達基金（香港）合作，為富途證券國際香港的客戶提供多元化資產配置策略。 。

(foreign language)

（外語）

[Interpreted]

[翻譯]

As of quarter end, we had 258 IPO and IR clients as well as 459 ESOP clients, up 70% and up 130% year-over-year. During the first quarter, we added 59 ESOP solutions clients, including MetLife Technology and 4paradigm. We also expanded our enterprise service to print in Singapore, by participating in several high-profile ETF IOPs. .

截至季末，我們擁有 258 家 IPO 和 IR 客戶以及 459 家 ESOP 客戶，分別年增 70% 和 130%。第一季度，我們增加了 59 個 ESOP 解決方案客戶，包括 MetLife Technology 和 4paradigm。我們也透過參與幾場備受矚目的 ETF IOP，將我們的企業服務拓展到了新加坡的印刷業。 。

(foreign language)

（外語）

[Interpreted]

[翻譯]

Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

接下來，我想請我們的財務長亞瑟來討論我們的財務表現。

Thanks, Leaf and Daniel. Please allow me to walk you through our financial performance in the first quarter. all the numbers are in Hong Kong dollar unless otherwise noted. Our total revenue was HKD 1.6 billion, down 26% from HKD $2.2 million in the first quarter of 2021. Brokerage commission and handling charge income was HKD $968 million, a decrease of 27% year-over-year and an increase of 13% Q-over-Q. The year-over-year decrease was mainly attributable to lower trading volume of a very high base in the first quarter of 2021, partially offset by a higher blended commission rate of 7.3 basis points. The Q-over-Q increase was mainly driven by sequential growth in trading volume.

謝謝，Leaf 和 Daniel。請容許我向您介紹我們第一季的財務表現。除非另有說明，所有數字均為港元。我們的總收入為16億港元，較2021年第一季的220萬港元下降26%。經紀佣金及手續費收入為9.68億港元，年減27%，較上季增加13%。同比下降主要歸因於 2021 年第一季非常高基數導致交易量下降，但混合佣金率上升 7.3 個基點部分抵消了這一影響。環比成長主要得益於交易量的連續成長。

Interest income was HKD $575 million, a decrease of 13% year-over-year and 7% Q-over-Q. The year-over-year decrease was mainly due to lower interest income from security lending business and the lower IPO financing interest income and a very inactive IPO market. The Q-over-Q decrease was mostly attributable to lower margin financing income as client deleveraged.

利息收入為 5.75 億港元，年減 13%，季減 7%。年比下降主要由於融券業務利息收入下降、IPO融資利息收入下降以及IPO市場不活躍。環比下降主要由於客戶去槓桿導致保證金融資收入下降。

Other income was HKD $98 million, down 56% year-over-year and 23% Q-o-Q. The year-over-year and Q-over-Q decrease was both primarily due to lower IPO financing service charge income, currency exchange service income and underwriting fee income. Our total costs were HKD $228 million, a decrease of 49% from HKD $443 million in the first quarter of 2021. Brokerage commission and handling charge expenses was HKD $96 million, down 55% year-over-year and up 9% Q-over-Q.

其他收入為 9,800 萬港元，年減 56%，季減 23%。年比和季減主要由於IPO融資服務費收入、貨幣兌換服務收入和承銷費收入下降。我們的總成本為 2.28 億港元，較 2021 年第一季的 4.43 億港元下降 49%。經紀佣金及手續費支出為 9,600 萬港元，年減 55%，較上季增加 9%。

Brokerage commission expenses didn't move in attendance with brokerage commission income due to an upgraded service package was mainly due to lower IPO financing interest expenses and the lower interest expenses associated with our store lending business. Interest expenses recorded a steep decline in the interest income due to lower blend funding costs as we further diversify our funding sources.

經紀佣金支出沒有隨著經紀佣金收入而變化，原因是升級服務包主要由於IPO融資利息支出降低以及與我們的店面貸款業務相關的利息支出降低。由於我們進一步實現資金來源多元化，混合融資成本降低，導致利息支出、利息收入大幅下降。

Processing and servicing costs were HKD $93 million, up 50% year-over-year and 26% Q-over-Q. The increase was primarily driven by higher product service fees to support overseas market expansion and the process of higher number of concurrent trades. As a result, total gross profit was HKD $1.4 billion, a decrease of 20% from HKD $1.76 million in the first quarter of 2021.

加工及服務成本為 9,300 萬港元，年增 50%，季增 26%。成長的主因為支持海外市場擴張和更多並發交易的處理，產品服務費上漲。因此，總毛利為14億港元，較2021年第一季的176萬港元下降20%。

Gross margin was 86% as compared to 80% in the first quarter of 2021. Operating expenses were up 53% year-over-year and down 9% Q-o-Q to HKD $748 million. R&D expenses were HKD $282 million, up 160% year-over-year and 4% Q-o-Q. The increase was mainly due to higher R&D headcount as we continue to invest in U.S. sales clearing business and to support our new product offering in existing and new markets. Selling and marketing expenses was HKD $288 million, an increase of 5% year-over-year and a decrease of 15% Q-o-Q. The year-over-year increase was mainly due to increased selling and marketing personnel to support international market expansion, though largely offset by lower marketing spending.

毛利率為 86%，而 2021 年第一季為 80%。營業費用年增 53%，季減 9% 至 7.48 億港元。研發費用為2.82億港元，較去年成長160%，較上季成長4%。成長的主要原因是，我們繼續投資美國銷售清算業務並支持我們在現有和新市場提供新產品，從而增加了研發人員數量。銷售及行銷費用為2.88億港元，年增5%，季減15%。年比成長主要由於增加銷售和行銷人員以支持國際市場擴張，但很大程度上被行銷支出的降低所抵消。

G&A expenses was HKD $178 million, up 128% year-over-year and down 18% Q-over-Q. The rise was primarily due to increase in headcount for G&A personnel as we open a more international office. As a result, our net income decreased by 51% year-over-year and increased by 15% Q-over-Q to HKD $572 million. Our effective tax rate for the quarter was 11% and net margin was close to 35%.

一般及行政開支為 1.78 億港元，較上年同期增加 128%，較上一季減少 18%。這一增長主要是因為我們開設了更國際化的辦事處，導致一般及行政人員的數量增加。因此，我們的淨收入年減51%，季增15%，至5.72億港元。我們本季的有效稅率為 11%，淨利潤率接近 35%。

That concludes our prepared remarks. We now like to open the call to questions. Operator, please go ahead.

我們的準備好的演講到此結束。我們現在開始回答問題。接線員，請繼續。

(Operator Instructions) You're first question comes from the line of Emma Xu from Bank of America Securities.

（操作員指示）您的第一個問題來自美國銀行證券的 Emma Xu。

(foreign language) Congratulations on your very stronger results in the first quarter. So I have a question for your second quarter operations. Could you please run us through the major operating metrics in quarter to date? And we see you gain market share in Hong Kong market in the first quarter if the trend continues in second quarter, and do you expect it -- and do you expect to continue to gain market share in rest of the year? And also, how about the performance in your other new international markets?

（外語）恭喜你們第一季取得了非常強勁的業績。我對您第二季的營運情況有一個疑問。您能否向我們介紹本季迄今的主要營運指標？如果第二季的趨勢持續下去，我們看到你們在第一季在香港市場的市佔率將會擴大，你預計會這樣嗎？你預計在今年剩餘時間內市場佔有率還會繼續擴大嗎？另外，你們在其他新的國際市場的表現如何？

Thank you, Emma. Given that this is the first quarter earnings call, we are more focused on the first quarter situations, I think Li can give you some more high-level qualitative colors in terms of quarter-to-date situation.

謝謝你，艾瑪。鑑於這是第一季的財報電話會議，我們更關注第一季的情況，我認為李可以就本季迄今的情況給你一些更高層次的定性資訊。

But maybe I can answer your second question first. I think the trend, which will witness the market consolidation, especially in Hong Kong markets continue to accelerate in the second quarter to date, given that we think number 1 more and more small players start to exit from the market, we can see some small brokers including some even big ones such as (inaudible) cut on their -- closed on their office in Hong Kong in the first quarter. Secondly, we see more client asset migrations from these small brokers to these leading players such as Futu, et cetera. I think maybe Li can give you some more colors in terms of second quarter overall situation.

但也許我可以先回答你的第二個問題。我認為，市場整合的趨勢，尤其是香港市場的整合，在第二季度迄今為止繼續加速，鑑於我們認為第一，越來越多的小參與者開始退出市場，我們可以看到一些小型經紀商，甚至一些大型經紀商，例如（聽不清楚）在第一季度關閉了其在香港的辦事處。其次，我們看到越來越多的客戶資產從這些小型經紀商轉移到富途等領先公司。我想李先生也許可以給你一些關於第二季整體情況的更多細節。

(foreign language)

（外語）

[Interpreted] I think the client acquisition pays is, to some extent, affected by market performance, and we have seen client acquisitions slow down a bit across various regions and by market and Greater China region, a client acquisition remains largely stable with Hong Kong outperforming, as Arthur mentioned, on the back of market consolidation. And in Singapore, we continue to see the clients entrust us with more of their assets. And despite the robust momentum of net asset inflows, total client assets still experienced a single-digit Q-on-Q decline so far, largely due to this mark-to-market.

[解釋] 我認為，客戶獲取成本在一定程度上受到市場表現的影響，而且我們已經看到各個地區的客戶獲取速度有所放緩，按市場和大中華區劃分，客戶獲取速度基本保持穩定，正如 Arthur 提到的，在市場整合的推動下，香港地區的表現優於大中華區。在新加坡，我們看到客戶不斷將更多的資產委託給我們。儘管淨資產流入勢頭強勁，但迄今為止，總客戶資產環比仍出現個位數下降，這主要是由於這種以市價計價的方式。

(foreign language)

（外語）

Yes. So we're going to share some color on our Singapore and U.S. client cohort. And in Singapore, we saw robust growth in both net asset inflow and average client assets. And as of the end of the first quarter, average assets per paying client in Singapore has exceeded SGD 9,000, which represents a sound quarter-over-quarter growth. And for example, for the clients that we acquired in the most recent quarter, their net asset inflow in the quarter increased to around SGD 6,000, which should only be realized in about 3 to 6 months for those clients that we acquired right after relaunching Singapore.

是的。因此，我們將分享一些有關新加坡和美國客戶群的資訊。在新加坡，我們看到淨資產流入和平均客戶資產均強勁成長。截至第一季末，新加坡每位付費客戶的平均資產已超過 9,000 新元，較上季成長良好。舉例來說，我們最近一個季度獲得的客戶，該季度的淨資產流入增加到 6,000 新加坡元左右，而我們重新進軍新加坡市場後獲得的客戶，大約需要 3 到 6 個月才能實現這一目標。

And generally, we saw both improving quality and quantity of clients in Singapore, which is in line with our overall expectations when we launched in Singapore. And then a little bit about our U.S. business. So despite the rapid growth of clients in the U.S. in the first quarter, average assets per client still suffered a decline. And for the rest of the year, we'll put more emphasis on improving client quality.

總體而言，我們看到新加坡客戶的品質和數量都在提高，這符合我們在新加坡推出業務時的整體預期。然後稍微介紹一下我們的美國業務。因此，儘管第一季美國客戶數量快速成長，但每位客戶的平均資產仍下降。今年剩餘時間，我們將更加重視提升客戶品質。

And we also continue to adjust our client incentives for different client acquisition channels in order to test the client acquisition efficiency for clients with different profiles. And this adjusted by certain fluctuations in the number of new clients and average assets per client in the U.S.

我們也將持續針對不同的客戶獲取管道調整客戶激勵措施，以測試不同類型客戶的客戶獲取效率。並且這根據美國新客戶數量和每位客戶平均資產的一定波動進行了調整。

Our next question comes from Leon Qi from Daiwa.

下一個問題來自 Daiwa 的 Leon Qi。

(foreign language)

（外語）

This is Leon Qi from Daiwa. I have 2 questions today. firstly on the trading side. I appreciate that management mentioned in your opening remarks that the blended commission rate actually saw a quite sizable uplift. This is mainly because of a number of new noncash equity products on such as inverse EBS, futures and the derivative products in Singapore.

我是 Daiwa 的 Leon Qi。我今天有兩個問題。首先是交易方面。我很欣賞管理層在開場白中提到的混合佣金率實際上出現了相當大的提升。這主要是因為新加坡出現了許多新的非現金股票產品，例如逆向EBS、期貨和衍生性商品。

Just wondering that over a longer time horizon, does management have any deal split in the trading volume between cash equity and derivative products. And also, if possible, I appreciate management will share some color on our upcoming pipeline and the development of products in our major markets?

只是想知道，從更長的時間範圍來看，管理層是否對現金股權和衍生產品之間的交易量進行了任何分割。而且，如果可能的話，我希望管理階層能夠分享一些我們即將推出的管道和主要市場產品開發的情況？

The second question is that just wondering if management could give any updates on the progress of your R&D expenses, note that we actually, as you are investing heavily on the R&D side. Just wondering if we have any updates compared with the guidance is given a quarter ago on the timing of -- on the timing when we could see the results of these investments.

第二個問題是，我只是想知道管理層是否可以提供有關你們研發費用進展的最新信息，請注意，實際上，你們在研發方面投入了大量資金。我只是想知道，與一個季度前給出的指導相比，我們是否有任何更新，關於我們何時可以看到這些投資的結果。

Thank you, Leo. This is Arthur. I will take these 2 questions. Number one, just to give you some -- a little bit of sense about derivative trading contributions for our total trading commission, derivative accounts roughly 30% in this quarter. I think the contribution from the derivative in this -- in the first quarter was particularly high due to the market conditions, a lot of investors looking for instruments to do the hedging when the market -- regardless in the U.S. Chinese ADRs or Hong Kong market was quite volatile in the first quarter.

謝謝你，Leo。這是亞瑟。我將回答這兩個問題。第一，只是為了給你一些關於衍生性商品交易對我們總交易佣金的貢獻的信息，本季衍生性商品約佔 30%。我認為，由於市場狀況良好，第一季衍生性商品的貢獻特別高，許多投資者在市場（無論是美國、中國 ADR 還是香港市場）第一季波動較大時，都在尋找對沖工具。

If you look at our long-term strategy, I think number one is we do not encourage people to trade the derivatives. I think the guiding principle for us is to let investors understand the risks associated with these very complicated training instruments. But at the same time, definitely, we -- after we provide sufficient investment education, we do want investors to use these instruments to make a much better risk-reward returns versus other online brokers such as Robinhood or other U.S. players, you can see their derivative revenues contribute much, much higher of their total revenues compared with us, which accounts for roughly 45% even to 50% above. Therefore, I think our current 30% contribution is healthy.

如果你看一下我們的長期策略，我認為首要的一點就是我們不鼓勵人們交易衍生性商品。我認為我們的指導原則是讓投資人了解這些非常複雜的培訓工具所涉及的風險。但同時，在我們提供足夠的投資教育之後，我們確實希望投資者使用這些工具來獲得比其他線上經紀商（如 Robinhood 或其他美國參與者）更好的風險回報，你可以看到他們的衍生品收入對他們總收入的貢獻比我們高得多，大約佔 45% 甚至 50% 以上。因此，我認為我們目前30%的貢獻是健康的。

We do think, at the same time, there is a huge room for the Hong Kong directive development, given that more and more Chinese ADRs go back to the Hong Kong, there will be more market trading liquidity in this market, which definitely will be a huge plus for our derivative business in Hong Kong down the road. For your second question, the R&D expenses, as we provide certain guidance in terms of staff head count increase this year.

同時，我們確實認為香港指令的發展空間巨大，鑑於越來越多的中國 ADR 回歸香港，香港市場的交易流動性將會增強，這對我們未來在香港的衍生品業務無疑將是一個巨大的利好。對於您的第二個問題，關於研發費用，我們在今年的員工人數增加方面提供了一定的指導。

In the beginning of this year, we project roughly 20% headcount year-over-year increase. And we maintain this budget so far. I think in the first quarter, roughly our headcount increased 5% Q-on-Q basis. Therefore, everything is on track. Most of our R&D expenses actually belong to the salary and the bonus for our R&D personnel. I do think they work very, very hard to make the things forward, especially for some key projects such as U.S. sales clearing and also some new products to be launched in the second half of this year.

今年年初，我們預計員工人數將年增約 20%。我們至今仍維持這項預算。我認為在第一季度，我們的員工人數比上季增加了 5％。因此，一切都在步入正軌。我們的研發費用大部分其實都是研發人員的薪水和獎金。我確實認為他們非常非常努力地推動事情向前發展，特別是一些關鍵項目，例如美國銷售清算以及今年下半年將推出的一些新產品。

Our next question comes from Zoey Zong from Jefferies.

下一個問題來自 Jefferies 的 Zoey Zong。

(foreign language)

（外語）

So my first question is on customer acquisition costs. So we have seen a Q-on-Q decline in customer acquisition costs in Q1. How should we think about the trend in Q2 and future? And my second question is that launched our business in Australia on 8th March. So could you please provide some color about the user traffic, brand assets per paying client and customer acquisition costs in Australia.

所以我的第一個問題是關於客戶獲取成本。因此，我們看到第一季的客戶獲取成本較上季下降。我們該如何看待第二季以及未來的趨勢？我的第二個問題是，我們在 3 月 8 日在澳洲啟動了業務。那麼，您能否提供一些有關澳洲的用戶流量、每個付費客戶的品牌資產以及客戶獲取成本的詳細資訊？

Thank you, Zoey. I will leave the second question to Leaf, and I will address your first question regarding the PAC. You are right. I think the overall CAC costs in the first quarter is around HKD 3,500 surpass our -- the budget of HKD 2,500 to HKD 3,000 in the beginning of this year. The reason is in, the first quarter, actually, we had some advertising campaign commitment, which we have already made in the last Q4.

謝謝你，佐伊。我將第二個問題留給 Leaf，我將回答您關於 PAC 的第一個問題。你是對的。我認為第一季的整體 CAC 成本約為 3,500 港幣，超過了我們今年年初 2,500 至 3,000 港幣的預算。原因是，實際上，在第一季度，我們已經做出了一些廣告活動承諾，而這些承諾在去年第四季就已經做出了。

And these campaigns has been carried forward to the first quarter. In the remaining 3 quarters, we do think there can be sequential decrease in terms of absolute CAC amount. We -- hopefully, it can be back to the range of HKD 2,500 to HKD 3,000 something.

而這些活動已經延續到了第一季。在剩下的 3 個季度中，我們確實認為 CAC 絕對金額可能會連續下降。我們希望它能回到 2,500 港幣至 3,000 港幣左右的範圍內。

At the same time, I think, as Robin mentioned before, this year, alongside the number of new paying times, we'll be more focusing on the quality of our new paying clients as well. Therefore, besides the client acquisition costs, we'll also take into the consideration of asset acquisition costs as well.

同時，我認為，正如Robin之前提到的，今年，除了增加新的付費客戶數量外，我們還將更加關注新付費客戶的品質。因此，除了客戶獲取成本，我們也會考慮資產獲取成本。

(foreign language)

（外語）

[Interpreted]

[翻譯]

As we mentioned, we officially launched in Australia on March 8, which is about 3 months ago. And since then, we have mostly been focusing on building the local team and exploring marketing strategies. We think there's a large growth prospects in Australia, and we'll wait to see more data.

正如我們所提到的，我們於 3 月 8 日在澳洲正式推出，大約 3 個月前。從那時起，我們主要致力於建立本地團隊和探索行銷策略。我們認為澳洲的成長前景廣闊，我們將等待更多數據。

Our next question comes from Zeyu Yao from CICC.

下一個問題來自中金公司的姚澤宇。

(foreign language)

（外語）

As observed, Futu has acquired many clients from other brokers in the last few months and accelerate the market share gains as the leading platform. And we believe Futu will be the potential winner in the coming sector consolidation among the mark-to-market. Could you give us some more color about the reason why so many clients from our competitors choose to transfer their accounts to Futu? And what's the target Futu's market share in stock and the derivatives in Hong Kong market or Hong Kong retail market?

據觀察，富途證券在過去幾個月中從其他經紀商手中獲得了大量客戶，並作為領先平台加速了市場份額的成長。我們相信富途將成為未來以市價計算的產業整合的潛在贏家。您能否進一步解釋為什麼我們的競爭對手中有這麼多客戶選擇將他們的帳戶轉移到富途？富途在香港市場或香港零售市場的股票和衍生性商品目標市佔率是多少？

I will take these 2 questions. I think number one, you're right. We made very encouraging progress in the Hong Kong market in the first quarter. Actually, if we look at net asset inflows in the first quarter, it's actually the second best of the quarters in terms of net asset inflows in Hong Kong. We do think Hong Kong will face a very significant industry consolidations and it will be the leading players like Futu will definitely benefit from this trend.

我將回答這兩個問題。我認為第一點你是對的。我們第一季在香港市場取得了非常令人鼓舞的進展。實際上，如果我們看第一季的淨資產流入，它實際上是香港淨資產流入第二好的季度。我們確實認為香港將面臨非常重大的產業整合，而像富途這樣的領導企業肯定會從這一趨勢中受益。

Besides this new client we acquired, I think in the first quarter and going forward, we are also focusing on our existing clients asset inflows, in particular, in the first quarter, we do a lot of proactive marketing campaigns to attract our existing clients to migrate more assets to Futu from other brokers or even from the banks.

除了我們獲得的新客戶之外，我認為在第一季以及未來，我們還將重點關注現有客戶的資產流入，特別是在第一季度，我們進行了大量積極的營銷活動，以吸引現有客戶將更多資產從其他經紀商甚至銀行遷移到富途。

Therefore, we can see more as inflows generate from our existing clients. And secondly, we do think the industry dynamics in Hong Kong will become more benign, given that certain of our peers start to strategically exit from the Hong Kong markets.

因此，我們可以看到來自現有客戶更多的資金流入。其次，鑑於我們的一些同行開始策略性地退出香港市場，我們確實認為香港的行業動態將變得更加良性。

In terms of the product offerings, definitely, there will be a lot of new exciting product headlines in our -- in the second half of this year. For the trading perspective, we are looking for more FX trading starting from the second half of this year. And also, we will more -- cater to certain institutional investors demands in the Hong Kong trading and the U.S. trading as well.

就產品供應而言，今年下半年我們肯定會推出許多令人興奮的新產品。從交易角度來看，我們期待從今年下半年開始進行更多的外匯交易。此外，我們還將更多地滿足香港交易和美國交易中某些機構投資者的需求。

And for the -- for your second question in terms of the long-term market share, I think now on the cash equity side, in Hong Kong, our market share is around the 2% to 3% versus our peers in the Asia markets or in other regions, we do think there are still ample room to be consolidated.

對於您提到的第二個問題，就長期市場份額而言，我認為現在在現金股票方面，在香港，與亞洲市場或其他地區的同行相比，我們的市場份額約為 2% 至 3%，我們確實認為仍有足夠的整合空間。

And also for the reference, in the past several months, our market shares in the Hong Kong future is in the range of 5% to 8%. We are very confident we will get more market shares in this particular niche market. And also, at the same time, the whole type of the Hong Kong derivative, we have sufficient -- we are very confident with -- have a very meaningful upside going forward as well.

作為參考，在過去的幾個月裡，我們在香港期貨的市佔率在 5% 到 8% 之間。我們非常有信心我們將在這個特定的細分市場中獲得更多的市場份額。同時，我們對整個香港衍生性商品類型有足夠的信心，未來也將具有非常顯著的上升空間。

For the options trading. In Hong Kong, our market share now is around the 10%. I think we are -- we make -- close to the savings gradually 10% market share from a retail growth perspective has been already very high.

對於期權交易。在香港，我們現在的市佔率約在10%左右。我認為我們已經接近節約，從零售成長的角度來看，10% 的市佔率已經非常高了。

We have now reached the end of the question-and-answer session. I'll now turn the call back to Daniel for closing remarks.

問答環節現已結束。現在我將電話轉回丹尼爾，請他作最後發言。

That concludes our call today. On behalf of the Futu management team, I would like to thank you for joining us. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you, and goodbye.

今天的通話到此結束。我謹代表富途管理團隊感謝您的加入。如果您還有任何其他問題，請隨時與我或我們的任何投資者關係代表聯繫。謝謝你，再見。

Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。今天的會議就到此結束了。感謝您的參與。你們都可以斷開連線。