富途控股 (FUTU) 2025 Q2 法說會逐字稿

Hello. Ladies and gentlemen, welcome to Futu Holdings second-quarter 2025 earnings conference call. (Operator Instructions)

大家好！女士們，先生們，歡迎參加富途控股2025年第二季業績電話會議。 （操作員指示）

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

現在，我想把今天的電話會議主持人交給富途證券執行長幕僚長兼策略及投資人關係主管袁志強。先生，請發言。

Thanks, operator, and thank you for joining us today to discuss our second-quarter 2025 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，也謝謝您今天加入我們，共同討論我們2025年第二季的業績。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、財務長陳亞瑟先生以及資深副總裁徐斌先生。

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 (inaudible) and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC including its annual report.

提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述代表了公司對未來事件的信念，而這些事件本質上並不確定，且不在公司的控制範圍內。前瞻性陳述涉及（聽不清楚）和不確定性。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述中的結果有重大差異。有關潛在風險和不確定性的更多信息，請參閱公司向美國證券交易委員會 (SEC) 提交的文件，包括其年度報告。

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

現在，我將把電話轉給李克強，他將用中文發表評論，我會進行翻譯。

(interpreted) Thank you all for joining our earnings call today. As of quarter end, total funded accounts reached approximately HKD2.9 million, representing a 41% increase year over year and an 8% rise quarter over quarter. We've reached a key milestone in our international expansion, which is as of quarter end, over 50% of funded accounts are from clients outside of Futu Security of Hong Kong.

（翻譯）感謝各位今天參加我們的財報電話會議。截至本季末，總入帳帳戶數約290萬港幣，年增41%，季增8%。我們的國際擴張已達到關鍵里程碑：截至本季末，超過50%的入帳帳戶來自香港富途證券以外的客戶。

Singapore and the US are our largest international market, followed by the rapidly expanding Malaysia and Japan, while Australia and Canada showed robust growth momentum. This expanding international footprint is a testament to our vision of becoming an influential global financial services platform.

新加坡和美國是我們最大的國際市場，其次是快速發展的馬來西亞和日本，而澳洲和加拿大則表現出強勁的成長勢頭。不斷擴張的國際商業版圖印證了我們致力於成為具有影響力的全球金融服務平台的願景。

During the quarter, we acquired 204,000 new funded accounts, up 32% from a year earlier. Hong Kong continued to lead all markets in new funded accounts for the third straight quarter. Elevated market volatility from trade tensions in early April, followed by a sharp rebound from trade (inaudible) as well as a wave of high-profile IPOs in May, spurred retail participation.

本季度，我們新增了20.4萬個實金帳戶，年增32%。香港連續第三個季度在新增實金帳戶數量方面領先所有市場。 4月初貿易緊張局勢加劇了市場波動，隨後貿易戰（聽不清楚）導致市場大幅反彈，加上5月份一系列備受矚目的IPO，刺激了散戶的參與。

Our US business also delivered robust growth. In the second quarter, we became the official sponsor of the New York Mets, a partnership that will continue to broaden our brand reach in the US and internationally. We also launched cryptocurrency trading in most of the states in June, reinforcing our value proposition as a one-stop trading platform.

我們的美國業務也實現了強勁成長。第二季度，我們成為紐約大都會隊的官方贊助商，這項合作將持續拓展我們在美國乃至國際市場的品牌影響力。我們也於6月在大多數州推出了加密貨幣交易服務，強化了我們作為一站式交易平台的價值主張。

In Malaysia, we further localized our offerings by intriguing IPO financing services for local listings and the Malaysian stock earnings calendar. In Japan, we partnered with Nasdaq and the Japan Exchange Group to host our inaugural offline investment event move as Japan, which attracted over 12,000 Tokyo investors to sign up, strengthening our brand recognition in Japan.

在馬來西亞，我們進一步在地化了我們的服務，推出了引人入勝的IPO融資服務，並推出了馬來西亞股票收益日曆。在日本，我們與納斯達克和日本交易所集團合作，舉辦了首屆線下投資活動“move as Japan”，吸引了超過12,000名東京投資者報名，提升了我們在日本的品牌知名度。

Building on the successful debut of Futubull AI in Hong Kong, we rolled out moomoo AI across all international markets, equipping investors worldwide with smarter tools for more efficient investing. Client engagement remains strong across regions. Our funded account quarterly retention rate was once again well above 98%, reflecting the high level of loyalty and satisfaction among our global client base.

繼富途牛AI在香港成功亮相後，我們將moomoo AI推廣至所有國際市場，為全球投資者提供更聰明的工具，實現更有效率的投資。各地區客戶互動保持強勁。我們的資金帳戶季度留存率再次遠超過98%，反映出我們全球客戶群的高忠誠度和滿意度。

By the end of the second quarter, total client assets hit a record HKD974 billion, up 68% year over year and 17% quarter over quarter. Notably, net asset inflow in the first half of 2025 nearly doubled compared to the same period last year. Thanks to robust net asset inflow and favorable mark-to-market appreciation from Hong Kong and US equity, average in assets across all markets registered sequential increase. In Singapore, average client assets and total client assets rose 19% and 26% quarter over quarter, respectively.

截至第二季末，客戶資產總額達創紀錄的9,740億港元，年增68%，季增17%。值得注意的是，2025年上半年淨資產流入較去年同期成長近一倍。得益於強勁的淨資產流入以及香港和美國股市的市場升值，所有市場的平均資產均實現環比增長。在新加坡，平均客戶資產和客戶資產總額分別較上季成長19%和26%。

The group's margin financing and securities lending balance remained stable at HKD51.4 billion by quarter end. While clients initially deleveraged some of the sharp market downturn in early April, a gradual recovery in risk appetite fostered a rebound in margin financing activity.

截至季末，集團的保證金融資及證券借貸餘額維持穩定，為514億港元。雖然客戶在4月初部分去槓桿，以應對市場急劇下滑的影響，但風險偏好的逐步回升推動了保證金融資活動的反彈。

In the second quarter, total trading volume reached HKD3.59 trillion, representing 121% year-over-year and 12% quarter-over-quarter growth. During the quarter, volatility stemming from tray tax drove unprecedented spikes in daily trading volume, while renewed enthusiasm in the crystal currency space further accelerated trading momentum.

第二季度，總交易量達到3.59兆港元，年增121%，季增12%。本季度，托盤稅帶來的波動性推動每日交易量出現前所未有的飆升，而水晶幣市場熱情的重燃進一步加速了交易勢頭。

US stock trading volume went 20% sequentially to HKD2.7 trillion led by EV and crypto stock. Hong Kong stock trading volume contracted 9% quarter over quarter to HKD833.5 billion, primarily due to tempered interest in the technology sector, partially offset by higher turnover in new consumption names.

美國股票成交量較上季成長20%，至2.7兆港元，其中以電動車和加密貨幣股票為主。香港股票成交量較上季下降9%，至8,335億港元，主要原因是科技股市場興趣減弱，但新消費股成交量增加部分抵銷了這一影響。

Wealth management client assets were HKD163.2 billion at the quarter end of 104% year over year and 17% quarter over quarter. In Hong Kong and Singapore, we strengthened our fixed income offerings with Hong Kong dollar and RMB-denominated bonds as well as floating rate bonds.

財富管理客戶資產於本季末達1,632億港幣，較去年同期成長104%，較上季成長17%。在香港和新加坡，我們加強了固定收益產品組合，推出了港元和人民幣債券以及浮動利率債券。

In Hong Kong, we launched Principal protective structure product becoming the first online broker to offer retail facing structure products. We also became the first and only online brokerage platform in Hong Kong to distribute China AMC Hong Kong's tokenized money market fund, solidifying our position at the forefront of digital asset innovation.

在香港，我們推出了信安保障型結構化產品，成為首家提供以零售為導向的結構化產品的線上券商。我們也成為香港首家也是唯一一家分銷華夏基金香港代幣化貨幣市場基金的線上券商平台，鞏固了我們在數位資產創新領域的領先地位。

As of quarter end, we had 517 IPO distribution in IR clients, up 15% year over year. Hong Kong IPO market gained further momentum from the first quarter with increased steel volume and rising investor participation. During the quarter, we acted as joint book runners through multiple prominent listings. Notably, in the Haitian Flavouring and Food IPO, we attracted a record 102,000 subscribers, ranking first among all brokers in both number of subscribers and total subscription amount.

截至本季末，我們已為投資者關係客戶發行了517個IPO項目，較去年同期成長15%。香港IPO市場自第一季以來進一步成長，鋼鐵交易量增加，投資者參與度上升。本季度，我們擔任了多起重要IPO專案的聯席帳簿管理人。值得一提的是，在海天調味食品的IPO中，我們吸引了創紀錄的10.2萬名認購者，在認購者數量和認購總額方面均位居所有券商之首。

In the first half of 2025, we partnered with 6 of the 10 largest Hong Kong ideas by fundraising side and facilitated over HKD10 billion in subscription amount for 12 IPOs each underscoring our unparalleled retail distribution capabilities.

2025年上半年，我們與香港募資額最大的10家新股中的6家合作，並為12只新股促成了每隻超過100億港元的認購金額，彰顯了我們無與倫比的零售分銷能力。

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

接下來，我想邀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. All the numbers are in Hong Kong dollars unless otherwise noted.

謝謝Leaf和Daniel。請容許我向大家介紹一下我們第二季的財務表現。除非另有說明，所有數字均以港元為單位。

Total revenue was HKD5.3 billion, up 7% from HKD3.1 billion in the second quarter of 2024. Brokerage commission and handling charge income was HKD2.6 billion, an increase of 87% year over year and 12% Q over Q. The year-over-year increase was driven by higher trading volumes, partially offset by the decline in blended commission rate. We adopt per share and per contract pricing model for US stocks and the US option trading, respectively.

總營收為53億港元，較2024年第二季的31億港元成長7%。經紀佣金及手續費收入為26億港元，年增87%，季增12%。年成長主要得益於交易量的增加，但部分被混合佣金率的下降所抵消。我們對美股交易採用每股定價模型，對美股選擇權交易採用每份合約定價模型。

As a result, brokerage income will grow at a slower rate than trading volume where our clients trade higher-priced stocks and options. The Q-on-Q increase was mainly driven by the sequential growth in trading volume. Interest income was HKD2.3 billion, up 44% year over year and 11% Q over Q. The year-over-year increase was driven by higher interest income from security borrowing and lending business, bank deposits, and a margin financing.

因此，當我們的客戶交易價格較高的股票和選擇權時，經紀收入的成長速度將低於交易量的成長速度。環比成長主要得益於交易量的環比增長。利息收入為23億港元，年增44%，季增11%。年成長的動力源自於證券借貸業務、銀行存款和保證金融資的利息收入增加。

The Q-over-Q increase was driven by higher interest income from security borrowing and the lending business as well as higher interest income from bank deposits partially offset by lower margin financing income due to sequential decline in daily average margin financing balance.

環比增長是由於證券借貸業務的利息收入增加，以及銀行存款的利息收入增加，但因每日平均保證金融資餘額連續下降導致保證金融資收入減少，部分抵消了這一增長。

Other income was HKD444 million, up 176% year over year and 41% Q over Q. The year-over-year and the Q-over-Q increase was primarily attributable to higher fund distribution service income and the currency exchange income. Our total costs were HKD671 million, an increase of 13% from HKD574 million in the second quarter of 2024.

其他收入為4.44億港元，年增176%，季增41%。年成長和環比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。我們的總成本為6.71億港元，較2024年第二季的5.74億港元成長13%。

Brokerage commission and handling charge expenses was HKD161 million, up 84% year over year and 12% Q over Q. Both the year-over-year and Q-over-Q increase was roughly in line with the movement of our brokerage commission and handling charge income. Interest expenses were HKD378 million flat year over year and down 20% Q over Q.

經紀佣金及手續費支出為1.61億港元，年增84%，季增12%。年比及季增幅與經紀佣金及手續費收入的變動趨勢基本一致。利息支出為3.78億港元，較去年同期持平，較上季下降20%。

The year-over-year increase in interest expenses associated with our security borrowing and the lending business was offset by the year-over-year decrease in margin financing interest expenses. The Q-over-Q decrease was mainly due to lower interest expenses associated with our security borrowing and the lending business as well as lower margin financing interest expenses because of the HIBOR rate decline.

與證券借貸業務相關的利息支出較去年同期成長，被保證金融資利息支出的年減所抵銷。環比下降主要由於與證券借貸業務相關的利息支出減少，以及香港銀行同業拆借利率（HIBOR）下降導致的保證金融資利息支出減少。

Processing and servicing costs was HKD133 million, up 21% year over year and down 2% Q over Q. The year-on-year increase was largely due to higher data transmission fees and market information and data fees. The Q-over-Q decline was mainly driven by lower market information and the data fee as well as lower cloud service fees. As a result, total gross profit was HKD4.6 billion, an increase of 82% from HKD2.6 billion in the second quarter of 2024.

處理及服務成本為1.33億港元，年增21%，季減2%。年比增長主要由於數據傳輸費用以及市場資訊和數據費用的增加。環比下降主要由於市場資訊和數據費用以及雲端服務費用的下降。因此，總毛利為46億港元，較2024年第二季的26億港元成長82%。

Gross margin was 87.4% as compared to 81.6% in the second quarter of 2024. Operating expenses was up 21% year over year and 3% Q over Q to HKD1.3 billion. R&D expenses were HKD442 million, up 18% year over year and 14% Q over Q. The year-over-year and the Q-o-Q increase was mainly driven by greater investments in AI capabilities.

毛利率為87.4%，而2024年第二季為81.6%。營業費用較去年同期成長21%，較上季成長3%，達到13億港元。研發費用為4.42億港元，較去年成長18%，較上季成長14%。年比成長和環比成長主要得益於加大對人工智慧能力的投入。

Selling and marketing expenses was HKD429 million, up 27% year over year and down 7% Q over Q. The year-over-year increase was mainly attributable to higher new fund accounts, partially offset by lower client acquisition cost per unit. The Q over Q decrease was due to sequential decrease in new fund accounts, partially offset by higher client acquisition cost per unit.

銷售及市場推廣費用為4.29億港元，年增27%，季減7%。年成長主要由於新增基金開戶數量增加，但部分被每單位客戶獲取成本下降所抵銷。環比下降則由於新增基金開戶數量較上月下降，但部分被每單位客戶獲取成本上升所抵銷。

General and administrative expenses were HKD425 million, up 17% year over year and 2% Q over Q. The year-over-year increase was primarily due to an increase in general and administrative headcount. As a result, income from operations increased 126% year over year and 25% Q over Q to HKD3.3 billion.

一般及行政開支為4.25億港幣，較去年同期成長17%，較上季成長2%。年比增長主要由於一般及行政人員人數增加。因此，營業收入年增126%，季增25%，達到33億港幣。

Operating margin increased to 63% from 7.3% in the second quarter of 2024, mostly due to strong top-line growth and operating leverage. Our net income increased by 113% year over year and 20% Q over Q to HKD2.6 billion. Net income margin expand to 48.4% in the second quarter as compared to 38.6% in the same quarter last year. Our effective tax rate for the quarter was 18.4%.

營業利益率從2024年第二季的7.3%上升至63%，主要得益於強勁的營收成長和營運槓桿。我們的淨利潤年增113%，季增20%，達到26億港元。第二季淨利率從去年同期的38.6%上升至48.4%。本季我們的有效稅率為18.4%。

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

我們的準備演講到此結束。現在開始提問環節。請接線生提問。謝謝。

(Operator Instructions) Cindy Wang, China Renaissance.

（操作員指示） Cindy Wang，中華復興。

(interpreted) Thanks for taking my call. And congrats for the very good results in the second quarter. And I have two questions here. First one is the net asset inflow was very strong in the first half of this year and almost double compared to last year. So what's the reasoning behind it? And do you address any marketing content to attract assets inflow? And how do you maintain the momentum in second half?

（翻譯）感謝您接聽我的電話。恭喜您第二季取得了非常好的業績。我有兩個問題。第一個問題是，今年上半年淨資產流入非常強勁，幾乎是去年的兩倍。這背後的原因是什麼？您是否採取了任何行銷措施來吸引資產流入？下半年您將如何保持這種勢頭？

Second question is crypto trading has launched in Hong Kong, Singapore, and US. Can you give us some color on the number of clients and trading volume in the second quarter or the first half and also July? And any new product or market will launch in second half?

第二個問題是，加密貨幣交易已經在香港、新加坡和美國上線。您能否透露一下第二季或上半年以及7月份的客戶數量和交易量？下半年會推出什麼新產品或新市場？

(interpreted) In terms of a very strong asset in the first half, I think the -- alongside of the benefit we got from the market itself, given that the US market and the Hong Kong market has performed quite well in the first half, which definitely is a positive implications to the client asset inflows.

(解釋) 就上半年非常強勁的資產而言，我認為－除了我們從市場本身獲得的好處之外，考慮到美國市場和香港市場在上半年表現相當良好，這無疑對客戶資產流入產生了積極影響。

Internal wise, on the product side, we further enriched our product offering, especially in the first half, a lot of new products in terms of in the areas of wealth management, crypto, and fixed income actually provide -- further enrich our positions as a one-stop investment platforms to our users. This will definitely be a positive for our client engagement and also new client asset inflows.

就內部而言，在產品方面，我們進一步豐富了產品線，尤其是在上半年，我們在財富管理、加密貨幣和固定收益領域推出了許多新產品，進一步鞏固了我們作為用戶一站式投資平台的地位。這無疑將有利於提升客戶參與度，並帶來新的客戶資產流入。

On the marketing branding-wise and operational-wise, we also put a lot of efforts, especially in the overseas markets such as the US, our collaborations with Mets in the second quarter, bear a very strong fruit in terms of the new client acquisition in the US, and also the brand implication further expands to other overseas markets as well. In particular, in the second quarter, all assets inflows from the overseas markets outside of great China, the amount is almost exceeded the absolute amongst what we acquired from similar markets in 2024, which was very, very impressive.

在行銷、品牌建立和營運方面，我們也投入了大量精力，尤其是在美國等海外市場。我們第二季與大都會的合作，在美國新客戶獲取方面取得了顯著成效，品牌影響力也進一步拓展到其他海外市場。尤其值得一提的是，第二季來自大中華區以外海外市場的所有資產流入，幾乎超過了我們2024年在同類市場獲得的絕對值，這非常令人印象深刻。

I think in the second half, we will continue to enhance our brand acquisitions in terms of, for instance, there will be more physical store rollout in the (inaudible) markets in the second half. And also, there will be some new product offering in the wealth management and in the crypto side as well in the second half. For instance, we do have the plans to provide crypto transfer in and transport out functionalities for overseas markets alongside the Hong Kong markets as well.

我認為下半年我們將繼續加強品牌收購，例如，下半年將在（聽不清楚）市場開設更多實體店。此外，下半年也將在財富管理和加密貨幣領域推出一些新產品。例如，我們計劃為香港市場和海外市場提供加密貨幣的轉入和轉出功能。

And secondly, for -- specific for the crypto tradings, in terms of the momentum, we saw a very strong (inaudible) momentum in terms of crypto asset holding and also the trading velocity. For instance, the asset value of the cryptos at the second quarter and reached HKD4 billion compared with the first half which recorded over 40% Q-on-Q increase.

其次，具體到加密貨幣交易，就勢頭而言，我們看到加密貨幣資產持有量和交易速度都非常強勁（聽不清楚）。例如，第二季加密貨幣資產價值達到40億港元，而上半年則是較上季成長超過40%。

And I do see -- I do believe that the numbers will continue to see a very strong robust in the third quarter as well, thanks to further penetration in our paying clients to engage crypto tradings. In the second half, we also -- there will be some new product toplines in the crypto trading as well. Besides that, we are also doing some new feasibility studies for certain new markets, which we want to acquire the life exchange license as well.

我確實看到——我相信，由於付費客戶進一步滲透加密貨幣交易，第三季的數據也將繼續保持強勁成長。下半年，我們也會在加密貨幣交易領域推出一些新的產品。此外，我們也正在針對某些新市場進行一些新的可行性研究，我們也希望獲得人壽保險交易牌照。

Chiyao Huang, MS.

黃馳瑤，女士

(interpreted) Let me briefly translate. Two questions, basically. One is on crypto. Just wondering what's the mid- to long-term strategic views on crypto business in terms of licensing products and also the potential for monetization. And in particular, I was wondering what's the strategic upside coming from the crypto exchange license in Hong Kong.

（翻譯）我簡單翻譯一下。基本上有兩個問題。一個是關於加密貨幣的。我想知道，在產品授權和貨幣化潛力方面，您對加密貨幣業務的中長期策略觀點是什麼。我特別想知道，香港的加密貨幣交易所牌照會帶來哪些策略優勢​​。

And the second question is regarding the Japan market. As the company has been in Japan market for almost two years, I guess what's the understanding about the market. Any change in the understanding, especially regarding the competitive landscape and probably the major competitive strength of the incumbent, how food is dealing with the competition? What's our key value at the moment? And what's our targeted clients there versus the incumbents?

第二個問題是關於日本市場的。鑑於公司已經在日本市場營運近兩年，我想請問您對這個市場的理解如何？您的理解有什麼改變嗎？尤其是對競爭格局以及現有企業的主要競爭優勢的理解，食品業如何應對競爭？我們目前的核心價值是什麼？與現有企業相比，我們在日本的目標客戶分別是什麼？

(interpreted) In my personal view, I think our narrative for the whole group in the crypto side can be consistent for aspects. I will summarize -- I call it the rate [ICE]. The arm is the real-world assets because we have a very strong positions in terms of the traditional finance. So there will be a lot of bargaining powers or positions in the traditional asset product offerings. For instance, we have a very strong position in the Wealth Management segment.

（解釋）我個人認為，我們整個集團在加密貨幣領域的敘述在各個方面可以保持一致。我總結一下──我稱之為利率（ICE）。這個部門是現實世界的資產，因為我們在傳統金融方面擁有非常強大的地位。因此，在傳統資產產品方面，我們將擁有很大的議價能力或優勢。例如，我們在財富管理領域就擁有非常強大的地位。

We have already partnership over 80 world-class fund manager companies. For instance, recently, we just do our collaboration with China Asset Management in Hong Kong to be the first and exclusive retail distributors for their first tokenized money market (inaudible). Down the road, I think such kind of collaboration in the fund distributions, how to connect traditional finance from [web three] from the offline to unchanged will be definitely a very interesting areas to explore.

我們與80多家世界級基金管理公司建立了合作關係。例如，最近我們剛與香港的華夏基金管理公司合作，成為其首個代幣化貨幣市場（聽不清楚）的首家獨家零售經銷商。我認為，未來在基金分銷領域開展此類合作，以及如何將[Web3]的傳統金融從線下連接到線上，絕對是一個非常值得探索的領域。

Secondly, the (inaudible) advanced technologies. I think this is a very important part to set us apart from our partners or from our peers because we always emphasize the safety as the first parameters when we do web three products. Not to mention, there will be more integrations for our AI capabilities, how to further utilize our AI capabilities to -- in the web three segment as well.

其次，（聽不清楚）先進的技術。我認為這是讓我們區別於合作夥伴或同行的一個非常重要的因素，因為我們在開發Web 3產品時始終強調安全性是首要參數。此外，我們的AI功能將會更多地集成，以及如何在Web 3領域進一步利用我們的AI功能。

Thirdly, is the conversions between the traditional finance and the crypto native in terms of the new client referrals and also the cross-selling opportunities. For instance, a couple of days ago, we just launched the product offerings for the Solana tradings to all Hong Kong retail investors. And we do have the plans to provide paper trading for Solana trading in a very short time in order to further engage the newcomers to the crypto universe.

第三，傳統金融和加密貨幣原生應用程式之間的轉換，體現在新客戶推薦和交叉銷售機會。例如，幾天前，我們剛剛向所有香港散戶投資者推出了 Solana 交易的產品。我們計劃在短時間內提供 Solana 交易的模擬交易，以進一步吸引加密貨幣領域的新人。

The last word [innings] exchange. As you said, we are in the Phase 2 of GP license application in Hong Kong, and we are doing the feasibility studies for more license applications in other markets. Exchange will definitely will be a gateway to connect crypto-native and also traditional finance and also in terms of monetization, despite now, the monetization will come from the trading itself. But in the long term, I think via GP number one, we'll save our upstream costs to further enhance our user experience to provide a seamless user experience to our clients.

最後說一下[局]交易所。正如您所說，我們在香港的GP牌照申請正在進行第二階段，並且正在為在其他市場申請更多牌照進行可行性研究。交易所無疑將成為連接加密原生金融和傳統金融的門戶，在貨幣化方面也是如此，儘管目前貨幣化主要來自交易本身。但從長遠來看，我認為透過一級GP，我們將節省上游成本，進一步提升使用者體驗，為客戶提供無縫的使用者體驗。

And secondly, our client target will not only be the retail investor for ourselves, we may also to expand our offerings to other peers or institutional clients as well. Thirdly, as you can see, a lot of new initiatives mentioned by Hong Kong regulators. For instance, they mentioned ASPIRe initiative this year, which was quite encouraging. I think there will be a lot of new monetization potentials such as the derivatives, the [stakings].

其次，我們的客戶目標不僅是我們自己的散戶投資者，我們也可能將服務範圍擴大到其他同業或機構客戶。第三，正如你所看到的，香港監管機構提到了許多新措施。例如，他們今年提到了ASPIRe計劃，這相當令人鼓舞。我認為會有很多新的貨幣化潛力，例如衍生性商品和[權益質押]。

So these are all incremental revenues in the long term, which will benefit from the regulatory push up.

因此，從長遠來看，這些都是增量收入，並將受益於監管的推動。

Chiyao, this is Daniel and I'll take the second question -- I'll take your second question on Japan. I think I'm going to first share about our understanding about the competitive landscape, market dynamics. And then I'm going to talk about what we have done in 2Q accordingly.

Chiyao，我是 Daniel，我來回答第二個問題──關於日本的問題。我想先分享一下我們對競爭格局和市場動態的理解。然後，我會談談我們在第二季所做的相關工作。

So in terms of the competitive landscape, as we all know, it's been a pretty steady market structure over the past couple of years, SBI and Rakuten consistently have 80% of the market share in terms of retail investors and they have both constructed a very robust ecosystem of one-stop financial services and even beyond financial services and has created lots of very sticky touch points with the end clients.

因此，就競爭格局而言，眾所周知，過去幾年市場結構相當穩定，SBI 和樂天在散戶投資者方面一直佔有 80% 的市場份額，並且他們都構建了一個非常強大的一站式金融服務生態系統，甚至超越了金融服務，並與最終客戶建立了許多非常緊密的接觸點。

That being said, we think moomoo still has a very unique value proposition, especially for self-directed investors interested in US markets. whether it's on pricing or market data or trading experience or our social community, these are all very friendly and super competitive for our self-directed investors. So we'd like -- we're thinking there is a real gap in the market for us to fill.

話雖如此，我們認為moomoo仍然擁有非常獨特的價值主張，尤其是對於那些對美國市場感興趣的自主投資者而言。無論是定價、市場數據、交易體驗或我們的社交社區，這些對我們的自主投資者來說都非常友好，而且極具競爭力。所以，我們認為──我們認為市場上確實存在著一個空白需要我們填補。

And on top of that, what we have come to realize and also something we've shared before is that branding is super important and Japan. It takes time to win the trust of the Japan retail investors. So accordingly, we have done a lot of branded events, whether it's advertising or hosting events with some of the other very common financial institutions or organizations in Japan.

除此之外，我們意識到，並且之前也分享過，品牌建立在日本至關重要。贏得日本散戶的信任需要時間。因此，我們舉辦了許多品牌活動，無論是廣告宣傳，還是與日本一些非常常見的金融機構或組織合作舉辦活動。

And back to what we have done in the second quarter based on these understanding, so we continue to optimize our US-related trading capabilities and to streamline that investing experience. In the second quarter, we launched US options trading, and we have seen that the penetration of US options as well as the revenue contribution from US options has been coming up steadily month over month.

回到我們基於這些理解在第二季所做的工作，我們繼續優化與美國相關的交易能力，並簡化投資體驗。在第二季度，我們推出了美國期權交易，我們看到美國期權的滲透率以及美國期權的收入貢獻逐月穩步上升。

We also started to support the deposits and the outflow of US dollars. So before, our clients need to exchange that into Japanese yen. So by doing that, we reduced the friction in this currency exchange. We have also seen very high engagement and turnover in the second quarter in Japan. And in fact, the total trade volume in Japan went up over -- by over 50% quarter over quarter, and we have seen a sequential increase in both the trading turnover of US stocks and Japan stocks.

我們也開始支持美元的存款和流出。之前，我們的客戶需要將美元兌換成日圓。透過這樣做，我們減少了貨幣兌換中的摩擦。我們也看到日本第二季的參與度和交易量非常高。事實上，日本的總交易量較上季成長了50%以上，而且我們看到美國股票和日本股票的交易量都出現了環比成長。

And the average client assets as of quarter end also registered double-digit sequential growth. So we think these are all super encouraging clients and data points. And going forward, we'll continue to optimize our current experience for both US stock and Japan stock.

截至季末，平均客戶資產也實現了兩位數的環比成長。因此，我們認為這些都是非常令人鼓舞的客戶和數據點。未來，我們將繼續優化目前在美國和日本股票市場的體驗。

And in the second quarter, we also launched some AI-related capabilities in Japan. And what we have seen in this side, the penetration or adoption rate of AI chatbox is actually the highest in Japan among all of our international markets and the customer satisfaction rate consistently stayed above 90%, which shows that there are a sizable number of self-directed Japanese investors who are interested in doing their own research and help and use these tools to help them make informed investment decisions.

在第二季度，我們也在日本推出了一些與人工智慧相關的功能。我們在這方面看到的是，人工智慧聊天框的普及率或採用率實際上是日本在我們所有國際市場中最高的，客戶滿意度一直保持在90%以上，這表明有相當數量的日本自主投資者有興趣進行自己的研究，並利用這些工具來幫助他們做出明智的投資決策。

And we want to leverage AI leveraged financial technology to continue to lower the barrier of investing for US stock. And we think that there is a growing demand for US stocks for us to cater to.

我們希望利用人工智慧槓桿金融技術，持續降低投資美股的門檻。我們認為，美股市場的需求正在不斷成長，我們需要滿足這些需求。

And also, in terms of brand building, we've also done a fair amount. In the second quarter, we partnered with Nasdaq and the Japan Stock Exchange to host the moves event, over 12,000 retail investors in Tokyo signed up, which is -- which we think is a quite sizable crowd. And we think that over the past couple of quarters, we've really been able to elevate our brand recognition and trust among the retail investors in Japan. And let me translate on myself.

此外，在品牌建立方面，我們也做了不少工作。第二季度，我們與納斯達克和日本證券交易所合作舉辦了moves活動，東京有超過12,000名散戶投資者報名，我們認為這是一個相當可觀的群體。我們認為，在過去幾個季度裡，我們確實提升了在日本散戶投資者中的品牌認知和信任。讓我來談談我自己。

(spoken in foreign language)

（用外語說）

You Fan, CICC.

尤帆，中金公司。

(interpreted) Thanks, management, for taking my questions. This is You-You Fan from CICC, and I have two questions, here. The first one is, can you please give more color on the third quarter regarding like the client acquisition, the net asset inflow, and also the trading volume?

(翻譯) 感謝管理階層回答我的提問。我是中金公司的範友友，我有兩個問題。第一個問題，能否詳細介紹一下第三季的客戶獲取、淨資產流入以及交易量等情況？

And the second question is about the US market, we see solid growth achieved this yield. So would you please share more data and also with the plan and target for the US market?

第二個問題是關於美國市場的，我們看到穩健的成長實現了這一收益。您能否分享更多數據，以及美國市場的計畫和目標？

Well, thank you for these two questions. This is Daniel. I will take both of these questions. First of all, in terms of the third quarter quarter-to-date trend, based on this run rate, we expect a steady Q-on-Q net new funded accounts. So it's pretty steady compared to the last quarter.

好的，謝謝你的這兩個問題。我是丹尼爾，我會回答這兩個問題。首先，就第三季迄今的趨勢而言，基於目前的運作率，我們預期淨新增帳戶數將較上季穩定。因此，與上一季相比，這一數字相當穩定。

We've also seen a positive mark-to-market impact, which coupled with net asset inflow should continue to push total client AUM to grow sequentially. We've also seen very active trading behaviors. And based on the current run rate, if the market sentiment is able to persist, we think there is a chance that our trading volume could have another Q-on-Q increase on top of the very high base in the second quarter.

我們也看到了正面的市價效應，再加上淨資產流入，應該會繼續推動客戶資產管理規模較上季成長。我們也看到了非常活躍的交易行為。根據目前的運行速度，如果市場情緒能夠持續，我們認為我們的交易量有可能在第二季度非常高的基數基礎上再次環比增長。

And in terms of our development in the US market, a couple of data points we could share. Well, first of all, we've really seen the positive flight wheels thanks to the continued product development and we're strengthening brand equity. The net new adds in terms of funded accounts in the US continue to contribute very meaningfully to the group.

關於我們在美國市場的發展，我們可以分享一些數據。首先，由於持續的產品開發和品牌資產的提升，我們確實看到了積極的成長勢頭。美國新增的實金帳戶數量持續為集團帶來非常顯著的貢獻。

And in the second quarter, we've also seen the number of options traders as well as the total number of options contracts traded, reached historic high. And in fact, both numbers registered consecutive quarters of sequential increase. So we think these are super encouraging.

在第二季度，我們也看到選擇權交易員的數量以及選擇權合約交易總量達到了歷史最高水準。事實上，這兩個數字都連續幾個季度實現了環比增長。因此，我們認為這些表現非常令人鼓舞。

And in second quarter, as we said earlier, we strive this partnership with the New York Mets and we've been deeply embedded in this ecosystem of New York Mets. We think this strategic partnership help us elevate our brand image among the tens of millions of fans in the US, but also, we really get our name out there internationally, thanks to the sports teams' international influence.

正如我們之前所說，在第二季度，我們致力於與紐約大都會隊建立合作夥伴關係，並且我們已經深深融入了紐約大都會隊的生態系統。我們認為，這項策略夥伴關係不僅有助於我們在美國數千萬球迷中提升品牌形象，而且得益於紐約大都會隊的國際影響力，我們的品牌在國際上也得到了真正的提升。

Besides building our brand, we've also iterated on our product. In June, we launched cryptocurrency trading in most states in the US, and we now support over 30 mainstream crypto trading pairs, and we've seen a continuous increase in adoption rate among our US clients. We've also launched moomoo AI, including AI chat box, AI-empowered stock investment tools, and lots of technical charts and stock-related fundamental data.

除了打造品牌，我們也不斷迭代產品。今年6月，我們在美國大部分州上線了加密貨幣交易服務，目前已支援超過30個主流加密貨幣交易對，且美國客戶的採用率持續成長。我們也推出了moomoo AI，包括AI聊天框、AI賦能的股票投資工具，以及豐富的技術圖表和股票基本面數據。

We also -- in the future, we plan to launch kind of AI stock screeners to help our investors better see through the thousands of stocks. So yeah, lots of product innovations as well. And overall, we are very optimistic about the growth prospects in the US market. And let me translate.

我們也計劃在未來推出一些人工智慧股票篩選器，幫助投資人更好地篩選數千隻股票。所以，當然還有很多產品創新。總的來說，我們對美國市場的成長前景非常樂觀。讓我來翻譯一下。

(spoken in foreign language)

（用外語說）

Thank you.

謝謝。

Charles Zhou, UBS.

瑞銀集團的查爾斯·週（Charles Zhou）。

(interpreted) So I have two questions. So first, can you maybe give us a little bit more information about the regional mix of the client acquisition in the second quarter. And also, we noticed that on a Q-on-Q basis, there's a sequential slowdown for the customer acquisition. Meanwhile, we also noticed some news report about more stringent onboarding of the Mainland Chinese clients in Hong Kong in June.

(翻譯) 我有兩個問題。首先，您能否提供一些關於第二季度客戶獲取區域分佈的更多資訊？此外，我們注意到，與上一季相比，客戶獲取速度有所放緩。同時，我們也注意到一些新聞報導，6月香港對中國大陸客戶的入職流程更加嚴格。

So what will be the potential impact to your client acquisition looking forward? And also any potential change to your full-year guidance of 800,000.

那麼，這對您未來的客戶獲取會有什麼潛在影響？您全年80萬的預期目標會有什麼改變嗎？

(interpreted) In terms of the new clients, new paying clients -- (inaudible) accounts we acquired in the second quarter, Hong Kong and Malaysia collective basis account for over 50% of the new client acquisitions in the second quarter. And the remaining part was mainly come from Singapore, US, and also Japan. In total, for the first half of this year, we have already achieved 460,000 new fund account, which accounts for over 50% of our annual 800,000 new fund accounts targets.

（翻譯）就新客戶、新付費客戶（聽不清楚）而言，我們在第二季新增的客戶中，香港和馬來西亞合計佔了50%以上。其餘部分主要來自新加坡、美國和日本。整體而言，今年上半年，我們已經實現了46萬個新基金帳戶，占我們全年80萬個新基金帳戶目標的50%以上。

We remain very confident to achieve our full-year target nowadays. And there, we do not see any meaningful implications for the new regulations in terms of the new client onboarding in Hong Kong. So far, all the new clients acquisition across different markets remain very healthy and robust. So I'm personally still very confident to achieve our full-year target.

目前，我們仍然非常有信心實現全年目標。而且，我們認為新規不會對香港的新客戶獲取產生任何重大影響。到目前為止，我們在不同市場的新客戶獲取仍然非常健康和強勁。因此，我個人仍然非常有信心實現全年目標。

Emma Xu, BofA Securities.

美國銀行證券的 Emma Xu。

(interpreted) So the first question is about the interest income. It's actually stronger -- much stronger than expected. So you mentioned that the gross interest income increased mainly due to the increased income from the stock borrowing and lending business as well as interest income from idle cash. But in second quarter, HIBOR dropped a lot. It seems it doesn't impact your interest income a lot.

（譯）第一個問題是關於利息收入的。利息收入實際上比預期要強得多。您提到總利息收入的成長主要是由於股票借貸業務收入的增加以及閒置現金的利息收入。但第二季香港銀行同業拆借利率（HIBOR）大幅下降。這似乎對你們的利息收入影響不大。

So could you tell us what's the reason behind. But on the other hand, your interest expense declined due to lower cost related to the margin to the stock borrowing and lending business as well as lower HIBOR why there is a divergence between the trend of the gross interest income and interest expense? And what would be the trend in the third quarter for your net interest income?

那麼，您能告訴我們背後的原因是什麼嗎？另一方面，由於股票借貸業務保證金相關成本下降以及香港銀行同業拆借利率（HIBOR）下降，貴公司的利息支出有所下降，為什麼總利息收入和利息支出的趨勢出現分歧？貴公司第三季的淨利息收入趨勢如何？

The second question is about other income, which grew very strongly in the second quarter, up 42% quarter over quarter and 176% year over year. You mentioned that it is mainly related to your fund distribution business and FX income business. So could you tell us, do you expect -- could you tell us what drove the strong growth behind? And do you expect such strong momentum to continue in the future?

第二個問題是關於其他收入。第二季其他營收成長強勁，季增42%，較去年同期成長176%。您提到這主要與基金分銷業務和外匯收入業務有關。您能否告訴我們，您預期強勁成長背後的驅動力是什麼？您預計這種強勁勢頭在未來會持續下去嗎？

(interpreted) For the first questions regarding the interest income, despite what we see a very meaningful HIBOR declines, which may have some certain negative implications to our interest income. But thanks to some policy factors, number one is given the markets become more volatile and the people -- the investors take different opinions then the interest for the short -- on the short side has increased a lot in the second quarter. In particular, we got a lot of benefit from some hard-to-borrow stocks from the securities lending.

（譯）關於利息收入的第一個問題，儘管我們看到香港銀行同業拆借利率（HIBOR）大幅下降，但這可能對我們的利息收入產生一定的負面影響。但由於一些政策因素，首先，由於市場波動加劇，投資人持有不同意見，空頭部位的利息在第二季大幅增加。特別是，我們從一些難以藉入的股票中獲得了很大的收益，這要歸功於證券借貸。

Secondly is we see more clients to lock in their profit given the markets become volatile and they want to take some money off the table. Consequently, the cash positions within their portfolios increase a lot. Therefore, these benefit actually fully offset the negative implications from the yield. And also in the third quarter so far, we see a little bit rebound in the HIBOR.

其次，我們看到更多客戶在市場波動時鎖定利潤，希望套現。因此，他們投資組合中的現金部位大幅增加。這些收益實際上完全抵消了收益率的負面影響。此外，截至第三季度，我們看到香港銀行同業拆借利率（HIBOR）略有反彈。

And at the same time, we also see the cash positions from clients continue to be maintaining at relatively high levels. And also, we see a very strong client asset inflow as well. So compared with the second quarter, I think the interest income in the third quarter, the momentum will continue.

同時，我們也看到客戶的現金部位繼續保持在相對較高的水平。此外，我們也看到客戶資產流入非常強勁。因此，與第二季相比，我認為第三季的利息收入成長動能將持續下去。

Then for the second question regarding the other income, you are right. We got some benefit from the FX and also the management fees arising from our wealth management products. And I strongly believe that these two revenue streams can continue in line with our expansions for our wealth management products and also if the market continues to be choppy, actually, there will be more consequent demand for the FX exchange.

那麼關於其他收入的第二個問題，您說得對。我們從外匯交易以及理財產品所產生的管理費中獲得了一定收益。我堅信，隨著我們理財產品的擴張，這兩項收入來源能夠持續成長。而且，如果市場持續波動，外匯交易的需求實際上會隨之增加。

So besides these two normal parts, also we increase -- we record certain technology service fee incomes from our technology expansion service provided by (inaudible) in the second quarter as well.

因此，除了這兩個正常部分之外，我們還增加了——我們在第二季度記錄了（聽不清楚）提供的技術擴展服務產生的某些技術服務費收入。

Thank you. Very helpful.

謝謝。非常有幫助。

Thank you for all the questions. I will now pass back to Daniel for closing remarks.

謝謝大家的提問。現在請丹尼爾作最後發言。

That concludes our call today. On behalf of the Futu management team, I would like to thank you for joining us 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.

今天的電話會議到此結束。我謹代表富途管理團隊，感謝您今天的參與。如果您還有其他問題，請隨時與我或我們的任何投資者關係代表聯繫。謝謝，再見。

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。您可以掛斷電話了。