富途控股 (FUTU) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Futu Holdings Second Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. After management's remarks, there will be a Q&A.

女士們，先生們，歡迎參加富途控股2024年第二季收益電話會議。此時，所有參與者都處於只聽模式。管理層發言後，將進行問答環節。

Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

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 would 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 second 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 Li Xu, Senior Vice President.

謝謝，接線員，感謝您今天加入我們討論我們的 2024 年第二季收益結果。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；財務長Arthur Chen和資深副總裁Robin Li 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.

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。

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.

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，我現在將電話轉給 Leaf。Leaf 將以中文發表評論，我負責翻譯。

(spoken in foreign language)

（用外語說）

Thank you all for joining our earnings call today. And in the second quarter, we acquired 155,000 paying clients, representing 168% year-over-year growth. By the end of the quarter, we crossed the 2 million paying clients milestone, translating into a 29% growth year over year and 8% growth quarter over quarter. Six months into 2024 we have achieved over 80% of our full year new paying client guidance. Given the strong year-to-date momentum, we would like to raise our guidance again to 550,000 new paying clients in 2024.

感謝大家參加我們今天的收益電話會議。第二季度，我們獲得了 155,000 名付費客戶，較去年同期成長 168%。截至本季末，我們的付費客戶數突破 200 萬，年增 29%，季增 8%。到 2024 年的第六個月，我們已實現全年新付費客戶預期的 80% 以上。鑑於今年迄今的強勁發展勢頭，我們希望再次將 2024 年新增付費客戶預期上調至 55 萬名。

(spoken in foreign language)

（用外語說）

New paying clients in Hong Kong and Singapore, both recorded double digit sequential growth in that market rebound collectively contributing to over one-third again, client growth in the second quarter. In Japan, new paying clients grew by double digits quarter over quarter as we continue to strengthen product offerings, iterate on marketing initiatives and increase our brand awareness.

香港和新加坡的新付費客戶在市場反彈中均實現了兩位數的連續成長，共同貢獻了第二季超過三分之一的客戶成長。在日本，隨著我們不斷加強產品供應、迭代行銷舉措並提高品牌知名度，新付費客戶數量環比增長了兩位數。

Meanwhile, Malaysia maintained strong momentum and contributed the highest number of new paying clients among all markets two quarters in a row despite sequential deceleration.

同時，儘管馬來西亞的成長速度連續放緩，但仍保持強勁勢頭，並連續兩個季度在所有市場中貢獻了最多的新付費客戶。

(spoken in foreign language)

（用外語說）

One major product update is our recent launch of cryptocurrency trading in Hong Kong and Singapore. Compared to some other markets we operate in, we believe that the penetration of crypto in Hong Kong and Singapore has much room for growth given their supportive regulatory environment, rising awareness of virtual assets and the emergence of more user friendly virtual asset trading platforms.

一項重大的產品更新是我們最近在香港和新加坡推出了加密貨幣交易。與我們經營的其他一些市場相比，我們認為，鑑於香港和新加坡的支持性監管環境、虛擬資產意識的提高以及更用戶友好的虛擬資產交易平台的出現，加密貨幣在香港和新加坡的滲透率具有很大的增長空間。

The adoption curve will not be linear and obviously highly subjective to market sentiments. So when we develop our product roadmap, we think less about short-term monetization than offering a broader portfolio with asset classes with low correlation to help our clients navigate market cycles and thus drive higher client wallet share from those with I would use is on new assignments.

採用曲線並不是線性的，而且顯然高度受市場情緒的影響。因此，當我們制定產品路線圖時，我們較少考慮短期貨幣化，而是提供具有低相關性的資產類別的更廣泛的投資組合，以幫助我們的客戶駕馭市場週期，從而從那些我將用於新任務的客戶那裡獲得更高的客戶錢包份額。

(spoken in foreign language)

（用外語說）

In terms of our product road map and other international markets in Japan, we are on track to launch these the savings account mutual funds and US margin trading in the coming months. In Malaysia we recently rolled out ring and USD-denominated money market funds.

就我們的產品路線圖和日本其他國際市場而言，我們將在未來幾個月內推出儲蓄帳戶共同基金和美國保證金交易。在馬來西亞，我們最近推出了環形和以美元計價的貨幣市場基金。

To help our clients capitalize on the vibrant local IPO market in Malaysia, we also launched the Malaysian stock IPO subscription services. In Canada, we just introduced Cash Plus product that enables clients to earn incentives on their idle cash.

為了幫助我們的客戶利用馬來西亞活躍的本地 IPO 市場，我們也推出了馬來西亞股票 IPO 認購服務。在加拿大，我們剛推出了 Cash Plus 產品，讓客戶能夠利用閒置現金賺取獎勵。

(spoken in foreign language)

（用外語說）

Total client assets jumped 24% year-over-year and 12% quarter over quarter to a record HKD579 billion. The growth was fueled by the robust net asset inflow across markets and the market appreciation of our client stockholdings. With net asset inflow reporting that the sequential growth we have exceeded our full year 2023 number only six months into the year.

客戶總資產較上年同期成長 24%，較上一季成長 12%，達到創紀錄的 5,790 億港元。成長的動力來自於各市場的強勁淨資產流入和客戶股票的市場升值。根據淨資產流入報告，我們的連續成長僅在六個月內就超過了 2023 年全年的數字。

In the second quarter, our clients continue to take on more leverage positions, submit uplifts market sentiment. As a result, margin financing and securities lending balance climbed to an all-time high of HKD44 billion.

第二季度，我們的客戶持續持有更多槓桿頭寸，提振市場情緒。受此帶動，保證金融資及證券借貸餘額升至440億港元的歷史新高。

(spoken in foreign language)

（用外語說）

Driven by robust net asset inflow into equities and money market funds, total client assets in Singapore grew by 19% quarter over quarter, marking the eighth consecutive quarter of double digit growth. Average client assets in Malaysia recorded a 45% sequential growth, while total finance US more than doubled in Australia. Average client assets realized sequential growth for three consecutive quarters.

受股票和貨幣市場基金淨資產強勁流入的推動，新加坡的客戶總資產環比增長 19%，連續第八個季度實現兩位數增長。馬來西亞的平均客戶資產連續成長 45%，而澳洲的美國總金融資產增加了一倍多。平均客戶資產連續三個季度實現環比成長。

(spoken in foreign language)

（用外語說）

Growing optimism continued into the second quarter for Hong Kong stock and major US indices, national all-time high. Total trading volume grew to HKD1.62 trillion of 69% year over year and 21% quarter over quarter. For Hong Kong stock trading client interests persisted through technology and high dividend names. Train velocity also rebounded sequentially, immediate palpable shift in market sentiment.

進入第二季度，港股和美國主要股指的樂觀情緒持續高漲，創下全國歷史新高。總成交量增至1.62兆港元，較去年同期成長69%，較上一季成長21%。對於香港股票交易而言，客戶的興趣透過技術和高股息名稱得以持續。火車速度也隨之回升，市場情緒立即出現了明顯的轉變。

As a result, Hong Kong stock trading volume increased by 28% sequentially to HKD358 billion. Boosted by the continued a mania and resurgence of mean stocks US stock trading volume grew by 19% quarter over quarter to HKD1.24 trillion.

受此影響，香港股票成交量較上月成長28%，至3,580億港元。受惠於持續熱潮及平均股指回升，美股成交量較上季成長19%，至1.24兆港元。

In the US market, advanced options trading tools, combined with user-friendly interface and extensive educational resources, boosted our appeal among options traders. In the second quarter, the number of options traders in the US increased by around 60% year over year.

在美國市場，先進的選擇權交易工具，加上使用者友善的介面和豐富的教育資源，提升了我們在選擇權交易者中的吸引力。第二季度，美國選擇權交易員數量較去年同期成長約60%。

(spoken in foreign language)

（用外語說）

Wealth Management reported another quarter of exceptional growth as our clients saw diversification and continue to park more funds and safer assets like money market funds and US Treasury bills, totaled lineup that grew by 84% year over year and 25% quarter over quarter to around HKD80 billion . As of quarter end, wealth management assets accounted for 14% of our total client assets and over 25% of paying claims held wealth management positions.

財富管理業務再創佳績，實現另一個季度的卓越成長，因為我們的客戶看到了多元化，並繼續存放更多資金和更安全的資產，如貨幣市場基金和美國國庫券，總資產同比增長 84%，環比增長 25%，達到約 800 億港元。截至季末，財富管理資產占我們客戶總資產的14％，超過25％的償付債權人持有財富管理部位。

(spoken in foreign language)

（用外語說）

We have 451 IPO distribution in our clients up 21% year over year. We underwrote seven of the 10 largest Hong Kong IPOs in the first half of 2024.

我們為客戶發行了 451 隻 IPO，比去年同期成長了 21%。我們承銷了 2024 年上半年香港十大 IPO 中的七隻。

(spoken in foreign language)

（用外語說）

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。

Thank you, Leaf and Daniel. Please allow me to walk you through our financial performance in the second quarter or the numbers in Hong Kong dollars, unless otherwise noted. Total revenue was HKD3.1 billion, up 26% from HKD2.5 billion in the second quarter of 2023.

謝謝你，Leaf 和 Daniel。請容許我向您介紹我們第二季的財務表現或以港元計算的數字，除非另有說明。總營收為 31 億港元，較 2023 年第二季的 25 億港元成長 26%。

Brokerage commission and handling charge income was HKD1.4 billion, up 45% year-over-year and 27% Q-over-Q increase was mainly driven by a 69% year over year and 21% Q-o-Q growth in total trading volumes. Given our per share pricing model for US stock trading, the blended commission rate increased from 8.1 basis points to 8.5 basis points.

經紀佣金及手續費收入為 14 億港元，年增 45%，季增 27%，主要由於總交易量年增 69%，季增 21%。根據我們的美國股票交易每股定價模型，混合佣金率從 8.1 個基點增加到 8.5 個基點。

As a result, brokerage income grew at a faster rate than trading volume Q-over-Q. Interest income was HKD1.6 billion, up 13% year over year and 18% Q-over-Q. And the year-over-year Q-over-Q increase was mainly driven by higher margin financing income due to an increase in daily average module balance and higher interest income from securities borrowing and lending business.

因此，經紀收入的環比成長速度快於交易量的環比成長速度。利息收入為港幣 16 億元，較去年同期成長 13%，較上季成長 18%。而較去年同期的成長，主要由於日均模組餘額增加導致的保證金融資收入增加，以及證券借貸業務的利息收入增加。

Other income was HKD161 million, up 27% year-over-year and 3% Q-over-Q year-over-year and Q-over-Q increase was both primary attributable to higher fund distribution income. While the Q-over-Q increase was partially offset by the decline in underwriting fee income, our total costs were HKD574 million, an increase of 53% from HKD375 million in the second quarter of 2023.

其他營收為 1.61 億港元，較去年同期成長 27%，較上一季成長 3%，季增主要歸因於基金分銷收入增加。雖然環比成長被承銷費收入的下降部分抵消，但我們的總成本為 5.74 億港元，較 2023 年第二季的 3.75 億港元成長 53%。

Brokerage commission and handling charge expenses were HKD87 million, up 58% year over year and up 45% Q-over-Q. Expenses grew by a wider margins than income sequentially, mainly due to the captive fee scheme. The scheme for US stock trading under the per share pricing model, we charge a maximum of 50 basis points of trading volume per order for the stock trading.

經紀佣金及手續費支出為 8,700 萬港元，年增 58%，季增 45%。支出的增幅比收入的增幅更大，這主要歸因於專屬費用計劃。針對美股交易的方案，依照每股定價模式，我們對股票交易每筆訂單收取最高50個基點的交易量費用。

So when a client trade a more low price. That means stock, as was the case in the second quarter, there will be a mismatch between the growth rate of revenue and expenses. Interest expenses was HKD308 million, up 71% year over year and a 21% Q-over-Q year-over-year.

因此當客戶以更低的價格進行交易時。這意味著，就像第二季的情況一樣，收入和支出的成長率將不匹配。利息支出為3.08億港元，較去年成長71%，較上季成長21%。

And the Q-on-Q increase was mainly driven by higher interest expenses associated with our securities borrowing and lending business. Processing and servicing costs was HKD109 million, up 11% year over year and certain percent Q-over-Q.

環比增長主要是由於與證券借貸業務相關的利息支出增加所致。加工及服務成本為1.09億港元，較去年成長11%，較上季成長一定百分比。

The year-over-year increase was largely due to higher harvest service fee and a Q-over-Q increase was mainly driven by higher marketing information and data fees. As a result, our total gross profit was HKD2.6 billion, an increase of 21% from HKD2.1 billion in the second quarter of 2023.

年比增長主要由於收穫服務費增加，環比增長主要由於行銷資訊和數據費用增加。因此，我們的總毛利為26億港元，較2023年第二季的21億港元成長21%。

Gross margin was 81.6% as compared to 84.9% in the year ago quarter. Operating expenses were up 26% year over year and 16% Q-over-Q to HKD1.1 billion. R&D expenses were HKD374 million, up 3% year over year and a 12% Q-over-Q. The year-over-year the Q-on-Q increase was mainly driven by an increase in R&D headcount to support our new markets.

毛利率為 81.6%，去年同期為 84.9%。營業費用較上年同期增加 26%，較上一季增加 16%，達 11 億港元。研發開支為 3.74 億港元，較去年同期增加 3%，較上一季增加 12%。與去年同期相比，環比成長主要是由於增加研發人員數量以支持我們的新市場。

Selling and marketing expenses were HKD338 million, up 93% year over year and 16% Q-over-Q. The year-over-year increase was driven by the triple-digit year-over-year growth in new paying clients, partially offset by lower client acquisition cost that we're able to increase was mainly due to the sequential increase in client acquisition costs.

銷售及行銷費用為3.38億港元，較去年成長93%，較上季成長16%。年成長主要得益於新付費客戶數量的三位數同比增長，但部分被較低的客戶獲取成本所抵消，我們能夠增加的主要是客戶獲取成本的連續增加。

G&A expenses were HKD362 million, up 16% year over year, and the 20% Q-over-Q figure will be on a Q-over-Q increase was primary due to increasing headcount for G&A personnel. As a result, income from operations increased by 18% year-over-year and 24% Q-over-Q to HKD1.5 billion.

一般及行政開支為 3.62 億港元，較去年同期增加 16%，季增 20%，主要由於一般及行政開支人員數目增加。因此，營業收入較上年同期增加 18%，較上一季增加 24%，達 15 億港元。

Operating margin declined to 46% or 47.3% from 50.6% in the second quarter of 2023, mostly due to higher marketing expenses. Our net income increased by 8% year-over-year and 17% Q-over-Q to HKD1.2 billion. Net income margin declined to 78.6% in the second quarter as compared to 41.1% in the same quarter last year. Our effective tax rate for the quarter was 15.2%.

營業利潤率從 2023 年第二季的 50.6% 下降至 46% 或 47.3%，主要原因是行銷費用增加。我們的淨收入年增 8%，季增 17%，達到 12 億港元。第二季淨利率從去年同期的41.1%下降至78.6%。我們本季的有效稅率為 15.2%。

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)

（操作員指令）

Cindy Wang, China Renaissance.

Cindy Wang，中國復興公司。

(spoken in foreign language)

（用外語說）

Thanks for taking my call. I have two questions. One question is related to crypto services. So recently you have launched the crypto services in Hong Kong and Singapore. Could you provide some color on client feedback on crypto trading and to your client acquisition strategy. Second is our basically now is around two months for the effect of the quarter. So can you give us some of the to the trend for the third quarter, including like trading volume, trading velocity, AUM and margin financing and securities lending?

感謝您接聽我的電話。我有兩個問題。一個問題與加密服務有關。所以最近你們在香港和新加坡推出了加密服務。您能否提供一些有關加密交易的客戶回饋以及您的客戶獲取策略的詳細資訊。第二，我們現在基本上是在兩個月左右的時間內觀察這個季度的效果。那麼您能否向我們介紹一下第三季的一些趨勢，包括交易量、交易速度、AUM、融資融券等？

Thank you.

謝謝。

(spoken in foreign language)

（用外語說）

For the second quarter today, we what we would this is still very robust client asset inflows. Despite, there will be some negative impact implications from the market to market loss due to the challenges we face income home markets. And then you asked in terms of, you know, clients, trading turnover velocity and also the trading volume, et cetera.

對於第二季度，我們今天看到的是客戶資產流入仍然非常強勁。儘管如此，由於我們在國內市場面臨的挑戰，市場損失仍會帶來一些負面影響。然後您詢問客戶、交易週轉速度以及交易量等方面的問題。

We both seen that our sales indicators remain very strong and have a sequential Q-on-Q increase. In terms of the commission rate up, given that we got some benefit, we got some benefit in the second quarter in lines that in a lot more clients are trading these low-value restock, which give us some positive uptick in terms of the take rate of such benefit. It will be become normalized in the second in the further quarters so far.

我們都看到我們的銷售指標保持強勁，並且環比成長。就佣金率上升而言，考慮到我們獲得了一些好處，我們在第二季度獲得了一些好處，因為越來越多的客戶正在交易這些低價值的補貨，這給我們的收益率帶來了一些積極的上升。到下個季度末為止，它將變得正常化。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(spoken in foreign language)

（用外語說）

We launched cryptocurrency trading in Hong Kong and Singapore on August first and August, 12, respectively. And we now offer a limited number of mainstream trading peers. So far, we have a number of clients that have activated their crypto currency trading accounts.

我們分別於8月1日和8月12日在香港和新加坡推出了加密貨幣交易。我們現在提供有限數量的主流交易對等體。到目前為止，我們有許多客戶已經啟動了他們的加密貨幣交易帳戶。

But because we offered the product not long ago and because recently the cryptocurrency market experienced very significant pullback and fluctuation as clients trading volume. This cryptocurrency in client assets are both pretty small in comparison to the scale of the whole business.

但由於我們提供產品的時間不長，而且最近加密貨幣市場在客戶交易量方面經歷了非常顯著的回調和波動。客戶資產中的這些加密貨幣相對於整個業務的規模來說都是相當小的。

But right now, our focus is to continue to enhance our product capabilities and continue to provide investor education and operations to further enhance our value proposition as a one-stop asset allocation platform. Thank you.

但目前，我們的重點是繼續提升我們的產品能力，並繼續提供投資者教育和運營，以進一步提升我們作為一站式資產配置平台的價值主張。謝謝。

Chiyao Huang, MS.

黃馳耀碩士

(spoken in foreign language)

（用外語說）

So I got two questions. One is on the management could provide more color around the Q-on-Q increase in client assets? How much is the inflow and how much is market driven and in particular, where the inflows are coming from in terms of the geographic mix in 2Q?

我有兩個問題。一是管理階層能否提供更多有關客戶資產環比成長的資訊？流入量有多少？

And second question is on the Japanese client acquisition or do you see any acceleration trend in the second quarter compared to the first quarter? And how is that trending and in 3Q going so far, we're now and also on what's the currently the proclaim asset in Japan and where the clients are putting their money in Japan? Thank you.

第二個問題是關於日本客戶的獲取，或者與第一季相比，您是否認為第二季有任何加速趨勢？那麼趨勢如何？謝謝。

Thank you, Chiyago. I will take your first question and I will leave the second question to my colleague, Daniel.

謝謝你，Chiyago。我將回答您的第一個問題，第二個問題留給我的同事丹尼爾。

(spoken in foreign language) In terms of the benefit from our Total client assets increased in the second quarter, our total client assets increased by 12% Q-over-Q and to break it down a majority of the contribution actually comes from the client asset inflows in terms of the top-up, their accounts on cash or stock transfer, which accounts for roughly in order to have a high single digit contribution and the remaining 2% to 3%, but also the market to market positive benefit and Hong Kong and Singapore.

（外語）就我們第二季度總客戶資產增加所帶來的收益而言，我們的客戶總資產環比增長了 12%，分解下來，大部分貢獻實際上來自於客戶資產流入，即充值、賬戶現金或股票轉移，這大致佔個位數的高貢獻，剩下的 2% 到 3%，以及市場對市場的正收益以及香港和新加坡。

Both these are two key markets in terms of the contribution of new asset inflows, which roughly accounts for 80% of our total net asset inflow. Thank you very much.

這兩個市場都是新資產流入貢獻的關鍵市場，約占我們總淨資產流入的80%。非常感謝。

(spoken in foreign language)

（用外語說）

So overall in the second quarter, we saw very robust net new paying clients in Japan actually recorded a very decent quarter over quarter growth. And in terms of the absolute number of paying clients contributed, so Japan or Malaysia or in the first tier. So we were very happy with what we saw in Japan in second quarter. And as of quarter end, we had close to 800,000 users, which we think is also very healthy growth. And previously, we gave the guidance of having 1 million to 1.5 million users in Japan by year end, and we're still very confident about that guidance.

因此總體而言，在第二季度，我們看到日本的淨新增付費客戶非常強勁，實際上實現了非常可觀的環比成長。從付費客戶的絕對數量來看，日本和馬來西亞屬於第一梯隊。因此，我們對日本第二季的表現非常滿意。截至季末，我們擁有近 80 萬用戶，我們認為這也是非常健康的成長。之前，我們曾預計今年年底日本的用戶數將達到 100 萬至 150 萬，我們對此預期仍然非常有信心。

So in terms of driver for new paying client growth, two things. First of all, it's just continued rollout of new products so in comparison to some of the mainstream players in Japan, we still lack a couple of very key financial product. And as Leaf mentioned in his opening remarks, we have a plan to offer those products in the next couple of months.

因此，就新付費客戶成長的動力而言，有兩件事。首先，這只是不斷推出新產品，因此與日本的一些主流參與者相比，我們仍然缺少一些非常關鍵的金融產品。正如 Leaf 在開幕致詞中提到的，我們計劃在未來幾個月內提供這些產品。

And secondly, brand building is also important as we've realized and a lot of investors are aware right now. Japan users usually take a bit more time to trust the brand, especially in the brand from overseas. That's why we'll continue to invest in our brand.

其次，品牌建立也很重要，我們已經意識到這一點，而且許多投資者現在也意識到了這一點。日本用戶通常需要更長的時間來信任品牌，尤其是來自海外的品牌。這就是我們將繼續投資我們品牌的原因。

And that's also why we did a power launch and had a brand investor in the second quarter. These all contributed to the higher brand equity, and we'll continue to invest in brand building. And in terms of average client assets right now is a couple of thousand USD and mostly clients still allocated into US stocks, although the percentage of assets in Japan stocks and the percentage of trading volume from Japan stock have been increasing. And we believe that as we continue to enhance our Japan stock product offering, these percentage contribution will continue to go up closer to the market level.

這也是我們在第二季進行強力發布並擁有品牌投資者的原因。這些都有助於提高品牌資產，我們將繼續投資於品牌建立。就目前的平均客戶資產而言，有數千美元，而且大多數客戶仍然配置在美國股票上，儘管日本股票的資產比例和日本股票交易量的百分比一直在增加。我們相信，隨著我們不斷增強日本股票產品供應，這些百分比貢獻將繼續接近市場水準。

Thank you.

謝謝。

Thank you.

謝謝。

You Fan, CICC.

尤帆，中金公司。

(spoken in foreign language)

（用外語說）

I've got two questions. The first, one is what are your plans for new product offerings or any product pipeline especially in new markets like Japan and Malaysia. And the second question, what's our progress of the share repurchase program?

我有兩個問題。首先，您對新產品或產品線有什麼計劃，特別是在日本和馬來西亞等新市場。第二個問題，我們的股票回購計畫進度如何？

(spoken in foreign language)

（用外語說）

So in terms of the product pipeline for Japan, as Leaf mentioned earlier on a couple of very important financial products, whereas and also what we intend to roll out in the next couple of months include number one, tax saving accounts never to mutual funds. And thirdly, our US margin financing.

因此，就日本的產品線而言，正如 Leaf 之前提到的幾個非常重要的金融產品，而我們打算在未來幾個月推出的產品包括第一，稅收儲蓄帳戶，而不是共同基金。第三，我們的美國保證金融資。

From Malaysia, I think we've kept a very nice pace of new product rollout. And in the Q3 quarter to date, we've actually rolled out simulation stock IPO subscription services and also on the Cash Plus product, which is the money market product.

在馬來西亞，我認為我們保持了非常好的新產品推出速度。截至目前，第三季我們已經推出了模擬股票 IPO 認購服務以及貨幣市場產品 Cash Plus 產品。

And from our experience when the IPO market is very, very hot as usually IPO subscription service can be a good contributor of new client growth. And during the hybrid environment, money-market products can help increase client assets. And in terms of future product pipeline in Malaysia, we plan to roll out this quarter and the stock transfer from Malaysian stock so that we can attract existing clients and other brokers in Malaysia.

根據我們的經驗，當 IPO 市場非常熱門時，IPO 認購服務通常可以很好地促進新客戶的成長。在混合環境下，貨幣市場產品可以幫助增加客戶資產。至於馬來西亞未來的產品線，我們計劃在本季推出馬來西亞股票的股票轉移，以便吸引馬來西亞現有客戶和其他經紀人。

Thank you.

謝謝。

(spoken in foreign language)

（用外語說）

However existing share repurchase program naturally will cover 2024 and also 2025. So far, we have not exercised this program yet. We will keep you and also other analysts and investors share our shareholders, on course, if we don't exercise any offer if we exercised any of them. Thank you.

然而現有的股票回購計畫自然將涵蓋 2024 年和 2025 年。到目前為止，我們還沒有行使這項計劃。當然，如果我們不行使任何要約，我們也會讓您以及其他分析師和投資者分享我們的股東權益。謝謝。

(spoken in foreign language)

（用外語說）

Zoe Zhao, Jefferies.

傑富瑞 (Jefferies) 的 Zoe Zhao。

(spoken in foreign language)

（用外語說）

Thanks management for taking my question. I have two questions. First, what's the business model of your crypto? And second, we have seen that interest expenses increased by 21% sequentially in Q2. Wondering what's the reason behind? And how should we think about the trend going forward from here?

感謝管理層回答我的問題。我有兩個問題。首先，你的加密貨幣的商業模式是什麼？其次，我們發現第二季利息支出較上季增加了 21%。想知道背後的原因是什麼？那我們該如何看待未來的趨勢呢？

(spoken in foreign language)

（用外語說）

In terms of the interest expenses increase in the second quarter, which I think is mainly associated with our clients, margin financing and the stock borrowing. In particular, in terms of stock borrowing the pricing -- the implied interest rate is more relied on the market driven demand and the supply situation which is very hard to give a precise estimation and very difficult to project.

就第二季的利息支出增加而言，我認為這主要與我們的客戶、保證金融資和股票借貸有關。特別是在股票借貸定價方面，隱含利率更依賴市場驅動的需求和供應情況，很難給出精確的估計，也很難預測。

And if I just assume the status -- as the status quote, if our penetration rate of our retail clients to continue in con in the store borrowing universe I think the expenses associated with such activities, revenue on the top line will both further increase. Thank you.

如果我只是假設現狀——正如現狀報價，如果我們的零售客戶滲透率在店面借貸領域繼續保持穩定，我認為與此類活動相關的費用和營業收入都將進一步增加。謝謝。

(spoken in foreign language)

（用外語說）

So cryptocurrency trading on since we now only offer our trading services business model is very straightforward. Just we charge a commission. And when we design our pricing scheme, we want to balance our market competitiveness and monetization potential.

因此，由於我們現在只提供交易服務，因此加密貨幣交易的商業模式非常簡單。只是我們收取佣金。當我們設計定價方案時，我們希望平衡我們的市場競爭力和貨幣化潛力。

So right now, in Hong Kong and Singapore, we both work with an upstream provider to offer cryptocurrency trading and under our current pricing model, I take into consideration the upstream costs, we still enjoy pretty good gross profit margin. And so the net take rate of cryptocurrency trading is higher than the net take rate for Hong Kong and US stock trading. Thank you.

因此目前，在香港和新加坡，我們都與上游供應商合作提供加密貨幣交易，在我們目前的定價模式下，考慮到上游成本，我們仍然享有相當不錯的毛利率。因此加密貨幣交易的淨佣金率高於香港和美國股票交易的淨佣金率。謝謝。

Thank you.

謝謝。

Emma Xu, Bank of Bank of America.

美國銀行銀行家 Emma Xu。

(spoken in foreign language)

（用外語說）

So I have two questions. The first question is about the client acquisition. You just raised your full year new paying client target to 550,000, which means you need to acquire around 108,000 new paying client per quarter. And usually your client acquisition is seasonally low in fourth quarter. That implies your first quarter client acquisition is still quite strong. So could you tell us which markets are driving your client growth in third quarter?

我有兩個問題。第一個問題是關於客戶獲取。您剛剛將全年新付費客戶目標提高到 550,000，這意味著您每季需要獲得約 108,000 名新付費客戶。通常，第四季度的客戶獲取量處於季節性低點。這意味著您第一季的客戶獲取能力仍然相當強勁。那麼您能告訴我們哪些市場在第三季推動了您的客戶成長嗎？

And the second question is about -- is that given the rising expectations of red cards and then the recent wild volatilities in the AI stock. So do you see the changes in client asset allocation say, between the stocks, the bones and the options, et cetera?

第二個問題是－鑑於紅牌的預期不斷上升以及人工智慧股票近期的劇烈波動。那麼，您是否看到客戶資產配置的變化，例如股票、骨骼和選擇權等等之間的變化？

And then in terms of the allocation within the stock say from the AI growth stock to value stock? And how will this changing behaviors impact your take rate and correspondingly, given the rising expectation of record, how will it impact your interest income? I know it could probably have limited impact on your interest income this year, but what would be, say, the 25 bps RevPAR impact on your interest income next year?

那麼就股票內部的配置而言，例如從人工智慧成長股到價值股？這種行為變化將如何影響您的收費率？我知道這可能對您今年的利息收入影響有限，但是，比如說，25 個基點的 RevPAR 會對您明年的利息收入產生什麼影響呢？

(spoken in foreign language) In terms of the guidance for new client acquisition, as Leaf mentioned in the opening remarks, we have already revised our targets to 550,000 new paying clients for the whole year. And in the second quarter, major contributions for the new clients acquired is number one is the Hong Kong and Singapore, which contribute over 1/3 of our new paying clients acquired in the second quarter. And the combined Japan and Malaysia, which accounts for roughly 40% for the whole pie.

（外語）關於新客戶獲取的指導，正如 Leaf 在開場白中提到的，我們已經將目標修改為全年 550,000 名新付費客戶。而第二季度，對新增客戶貢獻最大的是香港和新加坡，這兩個地區占我們第二季新增付費客戶的三分之一以上。日本和馬來西亞合計約佔整個市場的 40%。

And based on the quarter-to-date situations, we are still very confident we can achieve the guidance we mentioned before despite there can be some uncertainties coming -- arising the US election in the fourth quarter. And we do expect contribution breakdown from the -- from these markets should be similar to what we have witnessed in the first half of this year.

根據本季迄今的情況，儘管可能會出現一些不確定性——例如第四季度出現美國大選，但我們仍然非常有信心能夠實現先前提到的預期。我們確實預計這些市場的貢獻細目應該與我們今年上半年所見的類似。

And of course, for the second question, of course, we got some negative implications from the rate cut. We have some preliminary sensitivity estimations. Every 25 basis point rate cut, our pretax profit, operating profit will be impacted by HKD5 million to HKD8 million, if we did not account any positive -- potential positive implications from the market trading volume increase because of the rate hike and also the benefit from the new client acquisitions for these implications.

當然，對於第二個問題，降息當然為我們帶來了一些負面影響。我們有一些初步的敏感度估計。每次降息25個基點，如果不考慮升息帶來的市場交易量增加和新客戶獲取帶來的潛在正面影響，我們的稅前利潤和營業利潤將受到影響500萬至800萬港元。

And so far, we have not witnessed a very significant client asset allocation changes arising from your observations. But in the wealth management universe, we do witness there will be more asset allocations by our clients on the fixed income products, including the treasuries and also fixed short duration fixed further, et cetera.

到目前為止，我們還沒有看到從您的觀察中出現非常顯著的客戶資產配置變化。但在財富管理領域，我們確實看到客戶在固定收益產品上進行更多的資產配置，包括國債、短期固定收益債券等等。

Thank you. Very helpful.

謝謝。非常有幫助。

Charles Zhou, UBS.

瑞銀的 Charles Zhou。

(spoken in foreign language) So first of all, congratulations to the management team. I think it's a very strong set of results and also above the consensus. So my question is regarding to the client acquisition costs because I think this is very well managed. So do we -- so do we have any updates for the 2024 for the full year guidance? And if you don't have any new guidance or any updates, we believe there's also a decent huge upside from here as well. So could you please also share your marketing and also client acquisition strategy in several of the key markets in the second half?

（外語）首先，我要祝賀管理團隊。我認為這是一組非常強勁的結果，也超越了普遍預期。所以我的問題是關於客戶獲取成本，因為我認為這裡管理得很好。那我們對 2024 年全年指引有什麼更新嗎？如果您沒有任何新的指導或任何更新，我們相信這裡也存在相當大的上升空間。那麼能否分享一下下半年在幾個主要市場的行銷和客戶獲取策略？

My second question is related to the interest income. Our understanding there are three major components: idle cash interest income, margin financing and stock lending interest income as well as the IPO financing income. So could you please just help us to split the interest income from these three components for the second quarter?

我的第二個問題與利息收入有關。我們的理解其中主要有三大組成：閒置現金利息收入、融資及股票借貸利息收入、IPO融資收入。那麼，您能幫我們將第二季的利息收入從這三個部分中分拆出來嗎？

(spoken in foreign language)

（用外語說）

For your two questions. Number one is about the CAC guidance, any update. In the second quarter, our CAC is around HKD2,200, which have 30% Q-over-Q increase versus Q1, which has a very -- relatively very low base because of the significant contribution of new clients acquired in Malaysia. We think the situation just be normalized in the second quarter. And for the third quarter for today, I think in terms of CAC, we still maintain it's -- in a relatively low level, which is below our guidance range HKD2,500 to HKD3,000 for the whole year.

對於您的兩個問題。第一是關於CAC指導，有任何更新嗎？在第二季度，我們的 CAC 約為 2,200 港元，比第一季成長了 30%，由於在馬來西亞獲得的新客戶的重大貢獻，其基數相對較低。我們認為情況在第二季才會正常化。對於今天的第三季度，我認為就 CAC 而言，我們仍然保持相對較低的水平，低於我們全年 2,500 港幣至 3,000 港幣的指導範圍。

On relatively speaking, I will become more constructive in terms of the CAC guidance. Based on the current run rate, I think it will be very likely locate in the low end of our range or even lower than this range for the whole year.

相對而言，我會在CAC指導方面變得更加有建設性。根據目前的運行速度，我認為全年它很可能會處於我們範圍的低端甚至低於這個範圍。

Then the breakdown of the interest income because of the market changes in Hong Kong and in the US, the interest income deriving from the IPO financing both in Hong Kong and in the US is not material and clients idle cash and also the margin financing almost contribute equally in terms of the interest income breakdown despite I feeling -- my feeling is the interest income from idle cash were slightly higher than the second half. Thank you very much.

然後，由於香港和美國市場的變化，利息收入的細目中，來自香港和美國 IPO 融資的利息收入並不重要，客戶閒置現金和保證金融資在利息收入細目方面的貢獻幾乎相等，儘管我感覺——我的感覺是來自閒置現金的利息收入略高於下半年。非常感謝。

Okay. That's very helpful. Thank you.

好的。這非常有幫助。謝謝。

Peter Yang, JP Morgan.

摩根大通 (JP Morgan) 的 Peter Yang。

(spoken in foreign language)

（用外語說）

Let me do the translation. Many thanks for management giving me the opportunity to ask the questions. This is Peter from JPMorgan. I have two questions. My first question is on Malaysia business which management could give us more details on the progress of the Malaysia business. For example, the client asset inflow, average current asset current profile and current trading turnover? And what's the outlook of the Malaysian business.

讓我來翻譯。非常感謝管理階層給我提出問題的機會。我是摩根大通的彼得。我有兩個問題。我的第一個問題是關於馬來西亞業務，管理層能否向我們提供有關馬來西亞業務進展的更多詳細資訊。例如，客戶資產流入、平均流動資產流動狀況和當前交易營業額？馬來西亞業務的前景如何？

And my second question is about the Airstar Bank. I understand Futu to invest 40% shares into the Airstar Bank in June. We wish to understand what the rationale behind this investment and going forward what Futu's strategy to cooperate with this virtual bank in Hong Kong.

我的第二個問題是關於 Airstar Bank 的。據我了解，富途銀行將於 6 月向天星銀行投資 40％ 的股份。我們希望了解這項投資背後的理由，以及富途未來與香港這家虛擬銀行的合作策略。

(spoken in foreign language)

（用外語說）

Now I think the key -- we think the key motivations for the reason for we to consider to do these investments. Number one is we continue to get a lot of requests or suggestion from our users and the clients. In the past several years in Hong Kong, given more and more our [hotlines], met a lot of pinpoints in terms of the fund transfer to the brokerage accounts.

現在我認為關鍵——我們認為我們考慮進行這些投資的關鍵動機。首先，我們不斷收到來自用戶和客戶的大量請求或建議。過去幾年在香港，我們的熱線越來越多，在資金轉入經紀帳戶方面遇到許多困難。

And secondly, of course, we do think in terms of our future strategic direction, there will be a lot of synergy and also same scenarios between the brokerage business, wealth management business in Futu and also the retail banking business and also high net worth wealth management business normally provide by the bank.

其次，當然，我們確實認為，就我們未來的策略方向而言，富途的經紀業務、財富管理業務以及銀行通常提供的零售銀行業務和高淨值財富管理業務之間將有很多協同作用和相同的場景。

So far, the deal was just completed in the second quarter. We work strive very hard and work very closely with the local management of the Airstar Bank alongside with Xiaomi and other shareholders, Airstar to align our long-term strategy. Having said that, I think the near-term focus will be more on Futu itself, especially how to contribute our R&D capabilities and the technology capabilities to further (inaudible) and enhance the infrastructure of the commercial -- of Airstar Bank's products.

截至目前，該交易剛於第二季完成。我們非常努力地工作，並與天星銀行的當地管理層、小米和其他股東、天星銀行密切合作，以協調我們的長期策略。話雖如此，我認為近期的重點將更多地放在富途本身上，特別是如何貢獻我們的研發能力和技術能力，以進一步（聽不清）增強天星銀行產品的商業基礎設施。

(spoken in foreign language)

（用外語說）

So in terms of our client profile, given our value proposition as a one-stop trading platform for Malaysia and the US stocks, so far, the clients we have attracted have some level of investment experience, and most of them are young Asian mails and have a higher income level than the country (inaudible). And also, we've seen that the trading turnover of our Malaysian clients are meaningfully higher than the group average.

因此，就我們的客戶概況而言，鑑於我們作為馬來西亞和美國股票一站式交易平台的價值主張，到目前為止，我們吸引的客戶具有一定程度的投資經驗，其中大多數是年輕的亞洲人，收入水平高於國家（聽不清楚）。而且，我們發現馬來西亞客戶的交易額明顯高於集團平均。

So given the ARPU and CAC numbers we have seen in the second quarter, we think the payback period of Malaysia is better than when we first launched in Singapore. As of the end of the second quarter across our different cohorts in Malaysia, net asset inflow, average client assets all were trending month-over-month and average client assets was actually up 45% Q-on-Q. And as our average client assets in Malaysia continue to increase, we believe the unit economics will continue to improve.

因此，根據我們在第二季度看到的 ARPU 和 CAC 數據，我們認為馬來西亞的回報期比首次在新加坡推出時更好。截至第二季末，在馬來西亞的不同業務組中，淨資產流入、平均客戶資產均呈現環比成長趨勢，平均客戶資產實際上較上季成長了 45%。隨著我們馬來西亞的平均客戶資產不斷增加，我們相信單位經濟效益將繼續改善。

So in terms of the second quarter client acquisition in the third quarter, quarter-to-date trend, so the second quarter net new paying clients was down a bit sequentially, mostly because of a high base in the first quarter. That's when we were able to convert a large number of our existing users into paying clients. But apart from that, the second quarter growth was very steady Q-on-Q.

因此，就第二季、第三季的客戶獲取情況和本季迄今的趨勢而言，第二季的淨新增付費客戶數量較上季略有下降，主要是因為第一季的基數較高。那時我們就能夠將大量現有用戶轉化為付費客戶。但除此之外，第二季的環比成長非常穩定。

And we believe the strong momentum is partially due to the spillover of our brand equity accumulated in Singapore and also because of our leading product capabilities as a one-stop platform for Malaysian US stocks and also the strong market sentiment in the second quarter also helped with client acquisition.

我們認為強勁的勢頭部分歸功於我們在新加坡累積的品牌資產的溢出效應，也因為我們作為馬來西亞美國股票一站式平台的領先產品能力，而且第二季度強勁的市場情緒也有助於客戶獲取。

In the second quarter, we launched Malaysian stock IPO subscription and also automatic investment schemes for US stocks and fractional shares for US stocks. And for the third quarter, quarter-to-date, we launched money market funds and also stock transfer from Malaysian stocks. And for the third quarter, we expect a steady quarter-over-quarter new paying clients growth in Malaysia. Thank you.

我們在第二季推出了馬來西亞股票IPO認購，以及美國股票自動投資計畫和美國股票零碎股票。第三季度，即本季迄今為止，我們推出了貨幣市場基金以及馬來西亞股票的股票轉移。對於第三季度，我們預計馬來西亞新付費客戶數量將較上季穩定成長。謝謝。

Hu Shen, CLSA.

胡申，里昂證券。

(spoken in foreign language)

（用外語說）

What is the share of trading and media in trading total US trading volume? How did this single factor influence the commission rate in second quarter? How big was the influence from mid-cap stock trading? What is a good indicator to track the change in US stock trading commission rate change? And what is the fee rate in the distribution of phone, (inaudible). And what could be a good timing for considering issuing dividends.

交易和媒體在美國總交易量中所佔的份額是多少？這單一因素對第二季的佣金率有何影響？中型股交易的影響有多大？有什麼好的指標可以追蹤美國股票交易佣金率的變化？手機分配的費率是多少？（聽不清楚）。什麼時候是考慮發放股利的好時機？

(spoken in foreign language)

（用外語說）

In terms of your first question, (inaudible) roughly accounts for our 20% to 30% of our clients' US stock trading volumes in the second quarter. And for your second question, so far, we do not have any concrete dividend policy. The key reason is we think still there were huge growth potential areas which we can further deploy our capital. And we are very confident these investments will generate more higher returns which then -- which is higher than our cost of capital.

關於您的第一個問題，（聽不清楚）大約占我們客戶第二季美國股票交易量的 20% 到 30%。關於您的第二個問題，到目前為止，我們還沒有具體的股利政策。主要原因是我們認為仍有巨大的成長潛力領域可供我們進一步部署資本。我們非常有信心這些投資將產生更高的回報，高於我們的資本成本。

And in terms of the economics of the fund distribution or treasury trading, et cetera, which I think to some extent related to some confidentiality commercial arrangement. But the only thing I can -- but the thing I can share is the arrangement is very typical, similar to the industry distribution model. Thank you.

就基金分配或資金交易等的經濟面而言，我認為這在某種程度上與某些保密商業安排有關。但我唯一能分享的是，這種安排非常典型，類似產業分銷模式。謝謝。

(spoken in foreign language)

（用外語說）

Due to time constraints, I would now hand back to Daniel Yuan for any closing remarks. Please go ahead.

由於時間限制，現在我將把演講交還給 Daniel Yuan 做結束語。請繼續。

That concludes our call today. On behalf of the 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您今天的出席。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。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，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。