Thanks, operator. Thank you for joining us today to discuss our third 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.

As a reminder, today's call may include forward-looking statements, which represent the company's beliefs regarding future events, which by their nature are not certain and are outside of 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 contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its annual report.

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

感谢大家参加今天的业绩会。截至三季度末，有资产客户数达到313万，同比增长43%，环比增长9%。当季净增有资产客户25.4万，同比提升65%，环比提升25%。我们看到集团各市场获客进一步加速。

Thank you all for joining our earnings call today. We concluded the third quarter with 3.13 million funded accounts, marking a 43% year-over-year and 9% quarter-over-quarter increase.

During the quarter, we acquired 254,000 net new funded accounts, up 65% from a year ago and 25% sequentially. We're encouraged to see accelerated client acquisition in all markets.

在第三季度，香港市场净增有资产客户创下自2021年一季度以来的新高，并已连续四个季度成为集团贡献最多有资产客户增长的市场。本季度股市表现强劲，新股发行活跃，我们通过卓有成效的获客策略，承接了客户的交易热情，并转化成亮眼的获客表现。随着FINI新框架的推行，香港零售投资者越来越倾向整合和集中账户，以提高新股中签机会，并更青睐将全流程体验最佳、最值得信赖的平台作为主要券商账户。

In the third quarter, Hong Kong posted the highest quarterly net client adds since the first quarter of 2021, and remained the largest contributor to new funded accounts among all markets for four straight quarters. We effectively sparked and captured clients' trading interests amid a quarter of strong equity market performance and busy IPO schedules.

With the new IPO FINI framework, retail investors in Hong Kong increasingly consolidate their brokerage accounts to increase their chances of getting IPO allocations, and they tend to pick a trusted platform with the best overall user experience as their main brokerage account.

在新加坡，净增有资产客户延续稳健增长。我们日活跃用户数领先优势也较同业持续扩大，进一步巩固了moomoo新加坡零售券商第一的市场地位。自马来西亚展业以来，经历了七个季度的快速扩张，我们看到未来客户增长仍然存在广阔空间。随着当地投资者权益类资产持有率持续上升，整体市场潜力可观。在产品本地化方面，我们在三季度推出了马来西亚交易所衍生品及新加坡交易所期货，并升级了AI工具以支持马来语问答和马股分析。此外，我们在7月和10月分别在星马两地举办了年度线下投资者盛会MooFest，共吸引超过2.8万名投资者报名参与，进一步提升了我们的品牌影响力。

In Singapore, new funded accounts again posted steady sequential growth, and we led our peers in DAUs by an even wider margin, further solidifying our position as the number one retail broker in Singapore. Following seven quarters of rapid expansion in Malaysia since launch, we still see huge runway for future client growth as equity ownership continues to go up.

In the third quarter, we further strengthened product localization by launching Bursa derivatives and SGX futures, and upgraded AI tools to support Malay language and local stock analysis. Our annual flagship offline investor event, MooFest, was held in Singapore in July and in Malaysia in October, altogether attracting over 28,000 investors to sign up, and further elevating our brand image in the region.

凭借不断提升的品牌影响力和产品体验优势，我们的美国业务本季度延续了高质量增长。不仅净增有资产客户实现高双位数的环比提升，衍生品交易也同样保持活跃。期权交易客户数及期权成交张数均录得环比双位数增长。 Thanks to our growing brand recognition and product experience, our US business delivered another quarter of high-quality growth.

We achieved high double-digit sequential increase in new funded accounts. We also observed another quarter of more active derivatives trading activity, as both the number of option traders and option contracts traded recorded double-digit sequential growth.

截至三季度末，客户总资产达到1.24万亿港元，同比增长79%，环比增长27%。增长来自于又一季度稳健的净入金，客户股票持仓市值的提升对AUM的增长贡献也很显著。各市场平均客户资产环比均实现双位数上升，并创下历史新高。港美股市场的乐观情绪带动了本季度更多的杠杆仓位，而活跃的港股IPO也进一步提升了融资需求。季末两融余额环比上升23%至631亿港元。 As of quarter-end,

total client assets reached 1.24 trillion Hong Kong dollars, up 79% year-over-year and 27% quarter-over-quarter. The growth was driven by another quarter of robust net asset inflow, while the appreciation in client stock holdings also contributed meaningfully to the overall asset expansion this quarter.

Average client assets logged double-digit sequential increases and hit new highs in every market. Bullish sentiment on Hong Kong and US equities prompted more leveraged positions.

A buoyant Hong Kong IPO market also boosted financing demand. As a result, margin financing and securities lending balance climbed 23% quarter-over-quarter to 63.1 billion

Hong Kong dollars. 在市场环境利好和投资者乐观情绪的加持下，三季度总交易额同比增长105%，环比增长9%，达到3.9万亿港元。港股科技股的换手率明显提升，带动港股交易额环比攀升43%至1.19万亿港元，占集团总交易额的31%，占比达到自2023年以来的最高水平。美股方面，多只科技股和加密货币概念股的股价在三季度创下新高，平台整体美股交易额亦维持在2.6万亿港元的高位。

Total trading volume rose 105% year-over-year and 9% quarter-over-quarter to 3.9 trillion Hong Kong dollars on the back of favorable market dynamics and upbeat investor sentiment. Elevated trading velocity in technology names lifted overall Hong Kong stock trading volume by 43% sequentially to 1.19 trillion Hong Kong dollars, which accounted for 31% of total trading volume, the highest percentage since 2023.

US stock trading volume remained elevated at 2.6 trillion Hong Kong dollars as many technology and crypto names posted new highs.

在第三季度，加密货币资产环比录得90%的快速增长，同时交易换手率进一步提升，带动加密货币总交易额环比攀升161%。其中，以太坊交易额约为二季度的四倍，超越比特币成为平台交易额最高的币种。在香港，面向零售投资者推出的Solana，Solana反应热烈，对本季度加密货币交易额的增长也有不错贡献。我们相信随着币种选择的不断丰富，产品能力的持续增强以及投资者教育的深入，我们客户的加密资产交易渗透率仍有很大的提升空间。

Crypto trading volume surged 161% sequentially, driven by a 90% quarter-over-quarter increase in crypto asset balance and accelerated trading velocity. Ethereum trading volume quadrupled during the quarter, overtaking Bitcoin as the most popular coin on our platform.

In Hong Kong, the launch of Solana for retail investors was well received. Solana contributed meaningfully to the growth of crypto turnover this quarter.

We believe that as we continue to broaden coin selections, strengthen product capabilities, and deepen investor education, there is significant potential to further drive crypto trading penetration among our client base.

季末，财富管理资产环比增长8%，达到1,756亿港元。三季度客户在财富管理的资产配置上更加倾向固收类产品，同时货币基金也持续获得资金流入。为更好的满足专业投资者的定制化需求，我们推出了结构性产品自主询价功能。客户可根据自身偏好自定义产品参数，获得比较多家发行人的报价，并一键执行交易，全程无需人工干预。通过这一技术升级，我们不仅优化了客户体验，还提升了业务运营效率。

Period-end wealth management assets rose 8% sequentially to 175.6 billion Hong Kong dollars. During the quarter, clients increasingly allocated to fixed income funds alongside the sustained inflow into money market funds.

To better serve the bespoke needs of professional investors, we introduced a self-service request-for-quote function for structured products, whereby clients can customize products based on their desired parameters, access and compare quotes from a number of issuers, and execute trades seamlessly without human intervention. We leveraged technology to remove friction in the client experience while driving operating efficiency.

截至季度末，我们服务的IPO分销及IR服务数量达561家，同比增长22%。在本季度持续火热的港股IPO市场中，我们继续发挥关键作用，积极推动零售投资者参与新股认购。第三季度共有12只新股在富途平台的认购金额超过千亿港元，同时我们担任了多只知名新股的联席账簿管理人，包括奇瑞汽车、货拉拉科技及蓝思科技等。值得一提的是，在普东集团的新股发行中，我们首次担任整体协调人角色，标志着我们企业服务能力迈向新台阶。

We ended the quarter with 561 IPO distribution and IR clients, up 22% year-over-year. We continued to play a leading role in facilitating retail participation in the heated Hong Kong IPO market.

In the third quarter, 12 IPOs each attracted over 100 billion Hong Kong dollars in subscription amount on our platform. We served as joint bookrunners for multiple well-known listings, including those of Chery Automobile, Lalatech Group, and Lens Technology.

Notably, in the Butong Group IPO, we assumed the role of overall coordinators for the first time, underscoring the advancement of our enterprise service capabilities.

接下来，有请我们的首席财务官Arthur介绍我们的财务表现。

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

Thank you, Leaf and Daniel. Please allow me to walk you through our financial performance in the third quarter.

All the numbers are in Hong Kong dollars, unless otherwise noted. Total revenue was 6.4 billion, up 86% from 3.4 billion in the third quarter of 2024.

Brokerage commission and handling charge income was 2.9 billion, up 91% year-over-year and 13% Q-o-Q, both primarily driven by higher trading volume. The change in blended commission rate was mostly technical in nature.

The blended commission rate declined year-over-year as clients traded higher-priced US options compared to a year-ago quarter, while the Q-o-Q increase in blended commission rate was due to sequentially stronger trading activities in low-priced US stocks and options. Interest income was 3 billion, up 79% year-over-year and 33% Q-o-Q.

The year-over-year increase was driven by higher interest income from security borrowing and lending business, margin financing, and bank deposits. The Q-o-Q increase was driven by higher interest income from security borrowing and lending business, as well as higher margin financing interest income.

Other income was 441 million, up 111% year-over-year and flat Q-o-Q. The year-over-year increase was primarily attributable to higher currency exchange service fee income, fund distribution service income, and IPO subscription service charge income.

Our total cost was 780 million, an increase of 25% from 625 million in the third quarter of 2024. Brokerage commission and handling charge expenses were 161 million, up 97% year-over-year and flat Q-o-Q.

Both the year-over-year and the Q-o-Q increase was roughly in line with the change of our brokerage commission and handling charge income. Interest expenses were 474 million, up 17% year-over-year and 25% Q-o-Q.

Both the year-over-year and the Q-o-Q increase was mainly due to higher interest expenses associated with our security borrowing and lending business, as well as higher margin financing interest expenses. Processing and servicing costs were 146 million, up 12% year-over-year and 10% Q-o-Q.

The year-over-year increase was largely due to higher market information and data fees. The Q-o-Q increase was mainly driven by higher market information and data fees, as well as higher cloud service fees.

As a result, our total gross profit was 5.6 billion, an increase of 100% from 2.8 billion in the third quarter of 2024. Gross margin was 87.8% as compared to 81.8% in the third quarter of 2024.

Operating expenses were up 57% year-over-year and 31% Q-o-Q to 1.7 billion. R&D expenses were 574 million, up 49% year-over-year and 30% Q-o-Q.

The year-over-year and the Q-o-Q increase was mainly driven by our greater investments in crypto and AI capabilities. Selling and marketing expenses were 586 million, up 86% year-over-year and 36% Q-o-Q.

Both the year-over-year and the Q-o-Q increase was mainly attributable to higher new funded accounts. G&A expenses were 535 million, up 40% year-over-year and 26% Q-o-Q.

Both the year-over-year and the Q-o-Q increase was primarily due to increase in general and administrative headcount. As a result, income from operation increased 127% year-over-year and 17% Q-o-Q to 3.9 billion.

Operating margin increased to 61.3% from 50.4% in the third quarter of 2024, mostly due to strong top-line growth and operating leverage. Our net income increased by 143% year-over-year and 25% Q-o-Q to 3.2 billion.

Net income margin expanded to 50.1% in the third quarter as compared to 38.4% in the same quarter last year. Our effective tax rate for the quarter was 16.7%.

That concluded our prepared remarks. We now like to open the call to questions.

Operator, please go ahead.

好的，谢谢管理层给我这个提问的一个机会，然后也恭喜公司在第三季度有一个非常亮眼的一个表现。那我这边有两个问题想请教。第一个就是我们看到客户的资产在第三季度有非常亮眼的一个表现，那可否帮我们拆分一下来自于mark-to-market gains以及净入金的一个贡献可能各自为多少？然后目前第四季度这个净入金的一个状况以及客户资产的一个趋势为何？然后第二个问题的话，想请教一下，因为第三季度的话，我们看到这个CAC也是较第二季度有所上升，但是还是低于年初的這個target。那第四季来看的话，目前市场的一个行情是有所拉回的，那我们怎么看CAC在第四季度的一个水平以及近期的一个新获客的一个状况？那我很快翻译一下我的问题。Thanks for taking my call and congrats for the very great results in Q3. I have two questions here.

First, client assets performed very strong in Q3. Could you break down by mark-to-market gains and net asset inflows?

What is the current run rate for net asset inflows and client assets in Q4? Second, customer acquisition cost in Q3 was higher than Q2, but still lower than your early full-year guidance.

Given stock market pull back quarter-to-date, what's the recent customer acquisition trend and what do you expect the customer acquisition cost in Q4? Thank you.

好的，Cindy，我来回答一下这两个问题。一个是有关于三季度的这个资产的变化的这个拆分，大约差不多2/3是来自于mark-to-market的一个变化，另外1/3是来自于我们的一个净入金的这样子的一个贡献的一个比例。那么四季度的截至到目前，整体因为四季度我们看到港股跟美股都有一定的回调，如果截至到目前的话，这个mark-to-market在四季度到目前贡献是一个负向的。那么净入金的一个情况在四季度目前来看，整体净入金的这个情况都是维持一个比较正常的一个水平。那第二个问题是有关于这个获客成本的。那我们整个三季度的平均的获客成本大概在2,300港币左右，相比二季度呢是有一些小幅的环比的一个上升，但确实如你所说，目前来看，整个三季度的获客的成本依然还是好于我们年初认为的一个获客成本大概在2,500到3,000港币这样子的一个区间在里面。那么从四季度目前的获客的一个情况来看，我感觉整个的一个获客的一个态势，包括获客的一个成本都是在一个比较好的一个状态。所以目前来看，全年我们整个的一个获客成本的一个金额是会比我们年初估计的会好不少。那我大概翻译一下。For the first questions regarding the asset movement, around the 1/3 comes from the net clients' asset inflow, and the remaining 2/3 comes from the mark-to-market fluctuations. In the fourth quarter quarter-to-date, actually the mark-to-market implication was negative, but on the flip side, the net asset inflows, we see the momentums remains very robust.

There's no any slow down compared with the second quarter or the third quarters. Then in the third quarter regarding the client acquisition, the average CAC in the third quarter is around the 2,300, slightly up on a Q-on-Q basis, but on the absolute levels, it is still remains our full-year's target, the range of 2,500 to 3,000 Hong Kong dollars.

In the fourth quarter today, what I witness is that both the client acquisition momentum and also client acquisition costs remains quite healthy. Overall speaking, I feel more optimistic regarding our over years client acquisition cost versus our objective in the beginning of this year.

Thank you.

感谢管理层给我的提问的机会，我是摩根大通的Peter Zhang。我第一个问题是关于利息收入的，我们看到利息收入在三季度环比有一个非常大幅度的增长，我们想请问一下背后的驱动因素是什么？可否请管理层给我们拆分一下三季度各个各个利息收入板块的贡献，比如说客户闲置资金、margin financing和security borrowing的贡献？然后关于那个security borrowing，我们想请问二季度、三季度看到有大幅增长，那我们我们富途这边有做了些什么还是还是说主要是一些市场驱动的因素？我第二个问题是想问一下crypto这边，我们看到就是虚拟资产也有一个大幅的增长，我们想请问当期crypto business对我们富途单季度的收入贡献的占比有多少？往后来看看，管理层觉得就是crypto相关收入的增长的主要的驱动因素有哪些？例如说是币种的一些扩张，还是说一些新的像crypto derivatives business或者其他business一些扩张？那我做一下翻译。Thanks for giving the opportunity to ask questions. This is Peter Zhang from JPMorgan.

We have two questions. The first question is related to interest income.

We saw the third quarter interest income record very strong sequential growth. We would like to understand what's the driving forces behind the strong momentum and can management help us to break down the quarterly interest income into the key items, such as the interest income from the client idle cash, from margin financing business, and from the security lending?

We also noticed that the the security borrowing's contribution to interest income have been very strong in second and third quarter. We wish to understand is this purely due to the market or is there something Futu has been doing at the company level to lead to the strong growth?

Our second question is related to crypto business. We wish to understand what's the latest crypto business contribution to your revenue in third quarter?

Looking ahead, what will be the driving forces to for crypto business to expand? For example, is this mostly due to the expansion of the tokens offering on your platform or do management see other other other potential business like derivatives or stake staking business may have some may have some upside of to to your crypto business?

Thank you.

好的，谢谢Peter。那我来回答第一个问题，我把第二个问题交给我的这个同事Daniel。那在这个三季度我们整个的这个利息收入大概来自于三个方面，一个是客户的这个闲置资金的这个利息收入，另外一方面是这个融资、这个margin带来的这个利息收入，那还有一部分就是您讲到的这个融券的这个收入。这三个这三个部分的这个收入的分布其实相对都是比较平均的，大概都是占到大概这个1/3左右。那么融券的这个收入呢，在二季度、三季度有一些比较明显的一个上升，主要的原因还是来自于市场本身的一些原因，有更多的一些hard-to-borrow的一些股票，那这个的使用令到我们的这个融券的这个收入在这两个季度是有一个比较明显的一个有比较明显的一个提升的。那我大概翻译一下。Regarding the the breakdown of the interest incomes in the third quarters, we have two different resource arising from arising from the interest income. Number one is from the client idle cash.

The other second is from the margin financing, and the third is the security borrow and the lendings. Actually in the third quarters, the the percentage for these three sources are quite even.

Regarding the security borrowing and lending business, we see a very strong momentum in the second quarter and the third quarter, but mainly the the driving force was from the market itself. In particular, there will be more utilization for certain hard-to-borrow stocks in the third quarter.

Thank you.

Hi, Peter. This is Daniel.

I'll take your second question on our crypto business. I'm going to give you a breakdown of the exponential growth we saw in third quarter, and then I'll discuss the outlook for this business.

The strong crypto growth was quite broad-based across the three markets that we currently offer crypto trading. In Hong Kong, for example, our client crypto AUM and crypto trading volume both recorded triple-digit sequential growth.

As we mentioned in our opening remarks, Solana was very popular among our retail clients, which is a new coin we launched in the third quarter. In Singapore, we also saw triple-digit growth in crypto trading volume and a continuously growing penetration among our funded accounts.

In the US, we launched a number of new functions, including market orders, and added 10 new coins, which really helped driving crypto AUM and volumes. Far, as we've seen in the third quarter, there's a lot of volatility in the crypto market, but we've seen that a lot of our clients really took advantage of this volatility.

In October, for example, we've seen the crypto volume continue to grow high double-digit month-over-month and hit a new high for a monthly volume and a continuous uptick in the crypto penetration. These are all very encouraging signs.

Still, crypto contributed a very small percentage to Futu's current revenues, but we think there is a long runway for growth in terms of driving crypto penetration among our client base and driving crypto revenue. In terms of some of the factors and catalysts that's going to help with that revenue growth, I agree with some a lot of things you mentioned just now, like a broadening of token offerings will be quite helpful and will be a direct beneficiary of that.

Of course, derivatives with higher take rate is going to help with monetization, but a lot of these development will be contingent on regulatory approvals. Long-term, we are quite optimistic about the growth of this business, and we understand that a lot of these new businesses, they don't really grow in a linear fashion.

Peter，我可能首先介绍一下这个三季度这个非常快速增长背后的一些驱动因素，然后我会展望一下可能未来这个收入增长的一些前景。那分市场来看，在这个香港、新加坡和美国，三季度这个crypto业务的增长都非常的迅速。那在香港，加密货币的这个资产的规模和交易量都实现了环比三位数的上涨。那我们opening remarks也提到，像零售客户新上线的Solana在三季度有非常好的这个客户的这个反响，接受度吧。那新加坡这个三季度的加密货币的交易量也环比有翻倍的这个增长，并且这个客户交易渗透率也在持续提升。那在美国市场，在三季度也上线了很多新的功能，包括这个市价单的功能，也增加了这个10个新的币种。那这个加密货币的这个资产规模和交易量也都是取得了大幅的这个增长。那四季度目前看来看，整个加密货币市场整体波动非常厉害，但我们客户在这个波动行情下也非常活跃的在做这个交易。那10月份我们看到我们平台上crypto的交易额月环比有这个高双位数的这个增长，10月的交易额又创下了历史新高，包括像渗透率这些数据也都在进一步的提升。那目前来看，crypto相关的收入占集团收入的占比还是比较低的，但我们对长期这个crypto业务收入的增长是非常有信心。那关于未来增长的这些核心的催化剂和驱动因素，就像你所说的，就是如果能提供更多的这个币种，包括如果能提供这个take rate更高的衍生品，这些对我们的货币化肯定是有非常直接的影响的，但这些也取决于在各个市场可能监管的一些审批吧。所以长期来看，我们对这个crypto业务非常有信心，然后我们觉得对于这些新业务来说，往往它的增长它不一定是会线性的。Thank you.

非常感谢。我可以追问一下关于四季度的interest income我们看到的趋势是什么？Can I follow up on the interest income part of the question? We wish to understand what's the fourth quarter trend on interest income, particularly for your security borrowing business.

Do you see the momentum continue in fourth quarter? Thank you.

因为我们实际是不会就是有高频的这个数据去追踪我们的这个利息的这个收入，所以我想这个问题我非常愿意在四季度回答你。Regarding your question about the interest income trend, we do not have the high-frequency data set for the interest income, in particular regarding the security borrowing business. I'm very happy to give you an update during our fourth quarter result.

Thank you.

谢谢给我这个提问的机会。我这边也有两个问题。一个是想追问一下就是利息收入这边的话，我们能否提供一下最新的净利息收入对美联储降息的这个敏感性分析？然后关于这个营业成本端的话，我们看到三季度的话，R&D和G&A的成本环比或者同比都有一个明显的增长。那之前那个Arthur总也提到了说我们在AI还有crypto这方面的能力方面有比较多的投入。那可不可以给我们介绍一下就是说我们接下来打算在这方面有多少的投入，然后这个相对应的成本会增加多少？So I have two questions. The first one is about the sensitivity analysis to the Fed rate cuts.

The second one is about your R&D and G&A cost. They increase notably quarter-over-quarter and year-over-year.

You mentioned earlier for the R&D expense, it's mainly related to crypto and AI capacity investment, and for G&A, it's for G&A staff increase. Could you tell us what's your target or your plan for investment in these areas?

好的，谢谢。我来回答一下这两个问题。一个这个有关利息收入，我们静态的这个测算，我们大概美联储每下降25个基点，我们每个月的税前的利润的这个负面影响大概会有一个700万港币左右的一个水平。当然这是一个静态的一个测算。那从实际的运营的这个角度来看，我们也能看到非常多的其他的正面的一些因素，比如客户的交易量、客户的入金的一个规模都会抵消掉我刚才讲的这个静态的一个负面的一个影响。那么这个是有关于这个利息收入的。那么Emma的第二个问题就是有关这个研发的这个费用，包括这个管理的这个费用。一方面就是就像我前面opening remark有讲到的，我们在数字货币资产相关的方面我们是有持续的一些投入的，包括比如说我们在香港以及其他的一些海外的一些地方的一些牌照的一些准备，相应的一些系统的一些准备。那么另外这个AI这方面，一方面我们是有给我们的我们会持续去提升我们AI agent给到客户的一个用户的一个体验。那么此外呢，我们也会利用AI的这个能力去提高我们内部的一些业务的一些流程的一些效率。那么第三呢，我们也会有一些管理的一些费用呢是为了我们未来的一些新的一些国际市场去做一些相关的一些前期的一些准备。所以有一些的费用是是会有一定的前置性在这个里面。那么从四季度的这个情况来看，我感觉整个我们的一个费用的一个环比的一个增长不会像三季度相比二季度来看这个增幅会那么的大。那我翻译一下。Regarding the interest incomes', sensitivities from the Fed, as we give the market some estimation, for every 25 basis cut by the Fed rate, our monthly pre-tax profit will be negatively impact by around 3 by 7 million Hong Kong dollars. Having said that, the rate cut definitely will have a lot of positive factors, such as the trading velocity increase and also more clients', asset inflows, which will partially offset, if not fully offset, this potential negative implications from the rate cut.

Regarding the second questions for the the Q-on-Q increase on the R&D and G&A expenses, for the G&A expenses, we do have some front-loading the cost in the preparation of certain new markets we may open in the next two years. The secondly, we will we have invest a lot on the crypto side, especially, on the system in the preparation of certain license applications not only including Hong Kong, but also in other markets.

Also regarding the AIs, we will further optimize our AI capabilities, especially for the external part, there will be further optimization for our AI agent for our clients, and internally, we will further utilize our AI capabilities to streamline our business process and enhance our operating efficiency. Thank you.

好的，感谢管理层给我这个提问的机会，也是恭喜公司在三季度再次取得了这么亮眼的一个业绩。我是中金的分析师樊优，那我这边的话也是有两个问题想要请教一下。首先第一个的话，也是咱们看到其实这个季度这个净新增入金用户数25万，还是保持非常强劲的一个增长。可否请管理层帮门大概拆解一下这个里面可能各个地区的一个结构的分部？然后包括如果从一个存量入金用户的角度来看，大概的一个地区分布如何？这是我的第一个问题。然后第二个问题的话，是想请教一下关于美国市场。因为看到这个季度其实美国市场的这个交易客户数也是创了新高。可否请管理层给我们大概再分享一下可能现在咱们在美国市场的这么一个战略打法，包括相较于可能本身这个市场也比较卷，可能相较同业来说，咱们的一些这个差异化优势？这是第二个问题。那我这边快速翻译一下。Thanks for taking my questions. Congratulations on the outstanding results achieved this quarter.

This is Youfan from CICC. I have two questions here.

The first question, we see the strong customer growth this quarter, what's the regional breakdown of the existing and also the net new paying clients? The second question is regarding the US market.

Would you please share more color on the market our strategy and what's our competitive advantages to the other peers in this market? Thank you.

好的，谢谢樊优。我来回答第一个问题，那我把第二个问题交给我的这个同事Daniel。那整个三季度的我们的这个净增的这个获客的国别的一个分别，大概差不多是香港加马来西亚这两个地区大概贡献了整个当季度的净增有资产客户的50%。那么其余的这个市场，除了一些个别一些比较小的刚刚进入的一些市场，比如像加拿大或者新西兰以外，其他的一些市场贡献的这个占比大概是在5%到15%之间的一个区间。那么从存量的截至到三季度末的一个存量的一个角度来看，整个大中华地区的客户占比大概在46%，那么海外市场的这个客户的净占比是达到了54%，所以整个大中华地区以外的这个客户的这个数量已经超过整个集团的这个50%了。For the breakdown of the new funded accounts in the third quarters, Hong Kong and Malaysia collectively contribute around the 50% of total new funded accounts contribute in the third quarter. Except a certain new markets or small markets we enter recently, such as Canada and New Zealand, the remaining markets contributions is in the range of 5% to 15% for the third quarter.

As the end of the third quarters, the Greater China clients contribute around the total 46% of the group fund accounts, and the remaining overseas markets contributed 54% of total accounts. Thank you.

Hi, Youfan. This is Daniel.

I'll take your second question on our US business. As you mentioned, we saw very strong momentum in terms of new funded accounts, and also in terms of engagement of our existing clients, with the number of options traders and options contracts traded both logging double-digit sequential growth.

I think that really thanks to our increasing brand influence. If you've been to New York recently, you'll see that we've launched another large-scale branding campaign in New York City, in the heart of New York City.

Another important factor is obviously we have a very superior product experience that sets our apart clients. US is probably the most competitive market in the world, but it's also unequivocally the largest brokerage market out there, which means that there is going to be diversified client needs to be satisfied by different players.

We think that our product is built for sophisticated, active traders, and those are the clients we want to serve and will continue to optimize our product experience for that client cohort. 樊优，就像你刚才提到，其实在三季度吧，我们美国市场无论是从净增这个有资产客户，还是从存量客户的这个交易活跃度都有非常好的这个增长。那我们在opening remarks也提到了，我们美国的期权交易客户数和期权交易张数环比都有双位数的增长。我们觉得主要它就还是得益于我们在美国不断提升的这个品牌影响力。那如果你最近去了纽约，你会看到我们在纽约又做了一轮大的这个品牌的广告。那同时更重要的还是我们觉得我们有非常领先的这个产品体验。那美国确实是这个全球应该可能最激烈的这个证券交易的市场，但这个市场的空间也是全球最大的。那这个意味着就是说这个市场里面会有很多样化的这个客户的这些需求。我们觉得我们的产品是非常适合那些有这个进阶的、活跃交易的这些客户的这些需求，所以我们也会继续服务好这些客户对于产品体验方面的这些要求，而针对这些客户去持续迭代我们的这个产品。谢谢。

好的，谢谢。Thank you.

各位管理层晚上好，我是UBS瑞银的分析师周成。也是恭喜管理层取得了非常好的业绩，也是超越了市场，大幅超越了市场的预期。那我这边呢有两个问题。第一个呢是有关于这个天星银行，就是公司去年6月份入股天星银行至今，想问一下是具体有哪些投入，然后未来这个短期、中期和长期天星银行在富途目前的这个商业版图中的战略定位是怎么样子的，能不能够跟我们做一些分享？然后第二个问题呢想问一下关于就是我们的这个客户的这个AUM的一个net inflow有没有一个regional的，就是按地区的这样子一个mix？比如说香港是不是还占大概超过70%就是客户的这个这个AUM的一个net inflow？然后另外我们也看到了这个就是高净值客户的这个这个这个这个这个share来自高净值客户的这个也是在一个上升的一个过程，我理解是就是说这个应该是美元就是100万美金或者是港币这个500万吧，那我做一下翻译啊。So this is Charles Zhou from UBS. Congratulations to your very, good results.

It's also a strong beat to the market consensus. I have two questions.

My first question is about the Airstar Bank. Could you please share what investment have you made since Futu acquired 44% equity stakes in Airstar Bank, I think last June?

Also, how do you see the Airstar Bank's strategic role with in Futu business in terms of short-term, medium-term, and also long-term perspective? My second question is, regarding the regional mix of the client AUM net inflow.

Can you maybe just, give us a little bit more color about the breakdown of the regional mix? Say, for example, does Hong Kong still account for over 70%?

Also, are we seeing like a rising share from high-net-worth clients in the third quarter? Thank you.

好的，谢谢Charles两个问题。我我来回答你第二个问题，然后待会儿我的这个同事Daniel来回答你有关这个天星银行的一个问题。那从整个的这个这个资产net asset inflow的这个这个贡献的这个市场来看，实际我们看到的情况会更balance。那从以往的这个香港的这个市场贡献的这个就像你刚才讲的这个贡献的这个占比，实际在过去两个季度这个占比实际是有一些下降的。那下降的这个原因是因为我们海外的其他的一些市场，比如像新加坡，包括这个大马这些市场的一个净资产的一个增速的这个幅度也是非常非常快的。当然就是目前来看，整个香港还会贡献接近2/3左右的一个这个我们本季度的一个净资产的一个流入。那么从客户的一个结构来看，我觉得我我也认同你的观察，我们看到整个我们在香港这边的一个客户的一个结构是有进一步的一个提升、更优化的，有更多的一些富裕的、一些高高资产的一些客户。他们的我们在这一客户群的这个渗透比例是有进一步的一个提高的。那么往向前去看，我感觉这方面我们还有非常大的一些空间，可以去进一步去提升我们的一个客户的质量。那我翻译一下。Regarding the the breakdown of the net asset inflow by regions, actually we see the percentage contributed by Hong Kong got some slightly decrease on a Q-on-Q basis, mainly due to certain overseas markets, such as Singapore, Malaysia, also record a very strong asset inflows. Proportion-wise, Hong Kong's percentage contribution was down a little bit.

Regarding the the client's cohort, we do think we do see more and more high-net-worth clients' contributions in Hong Kong, and we do think this kind of trend will remain in the next coming quarters. We think we have a very meaningful potentials in terms of further upgrading our clients' quality in Hong Kong through wealth management, et cetera.

Thank you.

Hi, Charles. This is Daniel.

I'll take your first question on Airstar Bank. To give you an update on our investment.

During the third quarter, upon regulatory approval and the discussion between the shareholders, we have increased our stake in Airstar Bank to 68.4%, thereby becoming the controlling shareholder of Airstar Bank. In the short term, we'll continue to focus on improving the customer experience, enriching products and capabilities.

We believe that there's a lot of integration opportunities between the banking business and the brokerage business. In the long term, we believe that the banking business can help Futu increase client stickiness and to improve client wallet share, and will enable clients to complete fund deposits, investments, lending, and consumption.

We can satisfy all these various financial needs within Futu's ecosystem, and we can continue to enhance our brand perception of Futu as a one-stop financial services platform. Far, Futu is the only online brokerage platform in Hong Kong that has integrated digital banking capabilities.

We believe the scarcity of that license and the diversity of products and services we can offer under this license will continue to widen our competitive moat. After this round of capital injection, Airstar Bank will be consolidated into Futu's financial statements.

In the next 2 to 3 years, we'll still be in an investment mode for Airstar Bank, but we believe that as Futu's client quality improve across various markets and as more markets become profitable and play out that operating leverage, the drag of Airstar Bank's loss to Futu's overall P&L will be limited. After the capital injection, Futu and Xiaomi Group will continue to work very closely and to take advantage each other's resources in the respective ecosystems to operate this bank together.

Charles，首先给一个关于我们在天星银行这个投资方面的一个update吧。那在三季度，经过监管的批准和这个股东的协商，我们对于天星银行的这个持股比例进一步提升到了68.4%。那所以富途现在是天星的控股股东。那短期内我们会专注于去提升天星银行的这个用户体验，然后丰富产品的功能。然后我们觉得银行和券商业务其实在很多的维度能产生深度的耦合。那长期来看，银行业务的拓展是能够帮助富途去进一步提升客户粘性，提升钱包份额，然后让客户可以在富途这一个生态体系内完成包括像存款、投资、借贷、消费等各类的金融场景的需求，也会加深客户对于富途一站式金融服务平台的这个品牌认知。那目前富途也是香港唯一一家融合了数字银行能力的券商平台。那银行能力的这个包括牌照的这个稀缺性，以及多维度的业务的开展会进一步增强富途的竞争壁垒。那在这一次这个增资之后呢，天星银行也会完整的纳入到富途的这个财务报表中。未来两到三年，天星银行整体还会是在一个投入的阶段。但是我们觉得随着富途各个市场客户质量的不断提升，以及更多的海外市场去跨过盈亏平衡去释放经营杠杆，我们认为天星银行的亏损对于整体富途的这个净利润的影响是比较有限的。那在增资之后，富途和小米集团还是会继续保持紧密的合作，发挥好各自生态圈内的资源，一起去把这个银行经营好。谢谢。

好，感谢管理层，我是摩根士丹利的黄乔。有两个问题想请教。第一个是想请教未来一两个季度在crypto和这个tokenization的产品上面有哪些计划中的pipeline？那还有就是如果稍微长期点来看的话，在tokenization产品上面咱们长期想起到哪些产品上面的布局，以及主要想通过tokenization给客户提供哪些方面的这个附加值？第二个问题是关于在也是在crypto的领域，咱们会不会有一些这个M&A的一些计划或者考虑？如果是要建立这个crypto方面的能力的话，咱们会优先去考虑投资不管是M&A还是自建的话，在哪些方面的这个crypto方面的能力？So I have two questions. One is about the product pipeline from crypto and tokenization in the next one or two quarters.

Then maybe a bit longer term, what kind of a value proposition do we try to achieve from tokenization to our clients? Second question is about whether management have any plan on M&A in the crypto space to accelerate the capability building, and what kind of a key capability of crypto are we looking to build in the near term?

Thank you.

好的，乔，那有关这两个数字货币的问题我来回答一下。一个有关这个我们的产品线跟您问到的这个tokenization，因为tokenization是一个新出来的一个一个话题啊。那当然我们内部有非常多的一些讨论，包括有很多一些产品的一些设想，但目前这块确实取决于非常多的取决于相关的不同市场的一些监管的一些接下来的一些政策，所以这里可能更多是我们很多的一些产品的一些设想，要取决于这个监管的一些政策的一些落地的，所以现在比较难给出一个非常具体的一个产品的一个路线图。那么有关在crypto方面的一些兼并收购的一些想法，我觉得这方面我们公司都是一直处于一个开放的一个态度的。那整体我们对crypto的这块的一个业务在公司内部是处于一个非常高战略级的这样子的一个定位的，所以在任何我们认为可以去增加这个业务的一个快速发展的这样的一些机会出现的时候，我们是不排除使用一些这个兼并收购的一些方法来加速这方面的一些进程。Regarding your two questions about the crypto, number one for, the product new product pipelines and also tokenizations, we do have a lot of preparations and internal discussions, even some layout of certain products in connection in that connections. As you can understand, tokenization is a very new concept to the market nowadays and subject to different regulatory, regimes examinations.

It is very difficult for us to layout a very, clear roadmap for the product launch given that a lot of factors will be regulatory dependent. Regarding the M&A in the crypto side, definitely we are very open, in this directions given the crypto is a very strategic important considerations in our business direction down the road.

Definitely we will keep this options opens afterwards. Thank you.

Hi, thanks for taking my questions. This is Leon Key from CLSA.

I have two questions today. Firstly, we are very glad to see that Hong Kong for the fourth consecutive quarter has led new client additions.

I'm just interested in the client profile of our new customers being acquired in Hong Kong for the past quarter and actually for the past four quarters in general, given Hong Kong's equity market started to become quite active since around four quarters ago. If there are any meaningful differences in terms of these new customers in Hong Kong in terms of average AUM, ages, trading velocity, the products they are buying?

Are there any notable differences for these new clients compared with our existing Hong Kong customers, most of which were acquired during probably the bull market a few years ago? That's the first question on Hong Kong new customer profile.

Second question, I'm interested in the gross margin trend in markets outside Hong Kong. We are very pleasantly surprised to see gross margin disclosed in the third quarter was very strong.

Given we also have very good AUM growth in markets like Singapore and a lot of new clients in Malaysia, I presume the economy of scale is kicking in very rapidly. If possible, if management can share with us some gross margin trend in Singapore and Malaysia.

Where are the margin in these markets standing in now? 我主要关心两方面问题。一方面是我们香港的客户结构，随着今年以来这个市场的变化，我们在香港新获得的客户在他的这个客户客群资产、客户年龄方面是不是有些变化，还有trading velocity方面和我们上一轮牛市当中在香港获得的这些客户是否有明显不同？第二个问题是我们香港之外的几个主要市场，比如说新加坡和马来西亚，他们的这个gross margin trend大概是怎么样的一个水平？是不是由于我们看到这些市场由于AUM的快速增长、由于新客户数的快速增长，他们的margin上升是我们公司整体margin上升的一个主要的原因？如果可能的话，是不是可以请管理层跟我们分享一下这些市场的margin现在大概是在怎么样的一个位置？谢谢。

Hi, Leon. Thank you for these two questions.

This is Daniel. I'll take these two questions.

Regarding our Hong Kong business, in fact, in the third quarter, we have seen continued upward trajectory in average client assets of our new clients, and that coupled with the continuous net asset inflow, very robust net asset inflow of our existing clients, led to a double-digit sequential growth in average client assets in Hong Kong. I think that is representative of what happened the past couple of quarters.

As we continue to enhance our brand image, I think we can continue to track attract more and more high-quality clients, and there'll be more clients that are inclined to do one-stop asset allocation within Futu's platform. In terms of these clients' behavior, trading behavior specifically, I think that's very much market-driven.

As in terms of our total trading volume in the past year or so, it's mostly US stocks, but in Q3 this year, as the Hong Kong equities market outperformed, a lot of our clients quickly flocked to Hong Kong equities and engaged quite actively. I think this is very much driven by the performance and the relative outperformance of different equity markets.

We think this is more cyclical than structural in terms of clients' trading behavior. To your second question, yes, we think that online brokerage business inherently has huge operating leverage.

On the gross margin level, it's been very healthy across all of our markets because it's mostly relates to trading and our trading product and margin product all have very high margins. The operating leverage mostly kicks in from the operating expenses.

As we continue to scale in a lot of these international markets, we have seen a very rapid expansion in operating leverage. Maybe to give you some numbers on our Singapore business, for a couple consecutive months, we have seen our the operating margin in our Singapore business consistently topped 60% and is still expanding.

I think that really speaks to the strong operating leverage in our business model. 我来翻译一下这两个问题的答案。那首先关于这个香港市场，在三季度我们看到我们新客户的人均的净入资是环比持续的提升，然后在叠加我们老客户的非常强劲的这个入金，那在季度末户均的资产又实现了这个双位数的环比增长。我们觉得这个是三季度的这个表现其实也是非常有代表性的，因为过去几个季度随着富途品牌影响力的持续增强，我们也看到平台上有更多高质的高资产的客户来加入。那客户也会越来越愿意在富途去进行一站式的这个资产的配置。那从他们的交易行为来说，我们觉得交易行为更多还是取决于整个市场的这个表现。那从去年到到今年可能上半年吧，我们平台上这个股票交易的大头还是在美股，但是在三季度在港股outperform的情况下，我们其实港股交易额的占比有个非常大的这个提升，所以其实看到就是客户发现有赚钱效应之后还是会很快的在不同可能资本市场之间去做切换，所以我们觉得这个客户行为的变化可能更多是季节性的，而不是结构性的一个变化。那关于第二个这个海外市场的这个利润率的这个问题，那其实我们业务确实是有非常强的这个经营杠杆。那从毛利率的角度来说，其实在不同阶段的市场都有非常好的毛利率的这个水平，因为根据我们的这个定价和业务的这个模式，无论是交易啊还是利息类的这个产品毛利率都挺不错的，那所以这个利润率的提升或者经营杠杆的这个释放主要是来自于这个expense side。那关于新加坡的市场，我们也可以share一个我们觉得非常这个好的这个数据吧，就是过去几个月已经连续我们在新加坡的这个operating

margin是在60%以上，而且是在持续扩张的这个状态，我们觉得这个充分证明了我们本身业务这个模式下有非常强的经营杠杆。在我们能持续提升收入的情况下，这个利润率的这个catch-up是是比较快的。谢谢。 好的，谢谢Daniel总。Thanks a lot, Daniel.

Very helpful.

That concludes our call today. On behalf of the Futu management team, I'd 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.