富途控股 (FUTU) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings first quarter 2025 Earnings Conference Call. (Operator Instructions) 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. Please go ahead.

女士們、先生們，大家好。歡迎參加富途控股2025年第一季財報電話會議。（操作員指示）現在，我想將電話會議交給今天的電話會議主持人 Daniel Yuan，他是富途證券首席執行官的幕僚長、戰略和投資者關係主管。請繼續。

Thanks, operator, and thank you for joining us today to discuss our first quarter 2025 earnings results. Joining me on the call today are Mr. Leaf Hua Li, Chairman and Chief Executive Officer; Arthur Yu 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 2025 年第一季收益結果。今天與我一起參加電話會議的還有董事長兼執行長李華先生；陳宇先生，財務長；以及資深副總裁 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.

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，並且不在公司的控制範圍內。

Forward-looking statements involving here invest and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those containing any forward-looking statements.

此處涉及投資和不確定性的前瞻性陳述。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述的結果有重大差異。

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，我現在將發言權交給 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. We kicked off 2025 with strong momentum, adding approximately 262,000 new funded accounts in the first quarter, up 48% year over year and 22% quarter over quarter. By quarter end, total funded accounts stood at 2.7 million, a 42% increase from a year ago, and an 11% rise sequentially.

感謝大家今天參加我們的收益電話會議。我們以強勁勢頭開啟了 2025 年，第一季新增約 262,000 個資金帳戶，較去年同期成長 48%，季增 22%。截至季末，總存款帳戶數達到 270 萬，比去年同期成長 42%，比上一季成長 11%。

With a third of our annual target already in the bag, we're tracking well against our guidance of 800,000 net new funded accounts in 2025.

我們的年度目標已實現三分之一，並且正在順利實現 2025 年新增 80 萬個淨帳戶的目標。

(Spoken in foreign language)

（用外語說）

For the second quarter in a row, Hong Kong market led in new funded accounts amid a risk on mood for China equities. An active IPO calendar also helped acquire new clients while reactivating previously dormant ones.

在中國股市風險情緒的推動下，香港市場連續第二季領漲新增資金帳戶。活躍的 IPO 日程也有助於獲得新客戶，同時重新激活之前不活躍的客戶。

We believe that brokers with strong brand equity, seamless user experience, and superior execution capabilities are best positioned to convert market tailwinds into sustained growth.

我們相信，擁有強大品牌資產、無縫用戶體驗和卓越執行能力的經紀商最有能力將市場順風轉化為持續成長。

Funded account growth in the US picked up pace as we enhanced the platform experience for active traders. Our take charge of your trading campaign in New York City also boosted brand visibility and deepened engagement with retail investors.

隨著我們增強活躍交易者的平台體驗，美國的資金帳戶成長加快。我們在紐約市開展的「負責您的交易」活動也提高了品牌知名度並加深了與散戶投資者的聯繫。

(Spoken in foreign language)

（用外語說）

Malaysia delivered the fastest sequential growth in new funded accounts across all seven markets, fuelled by effective marketing campaigns and our seamless Malaysian IPO subscription experience. Looking ahead, we still see significant runway for market share expansion and remain committed to product localization and brand investment.

由於有效的行銷活動和我們無縫的馬來西亞 IPO 認購體驗，馬來西亞在所有七個市場中實現了新註資帳戶最快的連續成長。展望未來，我們仍然看到市佔率擴張的巨大空間，並將繼續致力於產品在地化和品牌投資。

In Japan, new funded accounts saw strong sequential growth and reached a historic high, reaffirming our position as the preferred platform for US equity trading among Japanese retail investors.

在日本，新增入金帳戶數量連續強勁成長，達到歷史新高，再次確立了我們作為日本散戶投資者首選的美國股票交易平台的地位。

(spoken in foreign language)

（用外語說）

Among the products we shipped in the first quarter, the highlight was Futu bowl AI, a smart investment assistant trained on Futu's proprietary financial data and investor community insights. This integrated solution combines AI powered search, Q&A, and customer support, offering context to where responses tailored to retail investors. Since launch, it has received overwhelmingly positive feedback with a satisfaction rate of around 90% and has demonstrated significantly higher accuracy and professionalism in answering investment-related questions than general purpose models. We plan to roll out similar AI offerings to other international markets in the second quarter to empower investors globally.

我們在第一季推出的產品中，最引人注目的是富途碗AI，這是一款基於富途專有金融數據和投資者社群洞察進行訓練的智慧投資助理。此整合解決方案結合了人工智慧搜尋、問答和客戶支持，為散戶投資者提供量身定制的回應背景。自推出以來，它獲得了壓倒性的積極回饋，滿意度約為 90%，並且在回答與投資相關的問題方面表現出比通用模型更高的準確性和專業性。我們計劃在第二季向其他國際市場推出類似的人工智慧產品，以增強全球投資者的能力。

(spoken in foreign language)

（用外語說）

In the first quarter, we also launched a brand-new desktop version of u to go built on a new framework compatible with Windows, Mac OS, and Linux. This next generation version features intuitive drag and drop tools for building quantitative strategies and enumerates multi-li option strategies that reflect clients' views on the securities, bringing institutional great functionalities in a more user-friendly manner. In Japan, we introduced US fractional shares trading in February to enhance accessibility, followed by the April launch of US options trading to help clients better capture market movements.

第一季我們也推出了基於新框架建構的全新桌面版uto go，相容於Windows、Mac OS、Linux。下一代版本具有直覺的拖放工具來建立量化策略，並列舉了反映客戶對證券觀點的多鏈選擇權策略，以更用戶友好的方式帶來機構的強大功能。在日本，我們於 2 月推出了美國零股交易，以提高可近性，隨後於 4 月推出了美國選擇權交易，以幫助客戶更好地掌握市場動向。

(spoken in foreign language)

（用外語說）

Total client assets reached HKD830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter. The growth was primarily driven by record net asset inflow. The rally of Hong Kong equities led by large cap tech names, drove significant asset inflow. Total client assets in Singapore rose 11% sequentially, marking the 11th consecutive quarter of double-digit growth, thanks to robust inflow into US equities and wealth management products. In Canada and Australia, average client assets increased for the fifth consecutive quarter, underscoring improving client quality and growing brand trust.

客戶資產總額達8,300億港元，較去年成長60%，較上季成長12%。這一增長主要得益於創紀錄的淨資產流入。在大型科技股的帶動下，香港股市上漲，帶動大量資產流入。由於美國股票和財富管理產品的強勁流入，新加坡的客戶總資產環比增長 11%，連續第 11 個季度實現兩位數增長。在加拿大和澳大利亞，平均客戶資產連續第五個季度增加，凸顯了客戶品質的提高和品牌信任度的增強。

Margin financing and securities lending balance closed the quarter at HKD50.3 billion, largely stable from the prior quarter as clients delivered in March amid market pullback.

本季度保證金融資及證券借貸餘額為 503 億港元，與上一季度基本持平，因為客戶在 3 月份市場回調期間進行了交割。

(Spoken in foreign language)

（用外語說）

Total trading volume reached HKD3.22 trillion in the first quarter up 140% year over year and 11% quarter over quarter. US equity trading rose 8% sequentially to HKD2.25 trillion, supported by bottom fishing of semiconductor and technology stocks. Trading volume in Hong Kong equities advanced 21% quarter to quarter to HKD916 billion, lifted by a resurgence in investor sentiment amid the deep sea-induced rally.

第一季總成交額達3.22兆港元，年增140%，季增11%。受半導體及科技股抄底支撐，美股成交月增8%，至2.25兆港元。受深海事件引發的反彈帶動，投資者情緒復甦，香港股票成交量環比增長 21%，達到 9,160 億港元。

In the US we saw double digit sequential growth in both the number of options traders and the number of options contracts traded, with the latter reaching its historic high.

在美國，選擇權交易者數量和選擇權合約交易數量均實現了兩位數的連續成長，其中選擇權合約交易數量達到了歷史最高水準。

(Spoken in foreign language)

（用外語說）

Wealth management plan assets reached HKD139.2 billion as of quarter end, up 118% year over year and 26% quarter over quarter. 29% of funded accounts held wealth management products, a further sequential increase. A big part of the inflow was driven by money market funds as clients flocked to safe haven assets amid market volatility.

截至季末，財富管理計畫資產規模達1,392億港元，年增118%，季增26%。 29%的實物帳戶持有理財產品，較上季進一步增加。由於市場動盪，客戶紛紛湧向避險資產，貨幣市場基金是推動資金流入的主要動力。

At the same time, we saw rising allocations into bond funds and strong demand for structured notes, especially in Singapore. In Hong Kong and Singapore, we expanded our structured product lineup with FX link notes. In Malaysia, we onboarded equity funds, while in Japan, we rolled out US dollar denominated money market funds to better serve clients' cash management needs.

同時，我們看到債券基金的配置不斷增加，結構性票據的需求強勁，尤其是在新加坡。在香港和新加坡，我們透過外匯掛鉤票據擴展了結構化產品陣容。在馬來西亞，我們引入了股票基金，而在日本，我們推出了以美元計價的貨幣市場基金，以更好地滿足客戶的現金管理需求。

(Spoken in foreign language)

（用外語說）

In the first quarter, we participated in several landmark Hong Kong listings as jointly manager, including those of Box Group and Ming Holdings, where we acted as the exclusive online broker for IPO distribution.

一季度，我們作為聯席經辦人參與了多起具有里程碑意義的香港上市項目，其中包括博覽集團和明明控股的上市項目，並擔任其IPO分銷的獨家網絡經紀商。

Notably in the highly anticipated Mia Group IPO, 70,000 clients contributed to over HKD1 trillion in subscription amounts, putting us first among all brokers in both total subscription amount and number of subscribers. We observed that these high-profile IPOs typically lead to higher client engagement, stock trading volume, and asset inflow.

值得一提的是，在備受矚目的米雅集團IPO中，7萬名客戶貢獻了超過1萬億港元的認購金額，使我們在總認購金額和認購人數方面在所有券商中名列第一。我們觀察到，這些備受矚目的 IPO 通常會帶來更高的客戶參與度、股票交易量和資產流入。

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

接下來，我想邀請我們的財務長 Authur 來討論我們的財務表現。

Thank you, and Daniel. Please allow me to walk you through our financial performance in the first quarter. All the numbers are in Hong Kong dollars unless otherwise noted.

謝謝你，丹尼爾。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。

Total revenue was HKD4.7 billion 81% from HKD2.6 billion in the first quarter of 2024. Brokerage commission and handling charger income was HKD2.3 billion an increase of 113% year over year and 12% Q-over-Q. The year over year increase was mainly driven by higher trading volume, partially offset by the decline in blender commission rate.

總營收為47億港元，較2024年第一季的26億港元成長81%。經紀佣金及手續費收入為23億港元，較去年同期成長113%，較上一季成長12%。年成長率主要得益於交易量的增加，但混合商佣金率的下降部分抵消了這一增長。

The year over year decline in blender commission rate was mainly driven by changes in product mix and a higher average order size for Hong Kong stock trading. The Q-over-Q increase was mainly driven by the sequential growth in trading volume.

攪拌機佣金率較去年同期下降主要是由於產品結構變動和香港股票交易平均訂單規模增加所致。環比成長主要得益於交易量的環比增長。

Interest income was HKD2.1 billion 53% year over year and 2% Q-over-Q. The yearly increase was driven by high interest income from security borrowing and the lending business, margin financing and the bank deposits. The Q-over-Q increase was driven by higher margin financing income as well as higher interest income from security borrowing and the lending business, partially offset by lower interest income from bank deposits due to higher interest due to lower interest rate on clients' cash deposits.

利息收入為21億港元，年增53%，季增2%。年度成長主要得益於證券借貸業務、保證金融資和銀行存款的高額利息收入。環比成長是由於保證金融資收入增加以及證券借貸業務利息收入增加所致，但因客戶現金存款利率下降導致利息增加，銀行存款利息收入減少所部分抵銷。

Other income was HKD314 million, up 101% EOB and down 11% Q-over-Q. The EOV increase was primarily attributable to higher fund distribution service income, and the currency exchange income.

其他收入為 3.14 億港元，較去年同期上升 101%，季減 11%。EOV 的成長主要歸因於基金分銷服務收入和貨幣兌換收入的增加。

Our total cost was 749 million, an increase of 59% from HKD4,170 million in the first quarter of 2024. Brokerage commission and the handling charge expenses was HKD144 million of 138% year over year and the 28% Q-over-Q.

我們的總成本為 7.49 億港元，較 2024 年第一季的 41.7 億港元成長 59%。經紀佣金及手續費支出為1.44億港元，年增138%，季增28%。

Both the year over year and the Q-over-Q increase was roughly in line with the movement of our brokerage commission and handling charging income. Interest expenses were HKD469 million up 50% year over year and down 9% Q-over-Q.

年比增長和環比增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 4.69 億港元，年增 50%，季減 9%。

The year over year increase was driven by higher interest expenses associated with our security borrowing and the lending business and the higher margin financing interest expenses. The Q-over-Q decrease was mainly due to lower margin financing interest expenses and the lower interest expenses associated with our security borrowing and the lending business.

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以及保證金融資利息支出增加所致。環比下降主要是由於保證金融資利息支出減少以及與我們的證券借貸業務相關的利息支出減少。

Processing and the servicing costs were HKD136 million 44% and down 10% Q-over-Q. The year over year increase was largely due to higher market information and data fee for enhanced market data coverage, and the Q-over-Q decline was mainly driven by lower system usage fee, as well as lower marketing information and the data fees.

加工及服務成本為1.36億港元，較上一季下降44%，較上一季下降10%。年比成長主要是因為為增強市場數據覆蓋而產生的市場資訊和數據費用的提高，而環比下降主要是因為系統使用費的降低，以及行銷資訊和數據費用的降低。

As a result, our total gross profit was HKD3.9 billion, an increase of 86% from HKD2.1 billion in the first quarter of 2024. Gross margin was 84% as compared to 81.9% in the first quarter of 2024.

因此，我們的總毛利為39億港元，較2024年第一季的21億港元成長86％。毛利率為 84%，而 2024 年第一季為 81.9%。

Operating expenses were up 36% year over year and down 12% Q-over-Q to HKD1.3 billion. R&D expenses were HKD386 million, up 15% year over year and the down 3% Q-over-Q. The year over year increase was primarily driven by investing AI capabilities and the related technology initiatives. The Q-over-Q decline was mainly due to the sequential decrease in R&D headtacom.

營業費用為 13 億港元，較上年同期增加 36%，較上一季減少 12%。研發開支為3.86億港元，較去年同期增加15%，較上一季減少3%。年比成長主要得益於對人工智慧能力和相關技術計劃的投資。環比下降主要是由於研發費用較上季下降。

Selling and the marketing expenses were HKD459 million 57% year over year and down 1% Q-over-Q. The year increase was roughly in line with the growth of our new fund accounts. The Q-over-Q decrease was mainly due to lower client acquisition costs, partially offset by the sequential increase in new fund accounts.

銷售及行銷費用為4.59億港元，年增57%，季減1%。今年的成長與我們新基金帳戶的成長大致一致。環比下降主要是因為客戶獲取成本降低，但被新基金帳戶的環比增加部分抵銷。

GN expenses were HKD415 million, up 38% year over year and down 28% Q-over-Q. The year over year increase was primarily due to an increase in the general administrative head account to support overseas market development, and the Q-over-Q decrease was mainly due to bonus accrue for general administrative personnel in the previous quarter.

GN 支出為 4.15 億港元，年增 38%，季減 28%。年比成長主要由於支持海外市場拓展的一般行政總費用增加，環比下降主要由於上一季一般行政人員獎金提列。

As a result, income from operations increased to 125% year over year and the 21% to HKD2.7 billion. Operating margin increased to 57.2% from 46% in the first quarter of 2024, mostly due to strong top line growth and operating leverage.

因此，營業收入年增125%，至27億港元，增幅達21%。營業利潤率從 2024 年第一季的 46% 上升至 57.2%，主要得益於強勁的營收成長和營業槓桿。

Our net income increased by 107% year over year and 15% Q-over-Q to HKD2.1 billion. Net income margin expanded to 45.6% in the first quarter as compared to 39.9% in the same quarter last year. Our effective tax rate for the quarter was 18.6%. That conclude our prepared remarks. We now like to open the call to questions. Operator, please go ahead. Thank.

我們的淨收入年增 107%，季增 15%，達到 21 億港元。第一季淨利率擴大至45.6%，去年同期為39.9%。本季我們的有效稅率為 18.6%。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。感謝。

(Operator Instructions) Cindy Wang, China Renaissance.

（操作員指示） Cindy Wang，中華復興。

(Spoken in foreign language) Thanks for taking my call. I have, two questions here. First, the overall Hong Kong and US stock market fluctuated greatly in April and May. Could you give us some color on the trading velocity, trading volume, and the margin financing security lending balance on your platform so far in the second quarter?

（用外語說）感謝您接聽我的電話。我這裡有兩個問題。一是4、5月港美股市整體波動較大。您能否介紹一下第二季至今，您們平台的交易速度、交易量、融資融券餘額等情況？

Second question is, recently we see Futo ball and the Mou launch membership program. Could you let us know what the business model looks like for this program and how many paying clients have already subscribed these services? In the long run, what do you expect the benefits could bring to the full too?

第二個問題是，最近我們看到Futo球和Mou推出了會員計畫。您能否告訴我們該計劃的商業模式是什麼樣的，以及有多少付費客戶已經訂閱了這些服務？從長遠來看，您預計這些好處還能帶來什麼？

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

(Spoken in foreign language)

（用外語說）

So the new funded accounts in the second quarter, we'll probably see double digit sequential decrease sequentially, mostly due to a very high base in the first quarter, but overall we maintain very strong client acquisition momentum in the second quarter and we are very confident to hit our 800,000 new paying clients guidance for 2025.

因此，第二季的新資金帳戶可能會出現兩位數的環比下降，主要是由於第一季的基數非常高，但總體而言，我們在第二季度保持了非常強勁的客戶獲取勢頭，我們非常有信心達到 2025 年 80 萬新付費客戶的預期。

And with very big market volatility, clients continue to trade very actively and based on the current run rate, we expect a further sequential increase in total trading volume clients also deposit a lot. Assets into our platform according to date based on the run rate, net asset and inflow will stay at a very high level, similar to what we saw in the first quarter, coupled with the mark to market a positive impact since the second half of April due to the market rebound, we expect a further sequential lift to our total client assets.

儘管市場波動很大，但客戶的交易仍然非常活躍，根據目前的運作率，我們預計總交易量將進一步連續增加，客戶也會存入大量資金。按日期計算，進入我們平台的資產運行率、淨資產和流入量將保持在非常高的水平，與我們在第一季度看到的類似，再加上自4月下半月以來由於市場反彈而對市價產生積極影響，我們預計我們的客戶總資產將進一步環比提升。

Thank you.

謝謝。

(spoken in foreign language) I should be in terms of the membership programs we've launched recently, it is more catered to our wealth management products clients, particularly for these clients with huge assets or higher trading velocity or even have some particular risk appetite into some alternative or alternative, wealth management products. So we will start to layer different clients, in terms of their risk appetite, their client assets, and the different needs. Given, we just launched the programs recently, the penetration and the absolute number of these membership, clients, versus our total clients, the proportion is still very small.

（用外語說）就我們最近推出的會員計畫而言，它更適合我們的財富管理產品客戶，特別是對於那些擁有巨額資產或更高交易速度的客戶，甚至對某些替代或替代財富管理產品有特定風險偏好的客戶。因此，我們將根據客戶的風險偏好、客戶資產和不同需求，對不同的客戶進行分層。考慮到我們最近才剛推出這些計劃，這些會員、客戶的滲透率和絕對數量與我們的總客戶數相比，所佔比例仍然很小。

Thank you.

謝謝。

Charles Zhou, UBS.

瑞銀集團的查爾斯·週（Charles Zhou）。

(Spoken in foreign language) or 10 now what I find 20. So first of all, congratulations to the management. I think it's a very strong set of results and beat the consensus and also our estimate. So I have two questions. The first one, could you please maybe just give us, a little bit more colors about the timeline of your crypto trading business and also the implication of the passage of the Hong Kong stable coin spill recently, to your company. The second question is about, can we talk about the customer retention and also the client AUM following the rising, recent concern over the taxation on mainland China clients oversee investment income.

（用外語說）或現在我發現的 10 是 20。首先，我要向管理階層表示祝賀。我認為這是一組非常強烈的結果，超出了普遍預期和我們的預期。我有兩個問題。第一個問題，您能否向我們詳細介紹您的加密貨幣交易業務的時間表，以及最近香港穩定幣洩漏事件對貴公司的影響。第二個問題是，隨著最近人們對中國大陸客戶投資收入徵稅的擔憂日益加劇，我們能否談談客戶保留率以及客戶資產管理規模 (AUM) 的問題。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

(Spoken in foreign language)

（用外語說）

So the crypto prices experienced some pullback since the first quarter that affected the enthusiasm of the crypto investors on our platform, but the monthly trading volume and the number of crypto traders stayed at a pretty high level, and since May, the crypto prices rebounded, and we've seen investors quickly picked up interest in crypto trading, and we also saw a rebound in daily trading volume. We'll continue to build crypto-related product capabilities.

因此，自第一季以來，加密貨幣價格經歷了一些回調，影響了我們平台上加密貨幣投資者的熱情，但每月交易量和加密貨幣交易者數量保持在相當高的水平，自 5 月以來，加密貨幣價格出現反彈，我們看到投資者對加密貨幣交易的興趣迅速升溫，我們也看到每日交易量出現反彈。我們將繼續建立與加密相關的產品功能。

Recently we launched the crypto deposit functionalities in Hong Kong, which made it easier for our clients to seem seamlessly deposit the crypto onto Futu platform and make it easy to switch between different asset classes. So after we launched this function, we got very good feedback from the web three community and also very positive feedback from our clients, and we planned to launch crypto withdrawal functions very soon.

最近，我們在香港推出了加密貨幣存款功能，這使得我們的客戶可以更輕鬆地將加密貨幣無縫存入富途平台，並輕鬆地在不同資產類別之間切換。因此，在我們推出此功能之後，我們得到了來自 Web 3 社群的非常好的回饋，也得到了客戶的非常正面的回饋，我們計劃很快推出加密貨幣提現功能。

We also launched the crypto paper trading function in Hong Kong, and we're the first regulated crypto platform to allow for paper training, which really helps the newbie investors to familiarize themselves with the trading rules and the trading procedures, especially during market volatility. And a couple of days ago we launched crypto trading on a grayscale basis in most of the states in the United States, and we now support over 30 mainstream cryptocurrency trading. We'll closely monitor our clients' trading behaviours to iterate on our product, and we plan to increase the number of cryptocurrencies in the near future.

我們還在香港推出了加密貨幣紙上交易功能，我們是第一個允許進行紙上培訓的受監管加密貨幣平台，這確實有助於新手投資者熟悉交易規則和交易程序，尤其是在市場波動期間。前幾天我們在美國大部分州灰階上線了加密貨幣交易，目前支援超過 30 種主流加密貨幣交易。我們將密切監控客戶的交易行為以迭代我們的產品，並計劃在不久的將來增加加密貨幣的數量。

So from a long term perspective, we are very bullish about virtual assets as an asset class, and for utu, the take rate for crypto trading is higher than cash equities, and we believe that as the regulatory landscape and the regulatory guidelines to become more clear, there will be more cryptocurrency allowed and more functions allowed, and which will bring you to more ways to monetize from this asset class.

因此，從長期來看，我們非常看好虛擬資產作為一種資產類別，對於 UTU 來說，加密交易的接受率高於現金股票，我們相信，隨著監管環境和監管指南變得更加清晰，將允許更多的加密貨幣和更多的功能，這將為您帶來更多從此資產類別中獲利的方式。

And we believe that whether it's from an AUM or a revenue perspective, crypto has so much potential, and we're still in the very early innings. And in terms of stablecoins, we're aware of the relevant regulations being released recently, and Airstair Bank invested by Futu to participates in the stablecoin sandbox and exploring ways to do stablecoin custody.

我們相信，無論從 AUM 或收入角度來看，加密貨幣都具有巨大的潛力，而且我們仍處於非常早期的階段。在穩定幣方面，我們注意到最近推出了相關的法規，富途投資的Airstair Bank也在參與穩定幣沙盒，探索穩定幣的託管方式。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

Now many con now many countries in the world have participated in this common reporting system. And for the countries that participate in the common reporting system, that the CRS rules apply to all of the licensed financial institutions, whether it's banks or insurance companies or brokers, and there is a very clear set of rules that is executed consistently across different financial intermediaries. And although the United States is not part of CRS, it has its own FATCA system which established this tax information. Mechanism with most of the mainstream countries in the world and as all of the other licensed brokers in Hong Kong without the explicit requests from the Hong Kong SFC and if it's not complying with the relevant laws and regulations of Hong Kong, Futu Securities will not disclose client information and client data to any third parties. So we've noticed that on the internet there have been some rumours about to disclosing client data and applying trading information to third parties, and we want to make sure that everyone knows that these are very baseless rumours and we always adhere to regulatory requirements and we want our clients to also correctly and understand and interpret these laws and regulations. So we've actually done a lot of education in this area as well and so far we have not seen this leading to meaningful client nutrition and asset outflow.

現在世界上許多國家都參與了這項共同的報告系統。對於參與共同報告系統的國家來說，CRS 規則適用於所有持牌金融機構，無論是銀行、保險公司或經紀商，並且有一套非常明確的規則在不同的金融中介機構之間一致執行。儘管美國不是CRS的成員，但它有自己的FATCA系統來建立這些稅務資訊。與全球大多數主流國家及香港持牌券商的機制一致，在沒有香港證監會的明確要求及不符合香港相關法律法規的情況下，富途證券不會向任何第三方披露客戶資​​訊及客戶資料。因此，我們注意到網路上有一些關於揭露客戶資料和將交易資訊提供給第三方的謠言，我們希望確保每個人都知道這些都是毫無根據的謠言，我們始終遵守監管要求，我們希望我們的客戶也能正確理解和解釋這些法律法規。因此，我們實際上也在這個領域做了很多教育，但到目前為止，我們還沒有看到這帶來有意義的客戶營養和資產流出。

Thank you.

謝謝。

Emma Xu, Bank of America Securities.

美國銀行證券公司的 Emma Xu。

(Spoken in foreign language) So congratulations on another quarter of. Outstanding performance. I have a question regarding hypo. Recently, the hypo dropped sharply. How will this impact your net interest income? Meanwhile, with hyper falling, are we seeing changes in client behaviour such as increased fund deposits and more allocations to money market file equity asset or more active trading?

（用外語說）恭喜你又一個季度的到來。出色的表現。我有一個關於低血糖的問題。最近，低血糖急劇下降。這將如何影響您的淨利息收入？同時，隨著經濟的急劇下跌，我們是否會看到客戶行為發生變化，例如基金存款增加、貨幣市場文件股票資產配置增加或交易更加活躍？

Thank you.

謝謝。

(Spoken in foreign language) in our last earning call actually we provide sensitivity analysis, assume, every 25 basis, rate cut our pre-tax monthly, pre-tax profit will be down HKD8million to HKD10 million roughly. But since the Fed rate cut, last year, by 50 basis points, we see the overall interest income revenues, in the first quarters continue to grow on a Q1Q basis, which is mainly because the average size of our idle cash balance largely offset, the rate cut implications.

（用外語說）在我們上次的收益電話會議上，我們實際上提供了敏感性分析，假設每 25 個基準，每月降低我們的稅前利潤，稅前利潤將下降約 800 萬港元至 1000 萬港元。但自從去年聯準會降息50個基點以來，我們看到第一季的整體利息收入較上季持續成長，這主要是因為我們的閒置現金餘額平均規模在很大程度上抵銷了降息的影響。

At the same time, as you mentioned, the recent decline. In high balls which will trigger more clients trading activities in terms of velocity and consequently we will benefit from the trading commissions. On the other hand, we think the reasons of sharp declines by hypo may be just a temporary, partially due to certain mega IPOs in Hong Kong. So whether it will be sustained in such a low level, it is still wait to see.

同時，正如您所提到的，最近出現了下降。在高球中，這將以速度觸發更多客戶的交易活動，因此我們將從交易佣金中受益。另一方面，我們認為低迷導致股價大幅下跌可能只是暫時現象，部分原因是香港一些大型IPO。因此，它是否會持續處於如此低的水平，仍有待觀察。

Thank you.

謝謝。

Chiyao Huang, Morgan Stanley.

摩根士丹利的黃赤耀。

(Spoken in foreign language) So my first question is on the client inflows that it's hitting a record high this quarter and so just wondering the mix of the inflows by different regions, especially from a non-Greater China region contribution and what's the outlook for the full year.

（用外語說）所以我的第一個問題是關於本季創下歷史新高的客戶流入量，所以我想了解不同地區的流入量組合，特別是來自大中華區以外的地區的貢獻，以及全年的前景如何。

And second question is about is there any quantitative metrics that we can look at to measure the adoptance or engagement satisfaction. And the client stickiness arising from the AI tools that we have launched and what could potentially be do could be done more in this space.

第二個問題是，是否有任何量化指標可以用來衡量採用率或參與度滿意度。而且，我們推出的人工智慧工具所帶來的客戶黏著度以及在這個領域可能實現的更多功能都可以實現。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

Then in terms of the first quarter asset inflows, actually we see a very strong inflow of momentum across our seven different markets. The overall asset inflow by the group increased over 50% Q-over-Q basis and also as we mentioned in the opening remark, remarks, it is our record high in a single quarter number. That, in terms of the geographic breakdowns, Hong Kong and Singapore still, are the majority contributor markets, for the inflows, and, going forward, we are constructively positive, on the overall, on the full year as inflow situation.

就第一季資產流入而言，我們實際上看到七個不同市場的流入勢頭非常強勁。集團整體資產流入環比增長超過 50%，正如我們在開場白中提到的，這是我們單季創下的最高紀錄。從地理分佈來看，香港和新加坡仍然是流入資金最多的市場，展望未來，我們對全年流入資金的整體情況持積極樂觀態度。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

So we've launched the Futu AI functions for about two months now, so it's not been that long. We're still analysing more data, but based on the preliminary numbers we have seen, our users have very good feedback of our Futu AI function, and that also leads to more engagement and activity on our platform. We've also packaged our AI functions into our membership programs, so there's a limited number of free questions you could ask to AI, and that depends.

所以我們推出富途AI功能已經有兩個月左右了，所以時間還不算太長。我們仍在分析更多數據，但根據我們看到的初步數據，用戶對富途AI功能的回饋非常好，這也導致我們平台的參與度和活躍度有所提高。我們還將我們的人工智慧功能打包到我們的會員計劃中，因此您可以向人工智慧提出的免費問題數量有限，這取決於具體情況。

On the tier of your membership and that is based on the client assets and the trading behaviour on our platform, which means that the AI function has helped with net asset inflow and the trading velocity. I think that's why we're trying to roll out AI functions to more international markets based on the initial traction we have seen of our Hong Kong clients.

您的會員等級取決於客戶資產和我們平台上的交易行為，這意味著人工智慧功能有助於淨資產流入和交易速度。我認為這就是為什麼我們根據香港客戶的初步表現，嘗試將人工智慧功能推廣到更多的國際市場。

Thank you.

謝謝。

Yang Fan, CICC.

楊帆，中金公司。

(Spoken in foreign language) This is Yang Fan from CICC, and I have two questions here. The first one is about the customer acquisition cost the CAC. We see it decline much this culture. So what's the reason behind? And do you have any new guidance for the future CAC?

（外語）我是中金公司的楊帆，我有兩個問題。第一個是關於客戶獲取成本CAC。我們看到這種文化正在逐漸衰退。那麼背後的原因是什麼呢？您對未來的CAC有什麼新的指導嗎？

And the second question is that we see we have announced to entry the New Zealand market. Would you please share more color on this market?

第二個問題是，我們看到我們已經宣布進入紐西蘭市場。您能否分享更多關於這個市場的資訊？

(Spoken in foreign language)

（用外語說）

In terms of the cap, in the first quarters, the average cap, we reached around the, in the first quarter is around HKD1800, which is relatively lower than, our objectives, in the beginning of this year, partially due to a very strong, market tailwinds we got, regardless. China, the China assets rating, very strong IPO markets in Hong Kong and volatilities in the US. And in these trading windows, our marketing colleagues, time they catch these windows and thanks to our brand equities influence as well, we got a very good result. Going forward, we do expect, we will continue to set.

就上限而言，在第一季度，我們達到的平均上限約為 1800 港元，這相對低於我們今年年初的目標，部分原因是我們獲得了非常強勁的市場順風。中國、中國資產評級、香港非常強勁的 IPO 市場以及美國的波動性。在這些交易窗口期，我們的行銷同事抓住了這些窗口期，並且得益於我們品牌資產的影響力，我們獲得了非常好的結果。展望未來，我們確實期望，我們將繼續努力。

Growth as our first priority. At the same time, we will further emphasize our brand building, deployment in terms of the fundings. So in the long run, we think, the further incomes of the brand equity will, let us, become more resilient in different trading investment cycles. So, the investment on this brand equity, the effects in the near term, it is very difficult to predict, not to mention the overall market environments and the macro environment is to include a lot of uncertainties. So from the prudence angles, we will maintain our full year guidance on a unchanged, but we will revisit, this assumption in the coming quarters.

發展是我們的首要任務。同時，我們會進一步加強品牌建設，在資金投入上進行部署。因此從長遠來看，我們認為品牌資產的進一步收益將讓我們在不同的交易投資週期中變得更具韌性。所以，對這個品牌資產的投資，在短期內的效果是很難預測的，更不用說整體的市場環境和宏觀環境都包含了許多不確定因素。因此，從審慎的角度來看，我們將維持全年指導不變，但我們將在未來幾季重新審視這個假設。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

Vivo is now the #2 broker in Australia in terms of CAU, and we've accumulated a lot of brand equity and we feel like expanding into New Zealand was a natural extension. And we've also seen that, Australian stocks and US stocks are the two most popular as the classes for Kiwi investors, and we have already built very strong product capabilities for these two products in Australia.

就 CAU 而言，Vivo 現在是澳洲第二大經紀商，我們已經累積了大量品牌資產，我們認為擴展到紐西蘭是自然的延伸。我們也看到，澳洲股票和美國股票是紐西蘭投資者最受歡迎的兩種股票類別，我們已經在澳洲為這兩種產品建立了非常強大的產品能力。

So expanding to New Zealand will not incur much investments in terms of licensing or personnel or R&D and we can largely replicate the IT infrastructure and the marketing resources and the brand equity with built in Australia. So the incremental costs will be quite manageable and we think the New Zealand business will present very favourable ROIs.

因此，擴展到紐西蘭不會在許可、人員或研發方面產生大量投資，而且我們可以在很大程度上複製在澳洲建立的 IT 基礎設施、行銷資源和品牌資產。因此增量成本將相當可控，我們認為紐西蘭業務將帶來非常有利的投資報酬率。

Thank you.

謝謝。

Peter Chang, JP Morgan.

摩根大通的 Peter Chang。

(Spoken in foreign language) Blended commission fee rate where I will do I do that is easy to you is like the shi now we find thanks for giving me the opportunity to ask questions. This is Peter hang from JPMorgan. I have two questions. First is about the effective tax rate. We notice that its effective tax rate picks up in.

（用外語說）混合佣金費率我會做什麼我做的那對你來說很容易就像shi現在我們發現感謝給我機會提問。我是摩根大通的 Peter Hang。我有兩個問題。首先是關於有效稅率。我們注意到其有效稅率上升。

First quarter to 18%. Well, wondering what's the reason behind and what's the medium to long term effective tax rate level for food to going forward. Second question is about the blended commission theory. We noticed that in first quarter, blended commission theory stabilize and pick up slightly. We wish to understand the reason behind and what will be the trend going forward.

第一季達到18%。那麼，想知道背後的原因是什麼，以及未來食品的中長期有效稅率水準是多少。第二個問題是關於混合佣金理論。我們注意到，第一季混合佣金理論趨於穩定並略有回升。我們希望了解背後的原因以及未來的趨勢。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

In terms of the effect tax rate in the first quarters, this quarter, our tax rate is around 18.6%. there are two reasons behind that. One is, as more and more our overseas, markets, start to generate a profit. The historical accumulated tax credit has been fully utilized, which will, consequently, enhance our overall group tax effective tax rate.

從第一季的實際稅率來看，本季我們的稅率約為18.6%。這背後有兩個原因。一是，我們的海外市場越來越開始產生利潤。歷史累計稅收抵免已充分利用，這將提高我們集團整體稅收有效稅率。

Secondly, after the implementation of Pillar 2 by OECD, in different markets and the different countries, our overall tax rate will be impacted to some extent as well. So I would expect, our overall effect tax rate will maintain 17% to 18% in the coming quarters.

第二，OECD實施第二支柱之後，在不同的市場，不同的國家，我們的整體稅率也會受到一定的影響。因此我預計，未來幾季我們的整體有效稅率將保持在 17% 至 18% 之間。

(Spoken in foreign language) for the second question regarding the blender commission rate changes, actually there's a slightly uptake, on a 12 basis, in terms of the blender commission rate. The reason behind that is mainly due to the product mix change. There are more clients trading on, certain derivatives, such as, US options, etc.

（用外語說）關於混合器佣金率變化的第二個問題，實際上，在 12 的基礎上，混合器佣金率略有上升。背後的原因主要是由於產品結構的變化。有更多客戶在交易某些衍生性商品，例如美國選擇權等。

Going forward, as we were launching more new products, for instance, the crypto trading, etc. I do expect that our overall blender commission rate, will maintain stable.

展望未來，隨著我們推出更多新產品，例如加密貨幣交易等，我確實預計我們的整體混合器佣金率將保持穩定。

Thank you.

謝謝。

Alan Wang, Citi.

花旗銀行的 Alan Wang。

(Spoken in foreign language) Thanks management for giving me the chance to ask a question. This is Alan from Citibank. My first question is on Hong Kong markets. So Futu previously has a market share target of about 40% in Hong Kong. That basically implies about HKD1 million paying customers, in Hong Kong. So judging from our 12 numbers, our paying customer numbers and, is already approaching close to around [900K 90k 900K].

（外語）感謝管理階層給我提問的機會。我是花旗銀行的艾倫。我的第一個問題是關於香港市場的。因此富途先前在香港的市佔率目標約為40%。這基本上意味著香港的付費客戶數量約為 100 萬港幣。因此，從我們的 12 個數字來看，我們的付費客戶數量已經接近[90萬 9萬 90萬]。

And Given the pace of our new paying customer acquisition in Hong Kong is so fast, I think our long-term goal of market share of 40% in Hong Kong is probably within reach within the next couple of quarters. So against this backdrop, wondering if management could share your updated. On the Hong Kong markets, especially considering that there's recent changes in the competitive landscapes with potential competition for Group and Robin Hood. If you look beyond the 40% market share, how much additional, headroom do we see to further increase market share in Hong Kong? The second question is on interest, income. We see that the IU cash balance has grown very notably during the first quarter. Wondering if management could help us break down the interest income. How much of that is coming from idle cash, and how much of that is from margin finances, could lending, etc.

鑑於我們在香港獲得新付費客戶的速度如此之快，我認為我們在香港市佔率達到 40% 的長期目標可能在未來幾季內實現。因此，在這種背景下，想知道管理層是否可以分享您的最新消息。在香港市場，尤其是考慮到最近競爭格局的變化，集團和羅賓漢面臨潛在的競爭。如果將眼光投向 40% 的市佔率之外，我們還認為香港的市佔率還有多少成長空間？第二個問題是關於利息、收入。我們看到，IU 現金餘額在第一季成長非常顯著。想知道管理層是否可以幫助我們分解利息收入。其中有多少來自閒置現金，有多少是來自保證金融資、貸款等？

(Spoken in foreign language) In terms, for the second question regarding the idle cash, roughly, the idle cash, related income accounts for 35% to 40% of our total interest income, for this quarter. The very strong robust increase in the revenue arising from idle cash partially due to two reasons. Number one is, we got a very strong net asset inflow. From, existing clients, not to mention a lot of new clients we acquired in the first quarter. Secondly, is due to the market, was quite volatile in the first quarter. So in our observation, a lot of clients actually, partially inclined to increase their cash position and lower their stock positions. So which is, we got some benefits of arising from that as well.

（外語）就第二個問題而言，關於閒置現金，大致而言，本季閒置現金相關收入占我們總利息收入的 35％ 至 40％。閒置現金帶來的營收強勁成長部分歸因於兩個原因。首先，我們獲得了非常強勁的淨資產流入。從現有客戶，更不用說我們在第一季獲得的許多新客戶。第二，由於市場，第一季波動較大。因此，根據我們的觀察，許多客戶實際上傾向於增加現金部位並減少股票部位。因此，我們也從中獲得了一些好處。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

So in terms of our Hong Kong market share, the absolute number of fund accounts you mentioned applies to our greater China business, while the market share target you mentioned was about our Hong Kong local business, so these two numbers are not apple to apple comparisons.

所以就我們的香港市場份額而言，您提到的基金帳戶絕對數量是針對我們大中華區業務的，而您提到的市場份額目標是針對我們香港本地業務的，所以這兩個數字並不是完全一樣的。

In the past two quarters we have seen the Hong Kong market contribute to the highest number of paying clients among all of our seven markets, which is, which gave us confidence that as a leading broker in Hong Kong, we'll be able to gain outsized benefits from favourable market conditions, and we think that our Hong Kong business has huge runway for growth, both in terms of client numbers and client assets. And the Hong Kong market has never been short of competition, and in the past few years there have been a number of our peers, very notable peers, entering into Hong Kong.

在過去兩個季度中，我們看到香港市場在我們七個市場中貢獻的付費客戶數量最多，這讓我們有信心，作為香港領先的經紀商，我們將能夠從有利的市場條件中獲得超額收益，並且我們認為，無論是在客戶數量還是客戶資產方面，我們的香港業務都擁有巨大的增長空間。香港市場從來就不缺乏競爭，在過去幾年裡，我們有許多同行，非常有名的同行，進入了香港。

But regardless how the outside market environment changes, we've always been doing product innovation and product iteration, and we believe that our product capabilities have built a very strong barrier to entry for our business and we in each and every market we enter into, we build very customized product experience, very innovative product features and coupled with our superior user experience and very competitive pricing strategy, we continue to gain user mindshare in Hong Kong and take market share.

但無論外部市場環境如何變化，我們始終在進行產品創新和產品迭代，我們相信我們的產品能力為我們的業務建立了非常強大的進入壁壘，我們在進入的每一個市場，都建立了非常定制的產品體驗，非常創新的產品功能，再加上我們卓越的用戶體驗和非常有競爭力的定價策略，我們繼續在香港用戶的青睞並佔領市場份額。

And on top of that, we think brand is probably one of the most important intangible assets of the financial services platform, and building a brand takes time. And Futu has built a considerable level of trust with our clients, and we've seen very high client stickiness on our platform. It's consistently above 98%, 99% on a quarterly basis.

除此之外，我們認為品牌可能是金融服務平台最重要的無形資產之一，而打造品牌需要時間。富途與客戶建立了相當程度的信任，我們的平台客戶黏著度非常高。每個季度的比率都保持在 98% 到 99% 以上。

So if there is a newcomer that cannot provide highly differentiated product experience and service, we don't think it can sway the client choices. And as we continue to build our brand, we also see a higher number of high-net-worth clients in Hong Kong, which contributed to a very high net asset inflow quarter of a quarter. And we've also seen that when the clients choose a broker, that decision is usually multidimensional, whether it's, applying a zero-commission strategy or just to direct traffic from other platforms. We don't think either one is going to achieve very desirable effects. The users will choose the platforms that are compliant, that have high brand recognition and have the strongest all-rounded capabilities.

所以如果一個新來者不能提供高度差異化的產品體驗和服務，我們認為它無法影響客戶的選擇。隨著我們不斷打造品牌，我們也看到香港的高淨值客戶數量不斷增加，這導致每季的淨資產流入都非常高。我們也發現，當客戶選擇經紀人時，這個決定通常是多方面的，無論是應用零佣金策略還是僅從其他平台引導流量。我們認為，無論哪一種做法都不會達到非常理想的效果。用戶會選擇合規、品牌知名度高、綜合實力最強的平台。

Zoe Zong, Jeffreys.

佐伊·宗，杰弗里斯。

Thank you, for taking my questions and congratulations on your solid results. I have two questions. Firstly, I have a follow-up question on AI. Man mentioned that more AI products will be launched in overseas markets in Q2. So wondering what's your AI product strategies and investment scale. And my second question is about VATP. Could you please share an update on the business development with your VATP license? Thank you.

謝謝您回答我的問題，並祝賀您所取得的堅實成果。我有兩個問題。首先，我有一個關於人工智慧的後續問題。文先生提到，第二季將會有更多AI產品在海外市場推出。所以想知道您的AI產品策略和投資規模是怎麼樣的。我的第二個問題是關於 VATP。您能否分享一下您的 VATP 授權業務發展的最新情況？謝謝。

(Spoken in foreign language) Now we are still in the process of phase two. There's still a lot of validations need to be conducted by the third party, consultants, independent consultants, and there's a lot of, process testing work, need to be complete, in order to get the final approval from SFC. We will keep you posted, before there's any progress.

（外語）現在我們還處於第二階段。為了獲得香港證監會的最終批准，還需要由第三方、顧問、獨立顧問進行大量驗證，並且需要完成大量流程測試工作。在有任何進展之前，我們會及時通知您。

Thank you.

謝謝。

(Spoken in foreign language)

（用外語說）

I see a parameter now then I see a condition that Xiaobo trading the GCC algorithm that way. In terms of our AI strategy, Futu has assembled our own AI team. We're closely monitoring the industry developments and keeping up with innovations. So the AI is applied in two ways one internally, we use that to increase operating efficiency, and we also leverage AI to develop new products.

我現在看到一個參數，然後我看到小波以這種方式交易 GCC 演算法的條件。在AI戰略方面，富途已經組建了自己的AI團隊。我們正在密切關注行業發展並跟上創新。因此，人工智慧以兩種方式應用，一種是在內部，我們利用它來提高營運效率，另一種是利用人工智慧來開發新產品。

And features for our clients and in terms of operation efficiency we've already leveraged AI in a number of scenarios including customer services, and the account opening documentation verification processes, and we've seen AI bring in tangible uplift to our operating efficiency. And in terms of our client facing features, we think that for active traders, a key benefit of AI would be to lower the invest investment threshold and help them more efficiently gather information to make informed investment decisions.

在為客戶提供功能和營運效率方面，我們已經在客戶服務、開戶文件驗證流程等多個場景中利用了人工智慧，我們已經看到人工智慧為我們的營運效率帶來了切實的提升。就我們面向客戶的功能而言，我們認為，對於活躍的交易者來說，人工智慧的一個主要好處是降低投資門檻，幫助他們更有效地收集信息，並做出明智的投資決策。

For example, we'll launch algo trading very soon. So before elbow trading is almost exclusively for the sophisticated. Institutional investors and now for our retail clients by telling AI the stock you are interested in, the parameters you want to monitor, and what kind of conditions will trigger trade, our AI can generate an over trading function for our clients which we think significantly lower their barrier. So we're around that goal and we'll continue to innovate to bring more AI powered features. Thank you.

例如，我們很快就會推出演算法交易。因此，肘前交易幾乎只針對經驗豐富的交易者。機構投資者以及現在我們的散戶客戶透過告訴人工智慧您感興趣的股票、您想要監控的參數以及什麼樣的條件會觸發交易，我們的人工智慧可以為我們的客戶產生過度交易功能，我們認為這可以大大降低他們的門檻。因此，我們圍繞著這一目標，將繼續創新，帶來更多人工智慧功能。謝謝。

Thank you for the questions. With that, I would like to have a call back to Mr. Daniel Yuan for closing.

謝謝您的提問。最後，我想請 Daniel Yuan 先生回電，結束演講。

That concludes our call today on behalf of the 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.

今天我們代表管理團隊的電話會議到此結束。感謝您今天加入我們。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。

That's conference call. Thank you for your participation in our disconnect.

這就是電話會議。感謝您參與我們的斷開連結。