富途控股 (FUTU) 2025 Q3 法說會逐字稿

Hello ladies and gentlemen. Welcome to Futu Holding's third quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好。歡迎參加富途控股2025年第三季業績電話會議。（操作員指示）今天的電話會議正在錄音。如果您有任何異議，可以立即斷開連接。

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

現在，我謹將會議交給今天的電話會議主持人，富途集團執行長幕僚長、策略與投資者關係主管袁丹尼爾先生。請繼續，先生。

Thanks, operator, and thank you for joining us today to discuss our third 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，共同探討我們2025年第三季的收益結果。今天與我一起參加電話會議的有董事長兼執行長李立夫先生、財務長陳先生和資深副總裁徐羅賓先生。

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 here invest 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 the certainties, please refer to the company's filings with the SEC, including its annual report.

提醒各位，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。這些事件本質上是不確定的，並且超出了公司的控制範圍。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中包含的結果有重大差異。有關潛在風險和確定性的更多信息，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.

接下來，我將把通話交給Leaf。Leaf將用中文發言，我將進行翻譯。

(interpreted) Thank you all for joining our earnings call today. We concluded the third quarter with 3.13 million funded accounts, marking a 43% year over year and 9% quarter over quarter increase. During the quarter, we acquired 254,000 net new funded accounts, a 65% from a year ago and 25% sequentially. We're encouraged to see accelerated client acquisition in all markets.

（翻譯）感謝各位今天參加我們的財報電話會議。第三季末，我們有 313 萬個已註資帳戶，較去年同期成長 43%，較上季成長 9%。本季度，我們新增淨注資帳戶 254,000 個，比去年同期成長 65%，比上一季成長 25%。我們很高興看到所有市場的客戶獲取速度都在加快。

In the third quarter, Hong Kong posted the highest quarterly net client ads since the first quarter of 2021 and remained the largest contributor to new funded accounts among all markets in four straight quarters. We effectively sparked and captured clients' trading interests amid a quarter of strong equity market performance and busy IPO schedules.

第三季度，香港的季度淨客戶廣告額創下自 2021 年第一季以來的最高紀錄，並且連續四個季度保持著所有市場中新增資金帳戶貢獻最大的地位。在股市表現強勁、IPO日程繁忙的季度裡，我們有效地激發並抓住了客戶的交易興趣。

With a new IPO FINI framework, retail investors in Hong Kong increasingly consolidate their brokerage accounts to increase their chances of getting IPO allocation, and they tend to pick a trusted platform with the best overall user experience at their main brokerage accounts.

隨著新的IPO FINI框架的實施，香港的散戶投資者越來越多地整合他們的經紀帳戶，以增加獲得IPO配售的機會，他們傾向於選擇在主要經紀帳戶中擁有最佳用戶體驗的值得信賴的平台。

In Singapore, new funded accounts again posted steady sequential growth, and we led our peers in DAUs by an even wider margin, further solidifying our position as the number one retail broker in Singapore. Following seven quarters of rapid expansion in Malaysia since launch, we still see huge runway for future client growth as equity ownership continues to go up.

在新加坡，新增資金帳戶再次實現穩定成長，我們在每日活躍用戶數方面領先同業的幅度更大，進一步鞏固了我們作為新加坡排名第一的零售經紀商的地位。自從公司在馬來西亞成立以來，經過七個季度的快速擴張，隨著股權所有權的持續成長，我們仍然看到未來客戶成長的巨大空間。

In the third quarter we further strengthened product localization by launching Bursa Derivatives and SGX Futures and upgraded AI tools to support Malay language and local stock analysis. Our annual flagship offline investor event Movefest was held in Singapore in July and in Malaysia in October, altogether attracting over 28,000 investors to sign up and further elevating our brand image in the region.

第三季度，我們透過推出馬來西亞交易所衍生性商品和新加坡交易所期貨，進一步加強了產品在地化，並升級了人工智慧工具以支援馬來語和本地股票分析。我們一年一度的旗艦線下投資者活動 Movefest 分別於 7 月在新加坡和 10 月在馬來西亞舉行，共吸引了超過 28,000 名投資者註冊，進一步提升了我們在該地區的品牌形象。

Thanks to our growing brand recognition and product experience, our US business delivered another quarter of high-quality growth. We achieved high double-digit sequential increase in new funded accounts. We also observed another quarter of more active derivatives trading activity as both the number of option traders and option contracts traded recorded double-digit sequential growth.

由於我們不斷提高的品牌知名度和產品經驗，我們的美國業務又實現了一個季度的高品質成長。我們實現了新增註資帳戶數量兩位數的環比增長。我們也觀察到衍生性商品交易活動在接下來的一個季度更加活躍，期權交易員數量和期權合約交易量均實現了兩位數的環比增長。

As the quarter end, total client assets reached HKD1.24 trillion, up 79% year over year and 27% quarter of a quarter. The growth was driven by another quarter of robust net asset inflow, while the appreciation in client stock holdings also contributed meaningfully to the overall asset expansion this quarter. Average client assets locks double-digit sequential increases and hit new highs in every market.

截至季末，客戶總資產達1.24兆港元，年增79%，季增27%。本季淨資產強勁流入推動了資產成長，同時客戶股票持有量的增值也對整體資產擴張做出了重要貢獻。客戶平均資產實現兩位數連續成長，並在每個市場都創下新高。

Bullish sentiment on Hong Kong and US equities prompted more leverage positions. The buoyant Hong Kong IPO market also boosted financing demand. As a result, margin financing and securities lending balance climbed 23% quarter of quarter to HKD63.1 billion.

香港和美國股市的看漲情緒促使更多槓桿部位的出現。香港IPO市場的蓬勃發展也提振了融資需求。因此，融資融券借貸餘額較上季成長23%，達到631億港元。

Total trading volume rose 105% year over year and 9% quarter of a quarter to HKD3.9 trillion on the back of favorable market dynamics and upbeat investor sentiment. Elevated trading velocity and technology names lifted overall Hong Kong stock trading volume by 43% sequentially to HKD1.19 trillion, which accounted for 31% of total trading volume, the highest percentage since 2023. US stock trading volume remained elevated at HKD2.6 trillion as many technology and crypto names post a new highs.

受有利的市場動態和樂觀的投資者情緒推動，總交易量同比增長 105%，環比增長 9%，達到 3.9 兆港元。交易速度加快和科技股走強推動香港股市整體交易量環比增長 43%，達到 1.19 兆港元，佔總交易量的 31%，為 2023 年以來的最高比例。美國股市成交量維持在2.6兆港元的高位，許多科技股和加密貨幣股票創下新高。

Crypto trading volume surged 161% sequentially driven by a 90% quarter of a quarter increase in crypto asset balance and accelerated trading velocity. Ethereum trading volume pulled Drupal during the quarter, overtaking Bitcoin as the most popular coin on our platform. In Hong Kong, the launch of Solana for retail investors was well received. Solana contributed meaningfully to the growth of crypto turnover this quarter. We believe that as we continue to broaden coin selection, strengthen product capabilities, and deepen investor education, there is significant potential to further drive crypto trading penetration among our client base.

受加密資產餘額季增 90% 和交易速度加快的推動，加密貨幣交易量較上季飆升 161%。本季以太坊的交易量拉動了 Drupal 的發展，使其超越比特幣成為我們平台上最受歡迎的加密貨幣。在香港，面向散戶投資者的 Solana 的推出受到了熱烈歡迎。Solana 對本季加密貨幣交易量的成長做出了顯著貢獻。我們相信，隨著我們不斷擴大幣種選擇範圍、增強產品功能和深化投資者教育，將有很大的潛力進一步推動加密貨幣交易在我們的客戶群中的滲透率。

And wealth management assets rose 8% sequentially to HKD175.6 billion. During the quarter, clients increasingly allocated to fixed income funds alongside the sustained inflow into money market funds. To better serve the bespoke needs of professional investors, we introduced a self-service request for quote function to structure products whereby clients can customize products based on their desired parameters, access and compare quotes from a number of issuers, and execute trades seamlessly without human intervention. We leverage technology to remove friction in the client experience while driving operating efficiency.

財富管理資產較上季成長8%，達到1756億港元。本季度，客戶對固定收益基金的配置比例不斷增加，同時，資金持續流入貨幣市場基金。為了更好地滿足專業投資者的個人需求，我們引入了自助詢價功能來建立產品，客戶可以根據自己所需的參數自訂產品，存取和比較多家發行商的報價，並在無需人工幹預的情況下無縫執行交易。我們利用科技消除客戶體驗中的摩擦，同時提高營運效率。

We ended the quarter with 561 IPO distribution and IR clients, up 22% year over year. We continue to play a leading role in facilitating retail participation in the heated Hong Kong IPO market. In the third quarter, 12 IPOs each attracted over HKD100 billion in subscription amount on our platform. We served as joint bookrunners for multiple well-known listings, including those of Cherry Automobile, Lisa Group, and Lens Technology. Notably, in the Pudong Group IPO, we assumed the role of overall coordinators for the first time, underscoring the advancement of our enterprise service capabilities.

本季末，我們擁有 561 家 IPO 分銷和投資者關係客戶，較去年同期成長 22%。我們繼續在促進散戶參與火熱的香港IPO市場方面發揮主導作用。第三季度，我們平台上共有 12 家 IPO 公司，每家都吸引了超過 1,000 億港元的認購金額。我們曾擔任多家知名公司上市的聯合簿記管理人，包括 Cherry Automobile、Lisa Group 和 Lens Technology。值得一提的是，在浦東集團IPO中，我們首次擔任了總協調人的角色，凸顯了我們企業服務能力的提升。

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一下我們的財務表現。

Thank you Leaf and Daniel. Please allow me to walk you through our financial performance in the third quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was HKD6.4 billion, of 86% from 3.4 billion in the third quarter of 2024. Brokerage commission and handling charge income was HKD2.9 billion, up 91% year over year and 13% Q-over-Q, both primarily driven by higher trading volume.

謝謝Leaf和Daniel。請容許我向您介紹一下我們第三季的財務表現。除非另有說明，所有數字均以港元為單位。總營收為64億港元，比2024年第三季的34億港元成長了86%。經紀佣金及手續費收入為29億港元，年增91%，季增13%，主要得益於交易量增加。

The change in blender commission rate was mostly technical in nature. The blender commission rate declined year over year as clients trade a higher price US options compared to a year ago quarter, while the Q-o-Q increase in blender commission rate was due to sequentially stronger trading activities in low priced US stocks and options.

攪拌機佣金率的變動主要是技術方面的。與去年同期相比，由於客戶交易的美國期權價格較高，混合佣金率同比下降；而混合佣金率環比上升則是由於低價美國股票和期權的交易活動環比增強所致。

Interest income was HKD3 billion, up 79% year over year and 33% Q-over-Q. The year over year increase was driven by higher interest income from security borrowing and the lending business, margin financing and the bank deposits. The Q-o-Q increase was driven by higher interest income from security borrowing and the lending business, as well as higher margin financing interest income.

利息收入為30億港元，年增79%，季增33%。年比成長主要得益於證券借貸和貸款業務、保證金融資和銀行存款帶來的利息收入增加。環比成長主要得益於證券借貸和貸款業務的利息收入增加，以及保證金融資利息收入增加。

Other income was HKD441 million, up 111% year over year and the flat Q-o-Q. The year over year increase was primarily attributable to higher currency exchange service income, fund distribution service income, and IPO subscription service charge income. Our total cost was HKD780 million an increase of 25% from HKD625 million in the third quarter of 2024. Brokerage commission and handling charge expenses were HKD161 million 97% year over year and a flat Q-o-Q.

其他收入為4.41億港元，較去年成長111%，較上季持平。年比成長主要歸功於貨幣兌換服務收入、基金分銷服務收入和IPO認購服務費收入的增加。我們的總成本為7.8億港​​元，比2024年第三季的6.25億港元增加了25%。經紀佣金及手續費支出為1.61億港元，較去年成長97%，較上季持平。

Both the year over year and the Q-o-Q increase was roughly in line with the change of our brokerage commission and handling charging income. Interest expenses were HKD474 million, up 17% year over year and 25% Q-o-Q. Both the year over year and the Q-o-Q increase was mainly due to higher interest expenses associated with our security borrowing and lending business, as well as high margin financing interest expenses.

年比和環比成長均與我們的經紀佣金和手續費收入的變化大致一致。利息支出為4.74億港元，年增17%，季增25%。年比和月增主要歸因於與我們的證券借貸業務相關的較高利息支出，以及高利潤融資利息支出。

Processing and servicing costs were HKD146 million, up 12% year over year and 10% Q-o-Q. The year over increase was largely due to higher market information and data fee. The Q-o-Q increase was mainly driven by higher market information and data fee, as well as higher crowded service fee. As a result, our total gross profit was HKD5.6 billion, an increase of 100% from HKD2.8 billion in the third quarter of 2024. Gross margin was 87.8% as compared to 81.8% in the third quarter of 2024.

處理及服務費用為1.46億港元，年增12%，季增10%。年比上漲主要是由於市場資訊和數據費用增加所致。環比成長主要受市場資訊和數據費用以及擁擠服務費上漲的影響。因此，我們的總毛利為56億港元，比2024年第三季的28億港元成長了100%。毛利率為 87.8%，而 2024 年第三季為 81.8%。

Operating expenses was up 57% year over year and the 31% Q-o-Q to HKD1.7 billion. R&D expenses was HKD574 million and 49% year over year and 30% Q-o-Q. The year over year and the Q-o-Q increase was mainly driven by our greater investments in crypto and AI capabilities. Selling and the market expenses were HKD586 million, up 86% year over year and the 36% Q-o-Q. Both the year over year and the Q-o-Q increase was mainly attributable to higher new fund accounts.

營運費用較去年同期成長57%，較上季成長31%，達到17億港元。研發支出為5.74億港元，年增49%，季增30%。年比和環比成長主要得益於我們在加密貨幣和人工智慧能力方面的更大投資。銷售及市場費用為5.86億港元，較去年成長86%，較上季成長36%。年比和環比增長主要歸因於新增基金帳戶數量的增加。

G&A expenses was HKD535 million, 40% year over year and 26% Q-o-Q. Both the Y-o-Y and the Q-o-Q increase was primarily due to increase in general administrative headcount. As a result, income from operation increased to 127% year over year and 17% Q-o-Q to HKD3.9 billion. Operating margin increased to 61.3% from 50.4% in the third quarter of 2024, mostly due to strong top-line growth and operating leverage.

一般及行政費用為5.35億港元，較去年成長40%，較上季成長26%。同比和環比增長主要歸因於一般行政人員數量的增加。因此，營業收入年增 127%，季增 17%，達到 39 億港元。2024 年第三季度，營業利潤率從 50.4% 提高到 61.3%，主要得益於強勁的營收成長和營運槓桿作用。

Our net income increased by 143% year over year and 25% Q-o-Q to HKD3.2 billion. Net income margin expands to 50.1% in the third quarter as compared to 38.4% in the same quarter last year. Our effective rate for the quarter was 16.7%. That concludes our prepare the remarks.

我們的淨利潤年增 143%，季增 25%，達到 32 億港元。第三季淨利率擴大至 50.1%，去年同期為 38.4%。本季有效利率為 16.7%。我們的演講準備工作到此結束。

We now like to open the call to questions. Operator, please go ahead.

現在我們開放提問環節。操作員，請開始。

(Operator Instructions)

（操作說明）

Cindy Wang, China Renaissance.

Cindy Wang，中國復興。

(interpreted) Thanks for taking my call, and congrats on the very great result in Q3. I have two questions here. First, client assets performed very strong in Q3. Could you break down by mark-to-market gains and net asset inflows? And what is the current run rate for net asset inflows and client assets in Q4?

（翻譯）謝謝您接聽我的電話，恭喜您在第三季取得了非常好的成績。我有兩個問題。首先，客戶資產在第三季表現非常強勁。能否依市值計價收益及淨資產流入進行細分？第四季淨資產流入和客戶資產的目前運作速度是多少？

Second, customer acquisition cost in Q3 was higher than Q2, but still lower than your early full-year guidance. So given the stock market pullback order today, what's the recent customer acquisition trend, and what do you expect the customer acquisition cost in Q4? Thank you.

其次，第三季的客戶獲取成本高於第二季度，但仍低於您年初的全年預期。有鑑於今天股市回調，近期的顧客獲取趨勢如何？您預計第四季的客戶獲取成本是多少？謝謝。

(interpreted) For the first question, regarding the asset movement, around one-third comes from the net client's asset inflow, and the remaining two-thirds come from the mark-to-market fluctuations. In the fourth quarter to date, actually, the mark-to-market implication was negative. But on the flip side, the asset inflows we see the momentum remains very robust. There is no slowdown compared with the second quarter or the third quarters. In the third quarter, regarding the client acquisition, the average cap in the third quarter is around HKD2,300, slightly up on a quarter over quarter basis. But on the absolute levels, it still remains below our full-year target range of HKD2,500 to HKD3,000.

（解釋）關於資產變動的第一個問題，約三分之一來自客戶的淨資產流入，其餘三分之二來自按市值計價的波動。事實上，第四季至今，以市值計價的影響是負面的。但另一方面，我們看到資產流入勢頭依然非常強勁。與第二季或第三季相比，成長速度並未放緩。第三季度，在客戶獲取方面，第三季的平均上限約為 2,300 港元，比上一季略有成長。但從絕對值來看，它仍然低於我們全年2500港元至3000港元的目標範圍。

In the fourth quarter to date, what I witnessed is that both the client acquisition momentum and also client acquisition cost remain quite healthy. So overall speaking, I feel more optimistic regarding our over-year client acquisition cost versus our objective at the beginning of this year. Thank you.

截至目前，第四季我的觀察是，客戶獲取動能和客戶獲取成本都保持著相當健康的水平。總的來說，我對我們全年的客戶獲取成本與年初的目標相比感到更加樂觀。謝謝。

Peter Zhang, JPMorgan.

Peter Zhang，摩根大通。

(interpreted) Thank you for giving me the opportunity to ask a question. This is Peter Zhang from JPMorgan. We have two questions. The first question is related to interest income. We saw the third quarter interest income record very strong sequential growth. We would like to understand what's the driving forces behind the strong momentum. Can you help us to break down the interest income into the key items, such as the interest income from the client idle cash, from margin financing business, and from the security lending? We also noticed that the security borrowings' contribution to interest income has been very strong in the second and third quarters. We want to understand, is this purely due to the market, or is there something Futu has been doing at the content level to lead to the strong growth?

（翻譯）謝謝您給我提問的機會。我是摩根大通的Peter Zhang。我們有兩個問題。第一個問題與利息收入有關。我們看到第三季利息收入環比成長非常強勁。我們想了解這股強勁勢頭背後的驅動力是什麼。您能否協助我們將利息收入分解為主要項目，例如來自客戶閒置資金的利息收入、來自融資融券業務的利息收入以及來自證券借貸的利息收入？我們也注意到，第二季和第三季度，證券借款對利息收入的貢獻非常強勁。我們想了解，這完全是由於市場因素，還是富途在內容層面做了些什麼才導致了強勁的成長？

Our second question is related to the crypto business. We wish to understand what's the latest crypto business contribution to your revenue in the third quarter. And looking ahead, what will be the driving forces for the crypto business to expand? For example, is this mostly due to the expansion of the token offering on your platform, or are there other potential business opportunities like derivatives that may have some upside to your crypto business? Thank you.

我們的第二個問題與加密貨幣產業有關。我們想了解加密貨幣業務在第三季對貴公司收入的最新貢獻。展望未來，推動加密貨幣業務擴張的驅動力是什麼？例如，這主要是由於您平台上的代幣發行規模擴大，還是存在其他潛在的商業機會，例如衍生品，這些機會可能會為您的加密貨幣業務帶來一些成長？謝謝。

(interpreted) Regarding the breakdown of the interest income in the third quarter, we have two different results arising from the interest income. Number one is from the client's idle cash. The second is from the margin financing, and the third is the security borrowing and lending. Actually, in the third quarter, the percentage for these resources is quite even. Regarding the security borrowing and lending business, we see a very strong momentum in the second quarter and the third quarter. But mainly, the driving force was from the market itself. In particular, there will be more utilization for certain hard-to-borrow stocks in the third quarter. Thank you.

（解釋）關於第三季利息收入的組成，我們從利息收入中得出了兩種不同的結果。第一來源是客戶的閒置資金。第二種來源是保證金融資，第三個來源是證券借貸。事實上，第三季這些資源的佔比相當均衡。關於證券借貸業務，我們看到第二季和第三季的發展勢頭非常強勁。但主要驅動力來自市場本身。尤其是在第三季度，某些難以藉貸的股票將會被更多利用。謝謝。

Peter, this is Daniel. I'll take your second question on our crypto business. First of all, I'm going to give you a breakdown of the exponential growth we saw in the third quarter, and then I'll discuss the outlook for this business. The strong crypto growth was quite broad-based across the three markets that we currently offer crypto trading. In Hong Kong, for example, our client's crypto AUM and crypto trading volume both reported triple-digit sequential growth. As we mentioned in our opening remarks, Solana was very popular among our retail clients, which is the new coin launched in the third quarter. In Singapore, we also saw triple-digit growth in trading volume and continuously growing penetration among our funded accounts.

彼得，這是但以理。我來回答你關於我們加密貨幣業務的第二個問題。首先，我將為大家詳細分析我們在第三季看到的指數級成長，然後我將討論這項業務的前景。在我們目前提供加密貨幣交易的三個市場中，加密貨幣的強勁成長是相當廣泛的。例如，在香港，我們客戶的加密貨幣資產管理規模和加密貨幣交易量都實現了三位數的環比增長。正如我們在開場白中提到的，Solana 在我們的零售客戶中非常受歡迎，它是第三季推出的新幣種。在新加坡，我們也看到了交易量三位數的成長，以及資金帳戶滲透率的持續提高。

In the US, we launched a number of new functions, including market orders and added 10 new coins, which really helped drive crypto AUM and volume. So far, as we've seen in the third quarter, there's a lot of volatility in the crypto market, but we've seen that a lot of our clients really took advantage of that volatility. In October, for example, we've seen the crypto volume continue to grow high double-digit month-over-month and hit a new high for monthly volume and the continuous uptake in crypto penetration. These are all very encouraging signs. But still, crypto contributed a very small percentage to Futu's current revenue.

在美國，我們推出了一系列新功能，包括市價單，並新增了 10 種加密貨幣，這確實有助於推動加密貨幣資產管理規模和交易量的成長。到目前為止，正如我們在第三季所看到的，加密貨幣市場波動很大，但我們看到許多客戶都充分利用了這種波動性。例如，在 10 月份，我們看到加密貨幣交易量繼續以兩位數的高速環比增長，並創下月交易量新高，加密貨幣滲透率也持續上升。這些都是非常令人鼓舞的跡象。但即便如此，加密貨幣在Futu目前的營收中所佔比例仍然很小。

But we think there is a long runway for growth in terms of driving crypto penetration on our client base and driving crypto revenue. In terms of some of the factors and catalysts that are going to help with that revenue growth, I agree with a lot of the things you mentioned just now, like a broadening of token offering will be quite helpful and will be a direct beneficiary of that. Of course, derivatives with higher take rates are going to help with monetization. But a lot of these developments will be contingent on regulatory approvals. In the long term, we're quite optimistic about the growth of this business. We understand that a lot of these new businesses don't really grow in a linear fashion.

但我們認為，在推動加密貨幣在我們的客戶群中的滲透率以及推動加密貨幣收入方面，還有很長的成長空間。至於一些有助於收入成長的因素和催化劑，我同意你剛才提到的許多觀點，例如擴大代幣發行範圍將非常有幫助，而我們將從中直接受益。當然，收益率較高的衍生性商品有助於實現貨幣化。但這些進展大多取決於監管部門的批准。從長遠來看，我們對這項業務的成長相當樂觀。我們明白，許多新興企業的發展並非線性過程。

(interpreted) Thank you. I have a follow-up on the interest income part of the question. We wish to understand what's the fourth-quarter trend on interest income, particularly for your security borrowing business. Do you see the momentum continue in the fourth quarter? Thank you.

（翻譯）謝謝。關於利息收入部分的問題，我還有一個後續問題。我們想了解第四季利息收入的趨勢，特別是貴公司證券借貸業務的利息收入趨勢。你認為這種勢頭會在第四季延續嗎？謝謝。

(interpreted) Regarding your question about the interest income trend, we do not have the high-frequency data set for the interest income, particularly regarding the security borrowing business. But I'm very happy to give you an update during our fourth-quarter result. Thank you.

（翻譯）關於您提出的利息收入趨勢問題，我們沒有利息收入的高頻資料集，特別是關於證券借貸業務的高頻資料集。但我很高興能在第四季業績發布會上向大家提供最新情況。謝謝。

Emma Xu, Bank of America Securities.

Emma Xu，美國銀行證券。

(interpreted) I have two questions. The first one is about the sensitivity analysis to the Fed rate cut, and the second one is about your R&D and G&A costs. They increased notably quarter over quarter and year over year. You mentioned earlier for the R&D expense it's mainly related to crypto and AI capacity investment. And for G&A, for G&A staff increase, could you tell us what's your target or your plan for investment in these areas?

（翻譯）我有兩個問題。第一個問題是關於聯準會降息的敏感度分析，第二個問題是關於您的研發和一般管理費用。它們環比和同比均顯著增長。您之前提到研發費用主要與加密貨幣和人工智慧能力投資有關。至於 G&A（一般及行政管理）人員增加方面，您能否告訴我們您在這些領域的投資目標或計劃是什麼？

(interpreted) Regarding the interest income sensitivities from the Fed, as we give the market some estimation for every 25 basis points cut by the Fed rate, our monthly pretax profit will be negatively impacted by around HKD37 million. But having said that, the rate definitely will have a lot of positive factors such as trading velocity increase and also more clients' asset inflows, which will partially offset, if not fully offset, this potential negative implication from the rate cut. Regarding the second question, for the Q-o-Q increase on the R&D and G&A expenses, for the G&A expenses, we do have some front-loading costs in the preparation of certain new markets we may open in the next two years.

（譯註）關於聯準會利率變動對利息收入的影響，我們向市場預估，聯準會每降息 25 個基點，我們的月稅前利潤將受到約 3,700 萬港元的負面影響。但話雖如此，利率的下調肯定會帶來許多積極因素，例如交易速度加快以及客戶資產流入增加，這些因素即使不能完全抵消降息可能帶來的負面影響，也會在一定程度上抵消降息的影響。關於第二個問題，研發和一般及行政費用的季度環比增長，就一般及行政費用而言，我們確實有一些前期投入成本，用於準備我們可能在未來兩年內開拓的某些新市場。

Secondly, we have invested a lot on the crypto side, especially on the system, in the preparation of certain license applications, not only including Hong Kong but also in other markets. Regarding the AIs, we will further optimize our AI capabilities, especially for the external part. There will be further optimization for our AI agent for our clients. Internally, we will further utilize our AI capabilities to streamline our business process and enhance our operating efficiency. Thank you.

其次，我們在加密貨幣領域投入了大量資金，尤其是在系統方面，以及準備某些牌照申請方面，不僅包括香港，還包括其他市場。關於人工智慧，我們將進一步優化我們的人工智慧能力，特別是針對外部人工智慧部分。我們將進一步優化人工智慧代理，以更好地服務我們的客戶。在內部，我們將進一步利用人工智慧技術來簡化業務流程並提高營運效率。謝謝。

You Fan, CICC.

你粉絲，CICC。

(interpreted) Thanks for taking my question. Congratulations on the outstanding results achieved this quarter. This is from CICC. I have two questions here. The first question, we see the strong customer growth this quarter. So with the regional breakdown of the existing and also the net new paying client?

（翻譯）謝謝您回答我的問題。恭喜本季取得優異成績。這是來自中金公司的。我有兩個問題。第一個問題是，我們看到本季客戶數量強勁成長。那麼，現有付費客戶和新增付費客戶的區域分佈如何呢？

And the second question is regarding the US market. Would you please share more color on the market strategy, and what's our competitive advantage compared to other peers in this market? Thank you.

第二個問題與美國市場有關。請您詳細介紹市場策略，以及與市場上的其他競爭對手相比，我們的競爭優勢是什麼？謝謝。

(interpreted) For the breakdown of the new fund accounts in the third quarter, Hong Kong and Malaysia collectively contribute around 50% of total new fund accounts. In the third quarter, except for certain new markets or small markets we entered recently, such as Canada and New Zealand, the remaining markets' contributions are in the range of 5% to 15% for the third quarter. As of the end of the third quarter, the Greater China clients contribute around 46% of the group's account fund accounts, and the remaining overseas markets contribute 54% of total accounts. Thank you.

（譯註）第三季新增基金帳戶的組成中，香港和馬來西亞合計貢獻了約 50% 的新增基金帳戶。第三季度，除加拿大和紐西蘭等我們最近進入的一些新市場或小市場外，其餘市場的貢獻在第三季的 5% 到 15% 之間。截至第三季末，大中華區客戶貢獻了集團帳戶資金帳戶的約 46%，其餘海外市場貢獻了總帳戶的 54%。謝謝。

Hi, Yu Fan. This is Daniel. I'll take your second question on our US business. As you mentioned, we saw very strong momentum in terms of new client accounts and also in terms of engagement of our existing clients, with the number of options traders and options contracts traded both logging double-digit sequential growth. I think that really thanks to our increasing brand influence. If you've been to New York recently, you'll see that we've launched another large-scale branding campaign in New York City in the heart of New York City. Another important factor is, obviously, we have a very superior product experience for our target clients.

嗨，於凡。這是丹尼爾。我來回答你關於我們美國業務的第二個問題。正如您所提到的，我們在新客戶帳戶數量和現有客戶的參與度方面都看到了非常強勁的成長勢頭，期權交易員數量和期權合約交易量均實現了兩位數的環比增長。我認為這真的要歸功於我們不斷提升的品牌影響力。如果你最近去過紐約，你會發現我們在紐約市中心啟動了另一個大規模的品牌推廣活動。另一個重要因素顯然是，我們為目標客戶提供了非常卓越的產品體驗。

The US is probably the most competitive market in the world, but also unequivocally the largest brokerage market out there, which means that there's going to be diversified client needs to be satisfied by different players. We think that our product is built for the active traders, and those are the clients we want to serve, and we'll continue to optimize our product experience for that client focus.

美國可能是世界上競爭最激烈的市場，但同時也是全球最大的經紀市場，這意味著不同的參與者需要滿足客戶多樣化的需求。我們認為我們的產品是為活躍交易者打造的，這些正是我們想要服務的客戶，我們將繼續優化我們的產品體驗，以更好地服務這些客戶。

Charles Zhou, UBS.

瑞銀集團的周查爾斯（Charles Zhou）

(interpreted) Good morning. This is Charles Zhou from UBS. First of all, congratulations on your very good results. It's also a strong beat to the market consensus. I have two questions. My first question is about the Air Star Bank. Could you please share what investment have you made since Futu acquired a 44% equity stake in Air Star Bank, I think, last June? And also, how do you see the Air Star Bank's strategic role within Futu's business in terms of short-term, medium-term, and long-term perspectives?

（翻譯）早安。這是瑞銀集團的周先生。首先，恭喜你取得了非常好的成績。這比市場普遍預期也高出不少。我有兩個問題。我的第一個問題是關於空中之星銀行的。請問自從富途銀行去年6月（我記得是）收購了空中之星銀行44%的股權以來，貴行都進行了哪些投資？另外，您如何看待空中之星銀行在富途集團業務中的短期、中期和長期策略角色？

My second question is regarding the regional mix of the client AUM net inflow. Can you maybe just give us a little bit more color about the breakdown of the regional mix? Say, for example, does Hong Kong still account for over 70%? And also, are we seeing a rising share from high net worth clients in the third quarter? Thank you.

我的第二個問題是關於客戶資產管理規模淨流入的區域組成。能否再詳細介紹一下區域構成情況？例如，香港是否仍佔70%以上？另外，第三季高淨值客戶的市佔率是否有上升？謝謝。

(interpreted) Regarding the breakdown of the net asset inflow by regions, actually, we see the percentage contributed by Hong Kong slightly decrease on a Q-o-Q basis, mainly due to certain overseas markets such as Singapore and Malaysia also recording very strong asset inflows. So proportion-wise, Hong Kong's percentage contribution was down a little bit. Regarding the client's cohort, we do see more and more high net worth clients' contributions in Hong Kong. We think this kind of trend will remain in the next coming quarters. We think we have very meaningful potential in terms of further upgrading our client's quality in Hong Kong through wealth management, etc. Thank you.

（解讀）關於按地區劃分的淨資產流入構成，實際上，我們看到香港的貢獻百分比環比略有下降，這主要是由於新加坡和馬來西亞等某些海外市場也錄得非常強勁的資產流入。因此，按比例計算，香港的貢獻百分比略有下降。就客戶群而言，我們看到越來越多的高淨值客戶在香港做出貢獻。我們認為這種趨勢將在接下來的幾季持續下去。我們認為，透過財富管理等方式，我們在進一步提升香港客戶的生活品質方面擁有非常大的發展潛力。謝謝。

Hi, Charles. This is Daniel. I'll take your first question on Air Star Bank. First of all, to give you an update on our investment, during the third quarter, upon regulatory approval and the discussion between the shareholders, we have increased our stake in Air Star Bank to 68.4%, thereby becoming the controlling shareholder of Air Star Bank. In the short term, we'll continue to focus on improving the customer experience, enriching products and capabilities. We believe that there are a lot of integration opportunities between the banking business and the brokerage. In the long term, we believe that the banking business can help Futu increase client stickiness and improve client's wallet share.

你好，查爾斯。這是丹尼爾。我先回答你關於空中之星銀行的第一個問題。首先，為了向您報告我們的投資情況，在第三季度，經監管部門批准和股東討論後，我們已將我們在 Air Star Bank 的股份增至 68.4%，從而成為 Air Star Bank 的控股股東。短期內，我們將繼續專注於改善客戶體驗，豐富產品和功能。我們認為銀行業務和經紀業務之間有很多整合機會。長遠來看，我們相信銀行業務可以幫助富途提高客戶黏性，提升客戶錢包份額。

It will enable clients to complete fund deposits, investments, lending, and consumption. We can satisfy all these various financial needs within Futu's ecosystem, and we can continue to enhance our clients' perception of Futu as a one-stop financial services platform. So far, Futu is the only online brokerage platform in Hong Kong that has integrated digital banking capabilities, and we believe that the scarcity of that license and the diversity of products and services we can offer under this license will continue to widen our competitive moat. After this round of capital injection, Air Star Bank will be consolidated into Futu's financial statements.

它將使客戶能夠完成資金存款、投資、貸款和消費。我們可以在富途生態系統內滿足所有這些不同的金融需求，並且我們可以繼續提升客戶對富途作為一站式金融服務平台的認知。目前，富途是香港唯一擁有數位銀行功能的線上經紀平台，我們相信，該牌照的稀缺性以及我們憑藉該牌照能夠提供的多樣化產品和服務，將繼續擴大我們的競爭優勢。本輪注資後，空中之星銀行將併入富途銀行的財務報表。

In the next two to three years, we'll still be in investment mode for Air Star Bank, but we believe that as Futu's client quality improves across various markets, and as more markets become profitable and play out that operating leverage, the drag from Air Star Bank's loss to Futu's overall P&L will be limited. After the capital injection, Futu and Xiaomi Group will continue to work very closely and take advantage of each other's resources in their respective ecosystems to operate this bank together. Thank you.

在接下來的兩到三年裡，我們仍將對空中之星銀行進行投資，但我們相信，隨著富途在各個市場的客戶質量不斷提高，以及更多市場實現盈利並發揮運營槓桿作用，空中之星銀行的虧損對富途整體損益的拖累將有限。注資完成後，富途銀行和小米集團將繼續緊密合作，充分利用各自生態系統的資源，共同經營這家銀行。謝謝。

Chiyao Huang, Morgan Stanley.

黃志堯，摩根士丹利。

(interpreted) I have two questions. One is about the product pipeline from crypto and tokenization in the next one or two quarters. And then maybe a bit longer term, what kind of value proposition do we try to achieve on tokenization for our clients? The second question is about whether management has any plan on M&A in the space to accelerate capability building? What kind of capability in crypto are we looking to build in the near term? Thank you.

（翻譯）我有兩個問題。一是關於未來一兩個季度加密貨幣和代幣化產品線的發展。那麼從更長遠的角度來看，我們希望透過代幣化為客戶實現什麼樣的價值主張呢？第二個問題是，管理階層是否有任何併購計畫來加速該領域的實力建設？近期我們希望在加密貨幣領域建構哪些功能？謝謝。

(interpreted) Regarding your two questions about crypto, number one for the new product pipelines and also tokenization, we do have a lot of preparations and internal discussions, even some layout of certain product connections. But as you can understand, tokenization is a very new concept to the market nowadays and subject to different regulatory regimes and examinations. So it is very difficult for us to lay out a very clear roadmap for the product launch given that a lot of factors will be regulatory dependent. Regarding M&A in the crypto side, definitely, we are very open in these directions given that crypto is a very strategic and important consideration in our business direction down the road. So definitely, we will keep these options open. Thank you.

（翻譯）關於您提出的兩個關於加密貨幣的問題，第一是關於新產品線和代幣化，我們確實做了很多準備工作和內部討論，甚至對某些產品連接進行了一些佈局。但正如您所理解的，代幣化對於當今市場來說是一個非常新的概念，並且受到不同的監管制度和審查。鑑於許多因素都取決於監管，因此我們很難制定一個非常清晰的產品發布路線圖。關於加密貨幣領域的併購，我們當然對此持非常開放的態度，因為加密貨幣是我們未來業務發展方向中一個非常重要的策略考量。所以，我們肯定會保留這些選擇。謝謝。

Leon Key, CLSA.

Leon Key，CLSA。

This is Leon Key from CLSA. I have two questions today. Firstly, we are very glad to see that Hong Kong for the fourth consecutive quarter has led new client additions. I'm just interested in the client profile of our newly acquired clients in Hong Kong for the past quarter and actually for the past four quarters in general, given Hong Kong's equity market started to become quite active since around four quarters ago.

這是里昂證券的Leon Key。我今天有兩個問題。首先，我們非常高興地看到，香港連續第四個季度在新增客戶數量方面領先。我只是想了解過去一個季度以及過去四個季度我們在香港新獲得的客戶概況，因為香港股市從大約四個季度前開始變得相當活躍。

If there are any meaningful differences in terms of these new customers in Hong Kong in terms of per average AUM, ages, trading velocity, the products they are buying, if there are any notable differences for these new clients compared to our existing Hong Kong customers, most of which were acquired during probably the bull market a few years ago. So that's the first question on Hong Kong new customer profile.

如果這些香港新客戶在平均資產管理規模、年齡、交易速度、購買的產品等方面存在任何實質性差異，那麼這些新客戶與我們現有的香港客戶（其中大部分可能是在幾年前的牛市期間獲得的）相比，是否存在任何顯著差異？這是香港新客戶概況的第一個問題。

The second question, I'm interested in the gross margin trend in markets outside Hong Kong. We're very pleasantly surprised to see gross margin disclosed in the third quarter was very strong. Given we also have very good AUM growth in markets like Singapore and a lot of new clients in Malaysia, I presume the economy of scale is kicking in very rapidly. If possible, if management can share with us some gross margin trends in Singapore and Malaysia, where are the margins in these markets standing now?

第二個問題，我對香港以外市場的毛利率趨勢很感興趣。我們非常驚訝地發現，第三季的毛利率表現非常強勁。鑑於我們在新加坡等市場的資產管理規模成長非常良好，並且在馬來西亞有許多新客戶，我認為規模經濟正在迅速發揮作用。如果可以的話，管理階層能否與我們分享新加坡和馬來西亞的毛利率趨勢？目前這些市場的毛利率水準如何？

Leon, thank you for these two questions. This is Daniel. I'll take these two questions. First of all, regarding our Hong Kong business, in fact, in the third quarter, we have seen a continued upward trajectory in average client assets of our new clients. That coupled with the continuous net asset inflow, very robust net inflow from our existing clients led to a double-digit sequential growth in average client assets in Hong Kong. I think that is representative of what happened in the past couple of quarters as we continue to enhance our brand image.

萊昂，謝謝你提出的這兩個問題。這是丹尼爾。我將回答這兩個問題。首先，關於我們在香港的業務，事實上，在第三季度，我們看到新客戶的平均客戶資產持續上升。再加上持續的淨資產流入，以及現有客戶非常強勁的淨流入，使得香港客戶的平均資產實現了兩位數的環比成長。我認為這代表了過去幾季我們不斷提升品牌形象的情況。

I think we can continue to attract more and more high-quality clients, and there will be more clients that are inclined to do one-stop asset allocation within Futu's platform. In terms of these clients' behavior, trading behavior specifically, I think that's very much market-driven. As you know, in terms of our total trading volume in the past year or so, it's mostly US stocks. But in Q3 this year, as the Hong Kong equities market outperformed, a lot of our clients quickly flocked to Hong Kong equities and engaged quite actively. So I think this is very much driven by the performance and the relative outperformance of different equity markets. We think this is more cyclical than structural in terms of clients' trading behavior.

我認為我們可以繼續吸引越來越多的優質客戶，也會有更多客戶傾向在富途平台內進行一站式資產配置。就這些客戶的行為，特別是交易行為而言，我認為這很大程度上是由市場驅動的。如您所知，在過去一年左右的時間裡，我們的總交易量主要集中在美國股票上。但今年第三季度，由於香港股市表現優異，我們的許多客戶迅速湧入香港股市，並積極參與其中。所以我認為這很大程度上是由不同股票市場的表現和相對優異表現所驅動的。我們認為，就客戶交易行為而言，這更多的是週期性的，而不是結構性的。

To your second question, yes, we think that the online brokerage business inherently has huge operating leverage. But on the gross margin level, it's been very healthy across all of our markets because it mostly relates to trading and margin products, all of which have very high margins. The operating leverage mostly kicks in from the operating expenses. As we continue to scale in a lot of these international markets, we have seen a very rapid expansion in operating leverage.

關於你的第二個問題，是的，我們認為線上經紀業務本身就具有巨大的營運槓桿。但從毛利率來看，我們所有市場的毛利率都非常健康，因為這主要與交易和保證金產品有關，而這些產品的毛利率都非常高。經營槓桿主要體現在營業費用。隨著我們在許多國際市場不斷擴大規模，我們的經營槓桿也得到了非常迅速的成長。

Maybe to give you some numbers on our Singapore business, for a couple of consecutive months, we have seen the operating margin in our Singapore business consistently top 60%, and it's still expanding. I think that really speaks to the strong operating leverage in our business model.

或許我可以提供一些關於我們新加坡業務的數據，在過去的幾個月裡，我們新加坡業務的營業利潤率一直穩定在 60% 以上，而且還在持續成長。我認為這充分體現了我們商業模式中強大的營運槓桿作用。

Thanks a lot, Daniel. Very helpful.

非常感謝，丹尼爾。很有幫助。

Thank you. This concludes today's question and answer session. I'll now hand the call back to Daniel Yuan for closing remarks.

謝謝。今天的問答環節到此結束。現在我將把電話交還給袁丹尼爾，請他作總結發言。

That concludes our call today. On behalf of the Futu's management team, I'd like to thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our investor relations representatives. Thank you, and goodbye.

今天的通話到此結束。我謹代表富途管理團隊，感謝各位今天蒞臨現場。如果您還有其他疑問，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。您現在可以斷開連線了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。