富途控股20260312

全文总结

本次会议是富途控股2025年第四季度及全年业绩电话会，核心内容为回顾2025年强劲业绩，并展望2026年战略规划。

主要结论如下：

2025年业绩强劲：

客户增长：全年净增有资产客户超95万，超出年初指引19%，总数达340万，同比增长40%。香港和马来西亚是主要增长引擎。

财务表现：全年总收入228亿港元，同比增长68%。第四季度总收入64.6亿港元，同比增长45%。运营利润率和净利润率分别提升至64.4%和52.3%，显示出强劲的营收增长和运营杠杆效应。

交易与资产：平台全年总交易额创历史新高，达3.98万亿港元，同比增长38%。客户总资产达1.23万亿港元，同比增长66%。财富管理客户资产达1796亿港元，同比增长62%。

市场地位：巩固了港股IPO分销及认购第一零售线上券商地位，2025年为超半数香港主板新上市公司提供投行服务，平台认购金额占香港IPO公开发售总额的49%。

2026年战略与指引：

客户增长目标：设定2026年净增有资产客户80万的目标，管理层对此充满信心。该目标已包含计划进入一个亚洲新市场的预期贡献。

市场拓展：海外品牌Moo的有资产客户数占比已提升至55%，显示国际化成效显著。将继续深耕现有市场（香港、新加坡、美国、日本、马来西亚等），并计划进入一个新的亚洲市场。

产品与业务：

加密货币：持续丰富新加坡和美国市场的币种供给。香港VATP牌照申请进展顺利，获批后将能提供证券融资交易虚拟资产、质押等服务，并面向高净值客户提供定制化服务。

AI战略：AI是公司级战略，已深度融入产品与运营。推出了AI量化交易（通过自然语言生成策略）、AI日报/周报、财报资讯AI摘要等功能，并支持OpenAI的API接口，旨在提升客户体验和内部效率。

天星银行：定位为与富途证券业务协同，打造香港一站式综合金融服务平台。已上线公募基金和保险产品，将持续丰富财富管理产品线，并加强内部合规与风控基础设施建设。长期收入结构预计以财富管理相关手续费收入为主，辅以适度的资产负债表业务扩张。

财务与运营：预计2026年客户获取成本（CAC）在2500-3000港元区间。2025年第四季度未执行股票回购计划，总额8亿美元的回购计划将持续至2027年底，公司将视市场情况择机执行。

近期趋势（2026年第一季度）：

客户与资产：预计一季度净增有资产客户数和总交易量环比保持平稳。在市场波动下客户抄底情绪浓厚，预计净入金将实现双位数环比增长，并达到历史最高单季度水平，但市值变动（Mark-to-Market）对总资产仍有显著负面影响。

交易结构：美股交易额中，中概股占比已持续下降，在2025年第四季度已不到10%，显示客户交易标的更加多元化。

各市场表现：

香港：尽管四季度市场回调导致获客环比放缓，但2025年全年贡献了集团最多的客户增长，高净值客户入金贡献占比持续提升。管理层对香港市场的长期增长潜力保持信心。

海外市场：马来西亚和新加坡在四季度合计贡献了超一半的新增客户。日本Moo App累计下载量超200万，巩固了其日本第一外资券商地位；澳大利亚Moo成为2025年交易类APP下载量第一。

会议实录：

Hello ladies and gentlemen. Welcome to Futu Holdings fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Daniel Young, Chief of Staff to CEO, Head of Strategy and IR at Futu. Please go ahead, sir.

Thanks, operator, and thank you for joining us today to discuss our fourth quarter and full year 2025 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer, Arthur Chan, Chief Financial Officer, and Robin Shu, Senior Vice President.

As a reminder, today's call may include forward-looking statements which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve clear risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese and I will translate.

感谢大家参加今天的业绩会。2025年我们的客户增长再创佳绩，全年净增有资产客户超95万，超年初指引19%。有资产客户总数达340万，同比增长40%。我们在成熟市场和新市场都看到了很大的客户增长潜力，所以我们决定将2026年的净增有资产客户指引设为80万。我们对达成这项指引充满信心。

Thank you all for joining our earnings call today. In 2025 we delivered another year of strong client acquisition, adding more than nine hundred and fifty thousand net new funded accounts and surpassing our full year guidance by 19%. Total funded accounts reached around 3.4 million, up 40% year-over-year. We remain confident in our ability to acquire eight hundred thousand net new funded accounts in 2026, supported by strong bottom-up growth opportunities across both our established markets and newer ones.

2025年，各市场客户增长保持强劲，其中香港和马来西亚贡献最为突出。香港市场在高市占率的基础上持续巩固领先地位，全年净增有资产客户实现高双位数的同比增长。富途在马来西亚的市场份额也显著提升，凭借强大的产品力和不断增强的品牌信任度，我们预计这一增长势头还将持续。在日本，截至去年11月，Moo APP累计下载量已突破200万，进一步巩固了我们日本第一外资券商的领先地位。同时，Moo也跃居澳洲2025年交易类APP下载量榜首。

Indeed, the robust growth in funded accounts in 2025 was broad-based, driven primarily by solid client additions from Hong Kong and Malaysia. In 2025, net new funded accounts in Hong Kong recorded high double-digit year-over-year increase, as we continued to extend our market leadership on top of a high market share. Significant share gain was also observed in Malaysia, and we expect this momentum to continue given our competitive product offering and growing brand trust. In Japan, cumulative APP downloads as of November last year crossed 2 million, further solidifying our position as the number one foreign securities firm. Moo was also the most downloaded trading APP in Australia in 2025.

第四季度，净增有资产客户约23万，环比下降8%，但同比增长9%。受港股大幅回调影响，香港市场获客环比有所放缓。而在日本和马来西亚，客户美股交易兴趣高涨，叠加我们强大的美股产品力，推动两地净增有资产客户均实现双位数环比增长。我们在美国开展了新一轮的线下市场营销活动，重点推广面向活跃交易者的产品功能。季度内，美国市场的期权交易张数、股票及加密货币交易量均录得双位数的环比增长。

In the fourth quarter, we added roughly two hundred and thirty thousand net new funded accounts, down 8% quarter-to-quarter, but up 9% year-over-year. While client growth in Hong Kong moderated sequentially following a sharp downturn of the local stock market, net new funded accounts in Japan and Malaysia recorded double-digit sequential growth, underpinned by strong client interest in US stock trading and our superior US stock offerings. In the US, we rolled out another round of offline marketing campaign highlighting key features for active traders. During the quarter, the number of option contracts traded and stock and crypto trading volume in the US market all posted double-digit sequential growth.

第四季度净入金保持强劲，但客户港股持仓市值下降，对整体客户资产造成一定的负面影响。截至季末，客户总资产达1.23万亿港元，同比增长66%，环比基本持平。在香港和新加坡市场，高净值客户对净入金的贡献占比持续上升。在所有市场中，美国市场户均资产环比增速最快。受美股保证金交易活跃带动，季末融资融券余额环比增长7%，达677亿港元。本季度多支热门港股IPO也带动了客户融资打新的热情，推动日均融资余额实现双位数环比提升。

In the fourth quarter, net asset inflow remained strong but mark-to-market losses on clients' Hong Kong stock holdings weighed on overall client assets. Total client assets were 1.23 trillion Hong Kong dollars at quarter end, up 66% year-over-year and flat quarter-to-quarter. Both Hong Kong and Singapore saw rising net asset inflow contribution from high-net-worth individuals. While in the US, average plan assets recorded the fastest sequential increase among all regions. Underpinned by heightened US stock margin trading activity, margin financing and securities lending balance expanded 7% sequentially to 67.7 billion Hong Kong dollars at quarter end. A number of popular Hong Kong IPOs during the quarter further contributed to the increased use of leverage, driving a double-digit sequential rise in daily average margin balance.

第四季度，平台总交易额再创历史新高，达3.98万亿港元，同比增长38%，环比增长2%。2025年，美国股市呈现出多元化的投资主题，我们客户的交易兴趣也从大型科技股扩展至更多行业及AI产业链相关的标的。在此带动下，四季度美股交易额环比增长17%至3.04万亿港元。受季度后半段港股回调影响，四季度港股交易额环比下降31%，至8211亿港元。中国科技股的交易热度有所降温，但黄金与其他贵金属相关标的交易额环比增长。尽管市场行情走弱，加密货币交易额依然保持稳健，约为200亿港元。同时，香港、新加坡及美国市场的当地有交易客户中，加密货币的交易渗透率持续攀升。季度内，我们在新加坡和美国市场各新增10余个币种，并进一步丰富了加密货币相关的市场数据与资讯服务。

Total trading volume climbed to a record 3.98 trillion Hong Kong dollars, up 38% year-over-year, 2% quarter-to-quarter. The US equity market featured numerous investment themes in 2025, and we observed our clients diversify beyond large technology names into a broader range of sectors and across the AI value chain. As a result, US stock trading turnover was up 17% sequentially to three trillion Hong Kong dollars in the fourth quarter. Hong Kong stock trading volume contracted 31% quarter-to-quarter to 821.1 billion Hong Kong dollars as investor appetite for China technology stocks waned amid the market corrections that came later. This decline was partially offset by elevated trading interest in gold and other precious metals related names. Crypto trading volume remained resilient at approximately 20 billion Hong Kong dollars despite market headwinds, with crypto penetration among trading clients rising across Hong Kong, Singapore and the US. During the quarter, we expanded our crypto offerings by adding more than 10 coins in both Singapore and the US, and further enriched our market data and information around crypto.

财富管理客户资产规模达1796亿港元，同比增长62%，环比增长2%。为更好满足客户日益增长的多元资产配置需求，我们持续在各市场扩充产品供给。在香港，我们上线了更多高股息基金产品，并进一步降低了结构性产品的起投门槛，让更多零售客户能够参与投资。在新加坡，我们新增了多只新加坡股票基金及短期债券基金。在马来西亚，我们上架了符合伊斯兰教法的黄金指数基金，广受投资者欢迎。

Wealth management client assets reached 179.6 billion Hong Kong dollars, up 62% year-over-year, 2% sequentially. In response to growing client demand for portfolio diversification, we broadened our product suite across key markets. In Hong Kong, we enhanced our lineup of high dividend funds and further lowered the minimum investment threshold for structured products, making them more accessible to retail investors. In Singapore, we introduced more Singapore equity funds as well as short duration bond funds. In Malaysia, we launched Sharia-compliant gold tracker funds, which were met with strong demand from local investors.

季度内，我们优化了天星银行的开户流程，并在银行APP中上线了公募基金和保险产品。同时，我们也推出了天星银行桌面端，为客户提供无缝的跨终端使用体验。对内，我们持续加强合规与风险管理能力，自主研发了反洗钱系统，并搭建了基于AI的欺诈识别体系。我们将进一步夯实银行底层基础设施建设，持续优化用户体验，并探索天星银行与集团业务之间的协同效应，致力于在香港打造一站式的综合金融服务平台。

During the quarter, we streamlined Airstar Bank's account opening processes and launched mutual funds and insurance products in the banking APP. A desktop version was also introduced to provide clients with a seamless cross-platform experience. On the internal front, we've strengthened Airstar Bank's compliance and risk management capabilities by developing an anti-money laundering system and AI-powered fraud detection infrastructure. Looking ahead, we'll continue to enhance the technology infrastructure and user experience, while exploring synergies between Airstar Bank and the group as we advance toward a comprehensive one-stop financial services platform in Hong Kong.

截至四季度末，我们的IPO、分销及IR客户总数达600家，同比增长24%。2025年，我们进一步巩固了在港股IPO分销及认购领域第一零售线上券商的地位。年内，我们为超过一半的在香港主板新上市公司提供了投资银行服务。平台全年认购金额占香港IPO公开发售总认购金额的49%。平台参与港股IPO认购的投资者数量接近2024年的5倍。第四季度，我们在多宗知名港股IPO项目中担任整体协调人角色，包括Stream to Technology和Shell Noodles等。

By the quarter end, we have 600 IPO distribution and IR clients, a 24% year-over-year increase. In 2025, we reinforced our standing as the leading online broker for Hong Kong IPO distribution and subscription. In 2025, we provided investment banking services to over half of the newly listed Hong Kong Main Board companies, with full-year subscription amounts on our platform representing 49% of the total public offering subscription amount. The number of Hong Kong IPO subscribers on our platform grew nearly five times year-over-year. In the fourth quarter, we assumed the role of overall coordinators for a number of high-profile Hong Kong IPOs, including those of Stream to Technology and Shell Noodles.

接下来有请我们的首席财务官Arthur介绍我们的财务表现。

Next, I'd like to invite our CFO Arthur to discuss our financial performance.

Thank you, Leaf and Daniel. Please allow me to walk you through our financial performance in the past quarter. All the numbers are in Hong Kong dollars unless otherwise noted.

Total revenues were 6.46 billion, up 45% from 4.44 billion in the fourth quarter of 2024. We concluded another strong year with full-year revenue growing to 22.8 billion, up 68% year-over-year.

Brokerage commission and handling charge income was 2.8 billion, up 35% year-over-year, down 5% quarter-to-quarter. Total trading volume grew on both year-over-year and quarter-over-quarter basis, while blended commission rate moderated as clients increasingly traded more higher-priced US stocks and options during the quarter.

Interest income was 3.0 billion, up 50% year-over-year and flat quarter-to-quarter. The year-over-year increase was driven by higher interest income from securities borrowing and lending business, banking deposits and margin financing. On a sequential basis, interest income remained stable as higher interest income from banking deposits and margin financing was offset by lower interest income from securities borrowing and lending business.

Other income was 630 million, up 79% year-over-year, 42% quarter-to-quarter. The year-over-year increase was primarily attributable to higher fund distribution service income and IPO subscription service charge income. The quarter-over-quarter increase was mainly driven by higher enterprise public relationship service charge income and IPO subscription service charge income.

Our total cost was 729 million, a decrease of 6% from 776 million in the fourth quarter of 2024.

Brokerage commission and handling charge expenses was 141 million, up 26% year-over-year and down 12% quarter-to-quarter. Both the year-over-year and the quarter-over-quarter movement were roughly in line with the change of brokerage commission and handling charge income.

Interest expenses were 437 million, down 15% year-over-year, 8% quarter-to-quarter. Both the year-over-year and the quarter-over-quarter decrease was mainly due to lower interest expenses associated with our securities borrowing and lending business.

Processing and servicing costs was 150 million, slightly up year-over-year and down 6% quarter-to-quarter. The quarter-to-quarter decrease was mostly driven by the sequential decrease in cloud service costs.

As a result, total gross profit was 5.7 billion, an increase of 56% from 3.7 billion in the fourth quarter of 2024. Gross margin was 88.7% as compared to 82.5% in the fourth quarter of 2024.

Operating expenses were up 9% year-over-year and about 8% quarter-to-quarter to 1.6 billion.

R&D expenses was 507 million, up 27% year-over-year and down 12% quarter-to-quarter. The year-over-year increase was mainly due to an increase in headcount to support crypto and AI-related initiatives. The quarter-to-quarter decrease was largely attributable to bonus payouts made in previous quarters.

Selling and marketing expenses was 507 million, up 9% year-over-year and down 13% quarter-to-quarter. The year-over-year increase was in line with the growth of our net new funded accounts, and the quarter-to-quarter decrease was largely attributable to sequential lower new client additions and, to a lesser extent, the decrease in client acquisition cost.

General expenses were 549 million, down 5% year-over-year and flat quarter-to-quarter. The year-over-year decrease was primarily due to the lower professional service expenses compared to the year-ago quarter.

As a result, income from operations increased 87% year-over-year and 6% quarter-to-quarter to 4.1 billion. Operating margin increased to 64.4% from 50% in the fourth quarter of 2024, mostly due to strong top-line growth and operating leverage.

Our net income increased by 80% year-over-year and 5% quarter-to-quarter to 3.4 billion. Net income margin expanded to 52.3% in the fourth quarter as compared to 42.2% in the same quarter last year.

Our effective tax rate for the quarter was 16.3%.

That concludes our prepared remarks. We'd now like to open the call to questions. Operator, please go ahead.

Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A.

We will now take the first question from the line of Peter Zhang from JPMorgan, please go ahead.

嗯，好，非常感谢管理层给我问问题的机会，然后也非常恭喜公司取得了非常不错的四季度业绩。我这边有两个问题。呃，我的第一个问题就是想问一下管理层，关于2026年一季度到现在，我们看到的一些business trend是怎么样的，包括我们的新用户的增长、客户的净入金，然后还有交易额。呃，然后也想问一下，就是佣金费率在一季度的趋势如何？我的第二个问题是关于我们交易额的结构。那过去很多人把富途当做一个China data story，然后也觉得我们的客户会交易很多中概股。我想问一下现阶段在我们美股的交易额中，中概股的占比有多少？然后其他股份的占比是怎么样的一个结构？以及趋势变化如何？那我做一下翻译。

This is Peter Zhang from JP Morgan and many thanks for giving me the opportunity to ask question and congratulations on the result. I have two questions. My first question is on the first quarter business trend. I'm wondering whether management can give us some color on the paying client growth, net asset inflow and trading volume in first quarter year-to-date, and also how about the commission fee rate trend in Q1? My second question is regarding the trading volume breakdown, particularly for the US stock trading volume. This is mainly because in the past few years some investors may view Futu as a broker story to China and some investors think that our clients trade a lot of Chinese ADR stock. But I guess given that we have very successful overseas expansion, the trading volume mix may change over time. So I'm wondering whether management can give us some color on the breakdown of your US stock trading volume into Chinese ADR and other stock. Thank you.

好的，谢谢Peter。我先回答你第二个问题，我把第一个问题交给我的同事Daniel。那有关这个中概股占我们美股交易比例的问题，实际上这个占比在过去几个季度持续都是在下降的。那我们最新的就是上个季度，在四季度，我们整个中概股占到美股正股的交易比例，其实已经不到10%了。那同样在前一个季度，这个比例差不多也是在10%左右这样的一个数字。

Let me just do the translation for your second question. I will do the answers regarding the Chinese ADRs contribution for our US stock trading volumes. In the latest quarter, this portion is less than 10%, and even we compare with the third quarter last year, the number was still roughly around the 10%. So I think structure-wise, the contribution from Chinese ADRs to our overall US stock has been gradually decreased. I will now hand over to my colleague Daniel, who will answer your first question.

对，根据我们一季度目前看到的数据情况，我们预计一季度整体的净增有资产客户数和交易量环比是差不多平稳的水平。然后在比较浓厚的抄底情绪的带动下，净入金在一季度预计能有一个双位数的环比增长。我们预计一季度将达到历史最高的单季度净入金的水平。但是mark-to-market在这个季度还是有非常大的负面影响，所以总体的客户资产可能环比是一个稳中有升的状态吧。

So based on the trends we have seen year-to-date, we expect net new funded accounts and trading volume to be flattish quarter-over-quarter. And we've seen very strong bottom-fishing activities from our clients, so we expect a double-digit sequential increase in net asset inflows, and we expect the quarterly net asset inflow in the first quarter to be the highest quarterly number. And mark-to-market impact has been pretty strong and it was pretty negative quarter-to-date. So we expect all in all, total client assets to increase modestly by the end of the first quarter. Thank you.

And in terms of commission, blended commission rate so far, I think we are seeing flat Q1 Q1 blended commission rate.

We will now take the next question from the line of Emma Shu from Bank of America Securities, please go ahead.

谢谢给我这个提问的机会，我是美银证券的艾玛。我这里有两个问题是关于业务上的发展的。一个是想问一下虚拟币目前业务最新的进展如何？然后2月份我们也看到香港监管这边也有一些政策上的放松，那从那之后我们推出了哪些新产品？当前落地的情况和表现是怎么样的？那第二个问题是想问一下，AI目前对于业务有哪一些具体的赋能？还有就是，之前大家可能更多的讨论的是赋能方面，但是也会担心AI对于相对轻资产业务的一些挑战，还有包括可能会对take rate造成一些压力。所以想问一下公司的管理层，在这方面有没有一些可以跟我们分享的？那我翻译一下我的问题。

The first one is about the crypto business. So what are the latest developments in the crypto-related business after the relaxation of Hong Kong's regulatory policies in February this year? What new products have been launched and what is the current implementation status and performance? The second question is about the AI. What specific empowerments does AI currently bring to your business? Will AI bring challenges to some business or put pressure on take rate given the light-asset model of your business? Thanks!

好的，谢谢艾玛。那我来回答第一个有关crypto的问题，那有关AI的这个问题，我请Leaf来回答你。那有关这个crypto方面，一方面我们现在还在继续进行我们的香港SFC的VATP牌照的第二阶段的审批。目前从公司来看，我们还是非常有信心，希望在未来不久能够获得相应的牌照。那在这个VATP的牌照获取以后呢，我们也希望在不久的将来，富途证券这边可以向客户提供证券融资交易虚拟资产、Staking等这些新的产品的服务。那同时呢，我们也希望未来能够依托富途证券比较成熟的私人财富管理体系，向我们的高净值客户提供定制化的虚拟资产的相应服务。那么同时呢，平台也将未来会为我们的一些机构客户提供一站式的解决方案。那么从去年四季度到现在，我们持续在我们的一些海外地区，包括新加坡、美国，去增加我们新的一些交易的品类，持续去丰富我们的产品矩阵。那就像Leaf刚才在opening remarks里面也提到，在过去一个季度，无论在香港、新加坡和美国这三个地区，我们能看到的我们的客户在当地交易虚拟资产的客户数量都录得了环比双位数的增长。那同时这三个市场里面，交易加密货币的客户占到整个当季度的交易客户中的渗透率也持续有上升，目前已经到了一个中高单位数到低双位数这样的一个水平。我们相信这一块的渗透率在未来的一段时间还有很大的提升空间。我翻译一下。

In terms of the crypto development, I think in Hong Kong, we are still waiting for the Hong Kong regulators for our VATP license approvals. We are very confident in the near future we can get this license. And after the launch of the VATP, hopefully we can in the near future, Futu can start to provide our traditional clients for crypto trading on the back of the margin using their stock as the collateral for the margin, and also we will provide a staking service for them as well. In the future, we also wish to provide a tailor-made crypto service to our high-net-worth clients, alongside with the service to our institutional clients for the one-stop solution. And then in the past one quarter, we further enriched our product offering, trading different tokens in Singapore and in the US. And at the same time, as we mentioned in the opening remarks, in Hong Kong, Singapore and the US, the number of the clients trading for the cryptos all recorded a double-digit increase, and the penetration rate for these trading clients trading crypto also increased a lot to the latest high single digits and low double-digit levels. We think this penetration rate can continue to grow in the possible future. Thank you.

关于AI，这里我来讲一讲。那么首先，AI是富途公司级的战略，从22年开始我们实际上就已经在开始做相关的投入。那么在过去的几个季度呢，我们也在不断的去加大AI相关的投入，并且将AI能力深度地融入到了对客户的产品体验和内部运营当中。那么我们通过AI去提升了客户发现投资机会和收集投资信息的效率，比如像AI日报和周报的筛选和总结，那么涵盖了20余项行情数据，包括技术指标、K线形态、资金流向等等，那么这些相比同业的更新，它的时效性会更强，支持的内容范围也都更广。财报和资讯的AI摘要，这些也都大大提升了客户信息收集的效率。另外就是我们在4季度推出了AI量化交易的功能，那么用户只需要通过简单的自然语言描述，就可以自动生成量化交易策略。那么这个功能是收到了很多进阶投资者的广泛好评，也降低了构建专业投资策略的门槛。此外，我们还拓展了AI Chatbot和AI解读所支持的资产类别。那么我们在集团内部呢，AI技术也都已经系统性地嵌入到了产研、运营、客服和职能团队当中，能看到显著的提升了我们整体的运营效率。就目前非常火热的OpenAI，我们也都提供了程序化的接口，那么只需要简单的设置就可以通过我们的Open API去进行交易。那么Open API实际上是我们从2014年就开始进行研发、持续研发和提供的能力，那么未来我们也会在这一块继续着力，比如说我们会去推出供OpenAI去使用的skill。那么最后我想讲的是，依靠我们这么多年积累下来的行情、交易、清结算这些底层的能力，再结合我们拥抱AI的决心和能力，我相信在AI时代，富途依然能够拥有自己的一席之地，也依然能够在AI时代去绽放出自己的光芒，谢谢。

So AI is a company-level strategic priority at Futu. We've actually started AI assessments in 2022 and over the past few quarters, we have ramped up AI investment by deeply integrating AI capabilities into our product experience and internal operations. We now leverage AI to enhance the efficiency with which our clients discover investment opportunities and gather information. Our AI-generated daily and weekly reports automatically filter and summarize key insights, cover over 20 types of market data including technical indicators, candlestick patterns and fund flows, and these offer better timeliness and broader content coverage compared to our peers. Furthermore, AI-powered summary of earnings reports and news has also significantly improved client efficiency in gathering information. In the fourth quarter, we launched AI quantitative trading, which allows users to generate quantitative trading strategies using simple natural language. This feature has been very well received by the advanced traders on our platform, lowering the barrier to creating professional investment strategy. We have also expanded the asset class coverage of our AI chatbots and AI analysis. So for the OpenAI that's quite popular recently, we now offer access through our Open API. We've actually started developing Open API in 2014 and have been optimizing that experience ever since, and we've also supported skills that are accessible to OpenAI as well. So thanks to the years of our development and accumulation in market data information, the trading infrastructure, as well as our execution and clearing capabilities, as well as our determination to embrace AI and our capabilities in leveraging AI to empower our business, we believe Futu will stay as a leading player in the AI era. Thank you.

Thank you.

We will now take the next question from the line of Chia Huang from Morgan Stanley, please go ahead.

嗯，好的，感谢。你好，我是摩根士丹利的黄琦瑶，想请教两个问题。呃，第一个是关于这个80万的获客指引。那我们看到今年确实开年以来市场也非常的波动，想请管理层分享一下，咱们主要看到了哪些获客的驱动力，以及在哪些领域还有比较大的空间，来帮助我们实现这个和去年一样高的这么一个目标？或者说还是有哪些新的市场可以帮助咱们实现这个目标。呃，第二个问题是关于天星银行，想请管理层也分享一下，咱们对未来天星银行的一个定位，那么尤其是跟同业的虚拟银行，以及在香港的一些传统银行相比，天星银行未来会主要主打哪些差异化的地方？那么我们短期和中期来看，有没有一个推出产品的时间线？那未来最终咱们对于天星银行的一个展望，从这个业务层面，包括收入，是更多的会侧重于传统银行的这种资产负债表型的业务呢，还是说更多一些手续费类型的财富管理的收入为主？谢谢。呃，我大概翻译一下。

So the first question is regarding the eight hundred thousand guidance on new funded accounts, which is a very strong number, but considering the rising market volatility year-to-date, I'm just wondering what will be the main drivers and the main areas that the management sees has largest potential to help achieve the target, especially including any new markets that we are targeting? The second question is regarding the Airstar Bank. Just wondering what's the long-term planning, strategic planning for the bank's position in the market? What kind of differentiation will be there compared to other virtual banks and the traditional banks? And do we have a timeline of the product pipelines? And over time, what will be the expected revenue structure for Airstar Bank? Will it be more balance sheet business or more fee income business in wealth management?

好的，行，谢谢你的两个问题，我来回答一下这两个问题。那第一，有关我们提出的今年80万的净增有资产客户的目标。那在除了我们现有已经有业务的这八个市场，确实这个目标里面是包含了我们假设今年会进入一个新的市场的预测在这个里面。那么另外，从year-to-date目前市场的情况来看，我们整体的一个获客的情况还是比较良好的。虽然在3月份开始受到外围的一些宏观经济因素的影响，市场有比较多的一些波动，但从目前我们获客的情况来看，并没有受到很大的影响。那这个是第一个问题。那有关这个天星银行，我想我们依然从战略上是希望能够寻求天星银行跟富途证券现有业务的一些协同效应。那从这个具体的一些业务展开来看，今年我们依然还会围绕两方面的主线，一个是有关客户体验的升级，那另外一方面是有关我们内部基建的强化。那从去年四季度开始，我们整个对于天星银行的APP是做了比较大的一些升级的改造。就像Leaf在前面opening remarks那里也提到，目前已经推出了公募基金跟保险的产品。那在未来我们会有进一步的围绕财富管理相关的一些产品会上线。那同时从内部的一些基建来看，我们也是在持续强化合规跟风险管理能力这方面，那通过一些自研的系统，能够去提高我们的业务处理的效率，同时能够去降低银行相应的成本。所以呢，在短期我们会围绕这两方面去开展我们的一些工作。那从长期的角度来看呢，从未来的收入结构来看，我们觉得应该还是会比较多的去围绕我们现有的中间业务收入的这样的一个定位，辅以比较合适的资产负债表业务的扩张。当然这是一个比较中长期的规划。那我翻译一下。

For the first question for our 800k funded accounts target, this number we have already embedded one new market we will have potential to enter into in 2026. Despite the year-to-date there's some market volatility arising from geopolitical tensions and a lot of macro headwinds, our client acquisitions run rate still remains very robust and we are very confident to achieve these targets toward the end of this year. Then for the Airstar Bank, we will continue to focus on how to generate meaningful synergies between Airstar Bank and the Futu existing business. As Leaf mentioned in the opening remarks, in the fourth quarter and also in the next couple of quarters, our most work in Airstar Bank will center around two aspects. Externally is to upgrade the user experience and internally we will further enrich the infrastructures. On the external side, we have already launched some new wealth management products in Airstar Bank APP like mutual funds and insurance products. There will be more wealth management related products to be launched in the APP in the next couple of quarters. Then internally, we further enhance the compliance and the risk controls, a lot of proprietary developed products to enhance the business efficiency and lower operating costs for the bank. In the long run, we think the revenue stream will be more skewed to these fee incomes arising from the wealth management associated activities, supplemented by some balance sheet expansion business. But having said that, this is a very long-term target for our revenue generations, so in the near term we will still continue to focus on the two aspects I mentioned before. Thank you very much.

We will now take the next question from the line of You Fan from CICC, please go ahead.

诶，好的，感谢管理层给我这个提问的机会，那也是恭喜公司在四季度再次取得了非常亮眼的业绩。我是中金公司的分析师樊优，我这边也是两个问题想请教一下管理层。嗯，首先一个的话，还是想再请管理层能否帮忙拆解一下四季度这个新增有资产用户数？因为咱们看到确实虽然四季度可能市场还是有一些波动，但还是在这个新增用户数上保持一个相对的高位。那其中来自于各个市场可能大概的一个地区分布。然后包括如果从当前存量的有资产用户数角度来看，大概的一个地区的结构分布大概是如何？这是第一个问题。第二个问题的话，也是想再请教一下关于这个客户总资产，想请教一下可能四季度当中，如果从净入金来看，大概是在一个多少的量级？然后剩下的，是不是就是来自于这个mark-to-market影响？另外的话，就是从这个AUM的角度来看，各个地区大概的一个占比结构是如何？这是第二个问题。然后我这边快速翻译一下。

This is You Fan from CICC and I have two questions. The first one is about the user regional breakdown. We still see strong customer growth this quarter despite the market downturn, so what's the regional breakdown of our existing and also the new paying client? And the second question is about the AUM, how much is from client net asset inflow and how much from mark-to-market depreciation, and what is the regional breakdown of the client asset? Thank you.

好的，谢谢优优。我来回答一下这两个问题。那一个从四季度的新增有资产客户来看，马来西亚跟香港两个合计是贡献了超过一半的有资产客户的增长。那其他的一些地区，比如像美国市场、新加坡市场跟日本市场的贡献呢，都是在一个10%~20%左右这样的一个区间里面。那么截止到去年四季度末，从整个的存量有资产客户的分布来看，我们整个大中华地区以外的海外品牌Moo的有资产客户数占比呢，已经进一步提升到55%。那其中贡献比较大的呢，是新加坡跟美国市场。那这个是有关你的第一个问题。那第二个问题呢，从去年四季度的净入金来看呢，去年四季度的净入金环比去年三季度呢，是环比有小幅下降，但从绝对数来看呢，依然是一个非常强劲的增长。那去年四季度实际整个这个市场，特别是在香港市场，股市是有比较大的一些回调的，那恒生指数是下跌了，环比下跌了5%，恒生科技指数环比大概下跌了15%左右。所以呢，我们看到的客户的年底的总资产是受到比较大的mark-to-market的影响。那一块的影响也基本把去年$富途控股(FUTU)$ $老虎证券(TIGR)$