老虎證券 (TIGR) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the UP Fintech Holdings Limited's third quarter 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, December 4, 2025.

感謝您的耐心等待。歡迎參加 UP Fintech Holdings Limited 2025 年第三季業績電話會議。（操作員說明）我必須告知各位，本次會議將於2025年12月4日進行錄音。

I would 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.

現在我謹將會議交給今天的第一位發言人，投資者關係主管李亞倫先生。謝謝。請繼續。

Thank you, operator. Hello, everyone. We appreciate you joining us today for our UP Fintech Holding Limited's third quarter 2025 earnings call. The earnings release was distributed earlier today and is available on our Investor Relations website at ir.itiger.com and through GlobeNewswire.

謝謝接線生。大家好。感謝您今天參加 UP Fintech Holding Limited 2025 年第三季業績電話會議。獲利報告已於今日稍早發布，可透過我們的投資者關係網站 ir.itiger.com 和 GlobeNewswire 取得。

On the call today with us 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 provide an overview of our business operations and key corporate highlights, followed by Mr. Zeng, who will discuss our financial results.

今天和我們一起通話的是吳天華先生。董事長兼執行長；財務長曾先生；美國老虎證券執行長黃磊先生；以及財務總監趙先生。吳先生將概述我們的業務運營和主要公司亮點，隨後曾先生將討論我們的財務業績。

They will both be available to answer your questions during the Q&A session afterwards. Before we begin, I'd like to address the safe harbor statement. The upcoming remarks will contain forward-looking statements as defined by the US Private Securities Location Reform Act of 1995.

會後問答環節，他們兩人將回答您的問題。在開始之前，我想先談談安全港聲明。接下來的發言將包含1995年美國私人證券發行地點改革法案所定義的前瞻性陳述。

Actual results could differ materially due to various factors. For more details on these factors, please refer to our Form 6-K furnished today, December 4, 2025, and our annual report on Form 20-F submitted on April 23, 2025.

實際結果可能因各種因素而與預期有重大差異。有關這些因素的更多詳細信息，請參閱我們今天（2025 年 12 月 4 日）提供的 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。

We are not obligated to update any forward-looking statements unless required by law. Now it's my pleasure to introduce our Chairman and CEO, Mr. Wu, who will begin his remarks in Chinese, followed by English translation. Mr. Wu, please proceed.

除非法律要求，否則我們沒有義務更新任何前瞻性聲明。現在，我很榮幸地向大家介紹我們的董事長兼執行長吳先生，他將先用中文致辭，然後進行英文翻譯。吳先生，請繼續。

(interpreted) Hello, everyone. Thank you for joining the Tiger Brokers third quarter 2025 earnings conference call. In the third quarter, Tiger once again achieved impressive performance, with all revenue segments and profit showing encouraging growth and reaching new historic highs.

（譯）大家好。感謝您參加老虎證券2025年第三季財報電話會議。第三季度，Tiger再次取得了令人矚目的業績，所有營收部門和利潤均實現了令人鼓舞的成長，並創下了歷史新高。

Our total revenue reached USD175.2 million, representing a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3%. We have maintained our strategy of prioritizing user quality and product experience, which has further improved our ROI and laid a solid foundation for ongoing profit growth.

我們的總營收達到 1.752 億美元，年增 73.3%，季增 26.3%。我們堅持以用戶品質和產品體驗為優先的策略，這進一步提高了我們的投資報酬率，並為持續的利潤成長奠定了堅實的基礎。

All of our licensed entities achieved profitability in the third quarter, resulting in a net income attributable to UP Fintech of USD53.8 million, up 30% from the previous quarter and 3 times the same quarter last year. Our non-GAAP net profit reached USD57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year.

我們所有持牌實體在第三季度均實現了盈利，UP Fintech 的淨收入為 5380 萬美元，比上一季增長 30%，是去年同期的 3 倍。我們的非GAAP淨利達到5,700萬美元，較上季成長28.2%，較去年同期成長2.8倍。

Non-GAAP net profit hit new historical highs and has maintained double-digit quarter-over-quarter growth for five consecutive quarters. In the third quarter, we added 31,500 new funded accounts with Singapore and Hong Kong being the primary contributing markets.

非GAAP淨利創歷史新高，連續五季維持兩位數較上季成長。第三季度，我們新增了 31,500 個注資帳戶，其中新加坡和香港是主要貢獻市場。

In the first three quarters of this year, we have acquired 132,200 new funded accounts. The total number of funded accounts reached 1,224,200, representing an 18.5% year-over-year increase. As of today, we've already achieved our annual guidance of acquiring 150,000 newly funded accounts.

今年前三個季度，我們新增了 132,200 個資金帳戶。已註資帳戶總數達到 1,224,200 個，較去年同期成長 18.5%。截至今日，我們已經實現了新增15萬個資金帳戶的年度目標。

In addition, we are glad to see better brand recognition from Hong Kong users. In the third quarter, for the first time, Hong Kong accounted for over 30% of our quarterly new funded users, becoming a key growth engine alongside Singapore.

此外，我們很高興看到香港用戶對品牌的認知度有所提升。第三季度，香港新增付費用戶佔比首次超過 30%，與新加坡一起成為重要的成長引擎。

More importantly, user quality in Hong Kong remains strong with average net asset inflow for newly acquired clients holding around USD30,000 for three consecutive quarters. Meanwhile, ROI-driven acquisition strategy delivered standout results in Singapore.

更重要的是，香港用戶品質依然強勁，新獲取客戶的平均淨資產流入量連續三個季度維持在 3 萬美元左右。同時，以投資報酬率為導向的收購策略在新加坡取得了顯著成效。

The average net asset inflow for newly acquired clients in the third quarter surpassed USD60,000, a historical breakthrough and leads group average this quarter to above USD30,000 for the first time.

第三季新客戶的平均淨資產流入超過 6 萬美元，這是一個歷史性的突破，並首次使集團本季的平均淨資產流入超過 3 萬美元。

Regarding total current assets, net asset inflow remained robust, mainly driven by retail investors, coupled with the mark-to-market gains, total client assets reached a new record of USD61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year, marking 12 consecutive quarters of growth.

就流動資產總額而言，淨資產流入依然強勁，主要由散戶投資者推動，加上市值計價收益，客戶總資產達到創紀錄的 610 億美元，環比增長 17.3%，同比增長 49.7%，連續 12 個季度實現增長。

In the third quarter, all the overseas markets delivered double-digit quarter-over-quarter growth above 20% in client assets, with Hong Kong and US increasing by more than 60% and 50%, respectively.

第三季度，所有海外市場的客戶資產較上季均實現了兩位數成長，增幅超過 20%，其中香港和美國分別成長超過 60% 和 50%。

In the third quarter, we continued to refine our product features to make global investing more accessible and convenient. As the leading tech-driven brokerage in Singapore, we constantly enhance the user experience for local investors.

第三季度，我們持續完善產品功能，讓全球投資更加便利。作為新加坡領先的科技驅動經紀公司，我們不斷提升本地投資者的用戶體驗。

To enable more local investors to easily participate in stock market, Tiger Singapore has waived the Singapore Exchange quarterly custody fee for accounts with no frills, thereby reducing the holding cost for long-term investors.

為了讓更多本地投資者能夠輕鬆參與股市，Tiger Singapore 免除了新加坡交易所對簡易帳戶的季度託管費，從而降低了長期投資者的持有成本。

In Hong Kong, we have expanded our product offering by introducing Japanese market derivative services, such as Nikkei futures, for the first time in the third quarter, further solidifying our global multi-asset strategy.

在香港，我們於第三季首次引進了日本市場衍生性商品服務（如日經期貨），從而擴大了我們的產品供應，進一步鞏固了我們的全球多元資產策略。

Additionally, in September, we launched cryptocurrency trading in New Zealand, providing local users with investment services in major cryptocurrency, like Bitcoin and Ethereum.

此外，我們在 9 月於紐西蘭推出了加密貨幣交易，為當地用戶提供比特幣和以太坊等主要加密貨幣的投資服務。

During the third quarter, Tiger platform enhanced cryptocurrency-related features by adding unique data such as macro market insights and holdings information for companies, assisting users for recognizing investment opportunities and making better investment decisions.

第三季度，Tiger平台透過添加宏觀市場洞察和公司持股資訊等獨特數據，增強了與加密貨幣相關的功能，幫助用戶識別投資機會並做出更好的投資決策。

Tiger AI has seen a rapid increase in usage with user numbers growing nearly fivefold year-over-year and the number of conversations increasing tenfold. Meanwhile, the intelligent investment analysis tool, TradingFront AI, provides real-time portfolio analysis and market insights for asset management business, helping investment advisors enhance their analysis efficiency and decision-making quality.

Tiger AI 的用戶數量較去年同期成長近五倍，對話次數較去年同期成長十倍，其使用量也迅速成長。同時，智慧投資分析工具 TradingFront AI 為資產管理業務提供即時投資組合分析和市場洞察，幫助投資顧問提高分析效率和決策品質。

Our 2B business also maintained strong momentum, significantly boosting other revenue by doubling them quarter-over-quarter, achieving a historic high for a single quarter. In the third quarter, we underwrote five US IPOs, all serving as the sole bookrunner, including Linkhome and Yimutian.

我們的 2B 業務也保持了強勁的成長勢頭，顯著提升了其他收入，季度環比翻番，創下單季歷史新高。第三季度，我們承銷了五家美國IPO公司，全部擔任唯一簿記管理人，其中包括Linkhome和億慕天。

Additionally, we underwrote five Hong Kong IPOs and one Hong Kong public follow-on offering, including Geek Plus and Boss Zhipin. With the IPO market being active, supported robust growth in our IPO subscription business with the number of subscribers increasing by 39.3% quarter-over-quarter and subscription amount surging by 121.5%, reflecting our platform's enhanced underwriting capability.

此外，我們也承銷了五家香港IPO公司和一家香港公開後續發行公司，其中包括Geek Plus和Boss Zhipin。IPO市場活躍，支撐了我們IPO認購業務的強勁成長，認購人數較上季成長39.3%，認購金額較上季成長121.5%，反映了我們平台增強的承銷能力。

In ESOP business, we added 46 new clients in the third quarter, bringing the total to 709, a year-over-year increase of 19%. Now I'd like to invite our CFO, John, to go over our financials.

在員工持股計畫 (ESOP) 業務方面，我們第三季新增了 46 位客戶，使客戶總數達到 709 位，較去年同期成長 19%。現在我想請我們的財務長約翰來看看我們的財務狀況。

Great. Thanks, Tianhua and Aron. Let me go through our financial performance for the third quarter. All numbers are in US dollars. We saw encouraging growth in all revenue components this quarter. Commission income was $72.9 million, increased 77% year-over-year and 13% quarter-over-quarter.

偉大的。謝謝天華和亞倫。讓我來介紹一下我們第三季的財務表現。所有數字均以美元為單位。本季所有營收組成部分均實現了令人鼓舞的成長。佣金收入為 7,290 萬美元，較去年同期成長 77%，較上季成長 13%。

Interest income was $73.2 million, increased 53% year-over-year and 25% quarter-over-quarter in line with our sequential growth in margin and securities lending balance. Total revenue reached $175.2 million, up 73% year-over-year and 26% quarter-over-quarter.

利息收入為 7,320 萬美元，年增 53%，環比增長 25%，與我們的利潤率和證券借貸餘額的環比增長一致。總營收達 1.752 億美元，年增 73%，季增 26%。

Cash equity take rate was 7.1 bps this quarter, increased from 6.4 bps of last quarter. The uptick in cash equity take rate was mainly due to the increased trading volume of fewer low-priced US stock during the third quarter, as we charge commission per share for US stock trading.

本季現金股權收購率為 7.1 個基點，高於上季的 6.4 個基點。第三季現金股權收購率上升主要是由於低價美國股票交易量增加所致，因為我們對美國股票交易以每股收取佣金。

Within commission revenue, about 67% comes from cash equities, 25% from options and the rest from futures and other products. Now on to cost. Interest expense was $21.9 million, increased 40% year-over-year in line with the increase in interest income from margin and the securities lending business.

佣金收入中，約 67% 來自現金股票，25% 來自選擇權，其餘來自期貨和其他產品。接下來談談成本。利息支出為 2,190 萬美元，年增 40%，與保證金和證券借貸業務的利息收入成長一致。

Execution and clearing expense were $4.5 million, increased 27% from the same period of last year, in line with the increase in commission and trading volume. Employee compensation and benefits expense were $47.2 million, an increase of 64% year-over-year due to the headcount increase to strengthen overseas growth and R&D.

執行和清算費用為 450 萬美元，比去年同期成長 27%，與佣金和交易量的成長一致。由於為加強海外成長和研發而增加員工人數，員工薪資和福利支出為 4,720 萬美元，較去年同期成長 64%。

Occupancy, depreciation and amortization expense were $2.8 million, increased 28% year-over-year due to the increase in office space and relevant leasehold improvements. Communication and market data expense were $11.8 million, an increase of 21% year-over-year due to the increase in user base and IT-related services fees.

由於辦公空間增加和相關租賃物業改良，佔用、折舊和攤提費用為 280 萬美元，年增 28%。通訊和市場數據支出為 1,180 萬美元，年增 21%，原因是用戶基數增加和 IT 相關服務費用增加。

Marketing expenses were $12.9 million this quarter, increased 57% year-over-year as we beefed up user acquisition, particularly in Singapore and Hong Kong markets. General and administrative expense were $10.3 million, an increase of 49% year-over-year, due to an increase in professional service fees.

本季行銷費用為 1,290 萬美元，年增 57%，因為我們加強了用戶獲取力度，尤其是在新加坡和香港市場。一般及行政費用為 1,030 萬美元，年增 49%，主要原因是專業服務費增加。

Total operating costs were $89.4 million, an increase of 51% from the same quarter of last year. As a result, bottom line increased on both GAAP and non-GAAP basis. GAAP net income were $53.8 million, up 30% quarter-over-quarter and 3 times of last (inaudible).

總營運成本為 8,940 萬美元，比去年同期成長 51%。因此，無論以 GAAP 或非 GAAP 準則計算，利潤均有所增加。以美國通用會計準則（GAAP）計算，淨利為5,380萬美元，較上季成長30%，是上一季的3倍。（聽不清楚）

Non-GAAP net income were $57 million, a 28% increase quarter-over-quarter and 2.8 times the same quarter of last year. The non-GAAP net profit margin further expanded to 33% in the third quarter. That has concluded our presentation. Operator, please open the line for Q&A. Thanks.

非GAAP淨收入為5,700萬美元，較上季成長28%，是去年同期的2.8倍。第三季非GAAP淨利率進一步擴大至33%。我們的演講到此結束。接線員，請開通問答線。謝謝。

(Operator Instructions) Pu Han, CICC.

（操作說明）蒲漢，中金公司。

First, congratulations on the exciting results achieved this quarter. This is Pu Han from CICC. I have two questions. The first one is regarding the AUM breakdown. So how much is from clients net asset inflow and how much from mark-to-market gain?

首先，恭喜你們本季取得了令人振奮的成績。這是中金公司的蒲涵。我有兩個問題。第一個問題與資產管理規模細分有關。那麼，其中有多少是來自客戶的淨資產流入，又有多少是來自市值計價的收益呢？

And in terms of the net asset inflow, how much is from retail investors and how much from institutions? The second question is about the take rate.

就淨資產流入而言，其中有多少來自散戶投資者，有多少來自機構投資者？第二個問題是關於接受率。

We see both the blended take rate and the cash equity take rate increased a lot this quarter. So could you please share the reason behind the increasing take rate? That's my two questions.

本季度，混合權益獲取率和現金權益獲取率均大幅上升。那麼，您能否分享一下成交率上升背後的原因？這就是我的兩個問題。

(interpreted) In the third quarter, client assets saw a meaningful increase of about 17%, reaching a historic high of USD61 billion. So of this increase, roughly 30% were from the net asset inflow and 70% were from the mark-to-market gains. More than 60% of the net asset inflow came from Singapore and Hong Kong markets, with retail clients being the key contributor.

（譯文）第三季度，客戶資產顯著成長約 17%，達到 610 億美元的歷史新高。因此，在此次成長中，約 30% 來自淨資產流入，70% 來自以市值計價收益。超過 60% 的淨資產流入來自新加坡和香港市場，其中零售客戶為主要貢獻者。

For cash equities, the take rate increased from 6.4 bps in second quarter to 7.1 bps in the third quarter, primarily due to some US local penny stock were particularly active in the quarter. Since we charge commission per shares for US stock, this led to an increase in cash equity take rate.

對於現金股票而言，成交率從第二季的 6.4 個基點上升到第三季的 7.1 個基點，這主要是由於一些美國本地低價股在該季度特別活躍。由於我們對美國股票以每股收取佣金，這導致現金股權提取率上升。

As for the blended take rate, aside from the increase in cash equity commissions, futures trading volume dropped from around 7% in the second quarter to about 4% in the third quarter.

至於綜合成交率，除了現金股票佣金增加外，期貨交易量從第二季的約 7% 下降到第三季的約 4%。

As we count notional value for futures trading, the decrease in futures trading volume, while increasing commission income, contributed to a notable increase in our overall blended take rate.

在計算期貨交易的名目價值時，期貨交易量的下降，以及佣金收入的增加，導致我們的整體綜合佣金率顯著上升。

This expense while our stock trading volume showed a quarter-over-quarter increase consistent with the increase in commission income, but the total trading volume was actually down. Thanks.

雖然我們的股票交易量較上季成長，與佣金收入的成長一致，但實際總交易量卻下降了。謝謝。

Operator, please move on to the next question.

操作員，請繼續下一個問題。

Cindy Wang, China Renaissance.

Cindy Wang，中國復興。

This is Cindy from China Renaissance and congrats for the great third quarter results. I have two questions here. First, could you give us the breakdown of 31,500 new funding accounts by regional in third quarter?

我是華興資本的Cindy，恭喜你們第三季取得了優異的業績。我有兩個問題。首先，能否提供第三季 31,500 個新增資金帳戶按地區劃分的詳細資料？

And second, customer assets in overseas markets enjoyed significant sequential growth in third quarter. Could you please provide details on the onshore user assets quarter-over-quarter change and their contribution in overall client assets in third quarter?

其次，海外市場的客戶資產在第三季實現了顯著的環比成長。請提供第三季境內用戶資產環比變化及其對客戶總資產貢獻的詳細資訊？

(interpreted) So to your first question, in the third quarter, about 40% of newly funded accounts came from the Singapore market, approximately 35% were from the Hong Kong and 20% from Australia and New Zealand market and the rest 5% from the US market.

（翻譯）所以，對於你的第一個問題，在第三季度，約 40% 的新增資金帳戶來自新加坡市場，約 35% 來自香港市場，20% 來自澳洲和紐西蘭市場，其餘 5% 來自美國市場。

So in the third quarter, client assets for the onshore investor also saw a double-digit quarter-over-quarter increase with both institutional and retail clients experiencing net asset inflow and mark-to-market gains also boosted the quarter-over-quarter increase.

因此，在第三季度，境內投資者的客戶資產也實現了兩位數的環比增長，機構客戶和零售客戶均實現了淨資產流入，而按市值計價的收益也推動了環比增長。

Due to our global expansion over the past few years, the growth pace for client assets in overseas markets has been faster. By the end of the Q3, client assets of onshore retail users as a percentage of our total client assets has dropped to below 15%.

由於過去幾年我們的全球擴張，海外市場客戶資產的成長速度更快。到第三季末，境內零售用戶的客戶資產占我們客戶總資產的比例已降至 15% 以下。

The new account opening rules require onshore investors to hold value overseas, including Hong Kong identification to open accounts with us. It has been the same rule across the whole industry.

新的開戶規則要求境內投資人持有海外資產，包括香港身分證明，才能在我們這裡開戶。整個產業都是如此。

We remain optimistic about the Greater China market because many high net worth individuals in Greater China already have overseas identities and the requirement for the Hong Kong Quality Migrant Admission Scheme gradually becoming less, I would say, stringent.

我們對大中華區市場依然保持樂觀，因為大中華區許多高淨值人士已經擁有海外身份，而且香港優質移民入境計劃的要求也逐漸降低，我認為。

The global asset allocation for investors is just getting started, presenting tremendous market potential. Just by serving this cohort, we will be able to sustain strong growth in client assets and trading volumes. Thanks, Cindy.

全球資產配置市場才剛起步，蘊藏著巨大的市場潛力。僅透過服務這部分客戶，我們就能夠維持客戶資產和交易量的強勁成長。謝謝你，辛蒂。

Operator, let's proceed.

操作員，我們開始吧。

Emma Xu, BofA Securities.

Emma Xu，美國銀行證券。

So the first question is about the operations so far in the fourth quarter. In particular, could you share any early trends around the trading volume, client assets and new funded accounts? And the second question is about your clearing cost, which decreased quite significantly in the third quarter.

所以第一個問題是關於第四季迄今為止的營運情況。具體來說，您能否分享一下交易量、客戶資產和新註資帳戶方面的一些早期趨勢？第二個問題是關於你們的清算成本，該成本在第三季大幅下降。

So what are the major reasons behind? And do you believe the current clearing cost is sustainable or you have further room for reduction?

那麼，背後的主要原因是什麼？您認為目前的清算成本是否可持續，還是還有進一步降低的空間？

(interpreted) Okay. So regarding trading volume, the market remains quite active. Our trading volume for the first two months of the fourth quarter is already on par with the entire Q3, partly due to the increase in futures trading volume.

（翻譯）好的。因此，就交易量而言，市場依然相當活躍。第四季前兩個月的交易量已經與第三季的總交易量持平，部分原因是期貨交易量的增加。

Cash equity trading volume in the first two months of the fourth quarter is more than 2/3 of the cash equity trading volume in the third quarter. In terms of client assets, net asset inflow quarter-to-date remains robust, and are expected to be slightly better than the Q3.

第四季前兩個月的現金股票交易量超過第三季現金股票交易量的三分之二。就客戶資產而言，本季迄今的淨資產流入依然強勁，預計將略好於第三季。

However, some users had mark-to-market loss due to the market volatility in the fourth quarter, we will have a better idea of the total client assets movement by the end of December. As of new funded accounts, we have already achieved our annual target of acquiring 150,000 clients for the year.

然而，由於第四季度市場波動，一些用戶出現了按市值計價的損失，到 12 月底，我們將對客戶總資產變動情況有更清晰的了解。截至目前，我們新增的資金帳戶數量已達到年度目標，即獲得 15 萬名客戶。

The number of new funded accounts in Q4 are expected to be roughly in line with it in Q3. We will continue to prioritize future quality, ensuring our growth aligns with healthy business model.

預計第四季新增註資帳戶數量將與第三季大致持平。我們將繼續把品質放在首位，確保我們的成長與健康的商業模式保持一致。

So our commission income increased by 13% quarter-over-quarter. Clearing costs decreased by 17% this quarter, bringing the quarterly clearing costs to a historic low of 6%. The key reason is SEC in May announced that it will no longer charge transaction fee.

因此，我們的佣金收入較上季成長了13%。本季清算成本下降了 17%，季度清算成本降至歷史新低 6%。主要原因是美國證券交易委員會（SEC）在5月宣布將不再收取交易費。

Since majority of the trading volume on our platform are in US securities, this changes in the asset fee has largely helped us reduce clearing costs.

由於我們平台上的大部分交易量都是美國證券，因此資產費用的變化在很大程度上幫助我們降低了清算成本。

We believe the current clearing cost rate is quite sustainable as we are self-clearing for all core products, only a small number of stock and derivatives are cleared by third parties.

我們認為目前的清算成本率是相當永續的，因為我們所有核心產品都採用自清算方式，只有少量股票和衍生性商品由第三方清算。

Operator, let's move on to the next question, please.

接線員，請進入下一個問題。

Ling Tan, Haitong.

凌潭，海通。

I will quickly translate my questions. Congratulations on a very good, solid third quarter result. My first question is regarding the overall operating costs and expenses.

我會盡快翻譯我的問題。恭喜你們取得了非常出色、穩健的第三季業績。我的第一個問題是關於整體營運成本和費用的。

I noticed that in third quarter, there is a notable increase in the overall cost and expenses, particularly in R&D as well as employee compensation, which is higher than the previous guidance of 10% to 20% year-over-year growth. Could management explain a little bit on what's the reason behind the increase?

我注意到第三季整體成本和費用明顯增加，尤其是在研發和員工薪資方面，高於先前10%至20%的年成長預期。管理階層能否解釋一下此次漲薪的原因？

And looking forward, do you expect the overall operating costs and expenses to remain at the current level? Or do you expect it will gradually go up or trend down? My second question is regarding Hong Kong market.

展望未來，您預期整體營運成本和費用會維持在目前的水平嗎？你認為它會逐漸上漲還是下降趨勢？我的第二個問題是關於香港市場的。

In third quarter, Hong Kong contributed to roughly around 40% of the total new, newly funded accounts. Could management explain a little bit more on Hong Kong's contribution regarding net asset inflow, total revenue as well as net profit?

第三季度，香港貢獻了約 40% 的新增、新註資帳戶。管理層能否就香港在淨資產流入、總收入以及淨利潤方面的貢獻做更詳細的解釋？

And also looking forward, how do you plan to maintain the strong growth in Hong Kong, given Hong Kong is a highly competitive and highly penetrated market?

展望未來，鑑於香港市場競爭激烈且滲透率高，您計劃如何維持香港市場的強勁成長？

So the rise in labor costs can be attributed to several factors. First, with our global expansion, the staff headcount has increased, and we have higher experienced R&D personnel to enhance our product offerings.

因此，勞動成本上升可歸因於多種因素。首先，隨著我們全球業務的擴張，員工人數增加，我們擁有更多經驗豐富的研發人員來增強我們的產品供應。

Second, we have accrued more bonus given the recent performance. In addition, our asset management unit performed well in the third quarter, so we paid performance bonus to our fund managers. So as a result, labor costs in the third quarter were higher than normal single quarters.

其次，鑑於近期的業績表現，我們獲得了更多獎金。此外，我們的資產管理部門在第三季表現良好，因此我們向基金經理人發放了業績獎金。因此，第三季的勞動成本高於正常單季水準。

As for G&A expense, the increase is mainly due to, as we grow globally, we are required to have more professional services related to AML, audit consulting and legal services. We anticipate those expense will remain at this level in the near future.

至於一般及行政費用，成長主要是由於隨著我們在全球範圍內的發展，我們需要更多與反洗錢、審計諮詢和法律服務相關的專業服務。我們預計這些費用在不久的將來將維持在這一水平。

So in the third quarter, Hong Kong accounts for about 35% of new users and approximately 1/4 of net asset inflow, making it a large key growth engine (inaudible) Singapore. As for bottom line, Tiger Brokers Hong Kong has been profitable over the past years, though, its contribution to group profit was still relatively low.

因此，在第三季度，香港約佔新用戶的 35% 和淨資產流入的 1/4，使其成為新加坡的重要成長引擎。 （聽不清楚）就獲利而言，儘管老虎證券香港在過去幾年裡一直保持盈利，但對集團利潤的貢獻仍然相對較低。

Considering the high user quality in Hong Kong, our current focus is to further improve our product offerings and increase market share rather than prioritizing profit contribution from the Hong Kong market.

考慮到香港用戶的高素質，我們目前的重點是進一步改進我們的產品並提高市場份額，而不是優先考慮香港市場的利潤貢獻。

We are quite satisfied with the growth pace since entering Hong Kong. Our user base is very diversified, including existing investors using other brokers and the younger generation entering the market.

我們對進入香港市場以來的成長速度相當滿意。我們的用戶群非常多元化，包括使用其他經紀商的現有投資者和進入市場的年輕一代。

We believe our product experience combined with competitive pricing are fundamental to Tiger's growing presence in Hong Kong and the reason why different users choose us.

我們相信，豐富的產品經驗加上具競爭力的價格，是老虎銀行在香港不斷發展壯大的基礎，也是不同使用者選擇我們的原因。

Since entering the Hong Kong market, client assets have consistently seen double-digit growth quarter-over-quarter with over 60% increase in the third quarter. The average client asset per user for both new and existing clients exceeded USD30,000 and both velocity and ARPU are the highest across all our markets.

自進入香港市場以來，客戶資產持續實現兩位數環比成長，第三季成長超過 60%。新舊客戶的平均每位用戶資產均超過 30,000 美元，且交易速度和 ARPU 在我們所有市場中均最高。

As we increase our user acquisition in Hong Kong, along with the ongoing enhancement of our product offering like cryptos, we remain optimistic about future growth in this market. It's only a matter of time Hong Kong becomes another major profit contributor for the group.

隨著我們在香港的用戶成長，以及加密貨幣等產品功能的不斷完善，我們對該市場的未來成長保持樂觀。香港成為該集團另一個主要利潤來源只是時間問題。

Operator, let's move on.

操作員，我們繼續。

Dennis Bai, UBS.

瑞銀集團的Dennis Bai。

Congratulations on the strong results. My first question is about client acquisition cost, perhaps CAC. We've seen an uptrend. In 2024, the CAC was about USD150.

恭喜你們取得優異成績。我的第一個問題是關於客戶獲取成本，也就是 CAC。我們已經看到上升趨勢。2024 年，CAC 約為 150 美元。

And in the first three quarters, the average CAC is about $250 and in Q3, particularly the CAC exceeds USD400, and there's no new market entry. Could you please break out the Q3 CAC by market and share your outlook for CAC in Q4 and next year?

前三個季度的平均獲客成本約為 250 美元，而第三季的獲客成本尤其超過 400 美元，並且沒有新的市場進入。請您提供第三季各市場的客戶獲取成本 (CAC) 數據，並分享您對第四季和明年客戶獲取成本的展望？

And my second question is about the interest income. We saw a sharp Q-o-Q increase in Q3, but the margin financing and stock lending balance remained flat sequentially. Could you please explain what drives the interest income growth and whether this trend is sustainable?

我的第二個問題是關於利息收入的。第三季較上季大幅成長，但保證金融資和股票借貸餘額較上季維持不變。請問是什麼因素推動了利息收入的成長，以及這種趨勢是否可持續？

So overall, we privatize user quality and dynamically adjusting customer acquisition costs based on market conditions. As a result, average CAC can fluctuate across different periods and for different markets.

因此，整體而言，我們將使用者品質私有化，並根據市場情況動態調整客戶獲取成本。因此，平均獲客成本會因時期和市場的不同而波動。

This year, we have continued to optimize our customer acquisition strategy by eliminating channels that do not meet our ROI standards and focus on attracting high net worth users, particularly in the Singapore market.

今年，我們持續優化客戶獲取策略，剔除不符合我們投資報酬率標準的管道，並專注於吸引高淨值用戶，尤其是在新加坡市場。

As a result, average CAC in Singapore has been rising from just over $100 back in 2024 to over $400 this year. At the same time, the quality of new users from Singapore keeps improving with the average net inflow per new users exceeding $60,000 in the third quarter.

因此，新加坡的平均客戶獲取成本已從 2024 年的略高於 100 美元上漲到今年的 400 美元以上。同時，新加坡新用戶的品質持續提高，第三季每位新用戶的平均淨流入超過 6 萬美元。

From a lifetime value perspective, we believe this will be for our profitability in the long term. The Hong Kong market has always been competitive, leading to a higher average CAC, which remains stable in the $300 to $400 range. Back in this quarter, it was about USD300.

從終身價值的角度來看，我們相信這將有利於我們的長期獲利能力。香港市場競爭一直很激烈，導致平均獲客成本較高，並穩定在 300 至 400 美元之間。本季度早些時候，這個數字約為 300 美元。

However, due to the high quality of the local users, the payback period is still the shortest among all the markets we entered. In Australia and New Zealand, and US, we adopt a long-term approach to gradually earn local users trust, resulting in a relatively stable average CAC around $200.

然而，由於本地用戶品質很高，投資回收期仍然是我們進入的所有市場中最短的。在澳洲、紐西蘭和美國，我們採取長期策略逐步贏得當地用戶的信任，從而實現了相對穩定的平均獲客成本約為 200 美元。

Looking ahead, we will continue to adjust our customer acquisition strategy based on market conditions and competitive dynamics. So there are two key reasons for this interest income increase but margin balance relatively flat.

展望未來，我們將持續根據市場狀況和競爭動態調整客戶獲取策略。因此，利息收入增加但利潤率保持相對穩定的主要原因有兩個。

So the number one reason is the directed growth of client asset handing to an increase in client per cash adding approximately $1 billion from second quarter to third quarter. Additionally, as our profitability expense, our return earnings contributed to an increased cash balance as well.

因此，首要原因是客戶資產管理規模的定向成長，使得每位客戶的現金增加約 10 億美元（從第二季到第三季）。此外，作為我們的獲利支出，我們的收益回報也促進了現金餘額的增加。

Both of those will boost interest income, but not reflected in increase in the margin financing or securities lending balance.

這兩項措施都會增加利息收入，但不會反映在保證金融資或證券借貸餘額的增加。

The second reason is that while the overall margin and security lending balance remains flat from second quarter to third quarter, but the balance of high spread business, such as margin financing and the securities lending increased, while balance of lower spread business like (inaudible) decreased, results in flat margin and security imbalance, while interest income had a big jump. Thanks.

第二個原因是，雖然從第二季到第三季度，整體保證金和證券借貸餘額保持不變，但高利差業務（如保證金融資和證券借貸）的餘額增加，而低利差業務（如（聽不清楚））的餘額減少，導致保證金和證券失衡保持不變，而利息收入卻大幅增長。謝謝。

Operator, let's move on to next question.

操作員，我們進入下一個問題。

And I'm showing no further questions from our phone lines. And I'd now like to pass it back to Aron Lee for any closing remarks.

我不會再接電話了。現在我把發言權交還給李亞倫，請他作總結發言。

Thanks. I'd like to thank everyone for joining the 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.

謝謝。感謝各位今天參加電話會議。現在我代表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。

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.

如果您還有其他疑問，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。

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

謝謝。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了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。