MoneyHero Ltd (MNY) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to MoneyHero Group first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 MoneyHero Group 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to turn the call over to your first speaker today, Ms. Georgina Tan. Thank you. Please go ahead.

現在我想把電話交給今天的第一位發言者喬治娜·陳女士。謝謝。請繼續。

Hi, everyone. Good morning and good evening, and welcome to MoneyHero's first quarter 2025 earnings conference call.

大家好。早上好，晚上好，歡迎參加 MoneyHero 2025 年第一季財報電話會議。

Joining me on the call today are Rohith Murthy, CEO; and Danny Leung, Interim CFO. Our earnings release was issued earlier today and is now available on our IR website as well as their GlobeNewswire services.

今天與我一起參加電話會議的還有執行長 Rohith Murthy 和代理財務長 Danny Leung。我們的收益報告已於今天早些時候發布，現在可以在我們的 IR 網站及其 GlobeNewswire 服務上查閱。

Before we begin, I would like to remind you that today's call will include forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Please refer to the Safe Harbor statements in our earnings press release, which applies to this call.

在我們開始之前，我想提醒您，今天的電話會議將包括根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。請參閱我們收益新聞稿中適用於本次電話會議的安全港聲明。

In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purpose only. For a reconciliation of these non-IFRS measures to the most directly comparable IFRS measures, please refers to our earnings release and SEC filings. Our monetary reference will be in United States dollars, unless otherwise stated. Lastly, a webcast cast replay of this conference call will be available on our IR website.

此外，請注意，今天的討論將包括 IFRS 和非 IFRS 財務指標，僅用於比較目的。有關這些非國際財務報告準則指標與最直接可比較的國際財務報告準則指標的對賬，請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件。除非另有說明，我們的貨幣參考單位為美元。最後，本次電話會議的網路直播重播將在我們的 IR 網站上提供。

I will now turn the call over to Rohith, CEO of MoneyHero Group. Please go ahead.

現在我將把電話轉給 MoneyHero Group 執行長 Rohith。請繼續。

Thank you, Georgina. Hello, everyone, and thank you for joining us today to discuss MoneyHero Group's first quarter 2025 financial results. I'm pleased to report that we are executing strongly on our profitability road map. We remain on track to achieve positive adjusted EBITDA in the latter part of the second half of 2025, a key milestone marking our transition to a self-sustaining profitable growth trajectory.

謝謝你，喬治娜。大家好，感謝您今天加入我們討論 MoneyHero Group 2025 年第一季的財務表現。我很高興地報告，我們正在大力執行我們的獲利路線圖。我們仍有望在 2025 年下半年後期實現正調整後 EBITDA，這是我們向自我維持獲利成長軌跡轉型的關鍵里程碑。

Our Q4 2024 results already reflected this ongoing transition, achieving the best quarterly performance since going public, with adjusted EBITDA loss narrowing to just $2.9 million. This momentum has continued into Q1 as we sharpen our focus on higher quality revenue and operational efficiency.

我們的 2024 年第四季業績已經反映了這一持續的轉型，實現了上市以來的最佳季度業績，調整後的 EBITDA 虧損收窄至僅 290 萬美元。隨著我們更加重視更高品質的營收和營運效率，這股動能一直延續到第一季。

Our gross margins are also improving substantially, driven by deliberate initiatives we executed over the past year. We reduced low ROI paid marketing, enhanced the user experience and interface and diversified revenue streams into higher-margin verticals like wealth and insurance. As a result, our unit economics are significantly stronger today than a year ago.

受我們過去一年實施的深思熟慮的舉措的推動，我們的毛利率也大幅提高。我們減少了投資報酬率低的付費行銷，增強了使用者體驗和介面，並將收入來源多元化到財富和保險等利潤率更高的垂直領域。因此，我們今天的單位經濟效益比一年前明顯增強。

While top line revenue in Q1 fell year-on-year due to a strategic pullback in aggressive marketing spend, this was an intentional trade- off to prioritize revenue quality over volume. We are encouraged to see this strategic pivot already yielding results with improving profitability.

雖然由於積極行銷支出的策略性縮減，第一季的營業收入年減，但這是一種有意為之的權衡，優先考慮收入品質而不是數量。我們很高興地看到，這項策略轉變已經取得成果，獲利能力也得到提升。

Our net loss has narrowed considerably in Q1, as adjusted EBITDA continues to improve quarter-after-quarter. We are building a leaner, more profitable business with the goal of hitting $100 million revenue for full year 2025 and delivering positive adjusted EBITDA during the latter part of the year. In short, our path to profitability has never been clearer, and we are executing with discipline to accelerate it.

由於調整後的 EBITDA 逐季持續改善，我們的淨虧損在第一季大幅收窄。我們正在打造一個更精簡、更盈利的業務，目標是在 2025 年全年實現 1 億美元的收入，並在下半年實現正的調整後 EBITDA。簡而言之，我們的獲利之路從未如此清晰，我們正在嚴格執行以加速實現盈利。

Now let me turn to our Q1 operational performance and the progress we've made across our business lines. A core part of our strategy is diversifying our revenue mix towards higher-margin verticals, and we are already seeing tangible results with wealth and insurance verticals contributing approximately 25% of our total revenue in Q1, an increase of 11 percentage points Y-o-Y and growing quickly.

現在，讓我來談談我們第一季的營運表現以及我們在各個業務線上的進展。我們策略的核心部分是將我們的收入結構多元化，向利潤率更高的垂直行業發展，我們已經看到了切實的成果，財富和保險垂直行業在第一季度貢獻了我們總收入的約 25%，同比增長 11 個百分點，並且增長迅速。

These verticals are now meaningful contributors to our top line and are driving gross margin expansion. We expect their growth to continue outpacing other segments, supporting our $100 million revenue target for 2025. Importantly, this diversified revenue mix is also improving our profitability without sacrificing growth opportunities, it's growth with quality.

這些垂直產業現在已成為我們營收的重要貢獻者，並正在推動毛利率的擴大。我們預計它們的成長將繼續超過其他領域，支持我們 2025 年 1 億美元的收入目標。重要的是，這種多元化的收入組合也在不犧牲成長機會的情況下提高了我們的獲利能力，這是一種有品質的成長。

Now credit card remain the largest revenue driver, contributing 57% of our total revenue in Q1, down from over 70% in previous years and reflecting successful diversification. This business is becoming more efficient and strategic, performing stronger on lower spend and generating higher profitability per unit.

目前，信用卡仍然是最大的收入來源，占我們第一季總收入的 57%，低於前幾年的 70% 以上，反映了多元化經營的成功。該業務正變得更加高效和具有戰略性，在較低的支出下表現更強勁，並且每單位的盈利能力更高。

Credit cards continue to be a core customer acquisition engine, bringing in a steady flow of new users and reengage existing ones. Our deep partnership with leading banks, including Citi, HSBC, Stan Chart, BPI, RCBC among many others, not only fuel our credit card business, but also allow us to broaden product engagement into wealth and lending products.

信用卡繼續成為核心的客戶獲取引擎，帶來穩定的新用戶流並重新吸引現有用戶。我們與花旗銀行、匯豐銀行、渣打銀行、BPI、中華銀行等多家領先銀行建立了深度合作關係，這不僅推動了我們的信用卡業務，還使我們能夠將產品範圍擴大到財富和貸款產品。

In other words, customers who come to us for credit cards today can also choose investment accounts, personal loans or insurance down the line, increasing their lifetime value. So while the credit card share of revenue has moderated, it remains absolutely vital. It's now a more optimized strategic platform for broader growth.

換句話說，今天來我們這裡辦理信用卡的客戶以後還可以選擇投資帳戶、個人貸款或保險，增加他們的終身價值。因此，儘管信用卡收入份額有所下降，但它仍然至關重要。現在，它是一個更優化的策略平台，可以實現更廣泛的成長。

Our Insurance segment is building significant momentum, particularly in car insurance. As a licensed digital broker, this high-margin vertical is made even more compelling with our new end-to-end purchase journey, launched in partnership with bolttech in Hong Kong. Customers can now compare real-time quotes and purchase car insurance policies directly on our platform and avoid getting redirected to third-party sites and industry-first in Hong Kong. The result is a smoother user experience that drives higher conversion rates and generates recurring revenue through policy renewals.

我們的保險部門正在大力發展，尤其是汽車保險。作為一家獲得許可的數位經紀商，我們與香港 bolttech 合作推出的全新端到端購買流程使這一高利潤垂直行業更具吸引力。客戶現在可以在我們的平台上直接比較即時報價併購買汽車保險單，避免被重定向到第三方網站，這在香港是業內首創。其結果是更流暢的使用者體驗，從而提高轉換率，並透過保單續約產生經常性收入。

We now essentially own the entire customer journey for car insurance. Early results are very promising, with increased traffic and conversions in the car insurance funnel. We were excited about scaling this model to other insurance products and markets. Insurance overall is scaling nicely for us and now represents about 13% of revenue, and it continues to climb with strong unit economics that bolster our margin profile.

我們現在基本上掌握了汽車保險的整個客戶旅程。早期結果非常令人鼓舞，汽車保險管道的流量和轉換率都有所增加。我們很高興將這種模式擴展到其他保險產品和市場。總體而言，保險業務對我們來說發展良好，目前約佔總收入的 13%，隨著強勁的單位經濟效益的提高，保險業務仍在繼續攀升，從而增強了我們的利潤率。

Our personal loans business is another growth pillar, accounting for roughly 70% of revenue in Q1, and reflecting robust expansion as we help more users secure personal loans and other financing. A big development here is our upcoming Credit Hero Club launch in Hong Kong during the second half of the year in partnership with TransUnion.

我們的個人貸款業務是另一個成長支柱，約佔第一季營收的 70%，並且隨著我們幫助更多用戶獲得個人貸款和其他融資，業務呈現強勁擴張。一個重大進展是我們即將於今年下半年與 TransUnion 合作在香港推出 Credit Hero Club。

Building on the successful pilot last year, the Credit Hero Club will offer consumers free credit scores, credit monitoring and personalized financial product recommendations. While leveraging TransUnion's credit data, we can tailor product offers to each user's profile, such as showing them credit cards or loans they are more likely to be approved for. This personalization is expected to drive higher approval and conversion rates for our lending partners, while helping consumers make smarter choices.

在去年成功試點的基礎上，信用英雄俱樂部將為消費者提供免費的信用評分、信用監控和個人化的金融產品推薦。在利用 TransUnion 的信用資料的同時，我們可以根據每個使用者的個人資料客製化產品，例如向他們展示他們更有可能獲得批准的信用卡或貸款。這種個人化有望為我們的貸款合作夥伴帶來更高的批准率和轉換率，同時幫助消費者做出更明智的選擇。

Essentially, we're using data and AI to benefit everyone. Customers get better offers and enhance transparency and bank gets more qualified, engaged borrowers. We anticipate the Credit Hero Club will not only deepen customer engagement, but also boost our lending revenues. It's a great example of how we are innovating products to fuel growth in a margin-accretive way.

本質上，我們正​​在利用數據和人工智慧來造福每個人。客戶可以獲得更好的優惠並提高透明度，而銀行則可以獲得更多合格、更積極的借款人。我們預期信用英雄俱樂部不僅會加深客戶參與度，還會提高我們的貸款收入。這是我們如何創新產品以增加利潤的方式推動成長的一個很好的例子。

Geographically, I want to highlight the progress we are making in the Philippines, an important market for us. Last year, our operations faced headwinds when a major banking partner exited the market, impacting our revenue. We took swift action to recalibrate our strategy, and I'm pleased to report a recovery is underway. In the past couple of months, we've signed strategic partnerships with two of the top banks in the country, BPI and RCBC, which significantly expand the range of products we offer them.

從地理位置來看，我想強調我們在菲律賓的進展，菲律賓是我們的一個重要市場。去年，一家大型銀行合作夥伴退出市場，影響了我們的收入，導致我們的營運面臨阻力。我們迅速採取行動重新調整了我們的策略，我很高興地報告復甦正在進行中。在過去的幾個月裡，我們與該國兩大銀行 BPI 和 RCBC 簽署了戰略合作夥伴關係，這大大擴展了我們為他們提供的產品範圍。

In short, we've replenished and even enhanced the product supply after the partner exited. These new partnerships reinforce our position as the go-to digital customer acquisition channel for banks in the Philippines, and expect to start seeing our performance improve there in the second half of the year as these offerings gain traction.

簡單來說，在合作夥伴退出之後，我們補充甚至增強了產品供應。這些新的合作關係鞏固了我們作為菲律賓銀行首選數位客戶獲取管道的地位，並且隨著這些產品的普及，預計我們的業績將在今年下半年開始改善。

It's a great example of how we can rebound from challenges by leveraging our regional scale and relationships, our ability to partner with leading financial institutions that remains a competitive advantage across all our markets.

這是一個很好的例子，說明我們如何利用我們的區域規模和關係以及與領先金融機構合作的能力來應對挑戰，從而保持我們在所有市場的競爭優勢。

Now beyond our high-quality revenue growth, operational efficiency has been a major focus for us and is also a key driver for improving our margins. We have embraced an AI-first strategy across the organization to automate processes, reduce costs and enhance productivity.

現在，除了高品質的營收成長之外，營運效率一直是我們關注的重點，也是提高利潤率的關鍵驅動力。我們在整個組織內採用了 AI-first 策略，以實現流程自動化、降低成本並提高生產力。

Over the past few quarters, we have been implementing AI and machine learning solutions across everything from customer service to product development. For instance, intelligent chat bots and self-service tools have been deployed and are significantly reducing manual customer service or customer support inquiries, improving the efficiency of content creation and also helping us optimize our marketing spend.

在過去的幾個季度中，我們一直在從客戶服務到產品開發的各個領域實施人工智慧和機器學習解決方案。例如，智慧聊天機器人和自助服務工具已經部署，並大幅減少了手動客戶服務或客戶支援查詢，提高了內容創建的效率，同時也幫助我們優化了行銷支出。

Over the past year, our operating expenses have come down substantially as a result, including a 26% YoY reduction in employee- related costs. I want to stress that these efficiency gains go beyond cost cutting. They are driving better overall results. Our product

在過去的一年裡，我們的營運費用大幅下降，其中員工相關成本較去年同期下降了 26%。我想強調的是，這些效率的提升不僅限於削減成本。他們正在推動更好的整體業績。我們的產品

and engineering streams are more productive than ever, rolling out new features fast with the help of AI-driven coding and testing tools.

工程流程比以往任何時候都更有效率，借助人工智慧驅動的編碼和測試工具可以快速推出新功能。

Our content and marketing teams are also personalizing at scale using AI insights. All of these mean we can scale our business without a proportional rise in headcount or expenses. We are essentially doing more with less, which is a key reason we remain confident about reaching breakeven in the coming quarters.

我們的內容和行銷團隊也在利用人工智慧洞察進行大規模個人化。所有這些意味著我們可以擴大業務規模，而無需相應增加員工人數或費用。我們實際上是用更少的資源做更多的事情，這也是我們仍然有信心在未來幾季實現收支平衡的關鍵原因。

Alongside improving operational efficiency is our focus on building a high-performance company culture. In Q4 last year, we rolled out a broad-based RSU program effectively making most MoneyHero employee's shareholders. Our goal is for the team to think and act like owners because they're truly our owners.

除了提高營運效率之外，我們還專注於建立高績效的公司文化。去年第四季度，我們推出了一項廣泛的 RSU 計劃，有效地使大多數 MoneyHero 員工成為股東。我們的目標是讓團隊像主人一樣思考和行動，因為他們確實是我們的主人。

This initiative has energized the team, fostering a stronger sense of accountability and long-term commitment. Every team now has a skin in the game, aligning incentives to deliver results for shareholders. I firmly believe that a culture of aligned incentives and personal ownership will drive better execution. Through this RSU program, we are investing in our people and reinforcing that when MoneyHero succeeds, we all succeed. This approach will also help us attract and retain top talent and ensure that our internal motivation supports our ambitious growth objectives.

這項措施激發了團隊活力，增強了責任感和長期承諾感。現在，每個團隊都參與其中，透過調整激勵措施為股東創造成果。我堅信，一致的激勵和個人所有權文化將推動更好的執行。透過這個 RSU 計劃，我們正在對我們的員工進行投資，並強調當 MoneyHero 成功時，我們所有人都會成功。這種方法還將幫助我們吸引和留住頂尖人才，並確保我們的內部動力支持我們雄心勃勃的成長目標。

Let me touch on capital allocation and how we are thinking about shareholder value. We expect continued market evolution and consolidation in the months ahead. As a well-capitalized market leader with $36.6 million in cash and no debt, we are in a strong position to capitalize on opportunities in a highly disciplined manner.

讓我談談資本配置以及我們如何看待股東價值。我們預計未來幾個月市場將繼續演變和整合。作為一家資本雄厚的市場領導者，我們擁有 3,660 萬美元的現金且沒有債務，因此我們有能力以高度自律的方式抓住機會。

We remain focused on maintaining shareholder value, and currently we have no plans for equity funded M&A, while our stock trades below what we believe to be its intrinsic value. That said, if the right opportunity arises to consolidate the market inorganically, we'll evaluate it, but only when it aligns with our long-term strategy and value creation goals.

我們仍然專注於維護股東價值，目前我們沒有股權融資併購計劃，而我們的股票交易價格低於我們認為的內在價值。也就是說，如果出現合適的機會來無機地整合市場，我們會對其進行評估，但前提是它符合我們的長期策略和價值創造目標。

Finally, we are broadening investor engagement to improve our visibility and reestablish credibility in the market. Now since our listing, our stock liquidity has been below our expectations. We are actively working to expand our shareholder base and meet with sell-side analysts to improve coverage and raise awareness of our growth story.

最後，我們正在擴大投資者參與度，以提高我們的知名度並重建市場信譽。現在自我們上市以來，我們的股票流動性一直低於我們的預期。我們正在積極努力擴大股東基礎，並與賣方分析師會面，以擴大覆蓋範圍並提高對我們成長故事的認識。

This quarter, we onboarded a new Investor Relations partner to strengthen our communications and targeting efforts. As our performance improves, we expect increased analyst coverage. We're also engaging with long-term investors, including family offices and smaller funds in our regions to share the MoneyHero story and invite them to join us on our growth journey.

本季度，我們引進了一位新的投資者關係合作夥伴，以加強我們的溝通和定位工作。隨著我們業績的改善，我們預期分析師的關注度也會增加。我們也與長期投資者合作，包括我們所在地區的家族辦公室和小型基金，分享 MoneyHero 的故事並邀請他們加入我們的成長之旅。

Additionally, we strengthened our corporate development and strategy team to better communicate our growth strategy to the market and explore strategic partnerships that can unlock value. The key message here is that we are not only improving our internal fundamentals, but also proactively working to reestablish our visibility and credibility in the public markets to ensure the investment community clearly recognizes the value and growth potential of MoneyHero.

此外，我們加強了企業發展和策略團隊，以便更好地向市場傳達我們的成長策略，並探索可以釋放價值的策略夥伴關係。這裡的關鍵訊息是，我們不僅在改善內部基本面，而且還在積極努力重建我們在公開市場上的知名度和信譽，以確保投資界清楚地認識到 MoneyHero 的價值和成長潛力。

Now before I conclude, let me reiterate the key takeaways and our vision going forward. We are at a pivotal moment and have taken the hard, but necessary steps to transform our business over the past year, focusing on higher margin revenue, lowering our cost base and innovating our product offerings. These efforts position us for sustainable growth and profitability. We expect to hit positive adjusted EBITDA during the later part of the year, and from that point onward, we expect to expand our bottom line as our revenue ramps towards our $100 million target.

現在，在結束之前，請允許我重申主要要點和我們未來的願景。我們正處於關鍵時刻，在過去的一年裡，我們採取了艱難但必要的措施來轉變我們的業務，專注於更高的利潤收入、降低成本基礎和創新我們的產品。這些努力使我們實現了可持續的成長和利潤。我們預計今年下半年調整後的 EBITDA 將為正，從那時起，隨著收入向 1 億美元的目標邁進，我們預計利潤也將擴大。

Our strategy is clear, maintain leadership in our core categories such as credit cards, aggressively grow new verticals like insurance, wealth and lending that boost margins and leverage technology, including AI and data to drive efficiency and superior user experiences. Looking at our performance over the past two quarters with improving margins, growing higher-quality revenue streams and a sharply narrowed loss, it's clear this strategy is already yielding results.

我們的策略很明確，保持在信用卡等核心領域的領先地位，積極發展保險、財富和貸款等新的垂直領域，以提高利潤率，並利用包括人工智慧和數據在內的技術來提高效率和卓越的用戶體驗。從我們過去兩季的業績來看，利潤率不斷提高，優質收入流不斷增長，虧損大幅收窄，顯然這項策略已經初見成效。

Looking ahead to the rest of 2025 and beyond, we are confident that MoneyHero will emerge as one of the most profitable and trusted personal finance platforms in the region, with a unique ecosystem of product and partnerships as well as a strong brand presence in our markets. With our renewed focus on operational excellence in ROI, we can capitalize on growth opportunities without deepening our cash burn. Importantly, we remain accountable stewards of capital, both in how we invest for growth and how we approach shareholder returns.

展望 2025 年剩餘時間及以後，我們相信 MoneyHero 將成為該地區最賺錢、最值得信賴的個人理財平台之一，擁有獨特的產品和合作夥伴生態系統以及在我們市場上強大的品牌影響力。透過重新專注於投資回報率的卓越運營，我們可以利用成長機會，而無需增加現金消耗。重要的是，我們仍然是資本的負責任的管理者，無論是在如何投資成長方面，還是在如何處理股東回報方面。

I want to thank our team members for their incredible effort and alignment with our mission to drive this transformation. I also want to thank our shareholders for their continued support and patience. We are committed to delivering the value we expect and served. The management team and I are laser-focused on executing quarter-by-quarter, and we believe the best days for MoneyHero are ahead of us. We are building a business that can grow robustly, generate cash and create long-term value for our investors.

我要感謝我們的團隊成員為推動這一轉變所付出的巨大努力和與我們使命的一致。我還要感謝我們的股東一直以來的支持和耐心。我們致力於提供我們所期望和服務的價值。我和管理團隊都全神貫注於逐季度執行，我們相信 MoneyHero 最好的日子就在眼前。我們正在打造一個能夠強勁成長、產生現金並為投資者創造長期價值的企業。

With that, I will now turn the call over to Danny Leung, our Interim CFO.

現在，我將把電話轉給我們的臨時財務長 Danny Leung。

Thank you, Rohith. Good day, everyone. Our Q1 results demonstrate continued progress in executing the strategic pivot we initiated in the second half of 2024. This quarter was less about chasing top line growth and more about improving the quality of our revenue, reducing cost base and positioning the business for sustainable profitable growth.

謝謝你，羅希斯。大家好。我們第一季的業績表明，我們在執行 2024 年下半年啟動的策略重點方面取得了持續進展。本季我們不再僅僅追求營收成長，而是更加重視提高收入品質、降低成本基礎以及實現業務的可持續獲利成長。

While revenue declined 35% year over year to $14.3 million, reflecting our strategic pivot to reduce marketing spend and focus on higher quality and margin products. Our revenue mix substantially improved. High-margin verticals now account for a large proportion of total revenue, with personal loans increasing from 15% to 17%, insurance growing from 8% to 13%, and wealth doubling to 12%.

而收入年減 35% 至 1,430 萬美元，反映了我們的策略重心轉向減少行銷支出並專注於更高品質和利潤率更高的產品。我們的收入結構大幅改善。高利潤垂直產業目前佔總收入的很大一部分，個人貸款從 15% 成長到 17%，保險從 8% 成長到 13%，財富翻了一番，達到 12%。

Further reducing our reliance on lower-margin credit cards, which decreased 13 points to 57%. This improving revenue mix directly contributed to a significant expansion in gross margin as cost of revenue dropped by 55% year over year to account for just 44% of revenue, validating the effectiveness of our strategy.

進一步減少對低利潤信用卡的依賴，下降了 13 個百分點至 57%。收入結構的改善直接導致毛利率大幅提升，因為收入成本年減 55%，僅佔收入的 44%，驗證了我們策略的有效性。

Our cost discipline and operational efficiency initiatives directly support this. Operating expenses declined 26% year over year in Q1, driven by deliberate reduction across paid marketing, technology spend, employee cost and general and administrative expense. These aren't just one-off cuts; they will form a new foundation for our operational cadence going forward. The changes have reset our cost structure, and allow us to run a far more efficient business.

我們的成本紀律和營運效率措施直接支持了這一點。第一季營運費用較去年同期下降 26%，主要由於付費行銷、技術支出、員工成本以及一般和行政費用的刻意削減。這些不僅僅是一次性的削減；它們將為我們未來的營運節奏奠定新的基礎。這些變化重新設定了我們的成本結構，使我們能夠更有效率地開展業務。

AI hasn't driven this reduction, but is now helping us maintain this lean cost base as we scale, especially across customer service and content operations. This is also having a material impact on our bottom line. Net loss narrowed sharply to $2.4 million from $13.1 million a year ago, more than $10 million of improvement. Adjusted EBITDA loss also improved significantly year over year to $3.3 million, underscoring our clear path towards sustainable profitability.

人工智慧並沒有推動這種削減，但現在正在幫助我們在擴大規模的同時維持精實的成本基礎，特別是在客戶服務和內容營運方面。這也對我們的底線產生了重大影響。淨虧損從一年前的 1,310 萬美元大幅收窄至 240 萬美元，改善金額超過 1,000 萬美元。調整後的 EBITDA 虧損也較去年同期大幅改善至 330 萬美元，凸顯了我們實現可持續獲利的明確道路。

Looking forward, we expect sequential improvements in adjusted EBITDA throughout 2025. Our goal is to achieve positive adjusted EBITDA during the latter part of the year, and we remain confident in our ability to achieve that. We have no debt and ended the quarter with $36.6 million in cash, giving us the flexibility to fund growth and consider capital return options in a disciplined way.

展望未來，我們預計 2025 年調整後的 EBITDA 將持續改善。我們的目標是在今年下半年實現正向調整後 EBITDA，我們對實現這一目標的能力充滿信心。我們沒有債務，本季末擁有 3,660 萬美元的現金，這使我們能夠靈活地為成長提供資金並以嚴謹的方式考慮資本回報選擇。

In short, Q1 proves that our strategy is working. We are building a stronger foundation, improving unit economics and driving toward sustainable profitability with a more durable capital-efficient business model. That concludes our prepared remarks for today.

簡而言之，Q1 證明我們的策略是有效的。我們正在建立更強大的基礎，提高單位經濟效益，並透過更持久的資本高效商業模式實現永續獲利。我們今天的準備演講到此結束。

I will now turn the call over to the operator to begin the Q&A session. Operator, please go ahead.

我現在將把電話轉給接線員，開始問答環節。接線員，請繼續。

(Operator Instructions)

（操作員指示）

William Gregozeski, Greenridge Global.

威廉‧格雷戈澤斯基 (William Gregozeski)，Greenridge Global。

Good quarter. I had a question on OSL announcement you just made the other day. Can you talk more about the partnership with them? And kind of how you see the entrance into the digital asset space for the company.

好季度。我對您前幾天剛發布的 OSL 公告有一個疑問。能詳細談談與他們的合作關係嗎？以及您如何看待該公司進入數位資產領域的入口。

Sorry, I was -- your question was not that clear, but I think I heard about your -- about our partnership with OSL in the digital asset space. Is that correct?

抱歉，您的問題不太清楚，但我想我聽說過您關於——我們與 OSL 在數位資產領域的合作關係。對嗎？

Yeah. Just if you can talk more about the partnership with them and then your plans for that space.

是的。如果您能多談談與他們的合作關係以及您對該領域的計劃。

Absolutely. Look, this announcement, we believe, actually marks a very exciting and important first step for us. We're really strategically exploring the digital asset space. Now digital assets are increasingly, I think, viewed alongside traditional insurance, stock and banking products, also offering like enhanced user experiences, there's greater product diversification and new monetization opportunities for our platform. So I think we offer a unique value proposition as a leading digital acquisition partner for a majority of banks in the region, and we want to replicate this and expand it into the digital asset ecosystem as well.

絕對地。我們相信，這項聲明實際上標誌著我們邁出了非常令人興奮且重要的第一步。我們確實在策略性地探索數位資產領域。現在，我認為數位資產越來越多地與傳統保險、股票和銀行產品並列，也為我們的平台提供了增強的用戶體驗、更大的產品多樣化和新的貨幣化機會。因此，我認為，作為該地區大多數銀行的領先數位收購合作夥伴，我們提供了獨特的價值主張，我們希望複製這一點並將其擴展到數位資產生態系統中。

And just also, I want to point out, it directly aligns with our focus on expanding higher-margin verticals, including wealth products. Now on a personal note, I've been very closely studying companies like strategy and Metro Planet that have been like successfully, they have implemented digital asset strategies. And subsequently, they've delivered impressive stock performance. And for me, there are examples highlight the potential shareholder value that can be unlocked through well-considered moves that MoneyHero can make into the space.

我還想指出的是，這與我們擴大高利潤垂直產業（包括財富產品）的重點直接一致。就我個人而言，我一直在密切研究 Strategy 和 Metro Planet 等成功實施數位資產策略的公司。隨後，他們的股票表現令人印象深刻。對我來說，這些例子凸顯了 MoneyHero 透過在該領域採取深思熟慮的舉措可以釋放的潛在股東價值。

Now while we've not yet made any definitive decisions regarding any additional investments, we are -- we remain a proactive and open-minded. And given our strong cash position, and as you can see, a very disciplined capital allocation approach, we are actively evaluating strategic opportunities in digital assets. We're carefully assessing the risk, the potential benefits and also the alignment with our long-term objectives.

現在，雖然我們尚未就任何額外投資做出任何最終決定，但我們仍然保持積極主動和開放的態度。鑑於我們強大的現金狀況，以及如您所見的非常嚴謹的資本配置方法，我們正在積極評估數位資產的策略機會。我們正在仔細評估風險、潛在利益以及與長期目標的一致性。

Okay. Great. And then on the cost of revenue, that fell quite a bit. You had really nice margin improvement. Can you talk about if that's a margin range you expect going forward as you get to that $100 million revenue, or if the cost structure is going to change at all as you scale up?

好的。偉大的。然後就收入成本而言，下降了不少。您的利潤率確實得到了很大的提高。您能否談談，當您達到 1 億美元的收入時，您預計的利潤範圍是否是這樣的，或者隨著規模的擴大，成本結構是否會改變？

Sure. I'll take that question. So the meaningful reduction in our cost of revenue from $14.1 million down to $6.4 million year over year, this represents a decrease from 64% to just 44% of revenue. It is a direct result of a carefully executed strategy designed for sustainable profitability rather than a mere short-term cost cutting.

當然。我來回答這個問題。因此，我們的收入成本比去年同期大幅下降，從 1,410 萬美元降至 640 萬美元，這意味著收入佔比從 64% 降至 44%。這是精心執行的可持續獲利策略的直接結果，而不是僅僅為了短期成本削減。

Now let me break down exactly how we have achieved this. First, we have dramatically optimized our rewards and promotional programs, reducing our spending in this area by over 50% year over year. Critically, we've accomplished this while maintaining robust conversion rate. This efficiency gain was possible because we now leverage a large, engaged member base of over 8 million users.

現在讓我詳細解釋一下我們是如何實現這一目標的。首先，我們大幅優化了獎勵和促銷計劃，使該領域的支出比去年同期減少了 50% 以上。至關重要的是，我們在保持強勁的轉換率的同時實現了這一目標。之所以能夠提高效率，是因為我們目前擁有超過 800 萬用戶的龐大且活躍的會員基礎。

By employing advanced data analytics and target AI-driven strategy, we ensure incentives reach the right users at precisely the right time, significantly improving ROI. Second, we have intentionally shift our revenue mix towards higher margin, higher quality verticals like insurance and wealth management. This segment now contributed roughly 25% of total revenue, an increase of 11 points year over year, and they offer inherently better unit economics. For example, our recently launched car insurance products in Singapore and Hong Kong now only offer superior user experience with real-time price comparison, but they also create predictable recurring revenue through annual policy renewals for us.

透過採用先進的數據分析和目標人工智慧驅動策略，我們確保激勵措施在適當的時間到達正確的用戶，從而顯著提高投資回報率。其次，我們有意將收入結構轉向利潤率更高、品質更高的垂直領域，例如保險和財富管理。該部門目前貢獻了總收入的約 25%，同比增長 11 個百分點，並且其本質上提供了更好的單位經濟效益。例如，我們最近在新加坡和香港推出的汽車保險產品現在不僅透過即時價格比較提供卓越的用戶體驗，而且還透過年度保單續保為我們創造可預測的經常性收入。

And regarding potential impact on our top line growth, yeah, in the immediate terms, we have accepted a trade-off, prioritizing quality and margin expansion over rapid less profitable volume growth, but this decision is strategic and deliberate. By advertising profitability and sustainability now, we are laying the groundwork for stronger and more predictable long-term growth.

至於對我們營業收入成長的潛在影響，是的，就目前而言，我們已經接受了一種權衡，優先考慮品質和利潤率擴張，而不是快速、利潤較低的銷售成長，但這項決定是策略性的、深思熟慮的。透過現在宣傳獲利能力和永續性，我們正在為更強勁、更可預測的長期成長奠定基礎。

In short, while our near-term revenue growth might be more measured, we are confident that this disciplined approach positions us far better in the long run. Our focus on high-margin recurring revenue streams, such as insurance renewal and wealth products means we are building lasting customer relationships and sustainable growth engines that compound value year-after-year. Thank you.

簡而言之，雖然我們的短期收入成長可能更加謹慎，但我們相信，從長遠來看，這種嚴謹的方法將使我們處於更有利的地位。我們專注於高利潤的經常性收入流，例如保險續保和財富產品，這意味著我們正在建立持久的客戶關係和可持續的成長引擎，使價值逐年增加。謝謝。

And then on the operating structure, you touched on the AI integration in the prepared remarks. What kind of increases do you expect on the operating costs as you scale to that $100 million revenue?

然後關於營運結構，您在準備好的演講中提到了人工智慧整合。當您的收入擴大到 1 億美元時，您預計營運成本會增加多少？

Yeah. Okay. Let me take this question as well. The significant improvement we have delivered in our operating cost structure are indeed foundational to how we will run the business moving forward. To put this clearly, our recent cost reduction with advertising and marketing down 25%, technology expense down 56%, employee expense reduced by 26% and general and administrative costs down 8% year over year are not temporary measures. They represent a structural reset to a leaner, more disciplined and sustainable operating model.

是的。好的。我也來回答這個問題。我們在營運成本結構方面取得的顯著改善確實為我們未來如何開展業務奠定了基礎。明確地說，我們最近削減的成本（廣告和行銷費用下降 25%，技術費用下降 56%，員工費用下降 26%，一般和行政費用同比下降 8%）並不是臨時措施。它們代表著一種結構性的重置，即一種更精簡、更規範、更永續的營運模式。

Now as we aim to significantly accelerate our revenue growth, particularly in the second half of 2025, we do anticipate some incremental increase in operating costs. However, importantly, these costs will grow at a far slower rate than revenue. Our technology infrastructure, data platform and operational processes are now designed to scale efficiently.

現在，我們的目標是大幅加快收入成長，特別是在 2025 年下半年，我們預計營運成本將會增加。然而，重要的是，這些成本的成長速度將遠低於收入的成長速度。我們的技術基礎設施、資料平台和營運流程現在都設計為可有效擴展。

This means we can accommodate substantial increases in transaction volume and user engagement without proportionally higher expenses, enabling significant operating leverage. We are also strategically directing investment towards high-margin verticals like insurance and wealth management, areas crucial to our profitability and margin expansion strategy. Investments here -- investments here not only boosted our revenue mix, but also contribute directly to healthier long-term profitability and recurring revenue streams.

這意味著我們可以在不相應增加費用的情況下適應交易量和用戶參與度的大幅增長，從而實現顯著的營運槓桿。我們也策略性地將投資導向保險和財富管理等高利潤垂直領域，這些領域對我們的獲利能力和利潤率擴張策略至關重要。這裡的投資－這裡的投資不僅提高了我們的收入結構，而且直接促進了更健康的長期獲利能力和經常性收入流。

Additionally, our adoption of AI-driven automation across key business processes such as customer service, content generation and operational workflows further enhance our ability to scale profit -- to scale profitably. This automation reduce manual tasks, boost productivity and elevates customer experience, allowing us to maintain quality and trust while efficiently managing cost growth.

此外，我們在客戶服務、內容生成和營運工作流程等關鍵業務流程中採用人工智慧驅動的自動化，進一步增強了我們擴大利潤的能力——實現盈利擴大。這種自動化減少了手動任務，提高了生產力並提升了客戶體驗，使我們能夠保持品質和信任，同時有效地管理成本成長。

Ultimately, our disciplined approach ensures that any incremental costs we take on is intentional and directly tied to profitable growth initiatives. So by maintaining this balance of strategic investment and rigorous cost discipline, we are confident we can achieve our ambitious revenue targets, deliver expanding margins and create sustainable long-term value for our shareholders and customers alike.

最終，我們嚴謹的方法確保我們承擔的任何增量成本都是有意的，並且與獲利成長計劃直接相關。因此，透過維持策略性投資和嚴格的成本控制之間的平衡，我們有信心實現雄心勃勃的收入目標，提高利潤率，並為股東和客戶創造可持續的長期價值。

Niki (inaudible), Avenue.

尼基（聽不清楚），大道。

Yeah. Your gross margins have improved year over year. What were the biggest driver of that margin expansion? And how sustainable are they going forward?

是的。你們的毛利率逐年調高。利潤率擴大的最大驅動力是什麼？它們未來的發展能有多永續？

Yeah. Let me take this. Our gross margin expansion has been a deliberate outcome of the strategic choices we made starting mid-2024. And I would like to point out like three core drivers to it.

是的。讓我來接手這個。我們的毛利率擴張是我們從 2024 年中期開始做出的策略選擇的必然結果。我想指出三個核心驅動因素。

Number one, is our revenue mix shift. We've reduced our reliance on low-margin verticals like credit cards, which, as we pointed out, now represents 57% of our revenue, it's down from 70%. And we are scaling and have scaled high-margin segments like insurance and wealth, which now contributes 25% of our revenue. These -- structurally, they carry better unit economics. That's number one.

第一，我們的收入結構發生了變化。我們減少了對信用卡等低利潤垂直行業的依賴，正如我們所指出的，信用卡目前占我們收入的 57%，低於先前的 70%。我們正在擴大規模，並且已經擴大了保險和財富等高利潤領域的規模，這些領域目前占我們收入的 25%。從結構上來說，它們具有更好的單位經濟效益。這是第一點。

Number two, is our cost of revenue optimization. We've significantly reduced our rewards and fulfillment costs, primarily by improving targeting of our promotional spend and economics. Now as a clear market leader, we no longer face direct competitive pressures requiring us to maintain higher reward spending. Also as the leading digital acquisition partner for majority of the banks in the region, we also offer a unique value proposition with our ability to secure favorable bespoke offers and more attractive commercial terms. We also reduced our reliance on paid marketing, and this is benefiting from stronger organic traffic growth, driven by content investments, SEO optimization and an improved data platform.

第二，我們的收入成本優化。我們大幅降低了獎勵和履行成本，主要是透過提高促銷支出和經濟效益的針對性。現在，作為明顯的市場領導者，我們不再面臨要求我們維持更高獎勵支出的直接競爭壓力。此外，作為該地區大多數銀行的領先數位收購合作夥伴，我們還能夠提供獨特的價值主張，確保獲得優惠的客製化報價和更具吸引力的商業條款。我們也減少了對付費行銷的依賴，這得益於內容投資、搜尋引擎優化和改進的數據平台推動的更強勁的自然流量成長。

And the third point is our product and UX improvements. Our advancements to UI and UX and funnel performance have improved conversions, allowing us to drive the same or better outcomes with less spend. Now a good example is our recently launched Three- Click Travel Insurance flow, which has significantly reduced friction and also improved customer conversions.

第三點是我們的產品和使用者體驗的改進。我們在 UI 和 UX 以及漏斗效能方面的進步提高了轉換率，使我們能夠以更少的支出獲得相同或更好的結果。一個很好的例子就是我們最近推出的「三次點擊旅遊保險」流程，它大大減少了摩擦，也提高了客戶轉換率。

Now looking forward, we believe these gains are sustainable. Our margin profile will continue to benefit from growth in recurring and advisory-driven verticals like insurance, wealth and lending. We've rebuilt the business with efficiency in mind, and that margin leverage is now coming through consistently.

展望未來，我們相信這些收益是可持續的。我們的利潤率狀況將繼續受益於保險、財富和貸款等經常性和諮詢驅動的垂直行業的成長。我們在重建業務時始終注重效率，利潤槓桿現在持續發揮作用。

Okay. Second for your explanation. Can you elaborate on the early traction you are seeing from the bolttech partnership in car insurance? And how meaningful is this to your long-term recurring revenue strategy?

好的。其次是您的解釋。您能否詳細說明您從 Bolttech 合作中看到的汽車保險早期發展情況？這對您的長期經常性收入策略有多大意義？

Absolutely. The partnership with bolttech is strategically significant and transformative for our insurance business, and let me spend some time just breaking this down clearly.

絕對地。與 bolttech 的合作對於我們的保險業務具有戰略意義和變革性，讓我花點時間清楚地解釋這一點。

Number one is the massive market opportunity. When you think about car insurance, it's mandatory in both Singapore and Hong Kong, yet today, many consumers will still default to policies sold directly through car dealerships. And these are often at significantly high prices. So that's a massive opportunity for us to help users compare and find the right protection and saving hundreds of dollars in the process.

第一是巨大的市場機會。當您考慮汽車保險時，它在新加坡和香港都是強制性的，但今天，許多消費者仍然默認選擇透過汽車經銷商直接銷售的保單。而且這些產品的價格通常相當高。因此，這對我們來說是一個巨大的機會，可以幫助用戶比較並找到合適的保護措施，並在此過程中節省數百美元。

The second is -- which I mentioned is an industry-first and a market-first innovation. Now historically, the insurance purchase journey across our region has been quite cumbersome. Believe it or not, there's no real-time pricing, very poor digital experiences and a complicated fulfillment process. Now what we've launched with bolttech in Hong Kong and Singapore is genuinely unique and market-leading, a fully embedded end-to-end digital experience that provides real-time price quotes and a seamless on-platform purchase.

第二個是──我提過，這是業界首創、市場首創的創新。從歷史上看，我們地區的保險購買過程相當繁瑣。不管你信不信，這裡沒有即時定價，數位體驗非常差，而且履行流程也很複雜。現在，我們與 bolttech 在香港和新加坡合作推出的產品是真正獨特且市場領先的，它是一種完全嵌入式的端到端數位體驗，可提供即時價格報價和無縫的平台購買。

I mentioned the early results are encouraging. The initial traction has actually exceeded our expectations. The conversion rates are significantly higher than the previous funnel. And I think this strong unit economics allows us to confidently drive more volume into this funnel knowing that the economics are working well.

我提到早期的結果令人鼓舞。最初的牽引力實際上已經超出了我們的預期。轉換率明顯高於先前的漏斗。我認為，強大的單位經濟效益使我們能夠自信地將更多的銷售量推向這個管道，因為我們知道經濟效益良好。

This is -- this partnership also strategically enables us to now build a book of recurring revenue through the policy renewals, significantly increasing the lifetime value per customer over time. And importantly, these insurance customers also demonstrate higher propensity to explore and purchase across our broader financial product catalog, and this also again further boosts our customer lifetime value.

從策略上講，這種合作關係也使我們能夠透過保單續約建立經常性收入帳簿，從而顯著提高每個客戶的終身價值。重要的是，這些保險客戶也表現出更高的探索和購買我們更廣泛的金融產品目錄的傾向，這也進一步提升了我們的客戶終身價值。

The -- this -- I've spoken about this in the past, our build -- our buy or build strategy, and this partnership actually aligns perfectly with the strategy where we can leverage world-class technologies rather than building everything in house. Now bolttech is a global leader in insurance technology, and we share a common investor. So we benefit directly from their technology, their expertise and an accelerated go-to-market capability.

我過去曾談到這一點，我們的建構——我們的購買或建構策略，這種合作關係實際上與我們可以利用世界一流的技術而不是在內部建立一切的策略完美契合。現在bolttech是保險科技領域的全球領導者，我們擁有共同的投資者。因此，我們直接受益於他們的技術、專業知識和加速的上市能力。

We are also exploring the possibility of leveraging bolttech's insurance license in Taiwan. We are a licensed broker in the other three markets. So this gives us an opportunity to also look at insurance in Taiwan to support further growth.

我們也正在探索利用 bolttech 在台灣的保險牌照的可能性。我們是其他三個市場的持牌經紀商。因此，這讓我們有機會關注台灣的保險業，以支持其進一步成長。

And finally, we are collaborating with bolttech to launch embedded insurance products. An example would be device protection for all the attractive rewards we offer, and this further expands monetization, but also a better customer engagement opportunity.

最後，我們正在與bolttech合作推出嵌入式保險產品。一個例子是，我們提供的所有有吸引力的獎勵都具有設備保護功能，這不僅進一步擴大了貨幣化，而且還提供了更好的客戶參與機會。

So in short, this bolttech partnership is not merely a tactical initiative. It's a strategic step change in our insurance business that's driving both immediate and a sustained margin accretive growth.

簡而言之，與 Bolttech 的合作不僅僅是一項戰術舉措。這是我們保險業務的策略性轉變，它將推動利潤率的即時和持續成長。

Vincent Chen, (inaudible) Securities.

Vincent Chen，（聽不清楚）證券。

This is Vincent from (inaudible). So congrats on the strong results in the first quarter. I have a quick question regarding the Credit Hero Club partnership. Could you elaborate on that strategic value of the TransUnion collaboration, also particularly how it enhances your monetization potential and the user engagement metrics?

這是 Vincent（聽不清楚）。恭喜第一季取得的強勁業績。我有一個簡單的問題，關於 Credit Hero Club 合作關係。您能否詳細說明與 TransUnion 合作的策略價值，特別是它如何增強您的獲利潛力和用戶參與度指標？

Absolutely. Thank you, Vincent. Now Credit Hero Club is a core part of our strategy, firstly, to deepen user engagement, enhance the approval rates and improve our monetization, especially in lending and credit cards. Now while partnering with TransUnion, and with the user's consent, we now gain access to real-time credit data, and this will allow us to make personalized recommendations based on the user's actual credit profiles, not just their stated preferences. And this is powerful for several reasons.

絕對地。謝謝你，文森。現在，Credit Hero Club 是我們策略的核心部分，首先，加深用戶參與度，提高批准率，提高我們的貨幣化程度，特別是在貸款和信用卡方面。現在，透過與 TransUnion 合作，並在用戶同意的情況下，我們現在可以存取即時信用數據，這將使我們能夠根據用戶的實際信用狀況（而不僅僅是他們所聲明的偏好）提出個人化建議。出於多種原因，這一做法非常有效。

Firstly, higher approval rates. Users are now matched precisely with products that they are more likely to be approved for, and this significantly boosts our conversion rates both for MoneyHero and our financial partners.

一是提高批准率。現在，用戶可以與他們更有可能獲得批准的產品精確匹配，這大大提高了 MoneyHero 和我們的金融合作夥伴的轉換率。

Number two, is an increased user retention and engagement. Now credit monitoring, score tracking, and financial insights helps us transform from just a onetime comparison destination into a trusted financial platform that uses revisit regularly.

第二，提高用戶保留率和參與度。現在，信用監控、分數追蹤和財務洞察幫助我們從一次性的比較目的地轉變為定期使用重訪的可信賴的金融平台。

The other thing is just rich data and very tailored cross-selling. The credit profiles now provides a wealth of data and insights that we can leverage to tailor recommendations across our entire product portfolio, including insurance and wealth products. And again, this deepens our engagement and enhances our user satisfaction.

另一件事就是豐富的數據和非常有針對性的交叉銷售。信用狀況現在提供了豐富的數據和見解，我們可以利用這些數據和見解為我們的整個產品組合（包括保險和財富產品）提供客製化建議。這再次加深了我們的參與度並提高了用戶滿意度。

And finally, higher quality and just higher lifetime value users. Users who actively monitor, they check and work on improving their credit scores typically represent higher quality customers with greater lifetime value. They tend to engage more deeply across our platform. And again, this drives higher monetization over time.

最後，用戶品質更高，終身價值也更高。積極監控、檢查並努力提高信用評分的用戶通常代表具有更高終身價值的更高品質客戶。他們傾向於更深入地參與我們的平台。並且，隨著時間的推移，這將推動更高的貨幣化。

So again, strategically, the Credit Hero Club now shifts us towards a locked-in and a data-driven engagement model, and this positions MoneyHero again for recurring monetization, it unlocks new premium product opportunities, be it financial coaching or prequalified lending, and just meaningfully expands the lifetime customer value.

因此，從策略上講，Credit Hero Club 現在將我們轉向鎖定和數據驅動的參與模式，這使 MoneyHero 再次實現經常性貨幣化，它釋放了新的優質產品機會，無論是財務指導還是預先批准的貸款，並且有意義地擴大了終身客戶價值。

Okay. And a follow-up question on the industry consolidation. So given the consolidation trends we've observed in the mature markets, developed markets like in the UK, US, so how do you view the competitive landscape evolution in Southeast Asia in SEA?

好的。以及有關行業整合的後續問題。那麼，鑑於我們在成熟市場、英國、美國等已開發市場觀察到的整合趨勢，您如何看待東南亞的競爭格局演變？

And with the current -- your current market position, your leading market position and strong balance sheet, what's your capital allocation strategy regarding both the shareholder returns and also other strategic moves, potential M&A opportunities, something like that?

那麼，就您目前的市場地位、領先的市場地位和強勁的資產負債表而言，您在股東回報和其他策略舉措、潛在的併購機會等方面的資本配置策略是什麼？

Great question, Vincent. Now I've spent a lot of time, as you mentioned, studying successful businesses in the UK and US, and I fully expect the financial aggregation market to evolve along a similar path, just like those mature markets you mentioned like UK and US.

好問題，文森特。正如您所說，我花了很多時間研究英國和美國的成功企業，我完全相信金融聚合市場會沿著類似的道路發展，就像您提到的英國和美國等成熟市場一樣。

Now a bit of history. A decade ago, this region was crowded with multiple smaller platforms, now many of which have since exited or consolidated. Today, MoneyHero has clearly emerged as the dominant market leader. Our revenues are roughly 3 times that of our nearest competitor, and we see the scale-driven gap continuing to widen.

現在回顧一下歷史。十年前，這個地區擠滿了多個較小的平台，現在其中許多平台已經退出或合併。如今，MoneyHero 已明顯成為市場主導者。我們的收入大約是我們最接近的競爭對手的三倍，而且我們看到規模驅動的差距繼續擴大。

Now given the current market conditions, with many fintech start-ups facing cash constraints and difficulty raising funds, we expect this consolidation trend to accelerate. We believe there will be attractive opportunities ahead as smaller or distressed players look for strategic partnership or exits. You are right, with our strong cash position and a debt-free balance sheet and a significant regional footprint, we are the only ones in Hong Kong, Singapore and Taiwan, MoneyHero is uniquely positioned to capitalize on these consolidation opportunities.

鑑於目前的市場狀況，許多金融科技新創公司面臨現金限制和融資困難，我們預期這種整合趨勢將會加速。我們相信，隨著規模較小或陷入困境的企業尋求策略合作或退出，未來將會出現誘人的機會。您說得對，憑藉我們強大的現金狀況、無債務的資產負債表和廣泛的區域影響力，我們是香港、新加坡和台灣地區唯一的 MoneyHero，具有獨特的優勢來利用這些整合機會。

And additionally, when you think about it, our strategic partnerships, such as bolttech in insurance, TransUnion in credit, we're really trying to further strengthen this entire ecosystem that gives us both the scale as well as the technological advantage that no other regional player can replicate.

此外，想想看，我們的策略合作夥伴關係，例如保險業的 bolttech、信貸業的 TransUnion，我們確實在努力進一步加強整個生態系統，這為我們提供了其他地區參與者無法複製的規模和技術優勢。

But I want to be clear, we are very highly disciplined. Yes, we have the cash on hand, but we are very closely watching for opportunities that can enhance our market leadership, that can expand our product capabilities or that can further improve our margin profile. Any potential move must be strategically compelling. It must be clearly accretive and synergistic with our core business.

但我想明確一點，我們的紀律非常嚴格。是的，我們手頭上有現金，但我們正在密切關注可以增強我們的市場領導地位、可以擴大我們的產品能力或可以進一步改善我們的利潤狀況的機會。任何潛在的舉措都必須具有策略吸引力。它必須與我們的核心業務有明顯的增值和協同作用。

We do see this evolution as a natural next stage for our industry, and I do believe we are very well-placed financially, strategically and operationally to lead and benefit from this next phase of growth.

我們確實將這種演變視為我們行業自然而然的下一階段，我確實相信我們在財務、策略和營運方面都處於非常有利的位置，可以引領下一階段的成長並從中受益。

At this time, we have no more questions from the line. Allow me to hand the call back to Rohith for closing remarks.

目前，我們沒有其他問題。請容許我將電話轉回給羅希特，請他做最後發言。

Thank you all for those great questions. And thank you for the entire MoneyHero team for all the hard work. I'm really pleased, as I mentioned, with the Q1 results, and I look forward to be back to share with the Q2 results in the coming months. Have a great evening, wherever you are. Thank you.

感謝大家提出這些很棒的問題。並感謝整個 MoneyHero 團隊的辛勤工作。正如我所提到的，我對第一季的業績感到非常滿意，並期待在未來幾個月內回來分享第二季的業績。無論您身在何處，祝您有個愉快的夜晚。謝謝。

That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。