富途控股 (FUTU) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings fourth quarter and full-year 2024 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。歡迎參加富途控股2024年第四季及全年財報電話會議。（操作員指令）

Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff to CEO, Head of Strategy and IR at Futu.

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。現在，我想將電話會議交給今天電話會議的主持人 Daniel Yuan，他是富途證券執行長幕僚長、策略和投資者關係主管。

Thanks, operator, and thank you for joining us today to discuss our fourth quarter and full year 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 年第四季度和全年盈利結果。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；以及高級副總裁 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 involving here 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.

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，這些事件本質上並不確定且不在公司的控制範圍內。涉及此處的前瞻性陳述和不確定性。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。

For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

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）

(interpreted)

（翻譯）

Thank you all for joining our earnings call today. Client acquisition accelerated across all markets, mid and eventful quarter. We exceeded our full year guidance by a wide margin, adding 215,000 paying clients in the fourth quarter alone. As of year-end, total paying clients was over 2.4 million, up 41% year over year. Year-to-date, we've observed robust paying client growth across markets and are guiding for 800,000 paying clients in 2025.

感謝大家參加我們今天的財報電話會議。本季中期及多事之秋，所有市場的客戶獲取均加速。我們大幅超出了全年預期，光是第四季度就增加了 215,000 名付費客戶。截至年末，付費客戶總數超過240萬，年增41%。今年迄今，我們觀察到各市場的付費客戶強勁成長，預計到 2025 年付費客戶數將達到 80 萬人。

(spoken in foreign language)

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In the fourth quarter, Hong Kong market was the top growth driver for new paying clients as we implemented targeted marketing initiatives to capitalize on the momentum of different asset classes. In Singapore, we maintained quality growth with more paying clients added, they are also with higher average assets.

第四季度，由於我們實施了有針對性的行銷舉措，以利用不同資產類別的發展勢頭，香港市場成為新付費客戶的最大成長動力。在新加坡，我們維持了高品質的成長，增加了更多付費客戶，他們的平均資產也更高。

We further solidified our position as a leading one-stop investment platform in Malaysia and recorded another quarter of strong paying client growth with our increasingly localized product experience and strengthening brand equity.

我們進一步鞏固了作為馬來西亞領先的一站式投資平台的地位，並憑藉日益本地化的產品體驗和不斷增強的品牌資產，再創付費客戶強勁增長的季度。

In Japan, new pain clients grew double digits quarter over quarter as our superior US stock trading experience gained traction amid a bullish US market backdrop.

在日本，由於我們卓越的美國股票交易經驗在美國市場看漲的背景下獲得了發展動力，新的痛點客戶數量環比增長了兩位數。

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In 2024, we delivered 209 iterations of our mobile app and desktop clients and added 7,762 new features, up 37% and 32% year over year, respectively. Product velocity remained high in the fourth quarter. In Japan, we launched US margin trading with an increasing adoption rate and improving throughout the quarter. In the US, we unveiled option strategy builder on our desktop version to better help traders to navigate various options trading strategy.

2024 年，我們交付了 209 個行動應用程式和桌面用戶端版本，並增加了 7,762 個新功能，分別年增 37% 和 32%。第四季產品速度仍維持在高水準。在日本，我們推出了美國保證金交易，其採用率不斷上升，並且整個季度都在改善。在美國，我們在桌面版上推出了選擇權策略建立器，以更好地幫助交易者駕馭各種選擇權交易策略。

As we continue to refine our options trading products, in the fourth quarter, the number of options traders in the US more than doubled year over year, while the number of options contracts traded more than tripled compared to the year ago quarter.

隨著我們不斷完善期權交易產品，第四季度，美國期權交易員的數量同比增長了一倍多，而交易的期權合約數量與去年同期相比增長了兩倍多。

In Hong Kong and Singapore, we established a bond trading desk to help our clients execute large and complex bond orders. For our clients in Australia and Canada, we launched recurrent investment plans for local stock.

我們在香港和新加坡設立了債券交易櫃檯，幫助客戶執行大額、複雜的債券訂單。對於澳洲和加拿大的客戶，我們推出了針對當地股票的定期投資計畫。

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Although the pullback of China equity in the second half of the quarter weighed on the valuation of our clients' assets. It was more than offset by stellar net asset inflow across markets. Total client assets were HKD743 billion, up 43% year over year and 7% quarter over quarter. Overseas markets recorded the highest quarterly net asset inflow, almost equivalent to the full year 2023 inflow.

儘管本季下半段中國股市的回檔對我們客戶資產的估值造成了壓力。各市場的強勁淨資產流入足以抵銷此影響。客戶資產總額達7,430億港元，較去年同期成長43%，較上一季成長7%。海外市場錄得最高季度淨資產流入，幾乎相當於2023年全年流入量。

[Hot line] assets in Singapore grew by 19% quarter over quarter, marking the tenth consecutive quarter of sequential growth, thanks to robust net asset inflow into US equities and money market funds. US, Canada and Australian markets also witnessed sequential growth in average client assets for four consecutive quarters. As our clients took on more leverage positions, margin financing and securities lending balance increased by 25% sequentially to a record HKD51 billion.

新加坡的[熱線]資產環比成長19％，連續第十個季度實現成長，這得益於美國股票和貨幣市場基金的強勁淨資產流入。美國、加拿大和澳洲市場的平均客戶資產也連續四個季度實現環比成長。由於我們的客戶增加槓桿，保證金融資及證券借貸餘額季增25%，達到創紀錄的510億港元。

(spoken in foreign language)

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Total trading volume jumped by 202% year over year and 52% quarter-over-quarter to HKD2.89 trillion. In the fourth quarter, our clients diversify their investing to include more crypto and AI names. As a result, US stock trading volume grew by 36% sequentially to a historic high of HKD2.08 trillion.

總成交量較去年同期成長202%，季增52%，至2.89兆港元。在第四季度，我們的客戶實現了投資多元化，涵蓋更多加密貨幣和人工智慧領域。美國股票交易量較上季成長36%，達到2.08兆港元的歷史新高。

Notably, several AI-focused companies previously less familiar to our clients emerged as top trading US stocks in 2024, driven by the remarkable outperformance and the rising narrative around AI's transformative potential. Hong Kong stock trading volume grew exponentially by 117% sequentially to HKD755 billion.

值得注意的是，幾家之前不太為我們的客戶熟悉的專注於人工智慧的公司，由於其出色的表現和人工智慧變革潛力的不斷上升的敘述，在 2024 年成為美國交易量最大的股票。港股成交量較上季成長117%，至7,550億港元。

The renewed enthusiasm in Hong Kong Equity starting from September led to a substantial rebound in trading velocity. Clients showed a meaningful pickup of interest in many technology names as well as leverage in inverse ETFs among other things.

自9月以來港股市場熱情再度升溫，帶動交易速度大幅反彈。客戶對許多科技股以及反向 ETF 槓桿等方面的興趣顯著增加。

(spoken in foreign language)

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Total (inaudible) And Wealth Management increased 93% year over year and 14% quarter-over-quarter to HKD111 billion. Money market funds continue to hold strong appeal for our clients even with moderately lower yields in the fourth quarter and drove the bulk of the sequential growth in Wealth Management AUM.

總計（聽不清楚）財富管理業務年增 93%，季增 14%，達到 1,110 億港元。即使第四季收益率略有下降，貨幣市場基金仍然對我們的客戶保持強大的吸引力，並推動了財富管理 AUM 的連續成長。

In Hong Kong and Singapore, we expanded our structured product offerings to better address the investment needs of our high net worth clients. Total client assets and wealth management accounted for 15% of total client assets, up from 12% in the same quarter last year.

在香港和新加坡，我們擴大了結構化產品供應，以更好地滿足高淨值客戶的投資需求。總客戶資產及財富管理佔總客戶資產的 15%，高於去年同期的 12%。

(spoken in foreign language)

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(interpreted)

（翻譯）

We had 482 IPO distribution in IR clients, up 16% year-over-year. In 2024, we underwrote 40 Hong Kong IPOs, ranking 1st among all brokers for the third consecutive year according to wind. The new digital IPO Zelle platform, feeding introduced by the Hong Kong Stock Exchange eliminates multi-account subscriptions, shortens the selling period, reduces the amount of lock up capital needed and lower funding costs through the new prefunding model.

我們為 IR 客戶發行了 482 只 IPO，年增 16%。2024年，我們承銷了40隻香港IPO，根據Wind數據，連續第三年位居所有券商第一。香港交易所推出的全新數位IPO Zelle平台，透過新的預融資模式，消除了多帳戶認購環節，縮短了銷售期，減少了所需的鎖定資金量，並降低了融資成本。

We believe that this new system improves the retail IPO subscription experience, cross more retail participation and favors market consolidation. We swiftly adapted our subscription process based on the new framework and achieved notable gains in market share.

我們相信，這套新系統將改善散戶IPO認購體驗，擴大散戶參與度，有助於市場整合。我們根據新框架迅速調整了訂閱流程，並取得了顯著的市佔率成長。

(spoken in foreign language)

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

接下來，我想邀請我們的財務長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 fourth quarter. All the numbers are in Hong Kong dollar unless otherwise noted. Total revenue was HKD4.4 billion, up 87% from HKD2.4 billion in the fourth quarter of 2023. We concluded a strong year with full year revenue growing to HKD13.6 billion, up 36% year over year.

謝謝，Leaf 和 Daniel。請容許我向您介紹我們第四季的財務表現。除非另有說明，所有數字均為港元。總營收為44億港元，較2023年第四季的24億港元成長87%。我們以強勁的業績結束了這一年，全年營收成長至 136 億港元，年增 36%。

Brokerage commission and handling charge income was HKD2.1 billion, an increase of 128% year over year and 35% QoQ. The year-over-year QoQ increase was both driven by higher trading volumes, partially offset by the decline in blended commission rate. We adopt per contract and per share pricing model for US options and the US stock trading, respectively.

經紀佣金及手續費收入為21億港元，年增128%，季增35%。年成長既得益於交易量的增加，也部分抵消了混合佣金率的下降。我們對美國選擇權和美國股票交易分別採用每份合約和每股定價模型。

As a result, brokerage income will grow at a slow rate than trading volume where our clients trade high-priced stocks and options. Interest income was HKD2 billion, up 52% year over year and 19% QoQ, both were driven by higher interest income from our security borrowing and lending business and high interest from banking deposits.

因此，經紀收入的成長速度將低於我們的客戶交易高價股票和選擇權的交易量的成長速度。利息收入為 20 億港元，較去年同期成長 52%，較上一季成長 19%，主要由於證券借貸業務的利息收入增加，以及銀行存款利息增加。

Other income was HKD353 million, up 157% year-over-year and a 69% QoQ. The year over year QoQ increase was both primarily attributed to higher funded distribution income and the currency exchange income.

其他收入為3.53億港元，年增157%，季增69%。與去年同期相比，季度環比成長主要歸因於更高的資金分配收入和貨幣兌換收入。

Our total cost was HKD776 million, an increase of 79% from HKD434 million in the fourth quarter of 2023. Brokerage commission and handling charge expenses was HKD112 million, up 19% year over year and 38% QoQ. The Q-on-Q increase was roughly in line with the movement of our brokerage commission and handling charge income. Interest expenses were HKD513 million, up [9%] year over year and 24% QoQ. The year-over-year increase was driven by higher interest expenses associated with our securities borrowing and the lending business.

我們的總成本為 7.76 億港元，較 2023 年第四季的 4.34 億港元成長 79%。經紀佣金及手續費支出為1.12億港元，較去年同期增加19%，較上一季增加38%。環比成長與我們的經紀佣金和手續費收入的變動大致一致。利息支出為 5.13 億港元，年增 [9%]，季增 24%。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。

The Q over Q increase was mainly due to higher margin financing interest expenses as a result of higher funding costs for Hong Kong dollars. Processing and servicing costs were HKD151 million, up 45% year-over-year and 16% Q over Q. The increase was largely due to higher market information and the data fee for new products as wealth higher system usage fees. As a result, total gross profit was HKD3.7 billion, an increase of 89% from HKD1.9 billion in the fourth quarter of 2023.

環比成長主要由於港元融資成本上升導致保證金融資利息支出增加。處理及服務成本為 1.51 億港元，較去年同期增加 45%，較上一季增加 16%。結果，總毛利為37億港元，較2023年第四季的19億港元成長89％。

Gross margin was 82.5% as compared to 81.7% in the fourth quarter of 2023. Operating expenses were was 57% year over year and 33% QoQ to HKD1.4 billion. R&D expenses were HKD399 million, up 10% year over year and 4% QoQ. This increase was partially due to costs related to organizational restructuring in the fourth quarter of 2024. Selling and marketing expenses were HKD464 million, up 154% year-over-year and 48% QoQ.

毛利率為 82.5%，而 2023 年第四季為 81.7%。營業費用為 14 億港元，較上年同期成長 57%，較上一季成長 33%。研發開支為 3.99 億港元，較去年同期增加 10%，較上一季增加 4%。這一成長部分是由於 2024 年第四季組織重組相關的成本。銷售及行銷費用為4.64億港元，較去年成長154%，較上季成長48%。

The year-over-year increase was due to a triple-digit year-over-year increase in net new paying clients, partially offset by lower client acquisition costs. The QoQ increase was in line with the growth of our new paying clients.

年比成長是由於淨新付費客戶數量年增了三位數，但部分被客戶獲取成本的降低所抵消。季度環比成長與我們新付費客戶的成長一致。

General and administrative expenses was [HKD576 million], up 55% year-over-year and 51% QoQ. The year-over-year increase was primarily due to an increase in the general and administrative headcount and the Q-over-Q increase was mainly due to higher bonus accrued for general and administrative personnel and to a less extent, cost related to organizational restructuring.

一般及行政開支為 5.76 億港元，較去年同期增加 55%，較上一季增加 51%。年成長主要由於一般及行政人員人數增加，季增主要由於一般及行政人員獎金增加，以及組織重組相關成本（但程度較小）。

As a result, income from operations increased 117% year over year and 28% QoQ to HKD2.2 billion. Operating margin increased to 50% from 43.1% in the fourth quarter of 2023, mostly due to strong top line growth and operating leverage. Our net income increased by 113% year over year and 42% QoQ to HKD1.9 billion. Net income margin expands to 42.2% in the fourth quarter as compared to 36.9% in the same quarter last year. Our effective tax rate for the quarter was 16.1%.

因此，營業收入較上年同期成長 117%，較上一季成長 28%，達到 22 億港元。營業利潤率從 2023 年第四季的 43.1% 上升至 50%，主要得益於強勁的營收成長和營業槓桿。我們的淨收入年增113％，季增42％，達到19億港元。第四季淨利率由去年同期的36.9%擴大至42.2%。我們本季的有效稅率為 16.1%。

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。我們現在想開始提問。接線員，請繼續。

(Operator Instructions) Emma Xu, Bank of America Securities.

(操作員指示) Emma Xu，美國銀行證券。

(spoken in foreign language)

（用外語說）

I have two questions. The first question is about the new paying clients. You guided 800,000 new paying clients for this year, around 100,000 more than year last. But last year, you have two new markets, Malaysia and Japan -- in Japan, this year, previously, you guided that you don't have new market plans. So just wondering why you are able to guide such a strong new paying client target.

我有兩個問題。第一個問題是關於新的付費客戶。今年您引導了 80 萬名新付費客戶，比去年增加了約 10 萬名。但去年你們有兩個新市場，馬來西亞和日本——在日本，今年，之前你們表示沒有新的市場計畫。所以只是想知道為什麼您能夠引導如此強大的新付費客戶目標。

And the second question is about the CAC client acquisition cost. It increased moderately in the fourth quarter last year despite the very -- the active market -- in active market in general, CAC should be lower, thanks to the natural flows. So just wondering, is it due to the change of the market, the mix of the new paying client market or due to the change of the channels that lead to the increase of the CAC? And what's your target of CAC for this year?

第二個問題是關於CAC客戶獲取成本。儘管去年第四季市場非常活躍，但總體而言，在活躍的市場中，由於自然流動，CAC 應該較低，因此仍會適度成長。所以我只是想知道，是因為市場的變化，新的付費客戶市場的組合還是因為通路的變化導致了 CAC 的增加？您今年的 CAC 目標是多少？

Thanks, Emma. I will take these two questions.

謝謝，艾瑪。我將回答這兩個問題。

(spoken in foreign language)

（用外語說）

Now in terms of your first question regarding our new guidance for 2025, these 800,000 new paying clients does not include any new markets, we were entering or not in 2025. So this is all for the existing seven markets. The reason for this very strong guidance is, number one is we think these two new markets such as Malaysia and Japan, which we end into last year still provide a very meaningful robust growth outlook in 2025.

現在，就您關於 2025 年新指引的第一個問題而言，這 80 萬新付費客戶並不包括我們在 2025 年進入或未進入的任何新市場。這就是現有的七個市場的全部內容。我們之所以做出如此強勁的預期，首先是因為我們認為馬來西亞和日本這兩個新市場在去年結束時仍然會在 2025 年提供非常有意義的強勁成長前景。

Not to mention the relatively mature markets such as Singapore and Hong Kong, we still see a very good upside in client acquisitions, thanks to partially due to the Chinese asset rating what we witness from early days of this year.

更不用說新加坡和香港等相對成熟的市場，我們仍然看到客戶收購具有非常好的上升空間，部分歸功於我們今年早些時候見證的中國資產評級。

And in terms of the second question regarding the client acquisition costs, we roughly target [HKD2,500 to HKD3,000] CAC for this year from the end of last year. And going forward, we will spend more money in some brand equities in order to enhance our long-term user loyalty in our platform. Thank you.

關於第二個問題，關於客戶獲取成本，從去年年底開始，我們今年的 CAC 目標大致為 [2,500 港幣至 3,000 港幣]。未來我們將在一些品牌資產上投入更多資金，以增強我們平台的長期用戶忠誠度。謝謝。

Cindy Wang, China Renaissance.

Cindy Wang，中國復興公司。

(spoken in foreign language)

（用外語說）

And I have two questions here. First question, Recently, we noticed that the US and the Hong Kong market overall market trading volume has a very strong quarter over quarter performance in first quarter, quarter-to-date. So can management give us a little bit color based on current run rate, what's the trading volume, trading velocity, net asset inflow and the margin financing securities lending guidance?

我這裡有兩個問題。第一個問題，最近我們注意到，美國和香港市場整體市場交易量在第一季、本季迄今的季比表現非常強勁。那麼管理層能否根據當前的運行率給我們提供一些信息，包括交易量、交易速度、淨資產流入和保證金融資證券借貸指引是多少？

The second question is related to the new product pipeline. So we know like Futu has a lot of like product pipeline every year. So can you give us a roughly pipeline on the equity derivatives and crypto products.

第二個問題與新的產品線有關。所以我們知道富途每年都有很多類似的產品線。那麼能否向我們介紹一下股票衍生性商品和加密產品的大致情況？

(spoken in foreign language)

（用外語說）

So first of all, I give some color on the quarter-to-date operating matrices. We've seen this year, there was a lot of trading opportunities for both the Hong Kong and US stock market. Our retail investors continue to be very highly engaged. And year-to-date, based on the current run rate, we forecast higher net new paying clients as compared to the fourth quarter last year.

首先，我對本季迄今為止的營運矩陣進行一些介紹。我們看到，今年香港和美國股市都有很多交易機會。我們的散戶繼續高度參與。從年初至今，根據目前的運作率，我們預測淨新增付費客戶數量將與去年第四季相比增加。

We've also seen higher net asset inflows, which coupled with the appreciation of China equities have led to a very meaningful sequential increase in total client assets. And based on this current run rate, we also forecast our total trading volume to further increase on top of the high base last quarter. We've seen that the clients remain highly engaged and very high risk tolerance year-to-date.

我們也看到淨資產流入增加，再加上中國股市的升值，導致客戶總資產持續顯著成長。基於目前的運行率，我們還預測我們的總交易量將在上一季的高基數上進一步增加。我們看到，今年迄今，客戶仍保持著高度參與度和極高的風險承受能力。

And regarding our product plan, so this year for all of our overseas markets, we have a very rich product pipeline in where we're to satisfy the client demand for different risk rewards. In Japan, for example, we'll continue to catch up with our product trade capabilities around Japanese equities and at the same time, continue to optimize and extend our leadership in US trading.

關於我們的產品計劃，今年對於我們所有的海外市場，我們都有非常豐富的產品線，可以滿足客戶對不同風險回報的需求。例如，在日本，我們將繼續提升圍繞日本股票的產品交易能力，同時繼續優化和擴大我們在美國交易中的領導地位。

In Malaysia, we also will have a number of product innovations and iterations based on local clients' needs. In the US, we plan to roll out crypto training in the next couple of months. And in terms of wealth management, we plan to continue to expand our wealth management offerings, including offering more structured notes for our retail and high net worth clients. Thank you.

在馬來西亞，我們還將根據當地客戶的需求進行一系列產品創新和迭代。在美國，我們計劃在未來幾個月推出加密培訓。在財富管理方面，我們計劃繼續擴大我們的財富管理產品，包括為我們的零售和高淨值客戶提供更多結構化票據。謝謝。

Chiyao Huang, Morgan Stanley.

摩根士丹利的黃馳耀。

(spoken in foreign language)

（用外語說）

So, basically two questions. One is the what -- basically, what areas of the business that management think have the most potential to integrate AI models like Deep Seek and what kind of efficiency gains? And how should that strengthen the product offerings and services?

所以基本上有兩個問題。一是──基本上，管理階層認為哪些業務領域最有潛力整合像 Deep Seek 這樣的人工智慧模型，以及帶來什麼樣的效率提升？那麼這應該如何加強產品供應和服務呢？

And the second question is on crypto offerings. And just wondering, is there any update on the licensing process or what can be done to accelerate the client penetration or investor education and the marketing side on the crypto business in Hong Kong and Singapore. So -- and then what will be most differentiated offering from Futu to script office compared to peers?

第二個問題是關於加密貨幣產品的。我只是想知道，許可流程是否有任何更新，或者可以做些什麼來加速客戶滲透或投資者教育以及香港和新加坡的加密業務的營銷方面。那麼，與同行相比，富途為腳本辦公室提供的最具差異化的產品是什麼？

Thank you, Chiyao. Leaf will answer your first question, and my colleagues, Robin will answer your second question regarding Crypto.

謝謝你，Chiyao。Leaf 將回答您的第一個問題，我的同事 Robin 將回答您有關 Crypto 的第二個問題。

(spoken in foreign language)

（用外語說）

(interpreted)

（翻譯）

So in the past couple of years, we've made a number of explorations in AI, based on different usage scenarios. And we think corporate AI capabilities both for internal operations and for client-facing capabilities, and we are also doing local deployment of Deep Seek. So internally, we've found that AI help us to meaningfully lift our efficiency in terms of the market use and data generation, filtering of content in our social community and the designing and the graphics, et cetera.

所以過去幾年我們根據不同的使用場景，在人工智慧方面做了很多探索。我們認為企業AI能力既適用於內部營運，也適用於面向客戶的能力，我們也在進行Deep Seek的本地部署。因此在內部，我們發現人工智慧幫助我們顯著提高在市場使用和數據生成、社交社群內容過濾、設計和圖形等方面的效率。

And in terms of client-facing user experiences. So in Hong Kong, we've launched a new synthesis function for individual stocks, twice a day in the morning and at night. We also have an automatic interpretation of the corporate announcement and analysis of the financial results. These are all based on the AI model, which we believe help our clients to quickly understand market dynamics and reduce the time needed for them to make investment decisions.

就面向客戶的使用者體驗而言。因此在香港，我們推出了新的個股綜合功能，每天早上和晚上兩次。我們也對公司公告進行自動解讀，並對財務結果進行分析。這些都是基於人工智慧模型，我們相信這可以幫助我們的客戶快速了解市場動態並減少他們做出投資決策所需的時間。

And we are also doing a lot of study and research in terms of how better to incorporate AI to empower more applications for retail investors. And we believe that if we use AI to help with decision-making that puts a much higher requirement in terms of the timeliness and the accuracy of the information generated.

我們也在做大量的研究，如何更好地結合人工智慧，為散戶提供更多的應用。我們認為，如果使用人工智慧來輔助決策，那麼對所產生資訊的及時性和準確性的要求會更高。

So the unpredictable quality of the responses will actually increase the investment thresholds for the retail investors and prolong the time needed for them to make effective investment decisions, thereby lowering their investment experiences.

所以回覆品質的不可預測實際上會提高散戶投資者的投資門檻，延長他們做出有效投資決策所需的時間，從而降低他們的投資體驗。

And we hope to make a lot of thorough preparations and to make sure that the information we generate through AI in different usage scenarios are highly accurate. And at the same time, we need to do very prudent assessment and very comprehensive testing to make sure that we strike the right balance between user experience, compliance and technological innovation, so as to maximize our investors' benefits and also to protect their needs. Thank you.

而我們希望做很多周密的準備，確保我們在不同的使用情境下透過AI產生的資訊是高度準確的。同時，我們需要進行非常審慎的評估和非常全面的測試，以確保我們在使用者體驗、合規性和技術創新之間取得適當的平衡，從而最大限度地提高投資者的利益並保護他們的需求。謝謝。

Charles Zhou, UBS.

瑞銀的 Charles Zhou。

(spoken in foreign language)

（用外語說）

So I have two questions. The first one, we understand the company plans to develop Wealth Management business in both Hong Kong and also Singapore. So what is your expectation for the total addressable market size? And also how does the Futu differentiate from its competitors in other -- I mean, say, for example, private banks or insurance companies? And can you maybe talk about your competitive advantage from product distribution, et cetera? And do you think the business will be scalable?

我有兩個問題。首先，我們了解該公司計劃在香港和新加坡發展財富管理業務。那麼您對於整體可尋址市場規模的預期是多少？富途證券與其他競爭對手（如私人銀行或保險公司）有何不同？您能談談您在產品經銷等方面的競爭優勢嗎？您認為該業務具有可擴展性嗎？

My second question is following the strong trading volume in Q4 last year. US stock corrected sharply over the past month. How did it impact your trading volume in Q1 and if the sales momentum continue in the US to persist, the client AUM will decline. Will this also affect overall our trading volume in the rest of this year in 2025?

我的第二個問題是去年第四季交易量強勁。過去一個月，美國股市大幅回檔。這對您第一季的交易量有何影響？這也會影響我們 2025 年剩餘時間的整體交易量嗎？

(spoken in foreign language)

（用外語說）

In terms of the trading volumes, despite we saw some setback in the US stock market in the first quarter so far. But actually, the market setbacks create more volatilities, which inspire more clients trading to bottom fish, the markets in the US stock market. And then in the meantime, the trading volumes in Hong Kong made a huge spike due to China assets rating and a lot of DeepSeek related scene.

從交易量來看，儘管第一季迄今美國股市出現了一些挫折。但實際上，市場的挫折造成了更多的波動，激勵更多的顧客抄底，也就是在美國股市交易。同時，由於中國資產評級和大量 DeepSeek 相關場景，香港的交易量大幅飆升。

So on a collective basis, we -- as Daniel mentioned before, in the first quarter, so far, we see the overall trading volumes remain very robust.

因此，從整體上看，正如丹尼爾之前提到的，第一季到目前為止，我們看到整體交易量仍然非常強勁。

Now I hand over to Robin.

現在我把麥克風交給羅賓。

(spoken in foreign language)

（用外語說）

(interpreted)

（翻譯）

So I'll first translate about the crypto updates, and then Robin also touched on Wealth Management. So in the fourth quarter, the crypto market had a huge boost, which lifted our clients trading interest and sentiments. We've seen that in November and December, the crypto trading volume on our platform grew exponentially, which is almost 5x of what we saw in October. And our daily trading volume surpassed USD 35 million. And we've also seen a similar growth rate in terms of our number of crypto traders on our platform.

因此，我將首先翻譯有關加密貨幣更新的內容，然後羅賓也談到了財富管理。因此在第四季度，加密貨幣市場得到了巨大的提振，提升了我們客戶的交易興趣和情緒。我們發現，11 月和 12 月，我們平台上的加密貨幣交易量呈指數級增長，幾乎是 10 月的 5 倍。我們的日交易量超過美元3500萬。我們平台上的加密貨幣交易者數量也出現了類似的成長率。

So in the first quarter, we've seen that the crypto prices experienced some pullback. And at the same time, there's a lot of trading opportunities in the Hong Kong and US stock market. So we've seen a supplying interest in crypto trading on our platform, but the trading volume and the crypto traders are still at a relatively high level. Right now in Hong Kong, we offer four trading pairs to our retail investors, and we offer six training pairs in Singapore.

因此在第一季度，我們看到加密貨幣價格經歷了一些回檔。同時，香港和美國股市也存在大量的交易機會。因此，我們看到平台上對加密貨幣交易的供應興趣，但交易量和加密貨幣交易者仍然處於相對較高的水平。目前，在香港，我們為散戶投資者提供四種交易對，在新加坡提供六種培訓對。

And in the future, we plan to allow more kind of mainstream trading pairs. And at the same time, I think will enhance our management of the capital efficiency and also the liquidity and the security and also kind of lower the cost of our clients moving funds in and out, which we believe will help with client conversion and with further penetration of crypto trading.

未來我們計劃允許更多主流交易對。同時，我認為這將增強我們對資本效率、流動性和安全性的管理，並降低客戶轉入和轉出資金的成本，我們相信這將有助於客戶轉換和加密交易的進一步滲透。

We believe in Hong Kong and Singapore, most of their retail investors are still in the very early stage of building up awareness of those asset class. And we think there's a lot of further room for penetration. And we hope to leverage more investor education materials, a seamless fund deposit experience to each client concerns towards this relatively new asset class.

我們相信，在香港和新加坡，大多數散戶對這些資產類別的認知仍處於早期階段。我們認為還有很大的進一步滲透空間。我們希望利用更多的投資者教育材料和無縫的基金存款體驗來滿足每個客戶對這個相對較新的資產類別的關注。

And as the regulatory framework is more clear in these two markets. Futu has one of the earliest retail play players and the space will enjoy the early mover advantage in building up our user mind share, especially in terms of compliant operations, which will help us in advantage as the crypto asset class becomes more mainstream in these two markets.

而這兩個市場的監理框架更加清晰。富途是最早涉足散戶投資的參與者之一，我們將在累積用戶心智份額方面享有先發優勢，特別是在合規營運方面，這將幫助我們在加密資產類別在這兩個市場變得更加主流時佔據優勢。

And as we mentioned earlier, we are also planning to roll out crypto training in US this year, and we are expecting a higher penetration of crypto among our US client base compared to what we have seen in Hong Kong and Singapore so far. And as regards to our VAPP license, so we got a conditional approval from SSC. And we are working on our product development. We don't have a very specific timeline for our official launch yet, and we look forward to giving more color down the road.

正如我們之前提到的，我們還計劃今年在美國推出加密貨幣培訓，我們預計，與迄今為止在香港和新加坡看到的相比，加密貨幣在我們美國客戶群中的滲透率將更高。關於我們的 VAPP 許可證，我們獲得了 SSC 的有條件批准。我們正致力於產品開發。目前，我們還沒有非常具體的正式發佈時間表，我們期待在未來公佈更多細節。

And then about the Wealth Management. So this year, we've entered into a rate cut cycle. But we still believe money market funds yield will continue to be attractive to our clients in the foreseeable future. And at the same time, we have provided very seamless automatic subscription and redemption functions for our money market funds, which really maximizes our clients' capital efficiency. So that's to help them to seize the trading opportunities in the market and at the same time, earn yields on their (inaudible).

然後是關於財富管理。所以今年我們進入了降息週期。但我們仍然相信，在可預見的未來，貨幣市場基金收益率將繼續對我們的客戶具有吸引力。同時，我們為貨幣市場基金提供了非常無縫的自動申購和贖回功能，真正實現了客戶的資金效率最大化。從而幫助他們抓住市場中的交易機會，同時獲得收益（聽不清楚）。

And we -- typically, we expect an outperformance of fixed income-related assets during a rate cycle, and we have built a comprehensive set of products in the space, in Hong Kong and Singapore, which we believe will help our clients navigate these different investment cycles to achieve long-term capital appreciation.

通常，我們預期固定收益相關資產在利率週期內會表現出色，並且我們在香港和新加坡建立了一套全面的產品，我們相信這些產品將幫助我們的客戶駕馭不同的投資週期，實現長期資本增值。

And at the same time, as mentioned earlier, we intend to further enrich our Wealth Management product offerings, including more structured notes for both our retail and high net worth clients, and we are optimistic about the AUM growth for our Wealth Management.

同時，如前所述，我們打算進一步豐富我們的財富管理產品，包括為我們的零售和高淨值客戶提供更多結構化票據，我們對財富管理的 AUM 成長感到樂觀。

And to have some additional color to what Robin just said about Wealth Management, I think there are some of our key competitive advantages in this space is, number one, we really offer our clients -- is seamless experience to navigate across different outlet classes on our platform, whether it's Equities or Wealth Management or crypto, et cetera.

為了對羅賓剛才談論的財富管理進行一些補充，我認為我們在這個領域的一些關鍵競爭優勢是，第一，我們真正為客戶提供了——在我們的平台上跨不同網點類別的無縫導航體驗，無論是股票、財富管理還是加密貨幣等等。

So I think that is one of our key competitive advantage. We don't just lead our competitors in just one specific asset class, but it is a very seamless once-off experience for clients to very easily switch between asset classes and to cross navigate different cycles.

所以我認為這是我們的主要競爭優勢之一。我們並不僅在某一特定資產類別上領先於競爭對手，而且為客戶提供非常無縫的一次性體驗，使他們能夠非常輕鬆地在資產類別之間切換並跨越不同的周期。

And number two, I think we adopt a platform model, which is a key advantage for our high net worth clients, Wealth Management business, through example like in terms of structured products, we onboard structured offerings from a number of different private banks and our clients can compare these returns and the performances and pick the best asset class on our platform as opposed to maybe some other institutions will prefer to sell to their clients, their own proprietary products.

第二，我認為我們採用了平台模式，這對我們的高淨值客戶、財富管理業務來說是一個關鍵優勢，例如在結構化產品方面，我們提供來自多家私人銀行的結構化產品，我們的客戶可以比較這些回報和表現，並在我們的平台上選擇最佳的資產類別，而不是像其他一些機構可能更願意向他們的客戶出售他們自己的專有產品。

So this platform model really gives our clients access to a variety of different assets and us as, an intermediary is very neutral and just make sure that we will be able to provide our clients with the most attractive investment opportunity. Thank you.

因此，這種平台模式確實使我們的客戶能夠接觸到各種不同的資產，而我們作為中介機構非常中立，只是確保我們能夠為客戶提供最具吸引力的投資機會。謝謝。

Yang Fan, CICC.

楊帆，中金公司。

(spoken in foreign language)

（用外語說）

This is Yang Fan from CICC and the two questions. The first one is regarding the AUM breakdown in 4Q. So how much is from the client net asset inflow and how much from market-to-market impact? And what's the original breakdown of the client assets?

這是中金公司的楊帆，有兩個問題。第一個是關於第四季的AUM細分。那麼有多少來自客戶淨資產流入，有多少來自市場對市場的影響？客戶資產原來的明細是怎麼樣的？

And the second question, we see the active Hong Kong IPO subscription recently. So what's the impact on our income statement and what's the contribution to our new payment plans and the net asset inflow?

第二個問題，我們看到近期香港IPO認購十分活躍。那麼這對我們的損益表有什麼影響，對我們的新付款計劃和淨資產流入有什麼貢獻？

(spoken in foreign language)

（用外語說）

In terms of the net asset inflow, breakdowns in the fourth quarter. As we mentioned before, the market to market implications in the fourth quarter actually was a negative number. So the client asset inflow, the number is much larger than the movement of the balance between two quarters. And among the 24% of the asset inflow actually come from Great China areas. This number one year ago was 21%, we see it is a very good indicator for our overseas markets, continuous engagement for clients.

從資產淨流入情況來看，第四季情況有所細分。正如我們之前提到的，第四季的市場對市場的影響實際上是一個負數。因此客戶資產流入的數量遠大於兩季之間的餘額變動。而其中24%的資產流入實際上來自於大中華地區。一年前這個數字是 21%，我們認為這對我們的海外市場和客戶持續參與來說是一個非常好的指標。

Then the second question, the direct revenues from Hong Kong IPO is just contributed low single digits of our total revenue, given that we are further diversifying our revenue stream in the past four to five years. And also due to the new mechanisms in Hong Kong, such as Fine, the settlement duration, the leverage financing duration will both shortened. So, on one side, it is a negative to all the brokers' direct commission and the interest income.

那麼第二個問題，考慮到我們在過去四到五年內進一步實現收入來源多元化，來自香港IPO的直接收入僅占我們總收入的低個位數。而且由於香港的新機制，例如罰款，結算時間，槓桿融資時間都會縮短。所以，一方面，這對所有經紀人的直接佣金和利息收入都是不利的。

But on the other hand, it further engaged clients to the markets to enhance the market liquidity and there's more interest in terms of the retail clients participate in this market. So on a net-net basis, it is still very positive to our business.

但另一方面，它進一步吸引客戶進入市場，增強了市場流動性，零售客戶對參與市場的興趣也更大了。因此從淨值來看，這對我們的業務仍然非常有利。

Peter Zhang, JPMorgan.

摩根大通的 Peter Zhang。

(spoken in foreign language)

（用外語說）

This is Peter Zhang from JPMorgan. And I have two questions. First is about the operating expense, and we noticed that from a sequential perspective, the G&A expense increased by over 50% Q-on-Q in fourth quarter, while R&D expense only moderately pick up by 4%.

我是摩根大通的 Peter Zhang。我有兩個問題。首先是關於營業費用，我們注意到，從環比角度來看，第四季度的一般及行政費用環比增長了 50％以上，而研發費用僅溫和增長了 4％。

So we wish to understand what's the drivers behind this divergent trend for the two different operating expense in fourth quarter? And what will be your outlook for 2025 in terms of your headcount growth and your R&D and expense growth into 2025?

因此，我們希望了解第四季兩種不同營運費用趨勢出現差異的背後原因是什麼？就員工人數成長、研發和費用成長而言，您對 2025 年的展望如何？

And my second question is about other income. We noticed that the other income grew by 69% Q on Q to a record quarterly high in fourth quarter. We wish to understand what's the drivers behind this increase? And what's the outlook into 2025?

我的第二個問題是關於其他收入。我們注意到，其他收入環比增長69%，在第四季度創下了季度新高。我們希望了解這種成長背後的驅動因素是什麼？2025 年的前景如何？

(spoken in foreign language)

（用外語說）

For two questions. Number one is regarding the G&A Q-on-Q expenses increase mainly due to three reasons. Number one is our year-end bonus equipment, especially for the overseas market management. Secondly is due to some one-off professional expenses relating to some new license applications and new market feasibility studies. The third is due to some one-off organizational restructuring.

對於兩個問題。第一，一般及行政開支較上月增加，主要有三個原因。第一是我們的年終獎金設備，特別是針對海外市場的管理。其次是由於一些新的許可證申請和新市場可行性研究相關的一次性專業費用。第三是由於一些一次性的組織架構調整。

Looking forward to 2025, we expect the number of our headcount will continue to increase in mid -- low to middle single digit versus the situation in 2024. Then for second question regarding the breakdown of the key drivers of the other income mainly comes from two facts.

展望 2025 年，我們預期員工人數將比 2024 年持續維持中低個位數成長。那麼對於第二個問題，關於其他收入的主要驅動因素的細分主要來自兩個事實。

Number one is revenues derived from the Wealth Management, including the funds distribution and also more fees from the structured products like structured nodes and the T-bills, et cetera. The other is relating to foreign -- FX exchange fees. This is partially due to very divergent market performance between the US market and the Hong Kong market in fourth quarter. We saw more clients trying to switch their assets between these two markets. Thank you.

第一是來自財富管理的收入，包括基金分配以及更多來自結構化產品（如結構化節點和國庫券等）的費用。另一個與外匯有關－外匯兌換費。部分原因是第四季美國市場和香港市場的市場表現差異很大。我們看到越來越多的客戶試圖在這兩個市場之間轉換資產。謝謝。

Zoey Zong, Jefferies.

傑富瑞 (Jefferies) 的 Zoey Zong。

(spoken in foreign language)

（用外語說）

I have two questions. First, we have seen the blended trading commission rate declined both year-over-year and sequentially in Q4. However, the trading volume contribution from a stock actually increased. So excluding the structural impact, what's the reason for the commission rate decline? And then my second question is about (inaudible)

我有兩個問題。首先，我們看到第四季混合交易佣金率年比和季比均有所下降。然而，股票的交易量貢獻實際上增加了。那麼排除結構性影響，佣金率下降的原因是什麼？我的第二個問題是關於（聽不清楚）

We ever had [USD500 million] share buyback program, which is effective period of December this year. May I ask how much is the remaining quarter? And what's your capital ratio and this year? Also, do we have any consideration of regular dividends?

我們曾經有過[5億美元]的股票回購計劃，該計劃於今年12月生效。請問剩下的四分之一多少錢？今年您的資本比率是多少？另外，我們是否考慮過定期股利？

(spoken in foreign language)

（用外語說）

In terms of the blended commission rate, the Q-over-Q decrease was mainly due to the product mix change. In the fourth quarter, more clients trading these high-value nominal values US stocks and also high non-middle value US options, which and -- which made the blended take rates have some Q-on-Q decrease. And in the first quarter, so far, we saw our take rate remains very stable.

就混合佣金率而言，環比下降主要是由於產品結構的變化。在第四季度，更多客戶交易這些高價值名目價值的美國股票以及高非中等價值的美國選擇權，這使得混合利率環比有所下降。到目前為止，第一季的接受率仍然非常穩定。

Then the second question regarding the shareholder returns. So far, we have not utilized our share repurchase program, which would be expired at the end of 2025. We still think these new market, new business lines were still in a fast growth stage. There will be a huge room for us to deploy the capital for this new business and the new markets, which we think in the long run will enhance our competitive edge in the markets and also our profitability.

那麼第二個問題關於股東回報。到目前為止，我們尚未使用股票回購計劃，該計劃將於 2025 年底到期。我們仍認為這些新市場、新業務線仍處於快速成長階段。我們將有巨大的空間來為這項新業務和新市場部署資本，我們認為從長遠來看，這將增強我們在市場上的競爭優勢和獲利能力。

Having said that, we -- as we mentioned in our third quarter, we do concur part of our shareholders is very focusing or care about cash dividends. And we will revisit and evaluate our dividend payout policies when 2025 year full year complete and we'll consider the relative measures to provide a reward to thanks our long-term shareholders. Thank you.

話雖如此，正如我們在第三季提到的那樣，我們確實同意部分股東非常關注或關心現金股息。而我們將在2025年全年結束時重新審視和評估我們的股息支付政策，並考慮採取相關措施來回報我們的長期股東。謝謝。

Hanyang Wang, 86Research.

王漢陽，86研究。

(spoken in foreign language)

（用外語說）

This is Hanyang from 86Research. I have one single question regarding on the derivatives trading. So what is the approximately the percentage of derivatives in the total trading volume in the fourth quarter? And considering the increase in market volatility recently, do you see an increase in the proportion of delivered trading on our platform in Q1?

我是86Research的漢陽。我有一個關於衍生性商品交易的問題。那麼第四季衍生性商品在總交易量中所佔的比例大概是多少呢？考慮到最近市場波動性增加，您是否認為我們平台在第一季的交割交易比例會增加？

(spoken in foreign language)

（用外語說）

In terms of the derivative commissions, it's roughly accounts for a third of our total trading commissions in the fourth quarter, slightly down to our historical high in the past. And in the first quarter so far, we do not witness any material change for this ratio. Thank you.

就衍生性商品佣金而言，它大約占我們第四季總交易佣金的三分之一，略低於我們過去的歷史最高水準。到目前為止，第一季我們沒有看到該比率發生任何重大變化。謝謝。

Alan Chan, Citi.

花旗銀行的 Alan Chan。

(spoken in foreign language)

（用外語說）

This is Alan from Citibank. Can you give us some breakdown of the interest income in terms of other tax interest income, best margin financing, liquidity and income. And management increase share, what's the prevailing interest rate on Futu clients idle cash, what was the adtech yield in 4Q '24? And since September last year, we have already seen the Fed cutting the Fabry of 100 basis points. I'm wondering how much of that 100 basis points at required has already been reflected into the decline the cash interest rate.

我是花旗銀行的艾倫。您能否從其他稅收利息收入、最佳保證金融資、流動性和收入等方面對利息收入進行一些明細說明？管理階層增加了股份，富途客戶閒置現金的現行利率是多少，24年第四季的廣告技術收益率是多少？自去年9月以來，我們已經看到聯準會將法布里-法布里-利率下調了100個基點。我想知道這所需的100個基點中有多少已經反映在現金利率的下降中。

(spoken in foreign language)

（用外語說）

Now in terms of the breakdown of the interest income, roughly 40% to 45% interest income was derived from the idle cash deposits and the remaining belongs to the margin financing and the security lending, et cetera. And the impact for the rate cut, if we use the fourth quarter end client assets numbers to make projections. Every [25] basis cut by the federate, our pretax profit monthly pretax profit will be negatively impacted by HKD8 billion to HKD10 million. Thank you.

現在從利息收入的組成來看，大概有40%-45%的利息收入來自於閒置現金存款，剩下的則來自於融資融券、證券借貸等等。如果我們使用第四季度的最終客戶資產數字來做出預測，那麼降息的影響是什麼？聯邦政府每削減[25]個基點，我們的稅前利潤和每月稅前利潤就會受到80億港元至1000萬港元的負面影響。謝謝。

Cihan Wang, Goldman Sachs.

高盛的 Cihan Wang。

(spoken in foreign language)

（用外語說）

My first question is, do we have a regional breakdown of the new paying client growth in 4Q? And for 2025, what proportion of 800,000 new paying client is expected to be from new markets and what proportion from mature markets? And my second question is, do we have a guidance for AUM client growth in 2025? Will it be diluted as paying client growth is very fast and majority of them may be from a new market? And in the long run, what levels do we expect the AUM per client to reach in each region?

我的第一個問題是，我們是否有第四季度新付費客戶成長的區域細分？而到2025年，預計80萬新增付費客戶中，有多少比例來自新興市場，有多少比例來自成熟市場？我的第二個問題是，我們對 2025 年 AUM 客戶成長有什麼指引嗎？由於付費客戶成長非常快並且大多數可能來自新市場，它是否會被稀釋？從長遠來看，我們預計每個地區每位客戶的 AUM 將達到什麼水準？

(spoken in foreign language)

（用外語說）

In terms of the breakdown of the new client acquisition, geographic locations for these mature markets like Hong Kong and Singapore, which on a collective basis, contributed roughly 40% to 45% of our total new paying clients acquired in the fourth quarter. And the remaining countries in Asia alongside Australia contribute roughly 40% as well. Then the remaining 20% belongs to the North America.

就新客戶獲取的細分而言，香港和新加坡等成熟市場的地理位置合計占我們第四季度新付費客戶總數的約 40% 至 45%。其餘亞洲國家及澳洲的貢獻率也約 40%。剩下的20%屬於北美。

(spoken in foreign language)

（用外語說）

Let me briefly translate. So first of all, I just want to comment on net asset inflow. And in 2024, we saw a very meaningful step-up in net asset inflow in comparison to 2023. And we foresee a similar very robust net asset inflow in 2025 as well. And as you understand like average client assets are, first of all, impacted by our new client mix between different markets and also impacted by mark-to-market trends.

我簡單翻譯一下。所以首先，我只想先評論一下淨資產流入。而到 2024 年，與 2023 年相比，我們看到淨資產流入出現了非常顯著的成長。我們預計 2025 年也會出現類似的非常強勁的淨資產流入。如您所了解的，平均客戶資產首先受到不同市場之間新客戶組合的影響，同時也受到市價趨勢的影響。

And both of these factors are less within our control and that asset inflows. It's very hard to predict how average plan assets was going to trend for 2025. And in terms of average client assets in different markets. Well, some markets will structurally have high average client assets. For example, Hong Kong and Singapore, like these clients will have higher investable income and therefore, we'll have more capital that they can deploy on Futu's platform.

而這兩個因素以及資產流入都不太受我們控制。很難預測 2025 年平均計劃資產的趨勢如何。並且就不同市場的平均客戶資產而言。嗯，有些市場在結構上會擁有較高的平均客戶資產。例如香港和新加坡，這些客戶的可投資收入會更高，因此，我們將有更多的資本可以部署在富途的平台上。

But at the same time, we found super encouraging is by in the fourth quarter, all of our markets experienced very meaningful Q-on-Q growth in average client assets. And we expect this trend to continue because as we onboard more products, and there's a lot of cross-selling opportunity, and we think there's ample opportunity for our existing clients to put more assets onto our platform.

但同時，我們發現非常令人鼓舞的是，到第四季度，我們所有市場的平均客戶資產都實現了非常有意義的環比成長。我們預計這種趨勢將會持續下去，因為隨著我們推出更多產品，交叉銷售機會也越來越多，我們認為現有客戶有充足的機會將更多資產投入到我們的平台上。

At the same time, as our product capabilities get enhanced and as our brand equity gets enhanced, we're able to attract more high-quality clients, including high net worth clients in many of these markets.

同時，隨著我們產品能力的增強和品牌資產的提升，我們能夠吸引更多優質客戶，包括許多市場的高淨值客戶。

Thank you. I would now like to turn the conference back to Daniel Yuan for closing remarks.

謝謝。現在我想請袁志偉先生致閉幕詞。

Well, that concludes our earnings call. 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.

好吧，我們的財報電話會議到此結束。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。

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。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。