老虎證券 (TIGR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holding Limited second quarter 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, August 27, 2025. 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.

女士們，先生們，感謝各位的收看，歡迎參加UP金融科技控股有限公司2025年第二季財報電話會議。 （操作員指示）我必須提醒大家，本次電話會議將於今天（2025年8月27日）進行錄音。現在，我將把電話會議交給今天的第一位發言人，投資者關係主管Aaron Li先生。謝謝。請開始。

Thank you, operator. Hello, everyone, and thank you for joining us on the call today. UP Fintech Holding Limited's second quarter 2025 earnings release was distributed earlier today and is available on our IR website at ir.itigerup.com as well as Globe Newswire services.

謝謝接線生。大家好，感謝您今天的電話會議。 UP Fintech Holding Limited 的 2025 年第二季財報已於今天稍早發布，可在我們的投資者關係網站 ir.itigerup.com 以及 Globe Newswire 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. 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.

今日UP Fintech的電話會議嘉賓包括：董事長兼執行長吳天華先生、財務長曾強先生、美國老虎證券執行長黃磊先生以及財務總監趙建軍先生。吳先生將概述我們的業務運營情況並討論公司亮點。曾先生隨後將討論我們的財務表現。在接下來的問答環節中，他們將解答您的疑問。

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. 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, August 27, 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.

現在，讓我來解釋一下安全港條款。我們即將做出的聲明包含美國1995年《私人證券訴訟改革法》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。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱我們於2025年8月27日提交的6-K表格以及我們於2025年4月23日提交的20-F表格年度報告。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 English translation. Mr. Wu, please go ahead with your remarks.

現在，我很高興介紹我們的董事長兼執行長吳先生。吳先生將以中文致辭，隨後將提供英文翻譯。請吳先生繼續您的發言。

(interpreted) Hello, everyone. Thank you for joining the Tiger Brokers second quarter 2025 earnings conference call.

（譯）大家好。感謝大家參加老虎證券2025年第二季財報電話會議。

In the second quarter, driven by the growth in our user base and client assets as well as enhancements in product offerings, our total revenue, trading volume, commission income, interest income and other income all reached record highs. Our total revenue for the quarter reached USD139 million, representing a 58.7% year-over-year increase and a 13.1% quarter-over-quarter growth. Trading volume significantly surged both year-over-year and quarter-over-quarter, reaching USD284 billion, which contributed to a 90.1% year-over-year increase and an 11.1% quarter-over-quarter increase in commission income, reaching USD64.8 million.

第二季度，在用戶規模、客戶資產規模成長、產品線優化的帶動下，我們的總收入、交易量、佣金收入、利息收入及其他收入均創歷史新高。本季度，我們的總營收達到1.39億美元，年增58.7%，季增13.1%。交易量較去年同期均大幅成長，達到2,840億美元，帶動佣金收入較去年同期成長90.1%，季增11.1%，達到6,480萬美元。

Meanwhile, the margin financing and securities lending balance further expanded to USD5.7 billion, reflecting a 65.3% year-over-year growth. Net interest income for the second quarter amounted to USD58.7 million, representing a 32.8% year-over-year increase, benefiting from expanded user base and increase in ARPU. Our net income attributable to UP Fintech for the second quarter was USD41.4 million, up 36.2% from the previous quarter and 16 times higher than the same quarter last year. Non-GAAP net income reached USD44.5 million, increasing 23.5% sequentially and 8.6 times the number in the same quarter last year.

同時，融資融券餘額進一步擴大至57億美元，年增65.3%。第二季淨利息收入達5,870萬美元，年增32.8%，受惠於用戶規模擴大及ARPU值提升。第二季歸屬於UP Fintech的淨利為4,140萬美元，較上季成長36.2%，較去年同期成長16倍。非美國通用會計準則淨利達4,450萬美元，季增23.5%，較去年同期成長8.6倍。

The non-GAAP net profit margin in the second quarter increased to 32%, set another record high and has increased for four consecutive quarters. Additionally, for the first half of the year, our operating profit and net profit have already exceeded the total of last year, indicating a more stable and healthier business model. Our ongoing efforts to penetrate existing markets and expand our high-quality user base, we are better positioned to navigate the market turbulence in a constantly changing environment.

第二季非公認會計準則淨利率增至32%，再創歷史新高，並已連續四季維持成長。此外，上半年我們的營業利潤和淨利潤已超過去年全年，這顯示我們的業務模式更加穩健。我們持續深耕現有市場，拓展優質用戶群，使我們在瞬息萬變的市場環境中更能應對挑戰。

In the second quarter, we added 38,900 new funded accounts, with Singapore and Hong Kong being the primary contributing markets. In the first half of the year, we have acquired more than 100,000 new funded accounts, more than two-third of our three-year target of 150,000 in 2025.

第二季度，我們新增了38,900個實金帳戶，其中新加坡和香港是主要貢獻市場。今年上半年，我們新增了超過10萬個實金帳戶，已超過我們2025年15萬個三年目標的三分之二。

As of the end of second quarter, the total number of funded accounts reached 1,192,700, representing a 21.4% year-over-year increase. In addition, we are glad to see that the quality of newly funded users continue to improve in the second quarter with the average net asset inflow of newly acquired clients exceeding USD20,000, reaching a historic high. Notably, the average net asset inflow of newly acquired clients in Hong Kong and Singapore is substantially higher at around USD30,000.

截至第二季末，總入帳帳戶數達119.27萬戶，年增21.4%。此外，我們很高興看到，第二季新增入帳用戶品質持續提升，平均新增客戶淨資產流入超過2萬美元，創歷史新高。值得一提的是，香港和新加坡地區新增客戶平均淨資產流入量明顯高於第二季度，均約3萬美元。

Regarding total client assets, net asset inflows remained robust, reaching USD3 billion in the second quarter, over 70% of which came from retail investors. Coupled with approximately $3.2 billion in the mark-to-market gain, total client assets reached a new record of USD52.1 billion, up 13.5% quarter-over-quarter and 36.3% year-over-year, marking 11 consecutive quarters of growth. In the second quarter, all markets saw double-digit sequential increases in client assets, with Hong Kong and Singapore experiencing around 50% and 20% quarter-over-quarter growth, respectively. Additionally, client assets in the Australia, New Zealand and US markets increased by over 30% quarter-over-quarter.

在總客戶資產方面，淨資產流入保持強勁，第二季達到30億美元，其中超過70%來自散戶投資者。加上約32億美元的市值調整收益，總客戶資產達到創紀錄的521億美元，季增13.5%，較去年同期成長36.3%，連續11季成長。第二季度，所有市場的客戶資產均達到兩位數的環比成長，其中香港和新加坡分別較上季成長約50%和20%。此外，澳洲、紐西蘭和美國市場的客戶資產較上季成長超過30%。

In the second quarter, we continued to optimize product features and enhance user experience. In Singapore, we launched the Central Provident Fund account trading and Supplementary Retirement Scheme account trading features in July. These new offerings enable eligible clients to utilize a portion of their CPF Ordinary Account savings and retirement funds to invest in approved financial products such as selected Singapore listed stocks, while enjoying tax benefits. We keep investing option features to better serve our high-value users.

第二季度，我們持續優化產品功能，提升使用者體驗。在新加坡，我們於7月推出了公積金帳戶和補充退休計畫帳戶交易功能。這些新功能使符合資格的客戶能夠利用其公積金普通帳戶的部分儲蓄和退休資金投資於核准的金融產品，例如部分新加坡上市股票，同時享受稅收優惠。我們保留投資選項功能，以更好地服務我們的高價值用戶。

We added pending order reminder for expiry date options, alerting users through the app or message when they have unfulfilled orders approaching expiration to prevent unnecessary exercise of forced liquidation in consideration to a better user experience.

我們增加了到期日選項的掛單提醒功能，當用戶有未關閉的訂單即將到期時，會透過APP或訊息提醒用戶，避免不必要的強平，從而提升用戶體驗。

We also introduced conditional market order for single-leg options, allowing users to set parameters such as price, time and underwriting conditions. When triggered, the system automatically submits corresponding single-leg market orders to help users build position a close position, reducing the hassles for constant manual monitoring.

我們還為單邊選擇權引入了條件市價單功能，允許使用者設定價格、時間和承銷條件等參數。觸發條件市價單後，系統會自動提交對應的單邊市價單，幫助使用者建倉和平倉，減少使用者持續人工監控的麻煩。

Our 2B business also maintained strong momentum. In the second quarter, we underwrote seven Hong Kong IPOs and four US IPOs, helping to boost our other revenue to a new quarterly high. Notable IPOs included Chagee and Zhou Liu Fu Jewelry, with Chagee becoming the first NASDAQ-listed Chinese tea beverage brand, attracting over 30,000 subscribers, setting a new record for US IPO subscription in the past three years. In our ESOP business, we added 30 new clients in the second quarter, bringing the total to 663, a year-over-year increase of 15%.

我們的2B業務也保持強勁成長動能。第二季度，我們承銷了7家香港IPO和4家美國IPO，協助其他營收創下季度新高。值得關注的IPO包括茶記和六福珠寶，其中茶記成為首個在納斯達克上市的中國茶飲品牌，吸引了超過3萬名認購者，創下了近三年來美國IPO認購的新紀錄。員工持股計畫（ESOP）業務在第二季新增了30家客戶，總數達到663家，較去年同期成長15%。

Now I would 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 Wu and Aaron. Let me go through our financial performance for the second quarter. All numbers are in US dollars. We saw encouraging growth in all revenue components this quarter. Commission income was $64.8 million, increased 90% year-over-year and 11% quarter-over-quarter. Interest income was $58.7 million, increased 33% year-over-year and 9% quarter-over-quarter, in line with our sequential increase in margin financing and securities lending balance. Total revenue reached $138.7 million, up 59% year-over-year and 13% quarter-over-quarter. Cash equity take rate was 6.4 bps this quarter, slightly decreased from 6.7 bps of last quarter as the US market runoff in the second quarter contributed to a higher average price per share. Within commission revenue, about 65% comes from cash equities, 28% from options and the rest from futures and other products.

太好了。謝謝吳天華和Aaron。我來介紹一下我們第二季的財務表現。所有數字均以美元計算。本季度，所有營收項目均取得了令人鼓舞的成長。佣金收入為6,480萬美元，較去年同期成長90%，較上季成長11%。利息收入為5,870萬美元，較去年同期成長33%，較上季成長9%，與我們融資融券餘額的環比成長一致。總營收達1.387億美元，年增59%，季增13%。本季現金股票交易率為6.4個基點，略低於上季的6.7個基點，原因是第二季美國股市的暴跌導致每股平均價格上漲。在佣金收入中，約65%來自現金股票，28%來自選擇權，其餘來自期貨和其他產品。

Regarding costs, interest expense was $17.3 million, increased 28% year-over-year, in line with the increase in our interest income and margin and securities lending business. Execution and clearing expense were $5.4 million, increased 92% from the same period of last year, in line with the increase in commission and trading volume. Employee compensation and benefits expense were $35.8 million, an increase of 25% year-over-year due to headcount increase in overseas offices and R&D. Occupancy, depreciation and amortization expense were $2.7 million, increased 29% year-over-year due to the increase in office space and relevant leasehold improvements.

成本方面，利息支出為1,730萬美元，較去年成長28%，與利息收入以及保證金和證券借貸業務的成長一致。執行和清算費用為540萬美元，年增92%，與佣金和交易量的成長一致。員工薪資和福利支出為3,580萬美元，年增25%，原因是海外辦事處和研發部門的員工人數增加。租賃、折舊和攤提費用為270萬美元，年增29%，原因是辦公空間和相關租賃資產改良的增加。

Communication and market data expense were $10.4 million, an increase of 18% year-over-year due to the increase in user base and IT-related service fees. Marketing expense were $9.9 million this quarter, increased 54% year-over-year as we expanded our marketing activities versus a year ago. General and administrative expense were $6.7 million, a decrease of 67% year-over-year as last year, we had a onetime bad debt provision of $13.2 million. Total operating costs were $71 million, an increase of 3% from the same quarter of last year. As a result, bottom line increased on both GAAP and non-GAAP basis. GAAP net income were $41.4 million, up 36% quarter-over-quarter and 15 times higher year-over-year. Non-GAAP net income were $44.5 million, a 24% increase quarter-over-quarter and 8 times higher year-over-year. The non-GAAP net profit margin further expanded to 32% in the second quarter.

通訊和市場數據費用為 1,040 萬美元，年增 18%，原因是用戶群成長和 IT 相關服務費用。本季行銷費用為 990 萬美元，年增 54%，因為我們與去年相比擴大了行銷活動。一般和行政費用為 670 萬美元，年減 67%，因為去年我們提列了 1,320 萬美元的一次性壞帳準備。總營運成本為 7,100 萬美元，比去年同期成長 3%。因此，無論以 GAAP 或非 GAAP 計算，本季的底線都有所增加。 GAAP 淨收入為 4,140 萬美元，季增 36%，年增 15 倍。非 GAAP 淨收入為 4,450 萬美元，季增 24%，年增 8 倍。第二季非公認會計準則淨利率進一步擴大至32%。

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

我的演講到此結束。接線員，請打開問答環節。謝謝。

(Operator Instructions)

（操作員指示）

Cindy Wang, China Renaissance.

Cindy Wang，中華復興。

(spoken in foreign language) Congrats for great Q2 results. I have have questions here. First, the company's pretax profit increased sequentially, but income taxes expenses decreased sequentially. And also the effective tax rate dropped to around 15%. So what is the reasoning behind it and whether is it sustainable? And also the other revenue rose strongly. Is it mainly contributed from investment banking business?

（外語）恭喜您第二季取得了出色的業績。我有一些問題。首先，公司的稅前利潤較上季成長，但所得稅支出則是較上季下降。而且實際稅率也降至15%左右。這背後的原因是什麼？這種成長是否可持續？此外，其他收入也強勁成長。這主要來自投資銀行業務嗎？

Second is regarding to the crypto business. So how is the company's cryptocurrency business progressing? And we've heard that the company has brought in strategic investor to jointly develop this area. So what are your plans and views on the development of the Hong Kong crypto market? And do you have any plans to obtain licenses in Singapore and the United States?

第二是關於加密貨幣業務。那麼公司的加密貨幣業務進度如何？我們聽說公司已經引進了策略投資者，共同發展這一領域。您對香港加密貨幣市場的發展有什麼計畫和看法？有沒有計劃在新加坡和美國獲得執照？

(spoken in foreign language) So there are two primary reasons for the decline in the effective tax rate. First, pretax profit rose across all licensed subsidiary in the second quarter, which reduced the weighting of our US subsidiary in terms of total group profit. Since the US has the highest tax rate, okay, this reduced weighting helped to lower the overall group's tax rate.

（外語）所以有效稅率下降主要有兩個原因。首先，第二季所有授權子公司的稅前利潤均有所成長，降低了我們美國子公司在集團總利潤中的權重。由於美國的稅率最高，所以權重的降低有助於降低集團整體的稅率。

Another reason is that we secured a more favorable tax rate in Singapore, reducing it from 17% to 13.5% in the second quarter. And regarding the substantial increase in other income, the growth in investment banking was indeed a major contributor. In the second quarter, we underwrote four US IPOs, out of which two of them were the so book runner. In addition, foreign exchange income saw quarter-over-quarter increase due to market volatility. Our wealth management revenue also rose by about 70% due to rapid growth in AUM.

另一個原因是，我們在第二季獲得了更優惠的新加坡稅率，從17%降至13.5%。至於其他收入的大幅成長，投行業務的成長確實是主要貢獻者。第二季度，我們承銷了四家美國IPO，其中兩家擔任記帳管理人。此外，由於市場波動，外匯收入較上季成長。由於資產管理規模（AUM）的快速成長，我們的財富管理收入也成長了約70%。

(interpreted) We firmly believe that digital asset is now established as a major asset class, and we are committed to expanding our presence in the digital asset market. Our goal is to develop a comprehensive one-stop platform that seamlessly connects traditional financial assets with digital ones. Product experience has always been the key to Tiger's long-term success. Web 3 is still a relatively new area compared to the traditional Web 2 trading. We are committed to maintaining Tiger's high standards in product functionalities. To further these efforts, we have partnered with seasoned strategic investors in the Web 3 ecosystem, who are also pioneers and successful entrepreneurs in the early days of the digital asset exchange.

（解釋）我們堅信數位資產如今已成為一種重要的資產類別，並致力於擴大我們在數位資產市場的影響力。我們的目標是開發一個全面的一站式平台，無縫連接傳統金融資產和數位資產。產品體驗一直是老虎交易所長期成功的關鍵。與傳統的 Web 2.0 交易相比，Web 3.0 仍然是一個相對較新的領域。我們致力於維持老虎交易所在產品功能方面的高標準。為了進一步推動這些努力，我們與 Web 3.0 生態系統中經驗豐富的策略投資者合作，他們也是數位資產交易所早期的先驅和成功企業家。

So by combining their expertise with our experience in Web 2 fintech, we aspire to jointly develop leading-edge digital asset trading products that will stand out in the global market. Although this business still accounts for only a small part of our total revenue, we are seeing strong growth, especially as we keep expanding in Hong Kong and roll out industry-leading features, like digital asset deposit and withdrawal. We've seen a significant increase in trading volume on our Hong Kong platform and growth in the digital asset under custody. In the second quarter, digital asset trading volume increased around 65% quarter-over-quarter and asset under custody on our exchange nearly doubled sequentially.

因此，透過將他們的專業知識與我們在Web 2.0金融科技方面的經驗相結合，我們致力於共同開發能夠在全球市場上脫穎而出的尖端數位資產交易產品。儘管這項業務目前僅占我們總收入的一小部分，但我們正在看到強勁的成長，尤其是在我們不斷拓展香港業務並推出數位資產存取等行業領先功能的情況下。我們香港平台的交易量顯著增長，數位資產託管規模也實現了增長。第二季度，數位資產交易量較上季成長約65%，我們交易所的託管資產規模較上季成長近一倍。

As for the global market, we've got digital asset trading license in 14 states in the US and our application in Singapore is actively progressing. So moving forward, we plan to focus more resources on improving our product and supporting more trading features, aiming to offer our users a more comprehensive and seamless trading experience.

在全球市場，我們已在美國14個州取得數位資產交易牌照，新加坡的牌照申請也正在積極推進中。未來，我們計劃投入更多資源改進產品，支援更多交易功能，力求為用戶提供更全面、更順暢的交易體驗。

Thank you. And operator, please move on to the next question.

謝謝。接線員，請繼續下一個問題。

Judy Zhang, Citi.

花旗銀行的 Judy Zhang。

(spoken in foreign language) I have two questions. The first question is regarding on the company's run rate so far in 3Q quarter-to-date. Specifically, could you share with us any early trends around trading volume, client assets and the new paying customers growth?

（外語）我有兩個問題。第一個問題是關於公司第三季迄今的營運率。具體來說，您能否分享一下交易量、客戶資產和新付費客戶成長的一些早期趨勢？

The second question is, can you update us on your progress in the Hong Kong market expansion during second quarter and the third quarter quarter-to-date? We have noticed that since entering -- Tiger entering a Hong Kong market, the company's assets from local clients have been rapidly increasing. So the company has also mentioned that the quality of the local clients is excellent. Given this satisfied ROI, when does Tiger plans to enhance the customer acquisition and advertising efforts in Hong Kong? How is it going to impact on the company's CAC going forward?

第二個問題是，您能否介紹一下第二季和第三季迄今香港市場擴張的進展？我們注意到，自從進入香港市場以來，老虎證券來自本地客戶的資產一直在快速成長。公司也提到本地客戶的品質非常好。鑑於目前令人滿意的投資報酬率，老虎證券計畫何時加強在香港的客戶獲取和廣告投放？這將如何影響公司未來的客戶獲取成本（CAC）？

(interpreted) Okay. So overall, we are quite satisfied with our operating performance quarter-to-date. In terms of trading activity, the average monthly number of shares traded on our platform in the, say, past two months has been higher than the monthly average in the second quarter. Since we earn commissions based on the numbers of shares traded in the US stock market, commission revenue so far in the third quarter has been on target. Regarding client assets, there has been a high single-digit increase compared to the end of the second quarter. A significant part of this increase has been driven by mark-to-market gains.

（翻譯）好的。總體而言，我們對本季迄今的營運表現非常滿意。就交易活躍度而言，過去兩個月，我們平台上的月均股票交易量高於第二季的月均交易量。由於我們的佣金收入是基於美國股市的股票交易量，因此第三季迄今的佣金收入一直維持著目標水準。就客戶資產而言，與第二季末相比，客戶資產實現了較高的個位數成長。這其中很大一部分的成長是由市價調整收益所推動。

The trend in the net asset inflow is also quite positive, especially with retail clients contributing a large portion of this growth. As for the new funded accounts, we remain committed to our second quarter customer acquisition strategy of prioritizing user quality and net asset inflows. We are glad to see a meaningful improvement in the contribution from the Hong Kong market, which now almost matches the contribution from Singapore. Since the quality of users in Hong Kong is the highest across all the markets we enter, we are confident in maintaining the user quality of the new credit accounts in the third quarter.

淨資產流入趨勢也相當積極，尤其是在零售客戶貢獻了很大一部分成長的情況下。至於新增實金帳戶，我們仍然堅持第二季的客戶獲取策略，即優先考慮用戶品質和淨資產流入。我們很高興看到香港市場的貢獻顯著提升，目前幾乎與新加坡的貢獻持平。由於香港的用戶品質在我們進入的所有市場中最高，我們有信心在第三季度保持新增信貸帳戶的用戶品質。

(spoken in foreign language) So in the second quarter and third quarter so far, we stepped up our investment in the Hong Kong market. We organized and participated in numerous offline events and exhibitions actively engaging with the local community. Our goal is to boost brand awareness and increase customer engagement. Combining off-line activities with innovative fintech solutions and incentives, we were able to reach a bigger pie of local investors.

（外語）因此，截至目前，我們在第二季和第三季加大了對香港市場的投資。我們組織並參與了許多線下活動和展覽，並積極與當地社區互動。我們的目標是提升品牌知名度並增強客戶參與度。透過將線下活動與創新的金融科技解決方案和激勵措施相結合，我們能夠觸及更廣泛的本地投資者群體。

We have seen tangible results both in the user quality and client asset. For example, in the second quarter, the average net asset inflow per new Hong Kong funded users reached around USD30,000, which contributed to a roughly 50% quarter-over-quarter increase in overall client assets in Hong Kong.

我們在用戶品質和客戶資產方面都取得了顯著成效，例如第二季度，新增港資用戶平均淨資產流入約3萬美元，帶動香港地區整體客戶資產環比增長約50%。

So far in the third quarter, the number of new funded accounts in Hong Kong has now nearly matched the growth we have seen in Singapore. Our accelerated expansion in Hong Kong not only creates a healthier, more sustainable growth, but also deepen our understanding of the local market. Over the past two years, our dedicated efforts have started to pay off. Going forward, we will continue to speed up our efforts in Hong Kong, and you will see more tighter events to drive user growth and brand awareness.

截至第三季度，香港新增資金帳戶數量已接近新加坡的成長速度。我們在香港的加速擴張不僅創造了更健康、更永續的成長，也加深了我們對當地市場的了解。過去兩年，我們的努力已初見成效。未來，我們將繼續加快在香港的佈局，屆時您將看到更多更精彩的活動，以推動用戶成長和品牌知名度。

Regarding CAC, since we started ramping up our customer acquisition in Hong Kong in the second quarter, the average CAC is around 400-plus. It's relatively higher than other markets, but the payback period remains quite healthy, about two quarters under current market conditions. For third quarter and the rest of the year, we expect the average CAC in Hong Kong to fluctuate based on our marketing strategy. We anticipate it will stay around this level.

關於客戶獲取成本 (CAC)，自我們第二季開始加大香港客戶獲取力度以來，平均客戶獲取成本 (CAC) 約為400以上。這相對高於其他市場，但投資回收期仍然相當健康，在當前市場條件下約為兩個季度。我們預計第三季及今年剩餘時間香港的平均客戶獲取成本 (CAC) 將根據我們的行銷策略有所波動。我們預計它將保持在這個水平左右。

Dennis Bai, UBS.

瑞銀集團的 Dennis Bai。

(spoken in foreign language) So big congratulations to the set of strong results, and I'm Dennis from UBS. I have two questions. The first is about, could you please give a breakdown of the newly added customers with deposits across different regional markets? And the second is we've noticed that the newly added customers with deposits in the second quarter declined quarter-over-quarter. What's the reason behind? And how do you view the growth looking forward?

（外語）非常祝賀這一系列強勁的業績，我是瑞銀的丹尼斯。我有兩個問題。第一個問題，能否詳細分析不同區域市場的新增存款客戶數量？第二個問題，我們注意到第二季新增存款客戶數量較上季下降。這背後的原因是什麼？您如何看待未來的成長？

(interpreted) For the first question about the regional breakdown of new funded accounts. In the second quarter, about 50% of newly funded accounts came from Singapore and Southeast Asia region, approximately 30% were from Hong Kong and the Greater China area, 15% from Australia and New Zealand market and around 5% from the US market.

（譯）關於第一個問題，關於新增入帳帳戶的地區分佈。第二季度，約50%的新增入帳帳戶來自新加坡和東南亞地區，約30%來自香港和大中華地區，15%來自澳洲和紐西蘭市場，約5%來自美國市場。

In the second quarter, we added nearly 40,000 new users. We believe this number fully meets our expectations, both in terms of annual targets and customer acquisition pace. From another perspective, although the number is a bit lower than the fourth quarter, the main reason includes the impact of tariff war in April, some investor sentiment fluctuates and most importantly, targeted adjustments we made to our customer acquisition channels. This included shutting down some low-quality, low ROI channels and posting certain online advertisements in Singapore to ensure the high-quality user base.

第二季度，我們新增了近4萬名用戶。我們相信，無論從年度目標或用戶獲取速度來看，這個數字都完全符合我們的預期。從另一個角度來看，雖然第二季度的數據略低於第四季度，但主要原因包括4月份資費戰的影響、投資者情緒波動，以及最重要的，我們對用戶獲取管道進行了有針對性的調整。這包括關閉一些品質低、投資報酬率低的管道，並在新加坡投放一些線上廣告，以確保高品質的用戶群。

Overall, these adjustments have been proved to be effective. We place a great emphasis on increasing client assets and maintaining a healthy net asset inflow mix. As mentioned earlier, the average net asset inflow of the newly acquired clients exceeded USD20,000 and in Singapore and Hong Kong, it even reached about USD30,000. More importantly, the nearly 40,000 new users in Q2 contributed more net asset inflow in the quarter than the over 60,000 new users in the first quarter.

總體而言，這些調整已被證明是有效的。我們非常重視增加客戶資產，並維持健康的淨資產流入結構。如前所述，新增客戶的平均淨資產流入超過2萬美元，在新加坡和香港甚至達到了約3萬美元。更重要的是，第二季近4萬名新增用戶貢獻的淨資產流入超過了第一季超過6萬名新增用戶。

Additionally, our overall customer acquisition cost decreased by about 10% compared to the first quarter. So looking ahead, whether from an efficiency perspective or on a profitability standpoint, we plan to continue optimizing and dynamically adjust our customer acquisition strategies by focus on user quality and client assets. Thanks, Dennis.

此外，我們的整體獲客成本較第一季下降了約10%。展望未來，無論從效率或獲利角度來看，我們都計劃繼續優化並動態調整獲客策略，重點關注用戶品質和客戶資產。謝謝，Dennis。

Operator, is there any other questions?

接線員，還有其他問題嗎？

There's no further questions. I would now like to turn the conference back to Aaron Lee for closing remarks.

沒有其他問題了。現在請李亞倫致閉幕詞。

Okay. 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. Bye-bye.

好的。感謝大家今天參加我們的電話會議。我現在代表老虎基金的管理團隊結束本次電話會議。非常感謝大家參與今天的電話會議。如果您還有其他問題，請聯絡我們的投資者關係團隊。這次電話會議到此結束，非常感謝大家抽空。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。

Thank you.

謝謝。

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.

本記錄中標註（翻譯）的部分由現場翻譯人員朗讀。該翻譯人員由本次活動的贊助商提供。