2025-05-29 Futu Holdings Limited (FUTU) Q1 2025 Earnings Conference Call Transcript

Futu Holdings Limited (NASDAQ:FUTU) Q1 2025 Earnings Conference Call May 29, 2025 7:30 AM ET

Company Participants

Daniel Yuan - Chief of Staff to CEO, Head of Strategy and IR

Leaf Li - Chairman and Chief Executive Officer

Arthur Chen - Chief Financial Officer

Robin Xu - Senior Vice President

Conference Call Participants

Cindy Wang - China Renaissance

Charles Zhou - UBS

Emma Xu - Bank of America Securities

Chiyao Huang - Morgan Stanley

You Fan - CICC

Peter Zhang - JP Morgan

Alan Chan - Citi

Zoey Zong - Jefferies

Operator

主持人

Hello, ladies and gentlemen. Welcome to Futu Holdings First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only-mode. After management prepared remarks, there will be a question-and-answer 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2025年第一季度业绩电话会议。现在，所有与会人员均处于仅收听模式。在管理层的发言结束后，我们将进行问答环节。今天的电话会议正在录音，如果您有异议，请在此时退出。

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.

现在我将把会议移交给今天电话会议的主持人——富途首席执行官办公室主任、战略及投资者关系负责人袁丹尼尔。请开始。

Daniel Yuan

袁丹尼尔

Thanks operator, and thank you for joining us today to discuss our first quarter 2025 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.

感谢主持人，也感谢各位今天参加我们的电话会议，讨论2025年第一季度财报。今天与我同在电话线上的还有董事长兼首席执行官李华（Leaf Li）先生、首席财务官陈天（Arthur Chen）先生以及高级副总裁徐伟（Robin Xu）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 of the company's control. Forward-looking statements involving here invest 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，代表公司对未来事件的看法，但这些事件本质上存在不确定性，且不在公司控制范围之内。前瞻性陈述涉及投资与不确定性。我们提醒您，多项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。如需了解潜在风险与不确定性，请参阅公司向美国证券交易委员会提交的文件，包括年度报告。

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

接下来我将把电话交给李华先生。李华将以中文发言，由我进行翻译。

Leaf Li

李华

[Foreign Language] Thank you all for joining our earnings call today. We kicked off 2025 with strong momentum, adding approximately 262,000 new funded accounts in the first quarter, up 48% year-over-year and 22% quarter-over-quarter. By quarter end, total funded accounts stood at 2.7 million, a 42% increase from a year ago, and an 11% rise sequentially. With a third of our annual target already in the back, we're tracking well against our guidance of 800,000 net new funded accounts in 2025.

[中文] 感谢大家参加今天的业绩电话会。我们以强劲势头开启2025年，第一季度新增入金账户约26.2万，同比增长48%，环比增长22%。截至季度末，入金账户总数达到270万，同比增42%，环比增11%。目前已完成全年目标的三分之一，我们有信心实现2025年净新增80万入金账户的指引。

[Foreign Language] For the second quarter in a row, Hong Kong market led in new funded accounts amid a risk on mood for China equities. An active IPO calendar also helped acquire new clients while reactivating previously dormant ones. We believe that brokers with strong brand equity, seamless user experience, and superior execution capabilities are best positioned to convert market tailwinds into sustained growth.

[中文] 连续第二个季度，香港市场在新增入金账户方面保持领先，受益于中概股风险偏好上升。同时活跃的IPO日程也帮助我们吸引新客户并唤醒沉睡账户。我们认为，拥有强大品牌、无缝用户体验和卓越执行力的券商最有能力把市场顺风转化为持续增长。

Funded account growth in the U.S. picked up pace as we enhanced the platform experience for active traders. I would take charge of your trading campaign in New York City also boosted brand visibility and deepened engagement with retail investors.

随着我们针对活跃交易者优化平台体验，美国市场的入金账户增长提速。在纽约市推出的 “I Would Take Charge of Your Trading” 活动也提升了品牌知名度，加深了与散户投资者的互动。

[Foreign Language] Malaysia delivered the fastest sequential growth in new funded accounts across all seven markets, fueled by effective marketing campaigns and our seamless Malaysian IPO subscription experience. Looking ahead, we still see significant runway for market share expansion and remain committed to product localization and brand investment. In Japan, new funded accounts saw strong sequential growth and reached a historic high, reaffirming our position as the preferred platform for U.S. equity trading among Japanese retail investors.

[中文] 在七大市场中，马来西亚的入金账户环比增速最快，得益于高效的营销活动和无缝的马来西亚IPO认购体验。展望未来，我们认为市场份额仍有巨大提升空间，并将继续投入产品本地化和品牌建设。在日本，新增入金账户环比大幅增长，创下历史新高，再次确立了我们作为日本散户投资者首选美股交易平台的地位。

[Foreign Language] Among the products we shipped in the first quarter, the highlight was Futubull AI, a smart investment assistant trained on Futu’s proprietary financial data and investor community insights. This integrated solution combines AI powered search, Q&A, and customer support, offering context to where responses tailored to retail investors. Since launch, it has received overwhelmingly positive feedback with a satisfaction rate of around 90% and has demonstrated significantly higher accuracy and professionalism in answering investment-related questions than general purpose models. We plan to roll out similar AI offerings to other international markets in the second quarter to empower investors globally.

在我们第一季度推出的产品中，亮点是 Futubull AI——一款基于富途自有金融数据和投资者社区洞察训练的智能投资助手。这一集成解决方案结合了 AI 驱动的搜索、问答与客户支持，可在相应情境下向零售投资者提供量身定制的回复。自上线以来，该产品收获了压倒性积极反馈，满意度约为 90%，在回答投资相关问题方面的准确性和专业度显著高于通用大模型。我们计划在第二季度向其他国际市场推出类似的 AI 解决方案，以赋能全球投资者。

[Foreign Language] In the first quarter, we also launched a brand new desktop version of Futubull built on a new framework compatible with Windows, Mac OS, and Linux. This next generation version features intuitive drag and drop tools for building quantitative strategies and enumerates multi-leg option strategies that reflect clients' views on the securities, bringing institutional great functionalities in a more user friendly manner.

在第一季度，我们还推出了全新的 Futubull 桌面版，基于兼容 Windows、macOS 和 Linux 的全新框架打造。新一代版本提供直观的拖放式量化策略构建工具，并列举多腿期权策略，帮助客户以更友好的方式使用机构级功能。

In Japan, we introduced U.S. fractional shares trading in February to enhance accessibility, followed by the April launch of U.S. options trading to help clients better capture market movements.

在日本，我们于二月份上线了美股零碎股交易以提升可及性，并在四月份推出了美股期权交易，帮助客户更好地把握市场波动。

[Foreign Language] Total client assets reached HKD 830 billion, marking a 60% increase year-over-year and a 12% increase quarter-over-quarter. The growth was primarily driven by record net asset inflow. The rally of Hong Kong equities led by large cap tech names, drove significant asset inflow. Total client assets in Singapore rose 11% sequentially, marking the 11th consecutive quarter of double-digit growth, thanks to robust inflow into U.S. equities and wealth management products.

客户总资产达到 8,300 亿港元，同比增长 60%，环比增长 12%。该增长主要得益于创纪录的净资产流入。以大型科技股为首的港股反弹带来了显著的资金流入。新加坡客户总资产环比增长 11%，实现连续第 11 个季度的两位数增长，得益于流入美国股票及财富管理产品的强劲资金。

In Canada and Australia, average client assets increased for the fifth consecutive quarter, underscoring improving client quality and growing brand trust. Margin financing and securities lending balance closed the quarter at HKD 50.3 billion, largely stable from the prior quarter as clients delivered in March amid market pullback.

在加拿大和澳大利亚，客户平均资产已连续第五个季度增长，彰显客户质量改善及品牌信任度提升。保证金融资及证券借贷余额本季度末为 503 亿港元，与上一季度基本持平，因为三月份市场回调期间客户进行了去杠杆操作。

[Foreign Language] Total trading volume reached HKD 3.22 trillion in the first quarter up 140% year-over-year and 11% quarter-over-quarter. U.S. equity trading rose 8% sequentially to HKD 2.25 trillion, supported by bottom fishing of semiconductor and technology stocks. Trading volume in Hong Kong equities advanced 21% quarter-over-quarter to HKD 916 billion lifted by a resurgence in investor sentiment amid the DeepSeek induced rally. In the U.S., we saw double digit sequential growth in both the number of options traders and the number of options contracts traded with the latter reaching a historic high.

第一季度总交易量达到 3.22 万亿港元，同比增长 140%，环比增长 11%。其中，美股交易量环比增加 8% 至 2.25 万亿港元，受半导体及科技股抄底驱动。港股交易量环比上升 21% 至 9,160 亿港元，得益于 DeepSeek 主题行情带动的投资者情绪回暖。在美国市场，期权交易者数量和期权合约数量均实现双位数的环比增长，后者创下历史新高。

[Foreign Language] Wealth management plan assets reached HKD 139.2 billion as of quarter end, up 118% year-over-year and 26% quarter-over-quarter; 29% of funded accounts help wealth management products, a further sequential increase. A big part of the inflow was driven by money market funds as clients flocked to safe haven assets amid market volatility. At the same time, we saw rising allocations into bond funds and strong demand for structured notes, especially in Singapore.

截至季度末，财富管理计划资产达 1,392 亿港元，同比大增 118%，环比增长 26%；29% 的入金账户持有财富管理产品，比例继续上升。大部分资金流入来自于货币市场基金，在市场波动期间客户涌向避险资产。与此同时，我们看到客户对债券基金配置增加，并对结构性票据（尤其在新加坡）保持强劲需求。

In Hong Kong and Singapore, we expanded our structured product lineup with FX-linked notes. In Malaysia, we on-boarded equity funds, while in Japan, we rolled out U.S. dollar denominated money market funds to better serve clients' cash management needs.

在香港和新加坡，我们通过推出外汇挂钩票据扩充了结构性产品阵列。在马来西亚，我们接入了股票基金；而在日本，我们推出美元计价的货币市场基金，以更好地满足客户的现金管理需求。

[Foreign Language] As of quarter end, we have 498 IPO distribution and IR clients, up 16% year-over-year. In the first quarter, we participated in several landmark Hong Kong listings as jointly manager, including those of Bloks Group and Guming Holdings, where we acted as the exclusive online broker for IPO distribution. Notably in the highly anticipated Misha Group IPO, 70,000 clients contributed to over HKD 1 trillion in subscription amount, putting us first among all brokers in both total subscription amount and number of subscribers. We observed that these high profile IPOs typically lead to higher client engagement, stock trading volume, and asset inflow.

截至季度末，我们拥有 498 家 IPO 分销及投资者关系客户，同比增长 16%。第一季度，我们作为联席承销商参与多宗标志性香港上市项目，包括 Bloks Group 和 Guming Holdings，并在 IPO 分销中担任独家线上券商。值得注意的是，在备受关注的 Misha Group IPO 中，7 万名客户贡献逾 1 万亿港元的认购金额，使我们在总认购额和认购人数两项指标上均位列所有券商第一。我们观察到，这些高关注度 IPO 通常会带来更高的客户参与度、股票交易量和资金流入。

[Foreign Language] Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

接下来，请允许我邀请我们的首席财务官 Arthur 先生介绍财务表现。

Arthur Chen

Thank you Li and Daniel. Please allow me to walk you through our financial performance in the first quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenue was 4.7 billion up 81% from 2.6 billion in the first quarter of 2024. Brokerage commission and handling charger income was 2.3 billion, an increase of 113% year-over-year and 12% Q-over-Q.

感谢 Li 和 Daniel。请允许我向各位介绍我们第一季度的财务表现。除特别说明外，所有数据均以港元计。总收入为47亿港元，同比增长81%，高于2024年第一季度的26亿港元。经纪佣金及手续费收入为23亿港元，同比增加113%，环比增长12%。

远高于IBKR，IBKR佣金收入同比增长只有36%。

The year-over-year increase was mainly driven by higher trading volume, partially offset by the decline in blended commission rate. The year-over-year decline in blended commission rate was mainly driven by changes in product mix and a higher average order size for Hong Kong stock trading. The Q-over-Q increase was mainly driven by the sequential growth in trading volume. Interest income was 2.1 billion up 53% year-over-year and 2% Q-over-Q.

同比增长主要受交易量提升推动，部分被综合佣金率下降所抵消；综合佣金率同比下降主要由于产品结构变化及港股平均订单规模增大。环比增长则主要受交易量逐季增长推动。利息收入为21亿港元，同比增长53%，环比增长2%。

同时2025Q1，IBKR的利息收入7.7亿美元，同比增长3%。

The year-over-year increase was driven by high interest income from security borrowing and the lending business, margin financing and the bank deposits. The Q-over-Q increase was driven by higher margin financing income as well as higher interest income from security borrowing and the lending business, partially offset by lower interest income from bank deposits due to lower interest rate on clients' cash deposits.

同比增长源于证券借贷、融资融券及银行存款带来的利息收入增加。环比增长则受融资融券利息收入及证券借贷利息收入上升推动，部分被客户现金存款利率下降导致的银行存款利息减少所抵消。

Other income was 314 million, up 101% year-over-year and down 11% Q-over-Q. The year-over-year increase was primarily attributable to higher fund distribution service income, and the currency exchange income. Our total cost was 749 million, an increase of 59% from 417 million in the first quarter of 2024. Brokerage commission and the handling charge expenses was 144 million, up 138% year-over-year and 28% Q-over-Q.

其他收入为3.14亿港元，同比增长101%，环比下降11%；同比增长主要得益于基金分销服务收入及汇兑收入增加。总成本为7.49亿港元，高于2024年第一季度的4.17亿港元，增幅59%。经纪佣金及手续费支出为1.44亿港元，同比增加138%，环比增长28%。

Both the year-over-year and the Q-over-Q increase was roughly in line with the movement of our brokerage commission and handling charging income. Interest expenses were 469 million up 50% year-over-year and down 9% Q-over-Q. The year-over-year increase was driven by higher interest expenses associated with our security borrowing and the lending business and the higher margin financing interest expenses.

经纪佣金及手续费成本同比和环比的涨幅与相关收入的变化基本一致。利息支出为4.69亿港元，同比增长50%，环比下降9%；同比增长主要源于证券借贷及融资融券利息支出的增加。

The Q-over-Q decrease was mainly due to lower margin financing interest expenses and the lower interest expenses associated with our security borrowing and the lending business. Processing and the servicing costs were 136 million, up 44% year-over-year and down 10% Q-over-Q. The year-over-year increase was largely due to higher market information and data fee for enhanced market data coverage, and the Q-over-Q decline was mainly driven by lower system usage fee, as well as lower marketing information and the data fees.

环比下降主要因为融资融券利息支出及证券借贷利息支出减少。处理及服务成本为1.36亿港元，同比增长44%，环比下降10%；同比增长主要由于扩展市场数据覆盖所产生的市场信息及数据费用增加，而环比下降则主要归因于系统使用费及市场信息数据费降低。

As a result, our total gross profit was 3.9 billion, an increase of 86% from 2.1 billion in the first quarter of 2024. Gross margin was 84% as compared to 81.9% in the first quarter of 2024. Operating expenses were up 36% year-over-year and down 12% Q-over-Q to 1.3 billion. R\&D expenses were 386 million, up 15% year-over-year and down 3% Q-over-Q. The year-over-year increase was primarily driven by investing AI capabilities and the related technology initiatives.

因此，本季度毛利润为39亿港元，同比增长86%，高于2024年第一季度的21亿港元；毛利率为84%，而2024年第一季度为81.9%。运营支出为13亿港元，同比增长36%，环比下降12%。研发支出为3.86亿港元，同比增长15%，环比下降3%；同比增长主要用于投资人工智能能力及相关技术项目。

The Q-over-Q decline was mainly due to the sequential decrease in R\&D \[indiscernible].

环比下降主要由于研发投入逐季减少〔难以辨识内容〕。

Selling and marketing expenses were 459 million, up 57% year-over-year and down 1% Q-over-Q. The year-over-year increase was roughly in line with the growth of our new fund accounts. The Q-over-Q decrease was mainly due to lower client acquisition costs, partially offset by the sequential increase in new fund accounts. G\&A expenses were 415 million, up 38% year-over-year and down 28% Q-over-Q. The year-over-year increase was primarily due to increase in the general administrative \[indiscernible] to support overseas market development, and the Q-over-Q decrease was mainly due to bonus accrual for general administrative personnel in the previous quarter.

销售及市场费用为4.59亿港元，同比增长57%，环比下降1%；同比增长基本与新增入金账户数增长保持同步，环比下降主要因为客户获客成本降低，但被新增入金账户环比增长部分抵消。行政管理费用为4.15亿港元，同比增长38%，环比下降28%；同比增长主要由于支持海外市场发展的行政开支增加，环比下降则主要由于上一季度计提的行政人员奖金所致。

As a result, income from operations increased to 125% year-over-year and 21% to 2.7 billion. Operating margin increased to 57.2% from 46% in the first quarter of 2024, mostly due to strong top line growth and operating leverage. Our net income increased by 107% year-over-year and 15% Q-over-Q to 2.1 billion. Net income margin expanded to 45.6% in the first quarter as compared to 39.9% in the same quarter last year. Our effective tax rate for the quarter was 18.6%.

因此，经营利润同比增长125%，环比增长21%，达到27亿港元；经营利润率由2024年第一季度的46%提升至57.2%，主要受强劲收入增长和经营杠杆驱动。净利润同比增长107%，环比增长15%，达21亿港元；净利率由去年同期的39.9%提升至45.6%。本季度有效税率为18.6%。

非常好的经营数据，营销费用同比增长57%，净利润同比增长107%。

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

我们的发言到此结束。下面进入问答环节。主持人，请开始提问。

Question-and-Answer Session

问答环节

Operator

主持人

[Operator Instructions] First question comes from Cindy Wang of China Renaissance. Please go ahead.

【操作提示】第一位提问者是华兴资本的Cindy Wang。请开始提问。

Cindy Wang

[Foreign Language] Thanks for taking my call. I have two questions here. First, the overall Hong Kong and U.S. stock market fluctuated greatly in April and May. Could you give us some color on the trading velocity, trading volume, and the margin financing security lending balance on your platform so far in the second quarter? Second question is, recently we see Futubull and the moomoo launch membership program. Could you let us know what the business model looks like for this program and how many paying clients have already subscribed these services? In the long run, what do you expect the benefits could bring to the Futu?

【中文】感谢您接听我的问题。我有两个问题。第一，港股和美股市场在四月和五月波动较大，请问能否分享下第二季度迄今为止平台上的交易活跃度、交易量以及融资融券余额的情况？第二，近期看到富途牛牛和moomoo上线了会员计划，能否介绍一下这个会员计划的商业模式？目前有多少付费用户已订阅该服务？从长期来看，这对富途会带来哪些好处？

Arthur Chen

[Foreign Language] So the new funded accounts in the second quarter will probably see double digit sequential decrease sequentially, mostly due to a very high base in the first quarter, but overall, we maintain very strong client acquisition momentum in the second quarter, and we are very confident to hit our 800,000 new paying clients guidance for 2025 and with very big market volatility, clients continue to trade very actively and based on the current run rate, we expect a further sequential increase in total trading volume. Clients also deposit a lot of assets into our platform according to date based on the run rate, net asset inflow will stay at a very high level, similar to what we saw in the first quarter, coupled with the mark to market a positive impact since the second half of April due to the market rebound, we expect a further sequential lift to our total client assets.

【中文】第二季度新增入金账户预计将出现两位数的环比下降，主要是因为第一季度的基数非常高。但整体而言，第二季度我们在获客方面依然保持强劲势头，我们对完成全年80万新增付费客户的目标充满信心。在市场波动加大的背景下，客户交易依然非常活跃。以目前的节奏来看，我们预计总交易量将实现环比增长。客户也持续向平台注入大量资产，截至目前的节奏来看，净资产流入将维持在一个很高的水平，与第一季度相当。自四月下旬以来市场回暖带来的市值正面影响，也将推动我们总客户资产进一步环比提升。

[Foreign Language] In terms of the membership programs we've launched recently, it is more catered to our wealth management products clients, particularly for these clients with huge assets or higher trading velocity or even have some particular risk appetite into some alternative wealth management products. So, we will start to layer different clients, in terms of their risk appetite, their client assets, and the different product needs. Given, we just launched the programs recently, the penetration and absolute number of these membership clients versus our total clients, the proportion is still very small.

【中文】关于我们最近推出的会员计划，主要是面向财富管理产品的客户，尤其是那些资产规模较大、交易频率较高，或者对某些另类财富管理产品有特殊风险偏好的客户。我们会基于客户的风险偏好、资产规模以及产品需求，对不同客户进行分层管理。由于该会员计划刚刚推出，目前会员客户的渗透率以及绝对数量相对于我们的整体客户群仍然比较小。

Operator

主持人

Thank you for the questions. [Operator Instructions] Our next question comes from Charles Zhou from UBS. Please go ahead.

感谢提问。【操作提示】下一位提问者是瑞银的Charles Zhou。请开始提问。

Charles Zhou

[Foreign Language] So first of all, congratulations to the management. I think it's a very strong set of results and beat the consensus and also our estimate. So, I have two questions. The first one, could you please maybe just give us a little bit more color about the timeline of your crypto trading business and also the implication of the passage of the Hong Kong stable coin spill recently to your company. The second question is about, can we talk about the customer retention and also the client AUM following the rising recent concern over the taxation on mainland China clients oversee investment income.

【中文】首先祝贺管理层，这份财报数据非常强劲，超出市场预期，也超出我们的预期。我有两个问题。第一个是，能否请您介绍一下富途加密货币交易业务的推进时间表？以及香港近期通过的稳定币法案对公司有何影响？第二个问题是，随着近期关于大陆客户海外投资收益征税的讨论升温，是否可以谈谈客户留存以及客户资产规模的变化？

Arthur Chen

[Foreign Language] So the crypto prices experienced some pullback since the first quarter that affected the enthusiasm of the crypto investors on our platform, but the monthly trading volume and the number of crypto traders stayed at a pretty high level and since May, the crypto prices rebounded, and we've seen investors quickly picked up interest in crypto trading and we also saw a rebound in daily trading volume. We'll continue to build crypto-related product capabilities. Recently, we launched the crypto deposit functionalities in Hong Kong, which made it easier for our clients to seamlessly deposit the crypto onto Futu’s platform and make it easy to switch between different asset classes.

【中文】从第一季度开始，加密货币价格出现了一定回调，对平台上部分投资者的热情有所影响，但每月交易量和交易人数依然维持在较高水平。自5月以来，加密货币价格回升，我们观察到投资者对加密货币交易的兴趣迅速回暖，日交易量也随之反弹。我们将继续增强加密货币相关产品能力。近期我们在香港推出了加密货币入金功能，客户可以更加便捷地将加密资产转入富途平台，并实现不同资产类别之间的切换。

So, after we launched this function, we got very good feedback from the Web3 community and also very positive feedback from our clients, and we planned to launch crypto withdrawal functions very soon. We also launched the crypto paper trading function in Hong Kong, and we're the first regulated crypto platform to allow for paper training, which really helped the newly investors to familiarize themselves with the trading rules and in the trading procedures, especially during market volatility. Couple of days ago, we launched crypto trading on a grayscale basis in most of the states in the United States, and we now support over 30 mainstream cryptocurrency trading.

该功能上线后，我们收到了Web3社区和客户的积极反馈。我们也计划很快上线加密货币提现功能。我们还在香港推出了加密货币模拟交易功能，是首家允许模拟交易的合规加密平台，这有助于新手投资者熟悉交易规则，尤其在市场波动时期尤为重要。几天前我们还在美国大多数州上线了Grayscale基金模式的加密货币交易，目前平台支持30多种主流加密货币交易。

We'll closely monitor our clients' trading behaviors to iterate on our product, and we plan to increase the number of cryptocurrencies in the near future. So, from a long term perspective, we are very bullish about virtual assets as an asset class and for Futu the take rate for crypto trading is higher than cash equities, and we believe that as the regulatory landscape and the regulatory guidelines to become more clear, there will be more cryptocurrency allowed and more functions allowed, which will bring Futu more ways to monetize from this asset class.

我们会密切关注客户交易行为，持续优化产品，并计划在近期支持更多种类的加密货币。从长期来看，我们非常看好虚拟资产这一资产类别，对于富途而言，加密交易的take rate（平台提成率）高于现金股票交易。我们相信随着监管框架和指导更加明晰，将会有更多的币种和功能获批，有望为富途带来更多变现路径。

And we believe that whether it's from an AUM or revenue perspective, crypto has so much potential, and we're still in the very, very early innings. And in terms of stablecoins, we're aware of the relevant regulations being released recently, and Airstar Bank invested by Futu participates in the stablecoin sandbox and exploring ways to do stablecoin custody.

我们认为无论从客户资产（AUM）还是营收的角度来看，加密货币的潜力都非常大，我们目前仍处于非常早期的阶段。关于稳定币，近期相关政策已出台，由富途参股的天星银行也参与了香港稳定币沙盒，正在探索稳定币托管等业务模式。

[Foreign Language] Now many countries in the world have participated in this common reporting system. And for the countries that participate in the common reporting system, the CRS rules apply to all of the licensed financial institutions, whether it's banks or insurance companies or brokers, and there is a very clear set of rules that is executed consistently across different financial intermediaries. And although the United States is not part of CRS, it has its own FATCA system, which established this tax information exchange mechanism with most of the mainstream countries in the world and as all of the other licensed brokers in Hong Kong without the explicit requests from the Hong Kong SSC and if it's not complying with the relevant laws and regulations of Hong Kong Futu Securities will not disclose client information and client data to any third parties.

【中文】目前全球已有许多国家加入了“共同申报准则”（CRS）体系。对于加入CRS的国家，该规则适用于所有持牌金融机构，无论是银行、保险公司还是券商，并且在不同金融中介之间有一整套非常明确并统一执行的规则。虽然美国未加入CRS，但其有自己的FATCA系统，已与多数主流国家建立了税务信息交换机制。与香港所有持牌券商一样，除非香港证监会有明确要求，且符合法律法规规定，富途证券不会向任何第三方披露客户信息与数据。

So we've noticed that on the internet there have been some rumors about Futu disclosing client data and client trading information to third parties, and we want to -- we want to make sure that everyone knows that these are very baseless rumors and we always adhere to regulatory requirements and we want our clients to also correctly and understand and interpret these laws and regulations. So, we've actually done a lot of education in this area as well and so far we have not seen this leading to meaningful client attrition and asset outflow.

我们注意到网络上有一些关于富途将客户数据和交易信息提供给第三方的传言。我们想明确说明，这些传言完全没有依据。我们始终严格遵守监管规定，也希望客户能正确理解与解读相关法律法规。我们也在这方面做了大量的客户教育。目前我们尚未看到这些传言对客户留存或资产流出造成实质性影响。

这是对的，最受影响的是100万美元以上的用户，占比较少，可能赚钱更多的是小于100万美元的用户。

Operator

主持人

Thank you for the question. One moment for the next question. Our next question comes from the line of Emma Xu of Bank of America Securities. Please go ahead.

感谢提问。请稍等下一位提问者。下一位是来自美国银行证券的Emma Xu。请开始。

Emma Xu

[Foreign Language] So, congratulations on another quarter of outstanding performance. I have a question regarding HIBOR. Recently, HIBOR dropped sharply. How will this impact your net interest income? Meanwhile, with HIBOR falling, are we seeing changes in client behavior such as increased fund deposits and more allocations to money market file equity asset or more active trading?

【中文】恭喜公司又一个季度取得亮眼业绩。我有一个关于HIBOR（香港银行同业拆息）的问题。近期HIBOR大幅下跌，这对你们的净利息收入会有什么影响？另外，在HIBOR走低的背景下，是否观察到客户行为发生变化，比如更多资金流入平台、提升货币市场基金或权益类资产配置，或更活跃的交易行为？

Arthur Chen

[Foreign Language] In our last earning call actually we provided sensitivity analysis, assume every 25 basis rate cut, our pre-tax monthly pre-tax profit will be down HKD 8 million to HKD 10 million roughly. But since the Fed rate cut last year by 50 basis points, we see the overall interest income revenues in the first quarters continue to grow on a Q-on-Q basis, which is mainly because the average size of our idle cash balance largely offset the rate cut implications. At the same time, as you mentioned the recent decline in HIBOR, which will trigger more clients trading activities in terms of velocity and consequently we will benefit from the trading commissions. On the other hand, we think the reasons of sharp declines by HIBOR may be just temporary, partially due to certain mega IPOs in Hong Kong. So, whether it will be sustained in such a low level, it is still way to see.

【中文】我们在上一季度的财报电话会上曾提供过一个敏感性分析：如果利率每下降25个基点，我们的月度税前利润大约会减少800万到1000万港元。不过，自从美联储去年累计降息50个基点以来，我们第一季度的整体利息收入依然实现了环比增长，主要是由于我们客户的闲置现金余额平均规模大幅上升，基本抵消了利率下调的影响。同时，如你所说，HIBOR近期的下跌确实激发了客户更高频的交易行为，从而提升了我们的佣金收入。另一方面，我们认为HIBOR这次的急跌可能只是暂时性的，部分原因是香港有大型IPO在推进。因此，是否会长期维持在如此低的水平，还有待进一步观察。

Operator

主持人

Thank you for the questions. One moment for the next question. Our next question comes from the line of Chiyao Huang from Morgan Stanley. Please go ahead.

感谢提问。请稍等下一位提问者。下一位是摩根士丹利的黄齐尧。请开始提问。

Chiyao Huang

黄齐尧

[Foreign Language] So, my first question is on the client asset inflows that it's hitting a record high this quarter. And so just wondering the mix of the inflows by different regions, especially from a [indiscernible] China region contribution and what's the outlook for the full year. And second question is about is there any quantitative metrics that we can look at to measure the [indiscernible] engagement satisfaction and the clients thickness arising from the AI tools that we have launched and what could potentially -- could be done more in this space.

【中文】我有两个问题。第一个是关于本季度客户资产净流入创新高的情况。能否介绍一下不同地区资产流入的构成，特别是中国大陆地区的贡献情况？对于全年流入有何展望？第二个问题是，我们上线了一些AI工具，有没有一些量化指标可以衡量AI带来的用户参与度、满意度和粘性？在这方面未来还有哪些潜在可做的方向？

Arthur Chen

[Foreign Language] In terms of the first quarter asset inflows, actually we see a very strong inflow of momentum across our seven different markets. The overall asset inflow by the group increased over 50% Q-on-Q basis and also as we've mentioned in the opening remarks it is our record high in a single quarter numbers. In terms of the geographic breakdown, Hong Kong and Singapore still are the majority contributor markets for the asset inflows, and going forward we are constructively positive on the overall -- on the full year asset inflow situation.

【中文】关于第一季度的资产净流入，我们在七个市场都看到了非常强劲的增长势头。整体来看，集团层面的资产净流入环比增长超过50%，正如我们在开场白中提到的，这是我们单季度历史最高水平。从地区来看，香港和新加坡依然是资产流入的主要来源市场。展望全年，我们对整体资产流入持积极和建设性的看法。

[Foreign Language] So, we've launched the Futubull AI functions for about two months now, so it's not been that long. We're still analyzing more data, but based on the preliminary numbers we have seen, our users have very good feedback of our Futubull AI function, and that also leads to more engagement and activity on our platform. We've also packaged our AI functions into our membership programs, so there's a limited number of free questions you could ask to AI and that depends on the tier of your membership and that is based on the client assets and the trading behavior on our platform, which means that the AI function has helped with net asset inflow and the trading velocity. I think that's why we're trying to roll out AI functions to more international markets based on the initial traction we have seen of our Hong Kong clients.

【中文】我们的 Futubull AI 功能目前上线大约两个月，还属于初期阶段，我们仍在持续分析更多数据。不过从目前初步反馈来看，用户对 Futubull AI 的评价非常积极，也带动了平台上的参与度和活跃度上升。我们还将 AI 功能与会员体系结合起来，不同等级的会员可以提问AI的次数不同，而会员等级是基于客户资产规模和交易行为来设定的，这意味着AI功能在提升净资产流入和交易活跃度方面也发挥了作用。正是基于我们在香港市场获得的初步成功，我们希望将AI功能推广到更多国际市场。

Operator

主持人

Thank you for the question. One moment for the next question. Next question comes from You Fan of CICC. Please go ahead.

感谢提问。请稍等下一位提问者。下一位是中金公司的游凡。请开始。

You Fan

游凡

[Foreign Language] This is You Fan from CICC, and I have two questions here. The first one is about the customer acquisition cost of the CAC. We see it decline much this culture. So what's the reason behind? And do you have any new guidance for the future CAC? And the second question is that we see we have announced to entry the New Zealand market. Would you please share more color on this market?

【中文】我是中金公司的游凡，有两个问题。第一个是关于获客成本（CAC），我们看到本季度的CAC大幅下降，请问背后原因是什么？是否有新的指引？第二个问题是关于进军新西兰市场的消息，能否分享更多相关细节？

Arthur Chen

[Foreign Language] In terms of the cap, in the first quarters, the average cap, we reached around in the first quarter is around HKD 1800, which is relatively lower than our objectives in the beginning of this year, partially due to a very strong market tailwinds we got regardless in China, the China assets rating, very strong IPO markets in Hong Kong and volatilities in the U.S. And in these trading windows, our marketing colleagues, time they catch these windows and thanks to our brand equities influence as well, we got a very good result. Going forward, we do expect -- we will continue to set client growth as our first priority. At the same time, we will further emphasize our brand building deployments in terms of the funding.

【中文】关于CAC（获客成本），第一季度我们的平均获客成本约为1,800港元，低于我们年初设定的目标，这主要得益于一季度整体市场环境较为有利——包括中资资产的再评级、香港市场IPO活跃、美股市场波动较大。在这些交易窗口期，我们的市场团队精准把握时机，加上品牌影响力的积累，也取得了非常不错的成效。未来我们仍将客户增长作为首要任务，同时在资金投入上会更加注重品牌建设。

So in the long run, we think, the further incomes of the brand equity will let us become more resilient in different trading investment cycles. So, the investment on this brand equity, the effect in the near term, it is very difficult to predict, not to mention the overall market environments and the market environment still include a lot of uncertainties. So, from the prudence angles, we will maintain our full-year guidance on cap unchanged, but we will revisit this assumption in the coming quarters.

从长期来看，我们认为品牌资产的不断积累将使我们在不同交易周期下更具韧性。但品牌建设的投入在短期内效果难以预测，叠加当前整体市场环境仍存在很多不确定性。因此，从审慎角度出发，我们目前维持全年CAC指引不变，但会在未来季度中重新评估这一假设。

[Foreign Language] Futubull is now the number 2 broker in Australia – [CAU] [ph], and we've accumulated a lot of brand equity and we feel like expanding into New Zealand was a natural extension. And we've also seen that Australian stocks and U.S. stocks are the two most popular as the classes for Kiwi investors, and we have already built very strong product capabilities for these two products in Australia. So, expanding to New Zealand will not incur much investments in terms of licensings or personnel or R&D and we can largely replicate the IT infrastructure and the marketing resources and the brand equity built in Australia. So, the incremental costs will be quite manageable and we think the New Zealand business will present very favorable ROIs.

【中文】目前Futubull在澳大利亚已经是排名第二的券商，我们积累了较高的品牌认知度，因此拓展至新西兰是一个非常自然的延伸。我们也观察到，对于新西兰投资者来说，澳股和美股是最受欢迎的两大资产类别，而这两类产品我们在澳大利亚已具备成熟的产品能力。因此，进入新西兰在牌照、人员或研发方面不需要太多新增投入，我们可以很大程度上复用在澳洲构建的IT基础设施、营销资源和品牌资产。因此，边际投入成本是可控的，我们相信新西兰业务会带来非常可观的投资回报率（ROI）。

已经是个趋势，除美国、中国以外都没什么竞争力。

Operator

主持人

Thank you for the question. One moment for the next question. The next question comes from Peter Zhang from JP Morgan. Please go ahead.

感谢提问。请稍等下一位提问者。下一位是来自摩根大通的Peter Zhang。请开始。

Peter Zhang

[Foreign Language] Thanks for giving me the opportunity to ask questions. This is Peter Zhang from JP Morgan. I have two questions. First is about the effective tax rate. We notice that effective tax rate pick up in first quarter to 18%. Wondering what's the reason behind and what's the medium to long term effective tax rate level for Futu going forward. Second question is about the blended commission theory. We noticed that in first quarter blended commission theory stabilize and pick up slightly. We wish to understand the reason behind and what will be the trend going forward?

【中文】感谢给我提问的机会，我是摩根大通的Peter Zhang。我有两个问题。第一个是关于有效税率的，我们注意到第一季度税率上升到了18%左右，想请问背后的原因是什么？以及未来中长期富途的税率水平预计会怎样？第二个问题是关于综合佣金率，我们注意到第一季度综合佣金率有所企稳并略有回升，能否请您解释一下原因以及未来的趋势判断？

Arthur Chen

[Foreign Language] In terms of the effective tax rate in the first quarter, this quarter, our effective tax rate is around 18.6%. There are two reasons behind that. One is, as more and more our overseas markets start to generate a profit. The historical accumulated tax credit has been fully utilized, which will consequently enhance our overall -- effective tax rate. Secondly, after the implementation of Pillar Two by OECD in different markets and the different countries, our overall effective tax rate will be impacted to some extent as well.

【中文】关于第一季度的有效税率，本季度我们录得的有效税率大约为18.6%。主要有两个原因：第一，随着我们越来越多的海外市场开始实现盈利，历史上积累的税收抵扣额度已被基本用尽，因此整体有效税率有所上升；第二，随着OECD第二支柱税改（Pillar Two）在多个市场陆续落地实施，也对我们的整体税负产生了一定影响。

So I would expect our overall effective tax rate will maintain 17% to 18% in the coming quarters.

因此，我们预计未来几个季度的整体有效税率将维持在17%至18%之间。

[Foreign Language] For the second question regarding the blended commission rate changes, actually there's a slightly uptake on Q-on-Q basis in terms of the blended commission rate. The reason behind that is mainly due to the product mix change. There's more clients trading on certain derivatives such as U.S. options, etc. Going forward, as we are launching more new products, for instance, the crypto trading, etc., I do expect that our overall blended commission rate will maintain stable.

【中文】关于第二个问题——综合佣金率的变化，确实我们在本季度看到环比有小幅上升，主要原因是产品结构发生变化，例如美股期权等衍生品交易占比有所提升。未来，随着我们不断推出新产品，例如加密货币交易等，我们预计整体的综合佣金率会保持相对稳定。

Operator

主持人

Thank you for the questions. One moment for the next question. Our next question comes from Alan Chan from Citi. Please go ahead.

感谢提问。请稍等下一位提问者。下一位是来自花旗的Alan Chan。请开始。

Alan Chan

[Foreign Language] Thanks management for giving me the chance to ask a question. This is Alan from Citibank. My first question is on Hong Kong markets. Futu previously has a market share target of about 40% in Hong Kong, that basically implies about 1 million paying customers in Hong Kong. So, judging from our 1Q numbers, our paying customer numbers is already approaching close to around [indiscernible]. And given the pace of our new paying customer acquisition in Hong Kong is so fast, I think our long-term goal of market share of 40% in Hong Kong is probably within reach within the next couple of quarters.

So against this backdrop, wondering if management could share your updated view on the Hong Kong market, especially considering that there's recent changes in the competitive landscapes with potential competition for [indiscernible]. If you look beyond the 40% market share, how much additional headroom do we see to further increase market share in Hong Kong?

The second question is on interest income. We see that idle cash balance has grown very notably during the first quarter. Wondering if management could help us break down the interest income. How much of that is coming from idle cash, and how much of that is from margin finances, [indiscernible] lending, etc.

【中文】感谢管理层给我提问的机会，我是花旗的Alan。我有两个问题。第一个是关于香港市场。富途过去曾设定在香港达到约40%市场份额的目标，这大致意味着香港地区需有约100万付费客户。从一季度数据看，我们的付费客户数已经接近这一水平。鉴于新增客户速度非常快，似乎40%的市占率目标在未来几个季度内就可能实现。

在此背景下，想请管理层分享一下对香港市场的最新看法，尤其是在近期竞争格局发生变化的情况下，比如潜在新进入者。如果我们突破了40%的目标，未来还有多大的增长空间？

到处都是美国和中国的竞争，如果有些地方美国企业不愿意做，那么中国是唯一的选择。

第二个问题是关于利息收入。我们注意到第一季度平台上的客户闲置现金余额显著上升，能否请您拆分一下利息收入的组成，比如有多少来自闲置现金，有多少来自融资融券、证券借贷等？

Arthur Chen

[Foreign Language] For the second question regarding the idle cash, roughly, the idle cash related income accounts for 35% to 40% of our total interest income for this quarter. The very strong robust increase in the revenue arising from idle cash partially due to two reasons. Number one is, we got a very strong net asset inflows from existing clients, not to mention a lot of new clients we acquired in the first quarter. Secondly, it's due to the market was quite volatile in the first quarter.

【中文】关于第二个问题，闲置现金相关的利息收入大约占我们本季度总利息收入的35%至40%。这部分收入的显著增长，主要有两个原因：第一，我们从现有客户那里获得了非常强劲的净资产流入，再加上第一季度新增了大量新客户；第二，第一季度市场波动较大。

So in our observation, a lot of clients actually, partially inclined to increase their cash position and lower their stock positions, so which is we got some benefits arising from that as well.

根据我们的观察，不少客户倾向于在波动市中提升现金持仓、降低股票仓位，这也使我们从中受益。

[Foreign Language] So, in terms of our Hong Kong market share, the absolute number of fund accounts you mentioned applies to our greater China business, while the market share target you mentioned was about our Hong Kong local business, so these two numbers are not apple to apple comparisons. In the past two quarters we have seen the Hong Kong market contribute at the highest number of paying clients among all of our seven markets, which gave us confidence that as a leading broker in Hong Kong we'll be able to gain outsized benefits from favorable market conditions, and we think that our Hong Kong business has huge runway for growth, both in terms of client numbers and client assets.

【中文】关于香港市场份额，您提到的入金账户数是大中华区层面的，而我们当初设定的40%市占率目标是针对香港本地市场的，这两个数据不完全可比。但过去两个季度，香港市场是我们七大市场中贡献最多新增付费客户的地区，这也增强了我们信心：作为香港领先的券商，我们有能力在市场环境向好时获得超额红利。同时我们认为，香港市场在客户数量和客户资产两个层面仍有巨大增长空间。

And the Hong Kong market has never been short of competition, and in the past few years there have been a number of our peers, very notable peers, entering into Hong Kong. But regardless how the outside market environment changes, we've always been doing product innovation and product iteration, and we believe that our product capabilities have built a very strong barrier to entry for our business and in each and every market we enter into we build very customized product experience, very innovative product features and coupled with our superior user experience and very competitive pricing strategy, we continue to gain user mindshare in Hong Kong and take market share.

香港市场从来不缺竞争，在过去几年里，已经有不少头部同行进入香港市场。但无论外部环境如何变化，我们始终坚持产品创新与快速迭代，我们相信正是我们强大的产品能力构筑了行业的进入壁垒。每进入一个市场，我们都会打造高度本地化的产品体验和功能创新，再结合卓越的用户体验与有竞争力的定价策略，在香港持续赢得用户心智，占据市场份额。

And on top of that, we think brand is probably one of the most important intangible assets of the financial services platform, and building a brand takes time, and Futu has built a considerable level of trust with our clients, and we've seen very, very high client stickiness on our platform. It's consistently above 98%, 99% on a quarterly basis.

此外，我们认为品牌是金融平台最重要的无形资产之一，而品牌建设需要时间沉淀。富途在这方面已经积累了较强的客户信任度，我们平台上的客户粘性非常高，季度留存率常年保持在98%至99%以上。

So, if there is a newcomer that cannot provide highly differentiated product experience and service, we don't think it can sway the client choices. And as we continue to build our brand, we also see a higher number of high net worth clients in Hong Kong, which contributed to a very high net asset inflow quarter-over- quarter. And we've also seen that when the clients choose a broker, that decision is usually multidimensional, whether it's applying a zero commission strategy or just to direct traffic from other platforms. We don't think either one is going to achieve very desirable effects. The users will choose the platforms that are compliant, that have high brand recognition, and have the strongest all-rounded capabilities.

所以，如果新进入者无法提供具有高度差异化的产品体验与服务，我们认为很难撼动客户的选择。而随着我们持续深耕品牌建设，越来越多高净值客户也选择富途，这带来了季度间持续强劲的净资产流入。此外，我们也看到，客户在选择券商时考虑的是多维因素——无论是所谓的“零佣金”策略，还是流量转化手段，我们认为单点打法很难奏效。最终，用户会选择合规、品牌强、综合能力突出的平台。

Operator

主持人

Thank you for the questions. Our last question comes from Zoey Zong from Jefferies. Please go ahead.

感谢提问。最后一位提问者是来自杰富瑞的Zoey Zong。请开始。

Zoey Zong

[Foreign Language] Thanks management for taking my questions and congratulations on your solid results. I have two questions. Firstly, I have a follow-up question on Futubull AI. Management mentioned that more AI products will be launched in overseas markets in Q2. So, wondering what's your AI product strategies and investment scale. And my second question is about VATP. Could you please share an update on the business development with your VATP license?

【中文】感谢管理层回答我的问题，也祝贺本季度业绩表现稳健。我有两个问题。第一个是关于Futubull AI的后续规划。管理层提到第二季度将在海外市场推出更多AI产品，想请问你们的AI产品策略及投入规模如何？第二个问题是关于虚拟资产交易平台（VATP）牌照，请问业务进展是否有最新更新？

Arthur Chen

[Foreign Language] For VATP license, actually, there's not any update in the first quarter, despite we got shortlist by Hong Kong SFC for VATP license alongside with other couple of applicants. Now, we are still in the process of phase two. There's still a lot of validations need to be conducted by the third-party consultant, independent consultants, and there's a lot of process testing work need to be complete in order to get the final approval from SFC. We will keep you posted, before there's any progress.

【中文】关于VATP牌照，第一季度暂无新的进展。目前我们仍处于香港证监会审核流程的第二阶段。虽然我们已经进入了SFC筛选的候选名单，与其他几家申请人一同进入下一轮，但仍需由第三方独立顾问完成大量验证与流程测试工作，才能最终获得SFC的正式审批。如果有新的进展，我们会第一时间同步。

[Foreign Language] In terms of our AI strategy, Futu has assembled our own AI team. We're closely monitoring the industry developments and keeping up with innovations. So, the AI is applied in two ways, Futu, one internally, we use that to increase operating efficiency, and we also leverage AI to develop new products and features for our clients and in terms of operation efficiency we've already leveraged AI in a number of scenarios including customer services, the account opening documentation verification processes, and we've seen AI bring in tangible uplift to our operating efficiency.

【中文】在AI战略方面，富途已经组建了自己的AI团队，我们紧密关注行业发展，并持续跟进行业创新。我们的AI应用策略分为两个方向：一是用于内部运营提效，二是用于对客户的产品功能创新。在运营端，我们已经在多个场景中部署AI，比如客服、开户资料审核流程等，实实在在地提升了运营效率。

And in terms of our client facing features, we think that for active traders, a key benefit of AI would be to lower the investment threshold and help them more efficiently gather information to make informed investment decisions. For example, we'll launch algo trading very soon. So, before algo trading is almost exclusively for the sophisticated institutional investors and now for our retail clients by telling AI the stock you are interested in, the parameters you want to monitor, and what kind of conditions will trigger trade, our AI can generate an algo trading function for our clients, which we think significantly lower their barrier. So, we're around that goal and we'll continue to innovate to bring more AI powered features.

而在面向客户的产品功能上，我们认为AI的最大价值在于降低活跃交易者的投资门槛，帮助他们更高效地收集信息，做出更明智的决策。例如，我们很快将推出AI驱动的量化交易功能。过去，量化交易几乎只属于机构投资者，如今我们让零售客户只需告诉AI他们关注的股票、监控的参数和触发交易的条件，AI即可生成完整的量化策略，大幅降低门槛。围绕这个目标，我们还会继续推出更多AI功能。

IBKR可能没有这样的执行力，这个功能更适合更有赌性的用户，并且有可能提高盈利能力。

Operator

主持人

Thank you for the questions. With that, I'd like to hand the call back to Mr. Daniel Yuan for closing.

感谢各位提问。现在请将会议交还给袁丹尼尔先生作总结发言。

Daniel Yuan

袁丹尼尔

That concludes our call today. On behalf of 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.

今天的电话会议到此结束。代表富途管理团队，感谢大家今天的参与。如有进一步问题，欢迎随时联系我或我们的投资者关系团队。谢谢大家，再见。

Operator

主持人

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

今天的电话会议到此结束。感谢您的参与，您现在可以挂断电话。

2025-05-29 Futu Holdings Limited (FUTU) Q1 2025 Earnings Conference Call Transcript

2025-05-29 Futu Holdings Limited (FUTU) Q1 2025 Earnings Conference Call Transcript

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