Hello, ladies and gentlemen. Welcome to Futu Holdings fourth quarter and full year 2025 earnings conference call.

At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a Q&A session.

Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

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

Thanks, operator. Thank you for joining us today to discuss our fourth quarter and full year 2025 earnings results.

Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur 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 belief 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 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.

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

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

Thank you all for joining our earnings call today. In 2025, we delivered another year of strong client acquisition, adding more than 950,000 net new funded accounts, and surpassing our full year guidance by 19%.

Total funded accounts reached around 3.4 million, up 40% year-over-year. We remain confident in our ability to acquire 800,000 net new funded accounts in 2026, supported by strong bottom-up growth opportunities across both our established markets and newer ones.

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

In 2025, net new funded accounts in Hong Kong recorded high double-digit year-over-year increase, as we continued to extend our market leadership on top of a high market share. Significant share gain was also observed in Malaysia, and we expect this momentum to continue, given our competitive product offerings and growing brand trust.

In Japan, cumulative app downloads as of November last year crossed 2 million, further solidifying our position as the number one foreign securities firm. Moomoo was also the most downloaded trading app in Australia in 2025.

第四季度，净增有资产客户约23万，环比下降8%，但同比增长9%。受港股大幅回调影响，香港市场获客环比有所放缓。而在日本和马来西亚，客户美股交易兴趣高涨，叠加我们强大的美股产品力，推动两地净增有资产客户均实现双位数环比增长。我们在美国开展了新一轮的线下市场营销活动，重点推广面向活跃交易者的产品功能。季度内，美国市场的期权交易张数、股票及加密货币交易量均录得双位数的环比增长。 In the fourth quarter, we added roughly 230,000 net new funded accounts, down 8% quarter-over-quarter, but up 9% year-over-year.

While client growth in Hong Kong moderated sequentially following a sharp downturn in the local stock market, net new funded accounts in Japan and Malaysia recorded double-digit sequential growth, underpinned by strong client interest in US stock trading and our superior US stock offerings. In the US, we rolled out another round of offline marketing campaign highlighting key features for active traders.

During the quarter, the number of option contracts traded, stock and crypto trading volume in the US market all posted double-digit sequential growth.

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

In the fourth quarter, net asset inflow remained strong, but marked-to-market losses on clients' Hong Kong stock holdings weighed on overall client assets. Total client assets were HK$1.23 trillion at quarter end, up 66% year-over-year and flat quarter-over-quarter.

Both Hong Kong and Singapore saw rising net asset inflow contribution from high-net-worth clients, while in the US, average client assets recorded the fastest sequential increase among all regions. Underpinned by heightened US stock margin trading activity, margin financing and securities lending balance expanded 7% sequentially to HK$67.7 billion as of quarter end.

A number of popular Hong Kong IPOs during the quarter further contributed to the increased use of leverage, driving a double-digit sequential rise in daily average margin balance.

第四季度，平台总交易额再创历史新高，达3.98万亿港元，同比增长38%，环比增长2%。2025年美国股市呈现出多元化的投资主题，我们客户的交易兴趣也从大型科技股扩展至更多行业及AI产业链相关的标的。在此带动下，四季度美股交易额环比增长17%至3.04万亿港元。受季度后半段港股回调影响，四季度港股交易额环比下降31%至8211亿港元。中国科技股的交易热度有所降温，但黄金及其他贵金属相关标的交易额环比增长。尽管币市行情走弱，加密货币交易额依然保持稳健，约为200亿港元。同时，香港、新加坡及美国市场的当季有交易客户中，加密货币的交易渗透率持续攀升。季度内，我们在新加坡和美国市场各新增十余个币种，并进一步丰富了加密货币相关的市场数据与资讯服务。

Total trading volume climbed to a record HK$3.98 trillion, up 38% year-over-year and 2% quarter-over-quarter. The US equity market featured numerous investment themes in 2025, and we observed our clients diversifying beyond large technology names into a broader range of sectors and across the AI value chain.

As a result, US stock trading turnover was up 17% sequentially to HK$3 trillion in the fourth quarter. Hong Kong stock trading volume contracted 31% quarter-over-quarter to HK$821 billion, as investor appetite for China technology stocks waned amid the market correction in the second half.

This decline was partially offset by elevated trading interest in gold and other precious metals-related names. Crypto trading volume remained resilient at approximately HK$20 billion despite market headwinds, with crypto penetration among trading clients rising across Hong Kong, Singapore, and the US.

During the quarter, we expanded our crypto offerings by adding more than 10 coins in both Singapore and the US, and further enriched our market data and information around crypto.

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

Wealth management client assets reached HK$179.6 billion, up 62% year-over-year and 2% sequentially. In response to growing client demand for portfolio diversification, we broadened our portfolio suite across key markets.

In Hong Kong, we enhanced our lineup of high-dividend funds and further lowered the minimum investment threshold for structured products, making them more accessible to retail investors. In Singapore, we introduced more Singapore equity funds as well as short-duration bond funds.

In Malaysia, we launched Shariah-compliant gold tracker funds, which were met with strong demand from local investors.

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

During the quarter, we streamlined Airstar Bank's account opening processes and launched mutual funds and insurance products in the banking app. A desktop version was also introduced to provide clients with a seamless cross-platform experience.

On the internal front, we strengthened Airstar Bank's compliance and risk management capabilities by developing an anti-money laundering system and AI-powered fraud detection infrastructure. Looking ahead, we'll continue to enhance the technology infrastructure and user experience, while exploring synergies between Airstar Bank and the group, as we advance toward a comprehensive, one-stop financial services platform in Hong Kong.

截至四季度末，我们的IPO分销及IR客户总数达600家，同比增长24%。2025年我们进一步巩固了在港股IPO分销及认购领域第一零售券商的地位。年内我们为超过一半的在香港主板新上市公司提供了投资银行服务，平台全年认购金额占香港IPO公开发售总认购金额的49%，平台参与港股IPO认购的投资者数量接近2024年的5倍。第四季度，我们在多宗知名港股IPO项目中担任整体协调人角色，包括迅策科技和遇见小面等。 At quarter end, we had 600 IPO distribution and IR clients, a 24% year-over-year increase.

In 2025, we reinforced our standing as the leading online broker for Hong Kong IPO distribution and subscription. In 2025, we provided investment banking services to over half of the newly listed Hong Kong mainboard companies, with full year subscription amount on our platform representing 49% of the total public offering subscription amount.

The number of Hong Kong IPO subscribers on our platform grew nearly five times year-over-year. In the fourth quarter, we assumed the role as overall coordinators for a number of high-profile Hong Kong IPOs, including those of XunCe Technology and Xiaonoodle.

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, 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. Total net revenues was 6.4%—HK$6.4 billion, up 45% from HK$4.4 billion in the fourth quarter of 2024.

We conclude another strong year with full year revenue growing to 22.8 billion—HK$22.8 billion, up 68% year-over-year. Brokerage commission and handling charge income was HK$2.8 billion, up 35% year-over-year and down 5% Q-o-Q.

Total trading volume grew on both year-over-year and Q-o-Q basis, while blended commission rate moderate as clients trade more higher-priced US stocks and options during the quarter. Interest income was HK$3 billion, up 50% year-over-year and flat Q-o-Q.

The year-over-year increase was driven by higher interest income from securities borrowing and lending business, banking deposits, and margin financing. On a sequential basis, interest income remained stable, as higher interest income from banking deposits and margin financing was offset by lower interest income from securities borrowing and lending business.

Other income was HK$630 million, up 79% year-over-year and 42% Q-o-Q. The year-over-year increase was primarily attributable to higher fund distribution service income and IPO subscription service charge income.

The Q-o-Q increase was mainly driven by higher enterprise public relationship service charge income and IPO subscription service charge income. Our total costs was HK$729 million, a decrease of 6% from HK$776 million in the fourth quarter of 2024.

Brokerage commission and handling charge expenses was HK$141 million, up 26% year-over-year and down 12% Q-o-Q. Both the year-over-year and Q-o-Q movements were roughly in line with the change of brokerage commission and handling charge income.

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

Processing and servicing costs was HK$150 million, flat year-over-year and down 6% Q-o-Q. The Q-o-Q decrease was mostly driven by the sequential decrease in cloud service fees.

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

Operating expenses was up 9% year-over-year and down 8% Q-o-Q to HK$1.6 billion. R&D expenses was HK$507 million, up 27% year-over-year and down 12% Q-o-Q.

The year-over-year increase was mainly due to an increase in R&D headcount to support crypto and AI-related initiatives. The Q-o-Q decrease was largely attributable to bonus accrual made in previous quarters.

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

G&A expenses were HK$549 million, down 5% year-over-year and flat Q-o-Q. The year-over-year decrease was primarily due to the lower professional service expenses compared to the year-ago quarter.

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

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

Our effective tax rate for the quarter was 16.3%. That conclude our prepared remarks.

We'd now like to open the call to questions. Operator, please go ahead.

Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced.

To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A roster.

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

好，非常感谢管理层给我问问题的机会，然后也非常恭喜我们取得了非常不错的四季度业绩。我这边有两个问题。我的第一个问题是想问一下管理层关于2026年一季度到现在我们看到的一些business trends是怎么样子的，包括我们的新用户的增长，客户的净入金，然后还有交易额。然后也想问一下就是佣金费率在第一季度的趋势如何。我的第二个问题是关于就是我们交易额的结构的。那过去很多人都把我们富途当作一个China beta的stock，然后也觉得我们的客户会trade很多中概股。我想问一下现阶段在我们美股的交易额中，中概股的占比有多少，然后其他部分的占比是怎么样的一个结构，然后趋势变化如何。那我做一下翻译。This is Peter Zhang from J.P. Morgan, and many thanks for giving me the opportunity to ask question, and congratulation on the results.

I have two questions. My first question is among the first quarter business trend.

I'm wondering whether management can give us some color on the paying client growth, net asset inflow, and the trading velocity in first quarter year-to-date, and also how about the commission fee rate trend in 2026. My second question is regarding the trading volume breakdown, particularly for the US stock trading volume.

This is mainly because in the past two years, some investors may view Futu as a beta stock to China, and some investors thinks that our clients trade a lot Chinese ADR stocks. I guess given that we have very successful overseas expansion, the trading volume mix may change over time, I'm wondering whether management can give us some color on the breakdown of your US stock trading volume into Chinese ADR and other stocks.

Thank you.

好的，谢谢Peter。我先回答你第二个问题，我把第一个问题交给我的这个同事Daniel。那有关这个中概股占我们美股的这个交易比例，实际这个占比在过去几个季度持续都是在这个下降的。那我们最新就是上个季度在四季度，我们整个中概股占到美股正股的交易比例实际已经不到10%了。那这个同样在这个前一个季度，这个比例差不多也是在一个10%左右这样的一个这样的一个数字。Let me just do the translations for your for your second question. I will I will do the answers regarding the, Chinese ADRs' contribution for our US stock trading volumes.

In the latest quarter, this portion is less than 10%, and even we compare with the third quarter last year, the number was still roughly around the 10%. I think structure-wise, the contribution from Chinese ADRs to our overall US stocks has been gradually decreased.

I will now hand over to my colleagues Daniel, who will answer your first question.

以至于我们一季度目前看到这个数据情况吧，就是我们预计等一季度整体的这个净增有资产客户数和交易量环比是差不多平稳的这个水平。然后在这一比较浓厚的抄底情绪的这个带动下，净入资在一季度预计能有一个双位数的环比增长，然后我们预计一季度将达到历史最高的这个单季度净入金的这个水平。但是mark-to-market在这个季度还是有非常大的这个负面影响，所以总体的客户资产可能环比是一个稳中有升的状态吧。So based on the trends we have seen year-to-date, we expect net new funded accounts and trading volume to be flattish quarter-over-quarter. We've seen very strong bottom fishing activities from our clients, we expect a double-digit sequential increase in net asset inflows, and we expect the quarterly net asset inflow in first quarter to be the highest quarterly number.

Mark-to-market impact was pretty strong and it was pretty negative quarter-to-date. We expect, all in all, total client assets to increase modestly by the end of the first quarter.

Thank you. In terms of blended commission rate, so far, I think we are seeing flattish Q-on-Q blended commission rate.

Thank you. We will now take the next question from the line of Emma Xu from Bank of America Securities.

Please go ahead.

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

After the relaxation of Hong Kong's regulatory policies in February this year, what new products have been launched and what is the current implementation status and performance? The second question is about the AI.

What specific empowerments does AI currently bring to your business? Will AI bring challenges to some business or put pressures on take rate given the SLI model of your business?

Thanks.

好的，谢谢Emma。那我来回答第一个有关crypto的问题，那有关AI的这个问题我请这个Leaf来回答你。那有关这个crypto方面，一方面我们现在还在继续进行我们的这个香港SFC的VATP牌照的第二阶段的一个审批。目前从公司来看，我们还是非常有信心希望在未来的不久的将来能够获得相应的这个牌照的一个一个获批。那在这个VATP的这个牌照获取以后呢，我们也希望在不久的将来是可以富途证券这边可以向客户提供证券融资交易虚拟资产、staking等这些新的这个产品的服务。那同时呢，我们也希望未来能够依托富途证券比较成熟的资产财富管理体系，向我们的高净值的客户提供定制化的这个虚拟资产的相应的一个服务。那么同时呢，平台也将在未来会为我们的一些机构客户提供一站式的一个这个解决的一个方案。那么从去年四季度到现在，我们实际持续在我们的的一些海外的地区，包括新加坡、美国去增加我们新的一些交易的一些品类，持续去丰富我们的一个产品的一个矩阵。那就像这个Leaf刚才在opening remarks里面也提到，那在这个过去一个季度，无论在香港、新加坡和美国这三个地区，我们能看到我们的客户在当期交易货币资产的客户数量都录得了环比有双位数的一个增长。那同时这三个市场里面交易加密货币的客户占到整个当季度的这个交易客户中的渗透率也持续有上升，目前已经到了一个中高单标位到低双位数这样的一个水平在这个里面。那我们相信这一块的这个渗透率在未来的一段时间还有很大的一个提升的一个空间。我翻译一下。In terms of the the crypto development, I think in in the first, in Hong Kong, we are still waiting for the Hong Kong regulators for our VATP license approvals. We are very confident in the near futures we can get this license.

After the, the launch of the VATPs, hopefully we can in the near future, Futu can start to provide our traditional clients for crypto trading on the back of the margin using their stock as the collateral for the margins, and also we'll provide the staking service for them as well. In in the future, we also wish to provide a tailor-made crypto service to our high-net-worth clients alongside with the service to our institution clients for the one-stop solution, for the one-stop solutions.

Then in the in the past one quarters, we further enrich our product offering trading, different tokens in Singapore and in the US. At the same time, as Leaf mentioned in the opening remarks, in Hong Kong, Singapore, and the US, the the number of the clients trading for the cryptos all include a double-digit increase, and the penetration rate for these traditional tri-fact peoples trading crypto also increase a lot to the to the latest high single digit and low-teen levels.

We think this penetration rate can continue to grow in the foreseeable future. Thank you.

关于AI这里我来讲一讲。那么首先AI是富途公司级的战略，从2022年开始，我们实际上就已经在开始做相关的投入。那么在过去的几个季度呢，我们也我们也在不断的去加大AI相关的投入，并且将AI能力深度的融入到了就是给客户的产品体验和内部运营当中。那么我们通过AI去提升了客户发现投资机会和收集投资信息的效率，比如像AI日报和周报的筛选和总总结。那么涵盖了20余项行情数据，包括技术指标、K线形态、资金流向等等。那么这些相比同业的更新，它的时效性会更强，那么支持的内容范围也都更广。财报和资讯的AI摘要，这些也都大大提升了客户信息收集的效率。另外就是我们在四季度推出了AI量化交易的功能，那么用户只需要通过简单的自然语言描述，就可以自动生成量化交易策略。那么这个功能呢是受到了很多进阶投资者的广泛好评，也降低了构建专业投资策略的门槛。此外，我们还拓展了AI chatbot和AI解读所支持的资产类别。那么我们在集团内部呢，AI技术也都已经系统性的嵌入到了产研、运营、客服和职能团队当中，能看到显著的提升了我们整体的运营效率。就目前非常火热的OpenClaw，我们也都有提供了程序化的接口，那么只需要简单的设置，就可以通过我们的OpenAPI去进行交易。那么OpenAPI实际上是我们从2014年就开始去进行研发，持续研发和提供的能力。那么未来我们也会在这一块继续着力，比如说我们会去推出供OpenClaw去使用的skills。那么最后我想讲的是，依托我们这么多年积累下来的行情、交易、清结算这些底层的能力，再结合我们拥抱AI的叫决心和能力，我相信在AI时代，富途依然能够会拥有自己的叫做一席之地，也依然能够在AI时代去绽放出自己的光芒。谢谢。

AI is a company-level strategic priority at Futu. We've actually started AI investments in 2022, and over the past few quarters, we have ramped up AI investments by deeply integrating AI capabilities into our product experience and internal operations.

We now leverage AI to enhance the efficiency with which our clients discover investment opportunities and gather information. Our AI-generated daily and weekly reports automatically filter and summarize key insights, cover over 20 types of market data, including technical indicators, candlestick patterns, and fund flows, and these offer better timeliness and broader content coverage compared to our peers.

Furthermore, AI-powered summaries of earnings reports and news has also significantly improved client efficiency in gathering information. In the fourth quarter, we launched AI algo trading, which allows users to generate quantitative trading strategies using simple natural language.

This feature has been very well received by the advanced traders on our platform, lowering the barrier to creating professional investment strategies. We have also expanded the asset classes coverage of our AI chatbots and AI analysis.

For the OpenClaw that's quite popular recently, we now offer access through our Open API. We've actually started developing OpenAPI in 2014, and has been optimizing that experience ever since, and we've also supported skills that are accessible to OpenClaw as well.

Thanks to the years of development and accumulation in market data and information, in the trading infrastructure, as well as our execution and clearing capabilities, as well as our determination to embrace AI and our capabilities in leveraging AI to empower our business, we believe Futu will stay as a leading player in the AI era. Thank you.

Thank you. We will now take the next question from the line of Chiyao Huang from Morgan Stanley.

Please go ahead.

好的，感谢。管理层好，我是摩根士丹利的黄乔。想请教两个问题啊。第一个是关于这个80万的获客指引。那我们看到今年确实开年以来市场也非常波动。想请管理层分享一下咱们在主要看到了哪些这个获客的驱动力，以及在哪些领域还有比较大的这个空间来帮助我们实现这个和去年一样高的这么一个目标，或者说还是有哪些新的市场也可以帮助咱们实现这个目标？第二个问题是关于天星银行，想请管理层也分享一下咱们对未来对天星银行的一个定位，那么尤其是跟同业的这个虚拟银行以及在香港的一些传统银行相比，天星银行未来会主要主打哪些差异化的地方？那么我们短期和中期来看有没有一个这个推出产品的一个时间线？那未来最终咱们对于天星银行的一个展望，从这个业务层面包括收入是更多的会侧重于传统银行的这种资产负债表型的这种业务呢，还是说更多一些手续费类型的手续费类型的财富管理的这种收入为主收入结构为主？谢谢。我大概翻译一下。So the first question is regarding the 800,000 guidance on new funded accounts, which is a very strong number. Considering the rising market volatility year-to-date, I just wondering what will be the main drivers and the main areas that the management sees has largest potential to help achieve this target, especially including any new markets that we are targeting?

The second question is regarding the Airstar Bank. Just wondering what's the long-term planning, strategic planning for the bank's positioning in the market, what kind of a differentiation will be there compared to other virtual bank and the traditional banks, and do we have a timeline of the product pipelines, and over time what will be the expected revenue structure for Airstar Bank, will be more balance sheet business or more fee income business in wealth management?

Thank you.

好的，乔。谢谢你的两个问题。我我来回答一下这两个问题。那第一，有关这个我们提出的今年80万的净增有资产客户的这样一个目标。那在除了我们现有已经这个有业务的这个8个市场，确实这个目标里面是包含了我们假设今年会进入一个新这个市场这样一个预测在里面。那么另外，从year-to-date目前市场的情况来看，我们整体的一个获客的一个情况还是比较良好的。虽然在这个3月份开始受到外围的一些这个外围的宏观经济因素的一些影响，市场有比较多的一些波动，但从目前我们获客的情况来看，并没有受到很大的一个影响。那这个是第一个问题。那有关这个天星银行，我想我们依然从战略上是希望能够寻求天星银行跟富途证券现有的这些业务的一些这个协同的一个效应。那从这个具体的一些业务展开来看，今年我们依然还会围绕两个方面的一个主线，一个是有关客户体验的一个升级，那另外一方面是有关我们内部的基建的一个强化。那从去年四季度开始，我们整个对于天星银行的APP是做了比较大的一些升级的一些改造，就像Leaf在前面opening remarks时候也提到，目前已经推出了公募基金跟保险的一个产品。那在未来，我们会有这个进一步的围绕财富管理相关的一些产品会这个会上线。那同时从内部的一些基建来看，我们也是在持续强化这个合规跟风险管理能力这方面。那这个通过一些自研的一些系统能够去提高我们的业务吞吐的一个效率，同时能够去降低银行相应的一个成本。所以呢，在短期我们会这个围绕这两方面去开展我们的一些工作。那从长期的这个角度来看呢，从未来的这个收入的一个结构来看，我们觉得应该还是会比较多的去围绕我们现有的这个现有的一个这个中介收中间业务收入的这样的一个定位，配以比较合适的一个资产负债表的一个业务的一个扩张。当然，这个是一个比较中长期的一个规划。那我翻译一下。For the first questions for our 800 funded accounts, this number we have already, embed one new markets we will have potential to entering to in 2026. Despite the year-to-date there's a some market volatility arising from geopolitical tensions and a lot of, macro headwinds, our client acquisition run rate still remain very robust, and we are very confident to achieve this targets toward toward the end of this year.

Then for the Airstar Banks, we will continue to focus how to generate a meaningful synergies between Airstar Banks and the Futu existing business. As Leaf mentioned in the opening remarks, in the in the fourth quarter and also in the in the next couple of quarters, most the work in Airstar Bank will center around in two aspects.

Externally is to upgrade the user experience, and internally we will further to enrich the infrastructures. On the in the external side, we have already launched some new wealth management products in Airstar Bank app, like mutual funds and insurance products.

There will be more wealth management-related products to be launched in the app in the next couple of quarters. Then internally, we further to enhance the compliance and the risk controls.

A lot of proprietary developed product products to enhance the business efficiency and lower operating costs for the banks. In the long runs, we think the revenue stream will be more skewed to this fee incomes arising from the wealth management-associated activities, supplement by some balance sheet expansion business.

Having said that, this is a very long-term targets for revenue generations. In the near term, we will still continue to focus the two aspects I mentioned before.

Thank you very much.

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

哎，好的。感谢管理层给我这个提问的机会。那也是恭喜公司在四季度再次取得了非常亮丽的业绩。我是中金公司的分析师樊优，优优。那我这边的话也是两个问题想请教一下管理层。首先一个的话，还是想再请管理层能否帮忙拆解一下可能四季度这个新增入金用户数。因为咱们看到确实虽然四季度可能市场还是有些波动，但还是这个新增用户数上保持了一个相对的高位。那其中来自于各个市场可能大概的一个地区分布，然后包括如果从当前存量的一个入金用户数角度来看大概的一个地区的结构分布大概是如何？这是第一个问题。第二个的问题的话，也是想再请教一下关于这个客户总资产，想请教一下可能四季度当中，如果从这个净入金来看大概是在一个多少的量级，然后剩下的是不是就是来自于这个mark-to-market的影响？另外的话，就是从这个AUM的角度来看各个地区大概的一个占比结构是如何？这是第二个问题。然后我这边快速翻译一下。This is You Fan from CICC, and I have two questions. The first one is about the user regional breakdown.

We still see strong customer growth this quarter despite the market downturn, what's the regional breakdown of our existing and also the new paying client? The second question is about the AUM.

How much is from clients' net asset inflow and how much from market-to-market depreciation, and what is the regional breakdown of the clients' asset? Thank you.

好的，谢谢优优。我来回答一下这两个问题。那一个从四季度的净增有资产客户来看，马来西亚跟新加坡两个合计是贡献了超过一半的有资产客户的一个增长。那其他的一些地区，比如像美国市场、新加坡市场跟日本市场的这个贡献呢都是在一个10%到20%左右这样的一个区间区间里面。那么截止到这个去年四季度末，从整个的这个存量有资产客户的这个分布来看呢，我们整个大中华地区以外的海外品牌Moomoo的这个有资产的这个客户数呢，这个占比呢已经进一步提升到这个55%。那其中贡献比较大呢，是新加坡跟这个美国市场。那这个是有关你的第一个问题。那第二个问题呢，从去年四季度的这个净入金来看呢，去年四季度的净入金环比去年三季度呢是环比是有小幅下降，但从绝对数来看呢依然是一个非常强劲的一个增长。那这个去年四季度呢实际整个这个市场，特别是在香港市场，股市是有比较大的一些回调的。恒生指数是下跌了环比下跌了5%，恒生科技指数环比大概下跌了15%左右，所以呢我们看到的客户的这个年底的这个总资产呢，是受到了比较大的mark-to-market的一个影响。那这一块的这个影响呢也基本把我们去年四季度的净入金的这样的一个数字呢是完全抵消掉了。那么从存量的这个角度来看呢，整个香港地区还是我们整个目前所有的这个客户这个AUM占比最大的这样的一个地区。但其他的一些新的一些地区，无论是新加坡也好、日本也好、还有美国也好，这方面的这个占比也是在持续做相应这个提升的。那我简单翻译一下。For the contribution of the fourth-quarter net new adds, Malaysia and Hong Kong collectively contributed over 50% of new client adds in the fourth quarter. Then other remaining markets like, US, Singapore, and Japan, their contribution rate is in the percentage of 10% to 10% to 20%.

As the year-end, the funded accounts in the universe of our overseas brand Moomoo has already increased to 55% of total group funded accounts. Among them, the contribution from Singapore and the and the US ran most.

For the for the second questions regarding the the net new net asset flow inflows in the fourth quarters, the Q-on-Q basis, the net asset inflows have some moderations in the fourth quarter, but on the absolute levels it remained in a very high in a very high levels, and the momentum keeps very strong. You can imagine in the fourth quarter Hong Kong markets got a lot of retreat.

For instance, Hang Seng Index down 5% Q-on-Q and Hang Seng Tech Index down 15% Q-on-Q. Therefore, we got some negative impacts from the market-to-market loss, which almost fully offset the net asset inflows in the fourth quarters.

At year-end, Hong Kong remains the largest in terms of, clients' assets AUM breakdowns, followed by Singapore and some new markets like Japan and Hong Japan and the US, the contribution we see a very good momentums to increase. Thank you very much.

Thank you. 谢谢。

Thank you. We will now take the next question from the line of Leon Qi from CITICS CLSA.

Please go ahead.

哎，好的。非常感谢给我这个提问的机会，我是CLSA的Leon。今天想请教管理层两个问题啊。第一个呢是关于刚才讲到的新市场，不知道管理层是不是方便具体披露是哪一个市场？如果不方便披露的话，是不是可以给我们一些这个线索啊？我们主要可能是想复制我们现有的哪一些市场的经营模式，我们可能是看新客户数的增长，还是说一些高客增长，还是说一些新的打法业务模式啊？关于新市场不知道能不能给我们一些clue，以及战略上这个新市场我们是怎么样去定位的。那第二个问题呢是我想问的具体一些，因为我们看到其实四季度业绩再次证明了即便是在股市出现一些波动的时候，我们的客户净入金仍然是很强的。那么具体的这个净入金，就我们以最大的这个香港市场为例啊，我们的这个一些高客的这个客户经理啊，我们是怎么样去考核他的？是不是有这一项，就是具体的净入金这一项？那除了净入金之外，那我们可能主要还考核一些什么样的指标？那比如说像这个新的有资产客户数啊，是不是还会考核客户比如说客户持有我们多个产品啊，客户的这个甚至客户的盈亏啊这些东西啊。就想了解一下我们具体在香港特别是高净值客户这一块，因为我们也做了好几年了，这一块我们具体是怎么样去考核的在运营上？就这两个问题想请教管理层。谢谢管理层。I will briefly translate my questions into English. Thanks for taking my questions.

This is Leon Qi from CLSA, and congrats again on very strong fourth-quarter results. I have two questions today.

First one is actually a follow-up on our new market this year. Is it possible for management to give us some clues in terms of our rationale of entering these new markets?

Is it going to replicate one of our existing markets? Is the significance mostly on new paying clients or any new strategy in terms of products, etc.?

If it is possible for management to share with us some clues of entering the new market this year. The second question is actually a bit operational.

We just want to understand the reasons behind the very resilient quarterly net client asset inflow. In particular, in Hong Kong, we do understand that we started high-net-worth clients a few years ago.

How do we evaluate the performances of our relationship managers for these high-net-worth clients? Is net client inflow a major metric that we actually look at or we actually look at other metrics such as total assets, new funded accounts, or even metrics such as the performance of client assets, or the number of different products that our clients hold?

This kind of operational metrics will be very helpful for us. Thank you very much.

好的，谢谢Leon。我来回答一下这两个问题。那有关第一个问题，因为确实我们现在这个这个新的市场我们还在相关的这个牌照申请的这个过程里面，确实现在还不太方便来透露这个具体的这个市场的市场的名字，但这个新的这个市场应该会是在亚洲地区。那第二个有关你谈到的这个我们财富管理的一些这个内部的一些考核的一些机制，我想可以分享的就是第一，我们是从整个客户的一个全生命周期的一个价值去考虑这样的一个问题的，所以内部对于我们的同事的一个考核也是一个综合性的一个指标跟指标的一个体系。然后这个体系呢也会跟着我们的业务发展的一个情况不就是时不时的去做相应的一个调整。比如你讲到的这个客户的净入金，包括客户的一个总资产，我相信可能还有客户的这个留存率等其他的一些指标都是我们整个的考核体系里面的一个一个一个部分。那更多的我们是着眼在这个伴随客户的一个长期的成长，而不是短期从客户那边有多大的一个变现的一个一个，就当在某一年的这样的一个变现的一个能力，并不是我们一个主要的一个考虑。那我简单翻译一下。Regarding the first question for this new market, it is too early to share the exact the market name given that we are still in the process of the license applications, but we think this market will be will be in the universe of the Asia. Then for the second questions for the certain, performance measurements for our internal colleagues regarding the high-net-worth clients, as you said, the new asset inflows definitely one factor of the of our overall matrix matrix, which is very comprehensive.

Also, our bottom line is to care about the clients' lifetime values. Therefore, the net asset inflows and also including the clients' total assets, retention rate, all these factors into this matrix.

Thank you.

哎，非常感谢Arthur总。

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

Please go ahead.

哎，谢谢管理层给我这个提问的机会。那我这边有两个问题想要追问一下。就是第一个问题是就我们2026新获客这个指引80万啊，有没有办法帮我们拆分一下就是香港跟海外市场它预期的贡献大概是怎么样的一个拆分？然后全年的话，我们现在怎么看这个获客的一个成本？那第二个的话想请问一下，就是说因为我们也看到就第一季从1月份的一个开年大行情，到最近因为地缘政治的关系所以导致这个市场的一个股市波动也是比较大的，所以可以就目前投资者在你们平台上第一季来这个交易量、换手率以及两融的余额趋势给我们一些指引吗？那我很快翻译一下我的问题。Thanks for taking my call, and congrats for the great fourth-quarter results. I have two questions here.

First, for your new funding accounts target 800,000 in 2026, could you break down the expected contributions from Hong Kong and overseas market? What is the expected average customer acquisition cost for the whole year?

Second is quarter-to-date, we saw a strong market rally starting in January, but followed by recent stock market volatility due to geopolitical risk. Based on investors' trading activity on your platform, could you provide some guidance on trading volume, trading velocity, and margin financing and securities lending demand trend in first quarter?

Thank you.

好的，谢谢Cindy。我来回答一下第一个问题，那第二个问题我请我的同事Daniel来来回答，因为之前有另外一位有另外一位分析师也也谈到这个year-to-date的一些color的一些情况。那有关2026年我们整个的一个获客的目标里面，我相信从这个市场的这个拆分目前来看会跟我们2025年的一个这个这个结构应该会比较雷同，所以香港依然还是一个非常重要的一个获客获客来源的一个地区。那从获客成本来看，目前我们暂时会把我们全年的获客成本的一个目标定在2500到3000港币这样的一个区间在里面。那考虑到一方面我们会有这个未来会有一个新市场的一个展业，有可能会有一些更多的以前期的一些投入，那么同时也考虑到你刚才讲到的今年的这个行情可能会有一定的波动跟不确定性在这个里面。那么当然从一季度目前就是前两个月的一个获客的一个情况来看，那这个获客的一个情况还是不错的，包括这个获客的一个成本从前两个月的这个情况看，我觉得有可能会在我们刚才给到的这样的一个2500到这个2500到3000港币这样的一个区间的下界，甚至可能会低于下界稍微一点，这是第一个问题。那我简单翻译一下。In terms of the the breakdown of the new funded accounts targets for 2026, we think largely it will be the same as the contributions from different markets in 2025, and the Hong Kong will continue to be a very strong contributors in terms of the geographic locations. Then for the for the CAC, our initial objective for this year's CAC will be around 25 to 30k sorry, 250k to 3 sorry, 2,500 to 3,000 Hong Kong dollars considering the uncertainty of this this year's market volatility and also there will be some front-loaded cost in this new market expansions I mentioned before.

Therefore, there we want to leave some flexibility in the in the in the CAC objectives. Year-to-date, we think the client acquisitions situations remain very robust, and the CAC for the first two months, I think, will be in the lower end or even lower than the range I mentioned before.

一季度目前为止这个市场的波动还是很大的，然后客户整体的交投是比较活跃的，然后我们预计一季度整体的这个交易量可能是环比比较平稳的这个水平，所以是保持在了这个历史最高位的这个水平。那整体这个在市场回撤的这个情况下，客户的抄底情绪还是比较浓厚的，所以我们预计季度末这个两融的余额是有机会有一个环比的增长。那像刚才提到这个净入金是非常的强劲，我们预计一季度的这个净入金应该能达到历史最高的这个单季度净入金的水平。So in the first quarter, quarter-to-date, the market has been quite volatile, and we've seen our clients engage in very actively with the market. We expect the first quarter's total trading volume to be flattish quarter-over-quarter, it's going to stay as a historic high that we've seen the fourth quarter last year.

When the markets experience a pull-back, we've seen lots of bottom fishing activities from our clients. We're expected a sequential increase in our margin financing and securities lending balance.

As we shared earlier, net asset inflows also very strong, and we expect a historic high quarterly net asset inflow in the first quarter. Thank you.

Thank you. We will now take the next question from the line of Zoey Zong from Jefferies.

Please go ahead.

哎，感谢管理层接受我的提问，我是Jefferies的Zoe。我这边有两个问题想请教一下。第一个还是关于香港这边，就是我们现在是怎么看香港的竞争格局，以及我们四季度和一季度的这个市占率趋势大概是怎么样子的？第二个的话是关于股东回报，想请教一下我们8亿美金的这个回购计划的使用情况，以及接下来两年的节奏。谢谢。那我快速翻译一下。Thanks management for taking my questions. This is Zoey from Jefferies.

I have two questions. First, could you please elaborate on the competitive landscape in Hong Kong and how do we see the market share momentum in Q4 and recently in Q1?

Second, in November last year, we announced a share repurchase program of up to $800 million through December 2027. Could you please give us an update on the progress and how should we expect the pace in the next two years?

Thank you.

好的，谢谢Zoe。那我先回答你的这个第二个问题，我把第一个问题有关这个香港市场的交给我的这个同事Daniel。那有关这个目前我们的这个回购这个计划，在去年四季度我们是没有使用我们的这个回购计划的，因为整个这个回购计划是覆盖到2027年底。那接下来我们会结合整个资本市场的一个情况，包括股价的一个情况来进行相应的这样的一个回购计划的一个使用。Regarding the share buyback programs, so far in the fourth quarter, actually, we have not conduct any share buyback within this $800 million share buyback programs, which will cover toward the end of 2027. We will continue to closely watch the market conditions and looking for potential market opportunities to conduct this share buyback program, which is more preemptive.

Thank you.

关于这个香港市场的一个情况，我们整体觉得香港市场的竞争格局没有什么边际的变化。其实我们业务的一些进展或者说获客的一些速度，其实也一定程度上受到整个市场环境的一些影响吧。在四季度在港股大幅回调的影响下，就香港整体零售客户的情绪还是比较低迷的，所以香港获客环比有一定放缓。但是当季非常活跃的这个港股IPO的认购在一定程度上支撑了客户的情绪。那回顾整个2025年，香港市场其实贡献了整个集团最多的有资产客户的增长，然后全年净增有资产客户实现了高双位数的这个同比上升。那我们能够在非常高市场份额的基础上持续巩固和扩大我们的领先地位。那除了非常快速的客户增长之外，四季度包括全年2025年的这个香港市场的净入金也是很强劲的，然后我们看到了高净值客户的这个贡献的占比是持续的提升。我们觉得这也得益于我们一直丰富的这个财富管理产品供给，并且通过了一系列品牌活动和投资讲座和峰会等，强化了富途的非常专业的金融品牌的形象。那2025年整体这个香港市场的很强劲的表现，我们觉得也是印证了我们之前对于香港市场一个判断吧，就是香港在投资者的数量和资产规模方面都还有非常可观的增长空间。然后展望今年吧，我们会持续去提升我们的产品能力，也持续会加强我们的品牌建设。我们对香港市场的这个长期增长还是非常有信心的。So we haven't seen incremental changes in terms of the competitive landscape in Hong Kong. We think our performance in Hong Kong is still influenced by the overall market sentiments.

In the fourth quarter, due to the sharp pull-back of the Hong Kong stocks, Hong Kong retail investors was overall quite bearish about the market, our client acquisitions decelerated sequentially. A very active Hong Kong IPO market to some extent lifted investor sentiment.

Just looking back at 2025, Hong Kong contributed the highest number of net funded accounts within the Futu Group, and the net funded accounts achieved high double-digit year-over-year increase. We're able to extend our leadership and further solidified our leadership on top of a very high market share.

We not only saw very strong client growth in 2025, we also saw very strong net asset inflow, and we've seen a higher percentage of contribution in terms of net asset inflow from our high-net-worth clients, which was largely due to a growing portfolio of wealth management products and our image of a professional finance platform thanks to the series of brand initiatives that we carried out and lots of investment forums and lectures that we did throughout the year. We think that very strong performance in Hong Kong in 2025 really speaks to our assessment of the market potential earlier.

We believe that Hong Kong has huge headroom to grow for us in terms of both client numbers and client assets. Looking to 2026, we'll continue to enhance our product capabilities, we'll continue to invest in brand building, and we're very optimistic about the long-term growth opportunity in Hong Kong.

Thank you.

Thank you. I would like to hand back over to the speakers for closing remarks.

That concludes our call today. On behalf of the Futu management team, I would like to thank you for joining us.

If you have any further questions, please do not hesitate to contact me or any of our investor relations representatives. Thank you, and goodbye.

This concludes today's conference call. Thank you for participating.

You may now disconnect.