MoneyHero Ltd (MNY) 2025 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to MoneyHero's 2025 second-quarter earnings conference call. Joining me on this call today are Rohith Murthy, CEO; and Danny Leung, CFO. Our earnings release was issued earlier today and is now available on our IR website as well as via Global Newswire service.

大家好。感謝您的加入，歡迎參加 MoneyHero 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有執行長 Rohith Murthy 和財務長 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 網站以及全球新聞專線服務上查閱。

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 statement in our earnings press release, which applies to this call. In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purpose only.

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。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。

For reconciliation of the non-IFRS measures to the most directly comparable IFRS measures, please refer to our earnings release and SEC filings. All material referenced will be in USdollars, unless otherwise stated. Lastly, a replay of this conference call will be available on our IR website.

有關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，所有引用的資料均以美元為單位。最後，本次電話會議的重播將在我們的 IR 網站上提供。

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

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

Thank you, and thanks to everyone for joining. When I became CEO last year, we set a simple goal: reshape MoneyHero for durable, profitable growth, prioritize quality over quantity, compound gross profit and operating discipline. Q2 shows that plan working. Revenue mix continues to shift towards higher-margin verticals. Cost of revenue is down materially and adjusted EBITDA losses again.

謝謝，也謝謝大家的加入。去年我出任執行長時，我們設定了一個簡單的目標：重塑 MoneyHero，實現持久、獲利的成長，重質不重，實現複合毛利和經營紀律。Q2 顯示該計劃正在發揮作用。收入結構繼續向利潤率更高的垂直行業轉變。收入成本大幅下降，調整後的 EBITDA 再次出現虧損。

This puts us firmly on track for positive adjusted EBITDA in the second half of 2025. We are carrying strong momentum into H2, driven by over 20% sequential growth and a clear path to achieving our EBITDA goals. Now for Q2 at a glance, we generated $80 million in revenue.

這使我們預計在 2025 年下半年實現正調整後 EBITDA。我們正帶著強勁的勢頭進入下半年，這得益於超過 20% 的連續成長和實現 EBITDA 目標的明確途徑。現在看一下第二季度，我們的營收為 8000 萬美元。

Adjusted EBITDA came in at a loss of $1.95 million. Cost of revenue was 51% and around 27% of total revenue was contributed by insurance and wealth. We also reported net income of $0.2 million in the quarter. From Q1 to Q2, revenue grew by over 20% sequentially. This all reflects strong execution on the key levers we have prioritized, mix, margin and operating discipline.

調整後的 EBITDA 虧損 195 萬美元。收入成本佔 51%，總收入中約 27% 來自保險和財富。我們也報告本季淨收入為 20 萬美元。從第一季到第二季度，營收季增超過20%。這一切都反映了我們優先考慮的關鍵槓桿、組合、利潤和營運紀律的強勁執行。

Now for the progress versus the goals we set out in 2024, we organized execution around 5 pillars: consumer pull, conversion expertise, insurance brokerage, strong provider partnerships and operating leverage. We've stayed on that trumbeat. Traffic is getting smarter, journeys are faster, insurance and wealth are rising as a share of revenue and our cost base is leaner even as product velocity increases. Now for the business highlights, I will focus on four key areas. First, we are in insurance and wealth, including in the digital asset space.

現在，就我們在 2024 年制定的目標的進展而言，我們圍繞著五大支柱組織執行：消費者拉動、轉化專業知識、保險經紀、強大的供應商合作夥伴關係和營運槓桿。我們一直保持著這種號角聲。交通越來越智能，旅程越來越快捷，保險和財富在收入中所佔的份額不斷上升，即使產品速度加快，我們的成本基礎也越來越精簡。現在介紹一下業務亮點，我想重點講四個方面。首先，我們涉足保險和財富領域，包括數位資產領域。

Auto insurance is scaling with real-time pricing and end-to-end digital journeys across Hong Kong and Singapore. This has significantly boosted win rates as our integrations deepen. Travel insurance is now a 3-click purchase with materially higher completion rates In wealth, we've broadened our marketplace. This includes regulated collaborations with leading digital asset platforms like OSL, giving our consumers more choice through our disciplined regulatory first approach. Now to be clear, OSL is not a one-off.

汽車保險正在透過香港和新加坡的即時定價和端到端數位化旅程擴大規模。隨著我們整合的深入，這顯著提高了成功率。現在，只需 3 次點擊即可購買旅遊保險，且完成率大幅提高。在財富方面，我們拓寬了市場。這包括與 OSL 等領先的數位資產平台進行受監管的合作，透過我們嚴格的監管優先方法為我們的消費者提供更多選擇。現在要明確的是，OSL 並不是一次性的。

It reflects a measured, pragmatic strategy to participate in the digital asset space through license partners, ensuring both strong consumer utility and robust compliance.

它體現了一種透過許可合作夥伴參與數位資產領域的審慎、務實的策略，確保了強大的消費者效用和嚴格的合規性。

Second, our provider partnerships are strengthening our monetization engine. Our MoneyHero Best of Awards in Singapore attracted over 170 clients, enabling us to strengthen our partner relationships, unlock new fixed fee opportunities and significantly bolster our brand, effectively converting the trust in our ecosystem into high-quality revenue.

其次，我們與供應商的合作關係正在加強我們的貨幣化引擎。我們在新加坡獲得的 MoneyHero 最佳獎項吸引了超過 170 位客戶，這使我們能夠加強合作夥伴關係、發掘新的固定費用機會並顯著提升我們的品牌，從而有效地將對我們生態系統的信任轉化為高品質的收入。

Third, we are further realizing the potential of AI integration in our operations with clear and measurable outcomes. We are operationalizing AI with rewards intelligence, approval intelligence, yield intelligence and AI assisted service going live in select scenarios with holdouts and guardrails firmly in place. We're also lowering CAC per approved application, improving approval quality and raising first contact resolution. This approach is allowing us to deliver more with a flat headcount.

第三，我們正在進一步實現人工智慧在我們營運中的整合潛力，並取得明確且可衡量的成果。我們正在將獎勵智能、審批智能、收益智能和人工智慧輔助服務應用於特定場景，並嚴格設定限制和護欄。我們還降低了每個批准申請的 CAC，提高了批准品質並提高了首次聯繫解決率。這種方法使我們能夠在員工人數不變的情況下提供更多服務。

And fourth, our unwavering cost discipline is driving real operating leverage. Our operating expenses remain tight as we continue to modernize our technology stack and tools. That discipline, paired with our shift to higher-margin verticals drive sequential EBITDA improvement even as we invest in our business road map and partner integrations.

第四，我們堅定不移的成本紀律正在推動真正的經營槓桿。隨著我們不斷更新我們的技術堆疊和工具，我們的營運費用仍然很緊張。這項紀律，加上我們向利潤率更高的垂直行業的轉變，推動了 EBITDA 的連續改善，即使我們投資於我們的業務路線圖和合作夥伴整合。

Now let's turn our attention to our outlook guidance and our broader value creation framework. Now looking ahead, our H2 guidance reflects continued growth and profitability. We saw encouraging sequential revenue growth of over 20% from quarter one and expect to achieve similar levels of sequential revenue growth throughout the second half of the year. This trajectory will keep us on track for adjusted EBITDA breakeven in the second half of 2025, and we expect this to be driven by new bank and insurer actions, insurance and scaling and also our fixed fee programs. In general, we believe the current market environment is positive for fintech that combine profitable growth with visible catalysts and our H2 plan is built around those catalysts.

現在讓我們將注意力轉向我們的展望指導和更廣泛的價值創造框架。展望未來，我們的下半年指引反映了持續的成長和獲利能力。我們看到第一季的營收連續成長超過 20%，令人鼓舞，預計今年下半年的營收將實現類似的連續成長水準。這一軌跡將使我們在 2025 年下半年實現調整後的 EBITDA 收支平衡，我們預計這將受到新銀行和保險公司的行動、保險和擴展以及我們的固定費用計劃的推動。總體而言，我們認為當前的市場環境對金融科技是有利的，它將獲利成長與可見的催化劑結合在一起，而我們的 H2 計畫就是圍繞這些催化劑所製定的。

This confidence is also built on our market leadership and industry consolidation. We are in a uniquely strong position, 8.6 million members, rising exposure to high-margin verticals, 260-plus provider partnerships and the strategic connectivity of our backers, all in markets experiencing attractive long-term adoption of digital finance. This creates a dispensable flywheel that we continue to compound.

這種信心也建立在我們的市場領導地位和產業整合之上。我們擁有獨特的優勢地位，擁有 860 萬會員，在高利潤垂直領域的曝光率不斷上升，與 260 多家供應商建立了合作夥伴關係，並且與我們的支持者建立了戰略聯繫，所有這些都發生在長期採用數位金融的有吸引力的市場中。這就形成了一個可有可無的飛輪，我們將繼續對其進行複合。

Now as the market consolidates our scale, balance sheet strength and partner ecosystem puts us in full position. As such, we will act only when opportunities are strategically aligned and return equities. Now as for the next two, three years, we see a clear cost to achieving 5% to 10% adjusted EBITDA margins. We expect this to be driven by our market leadership, improved revenue mix and quality, renewal economics and insurance, recurring wealth, monetization and an AI-enabled operating leverage.

現在，隨著市場鞏固我們的規模，資產負債表實力和合作夥伴生態系統使我們處於完全有利地位。因此，只有當機會具有策略意義並能帶來回報時，我們才會採取行動。現在，就未來兩三年而言，我們看到實現 5% 至 10% 調整後 EBITDA 利潤率的明顯成本。我們預計這將由我們的市場領導地位、改善的收入組合和品質、更新經濟和保險、經常性財富、貨幣化和人工智慧支援的營運槓桿所推動。

That said, these are objectives, not formal guidance. We will continue to report progress with clarity and discipline. In closing, it's clear we are a simpler, stronger and more focused company than we were a year ago. This is reflected in our improved mix, rising margins and controlled operating expenses. Our H2 priorities, 20% or more sequential growth, EBITDA breakeven and measured expansion in high-margin verticals are already in motion.

話雖如此，這些只是目標，而不是正式指導。我們將繼續清晰、規範地報告進度。最後，很明顯，與一年前相比，我們是一家更簡單、更強大、更專注的公司。這體現在我們改進的產品組合、不斷上升的利潤率和控制的營運費用。我們的下半年重點工作是實現 20% 或更高的連續成長、實現 EBITDA 盈虧平衡以及在高利潤垂直領域的穩步擴張，這些都已在實施中。

With that, thank you to our teams, partners and communities, your dedication and ingenuity empower us as we face the future, confident in our ability to deliver continued growth and profitability.

在此，感謝我們的團隊、合作夥伴和社區，你們的奉獻精神和創造力賦予我們力量，讓我們面向未來，對實現持續成長和盈利的能力充滿信心。

Now I'll hand it to Danny to discuss the financials.

現在我將把財務問題交給丹尼討論。

Thank you, Rohith, and we appreciate everyone taking the time to join us. As Rohith mentioned, when we pivot the business in the second half of 2024, we set very clear financial priorities: improve the quality of revenue, expand gross margins and tighten operating discipline. The numbers you'll hear from us today reinforce that the business model is structurally healthier than it was a year ago. And we are maintaining our clear path to sustainable profitability.

謝謝你，羅希斯，我們感謝大家抽出時間來加入我們。正如 Rohith 所提到的，當我們在 2024 年下半年調整業務時，我們設定了非常明確的財務優先事項：提高收入品質、擴大毛利率和加強營運紀律。您今天從我們這裡聽到的數字進一步證明，我們的商業模式在結構上比一年前更健康。我們始終堅持走可持續獲利的明確道路。

Let me walk through the quarter in more detail, starting with revenue and mix. We reported revenue of $18 million in Q2, down 13% year-over-year. That said, this discipline was the result of a very deliberate measure is our decision to moderate lower margin credit card volume in favor of higher quality, higher-margin verticals. The results show this. Insurance revenue grew from 11% to 14% of total revenue year-over-year.

讓我更詳細地介紹一下本季的情況，首先從收入和組合開始。我們報告第二季的收入為 1800 萬美元，年減 13%。也就是說，這種紀律是經過深思熟慮的措施的結果，即我們決定減少利潤率較低的信用卡交易量，轉而支持質量更高、利潤率更高的垂直行業。研究結果證明了這一點。保險收入佔總收入的比重年增了11%至14%。

And wealth grew from 11% to 13%. While credit cards by design ticked down slightly from 62% to 61%. Taken together, insurance and wealth contributed 27% of group revenue this quarter, up from 22% in the same period last year. This is exactly the kind of mix evolution we set out to achieve, more recurring, more defensible and higher-margin categories.

財富從11%成長到13%。而信用卡設計使用率則從 62% 略為下降至 61%。總體而言，本季保險和財富業務貢獻了集團收入的 27%，高於去年同期的 22%。這正是我們想要實現的組合演變，更具重複性、更具防禦性和更高利潤率的類別。

Now let's turn to gross margins and cost of revenue. Cost of revenue declined at 34% year-over-year, landing at 51% of revenue versus 67% in Q2 of last year. This material improvement reflects disciplined reward collaboration, smart traffic and stronger approval quality. But simply, we are acquiring customers more efficiently and delivering applications with higher approval rates. These translate directly into healthier unit economics and ultimately, strong profitability.

現在讓我們來討論一下毛利率和收入成本。收入成本年減 34%，佔營收的 51%，去年第二季為 67%。這項實質改進體現了規範的獎勵協作、智慧流量和更強的審批品質。但簡單來說，我們正在更有效地獲取客戶，並提供具有更高批准率的申請。這些直接轉化為更健康的單位經濟，並最終轉化為強勁的獲利能力。

On the cost side, operating expenses, excluding net foreign exchange expenses fell 37% year-over-year to $20.6 million. The savings were broad-based, advertising and marketing expenses were down 31%, technology costs down 58%, employee benefit down 45% and G&A expenses down 27%. This reduction reflects a more disciplined and efficient way of operating, making better use of our platforms, processes and tools, while still investing selectively in AI infrastructure, customer acquisition and platform optimization. The result is a cost base that is higher, but also sharper and more productive.

成本方面，不包括淨外匯費用的營運費用年減 37% 至 2,060 萬美元。節省範圍廣泛，廣告和行銷費用下降 31%，技術成本下降 58%，員工福利下降 45%，一般及行政費用下降 27%。這項削減體現了更規範和高效的營運方式，更好地利用了我們的平台、流程和工具，同時仍然有選擇地投資於人工智慧基礎設施、客戶獲取和平台優化。結果是成本基礎更高，但同時也更加精明和高效。

Next, profitability. As a result of the improvement in margins and reduced that operating expenses, profitability strengthened across every measure. Net income was $0.2 million in Q2, compared to a net loss of $12.2 million in the same quarter last year. Adjusted EBITDA loss narrowed to $2 million, an improvement from $3.3 million in Q1 and $9.3 million a year ago.

接下來是獲利能力。由於利潤率的提高和營運費用的減少，各項指標的獲利能力均有所增強。第二季淨收入為 20 萬美元，而去年同期淨虧損為 1,220 萬美元。調整後的 EBITDA 虧損收窄至 200 萬美元，較第一季的 330 萬美元和去年同期的 930 萬美元有所改善。

The numbers paint a clear picture. Sequential progress is consistent and visible. Each quarter, the losses narrow, margins expand and the business becomes more durable. This is exactly the path we are lined and we remain confident in delivering positive adjusted EBITDA in the later part of 2025.

這些數字描繪了一幅清晰的畫面。連續的進展是一致且可見的。每個季度，虧損都在縮小，利潤率擴大，業務也變得更加持久。這正是我們所走的道路，我們仍然有信心在 2025 年下半年實現正向調整後的 EBITDA。

On capital allocation, we remain -- we are deliberately reinvesting to the higher-margin verticals like insurance, personal loans and wealth, which are growing as a share of revenue and over more great economics. We are also leaning into strategic initiatives such as CreditHero clubs with TransUnion in Hong Kong and regulated digital asset collaboration with licensed partners like OSR.

在資本配置方面，我們仍然——我們有意將資金再投資於利潤率更高的垂直領域，如保險、個人貸款和財富，這些領域在收入中所佔的份額正在增長，並且經濟狀況也更加景氣。我們也傾向於採取策略性舉措，例如與香港 TransUnion 合作成立 CreditHero 俱樂部，以及與 OSR 等持牌合作夥伴開展受監管的數位資產合作。

As Rohith mentioned, this is not opportunistic doubling. This is a programmatic, compliant first strategy to participate in the digital asset ecosystem where we can add consumer value responsibly. Going forward, we expect to continue seeing margin expansion and strong operating leverage as the mix continues to improve and our cost discipline holds.

正如羅希斯所提到的，這不是機會主義的加倍。這是參與數位資產生態系統的程序化、合規的首要策略，我們可以負責任地增加消費者價值。展望未來，隨著產品組合的不斷改善和成本控制的持續執行，我們預期利潤率將繼續擴大，經營槓桿也將保持強勁。

The structural improvement are already visible in the numbers, and they provide a strong foundation for the quarters ahead. With that in mind, our financial priorities remain unchanged. Deliver sustainable profitability, strengthen the balance sheet and maximize long-term shareholders' value. We have come a long way in just 1 year.

結構性改善已在數字中顯現，並為未來幾季奠定了堅實的基礎。考慮到這一點，我們的財務重點保持不變。實現可持續盈利，加強資產負債表並最大化長期股東價值。僅用一年時間我們就取得了長足的進步。

Revenue mix is healthier, cost are leaner and margins are materially stronger. With these fundamentals in place, we are entering the second half of 2025 with confidence in both growth and profitability.

收入結構更加健康，成本更加精簡，利潤率大幅提升。有了這些基本面，我們對成長和獲利充滿信心地邁入 2025 年下半年。

That concludes our prepared remarks for today. I will now turn the call over to the operator to begin the Q&A session. Operator, please go ahead.

我們今天的準備演講到此結束。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) William Gregozeski, Greenridge Global.

（操作員指示）William Gregozeski，Greenridge Global。

Rohith, great quarter. I have a couple of questions for you. You've made references to using AI in the business. Can you talk a little bit more in detail on some of the initiatives you're actually doing with it, whether it's cost savings or revenue generation or kind of what the depth of AI you're using is?

Rohith，很棒的一個季度。我有幾個問題想問你。您曾提到在業務中使用人工智慧。您能否更詳細地談談您正在利用它進行的一些實際舉措，無論是節省成本還是創造收入，或者您正在使用的人工智慧的深度如何？

Thanks, Will, sure. We're embedding AI in how we acquire, convert and serve customers. We've sort of really prioritized now production use cases and we have clear holdouts and KPIs. And the impact shows up in a lower cost to serve, a better conversion and faster shipping without adding headcount.

謝謝，威爾，當然。我們正在將人工智慧融入我們獲取、轉換和服務客戶的方式中。我們現在已經真正優先考慮了生產用例，並且我們有明確的堅持和關鍵績效指標 (KPI)。其影響體現在無需增加員工數量的情況下，降低了服務成本，提高了轉換率，並加快了運輸速度。

Now in terms of like what's live now, there are a couple of use cases I can talk about. One is in AI and customer support. We are automating 70% to 80% of incoming inquiries, while maintaining our CSAT. And the benefit is threefold. Number one, there's a 24/7 coverage now, so it's reduced abandonment.

現在就目前的情況而言，我可以談論幾個用例。一是人工智慧和客戶支援。我們正在自動化處理 70% 到 80% 的來電諮詢，同時保持我們的 CSAT。其好處有三重。首先，現在有全天候覆蓋，因此可以減少放棄的情況。

This instant response versus like a multi-minute fuse and just the ability to absorb volume spike without proportional stopping. And as a result, the net effect is we have a lower service cost per case and a higher first contact resolution.

這種即時回應就像幾分鐘的保險絲，只是能夠吸收音量峰值而不會按比例停止。最終結果是，我們每起案件的服務成本更低，首次聯繫解決率更高。

Second, is an AI competitive intelligence platform. So we have an automated collection and analysis of all competitor offers, U.S. changes and discuss manual research time by approximately 90%. Now this feed pricing and reward decisions and really help us prioritize product work where it moves conversion and also improves our approval adjusted CAC and cost per approval.

第二，是AI競爭情報平台。因此，我們自動收集並分析了所有競爭對手的報價、美國的變化，並將手動研究時間減少了約 90%。現在，這可以影響定價和獎勵決策，並真正幫助我們確定產品工作的優先級，從而推動轉化，同時也能提高我們的批准調整後的 CAC 和每次批准的成本。

Now in terms of like near-term revenue drivers, some of them are already and some of them are piloting, one is the Whatsapp AI court agent. This is with the auto insurance we launched in Singapore, and we're testing it and soon to be ready for deployment. What this essentially does is the agent guides the customer from a needs discovery to core comparison and handoff for buying inside a messaging platform like Whatsapp. And we expect meaningful conversion lift versus a web-based user journey.

現在就近期收入驅動因素而言，有些已經存在，有些正在試點，其中之一就是 Whatsapp AI 法庭代理。這是我們在新加坡推出的汽車保險，我們正在對其進行測試，很快就可以部署。這其實就是代理商在 Whatsapp 等訊息平台內引導客戶從需求發現到核心比較和購買交接。我們期望與基於網路的用戶旅程相比，轉換率會有顯著提升。

Second is AI media creation and permeation. Now this is in development. Our goal is 70% to 80% reduction in just pure creative production spend. And just testing cycles. I think hundreds of sort of compliant, variants generated, and we can score them automatically just so that we can scale all of this across these markets.

二是AI媒體創作與滲透。目前，該功能正在開發中。我們的目標是將純創意製作支出減少 70% 到 80%。只是測試週期。我認為已經產生了數百種合規的變體，我們可以自動對它們進行評分，以便我們可以將這些變體擴展到這些市場。

And why all of this matters is just three points. One is the unit economics. We want a lower cost per approval and a lower cost to serve with our cost of rewards held in the low 50s and really improve our gross profit per dollar of revenue.

而這一切為何重要，原因只有三點。一是單位經濟學。我們希望降低每次批准的成本和較低的服務成本，將獎勵成本控制在 50% 以下，並真正提高每美元收入的毛利。

Second is our operating leverage. Automation just allows us to keep head count flat while throughput increases. And finally, conversion and revenue. Guided journeys like the Whatsapp agent I mentioned, it just raises conversion rates and protects the funnel throughput outside business offers.

第二是我們的經營槓桿。自動化只是讓我們在增加產量的同時保持員工人數不變。最後是轉換率和收入。像我提到的 Whatsapp 代理程式這樣的引導旅程，它只是提高了轉換率並保護了業務提供之外的漏斗吞吐量。

Okay. Great. Great. I have three additional questions and there might be some overlap in them. So if you don't mind, I'll just ask all three and you can answer either group or separately, if that makes sense for you.

好的。偉大的。偉大的。我還有三個問題，它們之間可能會有一些重疊。因此，如果您不介意的話，我只會問這三個人，您可以按組回答，也可以單獨回答，如果這對您來說有意義的話。

I was curious about the key growth drivers of -- for 2026 that you're looking for as far as top line and bottom line? And then specifically, what the plans are for the insurance business to build that up and if there's milestones we should look for?

我很好奇，您認為 2026 年營收和利潤的主要成長動力是什麼？那麼具體來說，保險業務的建設計劃是什麼，以及我們應該尋找哪些里程碑？

And then finally, just an update on the wealth and crypto side? And just if you can update on where we are in that process of expanding that business.

最後，只是關於財富和加密方面的更新？請您介紹一下我們在擴展該業務過程中的進展。

Absolutely. Why don't I start with the wealth and crypto, and then I'll talk about the insurance, and then I'll finally touch upon how we're thinking about 2026. So when it comes to wealth, we really view well, including digital assets as an adjacency that extends our marketplace, just beyond just cards and loans.

絕對地。我先從財富和加密貨幣開始，然後談談保險，最後談談我們對 2026 年的看法。因此，當談到財富時，我們確實認為數位資產是擴展我們市場的鄰接物，而不僅僅是信用卡和貸款。

And we do this with a very capital-like partner-led economics. I do want to emphasize our approach is regulatory first. So we route consumers only to license providers in each market, and we monetize this via a mix of a CPA per funded account in some cases, a tier revenue share on flow products or just fixed fee sponsorships.

我們採用非常類似資本的合作夥伴主導的經濟模式來實現這一目標。我確實想強調我們的方法是監管第一。因此，我們僅將消費者引導至每個市場的授權提供者，並且在某些情況下，我們透過每個資助帳戶的 CPA 組合、流量產品的分級收入份額或固定費用贊助來實現這一目標。

Now in terms of like partnerships and initiatives that I can talk about. One is our partnership with oversell in Hong Kong. We announced that collaboration, OSL, a licensed virtual asset platform in Hong Kong. And again, this work stream is focused on compliant onboarding journey, investor education and a campaign-based acquisition. No balance sheet exposure for MoneyHero and no custody of customer assets.

現在我可以談談合作夥伴關係和舉措。一是我們與香港的 Oversell 建立了合作關係。我們宣布了合作，OSL，香港的授權虛擬資產平台。再次強調，這項工作流程的重點是合規的入職流程、投資者教育和基於活動的收購。MoneyHero 無需承擔資產負債表風險，也無需保管客戶資產。

In terms of investment brokers, we continue to partner with a portfolio of licensed retail brokers across Hong Kong and Singapore. Again, these are relationships are a mix of CPA for funded accounts, revenue share on selected products and fixed fee, sort of sponsorships both around product launches and campaigns.

在投資經紀商方面，我們繼續與香港和新加坡的持牌零售經紀商合作。再次強調，這些關係是針對資助帳戶的 CPA、選定產品的收入分成和固定費用、圍繞產品發布和活動的贊助等的混合。

I'll take the insurance question that you mentioned about. Now, for us, insurance is really a compounding engine. And what I mean by that, is it carries structurally for us higher margins. It renews annually in many lines and it really benefits directly from our data, technology and AI start. Now our strategy has three parts when it comes to insurance.

我將回答您提到的保險問題。現在，對我們來說，保險確實是一個複合引擎。我的意思是，它從結構上為我們帶來了更高的利潤。它每年都會在許多方面進行更新，並且確實直接受益於我們的數據、技術和人工智慧。現在我們的保險策略分為三個部分。

One, is expand the supply debt and products; second, streamline our journey, and we're using AI for that; and three, keep tightening the unit economics so that insurance and wealth continues to rise as a share of revenue, while our conversion and profitability improve.

一是擴大供應債務和產品；二是簡化我們的旅程，我們正在使用人工智慧來實現這一目標；三是繼續收緊單位經濟效益，以便保險和財富在收入中的佔比繼續上升，同時我們的轉換率和盈利能力提高。

Now let me talk a little bit about these three strategic sort of drivers. One is expand the supply test and products and we're doing that by rolling out more real-time and end-to-end integration, both in auto and other sort of general insurance across Hong Kong and Singapore. And what that simply means that customers can quote, find and just pay seamlessly on our way.

現在讓我稍微談談這三種策略驅動因素。一是擴大供應測試和產品，我們正在透過在香港和新加坡的汽車和其他類型的一般保險領域推出更多的即時和端到端整合來實現這一目標。這意味著客戶可以透過我們的方式無縫地報價、尋找和付款。

This is a single biggest driver of conversion and economics. I just speak about travel insurance, where we have a three-click purchasing journey that's already live and is delivering more than 40% end-to-end completion in Q2 alone. And we're extending that US to additional products and partners.

這是轉換和經濟的最大驅動力。我剛剛談到旅遊保險，我們有一個三鍵購買流程，該流程已經上線，僅在第二季度就實現了超過 40% 的端到端完成率。我們正在將美國業務擴展到更多產品和合作夥伴。

And finally, we need to broaden the shelf with clients, and we are exploring even life insurance in Singapore via broker partnerships or even just structuring it as a profit share rather than a per lead. Number two, streamlining our journeys and lifting conversions. Now AI is going to be a big part of it. I spoke about our playbook. This is really helping just target shoppers better recommend the right sort of result service faster.

最後，我們需要拓寬與客戶的聯繫，我們甚至正在透過經紀人合作夥伴關係探索新加坡的人壽保險，甚至將其建構成利潤分成而不是以潛在客戶計算。第二，簡化我們的旅程並提高轉換率。現在人工智慧將成為其中的重要組成部分。我談到了我們的劇本。這確實有助於目標購物者更快地推薦正確的結果服務。

And all of this will help us with lower accrual adjusted cash, lower cost per accrual and just shorter fulfillment times.

所有這些都將幫助我們降低應計調整現金、降低每次應計成本並縮短履行時間。

We're really excited about what we're testing with the AI-assisted Whatsapp service. I spoke about in auto insurance in Singapore and we believe this can really improve conversion rates. And you want to take the same sort of playbook also to scale our travel insurance completion rates where we do combine real-time pricing, end-to-end APIs. And as I mentioned, we even have a 3-click design.

我們對使用 AI 輔助 Whatsapp 服務進行測試感到非常興奮。我談到了新加坡的汽車保險，我們相信這確實可以提高轉換率。您也可以採用相同的策略來擴大我們的旅遊保險完成率，我們確實結合了即時定價和端到端 API。正如我所提到的，我們甚至有 3 次點擊設計。

And finally, I spoke about tighter unit economics and monetization. We want to target insurance and wealth as a mix to be around 28% to 30% of group revenue in the second half, and this is very consistent with our second half profitability milestones. And if we can do this while keeping our cost of revenue in the low 50s as Danny mentioned, with smaller reward calibration and approval of our bidding.

最後，我談到了更嚴格的單位經濟和貨幣化。我們希望保險和財富組合在下半年佔集團收入的 28% 至 30% 左右，這與我們下半年的獲利里程碑非常一致。如果我們能夠做到這一點，同時將收入成本保持在 50% 以下，正如丹尼所提到的那樣，並進行較小的獎勵校準和對我們投標的批准。

And combine that with our real strong partner partnerships I spoke about, that come in sponsorship programs, fixed fees. These are really material and repeatable for us. And that's why our MoneyHero's Best of Awards attracted 170-plus clients, and that really reinforces the engagement and monetization. And I think finally, a great question around how we think about 2026, because we are in terms of what the growth levers are.

並將其與我所說的真正的強大的合作夥伴關係相結合，這些合作夥伴關係包括贊助計劃和固定費用。這些對我們來說確實很重要且可重複。這就是為什麼我們的 MoneyHero 最佳獎項吸引了 170 多位客戶，這確實加強了參與和貨幣化。我認為最後一個好問題是我們如何看待 2026 年，因為我們關注的是成長槓桿是什麼。

And frankly, though, the growth levers -- the structure and growth levers are already in place, which we spoke about. And what we're doing is we're building on that prudently as we think about even 2026. And just to recap the growth levers for us, insurance and well scaling. Now we want this mix to continuously improve and contribute 30% or more of our group revenues, and we want this supported by broader end-to-end coverage, a higher core turbine conversions, and as I mentioned, newer product lines in Singapore and Hong Kong.

但坦白說，成長槓桿——結構和成長槓桿已經到位，正如我們所討論的。我們正在做的是，在考慮 2026 年的同時，謹慎地進行這項工作。讓我們回顧一下成長槓桿，即保險和井規模。現在，我們希望這種組合能夠不斷改善並貢獻我們集團收入的 30% 或更多，並且我們希望透過更廣泛的端到端覆蓋、更高的核心渦輪機轉換以及我提到的新加坡和香港的更新的產品線來支持這一點。

Conversion rate improvements, these are continuous. We want to sustain our travel insurance 3-click journeys. We want to scale our auto insurance real-time pricing and end-to-end into more markets, including the Philippines. And as I mentioned, AI-driven efficiency is going to be a very critical part for us to continue lifting high-quality traffic, reducing our CAC and just keeping that operating leverage intact.

轉換率的提高是持續的。我們希望維持我們的旅遊保險「三次點擊」旅程。我們希望將我們的汽車保險即時定價和端到端服務擴展到更多市場，包括菲律賓。正如我所提到的，人工智慧驅動的效率對於我們持續提升高品質流量、降低 CAC 和維持營運槓桿至關重要。

And provider partnerships will continue to be a very, very important structural sort of lever. And on top of that, we're adding new initiatives. We're launching and we'll be monetizing the CreditHero club membership in Hong Kong in partnership with TransUnion, we will have a membership program in Singapore.

供應商合作夥伴關係將繼續成為非常非常重要的結構性槓桿。除此之外，我們也增加了新的措施。我們將與 TransUnion 合作在香港推出 CreditHero 俱樂部會員計畫並將其貨幣化，我們也將在新加坡推出會員計畫。

And all this -- what it does is it really deepens our consumer engagement and newer revenue streams. I just speak about the fact that we're also exploring like insurance partnerships in Singapore and Hong Kong. And then when it comes to Philippines, we truly want to digitally transform the Philippines market. We believe by doing this, we can really unlock like newer growth opportunities even in cards and personal loans, again, supported by our provider partnerships there.

而這一切——它的作用是真正加深我們的消費者參與度和新的收入來源。我只是想說，我們也在探索與新加坡和香港的保險合作。說到菲律賓，我們確實希望實現菲律賓市場的數位轉型。我們相信，透過這樣做，我們可以真正釋放新的成長機會，甚至在信用卡和個人貸款方面，同樣，這得到了我們在那裡的供應商合作夥伴的支持。

And finally, we are very selective and thoughtful expansion of digital asset partnerships with licensed brokers, and we want to continue doing this in a regulatory first and capital-light way. So that's how we're thinking about going into 2026.

最後，我們非常有選擇性且深思熟慮地擴大與持牌經紀商的數位資產合作夥伴關係，我們希望繼續以監管優先和輕資本的方式進行這項工作。這就是我們對 2026 年的思考。

[Stephen Wall, Speaker Capital].

[Stephen Wall，Speaker Capital]。

Can you hear me? So let me ask a question. Similar to Q1, I've seen that the Q2 revenue has decreased year-over-year. What initiatives would the company take to resolve the revenue to the last year's level?

你聽得到我嗎？那麼請容許我問一個問題。與第一季類似，我發現第二季的營收年減。公司將採取哪些措施使收入恢復到去年的水平？

Okay. May I take this question?

好的。我可以回答這個問題嗎？

Yes.

是的。

Okay. Thanks for the question. As I mentioned, our Q2 revenue was $18 million, down 13% year-over-year. That decline reflects the strategic result we begin in the second half of last year to prioritize revenue quality and unit economics.

好的。謝謝你的提問。正如我所提到的，我們的第二季營收為 1800 萬美元，年減 13%。這一下降反映了我們從去年下半年開始優先考慮收入品質和單位經濟效益的戰略成果。

And importantly, on a sequential basis, revenue actually grew more than 20% from Q1 to Q2. That shows that momentum is already returning on this half year base. The half of the model has also improved. Cost of revenue is down 51% and insurance and wealth reached 27% of revenue. And our focus now is to layer growth back on to its stronger foundation.

重要的是，以環比計算，第二季度的收入實際上從第一季增長了 20% 以上。這表明，近半年來，勢頭已開始恢復。該模型的一半也得到了改進。收入成本下降 51%，保險和財富佔收入的 27%。我們現在的重點是讓成長重新建立在更堅實的基礎上。

And concretely speaking, first, we will aim to scale higher-margin verticals like insurance and wealth, such as auto and travel insurance. by expanding real-time pricing and end-to-end integration in Hong Kong and Singapore. To sustain the free click flow in travel and roll the pattern into [Opto] more insurer API goes live.

具體來說，首先，我們將致力於擴大保險和財富等利潤率較高的垂直領域，例如汽車和旅遊保險，透過擴大香港和新加坡的即時定價和端到端整合。為了維持旅遊中的免費點擊流量並將模式推廣到[Opto]更多保險公司API上線。

As for wealth and digital assets, we'll continue a regulatory first partner-led approach, like our collaboration with OSR in Hong Kong. We target to move insurance and wealth to 28% to 30% of revenue in the second half to support gross profit compounding.

至於財富和數位資產，我們將繼續採取監管優先的合作夥伴主導的方式，就像我們與香港 OSR 的合作一樣。我們的目標是在下半年將保險和財富業務提升至收入的 28% 至 30%，以支持毛利的複合成長。

Secondly, we'll deepen member engagement like with CreditHero Club and TransUnion in Hong Kong, where we provide free credit scores, monitoring and personalized offer to drive more qualified applications and cross-sell of homes, cards, insurance and wealth. We will also focus on AI exist journeys, such as on applying our rewards, approvals, use, intelligence and AI existed service.

其次，我們將深化會員參與度，例如與香港的CreditHero Club和TransUnion合作，提供免費的信用評分、監控和個性化服務，以推動更多合格的申請以及房屋、信用卡、保險和財富的交叉銷售。我們還將專注於人工智慧存在之旅，例如應用我們的獎勵、批准、使用、智慧和人工智慧存在服務。

We are testing an AI exist Whatsapp as Rohith already mentioned, for auto insurance in Singapore to speed, coding and resolution, which we expect to leave conversion. Thirdly, we will leverage on commercial momentum and selective reinvestment such as fixed fee and sponsorship program with banks and insurers are now material and repeatable. These add high-margin dollars alongside transactional commissions.

正如 Rohith 已經提到的，我們正在測試 Whatsapp 中的 AI，用於新加坡的汽車保險速度、編碼和分辨率，我們期望實現轉換。第三，我們將利用商業動能和選擇性再投資，例如固定費用和與銀行和保險公司的贊助計畫現在都是實質的和可重複的。這些除了交易佣金外還增加了高利潤。

Our cost base gives room to reinvest selectively in growth channels and content while keeping our cost of revenue in the low 50s. Thank you.

我們的成本基礎為我們選擇性地對成長管道和內容進行再投資提供了空間，同時將我們的收入成本保持在 50% 以下。謝謝。

I have a question to follow up. So like -- whilst I think that the revenue drops, this has been consistencies, I've also seen that the net loss and the EBITDA have improved while year-over-year. So like would you mind clearly illustrate the factors that contributed to this improvement?

我有一個問題需要跟進。因此，雖然我認為收入下降了，但這是一致的，我還看到淨虧損和 EBITDA 同比有所改善。那麼，您能否清楚說明促成這種改善的因素？

Sure. I'll take this one as well. First, that's a great question. The improvement is really about building a structurally healthier business model, and that is showing clearly in the numbers, three drivers standouts, I would think. Firstly, mix shift towards higher margin products.

當然。我也要這個。首先，這是一個很好的問題。這種改進實際上是為了建立一個結構上更健康的商業模式，這在數字上得到了清晰的體現，我認為有三個驅動因素特別突出。首先，產品組合轉向利潤率更高的產品。

Insurance and wealth contributed 27% of revenue in Q2. That is up from 20% a year ago. These verticals are structurally higher margin and more recurring. So every revenue dollar contributes more gross profit than before.

保險和財富在第二季貢獻了 27% 的收入。這一數字比一年前增加了 20%。這些垂直行業在結構上利潤率更高，而且更具重複性。因此，每一美元的收入都會比以前貢獻更多的毛利。

And secondly, unit economics and cost discipline, cost of revenue improved to 51% of revenue from 67% last year, a 16-point gain, driven by tighter reward collaboration, better approval quality and improved partner terms. And operating costs fell 37% year over year to $20.6 million as we reduced spend across marketing, technology and also employee cost. Importantly, AI is now embedded in service, approvals and reward optimization. That helps us scale throughout while keeping head count flat.

其次，單位經濟和成本紀律方面，收入成本從去年的 67% 提高到 51%，增加了 16 個百分點，這得益於更緊密的獎勵合作、更好的審批品質和改善的合作夥伴條款。由於我們減少了行銷、技術和員工成本方面的支出，營運成本較去年同期下降 37% 至 2,060 萬美元。重要的是，人工智慧現在已經嵌入到服務、審批和獎勵優化中。這有助於我們在保持員工人數不變的情況下擴大規模。

And thirdly, adjusted EBITDA loss narrowed to $2 million in Q2 from $9.3 million a year ago. And net income this quarter was positive $0.2 million compared to $12.2 million loss. These gains are not one-off. They reflect structural changes that will continue into the second half.

第三，調整後的 EBITDA 虧損從去年同期的 930 萬美元收窄至第二季的 200 萬美元。本季淨收入為正 20 萬美元，而去年同期虧損 1,220 萬美元。這些收益並不是一次性的。它們反映出的結構性變化將持續到下半年。

So even with lower revenue year-over-year, this cost structure is leaner. The revenue mix is stronger and the path to profitability is clear. That is why we remain confident in reaching positive adjusted EBITDA in the later part of 2025.

因此，即使收入年減，成本結構也更加精簡。營收結構更加強勁，獲利路徑更加清晰。這就是為什麼我們仍然有信心在 2025 年下半年實現正向調整後 EBITDA。

Thank you. I'm showing no further questions. I'd like to turn the call back over to Rohith for closing remarks.

謝謝。我沒有其他問題。我想將電話轉回給羅希特，請他做最後發言。

Thank you all for your time, and thank you all for the questions. We are very happy and pleased to discuss our Q2 results with you. And as we mentioned, we are very excited of what's in store for us in the second half as we continue our path to profitability, and we look forward to sharing our next Q3 results on the next call. Thank you, everyone.

謝謝大家抽出時間，也謝謝大家提出的問題。我們非常高興與您討論我們的第二季業績。正如我們所提到的，我們對下半年的業績感到非常興奮，因為我們將繼續走盈利之路，我們期待在下次電話會議上分享我們的第三季業績。謝謝大家。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。