老虎證券 (TIGR) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the UP Fintech Holding Limited fourth-quarter and full year 2024 earnings conference call. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加 UP Fintech Holding Limited 2024 年第四季和全年收益電話會議。（操作員指令）

I must advise you that this conference is being recorded today, March 18, 2025. I'd now like to hand the conference over to your first speaker today, Mr. Aron Lee, the Head of Investor Relations. Thank you. Please go ahead.

我必須告訴你，這次會議將於今天，即 2025 年 3 月 18 日進行錄製。現在，我想將會議交給今天的第一位發言者，投資者關係主管 Aron Lee 先生。謝謝。請繼續。

Thank you, operator. Hello everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's third-quarter 2024 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com, as well as GlobeNewswire services.

謝謝您，接線生。大家好，感謝您今天的電話會議。UP Fintech Holding Limited 的 2024 年第三季財報已於今天稍早發布，可在我們的 IR 網站 ir.itigerup.com 以及 GlobeNewswire 服務上查閱。

On the call today from UP Fintech are Mr. Wu, Tianhua, Chairman and Chief Executive Officer; Mr. John Zeng, our Chief Financial Officer; Mr. Huang Lei, CEO of US Tiger Securities; and Mr. Kenny Zhao, our Financial Controller.

今天參加 UP Fintech 電話會議的有董事長兼執行長吳天華先生；我們的財務長曾文忠先生；美國老虎證券執行長黃磊先生；以及我們的財務總監 Kenny Zhao 先生。

Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows their remarks. Now let me cover the Safe Harbor.

吳先生將概述我們的業務運營並討論公司亮點。然後曾先生將討論我們的財務表現。他們將會在發言之後的問答環節中回答大家的問題。現在讓我來介紹一下安全港。

The statements we are about to make contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements.

我們即將做出的聲明包含美國 1995 年私人證券訴訟改革法案所定義的前瞻性聲明。許多因素可能導致實際結果與任何前瞻性陳述中的結果有重大差異。

For more information about factors that could cause actual results to materially differ from those in the forward-looking statements, please refer to our Form 6-K furnished today, March 18, 2025, and our annual report on 20-F filed on April 22, 2024. We undertake no obligation to update any forward statement except as required under applicable law.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天（2025 年 3 月 18 日）提供的 6-K 表和 2024 年 4 月 22 日提交的 20-F 年度報告。除適用法律要求外，我們不承擔更新任何前瞻性聲明的義務。

It is my pleasure to now introduce our Chairman and CEO, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by English translation. Mr. Wu, please go ahead with your remarks.

我很高興現在介紹我們的董事長兼執行長吳先生。吳先生將以中文發表講話，隨後將進行英文翻譯。請吳先生繼續發言。

(spoken in foreign language)

（用外語說）

Hello, everyone. Thank you for joining the Tiger Brokers fourth quarter and full year 2024 earnings conference call.

大家好。感謝您參加老虎證券2024年第四季及全年財報電話會議。

(spoken in foreign language)

（用外語說）

In the fourth quarter, driven by expanded client base, comprehensive product offerings, and more active market environment in the US and Hong Kong. Our financial and operating results both grew substantially.

第四季度，受客戶基礎擴大、產品供應全面以及美國和香港市場環境更活躍的推動。我們的財務和經營業績均大幅成長。

Our total revenue for the quarter was USD124.1 million, making a 22.8% increase quarter-over-quarter, and a 77.3% increase year-over-year. Both commission and interest income hit record highs, growing by 35.8% and 16.3% respectively compared to the previous quarter.

本季我們的總營收為1.241億美元，季增22.8%，年增77.3%。佣金及利息收入均創歷史新高，較上季分別成長35.8%及16.3%。

For the full year, total revenue reached USD391.5 million, 43.7% increase from 2023. We are also pleased to report a significant improvement in profitability for 2024, with GAAP net income reaching USD60.7 million and non-GAAP net income reaching USD70.5 million, up 86.5% and 65% respectively from 2023.

全年總收入達3.915億美元，較2023年成長43.7%。我們也很高興地報告，2024 年獲利能力顯著提高，GAAP 淨收入達到 6,070 萬美元，非 GAAP 淨收入達到 7,050 萬美元，分別比 2023 年增長 86.5% 和 65%。

In the fourth quarter, GAAP and non-GAAP net profit were USD28.1 million and USD30.5 million respectively, reflecting a 58% and 51.7% increase quarter-over-quarter. We're excited to see record highs in both revenue and profit for Q4 and the full year of 2024. Additionally, our non-GAAP net profit margin increased from 20% in the third quarter to 25% in the fourth quarter.

第四季度，GAAP和非GAAP淨利分別為2,810萬美元和3,050萬美元，季增58%和51.7%。我們很高興看到 2024 年第四季和全年的營收和利潤都創下新高。此外，我們的非公認會計準則淨利率從第三季的20％增加到第四季的25％。

(spoken in foreign language)

（用外語說）

In the fourth quarter, we added 59,200 newly funded accounts, a 17.2% increase from the previous quarter. For the full year, the total number of newly funded accounts reached 187,400, surpassing our annual target of 150,000. By the end of 2024, the total number of funding accounts reached 1.09 million, up 20.7% year-over-year.

第四季度，我們新增帳戶59,200個，較上一季成長17.2％。全年累計新增存款帳戶數達18.74萬個，超額完成全年15萬個的目標。截至2024年底，資金帳戶總數達109萬個，年增20.7%。

Year-to-date we continue to see strong paying client growth. We target acquire 150,000 new funded clients in 2025, while prioritizing user quality. In terms of total current assets, net asset inflow remains strong at USD1.1 billion for the quarter, with approximately 80% coming from retail users.

今年迄今為止，我們繼續看到付費客戶強勁成長。我們的目標是在 2025 年獲得 15 萬名新資助客戶，同時優先考慮使用者品質。就總流動資產而言，本季淨資產流入維持強勁，達到 11 億美元，其中約 80% 來自零售用戶。

Although slightly impacted by mark to market losses, total land assets grew by 2.4% quarter-over-quarter and 36.4% year-over-year, reaching USD41.7 billion. Notably, current assets in Hong Kong increased by about 50% quarter-over-quarter, growing 6 times compared to the end of 2023.

儘管受到市價損失的輕微影響，總土地資產仍較上季成長 2.4%，年增 36.4%，達到 417 億美元。值得注意的是，香港流動資產較上月成長約50%，較2023年底成長6倍。

Making Hong Kong our third largest market in terms of current asset. Additionally, we are pleased to see that over the past three years, despite shift in market cycle and investor sentiment, we've achieved strong organic growth.

以流動資產計算，香港已成為我們的第三大市場。此外，我們很高興地看到，在過去三年中，儘管市場週期和投資者情緒發生了變化，但我們仍然實現了強勁的有機成長。

The total number of funded accounts and total current assets have increased at a CAGR of 17.5% and 34.7% respectively. These results highlights the tremendous growth potential in the market they've entered and the trust our users have placed in us from time to time across different regions.

資金帳戶總數和流動資產總額的複合年增長率分別為17.5%和34.7%。這些結果凸顯了他們進入的市場的巨大成長潛力以及我們的用戶在不同地區對我們的信任。

(spoken in foreign language)

（用外語說）

We keep optimizing product features and expanding licenses to enhance user experience. Following Tiger Brokers Hong Kong Type 1 license uplift, our cryptocurrency platform, YAX Hong Kong, received license from Hong Kong SFC for Type 1 and Type 7. This officially makes us a licensed virtual asset trading platform in Hong Kong.

我們不斷優化產品功能並擴大授權以增強用戶體驗。繼老虎證券香港1類牌照核准後，集團旗下加密貨幣平台YAX香港也榮獲香港證監會1類及7類牌照。這正式使我們成為香港獲得許可的虛擬資產交易平台。

Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making us the first brokerage platform globally to incorporate this technology.

最近，我們正式將我們的AI投資助理TigerGPT升級為TigerAI，並整合了領先的AI模型，使我們成為全球第一個採用該技術的經紀平台。

This upgrade boost our intelligence investment assistant experience in two dimensions, deep logical deduction and financial data integration, enabling it to analyze market shape more clearly and interpret investment opportunities more effectively, empowering both retail investors and experienced professionals to make more informed decision in complex market conditions, ultimately driving long term investment value.

此次升級從深度邏輯推理和金融數據整合兩個維度提升了我們的智慧投資助理體驗，使其能夠更清晰地分析市場形態、更有效地解讀投資機會，幫助散戶投資者和經驗豐富的專業人士在複雜的市場條件下做出更明智的決策，最終推動長期投資價值。

(spoken in foreign language)

（用外語說）

Our 2B business continues to perform well. In investment banking business, we underwrote a total of 14 US and Hong Kong IPOs in the fourth quarter, including Mao Geping Company, Pony AI Inc. and WeRide Inc., bringing the total number of US and Hong Kong IPOs underwritten for the year to 44.

我們的2B業務持續表現良好。投資銀行業務方面，第四季共承銷了毛戈平公司、小馬智行、文遠知行等14隻美港IPO，年內承銷的美港IPO總數增至44隻。

In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of the end of 2024.

在我們的 ESOP 業務中，我們在第四季度增加了 16 個新客戶，截至 2024 年底，服務的 ESOP 客戶總數達到 613 個。

(spoken in foreign language)

（用外語說）

Now I'd like to invite our CFO Zeng to go over our financials.

現在我想請我們的財務長曾先生來介紹我們的財務狀況。

Great. Thanks, Tianhua and Aron. Let me go through our financial performance for the fourth quarter. All numbers are in US dollars. Total revenue were $124.1 million this quarter, increase of 22.8% quarter-over-quarter, and 77% year-over-year. Both commission income and interest income increased on a quarter-over-quarter and year-over-year basis.

偉大的。謝謝 Tianhua 和 Aron。讓我介紹一下我們第四季的財務表現。所有數字均以美元計算。本季總營收為 1.241 億美元，季增 22.8%，年增 77%。佣金收入和利息收入均比上一季和去年同期增加。

Full year total revenue were $391.5 million, increased 44% compared to last year. Both quarterly and full year top line reached an all-time high in our operating history. Cash equities take rate was 6.9 bps this quarter, increased from 6.4 bps last quarter as trading volumes were less concentrated in higher value names. Within commission revenue, about 70% comes from cash equities, 30% from options and the rest comes from futures and other products.

全年總營收為3.915億美元，比去年同期成長44%。季度和全年營業額均達到了我們營運歷史上的歷史最高水準。本季現金股票交易率為 6.9 個基點，高於上一季的 6.4 個基點，原因是交易量不再集中在高價值股票。佣金收入中，約70%來自現金股票，30%來自選擇權，其餘來自期貨和其他產品。

Now on cost, interest expense was $16.7 million, increased by 5% from the same quarter of last year due to the increase in margin financing and securities lending activities. Execution and clearing expense were $6.1 million, increased 172% from the same quarter of last year, primarily due to an increase in our trading volume.

就成本而言，利息支出為 1,670 萬美元，較去年同期增加 5%，原因是保證金融資和證券借貸活動增加。執行和清算費用為 610 萬美元，較去年同期增加 172%，主要由於我們的交易量增加。

Employee compensation and benefits expense were $37.2 million, an increase of 41% year-over-year due to an increase of global headcounts. Occupancy depreciation and amortization expense slightly decreased 2% to $2.1 million.

員工薪資和福利支出為 3,720 萬美元，由於全球員工人數增加，年增 41%。入住折舊和攤銷費用小幅下降 2% 至 210 萬美元。

Communication and market data expense were $11.8 million, an increase of 38% year-over-year due to the increase in user base and IT related services. Marketing expense were $9.5 million this quarter, increased 64% year-over-year as we increased marketing spending under a more favorable market backdrop.

通訊和市場數據費用為 1,180 萬美元，年增 38%，原因是用戶群和 IT 相關服務的增加。本季行銷費用為 950 萬美元，年增 64%，因為我們在更有利的市場背景下增加了行銷支出。

General and administrative expense were $6.4 million, a decrease of 12% year-over-year due to a decrease in professional service fees. Total operating costs were $73.1 million, an increase of 39% from the same quarter of last year.

一般及行政開支為 640 萬美元，年減 12%，原因是專業服務費減少。總營運成本為7,310萬美元，較去年同期成長39%。

As a result, in the fourth quarter GAAP net income was $28.1 million. Non-GAAP net income was $30.5 million, increased 58% and 52% quarter-over-quarter respectively. For the full year of 2024, total GAAP net income was $60.7 million and non-GAAP net income was $78.5 million, also an all-time high and increased 87% and 65% with respectively compared to last year.

因此，第四季 GAAP 淨收入為 2,810 萬美元。非公認會計準則淨收入為3,050萬美元，較上季分別成長58%和52%。2024年全年，GAAP淨收入總額為6,070萬美元，非GAAP淨收入為7,850萬美元，也創歷史新高，分別比去年同期成長87%及65%。

Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

現在我們的演講已經結束。接線員，請開通問答專線。謝謝。

(Operator Instructions) Cindy Wang, China Renaissance.

(操作員指示) Cindy Wang，華興資本。

(spoken in foreign language) Thanks for taking my question and congrats for the great fourth quarter results. So my question is first one, in 2025 you are targeting to acquire 150,000 new founding clients, which is the same as 2024 guidance.

（外語）感謝您回答我的問題，並祝賀您在第四季度取得了出色的業績。所以我的第一個問題是，到 2025 年，您的目標是獲得 150,000 名新創始客戶，這與 2024 年的指導目標相同。

However, new funded clients you acquired in 2024 was much higher than the guidance. So how do we race through these guidance again in 2025, and the mixed contribution from each market? The second question is, could you give us new funded clients' breakdown by regional in fourth quarter? Thank you.

但是，您在 2024 年獲得的新資助客戶數量遠高於預期。那麼，我們如何在 2025 年再次突破這些指引，以及各市場的混合貢獻？第二個問題，您能否提供一下第四季度新增融資客戶按地區劃分的分佈？謝謝。

(spoken in foreign language)

（用外語說）

Okay. I'll translate for the first part. So in 2025, our focus on customer acquisition will prioritize user quality and ROI. We plan to expand our effort to acquire high net worth user base, rather than just pursuing user number growth.

好的。我將翻譯第一部分。因此，在 2025 年，我們的客戶獲取重點將優先考慮用戶品質和投資報酬率。我們計劃加強獲取高淨值用戶群，而不僅僅是追求用戶數量的成長。

Therefore, we are setting a target of 150,000 newly funded users maintaining the same level as in 2024. However, we do expect to see the improvement in customer quality metrics, such as the average grant assets of the ARPU for this new user in 2025.

因此，我們設定的目標是新增 15 萬名用戶，與 2024 年維持相同水準。然而，我們確實希望看到客戶品質指標的改善，例如 2025 年該新用戶的 ARPU 平均授予資產。

Regarding the regional mix, we anticipate that the overall situation will pretty much in line with the actual breakdown in 2024 with Greater China region being the primary contributor. And in 2025, while ensuring the quality of new users, we have higher expectation for growth in Hong Kong and US market, and we will consider increasing our marketing input if the market condition is favorable.

至於區域分佈，我們預計整體情況將與 2024 年的實際分佈情況基本一致，大中華區將成為主要貢獻者。而2025年，在確保新增用戶品質的同時，我們對香港及美國市場的成長抱有更高的期望，若市場情況良好，我們會考慮加大行銷投入。

(spoken in foreign language)

（用外語說）

Well, in the Q4 about 60% of new funded users came from Singapore and Southeast Asia, about 25% were from Greater China area, well around 10% from Australia and New Zealand market, and the remaining 5% came from the US market. Thank you.

嗯，第四季大約 60% 的新資助用戶來自新加坡和東南亞，約 25% 來自大中華地區，約 10% 來自澳洲和紐西蘭市場，其餘 5% 來自美國市場。謝謝。

And operator, we'll go for the next question.

接線員，我們來討論下一個問題。

Emma Xu, Bank of America Securities.

美國銀行證券的 Emma Xu。

(spoken in foreign language) So the first question is that, your compensation expenses have risen more than anticipated, and while there has been a notable increase in the effective tax rate sequentially.

（外語）第一個問題是，你們的薪資費用成長幅度超過了預期，同時實際稅率也出現了明顯的上升。

And the second question is, what are the first quarter run rate for your AUC, the pace of new funded clients and trading volume, and what's your thoughts on recent volatilities in the US market on your business?

第二個問題是，您第一季的 AUC 營運率、新資金客戶的速度和交易量是多少，以及您對近期美國市場波動對您的業務有何看法？

(spoken in foreign language)

（用外語說）

So the rise in labor cost is mainly due to -- we added extra employee incentive at the end of the year, which increased the year-end bonus accrual. The effective tax rate increased from 14% in the third quarter to 25% in the fourth quarter, primarily due to the increase in profit coming from the US market, where tax rate is relatively higher. A couple of reasons.

因此，勞動成本的上升主要是因為——我們在年底增加了額外的員工獎勵，從而增加了年終獎金的累積。有效稅率由第三季的14%上升至第四季的25%，主要由於來自稅率相對較高的美國市場的利潤增加。有幾個原因。

First, the market was very active in the fourth quarter, which benefited the margin financing and securities lending activities, nicely increased in local interest income quarter-over-quarter. Another reason is related to US treasury bonds. For calculating tax, the income from T-bonds is only realized after maturity. So in Q4, we had several T-bonds matured, contributing to the increase in profit from the US.

一是第四季市場活躍，融資融券業務活躍，本地利息收入較上季成長較好。另外一個原因與美國國債有關。在計算稅金時，國債收益是在到期後才可實現的。所以在第四季度，我們有幾筆國債到期，這有助於增加來自美國的利潤。

(spoken in foreign language)

（用外語說）

Okay. I'll translate. So year-to-date, we have seen a solid sequential increase in total client assets, thanks primarily to strong net asset inflows. Specifically, net asset inflow year-to-date has already exceeded the number in the second half of 2024.

好的。我來翻譯。因此，今年迄今為止，我們看到客戶總資產連續穩定成長，這主要歸功於強勁的淨資產流入。具體而言，今年迄今的淨資產流入已經超過了2024年下半年的數量。

While there have been some ups and downs in the US stock market, we are still looking at a mark-to-market gain in general. Plus the number of new users is growing rapidly, keeping up the momentum we noticed in the second half of 2024.

儘管美國股市經歷了一些起伏，但總體而言，我們仍在關注以市價計算的收益。此外，新用戶數量也在迅速增長，保持了我們在 2024 年下半年註意到的勢頭。

In terms of trading volume, it has been quite active in both Hong Kong and the US market this year so far. So the trading volume for Hong Kong stock has already exceeded what we saw in the fourth quarter of last year. This has balanced out the impact of the recent volatility in the US market.

從成交量來看，今年至今，其在香港和美國市場均表現活躍。所以港股的交易量已經超過去年第四季的水準。這平衡了近期美國市場波動的影響。

So overall -- the overall trading volume has remained steady, versus the fourth quarter of last year. Recent in March, the US stock market has experienced some volatility, due to the various factors like tariff, geopolitical issues and uncertainty in price risk costs.

因此總體而言，與去年第四季相比，整體交易量保持穩定。最近3月份，受關稅、地緣政治問題、價格風險成本不確定性等多種因素影響，美國股市出現了一些波動。

From our perspective, as a broker dealer, we value more on velocity. We believe that some volatility triggered by economic, or political events, or headline news actually drive trading volume.

從我們的角度來看，作為經紀交易商，我們更重視速度。我們認為，由經濟、政治事件或頭條新聞引發的一些波動實際上會推動交易量。

In the first three weeks of March, the average daily trading volume on our platform, for both Hong Kong and US cash equity, has been higher than what we saw in the first two months of this year, and in the Q4 of last year. Thank you, Emma.

三月的前三週，我們平台上香港和美國現金股票的日均交易量都高於今年前兩個月和去年第四季的水平。謝謝你，艾瑪。

Operator, please move on to the next question.

接線員，請繼續回答下一個問題。

Hua Fan, CICC.

範華，中金公司。

(spoken in foreign language) And I have two questions here. This is Hua Fan from CICC, and I have two questions here. The first one is about crypto. Since we have gained the VATP license, how will the license contribute to our growth in the crypto sector? And also, would you please give more color on our crypto development in the Hong Kong market in Q4?

（外語）我這裡有兩個問題。我是中金公司的範華，我有兩個問題。第一個是關於加密的。既然我們已經獲得了 VATP 許可證，那麼該許可證將如何促進我們在加密貨幣領域的發展？另外，您能否詳細介紹一下我們第四季在香港市場的加密貨幣發展？

And the second question is, about the interest income. We see the micro finance and securities lending balance remained flat in Q4. But given the rate cut cycle, the interest income Q-on-Q grew at a double-digit pace, and way faster than the interest expense growth pace. So what causes this inconsistent trend?

第二個問題是關於利息收入。我們看到，第四季小額融資和證券借貸餘額保持穩定。但考慮到降息週期，利息收入較上季成長仍達到兩位數，且遠高於利息支出的成長速度。那麼是什麼原因導致了這種不一致的趨勢呢？

(spoken in foreign language)

（用外語說）

So in terms of VATP, we got the Hong Kong SFC Type 1 and Type 7 license before Chinese New Year. So this officially make us a licensed virtual asset trading platform in Hong Kong. With those license, we can now legally offer spot trading and custody service for major cryptocurrencies like Bitcoin and Ether, as well as tokenized assets. By integrating our crypto service with our broker-dealer entity, we can create an ecosystem combining Web2 and Web3 assets.

因此就 VATP 而言，我們在農曆新年之前就獲得了香港證監會的 1 類和 7 類許可證。這正式使我們成為香港獲得許可的虛擬資產交易平台。憑藉這些許可證，我們現在可以合法地為比特幣和以太幣等主要加密貨幣以及代幣化資產提供現貨交易和託管服務。透過將我們的加密服務與我們的經紀商實體結合，我們可以創建一個結合 Web2 和 Web3 資產的生態系統。

Our goal is to become the bridge between traditional finance and cryptocurrency. Also an update on our Hong Kong business, is my client assets have continued to grow, increasing nearly 50% quarter-over-quarter, and about 6 times year-over-year. Hong Kong market has been quite active since fourth quarter.

我們的目標是成為傳統金融和加密貨幣之間的橋樑。關於我們香港業務的最新情況，我的客戶資產持續成長，季增近 50％，年增約 6 倍。香港市場自第四季以來一直十分活躍。

So the trading volume of Hong Kong shares, has increased from 10% of our total trading volume to about 15%. Commission income from Hong Kong shares has increased by over 160% quarter-over-quarter.

因此，港股的交易量從我們總交易量的10％增加到15％左右。港股佣金收入較上季成長超過160%。

Tiger Broker Hong Kong has achieved breakeven in the fourth quarter, thanks to a significant rise in both commission and interest income, with interest income doubling from the previous quarter. Looking ahead, we will keep investing in Hong Kong, to drive the growth. In terms of customer acquisition, we continue to focus on attracting high-quality users and maintaining a strong ROI.

老虎證券香港第四季實現損益平衡，佣金和利息收入均大幅增加，其中利息收入較上一季增加一倍。展望未來，我們將繼續在香港投資，推動成長。在客戶獲取方面，我們繼續專注於吸引高品質用戶並保持強勁的投資回報率。

In the fourth quarter, newly funded users had an average net asset inflow of over USD30,000, the highest among all markets. Average client asset in Hong Kong is around USD20,000, also the highest among our overseas markets. ARPU from Hong Kong user is also double of the group average.

第四季度，新入金用戶平均淨資產流入超過3萬美元，為各市場最高。香港客戶平均資產規模約2萬美元，亦為海外市場最高。香港用戶的ARPU值也是集團平均的兩倍。

(spoken in foreign language) So although the margin financing balance as a whole remained flat quarter-over-quarter, but there was a notable shift in the mix in the fourth quarter. High yield segments such as margin and hard to borrow securities lending, we saw an increase in balance, compared to the previous quarter, while the balance for lower-yield business like treasury management experienced quarter-over-quarter decrease.

（外語）因此，儘管保證金融資餘額整體上與上一季持平，但第四季度的結構發生了明顯變化。保證金、難借入證券借貸等高收益業務的餘額較上一季增加，而資金管理等低收益業務的餘額則較上季下降。

This shift contributed to a higher return on our bottom line. In addition, interest income rose by 16% quarter-over-quarter, significantly outpacing the increase in interest expense for a few reasons.

這一轉變有助於提高我們的底線回報。此外，利息收入環比增長16％，由於一些原因，其增幅遠遠超過利息支出的增幅。

Number one is we negotiate better rate terms, with local banks that helped increase our idle cash interest. The second is the market has been active and volatile, increasing demand in security lending market, also increased margin activities for US and Hong Kong trading. Thanks.

首先，我們與當地銀行協商了更好的利率條件，這有助於提高我們的閒置現金利息。二是市場活躍波動，證券借貸市場需求增加，美國、香港交易保證金活動也增加。謝謝。

Okay, operator, let's proceed.

好的，接線員，我們繼續。

I'm showing no further questions. I now like to turn the conference back to Aron for closing commands.

我沒有其他問題。現在我想將會議交還給阿隆，讓他下達結束命令。

Thank you. I'd like to thank everyone for joining our call today. I'm now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today's call. If you have any further questions, please reach out to our Investor Relations team. This concludes the call, and thank you very much for your time. Thank you.

謝謝。我想感謝大家今天參加我們的電話會議。我現在代表 Tiger 的管理團隊結束本次通話。我們非常感謝您參加今天的電話會議。如果您還有任何其他問題，請聯絡我們的投資者關係團隊。本次通話到此結束，非常感謝您抽出時間。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you very much for your participation in today's conference. This conclude the program. You may now disconnect.

非常感謝大家參加今天的發表會。該計劃至此結束。您現在可以斷開連線。