2025-03-13 Futu Holdings Ltd (FUTU) Q4 2024 Earnings Call Transcript

Futu Holdings Limited (NASDAQ:FUTU) Q4 2024 Earnings Conference Call March 13, 2025 7:30 AM ET

Company Participants

Daniel Yuan - Head, Strategy & IR

Leaf Li - Chairman & CEO

Arthur Chen - CFO

Robin Xu - SVP

Conference Call Participants

Emma Xu - Bank of America Securities

Cindy Wang - China Renaissance

Chiyao Huang - Morgan Stanley

Charles Zhou - UBS

You Fan - CICC

Peter Zhang - JP Morgan

Zoey Zong - Jefferies

Hanyang Wang - 86Research

Alan Chan - Citi

Jian Wang - Goldman Sachs

Operator 接线员

Hello, ladies and gentleman. Welcome to Futu Holdings Fourth Quarter and Full Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only-mode. After management 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.

各位女士们、先生们，大家好。欢迎参加富途控股 2024 年第四季度及全年财报电话会议。目前所有参会者均处于仅听模式。管理层发言结束后，将进行问答环节。今天的电话会议将被录音，如有异议，请现在挂断电话。

I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief of Staff to CEO, Head of Strategy and IR at Futu. Please go ahead, sir.

现在，我想将会议交给今天电话会议的主持人，富途 CEO 幕僚长兼战略与投资者关系主管 Daniel Yuan 先生。有请。

Daniel Yuan 袁华强

Thanks, Operator, and thank you for joining us today to discuss our fourth quarter and full year 2024 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer, Arthur Chen, Chief Financial Officer, and Robin Xu, Senior Vice President.

谢谢主持人，也感谢各位今天参加我们的电话会议，共同讨论我们 2024 年第四季度及全年财报业绩。今天与我一同参加电话会议的有董事长兼首席执行官李华先生、首席财务官陈宇先生，以及高级副总裁徐昊先生。

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 the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those containing 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.

提醒各位，今天的电话会议可能包含前瞻性陈述，这些陈述代表公司对未来事件的看法，其本质上具有不确定性，且不在公司的控制范围内。前瞻性陈述涉及固有的风险和不确定因素。我们提醒您，有许多重要因素可能导致实际结果与任何前瞻性陈述中的内容存在重大差异。有关潜在风险和不确定因素的更多信息，请参阅公司向美国证券交易委员会（SEC）提交的文件，包括其年度报告。

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

接下来，我将把电话会议交给 Leaf。Leaf 将用中文发言，我会进行翻译。

Leaf Li 李华锋

Thank you all for joining our earnings call today. Client acquisitions accelerated across all markets amid an eventful quarter. We exceeded our full year guidance by a wide margin, adding 215,000 paying clients in the fourth quarter alone. As of year-end, total paying clients was over 2.4 million, a 41% year-over-year. Year to date, we have observed robust paying client growth across markets and are guiding for 800,000 new paying clients in 2025.

感谢各位参加我们今天的财报电话会议。在这个充满事件的季度中，我们在所有市场的客户获取速度加快。我们大幅超出了全年指引，仅第四季度就新增了 21.5 万付费客户。截至年底，付费客户总数超过 240 万，同比增长 41%。今年以来，我们在各个市场都观察到强劲的付费客户增长，并预计 2025 年将新增 80 万付费客户。

In the fourth quarter, Hong Kong market was the top growth driver for new paying clients as we implemented targeted marketing initiatives to capitalize on the momentum at different asset classes. In Singapore, we maintain quality growth. With more paying clients added, there are also higher average assets.

第四季度，香港市场成为新增付费客户的主要增长动力，我们实施了针对性的营销举措，以把握不同资产类别的增长势头。在新加坡，我们保持了高质量的增长，新增付费客户增加的同时，平均资产也有所提高。

We further solidified our position as a leading one-stop investment platform in Malaysia and recorded another quarter of strong paying client growth with our increasingly localized product experience and strengthening brand equity. In Japan, new paying clients grew double-digit quarter over quarter as our superior U.S. stock trading experience gained traction amid a bullish U.S. market backdrop.

我们进一步巩固了作为马来西亚领先的一站式投资平台的地位，凭借日益本地化的产品体验和不断增强的品牌价值，本季度付费客户再次实现强劲增长。在日本，随着美国市场的乐观背景下，我们卓越的美股交易体验获得认可，新付费客户环比实现两位数增长。

In 2024, we delivered 209 iterations of our mobile app and desktop clients and added 7,762 new features, up 37% and 32% year-over-year respectively. Product velocity remained high in the fourth quarter. In Japan, we launched U.S. margin trading with an increasing adoption rate and improving throughout the quarter. In the U.S., we unveiled Options Strategy Builder on our desktop version to better help traders navigate various options trading strategies.

2024 年，我们对移动应用和桌面客户端进行了 209 次迭代，新增了 7,762 项功能，分别同比增长 37%和 32%。第四季度产品迭代速度保持较高水平。在日本，我们推出了美股保证金交易，采用率持续提升并在整个季度不断改善。在美国，我们在桌面版推出了期权策略构建工具，以更好地帮助交易者掌握各种期权交易策略。

As we continue to refine our options trading products, in the fourth quarter, the number of options traders in the U.S. more than doubled year-over-year, while the number of options contracts traded more than tripled compared to the year ago quarter. In Hong Kong and Singapore, we established a bond trading desk to help our clients execute large and complex bond orders. For our clients in Australia and Canada, we launched recurring investment plans for local stocks.

随着我们持续优化期权交易产品，第四季度美国期权交易者人数同比增长超过一倍，而期权合约交易量同比增长超过两倍。在香港和新加坡，我们设立了债券交易部门，以帮助客户执行大额且复杂的债券订单。针对澳大利亚和加拿大的客户，我们推出了针对当地股票的定期投资计划。

We build a pullback in China equity in the second half of the quarter weighed on the valuation of our client’s assets. It was more than offset seller net asset inflow across markets. Further client assets, were at HK$743, up 43% year-over-year and 7% quarter-over-quarter. Overseas markets recorded the highest quarterly net asset inflow, almost equivalent to the full year 2023 inflow.

我们注意到本季度后半段中国股票市场的回调对客户资产估值造成了压力，但被各市场的净资产流入所抵消。此外，客户资产达到 743 亿港元，同比增长 43%，环比增长 7%。海外市场录得了有史以来最高的单季度净资产流入，几乎相当于 2023 年全年的流入量。

Total client assets in Singapore grew by 19% quarter-over-quarter, marking the 10th consecutive quarter of sequential growth, thanks to robust net asset inflow into U.S. equities and money market funds. U.S., Canada, and Australia markets also witnessed sequential growth in average client assets for four consecutive quarters. As our clients took on more leveraged positions, margin financing and security planning balance increased by 25% sequentially to a record HK$51 billion.

由于美国股票和货币市场基金的强劲净资产流入，新加坡客户总资产环比增长 19%，连续第十个季度实现增长。美国、加拿大和澳大利亚市场的客户平均资产也连续四个季度实现环比增长。随着客户增加杠杆头寸，保证金融资和证券借贷余额环比增长 25%，达到创纪录的 510 亿港元。

Total trading volume jumped by 202% year-over-year and 52% quarter-over-quarter to HK$2.89 trillion. In fourth quarter our clients diversified their investing to include more crypto and AI names. As a result, U.S. stock trading volume grew by 36% sequentially to a historic high of HK$2.08 trillion. Notably, several AI-focused companies, previously less familiar to our clients, emerged as top trading U.S. stocks in 2024, driven by their remarkable outperforming and the rising narrative around AI's transformative potential.

总交易量同比增长 202%，环比增长 52%，达到 2.89 万亿港元。第四季度，我们的客户投资组合更加多元化，增加了更多加密货币和人工智能相关股票。因此，美国股票交易量环比增长 36%，达到创纪录的 2.08 万亿港元。值得注意的是，一些此前客户较不熟悉的人工智能公司在 2024 年成为交易量最高的美股之一，这主要得益于它们的突出表现以及人工智能变革潜力的持续升温。

Hong Kong's stock trading volume grew exponentially by 117% sequentially to HK$755 billion Hong Kong dollars. The renewed enthusiasm in Hong Kong equity starting from September led to a substantial rebound in trading velocity. Clients showed a meaningful pickup of interest in many technology names, as well as leveraged an inverse ETF. And one other thing.

香港股票交易量环比大幅增长 117%，达到 7,550 亿港元。自 9 月起，香港股市的热情重新高涨，交易活跃度显著回升。客户对许多科技股以及杠杆和反向 ETF 的兴趣明显增加。此外还有一点。

Total client assets in wealth management increased 93% year-over-year and 14% quarter-over-quarter, to HK$111. Money market funds continue to hold strong heels for our clients, even with moderately lower yields in the fourth quarter, and drove the bulk of the sequential growth in wealth management AUM. In Hong Kong and Singapore, we expanded our structured product offerings to better address the investment needs of our high-net-worth clients. Total client assets in wealth management accounted for 15% of total client assets, up from 12% in the same quarter last year.

财富管理的客户资产总额同比增长 93%，环比增长 14%，达到 111 亿港元。尽管第四季度货币市场基金收益率略有下降，但仍持续受到客户青睐，并推动了财富管理资产管理规模的环比增长。在香港和新加坡，我们扩大了结构性产品的供应，以更好地满足高净值客户的投资需求。财富管理客户资产总额占客户资产总额的比例从去年同期的 12%上升至 15%。

We have 482 IPO distribution in IR clients, up 16% year-over-year. In 2024, we underwrote 40 Hong Kong IPOs, ranking first among all brokers for the third consecutive year, according to Wind. The new digital IPO settlement platform, FINI, introduced by the Hong Kong Stock Exchange, eliminates multi-account subscriptions, shortens the settlement period, reduces the amount of lock-up capital needed, and lowers funding costs through the new pre-funding model. We believe that this new system improves the retail IPO subscription experience, prompts more retail participation, and favors market consolidation. We swiftly adapted our subscription process based on the new framework and achieved notable gains in market share.

我们的 IR 客户参与了 482 宗 IPO 分销，同比增长 16%。根据 Wind 数据，2024 年我们承销了 40 宗香港 IPO，连续第三年位居所有券商之首。香港交易所推出的全新数字化 IPO 结算平台 FINI，取消了多账户认购，缩短了结算周期，减少了所需的冻结资金量，并通过新的预融资模式降低了资金成本。我们认为，这一新系统改善了散户的 IPO 认购体验，促进了更多散户参与，并有利于市场整合。我们迅速根据新框架调整了认购流程，并显著提升了市场份额。

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

接下来，我想邀请我们的首席财务官 Arthur 讨论我们的财务表现。

Arthur Chen

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

感谢 Leaf 和 Daniel。接下来我将向大家介绍我们第四季度的财务表现。除非另有说明，所有数字均以港元计。

Total revenue was HK$4.4 billion, up 87% from HK$2.4 billion in the fourth quarter of 2023. We conclude a strong year with full-year revenue growing to HK$13.6 billion, up 36% year-over-year. Brokerage commission and handling charge income was HK$2.1 billion, an increase of 128% year-over-year and 35% Q-over-Q. The year-over-year Q-over-Q increase was both driven by higher trading volume, partially offset by the decline in blended commission rate. We adopted a per contract and a per share pricing model for U.S. options and the U.S. stock trading, respectively. As a result, brokerage income will grow at a slower rate than trading volume, where our clients trade high-priced stocks and options.

总收入为 44 亿港元，较 2023 年第四季度的 24 亿港元增长 87%。我们以强劲表现结束了这一年，全年收入增至 136 亿港元，同比增长 36%。经纪佣金及手续费收入为 21 亿港元，同比增长 128%，环比增长 35%。同比和环比增长均由交易量增加推动，但部分被综合佣金率下降所抵消。我们分别对美国期权和美国股票交易采用了按合约和按股数的定价模式。因此，当客户交易高价股票和期权时，经纪收入的增长速度将低于交易量的增长速度。

IBKR年同比增速是23.93%，moomooAPP的用户体验更好。

Interest income was HK$2 billion, up 52% year-over-year and 19% Q-over-Q. Both were driven by higher interest income from our security borrowing and the lending business and the higher interest from banking deposits. Other income was HK$353 million, up 157% year-over-year and a 69% Q-over-Q. The year-over-year and the Q-over-Q increase was both primary attributes to higher fund distribution income and the currency exchange income.

利息收入为 20 亿港元，同比增长 52%，环比增长 19%。两项增长均由证券借贷业务利息收入增加以及银行存款利息增加所推动。其他收入为 3.53 亿港元，同比增长 157%，环比增长 69%。同比和环比增长主要归因于基金分销收入和货币兑换收入的增加。

Our total cost was HK$776 million, an increase of 79% from HK$434 million in the fourth quarter of 2023. Brokerage commission and the handling charge expenses was HK$112 million, up 90% year-over-year and a 38% Q-over-Q. The Q-over-Q increase was roughly in line with the movement of our brokerage commission and the handling charge income. Interest expenses were HK$513 million, up 90% year-over-year and a 24% Q-over-Q. The year-over-year increase was driven by high interest expenses associated with our security borrowing and the lending business.

我们的总成本为 7.76 亿港元，较 2023 年第四季度的 4.34 亿港元增长了 79%。经纪佣金及手续费支出为 1.12 亿港元，同比增长 90%，环比增长 38%。环比增长大致与我们的经纪佣金及手续费收入变动一致。利息支出为 5.13 亿港元，同比增长 90%，环比增长 24%。同比增长主要是由于证券借贷业务相关的较高利息支出所致。

The Q-over-Q increase was mainly due to higher margin financing interest expenses as a result of higher funding costs for Hong Kong dollars. Processing and the servicing costs were HK$151 million, up 45% year-over-year and a 16% Q-over-Q. The increase was largely due to higher market information and the data fee for new products with higher system usage fees.

季度环比增长主要是由于港元融资成本上升，导致融资融券利息支出增加。处理及服务成本为 1.51 亿港元，同比增长 45%，环比增长 16%。成本增加主要是由于市场信息费用增加，以及新产品的数据费用和更高的系统使用费。

As a result, total gross profit was HK$3.7 billion, an increase of 89% from HK$1.9 billion in the fourth quarter of 2023. Gross margin was 82.5% as compared to 81.7% in the fourth quarter of 2023. Operating expenses was 57% year-over-year and a 33% Q-over-Q to HK$1.4 billion. Funding expenses was HK$399 million, up 10% year-over-year and a 4% Q-over-Q. This increase was partially due to cost related to organizational restructuring in the fourth quarter of 2024.

因此，总毛利润为 37 亿港元，较 2023 年第四季度的 19 亿港元增长了 89%。毛利率为 82.5%，而 2023 年第四季度为 81.7%。运营费用同比增长 57%，环比增长 33%，达到 14 亿港元。融资成本为 3.99 亿港元，同比增长 10%，环比增长 4%。这一增长部分原因是 2024 年第四季度组织重组相关的成本。

Selling and marketing expenses were HK$464 million, up 154% year-over-year and a 48% Q-over-Q. The year-over-year increase was due to a triple-digit year-over-year increase in net new paying clients, partially offset by lower client acquisition costs. The Q-over-Q increase was in line with the growth of our new paying clients.

销售和营销费用为 4.64 亿港元，同比增长 154%，环比增长 48%。同比增长是由于新增付费客户数量同比实现三位数增长，部分被客户获取成本降低所抵消。环比增长与新增付费客户的增长保持一致。

General and administrative expenses was HK$576 million, up 55% year-over-year and a 51% Q-over-Q. The year-over-year increase was primarily due to an increase in the general and administrative headcount. And the Q-over-Q increase was mainly due to higher bonus accrued for general and administrative personnel and to a less extent, cost related to organizational restructuring.

一般及行政开支为 5.76 亿港元，同比增长 55%，环比增长 51%。同比增长主要是由于一般及行政人员人数增加。环比增长主要是由于一般及行政人员奖金计提增加，以及在较小程度上与组织架构重组相关的成本。

As a result, income from operation increased 117% year-over-year and a 28% Q-over-Q to HK$2.2 billion. Operating margin increased to 50% from 43.1% in the fourth quarter of 2023, mostly due to strong top-line growth and operating leverage.

因此，运营收入同比增长 117%，环比增长 28%，达到 22 亿港元。运营利润率从 2023 年第四季度的 43.1%提高至 50%，主要得益于强劲的收入增长和经营杠杆效应。

Our net income increased by 113% year-over-year and a 42% Q-over-Q to HK$1.9 billion. Net income margin expanded to 42.2% in the fourth quarter as compared to 36.9% in the same quarter last year. Our effective tax rate for the quarter was 16.1%.

我们的净利润同比增长 113%，环比增长 42%，达到 19 亿港元。第四季度净利润率扩大至 42.2%，而去年同期为 36.9%。本季度的实际税率为 16.1%。

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

我们的准备发言到此结束。现在进入问答环节。接线员，请开始。

Question-and-Answer Session

问答环节

Operator 接线员

[Operator Instructions] We will now take the first question from the line of Emma Xu from Bank of America Securities. Please go ahead.

[接线员提示] 现在我们接听来自美国银行证券的 Emma Xu 的第一个问题。请开始。

Emma Xu 徐艾玛

So, congratulations on the very strong result. I have two questions. The first question is about the new paying clients. You guided 800,000 new paying clients for this year, around 100,000 more than last year. But last year, you have two new markets, Malaysia and Japan. But this year, previously, you guided that you don't have new market plans. So, just wondering why you are able to guide such a strong new paying client target.

首先，祝贺你们取得非常强劲的业绩。我有两个问题。第一个问题是关于新增付费客户的。你们今年的指引是新增 80 万付费客户，比去年多了约 10 万。但去年你们进入了马来西亚和日本两个新市场，而今年你们之前表示没有进入新市场的计划。因此，我想了解一下，在这种情况下，你们为何还能给出如此强劲的新增付费客户目标？

And the second question is about the CAC client acquisition cost. It increased moderately in the fourth quarter last year, despite very active market. In an active market, in general, CAC should be lower, thanks to the natural flows. So, just wondering, is it due to the change of the market, the mix of the new paying client market, or due to the change of the channels that lead to the increase of the CAC? And what's your target of CAC for this year? Thanks.

第二个问题是关于 CAC 客户获取成本。尽管去年第四季度市场非常活跃，但 CAC 仍有所上升。通常在活跃的市场环境下，由于自然流量的增加，CAC 应该更低。因此想了解一下，这种情况是由于市场变化、新增付费客户结构变化，还是渠道变化导致 CAC 上升？另外，今年你们对 CAC 的目标是多少？谢谢。

Arthur Chen

Thanks, Emma. I will take these two questions. Let me translate. In terms of your first question regarding our new guidance for 2025, this 80,000 new paying client does not include any new markets we will enter in or not in 2025. So, this is all for the existing seven markets.

谢谢，Emma。这两个问题由我来回答。我来翻译一下。关于你第一个问题，即我们 2025 年的新指引，这 8 万名新增付费客户并未包含我们在 2025 年可能进入或不进入的任何新市场，仅限于现有的七个市场。

The reason for this very strong guidance is, number one, we think these two new markets, such as Malaysia and Japan, which we entered into last year, still provide a very meaningful, robust growth outlook in 2025. Not to mention these relatively mature markets, such as Singapore and Hong Kong, we still see very good upside in client acquisitions, thanks to partially due to the Chinese asset rating, which we witnessed from the early days of this year.

我们给出如此强劲指引的原因是：第一，我们认为去年进入的马来西亚和日本这两个新市场在 2025 年仍将提供非常显著且强劲的增长前景。此外，即使是新加坡和香港这些相对成熟的市场，我们在客户获取方面仍然看到非常好的增长空间，这部分得益于今年年初以来我们所观察到的中国资产的重新评级。

And in terms of the second question regarding the client acquisition cost, we roughly target HK$2,500 to HK$3,000 CAC for this year. From the end of last year and going forward, we will spend more money in some brand equities in order to enhance our long-term user loyalty in our platform. Thank you.

关于第二个问题，即客户获取成本，我们今年的目标大致为每位客户 2,500 港元至 3,000 港元。从去年年底开始并展望未来，我们将加大在品牌资产方面的投入，以提升平台用户的长期忠诚度。谢谢。

Emma Xu 徐艾玛

Thank you. Very clear. 谢谢，非常清楚。

Operator 接线员

Thank you. We will now take the next question from the line of Cindy Wang from China Renaissance. Please go ahead.

谢谢。下面请华兴资本的 Cindy Wang 提问。请开始。

Cindy Wang

Thanks for taking my question and congrats for a very strong result in Q4. And I have two questions here. First question. Recently, we noticed that the U.S. and the Hong Kong market overall market trading volume has very strong quarter-over-quarter performance in the first quarter quarter-to-date. So, can management give us a little bit of color based on the current run rate? What is the trading volume, trading velocity, net asset inflow, and the margin financing, securities and lending guidance?

感谢接受我的提问，并祝贺第四季度取得非常强劲的业绩。我这里有两个问题。第一个问题，最近我们注意到美国和香港市场整体交易量在第一季度截至目前环比表现非常强劲。因此，管理层能否根据当前的运行情况，向我们介绍一下交易量、交易频率、净资产流入以及保证金融资和证券借贷方面的指引？

The second question is related to the new product pipeline. So, we know like Futu has a lot of like product pipelines every year. So, can you give us roughly a pipeline on the equity derivatives and crypto products? Thank you.

第二个问题与新产品规划有关。我们知道富途每年都有很多产品规划，能否大致介绍一下股票衍生品和加密货币产品的规划？谢谢。

Arthur Chen

So first of all, I give some color on the quarter-to-date operating matrices. We've seen this year, there was a lot of trading opportunities for both the Hong Kong and U.S. stock market. Our retail investors continue to be very highly engaged. And year-to-date, based on the current run rate, we forecast higher net new paying clients as compared to the fourth quarter last year. We've also seen higher net asset inflows, which coupled with the appreciation of China equities have led to a very meaningful sequential increase in total client assets.

首先，我将介绍一下本季度迄今的运营指标。今年以来，我们看到香港和美国股市都有大量交易机会，我们的零售投资者继续保持高度活跃。从年初至今的趋势来看，我们预计新增付费客户数将高于去年第四季度。此外，我们也看到净资产流入增加，加上中国股票的升值，推动客户资产总额环比显著增长。

And based on this current run rate, we also forecast our total trading volume to further increase on top of the high base last quarter. We've seen that the clients remain highly engaged and very high risk tolerance year-to-date. And regarding our product plan, so this year for all of our overseas markets, we have a very rich product pipeline in order to satisfy the client demand for different risk rewards. In Japan, for example, we'll continue to catch up with our product trade capabilities around Japanese equities and at the same time, continue to optimize and extend our leadership in U.S. trading.

基于当前的运行速度，我们还预计总交易量将在上个季度的高基数基础上进一步增长。年初至今，我们看到客户仍然保持高度活跃，并具有非常高的风险承受能力。关于我们的产品计划，今年在所有海外市场，我们拥有非常丰富的产品储备，以满足客户对不同风险回报的需求。例如在日本，我们将继续加强日本股票的产品交易能力，同时继续优化并扩大我们在美股交易方面的领先优势。

In Malaysia, we also will have a number of product innovations and iterations based on local clients' needs. In the U.S., we plan to roll out crypto training in the next couple of months. And in terms of wealth management, we plan to continue to expand our wealth management offerings, including offering more structured notes for our retail and high network clients. Thank you.

在马来西亚，我们也将根据当地客户的需求推出多项产品创新和迭代。在美国，我们计划在未来几个月内推出加密货币交易。在财富管理方面，我们计划继续扩大财富管理产品，包括为零售客户和高净值客户提供更多结构性票据。谢谢。

Cindy Wang

Thank you. Very clear. 谢谢，非常清楚。

Operator 接线员

[Operator Instructions] We will now take the next question from the line of Chiyao Huang from Morgan Stanley. Please go ahead.

[操作员提示] 接下来我们将接听来自摩根士丹利黄驰耀的提问。请开始。

Chiyao Huang 黄驰耀

So, basically two questions. One is the what -- basically, what areas of the business that management think have the most potential to integrate AI models like DeepSeek and what kind of efficiency gains? And how should that strengthen the product offerings and services?

基本上有两个问题。一是管理层认为业务中哪些领域最有潜力整合像 DeepSeek 这样的人工智能模型，并能带来怎样的效率提升？二是这将如何增强产品和服务？

And the second question is on crypto offerings. And just wondering, is there any update on the licensing process or what can be done to accelerate the client penetration or investor education and the marketing side on the crypto business in Hong Kong and Singapore. So -- and then what will be most differentiated offering from Futu’s crypto office compared to peers? Thank you.

第二个问题是关于加密货币业务的。想了解一下牌照申请流程是否有最新进展，或者在香港和新加坡市场，有哪些措施可以加快客户渗透、投资者教育以及加密货币业务的市场推广？另外，与同行相比，富途的加密货币业务最具差异化的优势是什么？谢谢。

Arthur Chen

Thank you, Chiyao. Leaf will answer your first question, and my colleagues, Robin will answer your second question regarding crypto. Thank you.

谢谢你，Chiyao。Leaf 将回答你的第一个问题，我的同事 Robin 将回答你关于加密货币的第二个问题。谢谢。

Leaf Li 李华锋

So in the past couple of years, we've made a number of explorations in AI, based on different usage scenarios. And we think corporate AI capabilities both for internal operations and for client-facing capabilities, and we are also doing local deployment of DeepSeek. So internally, we've found that AI help us to meaningfully lift our efficiency in terms of the market use and data generation, filtering of content in our social community and the designing and the graphics, et cetera.

因此，在过去几年中，我们基于不同的使用场景对人工智能进行了多项探索。我们认为企业的人工智能能力既适用于内部运营，也适用于面向客户的功能，我们还在进行 DeepSeek 的本地部署。在内部，我们发现人工智能在市场应用和数据生成、社交社区内容筛选以及设计和图形制作等方面，有效地提升了我们的效率。

And in terms of client-facing user experiences. So in Hong Kong, we've launched a new synthesis function for individual stocks, twice a day in the morning and at night. We also have an automatic interpretation of the corporate announcement and analysis of the financial results. These are all based on the AI model, which we believe help our clients to quickly understand market dynamics and reduce the time needed for them to make investment decisions.

在面向客户的用户体验方面，在香港，我们针对个股推出了每日早晚两次的全新综合功能。此外，我们还提供了基于 AI 模型的企业公告自动解读和财务业绩分析，我们相信这些功能有助于客户快速了解市场动态，缩短他们做出投资决策所需的时间。

And we are also doing a lot of study and research in terms of how better to incorporate AI to empower more applications for retail investors. And we believe that if we use AI to help with decision-making that puts a much higher requirement in terms of the timeliness and the accuracy of the information generated. So the unpredictable quality of the responses will actually increase the investment thresholds for the retail investors and prolong the time needed for them to make effective investment decisions, thereby lowering their investment experiences.

我们也在积极研究如何更好地利用人工智能，为零售投资者提供更多应用支持。我们认为，如果使用人工智能辅助决策，这将对所生成信息的及时性和准确性提出更高要求。因此，回应质量的不确定性实际上会提高零售投资者的投资门槛，并延长他们做出有效投资决策所需的时间，从而降低他们的投资体验。

And we hope to make a lot of thorough preparations and to make sure that the information we generate through AI in different usage scenarios are highly accurate. And at the same time, we need to do very prudent assessment and very comprehensive testing to make sure that we strike the right balance between user experience, compliance and technological innovation, so as to maximize our investors' benefits and also to protect their needs. Thank you.

我们希望进行充分的准备，确保我们通过人工智能在不同使用场景下生成的信息高度准确。同时，我们需要进行非常谨慎的评估和全面的测试，以确保在用户体验、合规性和技术创新之间取得适当的平衡，从而最大化投资者的利益并保护他们的需求。谢谢。

Operator 接线员

We will now take the next question from the line of Charles Zhou from UBS. Please go ahead.

下面我们接听来自瑞银的 Charles Zhou 的提问。请开始。

Charles Zhou

So I have two questions. The first one, we understand the company plans to develop Wealth Management business in both Hong Kong and also Singapore. So what is your expectation for the total addressable market size? And also how does the Futu differentiate from its competitors in other -- I mean, say, for example, private banks or insurance companies? And can you maybe talk about your competitive advantage from product distribution, et cetera? And do you think the business will be scalable?

我有两个问题。第一个问题，我们了解到公司计划在香港和新加坡发展财富管理业务，那么你们对整体潜在市场规模的预期是多少？此外，富途如何与其他竞争对手（例如私人银行或保险公司）进行差异化？能否谈谈你们在产品分销等方面的竞争优势？你们认为该业务是否具备规模化的潜力？

My second question is following the strong trading volume in Q4 last year. U.S. stock corrected sharply over the past month. How did it impact your trading volume in Q1 and if the sales momentum continues in the U.S. to persist, the client AUM will decline? Will this also affect overall our trading volume in the rest of this year in 2025? Thank you.

我的第二个问题是，继去年第四季度强劲的交易量之后，美国股市在过去一个月大幅回调。这对你们第一季度的交易量产生了怎样的影响？如果美国市场的抛售势头持续，客户资产管理规模是否会下降？这是否也会影响我们 2025 年全年剩余时间的整体交易量？谢谢。

Arthur Chen

In terms of the trading volumes, despite we saw some setback in the U.S. stock market in the first quarter so far. But actually, the market setbacks create more volatilities, which inspire more clients trading to bottom fish, the markets in the U.S. stock market. And then in the meantime, the trading volumes in Hong Kong made a huge spike due to China assets rating and a lot of DeepSeek related scene. So on a collective basis, we -- as Daniel mentioned before, in the first quarter, so far, we see the overall trading volumes remain very robust.

就交易量而言，尽管到目前为止，我们在第一季度看到美国股市出现了一些回调，但实际上，市场的回调带来了更多波动性，激发了更多客户进行抄底交易。同时，由于中国资产评级和大量与 DeepSeek 相关的情景，香港市场的交易量出现了大幅增长。因此，总体而言，正如 Daniel 之前提到的，到目前为止，我们看到第一季度整体交易量仍然非常强劲。

Now I hand over to Robin.

现在我将交给 Robin。

Robin Xu 徐立

So I'll first translate about the crypto updates, and then Robin also touched on Wealth Management. So in the fourth quarter, the crypto market had a huge boost, which lifted our clients trading interest and sentiments. We've seen that in November and December, the crypto trading volume on our platform grew exponentially, which is almost 5 times of what we saw in October. And our daily trading volume surpassed $35 million. And we've also seen a similar growth rate in terms of our number of crypto traders on our platform.

我首先介绍一下加密货币方面的最新情况，然后 Robin 也提到了财富管理业务。在第四季度，加密货币市场大幅上涨，提升了客户的交易兴趣和情绪。我们注意到 11 月和 12 月平台上的加密货币交易量呈指数级增长，几乎是 10 月份的 5 倍，每日交易量超过了 3500 万美元。此外，我们平台上的加密货币交易用户数量也出现了类似的增长速度。

So in the first quarter, we've seen that the crypto prices experienced some pullback. And at the same time, there's a lot of trading opportunities in the Hong Kong and U.S. stock market. So we've seen a supplying interest in crypto trading on our platform, but the trading volume and the crypto traders are still at a relatively high level. Right now in Hong Kong, we offer four trading pairs to our retail investors, and we offer six training pairs in Singapore. And in the future, we plan to allow more kind of mainstream trading pairs.

因此在第一季度，我们看到加密货币价格出现了一些回调。同时，香港和美国股市也存在大量交易机会。因此，我们平台上的加密货币交易兴趣有所回落，但交易量和加密货币交易者数量仍处于相对较高的水平。目前在香港，我们向零售投资者提供四个交易对，在新加坡提供六个交易对。未来，我们计划增加更多主流交易对。

And at the same time, I think will enhance our management of the capital efficiency and also the liquidity and the security and also kind of lower the cost of our clients moving funds in and out, which we believe will help with client conversion and with further penetration of crypto trading.

同时，我认为这将提升我们对资金效率、流动性和安全性的管理，并降低客户资金进出的成本，我们相信这将有助于客户转化，并进一步推动加密货币交易的渗透率。

We believe in Hong Kong and Singapore, most of their retail investors are still in the very early stage of building up awareness of those asset class. And we think there's a lot of further room for penetration. And we hope to leverage more investor education materials, a seamless fund deposit experience to each client concerns towards this relatively new asset class. And as the regulatory framework is more clear in these two markets. Futu has one of the earliest retail play players and the space will enjoy the early mover advantage in building up our user mind share, especially in terms of compliant operations, which will help us in advantage as the crypto asset class becomes more mainstream in these two markets.

我们认为在香港和新加坡，大部分散户投资者对这些资产类别的认知仍处于非常早期的阶段，我们认为未来的渗透空间还很大。我们希望通过更多的投资者教育材料和顺畅的资金存入体验，解决客户对这一相对较新资产类别的顾虑。随着这两个市场的监管框架更加明确，富途作为最早进入该领域的零售参与者之一，将享有先发优势，建立用户心智份额，尤其是在合规运营方面，这将在加密资产类别于这两个市场逐渐主流化时为我们带来优势。

And as we mentioned earlier, we are also planning to roll out crypto trading in U.S. this year, and we are expecting a higher penetration of crypto among our U.S. client base compared to what we have seen in Hong Kong and Singapore so far. And as regards to our vApp license, so we got a conditional approval from SSC. And we are working on our product development. We don't have a very specific time line for our official launch yet, and we look forward to giving more color down the road.

正如我们之前提到的，我们今年也计划在美国推出加密货币交易，并预计与目前在香港和新加坡的情况相比，加密货币在我们美国客户群中的渗透率会更高。关于我们的 vApp 牌照，我们已获得 SSC 的有条件批准，目前正在进行产品开发。我们尚未确定正式推出的具体时间表，期待未来能提供更多细节。

And then about the Wealth Management. So this year, we've entered into a rate cut cycle. But we still believe money market funds yield will continue to be attractive to our clients in the foreseeable future. And at the same time, we have provided very seamless automatic subscription and redemption functions for our money market funds, which really maximizes our clients' capital efficiency. So that's to help them to seize the trading opportunities in the market and at the same time, earn yields on their IR cash.

然后关于财富管理，今年我们进入了降息周期，但我们仍然相信货币市场基金的收益率在可预见的未来对客户仍具吸引力。同时，我们为货币市场基金提供了非常便捷的自动申购和赎回功能，真正最大化了客户的资金效率，帮助他们抓住市场交易机会，同时还能从闲置现金中获得收益。

And we -- typically, we expect an outperformance of fixed income-related assets during a rate cycle, and we have built a comprehensive set of products in the space, in Hong Kong and Singapore, which we believe will help our clients navigate these different investment cycles to achieve long-term capital appreciation. And at the same time, as mentioned earlier, we intend to further enrich our Wealth Management product offerings, including more structured notes for both our retail and high net worth clients, and we are optimistic about the AUM growth for our Wealth Management.

通常情况下，我们预期在利率周期中固定收益相关资产会表现优异，我们已在香港和新加坡建立了一套全面的相关产品，我们相信这将帮助客户应对不同的投资周期，实现长期资本增值。同时，如前所述，我们计划进一步丰富财富管理产品，包括为零售客户和高净值客户提供更多结构性票据，我们对财富管理业务的资产管理规模增长持乐观态度。

And to have some additional color to what Robin just said about Wealth Management, I think there are some of our key competitive advantages in this space is, number one, we really offer our clients, is seamless experience to navigate across different outlet classes on our platform, whether it's equities or Wealth Management or crypto, et cetera. So I think that is one of our key competitive advantage. We don't just lead our competitors in just one specific asset class, but it is a very seamless once-off experience for clients to very easily switch between asset classes and to cross navigate different cycles.

针对 Robin 刚才提到的财富管理业务，我想补充一些细节。我认为我们在这一领域的关键竞争优势之一是，我们真正为客户提供了在平台上跨不同资产类别的无缝体验，无论是股票、财富管理还是加密货币等。因此，我认为这是我们重要的竞争优势之一。我们不仅仅是在某个特定资产类别上领先竞争对手，而是为客户提供了一种非常顺畅的一站式体验，使他们能够轻松地在不同资产类别之间切换，并跨越不同的市场周期。

And number two, I think we adopt a platform model, which is a key advantage for our high net worth clients, Wealth Management business. For example, like in terms of structured products, we onboard structured offerings from a number of different private banks and our clients can compare these returns and the performances and pick the best asset class on our platform as opposed to maybe some other institutions will prefer to sell to their clients, their own proprietary products.

第二，我认为我们采用的平台模式是我们高净值客户财富管理业务的一个关键优势。例如，在结构性产品方面，我们引入了多家不同私人银行的结构性产品，我们的客户可以在平台上比较这些产品的收益和表现，并选择最佳的资产类别，而其他一些机构可能更倾向于向客户销售他们自己的专属产品。

So this platform model really gives our clients access to a variety of different assets and us as an intermediary is very neutral and just make sure that we will be able to provide our clients with the most attractive investment opportunity. Thank you.

因此，这种平台模式真正使我们的客户能够接触到各种不同的资产，而我们作为中介方则保持非常中立，只是确保能够为客户提供最具吸引力的投资机会。谢谢。

Operator 接线员

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

下面我们接听来自中金公司的樊尤的提问。请开始。

You Fan 尤凡

This is You Fan from CICC and the two questions. The first one is regarding the AUM breakdown in 4Q. So how much is from the client net asset inflow and how much from market-to-market impact? And what's the original breakdown of the client assets?

我是中金公司的范佑，有两个问题。第一个问题是关于第四季度资产管理规模的构成，其中客户净资产流入是多少，市场估值变动的影响是多少？客户资产的初始构成情况如何？

And the second question, we see the active Hong Kong IPO subscription recently. So what's the impact on our income statement and what's the contribution to our new paying clients and the net asset inflow?

第二个问题，我们注意到最近香港 IPO 认购活动活跃，这对我们的损益表有什么影响？对新增付费客户和净资产流入的贡献如何？

Arthur Chen

In terms of the net asset inflow, breakdowns in the fourth quarter. As we mentioned before, the market to market implications in the fourth quarter actually was a negative number. So the client asset inflow, the number is much larger than the movement of the balance between two quarters. And among the 24% of the asset inflow actually come from Great China areas. This number one year ago was 21%, we see it is a very good indicator for our overseas markets, continuous engagement for clients.

关于第四季度净资产流入的细分情况，正如我们之前提到的，第四季度的市值变动实际上是负数。因此客户资产流入的规模远大于两个季度之间余额的变动。其中，来自大中华地区的资产流入占比为 24%，而一年前这一数字为 21%。我们认为这是海外市场客户持续参与的一个非常好的指标。

Then the second question, the direct revenues from Hong Kong IPO is just contributed low single digits of our total revenue, given that we are further diversifying our revenue stream in the past four to five years. And also due to the new mechanisms in Hong Kong, such as FINI, the settlement duration, the leverage financing duration were both shortened. So, on one side, it is a negative to all the brokers' direct commission and the interest income. But on the other hand, it further engaged clients to the markets to enhance the market liquidity and there's more interest in terms of the retail clients participate in this market. So on a net-net basis, it is still very positive to our business. Thank you.

第二个问题，香港 IPO 的直接收入仅占我们总收入的个位数百分比，因为过去四到五年我们进一步实现了收入来源的多元化。此外，由于香港的新机制，比如 FINI，结算周期和杠杆融资周期都缩短了。一方面，这对所有券商的直接佣金和利息收入产生了负面影响。但另一方面，它进一步促进了客户参与市场，提升了市场流动性，散户客户参与市场的兴趣也有所增加。因此，总体而言，这对我们的业务仍然是非常积极的。谢谢。

Operator 接线员

We will now take the next question from the line of JP Morgan. Peter Zhang, please go ahead from JP Morgan.

下面我们接听来自摩根大通的提问。摩根大通的 Peter Zhang，请开始提问。

Peter Zhang

Many thanks for giving me the opportunity to ask questions. This is Peter Zhang from JP Morgan. And I have two questions. First is about the operating expense, and we noticed that from a sequential perspective, the G&A expense increased by over 50% Q-on-Q in fourth quarter, while R&D expense only moderately pick up by 4%. So we wish to understand what's the drivers behind this divergent trend for the two different operating expense in fourth quarter? And what will be your outlook for 2025 in terms of your headcount growth and your R&D and expense growth into 2025?

非常感谢给予我提问的机会。我是来自摩根大通的 Peter Zhang。我有两个问题。第一个问题是关于运营费用，我们注意到从环比来看，第四季度一般及行政费用环比增长超过 50%，而研发费用仅温和增长了 4%。因此，我们希望了解第四季度这两项不同运营费用出现差异趋势背后的驱动因素是什么？另外，展望 2025 年，公司在人员增长以及研发和费用增长方面的预期如何？

And my second question is about other income. We noticed that the other income grew by 69% Q-on-Q to a record quarterly high in fourth quarter. We wish to understand what's the drivers behind this increase? And what's the outlook into 2025?

我的第二个问题是关于其他收入。我们注意到第四季度其他收入环比增长了 69%，达到创纪录的季度高点。我们想了解推动这一增长的因素是什么？以及 2025 年的前景如何？

Arthur Chen

For two questions. Number one is regarding the G&A Q-on-Q expenses increase mainly due to three reasons. Number one is our year-end bonus equipment, especially for the overseas market management. Secondly is due to some one-off professional expenses relating to some new license applications and new market feasibility studies. Thirdly is due to some one-off organizational restructuring.

关于两个问题。第一个问题是关于一般及行政费用环比增加，主要有三个原因：第一是我们的年终奖金计提，尤其是针对海外市场管理层；第二是一些与新牌照申请和新市场可行性研究相关的一次性专业费用；第三是一些一次性的组织架构调整。

Looking forward to 2025, we expect the number of our headcount will continue to increase in mid -- in low to middle single digit versus the situation in 2024. Then for second question regarding the breakdown of the key drivers of the other income mainly comes from two facts. Number one is revenues derived from the Wealth Management, including the funds distribution and also more fees from the structured products like structured nodes and the T-bills, et cetera.

展望 2025 年，我们预计员工人数将继续增加，相比 2024 年将实现中低个位数的增长。关于第二个问题，其他收入的主要驱动因素主要来自两个方面：第一是财富管理业务产生的收入，包括基金分销以及结构性产品（如结构性票据和美国国债等）带来的更多费用。

The other is relating to FX exchange fees. This is partially due to very divergent market performance between the U.S. market and the Hong Kong market in fourth quarter. We saw more clients trying to switch their assets between these two markets. Thank you.

另一个原因与外汇兑换费用有关。这部分是由于第四季度美国市场和香港市场表现差异较大，我们看到更多客户试图在这两个市场之间转换资产。谢谢。

Operator 接线员

We will now take the next question from the line of Zoey Zong from Jefferies. Please go ahead.

我们现在接听来自杰富瑞的 Zoey Zong 的下一个问题。请开始。

Zoey Zong

Thank you, management for taking my questions. And congratulations on the strong results. I have two questions. First, we have seen the blended trading commission rate declined both year-over-year and sequentially in Q4. However, the trading volume contribution from HK stock actually increased in Q4. So excluding the structural impact, what's the reason for the commission rate decline?

感谢管理层回答我的问题，并祝贺公司取得强劲业绩。我有两个问题。首先，我们注意到第四季度综合交易佣金率同比和环比均有所下降。然而，港股交易量占比实际上在第四季度有所提升。因此，除结构性因素外，佣金率下降的原因是什么？

And then my second question is about capital return. We ever had $500 million share buyback program, which is effective period of December this year. May I ask how much is the remaining quarter? And what's your capital return plan this year? Also, do we have any consideration of regular dividends? Thank you.

我的第二个问题是关于资本回报。我们曾经有 5 亿美元的股票回购计划，有效期到今年 12 月。请问目前剩余额度是多少？今年的资本回报计划是什么？另外，我们是否考虑过定期派发股息？谢谢。

Arthur Chen

In terms of the blended commission rate, the Q-over-Q decrease was mainly due to the product mix change. In the fourth quarter, more clients trading these high-value nominal values U.S. stocks and also high nominal value U.S. options, which made the blended take rates have some Q-on-Q decrease. And in the fourth quarter, so far, we saw our take rate remains very stable.

就综合佣金率而言，环比下降主要是由于产品结构的变化。第四季度，有更多客户交易名义价值较高的美股和名义价值较高的美股期权，导致综合佣金率环比有所下降。而截至目前的第四季度，我们看到佣金率保持非常稳定。

Then the second question regarding the shareholder returns. So far, we have not utilized our share repurchase program, which would be expired at the end of 2025. We still think these new market, new business lines were still in a fast growth stage. There will be a huge room for us to deploy the capital for this new business and the new markets, which we think in the long run will enhance our competitive edge in the markets and also our profitability.

第二个问题是关于股东回报。截至目前，我们尚未使用我们的股票回购计划，该计划将于 2025 年底到期。我们仍然认为这些新市场和新业务线仍处于快速增长阶段，我们有很大的空间将资本投入到这些新业务和新市场中。我们认为，从长期来看，这将增强我们在市场上的竞争优势以及盈利能力。

Having said that, we -- as we mentioned in our third quarter, we do concur part of our shareholders is very focusing or care about cash dividends. And we will revisit and evaluate our dividend payout policies when 2025 full year complete and we'll consider the relative measures to provide a reward to thanks our long-term shareholders. Thank you.

尽管如此，正如我们在第三季度提到的，我们确实认同部分股东非常关注或在意现金股息。当 2025 全年结束时，我们将重新审视并评估我们的股息派发政策，并考虑相关措施，以回馈并感谢我们的长期股东。谢谢。

Operator 接线员

We will now take the next question from the line of Hanyang Wang from 86Research. Please go ahead.

下面我们接听来自 86Research 的 Hanyang Wang 的提问。请开始。

Hanyang Wang

Thanks management for taking my questions. This is Hanyang from 86Research. I have one single question regarding on the derivatives trading. So what is the approximately the percentage of derivatives in the total trading volume in the fourth quarter? And considering the increase in market volatility recently, do you see an increase in the proportion of delivered trading on our platform in Q1? Thank you.

感谢管理层回答我的问题。我是来自 86Research 的 Hanyang。我只有一个关于衍生品交易的问题。第四季度衍生品交易量占总交易量的大概比例是多少？考虑到近期市场波动加剧，您是否看到我们平台上一季度衍生品交易占比有所提升？谢谢。

Arthur Chen

In terms of the derivative commissions, it's roughly accounts for one-third of our total trading commissions in the fourth quarter, slightly down to our historical high in the past. And in the first quarter so far, we do not witness any material change for this ratio. Thank you.

就衍生品佣金而言，其在第四季度约占我们总交易佣金的三分之一，较此前的历史高点略有下降。截至目前的第一季度，我们尚未看到这一比例有任何实质性变化。谢谢。

Operator 接线员

We will now take the next question from the line of Alan Chan from Citi. Please go ahead.

我们现在接听来自花旗银行 Alan Chan 的下一个问题。请开始。

Alan Chan 陈达强

Thanks management for giving change to ask questions. This is Alan from Citibank. Can you give us some breakdown of the interest income in terms of either cash interest income versus margin financing, security lending income? And if management increase share, what's the prevailing interest rate on Futu’s clients idle cash, what was the idle cash yield in 4Q '24? And since September last year, we have already seen the Fed cutting the Fed rate of 100 basis points. I'm wondering how much of that 100 basis points Fed rate cut has already been reflected into the client’s other cash interest rate?

感谢管理层给予提问机会。我是来自花旗银行的 Alan。能否请你们提供一下利息收入的细分情况，比如现金利息收入与保证金融资、证券借贷收入的占比？另外，如果管理层提高份额，目前富途客户闲置现金的利率是多少？2024 年第四季度闲置现金的收益率是多少？自去年 9 月以来，我们已经看到美联储降息了 100 个基点，我想了解一下，这 100 个基点的降息中，有多少已经反映在客户其他现金的利率中了？

Arthur Chen

Now in terms of the breakdown of the interest income, roughly 40% to 45% interest income was derived from the idle cash deposits and the remaining belongs to the margin financing and the security lending, et cetera. And the impact for the rate cut, if we use the fourth quarter end client assets numbers to make projections. Every 25 basis cut by the Fed rate, our pretax profit monthly pretax profit will be negatively impacted by HK$8 million to HK$10 million. Thank you.

现在就利息收入的构成而言，大约 40%至 45%的利息收入来自闲置现金存款，其余部分来自保证金融资和证券借贷等业务。如果我们使用第四季度末的客户资产数据进行预测，美联储每降息 25 个基点，我们每月的税前利润将受到 800 万至 1,000 万港元的负面影响。谢谢。

Operator 接线员

We will now take the last question from the line of Jian Wang from Goldman Sachs. Please go ahead.

我们现在接听来自高盛的 Jian Wang 的最后一个问题。请开始。

Jian Wang

My first question is, do we have a regional breakdown of the new paying client growth in 4Q? And for 2025, what proportion of 800,000 new paying client is expected to be from new markets and what proportion from mature markets? And my second question is, do we have a guidance for AUM client growth in 2025? Will it be diluted as paying client growth is very fast and majority of them may be from a new market? And in the long run, what levels do we expect the AUM per client to reach in each region? Thank you.

我的第一个问题是，我们是否有第四季度新增付费客户增长的地区细分数据？对于 2025 年，预计新增的 80 万付费客户中，有多少比例来自新市场，有多少比例来自成熟市场？第二个问题是，我们对 2025 年的资产管理规模（AUM）客户增长是否有指引？由于付费客户增长非常迅速且大部分可能来自新市场，AUM 是否会被稀释？长期来看，我们预计各地区每位客户的 AUM 水平将达到多少？谢谢。

Arthur Chen

In terms of the breakdown of the new client acquisition, geographic locations for these mature markets like Hong Kong and Singapore, which on a collective basis, contributed roughly 40% to 45% of our total new paying clients acquired in the fourth quarter. And the remaining countries in Asia alongside Australia contribute roughly 40% as well. Then the remaining 20% belongs to the North America. Thank you.

从新增客户的地域分布来看，香港和新加坡等成熟市场合计贡献了我们第四季度新增付费客户总数的大约 40%至 45%。亚洲其他国家以及澳大利亚合计贡献约 40%，剩余 20%来自北美地区。谢谢。

财富分布总是不均衡的，国际化只需要抓住少数几个市场。

Daniel Yuan 袁华强

Let me briefly translate. So first of all, I just want to comment on net asset inflow. In 2024, we saw a very meaningful step-up in net asset inflow in comparison to 2023. And we foresee a similar very robust net asset inflow in 2025 as well. And as you understand like average client assets are, first of all, impacted by our new client mix between different markets and also impacted by mark-to-market trends. And both of these factors are less within our control and that asset inflows. It's very hard to predict how average client assets was going to trend for 2025.

让我简要翻译一下。首先，我想就净资产流入做一些评论。2024 年，我们的净资产流入与 2023 年相比有了非常显著的提升。我们预计 2025 年也将继续保持类似的强劲净资产流入。正如您所了解的，客户平均资产首先会受到我们不同市场新客户结构的影响，也会受到市场估值趋势的影响。这两个因素相比资产流入而言，我们的可控性较低。因此，很难预测 2025 年客户平均资产的走势。

And in terms of average client assets in different markets. Well, some markets will structurally have high average client assets. For example, Hong Kong and Singapore, like these clients will have higher investable income and therefore, we'll have more capital that they can deploy on Futu's platform. But at the same time, we found super encouraging is by in the fourth quarter, all of our markets experienced very meaningful Q-on-Q growth in average client assets.

在不同市场的客户平均资产方面，一些市场在结构上会拥有较高的客户平均资产。例如，香港和新加坡的客户通常拥有更高的可投资收入，因此他们能够在富途平台上投入更多资金。但与此同时，我们发现令人非常鼓舞的是，在第四季度，我们所有市场的客户平均资产都实现了非常显著的环比增长。

And we expect this trend to continue because as we onboard more products, and there's a lot of cross-selling opportunity, and we think there's ample opportunity for our existing clients to put more assets onto our platform. At the same time, as our product capabilities get enhanced and as our brand equity gets enhanced, we're able to attract more high-quality clients, including high net worth clients in many of these markets. Thank you.

我们预计这一趋势将持续下去，因为随着我们推出更多产品，会有大量交叉销售的机会，我们认为现有客户有充足的机会将更多资产投入到我们的平台。同时，随着我们产品能力的提升和品牌价值的增强，我们能够吸引更多高质量客户，包括许多市场中的高净值客户。谢谢。

Operator 接线员

Thank you. I would now like to turn the conference back to Daniel Yuan for closing remarks.

谢谢。现在我想将会议交还给 Daniel Yuan 作总结发言。

Daniel Yuan 袁华强

Well, that concludes our earnings call. On behalf of the Futu management team, I would like to thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives. Thank you, and goodbye.

好的，本次财报电话会议到此结束。我谨代表富途管理团队感谢各位今天的参与。如果您还有其他问题，请随时与我或我们的投资者关系代表联系。谢谢大家，再见。

Operator 接线员

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

今天的电话会议到此结束。感谢您的参与。现在您可以挂断电话了。

2025-03-13 Futu Holdings Ltd (FUTU) Q4 2024 Earnings Call Transcript

2025-03-13 Futu Holdings Ltd (FUTU) Q4 2024 Earnings Call Transcript

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