老虎證券 (TIGR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited first-quarter 2025 earnings conference call. (Operator Instructions) I must advice you that this conference is being recorded today, May 30, 2025.

女士們，先生們，感謝大家的支持，歡迎參加 UP Fintech Holding Limited 2025 年第一季財報電話會議。（操作員指示）我必須通知您，本次會議將於今天（2025 年 5 月 30 日）進行錄製。

I would now like to hand the conference over to your first speaker today, Mr. Aaron Li, the Head of Investor Relations. Thank you. Please go ahead.

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 Aaron Li 先生。謝謝。請繼續。

Thank you, Lydia. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holding Limited's first quarter 2025 earning release was distributed earlier today and it's available on our IR website at ir.itigerup.com, as well as GlobeNewswire services.

謝謝你，莉迪亞。大家好，感謝您今天的電話會議。UP Fintech Holding Limited 的 2025 年第一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, 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和財務長曾軍先生。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.

吳先生將概述我們的業務運營並討論公司亮點。曾先生隨後將討論我們的財務表現。他們將在發言後的問答環節中回答您的問題。

Now let me cover the safe harbor. The statements we are about to make contain 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.

現在讓我來介紹一下安全港。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 May 30, 2025, and our annual report on Form 20-F filed on April 23, 2025. We undertake no obligation to update any forward-looking statements, except as required under applicable law.

有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的更多信息，請參閱我們於 2025 年 5 月 30 日提供的 6-K 表和於 2025 年 4 月 23 日提交的 20-F 表年度報告。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 Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation.

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，隨後將提供英文翻譯。

Mr. Wu, please go ahead with your remarks.

請吳先生繼續發言。

(spoken in foreign language) (interpreted) Hello, everyone. Thank you for joining the Tiger Broker's first quarter 2025 earnings conference call.

（外語）（譯）大家好。感謝您參加老虎證券2025年第一季財報電話會議。

In the first quarter, our total revenue reached USD122.6 million, up 55.3% year over year. Despite heightened volatility in the Hong Kong and the US markets, trading activity remains strong. As a result, total trading volume reached USD217 billion, driving commission income to a record high of USD58.3 million, more than doubling year over year.

第一季度，我們的總營收達到1.226億美元，年增55.3%。儘管香港和美國市場波動加劇，但交易活動依然強勁。結果，總交易量達到 2,170 億美元，推動佣金收入達到創紀錄的 5,830 萬美元，年增一倍以上。

In addition, marketing, financing and securities lending balance increased to USD5.2 billion, increased 89.4% year over year. That interest income reached USD53.8 million, increased 22.7% year over year. Our bottom line, continued growth in our user base and rising ARPU driven by product diversification helped us further leverage fixed operation costs, leading to stronger, more sustainable profitability.

此外，行銷、融資及證券借貸餘額增加至52億美元，較去年同期成長89.4%。其中利息收入5,380萬美元，年增22.7%。我們的底線是，用戶群的持續成長以及產品多樣化推動的 ARPU 上升，幫助我們進一步利用固定營運成本，從而實現更強勁、更永續的獲利能力。

Non-GAAP net income attributable to UP Fintech increased to USD36 million, reflecting an 18.3% sequential increase and a 145% increase year over year. GAAP net income attributed to UP Fintech reached USD30.4 million, up 8.4% quarter over quarter and 146.7% year over year.

非美國通用會計準則下，歸屬於UP Fintech的淨利增至3,600萬美元，季增18.3%，年增145%。歸屬於UP Fintech的GAAP淨利達3,040萬美元，較上季成長8.4%，較去年同期成長146.7%。

Both net income and profit margin set record high, and this continued improvement in earnings quality gives us greater flexibility to pursue strategic initiatives and further accelerate long-term growth.

淨收入和利潤率均創歷史新高，獲利品質的持續改善為我們實施策略性舉措和進一步加速長期成長提供了更大的靈活性。

In the first quarter, we added 60,900 new funded accounts, which accounts for over 40% of our full year target of at least 150,000 new funded accounts in 2025 and representing a 2.9% increase quarter over quarter and a strong 111.2% growth year over year.

第一季度，我們新增了 60,900 個實金帳戶，占我們 2025 年全年至少新增 150,000 個實金帳戶目標的 40% 以上，環比增長 2.9%，同比增長 111.2%。

The total number of funded accounts reached 1,152,900 as of the end of the first quarter, an increase of 23.5% year over year. In terms of client assets, net inflow remains strong, reaching USD3.4 billion for the quarter, driven primarily by retail clients in Singapore and Greater China region.

截至第一季末，實收帳戶總數達115.29萬個，年增23.5%。客戶資產方面，淨流入依然強勁，本季達到 34 億美元，主要由新加坡和大中華地區的零售客戶推動。

Combined with approximately $780 million in mark-to-market gains, total client assets reached a record high of USD45.9 billion, up 9.9% quarter-over-quarter and 39.5% year-over-year, marking our 10th consecutive quarter of growth. In addition, assets from the Greater China region increased by over 20% over quarter over quarter.

加上約 7.8 億美元的市價收益，客戶總資產達到創紀錄的 459 億美元，環比增長 9.9%，同比增長 39.5%，這是我們連續第 10 個季度實現增長。此外，大中華區資產較上季成長超過20%。

Also, we are encouraged to see the average net asset inflow of newly acquired clients from the Hong Kong market in the first quarter exceeded USD30,000, demonstrating the growing trust and engagement they built in the market during the two years after entering. Following the success in Singapore, Hong Kong has become a key strategic market where we are investing further to deepen our presence.

此外，我們很欣慰地看到，第一季香港市場新增客戶的平均淨資產流入超過3萬美元，這表明他們在進入香港市場兩年來對市場的信任度和參與度不斷提高。繼新加坡取得成功後，香港已成為我們重要的策略市場，我們正在進一步投資以深化我們的影響力。

In the first quarter, we continue to enhance our product offerings and improve user experience. On the AI front, we officially upgraded TigerGPT to TigerAI, marking a significant step forward in the personalization and intelligence. The upgrade expanded our AI capability from a single model to a dual model architecture and introduced new features that allows integration with users' watchlists and portfolio data.

第一季度，我們持續增強產品供應並改善使用者體驗。在人工智慧方面，我們正式將TigerGPT升級為TigerAI，標誌著我們在個人化和智慧化方面邁出了重要一步。此次升級將我們的人工智慧能力從單一模型擴展到雙模型架構，並引入了允許與用戶關注清單和投資組合資料整合的新功能。

This allows TigerAI to deliver more personalized and relevant investment insights. Following the upgrade, user satisfaction with TigerAI exceeded 80%. As for crypto, following Type 1 license uplift, Tiger Brokers Hong Kong has now received approval from the Hong Kong SFC to offer virtual asset trading, deposit and withdrawal services to both retail and professional investors.

這使得 TigerAI 能夠提供更個人化和相關的投資見解。升級後，用戶對TigerAI的滿意度超過了80%。至於加密貨幣，繼 1 類牌照提升之後，老虎證券香港現已獲得香港證監會的批准，向散戶和專業投資者提供虛擬資產交易、訪問服務。

This means not only can we support multi-asset classes within a single account but also building greater synergy between traditional investors and digital asset holders, laying the groundwork for increased market participation and (inaudible) activity.

這意味著我們不僅可以在單一帳戶內支援多種資產類別，還可以在傳統投資者和數位資產持有者之間建立更大的協同作用，為增加市場參與度和（聽不清楚）活動奠定基礎。

In addition, we recently launched the equity repo and Delivery Versus Payment features, significantly improving the efficiency of our stock borrowing and lending operations and strengthening our service capability for institution and high net worth clients.

此外，本行近期推出股票回購及款對付業務，大幅提升股票借貸業務效率，並增強對機構及高淨值客戶的服務能力。

In our Corporate business, we underwrote four Hong Kong IPOs in the first quarter, including Chifeng Gold and Nanshan Aluminum and participated in Mixue Group's IPO, which set new record for IPO subscription amount in the Hong Kong market. And total subscription amount for this IPO exceeded HKD100 billion on our platform.

公司業務方面，第一季承銷了赤峰黃金、南山鋁業等四家香港IPO，並參與了米雪集團IPO，創下香港市場IPO認購金額新高。本次IPO在我們的平台上的總認購金額已超過1000億港元。

In our ease of business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025, increased by 14% year over year.

在業務便利性方面，我們在第一季增加了 20 個新客戶，使截至 2025 年 3 月 31 日服務的 ESOP 客戶總數達到 633 個，年增 14%。

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

現在我想請我們的財務長約翰來介紹我們的財務狀況。

Great. Thanks, Tianhua and Aaron. Let me go through our financial performance for the first quarter. All numbers are in US dollar. Commission income was $58.3 million, increased to 4% quarter over quarter and more than double year over year. Interest income was $53.8 million, increased 23% year over year, but slightly decreased 4% quarter over quarter.

偉大的。謝謝天華和亞倫。讓我來介紹一下我們第一季的財務表現。所有數字均以美元計算。佣金收入為 5,830 萬美元，較上季成長 4%，較去年同期成長一倍以上。利息收入為 5,380 萬美元，年增 23%，但較上季略有下降 4%。

The slight decrease was due to the majority of our US treasury holdings were matured in the fourth quarter. So in this quarter, we have a onetime decrease of $1.5 million in interest income. Together, total revenue reached $122.6 million, up 55.3% year over year.

略有下降的原因是，我們持有的大部分美國國債在第四季到期。因此，本季我們的利息收入一次性減少了 150 萬美元。總營收達到 1.226 億美元，年增 55.3%。

Cash equities take rate was 6.7 bps this quarter, slightly decreased from 6.9 bps of last quarter. Within commission revenue, about 65% comes from cash equities, 30% from options and the rest from future and other products.

本季現金股票利率為 6.7 個基點，較上一季的 6.9 個基點略有下降。在佣金收入中，約65%來自現金股票，30%來自選擇權，其餘來自期貨和其他產品。

Now to cost. Interest expense was $50 million, decreased 10% quarter over quarter [in averaged] the decrease in interest income and slightly increased 2% compared to the same quarter of last year. Execution and carrying expense were $5.3 million, increased 139% from the same period last year, in line with the increase in commission and trading volumes.

現在來談談成本。利息支出為 5,000 萬美元，較上季下降 10%（平均而言），利息收入減少，與去年同期相比略有增加 2%。執行和持有費用為 530 萬美元，比去年同期成長 139%，與佣金和交易量的成長一致。

Employee compensation and benefits expense were $33.8 million, an increase of 22% year over year due to headcount increase to strengthen overseas growth and R&D. Occupancy depreciation and amortization expense were $2.1 million, remained flat year over year.

員工薪資和福利支出為 3,380 萬美元，年增 22%，原因是增加員工人數以加強海外成長和研發。入住折舊和攤銷費用為 210 萬美元，與去年同期持平。

Communication and market data expense were $9.8 million, an increase of 14% year over year due to the increase in user base and IT related service fees. Marketing expense for $10.9 million this quarter, increased 148% year over year as market condition is more favorable versus a year ago for user acquisition.

通訊和市場數據費用為 980 萬美元，由於用戶群和 IT 相關服務費用的增加，較去年同期成長 14%。本季行銷費用為 1,090 萬美元，年增 148%，因為市場條件比去年同期更有利於用戶獲取。

General and administrative expense were $5.1 million, a decrease of 9% year over year due to a decrease in professional service fees. Total operating costs were $67.1 million, an increase of 32% from the same quarter of last year.

一般及行政開支為 510 萬美元，年減 9%，原因是專業服務費減少。總營運成本為 6,710 萬美元，較去年同期成長 32%。

As a result, bottom line increases on both GAAP at a non-GAAP basis. GAAP net income was $30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income was $36 million, an 18.3% increase quarter-over-quarter and a 145% increase year over year. The non-GAAP led profit margin expanded from 25% in the previous quarter to nearly 30% this quarter.

因此，無論以 GAAP 計算或按非 GAAP 計算，底線均會增加。GAAP 淨收入為 3,040 萬美元，季增 8.4%，年增 146.7%。非公認會計準則淨收入為 3,600 萬美元，季增 18.3%，年增 145%。非GAAP主導的利潤率從上一季的25%擴大到本季的近30%。

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，中華復興。

(spoken in foreign language) (interpreted) Thanks for taking my question and congrats for the great first quarter results. I have two questions here. First, with markets remaining volatile in the second quarter, how has this affected the company's run rate so far? And could you share any early trends around trading volume, client assets and newly funded accounts?

（以外語說）（翻譯）感謝您回答我的問題，並祝賀第一季取得的出色業績。我這裡有兩個問題。首先，第二季市場依然動盪，這對公司迄今的營運率有何影響？您能否分享有關交易量、客戶資產和新註資帳戶的早期趨勢？

Second, company saw further improvement in profitability in the first quarter. Looking ahead, how should we think about the cost, particularly like headcount and customer acquisition. Can you provide us some guidance on the outlook for customer acquisition cost? Thank you.

二是第一季公司獲利能力進一步提升。展望未來，我們應該如何考慮成本，特別是員工人數和客戶獲取方面。您能否為我們提供一些有關客戶獲取成本前景的指導？謝謝。

(spoken in foreign language) (interpreted) Okay. I'll translate for this part. Overall, we are quite pleased with how things are shaping up in the second quarter so far. In terms of trading volume, we saw a significant pickup in market volatility in April, mainly driven by the concerns over the tariff.

（以外語說）（翻譯）好的。我來翻譯這部分。總體而言，我們對第二季迄今的進展感到非常滿意。從交易量來看，4月市場波動明顯加劇，主要受關稅擔憂影響。

That actually pushed our monthly trading volume to a new record, crossing USD100 billion for the first time in our history. So far in Q2, we've seen an improvement compared to the same period in the Q1. And it's hard to predict what headline news might emerge in June, but we will be closely monitoring market activity throughout the month.

這實際上將我們的月交易量推向了新高，歷史上首次突破 1000 億美元。到目前為止，與第一季同期相比，我們已經看到了第二季的改善。很難預測六月會出現什麼頭條新聞，但我們將密切關注整個月的市場活動。

And in terms of client assets, net asset inflow remains strong throughout the April and May, continuing the solid pace we saw in the first quarter. Both institution and retail clients across all of our licensed markets contributed positively. And starting from late April, the market rebound helps drive some meaningful mark-to-market gains as well.

從客戶資產來看，4月和5月淨資產流入依然強勁，延續了第一季的穩健步伐。我們所有許可市場的機構和零售客戶都做出了積極貢獻。從四月底開始，市場反彈也推動了一些有意義的市價上漲。

As of now, client assets already set another record high and increased by around double-digits compared to the end of the first quarter. And when it comes to the new funded accounts, during the increased market volatility in Q2, we make dynamic adjustment to our acquisition strategies.

截至目前，客戶資產規模已再創歷史新高，較第一季末成長約兩位數。對於新增入帳帳戶，在第二季市場波動加劇的情況下，我們對入帳策略進行了動態調整。

So we expect the number of new funded users will decrease compared to the high base in the Q1. Well, the user quality remained healthy and net asset inflow continue to be robust. Therefore, we are confident to meet our annual guidance of acquiring at least 150,000 new funded users this year.

因此，我們預計新融資用戶數量與第一季的高基數相比將會減少。用戶品質保持健康，淨資產流入持續強勁。因此，我們有信心實現今年獲得至少 15 萬名新資助用戶的年度目標。

(spoken in foreign language) So in regards to labor cost, we will continue to invest in product and R&D to maintain our competitive edge as technology is the core of our platform. At the same time, we will be expanding our team in key markets like Hong Kong and the US and of course functions from front office to back office.

（外語）因此，在勞動成本方面，我們將繼續投資產品和研發，以維持我們的競爭優勢，因為技術是我們平台的核心。同時，我們將擴大在香港和美國等主要市場的團隊，當然還有從前台到後台的職能。

Let me say, our overall headcount growth will remain disciplined. We expect compensation expense to grow about 10% to 20% per year. We will invest more in customer acquisition to build a stronger brand and penetrate deeper into our core markets. The pace of our marketing spending will be based on market conditions.

我想說的是，我們的整體員工人數成長將保持穩健。我們預計薪酬支出每年將成長約 10% 至 20%。我們將在客戶獲取方面投入更多資金，以打造更強大的品牌並更深入地滲透我們的核心市場。我們的行銷支出速度將取決於市場狀況。

But we expect to spend more in the second half of this year. Our average CAC is between $150 to $180 through 2024 and the first quarter of 2025. For the next few quarters, we expect the average CAC to rise to around USD250 to USD300. There are two key reasons for this.

但我們預計今年下半年的支出將會增加。到 2024 年和 2025 年第一季度，我們的平均 CAC 在 150 美元至 180 美元之間。在接下來的幾個季度中，我們預計平均 CAC 將上升至 250 美元至 300 美元左右。造成這種情況有兩個主要原因。

First of all, we will keep up efforts in high-value markets like Hong Kong, where the quality of the users is significantly higher. From a payback perspective, a higher CAC in those markets is acceptable. We're also ready to invest more in brand and user awareness. This type of investments may not yield immediate conversion which can push up CAC in the short term, but they are important for our long-term growth and the brand awareness. Thanks.

首先，我們會繼續在香港等高價值市場發力，那裡的用戶品質明顯更高。從回報角度來看，這些市場中較高的 CAC 是可以接受的。我們也準備在品牌和用戶知名度方面投入更多資金。這類投資可能不會產生即時的轉化，無法在短期內提高 CAC，但對於我們的長期成長和品牌知名度至關重要。謝謝。

Thank you. Lydia, please go for the next question.

謝謝。莉迪亞，請回答下一個問題。

Emma Xu, Bank of America.

美國銀行的 Emma Xu。

(spoken in foreign language) So congratulations on another quarter of strong growth. I have two questions. The first one is about the asset inflow. It was particularly strong in the first quarter, contributing to a double-digit increase in your total client assets. So could you elaborate on the breakdown of these inflows in terms of regions and account types?

（以外語說）恭喜您又一個季度實現強勁成長。我有兩個問題。第一個是關於資產流入。第一季表現尤為強勁，推動總客戶資產實現兩位數成長。那麼，您能否詳細說明一下這些流入資金按地區和帳戶類型的細分情況？

The second question is about your interest income. We can see that your margin financing and security lending balances grew around 15% in the first quarter, yet the net interest income remained flattish sequentially. Was this primarily driven by the declining interest rate? If the Fed cuts interest rates twice this year, say, by 25 bps each time, what will be the estimated impact on your P&L?

第二個問題是關於您的利息收入。我們可以看到，你們的融資融券餘額在第一季增加了15%左右，但淨利息收入較上季持平。這主要是由於利率下降所致嗎？如果聯準會今年降息兩次，例如每次25個基點，預計會對您的損益產生什麼影響？

(spoken in foreign language) (interpreted) In the first quarter, we recorded about USD3.2 billion in net asset inflows. Around 60% of them came from the users in the Greater China area, 30% from Singapore and the remaining 10% from US and Australia and New Zealand markets. Overall, roughly 60% of net asset inflows were contributed by retail clients.

（外語）（口譯）第一季度，我們錄得約32億美元的淨資產流入。其中約60%來自大中華區用戶，30%來自新加坡，其餘10%來自美國、澳洲和紐西蘭市場。整體而言，約60%的淨資產流入來自散戶。

(spoken in foreign language) Okay. So the growth in margin financing and security lending balance was mainly driven by more active market backdrop. Our net interest income from margin in financing loan actually increased the quarter over quarter despite the rate cut implication.

（用外語說）好的。因此，融資融券餘額的成長主要是受市場更活躍的推動。儘管受到降息的影響，但我們融資貸款保證金的淨利息收入實際上比上一季增加。

The reason our total net interest income remains flat this quarter is because a larger portion of our US treasury investment matured at the end of last year, which had a quarter-over-quarter impact of USD1.5 million.

本季我們的總淨利息收入保持穩定的原因是，我們的美國國債投資有很大一部分於去年年底到期，這對上一季產生了 150 萬美元的影響。

As for the impact of future rates, we estimate that for every 25 bps cut by the Federal Reserve, our quarterly net interest income will be negative impact by about $1 million to $1.5 million, which is about roughly 1% of our quarterly revenue.

至於未來利率的影響，我們估計，聯準會每降息25個基點，我們的季度淨利息收入將受到約100萬至150萬美元的負面影響，約占我們季度收入的1%。

Thanks, Emma. Operator, please proceed to next question.

謝謝，艾瑪。接線員，請繼續回答下一個問題。

You Fan, CICC.

尤帆，中金公司。

(spoken in foreign language) Thanks management for taking my questions. This is You Fan from CICC. I have two questions here. The first one is that we see the strong new customer acquisition, this culture. Could you please provide a regional breakdown of the newly funded accounts in Q1.

（以外語說）感謝管理階層回答我的問題。我是中金公司的尤帆。我這裡有兩個問題。首先，我們看到了強勁的新客戶獲取和這種文化。您能否提供第一季新註資帳戶的地區細分情況？

The second question, could you please update on your progress in the Hong Kong market during Q1 and how you view the market opportunity and the strategic focus going forward, considering the recent Ant Group's merger with Bright Smart Securities. Will this intensify the local competition? Thank you.

第二個問題，請您介紹第一季在香港市場的進展，以及考慮到最近螞蟻集團與耀才證券的合併，您如何看待未來的市場機會和策略重點。這會加劇本地競爭嗎？謝謝。

(spoken in foreign language) (interpreted) In the fourth quarter, about 45% of newly funded clients came from Singapore and Southeast Asia. Around 35% were from the Greater China region. And Australia, New Zealand, and the US market, each accounted for about 10%.

（外語）（翻譯）第四季，約有45%的新入金客戶來自新加坡和東南亞。約35%來自大中華地區。而澳洲、紐西蘭、美國市場，各佔10%左右。

Okay. Hong Kong has always been a highly competitive market, and the recent merge between Ant Group and Bright Smart Securities, in our view, future validates the attractiveness of this market. Whether we look at its status as a global financial hub of the high quality of its user base, Hong Kong remains a very compelling market. With more players enter; simply highlights the long-term potential of this market.

好的。香港一直是個競爭激烈的市場，我們認為，近期螞蟻集團與耀才證券的合併，未來將驗證這個市場的吸引力。無論從其全球金融中心的地位還是其高品質的用戶群來看，香港仍然是一個非常有吸引力的市場。隨著更多參與者的進入，更加凸顯了這個市場的長期潛力。

And from our perspective, increased competition is a good thing for local users. It raised the bar for the entire industry and encourages all of us to keep improving. As a tech-driven brokerage, Tiger has already built strong barriers across different key areas.

從我們的角度來看，競爭加劇對本地用戶來說是件好事。它提高了整個行業的標準並鼓勵我們所有人不斷進步。作為一家科技驅動的券商，老虎證券已經在各個關鍵領域建立了強大的障礙。

This includes our clearing efficiency for Hong Kong and US equities, a robust product sets, especially in the US derivatives, virtual asset trading capabilities and the deep integration of AI in the investment process, all of which set us apart.

這包括我們對香港和美國股票的清算效率、強大的產品組合（尤其是美國衍生性商品）、虛擬資產交易能力以及人工智慧在投資過程中的深度融合，所有這些都使我們與眾不同。

We've also introduced some product that differentiation to better serve local users. For example, our trading commission are generally lower than the most platforms in this market, and our margin market funds yields are comparatively attractive. These are just a few ways we are delivering real value to users.

我們也推出了一些差異化產品，以便更好地服務本地用戶。例如，我們的交易佣金普遍低於市場上大多數平台，而我們的保證金市場基金收益率也比較有吸引力。這些只是我們向用戶提供真正價值的幾種方式。

So looking ahead, we plan to continue to invest in both talent and marketing in Hong Kong with the goal of delivering a superior product experience. We are confident that with time, continued optimization and consistent execution, we will be able to secure a meaningful share of the Hong Kong market.

因此，展望未來，我們計劃繼續在香港投資人才和行銷，以提供卓越的產品體驗。我們相信，隨著時間的推移、持續的優化和一致的執行，我們將能夠在香港市場佔據相當大的份額。

And here are some highlights about the Q1 operational highlights about the Hong Kong market. Firstly, thanks to the high average client assets and strong trading velocity, ARPU from our Hong Kong users remains the highest among all the market we enter.

以下是香港市場第一季營運亮點的一些介紹。首先，由於較高的平均客戶資產和強勁的交易速度，我們香港用戶的ARPU值在我們進入的所有市場中仍然是最高的。

In the first quarter, new funded clients in Hong Kong brought in an average net asset inflow of over USD30,000. Secondly, planned assets in Hong Kong continues to grow at a strong pace, up more than 20% over quarter and over 4 times year over year, marking it one of our third largest market in terms of asset under custody.

第一季香港新增資金客戶平均帶來超過3萬美元的淨資產流入。其次，香港的計畫資產持續強勁成長，季增超過20％，年增超過4倍，使其成為我們託管資產規模第三大市場之一。

In March, we officially rolled out the upgraded TigerAI for Hong Kong users. Now, it's available with unlimited free access, powered by world-class leading language AI models and our market data. TigerAI is designed to help users analyze investments more efficiently and make smarter decisions. Thank you.

3月份，我們正式向香港用戶推出升級版的TigerAI。現在，它可以無限制免費訪問，並由世界一流的領先語言 AI ​​模型和我們的市場數據提供支援。TigerAI旨在幫助用戶更有效地分析投資並做出更明智的決策。謝謝。

Operator, next question, please.

接線員，請問下一個問題。

That is [the last] for today. I would not like to hand the conference over to Aaron Li for any closing remarks.

這是今天的最後一個。我不想將會議交給 Aaron Li 做任何總結演講。

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 to this 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. Bye-bye.

謝謝。我要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本次電話會議。如果您有任何其他問題，請聯絡我們的投資者關係團隊。通話到此結束，非常感謝您抽出時間。再見。

This concludes today's conference call. Thank you for participating. You might now disconnect. Have a nice day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝你今天過得愉快。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。