老虎證券 (TIGR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to UP Fintech Holdings Limited fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) I must advise you that this conference is being recorded today, March 19, 2026.

女士們、先生們，感謝你們的耐心等待。歡迎參加 UP Fintech Holdings Limited 2025 年第四季及全年業績電話會議。（操作員說明）我必須告知各位，本次會議將於2026年3月19日進行錄音。

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.

現在我謹將會議交給今天的第一位發言人，投資者關係主管李先生。謝謝。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us for the call today. UP Fintech Holdings Limited's fourth-quarter and full-year 2025 earnings release was distributed earlier today and is available on our website at ir.itigerup.com, as well as GlobeNewswire Services.

謝謝接線生。大家好，感謝各位今天參加我們的電話會議。UP Fintech Holdings Limited 的 2025 年第四季和全年收益報告已於今天稍早發布，可在我們的網站 ir.itigerup.com 以及 GlobeNewswire Services 上取得。

On the call today from UP Fintech are Mr. Wu Tianhua, Chairman and CEO; Mr. John Zeng, our CFO; 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 their remarks.

今天參加 UP Fintech 電話會議的有：董事長兼首席執行官吳天華先生；首席財務官曾先生；美國老虎證券首席執行官黃磊先生；以及財務總監趙肯尼先生。吳先生將概述我們的業務運作並介紹公司亮點。曾先生隨後將討論我們的財務表現。在他們發言後的問答環節，他們兩人將回答您的問題。

Now, let me cover the Safe Harbor. Such 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 statement.

現在，讓我來介紹一下安全港條款。我們即將發表的聲明包含1995年美國私人證券訴訟改革法案所界定的前瞻性聲明。許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。

For more information, please refer to our Form 6-K furnished today and our annual report on Form 20-F filed on April 23, 2025. We undertake no obligation to update any forward-looking statement, except as required under applicable law.

有關更多信息，請參閱我們今天提供的 6-K 表格和我們於 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 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.

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。吳先生將以中文發表講話，隨後將進行英文翻譯。吳先生，請繼續發言。

(interpreted) Hello, everyone, and thank you for joining Tiger Brokers' fourth-quarter and full-year 2025 earnings conference call.

（翻譯）大家好，感謝各位參加老虎證券2025年第四季及全年業績電話會議。

In 2025, supported by growth in our user base and client assets, continued enhancement of product offerings and localization, as well as supportive market environment, we delivered substantial improvement in both financial and operating performance. Full-year total revenues reached USD612.1 million, up 56.3% compared with 2024.

2025年，在用戶群和客戶資產成長、產品供應和本地化不斷增強以及有利的市場環境的支持下，我們在財務和營運績效方面都取得了顯著進步。全年總收入達 6.121 億美元，比 2024 年成長 56.3%。

We are also glad to see further improvement on profitability. For the full year, GAAP net income attributable to UP Fintech was USD170.9 million and non-GAAP net income was USD186.5 million, both set record high, up 181.4% and 164.7% year over year, respectively.

我們也樂見獲利能力進一步提升。全年來看，UP Fintech 的 GAAP 淨利潤為 1.709 億美元，非 GAAP 淨利潤為 1.865 億美元，均創歷史新高，分別年增 181.4% 和 164.7%。

In the fourth quarter, total revenue was USD175.6 million, an increase of 41.5% year over year. Fourth-quarter GAAP and non-GAAP net income attributable to UP Fintech were USD45.2 million and USD48.9 million, up 61.3% and 60.5% year over year, respectively.

第四季總營收為 1.756 億美元，年增 41.5%。UP Fintech 第四季 GAAP 和非 GAAP 淨利潤分別為 4,520 萬美元和 4,890 萬美元，年成長分別為 61.3% 和 60.5%。

In the fourth quarter, we added 29,700 newly funded accounts, as the total number of newly funded accounts reaching 161,900 for full year 2025, surpassing our annual target of 150,000. As of the end of 2025, total funded accounts surpassed 1.25 million, representing a 14.8% increase from the end of 2024. Year to date, we continue to see healthy pay-in client growth. We target to acquire 150,000 new funded clients in 2026 while prioritizing user quality.

第四季度，我們新增了 29,700 個資金帳戶，到 2025 年全年，新增資金帳戶總數達到 161,900 個，超過了我們 150,000 個的年度目標。截至 2025 年底，已註資帳戶總數超過 125 萬個，比 2024 年底成長了 14.8%。今年迄今為止，我們持續看到付費客戶數量健康成長。我們的目標是在 2026 年獲得 15 萬個新的付費客戶，同時優先考慮用戶品質。

Our net asset inflow remains strong. For the full year 2025, net asset inflows exceeded USD10 billion, with over $3 billion of net inflow in the fourth quarter alone. Hong Kong was the largest contributor to our retail net asset inflow in the fourth quarter. Despite the impact of mark-to-market losses on client assets, total client assets at the end of fourth quarter remained stable quarter over quarter at USD80.8 billion, up 45.7% year over year.

我們的淨資產流入依然強勁。2025 年全年淨資產流入超過 100 億美元，光第四季淨流入就超過 30 億美元。香港是第四季度我們零售淨資產流入的最大貢獻者。儘管按市值計價的損失對客戶資產造成了影響，但第四季度末客戶總資產環比保持穩定，為 808 億美元，同比增長 45.7%。

We are very pleased that, over the past year, Tiger's platform has continued to win the trust and recognition of both new and existing users across our market and client assets in all regions have increased meaningfully. In particular, client assets in Singapore and the Australia and New Zealand markets delivered strong double digits and even more than doubling year-over-year growth.

我們非常高興地看到，在過去一年中，Tiger 的平台繼續贏得我們市場中新舊用戶的信任和認可，所有地區的客戶資產都顯著增長。尤其值得一提的是，新加坡、澳洲和紐西蘭市場的客戶資產實現了強勁的兩位數成長，比去年同期成長超過了一倍。

Hong Kong was a standout. Client assets there more than tripled year over year. Even in the fourth quarter, marked by a pullback in the Hong Kong stock market, client assets from Hong Kong still increased by more than 20% quarter over quarter. This performance benefited from our continued investment in the local client acquisition, as well as the high-quality user base in Hong Kong. Notably, the quality of newly funded users continued to improve in the fourth quarter in Hong Kong, with the average net asset inflow of newly acquired clients exceeding USD43,000, reaching a historic high.

香港表現突出。該客戶資產年增超過三倍。即使在香港股市出現回檔的第四季度，來自香港的客戶資產仍較上季成長超過 20%。這項業績得益於我們持續增加對本地客戶拓展的投入，以及香港的高品質用戶群。值得注意的是，香港第四季新入金用戶的品質持續提高，新獲得的客戶平均淨資產流入超過 43,000 美元，達到歷史新高。

We also remain focused on enriching our product offerings and enhancing user experience. In the fourth quarter, we made an important upgrade to our options combo trading feature by adding support for combined orders involving options and underlying cash equities. This allows investors to deploy more sophisticated strategies to navigate market volatility, while real-time combination codes significantly improve order execution theory when users trade based on a combination price movement.

我們將持續致力於豐富產品種類及提升使用者體驗。第四季度，我們對選擇權組合交易功能進行了重要升級，增加了對涉及選擇權和標的現金股票的組合訂單的支援。這使得投資者能夠運用更複雜的策略來應對市場波動，而即時組合代碼則顯著改善了用戶根據組合價格走勢進行交易時的訂單執行理論。

As our presence in the Australian market has expanded in recent years, our user base and investment appetite there have become more diversified. In response, in the fourth quarter, we launched margin accounts in the Australian market. This has significantly strengthened our product competitiveness locally and further completed our trading service ecosystem.

近年來，隨著我們在澳洲市場的業務不斷擴大，我們的用戶群和投資意願也變得更加多元化。為此，我們在第四季度在澳洲市場推出了保證金帳戶。這大大增強了我們產品在本地的競爭力，並進一步完善了我們的貿易服務生態系統。

Our 2B business continues to perform well. In the Investment Banking business, we underwrote a total of 22 US and Hong Kong IPOs in the fourth quarter, including Pony AI Inc., and HashKey, bringing the total number of US and Hong Kong IPO underwritten for the year to 47. In our ESOP business, we added 39 new clients in the fourth quarter, bringing the total number of ESOP clients served to 848 as of the end of 2025.

我們的2B業務持續表現良好。在投資銀行業務方面，我們在第四季度承銷了 22 家美國和香港的 IPO 公司，其中包括 Pony AI Inc. 和 HashKey，今年承銷的美國和香港 IPO 公司總數達到 47 家。在我們的員工持股計畫 (ESOP) 業務中，我們在第四季度新增了 39 位客戶，截至 2025 年底，我們服務的 ESOP 客戶總數達到 848 位。

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看看我們的財務狀況。

Great. Thanks, Tianhua and Aaron. Let me go through our financial performance for the fourth quarter. All numbers are in US dollars.

偉大的。謝謝天華和亞倫。讓我來介紹一下我們第四季的財務表現。所有數字均以美元為單位。

Total revenues for this quarter reached $175.6 million, reflecting a year-over-year increase of 42% and a slight quarter-over-quarter increase of 0.2%. For the full year, total revenues were $612.1 million, an increase of 56% compared to the previous year. Both quarterly and full-year top line reached an all-time high in our operating history.

本季總營收達到 1.756 億美元，年增 42%，季增 0.2%。全年總收入為 6.121 億美元，比上年增長 56%。季度和全年營收均創下公司營運歷史新高。

The cash equity take rate this quarter was 6.4 bps, down from 7.1 bps in the previous quarter, as a figure normalized in Q4 due to less muni stock trading compared to the third quarter. Within commission revenue, about 65% comes from cash equities, 29% from options, and the rest comes from futures and other products.

本季現金股權收購率為 6.4 個基點，低於上一季的 7.1 個基點，這是由於第四季度市政股票交易量較第三季度有所減少，導致該數據在第四季度趨於正常化。佣金收入中，約 65% 來自現金股票，29% 來自選擇權，其餘來自期貨和其他產品。

Regarding cost, interest expense was $19 million, increased by 14% from the same quarter last year, due to the increase in margin financing and securities lending activities. Execution and clearing expense were $5.3 million, decreased 13% from the same period of last year, primarily due to lower SEC regulatory fees.

成本方面，利息支出為 1,900 萬美元，比去年同期成長 14%，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 530 萬美元，比去年同期減少了 13%，主要原因是美國證券交易委員會的監管費用降低。

Employee compensation and benefits expense were $50.3 million, an increase of 35% year over year due to an increase of global headcount. Occupancy depreciation and amortization expense increased 34% to $2.9 million due to the increase in office space and relevant leasehold improvements.

由於全球員工人數增加，員工薪資和福利支出為 5,030 萬美元，較去年同期成長 35%。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增加了 34%，達到 290 萬美元。

Communication and market data expense were $14.5 million, an increase of 23% year over year due to the increase in user base and IT-related services. Marketing expense were $15.8 million this quarter, increased 67% year over year as we increased the marketing and branding spending under a more favorable market backdrop.

通訊和市場數據支出為 1,450 萬美元，年增 23%，原因是用戶群和 IT 相關服務增加。本季行銷費用為 1,580 萬美元，年增 67%，這是因為我們在更有利的市場環境下增加了行銷和品牌推廣支出。

General and administrative expense were $14 million, an increase of 118% year over year, due to an uncollectible underwriting fee and an increase in professional service fees. Total operating costs were $102.9 million, an increase of 41% from the same quarter of last year.

一般及行政費用為 1,400 萬美元，年增 118%，原因是承保費無法收回以及專業服務費增加。總營運成本為 1.029 億美元，比去年同期成長 41%。

As a result, in the fourth quarter, GAAP net income at $45.2 million and non-GAAP net income at $48.9 million both increased 61% year over year. For the full year of 2025, total GAAP profit was $171.2 million and non-GAAP net income was $186.8 million, both are all-time high and increased 182% and 165%, respectively, compared to last year.

因此，第四季度，GAAP淨利為4,520萬美元，非GAAP淨利為4,890萬美元，均較去年同期成長61%。2025 年全年，GAAP 總利潤為 1.712 億美元，非 GAAP 淨收入為 1.868 億美元，均創歷史新高，與上年相比分別增長了 182% 和 165%。

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，請開通問答線。謝謝。

(Operator Instructions) Dennis Bai, UBS.

（操作說明）丹尼斯·白，瑞銀集團。

(spoken in foreign language) This is Dennis from UBS. Thank you for giving me the opportunity to ask questions, and congratulations on the solid results. I have two questions. First, regarding the $150,000 client acquisition guidance for 2026, could you please break down the expected contribution by market? Does this include any plans to enter new markets this year? Also, could you please share a market breakdown of new client acquisition in the fourth quarter of last year?

（用外語說）我是瑞銀集團的丹尼斯。感謝您給我提問的機會，並祝賀您取得了優異的成績。我有兩個問題。首先，關於 2026 年 15 萬美元的客戶獲取目標，能否請您按市場細分一下預期貢獻？今年是否有進軍新市場的計畫？另外，能否請您提供去年第四季新客戶所取得的市場區隔數據？

Second question, does the company have a clear plan for the convertible bonds maturing around the end of the first quarter this year, conversion or repayment? And could this create any pressure on your cash flow or capital? Thank you.

第二個問題，對於今年第一季末到期的可轉換債券，公司是否有明確的計劃，是進行轉換還是償還？這是否會對您的現金流或資金造成任何壓力？謝謝。

(interpreted) First, in terms of our full-year target, starting from 2025, our acquisition strategy has been set with a clear focus on quality and ROI. We have been putting more emphasis on expanding our high-net-worth client base rather than merely pursuing user numbers. And we have executed firmly with this strategy.

（譯文）首先，就我們的全年目標而言，從 2025 年開始，我們的收購策略已經制定，明確地專注於品質和投資報酬率。我們一直以來都更加重視擴大高淨值客戶群，而不是僅僅追求用戶數量。我們已堅定地執行了這項戰略。

In 2025, full-year net asset inflow exceeded USD10 billion, and the majority of which came from retail clients. Net asset inflow from retail users doubled compared with 2024 and reached an all-time high on a full-year basis. This helped total client assets jump from a USD40 billion range at the end of 2024 to a USD60 billion range by the end of 2025 which, in turn, has made our overall profitability more resilient.

2025 年全年淨資產流入超過 100 億美元，其中大部分來自零售客戶。與 2024 年相比，零售用戶的淨資產流入翻了一番，全年來看達到了歷史最高水準。這使得客戶總資產從 2024 年底的 400 億美元躍升至 2025 年底的 600 億美元，進而使我們的整體獲利能力更具韌性。

So when we set this $150,000 new funded user target for 2026, we are following the same strategy and principles. We are confident that in terms of asset contribution and volatility, the quality of newly acquired users in the coming year will remain constant with what we saw in 2025.

因此，當我們為 2026 年設定 15 萬美元的新用戶資助目標時，我們遵循的是相同的策略和原則。我們相信，就資產貢獻和波動性而言，來年新獲得的用戶的品質將與 2025 年我們看到的情況保持一致。

For the regional breakdown of new funded accounts in the fourth quarter, Singapore and Hong Kong each contributed 35%. The Australia and New Zealand market contributed around 25%, and the remaining roughly 5% came from the US market. And looking at the $150,000 new funded user target for 2026, excluding any impact from the new market, we expect the regional mix to be similar to what we saw in Q4, with Hong Kong and Singapore as the main contributors.

從第四季新增資金帳戶的區域細分來看，新加坡和香港各佔 35%。澳洲和紐西蘭市場貢獻了約 25%，其餘約 5% 來自美國市場。展望 2026 年新增 15 萬美元資助用戶的目標，不考慮新市場的影響，我們預期區域組成將與第四季類似，香港和新加坡將是主要貢獻者。

(spoken in foreign language) We issued a USD155 million private CB back in 2021. All of this will mature by April. Two strategic investors have agreed to extend their holding around USD50 million for another two years. We will repay the rest of $100 million to investors.

（用外語說）我們在 2021 年發行了 1.55 億美元的私人可轉換債券。所有這些都將在四月成熟。兩家策略投資者已同意將其約 5,000 萬美元的持股期限延長兩年。我們將把剩餘的1億美元還給投資者。

Given our current financial profile, we don't think the repayment of the CB will have a meaningful impact on our liquidity or business operations. Thanks.

鑑於我們目前的財務狀況，我們認為償還央行債務不會對我們的流動性或業務營運產生實質影響。謝謝。

Emma Xu, Bank of America Securities.

Emma Xu，美國銀行證券。

(spoken in foreign language) The first question is that, how has the operating performance been since the first quarter, including the number of new founded customers, client assets, and trading activities?

（用外語說）第一個問題是，自第一季以來，營運表現如何，包括新增客戶數量、客戶資產和交易活動？

The second question is about the CAC. Your average customer acquisition cost rose significantly in the fourth quarter. What are the reasons behind this increase? And what is the target average customer acquisition cost for 2026? Thank you.

第二個問題是關於 CAC 的。第四季度，您的平均客戶獲取成本顯著上升。這種增長背後的原因是什麼？2026 年的目標平均顧客獲取成本是多少？謝謝。

(interpreted) Okay. Your first question, on the number of new funded accounts, the recent market volatility did not have a lot of impact on our acquisition pace. They expect Q1 new funded accounts to be roughly flat versus Q4.

（翻譯）好的。關於您提出的第一個問題，即新增資金帳戶的數量，近期的市場波動對我們的獲客速度並沒有造成太大影響。他們預計第一季新增資金帳戶數量將與第四季大致持平。

On user activity, we are seeing the following trends so far in Q1. Due to market volatility and geopolitical factors, the US equity turnover has declined slightly compared with Q4. In contrast, after a previous pullback, Hong Kong equity has seen a pickup in trading activity and trading volume. In the Q1 quarter to date, Hong Kong's share trading volume has already exceeded Q4's entire trading volume. With about two weeks remaining in the quarter, we will continue to monitor closely.

從用戶活躍度來看，我們在第一季目前觀察到以下趨勢。由於市場波動和地緣政治因素，美國股票成交量較第四季略有下降。相較之下，香港股市在先前的回檔之後，交易活動和交易量均有所回升。截至目前，香港第一季的股票交易量已經超過了第四季的總交易量。本季還剩大約兩週時間，我們將繼續密切關注。

As for the client assets, both the US and Hong Kong equity markets have continued to pull back in Q1, which will lead to some mark-to-market losses in client assets. That said, in the first two months, we saw strong net asset inflow driven by client position coverage, especially from retail users.

至於客戶資產，美國和香港股市在第一季持續回調，這將導致客戶資產出現一些以市值計價的損失。儘管如此，在前兩個月，我們看到了強勁的淨資產流入，這主要得益於客戶的持倉覆蓋，尤其是來自零售用戶的資金。

In addition, our continued marketing and branding input in 2025 have brought in more high-net-worth clients. As a result, at the end of February, client assets have remained relatively stable quarter by quarter and we will closely monitor in-market activity throughout March.

此外，我們在 2025 年持續進行的行銷和品牌推廣活動也吸引了更多高淨值客戶。因此，截至2月底，客戶資產按季度保持相對穩定，我們將密切關注3月的市場活動。

(spoken in foreign language) So total marketing expense increased around USD4 million quarter over quarter primarily due to the below three reasons. First, in Singapore, we stepped up campaigns and advertising in the fourth quarter around New Year and Christmas. For example, we partnered with HelloRide to promote healthy commuting and further embed Tiger into local daily life.

（用外語說）因此，總行銷費用較上季增加了約 400 萬美元，主要原因是以下三個面向。首先，在新加坡，我們在第四季新年和聖誕節期間加強了宣傳和廣告。例如，我們與 HelloRide 合作，推廣健康通勤方式，並將 Tiger 進一步融入當地居民的日常生活。

To deepen connection with the local community, we hosted our flagship Tiger Trade Experience 2025 event at the year-end, which attracted more than 4,000 local users and received very positive feedback. Tiger Singapore also co-organized its first charity fundraising event with local non-profit organization FootballPlus, raising funds to support youth development programs that benefit over 400 local teenagers. From investment service to community initiative, Tiger is integrating into local communities through different angles and expanding our brand influence.

為了加深與當地社區的聯繫，我們在年底舉辦了旗艦活動“Tiger Trade Experience 2025”，吸引了超過 4,000 名當地用戶，並獲得了非常積極的反饋。Tiger Singapore 也與當地非營利組織 FootballPlus 共同舉辦了首屆慈善籌款活動，籌集資金支持青年發展計劃，使 400 多名當地青少年受益。從投資服務到社區倡議，Tiger正透過不同的角度融入當地社區，並擴大我們的品牌影響力。

In Hong Kong, we continue to increase marketing activities, including local community events and referral-based acquisition programs. As we mentioned before, Hong Kong clients are of very high quality and the payback period there is the shortest across our licensed markets.

在香港，我們持續加強行銷活動力度，包括本地社區活動和以推薦為基礎的客戶獲取計畫。正如我們之前提到的，香港客戶的品質非常高，而且在我們所有持牌市場中，香港的投資回報期是最短的。

Even though Hong Kong market experienced pullback in Q4, our acquisition pace was not slowed down. Hong Kong contributed about 35% of the group's newly funded accounts in the quarter and the user quality further improved, with the average net asset inflow of newly acquired clients rose from around USD30,000 to a record high of about $43,000.

儘管香港市場在第四季出現回調，但我們的收購步伐並未放緩。香港在本季度貢獻了該集團約 35% 的新增資金帳戶，用戶品質進一步提高，新獲得的客戶平均淨資產流入從約 3 萬美元增至約 4.3 萬美元的歷史新高。

In addition, our Wealth Management business has also developed very well over the past quarter. To attract more high-level clients to Tiger platform, we have been partnering with high-quality channels, which led to higher channel rebate costs in the fourth quarter. At the same time, the number of newly funded users in Q4 was slightly lower than in the third quarter. Those factors combined resulted in a significant increase in average CAC.

此外，我們的財富管理業務在過去一個季度也發展得非常好。為了吸引更多高端客戶使用 Tiger 平台，我們一直在與優質通路合作，這導致第四季通路返利成本增加。同時，第四季新增資助用戶數量略低於第三季。這些因素綜合起來導致平均冠狀動脈鈣化（CAC）顯著增加。

Looking ahead in the first quarter, we expect both marketing expense and the number of new users to be quite stable quarter over quarter. Therefore, the average CAC we expect to remain at the same level, but we are comfortable with the payback period and the user quality. Looking forward, we will adjust our strategy based on market conditions to ensure that our ROI remains healthy.

展望第一季度，我們預計行銷費用和新用戶數量都將保持季度環比穩定。因此，我們預期平均客戶獲取成本將保持不變，但我們對投資回收期和用戶品質感到滿意。展望未來，我們將根據市場狀況調整策略，以確保投資報酬率維持健康水準。

Thank you.

謝謝。

Cindy Wang, China Renaissance.

Cindy Wang，中國復興。

(spoken in foreign language) Thanks for taking my question. I have two questions here. First, 4Q 2025 top line has been quite flattish, but the bottom line dropped 70% quarter over quarter, as we've seen cost increase a lot in this quarter. So what is the reasoning behind it and any guidance for cost this year?

（用外語說）謝謝你回答我的問題。我有兩個問題。首先，2025 年第四季營收成長較為平穩，但淨利潤季減 70%，因為本季成本大幅上升。那麼背後的原因是什麼呢？今年的成本方面有什麼指導嗎？

Second, we have seen a significant increase in other revenues since second half of last year, so mainly contributed by work management and IPO service. So could management share some color on the Wealth Management business development and current AUM, and as well as the progress of the Investment Banking business? Thank you.

其次，自去年下半年以來，其他收入大幅成長，主要來自工作管理和IPO服務。那麼管理階層能否分享一下財富管理業務的發展和目前的資產管理規模，以及投資銀行業務的進度？謝謝。

(spoken in foreign language) So revenue was roughly flat quarter over quarter, while our bottom line declined by around USD10 million. In addition to the roughly USD4 million impact from higher marketing expense mentioned earlier, there are two factors behind the profit decline.

（用外語說）因此，營收與上一季基本持平，而我們的淨利潤下降了約 1000 萬美元。除了前面提到的行銷費用增加帶來的約 400 萬美元的影響外，利潤下降還有兩個因素。

Number one, in the fourth quarter, communication and market data expense increased by about like $2.6 million quarter over quarter. This was mainly due to the upgrades we made to the crypto market data and the additional R&D costs for improving the interaction experience of Tiger AI. We also had a some expense related to overseas cloud services we purchased at the end of the year.

第一，第四季度，通訊和市場數據支出較上季增加了約 260 萬美元。這主要是由於我們對加密貨幣市場數據的升級，以及為改善 Tiger AI 的互動體驗而增加的研發成本。年底我們也產生了一些與購買海外雲端服務相關的費用。

The quarter-over-quarter increase in G&A is primarily due to we booked around USD3 million in bad debt provision in the quarter. This relates to IPO underwriting deals from previous years when revenue had already been recognized, but the counterparty has not yet paid. We are doing all the necessary collection procedures. This is a one-off impact, and if we recover the payment in the future, the amount will offset expense in the period when it's received.

本季一般及行政費用較上季成長主要是由於本季提列了約 300 萬美元的壞帳準備。這涉及往年的 IPO 承銷交易，當時收入已經確認，但交易對手尚未付款。我們正在進行所有必要的收款程序。這是一次性影響，如果我們將來能收回這筆款項，該金額將抵銷收到款項當期的費用。

So those two items, together with higher marketing expense, added up to about USD10 million in additional costs. So bottom line declined quarter over quarter, while top line is flat.

因此，這兩項費用加上更高的行銷費用，總共增加了約 1,000 萬美元的額外成本。因此，淨利潤季減，而營收則持平。

(interpreted) Okay. So for your second question, our other revenues have increased from only a few million US dollars quarterly to around USD25 million to USD30 million per quarter in the past two quarters. ESOP business has certainly contributed. Since we launched the ESOP business in 2018, we have served around 750 companies and built a solid reputation in the industry. The main drivers of this step-up is in other revenue, however, is our Wealth Management and Investment Banking business.

（翻譯）好的。關於你的第二個問題，我們的其他收入在過去兩個季度中已經從每季幾百萬美元增加到每季約 2500 萬美元至 3000 萬美元。員工持股計畫（ESOP）業務無疑地做出了貢獻。自 2018 年推出員工持股計畫 (ESOP) 業務以來，我們已為約 750 家公司提供服務，並在業界建立了良好的聲譽。此次成長的主要驅動力來自其他收入，但具體而言，是我們的財富管理和投資銀行業務。

For Investment Banking, Tiger has long been among the industry leaders in the US IPO underwriting in terms of both deal count and size. Over the past year, as the popularity of Hong Kong IPO subscription has increased, our Hong Kong IPO pipeline has also expanded steadily. We have offered users more attractive and inclusive terms in financing rates and subscription experience.

在投資銀行領域，老虎銀行長期以來一直是美國IPO承銷行業的領導者之一，無論從交易數量或規模來看都是如此。過去一年，隨著香港IPO認購熱潮的興起，我們的香港IPO專案儲備也穩定擴大。我們為用戶提供了更具吸引力和包容性的融資利率和訂閱體驗。

And through IPO subscriptions, many more Hong Kong users have become familiar with our platform. In Q4, Hong Kong IPOs continued to perform strongly on our platform. Total IPO subscription amount doubled quarter over quarter, while the number of subscribers increased by about 80% quarter over quarter. For full year 2025, total subscription amount reached HKD1.2 trillion, surpassing the HKD1 trillion mark for the first time and setting a new record.

透過IPO認購，更多香港用戶熟悉了我們的平台。第四季度，香港IPO在我們平台上的表現持續強勁。IPO認購總額較上季翻了一番，認購人數較上季成長約80%。2025 年全年認購總額達 1.2 兆港元，首次突破 1 兆港元大關，創下新紀錄。

As for our Wealth Management business, user penetration is ramping quite fast. Currently, among every five new funded clients in our licensed markets, one uses our Wealth Management services, driven mainly by Hong Kong and Singapore. In Q4, both AUM from mutual funds and assets in cash management tools such as Tiger Vault delivered close to double year-over-year growth.

至於我們的財富管理業務，用戶滲透率正在快速成長。目前，在我們獲得許可的市場中，每五位新入金客戶中就有一位使用我們的財富管理服務，主要得益於香港和新加坡市場的推動。第四季度，共同基金的資產管理規模和 Tiger Vault 等現金管理工具的資產均實現了近乎翻倍的年增長。

Our structural notes feature has also entered a rapid growth phase. Trading volume in Q4 increased by more than 50% quarter per quarter. The number of trading accounts grew several fold year over year and product coverage continues to expand.

我們的結構性註釋功能也進入了快速成長階段。第四季交易量較上季成長超過50%。交易帳戶數量較去年同期成長數倍，產品覆蓋範圍也不斷擴大。

In terms of product capabilities, we launched our strategy generation engine, SmartFund AI. This tool helps fund managers quickly create investment suggestions based on fund selection criteria and client's risk preference, significantly reducing research times and aligning more accurately with client's investment goals.

在產品功能方面，我們推出了策略生成引擎 SmartFund AI。此工具可協助基金經理人根據基金選擇標準和客戶的風險偏好快速制定投資建議，從而顯著減少研究時間，並更準確地與客戶的投資目標保持一致。

Thank you.

謝謝。

That concludes the Q&A session today. I would like to hand the call back to management for closing.

今天的問答環節到此結束。我想把電話轉回給管理階層處理。

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.

謝謝。感謝各位今天參加我們的電話會議。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。如果您還有其他疑問，請聯絡我們的投資者關係團隊。

This concludes the call, and thank you very much for your time. Bye-bye.

通話到此結束，非常感謝您抽出時間。再見。

Thank you.

謝謝。

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

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。