富途控股 (FUTU) 2024 Q1 法說會逐字稿

Hello, ladies and gentlemen, welcome to Futu Holdings first-quarter 2024 earnings conference call. (Operator Instructions)

女士、先生們，大家好，歡迎參加富途控股2024年第一季業績電話會議。（操作員指示）

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

現在，我想將電話會議交給今天的電話會議主持人，富途執行長參謀長兼投資者關係主管丹尼爾·袁。先生，請繼續。

Thanks, operator, and thank you for joining us today to discuss our first-quarter 2024 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 2024 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 risk and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in 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 annual report.

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信念，這些事件本質上並不確定，並且超出了公司的控制範圍。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中的結果有重大差異。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，包括其年度報告。

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，我現在將發言權交給 Leaf。Leaf 將以中文發表評論，我負責翻譯。

(spoken in foreign language) Thank you all for joining our earnings call today. Bolstered by strong market performance and solid execution in new markets, we wrapped up the quarter with approximately 1.9 million paying clients, representing a 24% growth year over year.

（以外語演講）感謝大家今天參加我們的收益電話會議。由於強勁的市場表現和在新市場的穩健執行，我們在本季結束時擁有約 190 萬付費客戶，年增 24%。

In the first quarter, we added 177,000 paying clients, which more than quadrupled from the year-ago quarter, marking the third highest quarterly growth in history. Three months into the year, we have already achieved over 50% of our full year guidance of 350,000 net new paying clients.

第一季度，我們新增了17.7萬名付費客戶，比去年同期成長了四倍多，創下了史上第三高的季度增幅。今年已經過去三個月了，我們已經實現了全年目標的 35 萬名淨新增付費客戶中的 50% 以上。

Given the year-to-date momentum, we would like to raise this guidance to 400,000 for now. Despite the rapid expansion of our client base, our quarterly paying client retention rate remained above 98%.

鑑於今年迄今的發展勢頭，我們目前希望將這一預期提高至 40 萬。儘管我們的客戶群迅速擴張，但我們的季度付費客戶保留率仍保持在 98% 以上。

(spoken in foreign language) Client acquisition in Hong Kong and Singapore both accelerated to double-digit sequential growth. Yet their contribution to new paying clients dwindled to around one-third and is drawn triple-digit new paying client growth in other markets.

（外語）香港和新加坡的客戶獲取量均實現了兩位數的連續成長。然而，他們對新付費客戶的貢獻卻減少到三分之一左右，而其他市場的新付費客戶則實現了三位數的成長。

(spoken in foreign language) In Japan, our continued focus on refining product experience and streamlining the account opening process, coupled with targeted marketing initiatives led to robust growth in new paying clients and average client assets. In addition, our Moomoo App continue to garner user interest in Japan with cumulative downloads reaching 1 million in May.

（外語）在日本，我們持續致力於完善產品體驗和簡化開戶流程，再加上有針對性的行銷舉措，使得新付費客戶和平均客戶資產實現了強勁成長。此外，我們的 Moomoo App 持續吸引日本用戶的關注，5 月累計下載量已達 100 萬次。

(spoken in foreign language) In Malaysia, our industry-leading trading experience, rich market information and data, interactive social community, and superior brand equity led to an above expectation growth. Client engagement and trading velocity also surprised us on the upside.

（外語）在馬來西亞，我們行業領先的交易經驗、豐富的市場資訊和數據、互動的社交社群以及卓越的品牌資產帶來了超乎預期的成長。客戶參與度和交易速度也令我們感到意外。

Within six weeks of our brokerage business launch in Malaysia, we attracted over 100,000 registered clients and became the most downloaded financial app. Though client acquisitions decelerated into the second quarter, we still expect meaningful contribution from Malaysia for the rest of the year, and are committed to defending and extending our market leadership.

我們的經紀業務在馬來西亞推出六週內，就吸引了超過 10 萬名註冊客戶，成為下載次數最多的金融應用程式。儘管第二季客戶獲取速度有所放緩，但我們仍預計馬來西亞將在今年剩餘時間內做出有意義的貢獻，並致力於捍衛和擴大我們的市場領導地位。

(spoken in foreign language) We have a rich pipeline of new products and features in all markets. In late March, we launched Japan equities trading in Japan, and subsequently in Hong Kong and Singapore in April.

（以外語說）我們在所有市場都有豐富的新產品和新功能。3 月底，我們在日本推出了日本股票交易，隨後於 4 月在香港和新加坡推出了日本股票交易。

We also intend to launch fractional shares trading, NISA savings account, margin trading and mutual funds in Japan in the coming quarters. We'll also start offering crypto trading in Hong Kong and Singapore, and we expect much higher take rates than equities trading.

我們也計劃在未來幾季在日本推出零碎股票交易、NISA 儲蓄帳戶、保證金交易和共同基金。我們也將開始在香港和新加坡提供加密貨幣交易，我們預計其佣金率將比股票交易高出許多。

In Australia, we recently launched fractional shares, options and recurring investments for US stock trading. In Canada, we introduced self-directed registered retirement savings plan, tax-free savings account, US options trading and will soon roll out Hong Kong stock trading.

在澳大利亞，我們最近推出了針對美國股票交易的零股、選擇權和定期投資。在加拿大，我們推出了自管註冊退休儲蓄計畫、免稅儲蓄帳戶、美國選擇權交易，並將很快推出香港股票交易。

(spoken in foreign language) Total client assets increased by 11% year over year and 7% quarter over quarter to HKD518 billion. We continue to experience strong asset inflow across all markets, which more than offset the drag on clients' Hong Kong stock holding from the market depreciation of several technology names. In Singapore, total client assets and average client assets recorded 25% and 15% sequential growth respectively, driven by robust net asset inflow into equities and cash management products.

(以外語講) 客戶資產總額較去年同期增加 11%，較上一季增加 7%，達 5,180 億港元。我們繼續看到所有市場的強勁資產流入，這足以抵消一些科技股市場貶值對客戶香港股票持有量造成的拖累。在新加坡，受股票和現金管理產品強勁淨資產流入的推動，總客戶資產和平均客戶資產分別較上季成長 25% 和 15%。

(spoken in foreign language) Total trading volume rebounded substantially by 40% quarter over quarter to HKD1.3 trillion. In Hong Kong, trading volume grew by 18% sequentially to HKD280 billion. Clients showed heightened interest in technology and high dividend names as well as leveraged and inverse ETFs.

（外語）總成交量較上季大幅反彈40%，達到1.3兆港元。在香港，交易量較上季成長18%，達到2,800億港元。客戶對科技和高股息股票以及槓桿和反向 ETF 表現出濃厚的興趣。

High turnover of crypto and AI-themed stocks helped US stock trading volume jump by 48% sequentially to HKD1 trillion. Margin financing and securities lending balance increased by 14% sequentially to a record high of HKD38 billion.

加密貨幣和人工智慧主題股票的高成交量推動美國股票交易量較上季成長 48%，達到 1 兆港元。保證金融資及證券借貸餘額較上一季成長14%，達到380億港元的歷史新高。

(spoken in foreign language) Total client assets in wealth management were HKD64 billion, up 73% year over year and 11% quarter over quarter. In the first quarter, bond holdings increased by 21% sequentially, thanks to robust inflow in the US treasury bills.

（用外語說）財富管理客戶資產總額達640億港元，較去年成長73%，較上季成長11%。第一季度，由於美國公債流入強勁，債券持有量較上季成長21%。

In Singapore, wealth management asset balance grew by 356% year over year and 37% quarter-over-quarter as money market funds continue to gain traction. To cater to investor demand for high dividend yield, we launched a fund portfolio with high dividend stable allocation strategy.

在新加坡，隨著貨幣市場基金繼續受到青睞，財富管理資產餘額年增 356%，季增 37%。為滿足投資人對高股息收益的需求，我們推出了高股息穩定配置策略的基金組合。

(spoken in foreign language) As of quarter end, we have 430 IPO distribution and IR clients, up 22% year over year. Over 1,200 companies have set up enterprise accounts in our social community to interact with retail investors.

（外語）截至季末，我們擁有 430 個 IPO 分銷和 IR 客戶，年增 22%。超過 1,200 家公司在我們的社交社群中建立了企業帳戶，與散戶投資者互動。

(spoken in foreign language) Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

（外語）接下來，我想請我們的財務長亞瑟來討論一下我們的財務表現。

Thank you, 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. Total revenue was HKD2.6 billion, up 4% from HKD2.5 billion in the first quarter of 2023.

謝謝你，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，所有數字均以港元為單位。總營收為26億港元，較2023年第一季的25億港元成長4%。

Brokerage commission and handling charge income was HKD1.1 billion, up 20% QoQ and largely flat year over year. With client trading interest piling on AI and crypto themed stocks with high stock price, the blended commission rate decreased from 8.8 basis points to 8.1 basis points due to our per share pricing model in the US.

經紀佣金及手續費收入為11億港元，季增20%，與去年同期基本持平。隨著客戶交易興趣集中在股價較高的人工智慧和加密主題股票上，由於我們在美國採用每股定價模式，混合佣金率從 8.8 個基點下降到 8.1 個基點。

As a result, brokerage income grew at a slower rate than trading volume, both QoQ and year over year.

因此，經紀收入的成長速度無論是環比或年比都低於交易量。

Interest income was HKD1.4 billion, up 5% year over year and 1% QoQ. The year over year increase was mainly driven by higher margin financing income due to an increase in daily average margin balance and higher interest income from bank deposits.

利息收入為港幣 14 億元，較去年同期成長 5%，較上一季成長 1%。年比成長主要由於每日平均保證金餘額增加導致保證金融資收入增加以及銀行存款利息收入增加。

The Q-o-Q increase was mostly driven by higher interest income from bank deposits due to the increase in daily average idle cash balance. Other income was HKD156 million, up 24% year over year and 14% QoQ. The year over year increase was primarily attributable to higher fund distribution income and the Q-o-Q increase was mainly driven by higher currency exchange income. Our total costs were HKD417 million, an increase of 62% from HKD291 million in the first quarter of 2023.

環比成長主要是由於每日平均閒置現金餘額增加導致銀行存款利息收入增加。其他收入為1.56億港元，年增24%，季增14%。年成長主要歸因於基金分銷收入增加，而環比成長主要受貨幣兌換收入增加所推動。我們的總成本為 4.17 億港元，較 2023 年第一季的 2.91 億港元成長 62%。

Brokerage commission and handling charge expenses were HKD60 million, down 17% year over year and up 2% QoQ. Brokerage expenses didn't move in tandem with brokerage income year over year, mainly due to cost savings from our US self-clearing business. The expenses grew at a narrow margin than income sequentially due to a non-recurring cost associated with self-clearing migration of Singapore stocks during the fourth quarter of 2023.

經紀佣金及手續費支出為 6,000 萬港元，年減 17%，較上季增加 2%。經紀費用並未與經紀收入同步變動，這主要是因為我們在美國的自我清算業務節省了成本。由於 2023 年第四季與新加坡股票自行清算遷移相關的非經常性成本，支出的環比增幅小於收入的環比增幅。

Interest expenses were HKD313 million, up 139% year over year and 16% Q-o-Q. The year-over-year increase was driven by higher interest expenses associated with our security borrowing and the lending business. The Q-o-Q increase was mostly due to a similar reason, partially offset by lower margin financing interest expenses.

利息支出為3.13億港元，年增139%，較上季成長16%。年比增長是由於與我們的證券借貸業務相關的利息支出增加。環比增長主要是由於類似的原因，但被保證金融資利息支出的降低部分抵消。

Processing and servicing costs were HKD97 million, up 11% year over year and down 6% Q-o-Q. The year-over-year increase was largely due to higher product service and data transmission fees for new markets. The QoQ decline was mainly driven by lower market information and data fees as well as lower product service fees.

加工及服務成本為9,700萬港元，較去年成長11%，較上季下降6%。年比成長主要是由於新市場的產品服務和數據傳輸費用上漲。環比下降主要是由於市場資訊和數據費用以及產品服務費用下降。

As a result, total gross profit was HKD2.1 billion, a decrease of 4% from HKD2.2 billion in the first quarter of 2023. Gross margin was 81.9% as compared to 88.4% in the year ago quarter. Operating expenses was up 16% year over year and 2% QoQ to HKD930 million.

因此，總毛利為21億港元，較2023年第一季的22億港元下降4%。毛利率為 81.9%，去年同期為 88.4%。營業費用較去年同期增加 16%，較上一季增加 2%，達 9.3 億港元。

R&D expenses were HKD336 million, down 5% year over year and 7% QoQ. The year over year and the Q-o-Q decrease was largely due to stricter cost control.

研發費用為3.36億港元，年減5%，季減7%。年比和環比下降主要是由於成本控制更加嚴格。

Selling and marketing expenses were HKD293 million, up 107% year over year and 6% QoQ. The increase was driven by our triple-digit year over year and QoQ growth in net-new paying clients, partially offset by lower client acquisition costs. G&A expenses were HKD301 million, down 2% year over year and 19% Q-o-Q. The year over year decrease was mainly due to lower professional service fees and the Q-o-Q decrease was due to stricter cost control. As a result, income from operations declined 15% year over year and increased by 17% QoQ to HKD1.2 billion.

銷售及行銷費用為2.93億港元，較去年成長107%，較上季成長6%。這一增長得益於我們淨新增付費客戶數量同比和環比均實現三位數增長，但部分被客戶獲取成本的降低所抵消。一般及行政開支為 3.01 億港元，年減 2%，季減 19%。年比下降主要由於專業服務費用下降，環比下降則由於成本控制更加嚴格。因此，營業收入較去年同期下降15%，較上季成長17%至12億港元。

Operating margin declined to 46% from 56.2% in the first quarter of 2023, mostly due to higher marketing expenses. Our net income decreased by 13% year over year and increased by 18% Q-o-Q to HKD1 billion. Net income margin declined to 39.9% in the first quarter as compared to 47.7% in the same quarter last year. Our effective tax rate for the quarter was 15.2%.

營業利潤率從 2023 年第一季的 56.2% 下降至 46%，主要原因是行銷費用增加。我們的淨收入年減13%，季增18%，至10億港元。第一季淨利率從去年同期的47.7%下降至39.9%。本季我們的有效稅率為 15.2%。

That concludes our prepared remarks. We'd 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。我們現在開始提問。接線員，請繼續。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Chiyao Huang, Morgan Stanley.

摩根士丹利的黃赤耀。

(spoken in foreign language) So the -- I got two questions. First question is regarding the progress we are making in Japan in terms of the number of paying clients, the per client AUM, and also want to have more a view on the conversion rate of -- from the app user to paying clients, is there any difference we are seeing in Japan right now compared to other international markets at a similar stage?

（用外語說）所以——我有兩個問題。第一個問題是關於我們在日本付費客戶數量、每個客戶 AUM 方面取得的進展，同時也想更多地了解從應用程式用戶到付費客戶的轉換率，與處於類似階段的其他國際市場相比，我們目前在日本看到的情況有什麼不同嗎？

So wondering if management could give more color on that. And second question is regarding the -- into 2Q, we're seeing pretty strong rebound in the China-related assets in Hong Kong and -- in Hong Kong and the US as well. So wonder what's the help we are seeing right now in terms of client trading activity and firm inflows in the second quarter so far you're seeing. Thank you.

所以想知道管理層是否可以對此提供更多說明。第二個問題是關於第二季度，我們看到香港以及香港和美國的中國相關資產出現相當強勁的反彈。所以想知道到目前為止，就第二季的客戶交易活動和公司資金流入而言，我們現在看到了什麼幫助。謝謝。

Thank you, Chiyao. I'll let my colleagues, Daniel to answer your first question, and I will address your second question sequentially. Thank you.

謝謝你，赤曜。我將讓我的同事丹尼爾回答您的第一個問題，然後我將依次回答您的第二個問題。謝謝。

(spoken in foreign language) Let me translate for myself. So, for in Japan, we are seeing very meaningful growth in terms of new paying clients. We saw strong sequential growth in the first quarter and second quarter to date, we observed similar strong Q-on-Q momentum.

（外語）讓我自己翻譯一下。因此，就日本而言，我們看到新付費客戶數量出現了非常顯著的成長。我們看到第一季和第二季迄今都實現了強勁的環比成長，環比成長動能也同樣強勁。

And in terms of client AUM, I think we are still in the early innings of attracting client assets, but we have seen across client cohorts that they continue to put assets onto our platform. And in terms of conversion from users to paying clients, that conversion ratio has improved quarter over quarter, thanks to a better account opening process and with more financial products rolled out on our platform.

就客戶資產管理規模 (AUM) 而言，我認為我們仍處於吸引客戶資產的早期階段，但我們已經看到各個客戶群繼續將資產投入到我們的平台上。就從用戶到付費客戶的轉換率而言，由於開戶流程的改進以及我們平台上推出的更​​多金融產品，轉換率逐季度都有所提高。

But there were still a significant gap in comparison to other overseas markets, whether it's current percentages or when they were first -- when we first launched into that market, I think it's more of the reason because of the account opening friction and the product, and the lack of comprehensive financial products. And as Leaf mentioned in his opening remarks, we have a very rich product pipeline coming up in Japan in the coming quarters. Thank you.

但無論是現在的比例，還是剛進入這個市場的時候，跟其他海外市場比起來，還是有比較大的差距的，我覺得更多的是開戶的摩擦和產品的問題，以及缺乏綜合性的金融產品。正如 Leaf 在開場白中提到的那樣，未來幾季我們將在日本推出非常豐富的產品線。謝謝。

(spoken in foreign language) Let me translate for myself. Number one is, we -- definitely, we see a very strong momentum recovery in Hong Kong markets, which significantly help our client's asset inflows in Hong Kong, and overall in terms of trading volume, trading velocity, et cetera.

（外語）讓我自己翻譯一下。首先，我們確實看到香港市場復甦勢頭非常強勁，這極大地幫助了我們客戶在香港的資產流入，並且總體上在交易量、交易速度等方面都有所提高。

As Leaf mentioned in the opening remarks, in the first quarter, in terms of the trading volume breakdowns, the US stock trading accounts for roughly over 75% of our total trading volume and we do expect this ratio will become more healthy given more contributions in Hong Kong stock in the second quarters.

正如 Leaf 在開場白中提到的，在第一季度，就交易量細分而言，美國股票交易約占我們總交易量的 75％ 以上，我們預計，隨著第二季度香港股票的更多貢獻，這一比例將變得更加健康。

And number two is, in the first quarter, we recorded very strong net asset inflows, which roughly over HKD35 billion, thanks to a very strong inflow from our existing markets in Hong Kong and in Singapore, et cetera, also incremental contributions from new markets such as Malaysia and Japan, et cetera.

第二，第一季度，我們錄得非常強勁的淨資產流入，約超過350億港元，這得益於來自香港、新加坡等現有市場的強勁流入，以及來自馬來西亞、日本等新市場的增量貢獻。

And we do believe such momentum remains in the second quarter to date. This will significantly help in terms of the client assets and the trading volume, et cetera. And thirdly, despite we already achieved over 170 fund accounts in the first quarter, partially due to some special reasons in Malaysia due to our brand opening in the first quarter.

我們確實相信，第二季迄今這種勢頭依然保持。這將對客戶資產和交易量等方面產生重大幫助。第三，儘管我們在第一季已經實現了超過170個基金帳戶，但部分原因是由於馬來西亞在第一季開設品牌的一些特殊原因。

But we do think the overall momentum on absolute terms remain very strong despite we expect there can be some Q-o-Q decrease due to a very high base in the first quarter. Thank you.

但我們確實認為，儘管我們預計由於第一季基數很高，環比可能會下降，但從絕對值來看，整體動能仍然非常強勁。謝謝。

Katherine Lei, JPMorgan.

摩根大通的凱瑟琳雷 (Katherine Lei)。

Hi, can you hear me clearly?

你好，你聽得清楚我說話嗎？

(spoken in foreign language) I will translate for myself. The first is about the Malaysia market. I would appreciate if management can give us some color on the Malaysia market, like, I heard that clients are very active in trading, like is that one-off or event-driven or is that a persisting trend? The second question will be more on the commission rates. Do you think that we will see some sequential improvement in the sequential rate? How should we form our expectation? Thank you.

（用外語說）我會自己翻譯。第一是關於馬來西亞市場。如果管理層能給我們介紹一下馬來西亞市場的話我將非常感激，例如，我聽說客戶在交易中非常活躍，這是一次性的還是事件驅動的，或者這是一種持續的趨勢？第二個問題更多是關於佣金率。您認為我們會看到環比成長率有所改善嗎？我們應該如何形成我們的期望？謝謝。

Hello, thank you, Katherine.

你好，謝謝你，凱瑟琳。

(spoken in foreign language) Let me translate for myself for the second question first. I think the blended commission rate decrease was mainly due to our pricing model in the US stock market as we mentioned before. And the quarter-to-date, we have seen the ratio has already become more stable, partially due to there were some high-value stock such as NVIDIA et cetera in the US where conductor stock split. So, this will alleviate the pricing pressure that's in the US.

（外語）我先自己翻譯第二個問題。我認為混合佣金率的下降主要是因為我們之前提到的美國股市的定價模式。本季度迄今為止，我們已經看到該比率已經變得更加穩定，部分原因是美國有一些高價值股票，例如 NVIDIA 等，進行了股票分割。因此，這將減輕美國的定價壓力。

(spoken in foreign language) In terms of unit economics in Malaysia, so far, on a cohort basis, we have witnessed a very healthy organic growth in terms of asset inflow than clients' trading velocity and also the trading volume, et cetera. It seems that all these metrics in Malaysia is well above the average situations of our overall overseas markets.

（以外語說）就馬來西亞的單位經濟而言，到目前為止，以群組為基礎，我們見證了資產流入、客戶交易速度、交易量等非常健康的有機成長。看來馬來西亞的所有這些指標都遠高於我們整體海外市場的平均水平。

Of course, it is maybe still too early to say, given that we just entered into Malaysia a couple of months ago. We will still keep closely monitoring. But having said that, we think the user behavior demonstrated so far is not just one -- because of some one-off events. Thank you.

當然，考慮到我們幾個月前才進入馬來西亞，現在說這個還為時過早。我們仍將保持密切關注。但話雖如此，我們認為迄今為止所展示的用戶行為並非僅僅因為一些一次性事件。謝謝。

(spoken in foreign language) So we officially launched our brokerage business in Malaysia by the end of February, and we've experienced very rapid growth. So in the first quarter, Malaysia contributed about one-third of our net new paying clients.

（外語）因此，我們在二月底正式在馬來西亞啟動了經紀業務，並且經歷了非常快速的成長。因此，在第一季度，馬來西亞貢獻了我們淨新增付費客戶的約三分之一。

And within 49 days of official brokerage business launch, we achieved number one in total cumulative downloads in Malaysia. And I think the reason why we can grow so quickly in Malaysia can be attributed to several factors.

並且在正式推出經紀業務的49天內，我們的累積下載量在馬來西亞排名第一。我認為馬來西亞能夠如此快速發展的原因可以歸結為幾個因素。

First of all, we were already the biggest online broker in Singapore when we entered in Malaysia and that brought us a lot of brand recognition. And secondly, we simply offer the best product in Malaysia, one stop platform where you can invest in Malaysia equities, US equities and we have free market data and information, which are all industry-leading.

首先，當我們進入馬來西亞時，我們已經是新加坡最大的線上經紀商，這為我們帶來了許多品牌知名度。其次，我們只提供馬來西亞最好的產品，一站式平台，您可以在此投資馬來西亞股票、美國股票，我們擁有免費的市場數據和信息，這些都是行業領先的。

And last but not least, we have also accumulative -- accumulated a large number of users before our official brokerage business launch, and we were able to convert a very meaningful chunk of those users. I think the first quarter growth was above our expectations.

最後但同樣重要的一點是，在我們的經紀業務正式推出之前，我們已經累積了大量的用戶，並且我們能夠轉化其中非常重要的一部分用戶。我認為第一季的成長超出了我們的預期。

But going to the second quarter, we believe the contribution of Malaysia will come down sequentially. I think that is because there is still room for improvement in terms of the level of automation in client account opening, asset inflow and outflow in operations, etcetera.

但進入第二季度，我們相信馬來西亞的貢獻將比去年同期下降。我想是因為在客戶開戶、資產流入流出等營運的自動化程度方面，還有進步的空間。

So in order to ensure that our clients then have a very smooth experience, and to increase our operational efficiency, I think we dynamically adjust our client acquisition pace, and so as to better inform our growth in Malaysia.

因此，為了確保我們的客戶擁有非常順暢的體驗，並提高我們的營運效率，我認為我們會動態調整我們的客戶獲取速度，以便更好地促進我們在馬來西亞的成長。

And in terms of our client profile, most of our clients in Malaysia are male, and have higher income. And in terms of ethnicity, a lot of them are the Chinese population. I think that partly explains the high trading turnover and relatively higher average asset than we expected, which will probably lead to a favorable payback period in Malaysia. Thank you.

從我們的客戶概況來看，馬來西亞的客戶大多是男性，且收入較高。從種族來看，其中很多都是華人。我認為這在一定程度上解釋了較高的交易額和相對較高的平均資產，這可能會導致馬來西亞的有利回報期。謝謝。

(Operator Instructions) I'm showing no further questions. I'll now turn the conference back to Mr. Daniel Yuan for closing comments.

（操作員指示）我沒有其他問題。現在我將會議交還給丹尼爾·袁先生，請他發表最後評論。

That concludes our call today. On behalf of Futu management team, I would like to thank you for joining us today. 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大家今天的到來。如果您有任何其他問題，請隨時與我或我們的任何投資者關係代表聯繫。謝謝，再見。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。