Thank you, operator. Hello, everyone.

We appreciate you joining us today for UP Fintech Holding Limited's third quarter 2025 earnings call. The earnings release was distributed earlier today and is available on our Investor Relations website at ir.itigerup.com and through GlobeNewswire.

On the call today with us are Mr. Wu Tianhua, Chairman and Chief Executive Officer; Mr.

John Zeng, Chief Financial Officer; Mr. Huang Lei, CEO of US Tiger Securities; and Mr.

Kenny Zhao, our Financial Controller. Mr.

Wu will provide an overview of our business operations and key corporate highlights, followed by Mr. Zeng, who will discuss our financial results.

They will both be available to answer your questions during the Q&A session afterwards. Before we begin, I'd like to address the safe harbor statement.

The upcoming remarks will contain forward-looking statements as defined by the US Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to various factors.

For more details on these factors, please refer to our Form 6-K filed today, December 4th, 2025, and our annual report on Form 20- Form 20-F submitted on April 23rd, 2025. We are not obligated to update any forward-looking statements unless required by law.

Now it's my pleasure to introduce our Chairman and CEO, Mr. Wu, who will begin his remarks in Chinese, followed by an English translation.

Mr. Wu, please proceed.

大家好！非常感谢各位参加老虎国际2025年第三季度财报发布会。

Hello, everyone. Thank you for joining the Tiger Brokers third quarter 2025 earnings conference call.

第三季度，公司再次取得了亮眼的业绩表现。各项业务收入和盈利能力均保持快速增长势头，并再次创下了历史新高。整体收入达到了一亿七千五百二十万美元，同比上升73.3%，环比上升26.3%。在利润方面，我们坚持用户质量与产品体验优先的战略，进一步提升了ROI，为盈利能力的持续提升奠定了基础。第三季度，公司各个牌照均实现盈利，使得整体归属于母公司的净利润为5,380万美元，环比上涨30%，为去年同期的三倍。Non-GAAP净利润达到5,700万美元，环比增长28.2%，为去年同期的2.8倍。Non-GAAP净利润均创下了历史新高的同时，也已连续五个季度保持环比双位数以上的增长。

In the third quarter, Tiger once again achieved impressive performance, with all revenue segments and profits showing encouraging growth and reaching new historic highs. Our total revenue reached $175.2 million, representing a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3%.

We have maintained our strategy of prioritizing user quality and product experience, which has further improved our ROI and laid down a solid foundation for ongoing profit growth. All of our licensed entities achieved profitability in the third quarter, resulting in a net income attributable to UP Fintech of $53.8 million, up 30% from the previous quarter and three times the same quarter last year.

Our non-GAAP net profit reached $57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year. Non-GAAP net profit hit new historical highs and has maintained double-digit quarter-over-quarter growth for five consecutive quarters.

第三季度，新增入金用户31,500人，香港和新加坡为主要的贡献市场。今年前三季度累计新增入金用户132,200人。那截至到目前，我们已经提前实现了全年15万新增入金用户的年度目标。截至到第三季度末，累计入金用户达到1,224,200人，同比增长18.5%。那我们很高兴地看到，公司在香港市场的拓展进一步获得了当地用户的认可和信任。第三季度新增入金用户当中，来自香港市场的贡献首次超过了30%，那使香港成为新加坡市场之外另一个重要的增长引擎。那同时，香港市场的用户质量也保持在稳定的高水平，新增入金用户的当季度平均净入金也已经连续三个季度维持在约3万美元左右的高位。那此外，集团今年以来基于ROI的考量，对获客策略进行了持续的优化，新加坡市场取得了显著的成效。第三季度，当地新增入金用户的当季度平均净入金超过6万美元，大幅打破了历史记录，同时将该指标在集团层面推动到3万美元以上的历史新高。

In the third quarter, we added 31,500 new funded accounts, with Singapore and Hong Kong being the primary contributing markets. In the first three quarters of this year, we have acquired 132,200 new funded accounts.

The total number of funded accounts reached 1,224,200, representing a 18.5% year-over-year increase. As of today, we have already achieved our annual guidance of acquiring 150,000 newly funded accounts.

In addition, we are glad to see better brand recognition from Hong Kong users. In the third quarter, for the first time, Hong Kong accounted for over 30% of our quarterly new funded users, becoming a key growth engine alongside Singapore.

More importantly, user quality in Hong Kong remains strong, with average net asset inflow for newly acquired clients holding around $30,000 for three consecutive quarters. Meanwhile, ROI-driven acquisition strategy delivered standout results in Singapore.

The average net asset inflow for newly acquired clients in the third quarter surpassed $60,000, a historical breakthrough, and lift group average this quarter to above $30,000 for the first time.

客户资产方面，净流入保持强劲势头，其中零售用户为主要的贡献。那叠加市场震荡上行带来的账面浮盈，客户总资产大幅上升，并创下了历史新高，达到610亿美元，环比增长17.3%，同比增长49.7%，那并已实现连续12个季度的增长。在第三季度，我们在所有海外市场的客户资产均实现了20%以上的双位数环比增长。那其中，香港市场和美国市场的客户资产分别实现了60%以上和50%以上的环比增长。

Regarding total client assets, net asset inflow remained robust, mainly driven by retail investors. Coupled with the mark-to-market gains, total client assets reached a new record of $61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year, marking 12 consecutive quarters of growth.

In the third quarter, all the overseas markets delivered double-digit quarter-over-quarter growth of above 20% in client assets, with Hong Kong and the US increasing by more than 60% and 50%, respectively.

第三季度，老虎国际持续优化产品功能，让全球投资变得更便捷、更普惠。那作为新加坡领先的科技型券商，老虎我们持续提升本地投资者的使用体验。为让更多本地投资者能够轻松参与股市，老虎新加坡已经免除了无交易账户的新交所季度托管费，降低长期持有者的持仓成本。在香港，我们继续丰富产品矩阵，第三季度首次推出了日本市场的衍生品服务日经期货，进一步完善了全球多资产的战略布局。那此外，我们在今年9月在新西兰上线了虚拟货币交易，为当地用户提供比特币、以太坊等主流的虚拟货币投资服务。老虎平台在第三季度进一步优化加密货币的相关功能，新增了宏观市场洞察、持币公司等相关的特色数据，帮助用户能够洞察投资机遇，精准投资决策。智能投研助手Tiger AI使用热度迅速攀升，期内用户数同比增长近5倍，会话量同比翻了10倍，用户的习惯初步已经建立。那同时，智能投研分析工具TradingFront AI也可以为资产管理业务提供实时的投资组合分析与市场洞察，帮助投资顾问提升分析效率和决策质量。

In the third quarter, we continued to refine our product features to make global investing more accessible and convenient. As a leading tech-driven brokerage in Singapore, we constantly enhance the user experience for local investors.

To enable more local investors to easily participate in stock market, Tiger Singapore has waived the Singapore Exchange quarterly custody fee for accounts with no trades, thereby reducing the holding cost for long-term investors. In Hong Kong, we have expanded our product offerings by introducing Japanese market derivative services, such as Nikkei futures, for the first time in the third quarter, further solidifying our global multi-asset strategy.

Additionally, in September, we launched cryptocurrency trading in New Zealand, providing local users with investment services in major cryptocurrency, like Bitcoin and Ethereum. During the third quarter, Tiger platform enhanced cryptocurrency-related features by adding unique data, such as macro market insights and holdings information for companies, assisting users for recognizing investment opportunities and making better investment decisions.

Tiger AI has seen a rapid increase in usage, with user numbers growing nearly fivefold year-over-year and the number of conversations increasing tenfold. Meanwhile, the intelligent investment analysis tool, TradingFront AI, provides real-time portfolio analysis and market insights for asset management business, helping investment advisors enhance their analysis efficiency and decision-making quality.

老虎国际的2B业务保持迅猛发展势头，助力公司的其他业务收入环比翻倍，创下了单季度历史新高。投行业务侧，第三季度我们承销了5个美股IPO项目，老虎均作为唯一的主承销商，那包括了比邻找房和一亩田等。此外，第三季度我们承销了5个港股IPO项目以及一个港股公开增发项目，包括极佳科技和傲基品。IPO市场的持续火热，助力整个公司IPO申购业务在第三季度继续保持高速增长，期内申购人数环比增长39.3%，申购金额环比大幅提升121.5%，那展现出平台承销能力的进一步增强。ESOP业务方面，今年第三季度新增46家ESOP客户，累计服务客户已达709家，同比增长19%。

Our 2B business also maintained strong momentum, significantly boosting other revenue by doubling them quarter-over-quarter, achieving a historic high for single quarter. In the third quarter, we underwrote five US IPOs, all serving as the sole bookrunners, including Linkhome and Yimutian.

Additionally, we underwrote five Hong Kong IPOs and one Hong Kong public follow-on offering, including Geek+ and AUKEY. With the IPO market being active, supported robust growth in our IPO subscription business, with the number of subscriber increasing by 39.3% quarter-over-quarter and subscription amount surging by 121.5%, reflecting our platform's enhanced underwriting capability.

In our ESOP business, we added 46 new clients in the third quarter, bringing the total to 709, a year-over-year increase of 19%.

现在请CFO John跟各位汇报下财务细节。

Now I'd like to invite our CFO, John, to go over our financials.

Great. Thanks, Tianhua and Aaron.

Let me go through our financial performance for the third quarter. All numbers are in US dollars.

We saw encouraging growth in all revenue components this quarter. Commission income was $72.9 million, increased 77% year-over-year and 13% quarter-over-quarter.

Interest income was $73.2 million, increased 53% year-over-year and 25% quarter-over-quarter, in line with our sequential growth in margin and securities lending balance. Total revenue reached $175.2 million, up 73% year-over-year and 26% quarter-over-quarter.

Cash equity take rate was 7.5- 7.1 bps this quarter, increased from 6.4 bps of last quarter. The uptick in cash equity take rate was mainly due to the increased trading volume of a few low-priced US stock during the third quarter, as we charge commission per share for US stock trading.

Within commission revenue, about 67% comes from cash equities, 29% from options, and the rest from futures and other products. Now onto cost.

Interest expense was $21.9 million, increased 40% year-over-year, in line with the increase in interest income from margin and securities lending business. Execution and clearing expense were $4.5 million, increase 27% from the same period of last year, in line with the increase in commission and trading volume.

Employee compensation and benefits expense were $47.2 million, an increase of 64% year-over-year due to the headcount increase to strengthen overseas growth and R&D. Occupancy, depreciation, and amortization expense were $2.8 million, increase 28% year-over-year due to the increase in office space and relevant leasehold improvements.

Communication and market data expense were $11.8 million, an increase of 21% year-over-year due to the increase in user base and IT-related services fees. Marketing expense were $12.9 million this quarter, increase 57% year-over-year as we beef up user acquisition, particularly in Singapore and Hong Kong markets.

General and administrative expense were $10.3 million, an increase of 49% year-over-year due to an increase in professional service fees. Total operating costs were $89.4 million, an increase of 51% from the same quarter of last year.

As a result, bottom line increased on both GAAP and non-GAAP basis. GAAP net income were $53.8 million, up 30% quarter-over-quarter and three times of last year amount.

Non-GAAP net income were $57 million, a 28% increase quarter-over-quarter and 2.8 times the same quarter of last year. The non-GAAP net profit margin further expanded to 33% in the third quarter.

Now I have concluded our presentation. Operator, please open the line for Q&A.

Thanks.

哎，好的。感谢管理层给我这个提问的机会。我是中金的分析师樊优，Yoyo。那首先的话也是恭喜公司取得了这么亮眼的一个业绩哈。那我这边的话有两个问题想要请教一下。首先第一个是关于这个客户资产，也是想请管理层帮忙拆解一下，咱们这个季度的这个客户资产规模上涨当中，可能有多少是来自于净入金，有多少是来自于这个市场涨幅的这么一个影响。然后如果我们去看到这个净入金当中，来自于这个零售和机构分别的一个贡献大概是多少？这是我的第一个问题。然后第二个问题是想请教一下关于这个佣金率take rate。就我们看到三季度，无论是这个blended的总的这个综合佣金率，还是说看刚刚提到这个cash equity的这个佣金率，其实都有比较大的一个上升。刚刚其实我不确定我有没有听清楚哈，就是可能由简单提到说是由于一些小面值的股票交易可能比较多。但确实因为三季度整体市场上涨了，然后这种情况下理论上会带来一个take rate的下降。所以可否请管理层再帮忙具体拆解一下，可能这个综合佣金率，然后包括这个cash equity的这个take rate提升的一个原因？这是我第二个问题。然后我这边来翻译一下。Thanks management for taking my question. First, congratulations on the exciting results achieved this quarter.

This is Yu Fan from CICC. I have two questions.

The first one is regarding the AUM breakdown. How much is from clients net asset inflow and how much from mark-to-market gain?

In terms of the net asset inflow, how much is from retail investors and how much from institutions? The second question is about the take rate.

We see both the blended take rate and the cash equity take rate increased a lot this quarter. Could you please share the reasons behind the increasing take rate?

That's my two questions. Thank you.

好的，我回答第一个问题，让John回答第二个。第三季度客户资产环比有比较大的上升，17%左右，达到了历史新高的610亿美元。那这里面上涨中来自于用户净入金和市场上涨带来的收益，大概是三七开的这样一个情况，其中30%是这个净入金带来的。那净入金里面来自于新加坡和香港市场的贡献这个占到六成以上，其中零售用户依然是最主要的贡献群体。

In the third quarter, client assets saw a meaningful increase of about 17%, reaching a historic high of 50- $61 billion. Of this increase, roughly 30% were from the net asset inflow and 70% were from the mark-to-market gains.

More than 60% of the net asset inflow came from Singapore and Hong Kong markets, with retail clients being the key contributor.

好的，Yoyo我来回答你的第二个问题吧，关于take rate。就像我刚才所提到的，正股的take

rate从二季度的6.4 bps上升到了三季度的7.1 bps。主要的原因是有一些美国本土的meme stock在三季度交易活跃，同时股价又基本都是个位数。由于美股是按照每一股交易收取佣金，所以说就导致整体正股的这个take rate是有所上升。那blended take rate的上升，除了刚才提到的这个正股的原因之外，就是我们看到三季度期货的交易量从二季度的占总交易量的7%左右下降到了三季度的4%左右。然后由于我们期货是用名义本金来披露的，所以说就会造成总交易量下降，因此就会造成blended take rate有一个比较明显的上升。同时呢这也是为什么从财报上面来看，我们的正股trading volume环比上升，和佣金的上升趋势是一致的，但是整体的trading volume是下降的。那我来翻译一下。For cash equities, the take rate increased from 6.4 bps in second quarter to 7.1 bps in the third quarter, primarily due to some US local penny stock were particularly active in the quarter. Since we charge commission per shares for US stock, this led to an increase in cash equity take rate.

As for the blended take rate, aside from the increase in cash equity commissions, futures trading volume dropped from around 7% in the second quarter to about 4% in the third quarter. As we count notional value for futures trading, the decrease in futures trading volume while increase in commission income contribute to a notable increase in our overall blended take rate.

This explains why our stock trading volume showed a quarter-over-quarter increase, consistent with the increase in commission income, but the total trading volume was actually down. Thanks.

哎，好的，非常清楚。感谢管理层。Thank you.

Thanks. Operator, please move on to the next question.

谢谢管理层给我这个提问的机会，那我说话是华兴资本的Cindy。那我这边有两个问题想请教一下。第一个问题的话，就是我们看到第三季度的新增入金有用户数是31,500人嘛，那可否给我们一下regional breakdown？那第二个的话想请教一下，因为有看到第三季度海外市场的一个客户资产都有很大的一个环比增长，那请问境内用户的一个资产环比的变化是如何？以及截止到第三季度末的话，这部分的一个客户资产大概的一个占比是多少？那我很快的翻译一下我两个问题。Thanks for taking my question. This is Cindy from China Renaissance, and congrats for the great third quarter results.

I have two questions here. First, could you give us the breakdown of 31.5 thousand new funding accounts by regional in third quarter?

Second, customer assets in overseas market enjoyed significant sequential growth in third quarter. Could you please provide details on the onshore user asset quarter-over-quarter change and their contribution in overall client assets in third quarter?

Thank you.

谢谢。第二季度的新增入金用户当中，大约40%来自于新加坡地区，35%左右来自于香港地区，20%来自于澳大利亚和新西兰市场，5%左右来自于美国市场。

For your first question, in the third quarter, about 40% of newly funded accounts came from the Singapore market, approximately 35% were from the Hong Kong, and 20% from Australia and New Zealand market, and the rest 5% from the US market.

第二个问题关于境内用户资产的情况。首先，第三季度境内投资者的客户资产也是双位数的环比增长，机构和零售用户都是净入金的一个情况。那mark-to-market gain带来的帮助也会更加明显些。那由于公司过去几年国际化拓展带来了海外市场客户资产更快的一个增长，所以截止到第三季度末的时候，境内的零售投资者在整个集团客户资产中的占比已经下降到15%以下。那最新的开户规则是，境内投资者只有持有海外，当然包括香港的合法的居留证件，才可以我们这边开户，这也是整个行业统一的规则。那我们对于大中华区的华人投资者这个群体依然是比较乐观的，因为大中华区高净值人群有一定比例已经拥有了海外的身份，香港的优才、高才相关的要求也在逐渐的放开。大中华地区的华人全款配置也才刚刚开始，未来拥有巨大的潜力。那仅通过服务好这样相关的一些群体，就可以让公司未来的客户资产和交易量继续保持很好的增长潜力。谢谢。

In the third quarter, client assets for the onshore investor also saw a double-digit quarter-over-quarter increase, with both institutional and retail clients experiencing net asset inflow. Mark-to-market gains also boosted the quarter-over-quarter increase.

Due to our global expansion over the past few years, the growth pace for client assets in overseas markets has been faster. By the end of the Q3, client assets of onshore retail users as a percentage of our total client assets has dropped to below 15%.

The new account opening rules require onshore investors to hold valid overseas, including Hong Kong, identification to open accounts with us. It has been the same rule across the whole industry.

We remain optimistic about the Greater China market because many high-net-worth individuals in Greater China already have overseas identities, and the requirement for the Hong Kong Quality Migrant Admission Scheme are gradually becoming less, well, I would say, stringent. The global asset allocation for investors is just getting started, presenting tremendous market potential.

Just by serving this cohort, we will be able to sustain strong growth in client assets and trading volumes. Thanks, Cindy.

Operator, let's proceed.

哎，谢谢给我这个提问的机会。恭喜公司三季度取得了非常强劲的业绩。那我这边也是有两个问题。第一个问题是想问一下，就是目前四季度整体的经营情况如何，包括像成交量呀、客户资产、还有新入金用户这些的指标，有没有一些初步的情况可以跟我们分享？第二个是我们看到就是三季度公司的清算成本率下降得还比较明显，想问一下这背后的主要原因是什么？那这个下降的成本率是否可持续，或者有没有进一步的这个下降的空间？那我翻译一下我的两个问题。So the first question is about the operations so far in the fourth quarter. In particular, could you share any early trends around the trading volume, client assets, and new funded accounts?

The second question is about your clearing costs, which decreased quite significantly in the third quarter. What are the major reasons behind?

Do you believe the current clearing cost is sustainable or have further room for reduction? Thank you.

谢谢，我回答第一个问题，John回答第二个。在交易额的方面，那目前来看市场依然是非常活跃的。那公司第四季度前两个月的交易额从数字上来看，已经和整体的第三季度持平。当然这里面有期货在第四季度占比上升的原因。那如果只看正股的话，第四季度前两个月的正股交易额也已经超过了整体第三季度2/3的水平。在客户资产方面，第四季度前两个月的净入金依然是比较强劲的，那目前来看相比第三季度会更好一些。不过第四季度截止到目前市场波动比较剧烈，那用户的持仓也会有一些这个mark-to-market loss，所以整体用户资产的情况还要看12月份的一个表现。新入金用户方面，那截止到目前我们已经完成了全年15万的获客的目标。那第四季度预计新增入金用户数大致和第三季度持平。那在这方面呢，公司依然会秉持用户质量优先的战略，让公司在增长同时，也保持盈利模型的健康。 Okay.

Regarding trading volume, the market remains quite active. Our trading volume for the first two months of the fourth quarter is already on par with the entire Q3, partly due to the increase in futures trading volume.

Cash equity trading volume in the first two months of the fourth quarter is more than 2/3 of the cash equity trading volume in the third quarter. In terms of client assets, net asset inflow quarter-to-date remain robust and are expected to be slightly better than the Q3.

However, some user had mark-to-market loss due to the market volatility in the fourth quarter. We will have a better idea of the total client assets movement by the end of December.

As of new funded accounts, we have already achieved our annual target of acquiring 150,000 clients for the year. The number of new funded accounts in Q4 are expected to be roughly in line with it in Q3.

We will continue to prioritize user quality, ensuring our growth aligns with healthy business model.

Okay. Emma, 我来回答一下你关于清算成本这个问题。就是说如你所说，我们三季度的佣金收入环比13%的同时，13%的同时清算费用环比下降了17%，所以说单季度的那个清算成本率也是下降到了6%的历史新低。背后最主要的原因就是SEC宣布从今年5月中旬开始以后就不再收取交易费。然后老虎平台上交易额中，美股的占比在七到八成左右，所以说这个SEC费那个就是交易费的变化，对于我们节省清算费用还是有不小的帮助的。从这个角度来看，我们觉得目前的清算成本率还是可以持续的，因为核心产品我们都是自清算，只有一些非核心地区的股票和一些衍生品是由第三方来进行清结算的。那我翻译一下。So our commission income increased by 13% quarter-over-quarter, clearing costs decreased by 17% this quarter, bring the quarterly clearing cost to a historic low of 6%.

The key reason is SEC in May announced that it would no longer charge transaction fee. Since majority of the trading volume on our platform are in US securities, this change in the SEC fee has largely helped us reduce clearing cost.

We believe the current clearing cost rate is quite sustainable as we are self-clearing for all core products. Only a small number of stock and derivatives are cleared by third parties.

Thanks.

Thanks, Emma. Operator, let's move on to the next question, please.

感谢管理层给我这个提问的机会，也恭喜公司取得了非常亮丽的业绩。我这边有两个问题想要请教一下。第一个问题是关于成本端的，留意到公司三季度各项固定的成本环比都有一个比较明显的上升，其中人力成本和管理费用的上升是比较明显的，而且超出了之前提到的10%到20%年化的一个增速。可以请教一下就是这个三季度成本上升的一个具体原因，以及就是展望一下未来的几个季度，公司是觉得这个整个费用的水平是会维持目前的水平呢，还是会上升或者下滑？然后第一个问第二个问题的话是关于香港市场的。三季度的时候，香港市场占了新增用户的40%左右，公司在香港市场也取得了比较好的增速。请问一下就是三季度可以请管理层拆分一下三季度香港的贡献在净入金、收入以及利润的占比分别大概是多少，以及展望望一下未来管理层怎么看待香港这个可能饱和度非常高，以及就是竞争也比较激烈的市场，如此如何继续去保持一个比较快的增速？I will quickly translate my question. Thank you management for taking my question, and congratulation on very good, solid third quarter results.

My first question is regarding the overall operating cost and expenses. I noticed that in third quarter there's a notable increase in the overall cost and expenses, particularly in R&D, as well as employee compensation, which is higher than the previous guidance of 10% to 20% year-over-year growth.

Could management explain a little bit on what's the reason behind the increase? Looking forward, do you expect their overall operating costs and expenses to remain at the current level or do you expect it will gradually go up or trend down?

My second question is regarding Hong Kong market. In third quarter, Hong Kong contributed to roughly around 40% of the total newly funded account.

Could management explain a little bit more on Hong Kong's contribution regarding net asset inflow, total revenue, as well as net profit? Also looking forward, how do you plan to maintain the strong growth in Hong Kong given Hong Kong is a highly competitive and highly penetrated market?

好的，感谢你的提问。我来回答你这两个问题吧。第一个是关于这种你说的operating costs。首先呢关于人力成本的上升呢有以下几个原因。第一是集团随着发展带来员工数量的上升，同时为了优化产品的功能，我们今年也陆续引入了一些比较资深的产品研发领域的专家。第二个原因呢是今年的盈利表现还是不错的，所以说呢我们也在3Q计提了一些奖金来激励员工。第三是因为三季度我们资产管理业务也取得了一个比较不错的进展，所以说呢我们对资产管理业务线的基金经理也提了相应的这个业绩奖金。所以说呢这几个原因导致三季度的人力成本确实是比过往的正常单季度水平要高一些。另外呢管理费用的上升呢，主要是因为公司全球业务的发展需要，我们发生了一些专业服务费，主要是在反洗钱、审计咨询以及法律咨询这些方面。这一部分呢我们预计未来就是在近期呢还是会持续这个水平。那我翻译一下。So the rise in labor costs can be attributed to several factors. First, with our global expansion, the staff headcount has increased, and we have hired experienced R&D personals to enhance our product offerings.

Second, we have accrued more bonus given the recent performance. In addition, our asset management unit performed well in the third quarter, we've paid performance bonus to our fund managers.

As a result, labor costs in the third quarter were higher than normal single quarters. As for G&A expense, the increase is mainly due to, as we grow globally, we are required to have more professional services relate to AML, audit consulting, and legal services.

We anticipate those expense will remain at this level in the near future. 第二个问题是关于香港。就是说从三季度来看，香港在新增用户中的新增用户数中的贡献差不多是35%左右，净入金的贡献大约在1/4，成为继新加坡之后，公司另外一个重要的增长来源。利润端来看，就是香港主体最近几年都是盈利的，但是在集团整体利润的比例还比较低。面对香港这种优质的市场，现在我们要我们这个现阶段我们的重点是进一步丰富在香港市场的产品和增加当地的市场份额，而不是追求利润的贡献。从增长的角度来看，我们对于进入香港市场以来的增速还是比较满意的。新增用户的来源也非常多元，既有市场存量客户来自于其他券商，也包括新进入市场的年轻群体。我们认为产品优势叠加价格优势是老虎在香港市场的立身之本，也是不同群体会选择我们的理由。公司进入香港市场以来，当地客户资产在各个季度都取得了双位数的环比增长，刚刚过去的三个季度环比增长更是达到了60%以上，新老用户的户均资产也在3万美元以上。交易活跃度和ARPU也是我们各个市场中最高的，整体的盈利模式非常健康。随着公司在香港市场加大获客投入，以及我们不断地提升如虚拟货币等产品的丰富度，我们对香港市场的未来增长还是非常看好的。成为集团的另一重要利润贡献，就另一重要利润贡献来源也只是一个时间的问题。So in the third quarter, Hong Kong accounts for about 35% of new users and approximately 1/4 of net asset inflow, making it another key growth engine alongside Singapore.

As for bottom line, Tiger Brokers Hong Kong has been profitable over the past years, though its contribution to group profit was still relatively low. Considering the high user quality in Hong Kong, our current focus is to further improve our product offerings and increase market share, rather than prioritizing profit contribution from the Hong Kong market.

We are quite satisfied with the growth space since entering Hong Kong. Our user base is very diversified, including existing investors using other brokers and a younger generation entering the market.

We believe our product experience combined with competitive pricing are fundamental to Tiger's growing presence in Hong Kong and the reasons why different users choose us. Since entering the Hong Kong market, client assets have consistently seen double-digit growth quarter-over-quarter, with over 60% increase in the third quarter.

The average client asset per user for both new and existing clients exceeded $30,000, and both velocity and ARPU are the highest across all our markets. As we increase our user acquisition in Hong Kong, along with ongoing enhancement of our product offering like cryptos, we remain optimistic about future growth in this market.

It's only a matter of time Hong Kong becomes another major profit contributor for the group. Thanks.

Okay. Thanks, Minling.

Operator, let's move on.

好，感谢管理层给我这个提问的机会，也恭喜公司取得如此亮眼的业绩。我是瑞银的Dennis。我有两个问题。第一个问题是有关于人均获客成本，the client acquisition cost per head。我观察到从去年到现在这个CAC的这个呈现上升的趋势。去年大概是150美金左右，那么今年前三季度呢超过了250美金，那三季度更是单季度超过了400美金。同时公司呢其实并没有突发性的市场。想请问管理层，在三季度每个市场的人均获客成本大概情况是怎么样的？那么四季度到现在包括明年，您是怎么看这个人均获客成本的这个展望呢？第二个问题是关于公司在三季度利息收入，我们观察到有一个环比非常大的一个上升，但是两融业务的这个balance它环比呢是flat，是比较平稳的。那么请问背后的一个原因是什么呢？那我来翻译一下。Thanks for taking my question, and congratulations on the strong results. My first question is about the client acquisition cost per head, CAC.

We've seen an uptrend. In 2024, the CAC is about $150, and in the first three quarters, the average CAC is about $250, and in Q3 particularly, the CAC exceeds $400, and there's no new market entries.

Could you please break out the Q3 CAC by market and share your outlook for CAC in Q4 and next year? My second question is about the interest income.

We saw a sharp Q-o-Q increase in Q3, but the margin financing and stock lending balances remained flat sequentially. Could you please explain what drive the interest income growth and whether this trend is sustainable?

Thank you.

好的，感谢Dennis，我来回答你这两个问题吧。首先是关于CAC。其实你看老虎过往的策略，我们一直是把用户质量和ROI放在首位的，同时结合市场的环境来动态地调整获客成本，所以说不同期间、不同牌照的人均CAC会有一些波动。今年以来，我们持续优化公司的这个获客的方式，剔除ROI不达标的渠道，同时提升对高净值用户的拓展，这主要是针对新加坡市场。所以说新加坡市场的人均CAC变化是最大的，从20年的100多美金上升到今年的400美金以上。但同时来自新加坡新用户的用户质量也有了一个很大的提升，比如三季度当地新增入金用户在当季度的平均净入金达到了6万美金以上，所以说我们觉得从生命周期的角度来看，长期对公司的业务和利润都是有好处的。香港市场本来就比较competitive，所以说人均获客成本比较高，基本稳定在300到400美金的这个区间，三季度大概在300美金左右。但因为当地的用户质量比较好，所以说回本周期仍然是最快的地区。澳新和美国我们秉持长期主义，逐步赢得当地用户的信任，所以说人均CAC还是相对比较稳定的，基本上维持在200美金左右的水平。长期来看，我们还是会根据市场环境和竞争格局来动态地调整我们的获客策略，但不论marketing投入的多一点还是少一点，都会是基于ROI driven的这个这个原则来考量。So overall, we prioritize user quality and ROI, dynamically adjusting customer acquisition cost based on market conditions. As a result, average CAC can fluctuate across different periods and for different markets.

This year, we have continued to optimize our customer acquisition strategy by eliminating channels that do not meet our ROI standards and focus on attracting high-net-worth users, particularly in the Singapore market. As a result, average CAC in Singapore has rising from just over $100 back in 2024 to over $400 this year.

At the same time, the quality of new users from Singapore keeps improving, with average net inflow per new users exceeding $60,000 in in the third quarter. From a lifetime value perspective, we believe this will be for our profitability in the long term.

The Hong Kong market has always been competitive, leading to a higher average CAC, which remains stable in the $300 to $400 range. Back in this quarter, it's it was about like $300 USD.

However, due to the high quality of the local users, the payback period is still the shortest among all the markets we entered. In Australia, New Zealand, and the US, we adopt a long-term approach to gradually earn local users' trust, resulting in a relatively stable average CAC around $200.

Looking ahead, we will continue to adjust our customer acquisition strategy based on market conditions and competitive dynamics. 你的第二个问题是关于利息啊，这个我解释一下。出现这种这个趋势背后主要是有两个原因。第一个呢是随着公司客户资产，尤其是净入金最近这几个季度的快速增长，用户的闲置资金的规模有所上升。三季度比二季度就多了大概10亿美金左右。另外呢随着公司利润端逐渐增强，我们的利润留存会补充到这个就是现金的balance里面。这两部分增长都会贡献利息，但不会反映在两融业务的这个规模里面。第二个原因呢就是三季度相比二季度末，虽然两融的整体balance是相对持平的，但其中就是high-spread的业务，如融资和借券的规模环比还是有明显上升的。同时呢相对应的low-spread业务，譬如说conduit规模有所下降，所以说带来的结果就是利息收入整体上升，但两融的规模变化不大。那我简单的翻译一下吧。So there are two key reasons for for this trend, interest income increased but margin balance relatively flat.

The number one reason is the rapid growth of client asset handy to an increase in client idle cash, adding approximately $1 billion from second quarter to third quarter. Additionally, as our profitability expands, our retained earnings contribute to an increase in the cash balance as well.

Both of those will boost interest income, but not reflected in increase in the margin financing or securities lending balance. The second reason is the while the overall margin and securities lending balance remain flat from second quarter to third quarter, but the balance of high-spread business, such as margin financing and securities lending, increased, while balance of lower-spread business like conduit decreased, results in flat margin and securities lending balance, while interest income had a big jump.

Thanks.

Thanks, Dennis. Operator, let's move on to the next question.

Okay. Thanks.

I'd like to thank everyone for joining the call today, and now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today's call.

If you have any further questions, please reach out to our Investor Relations team. This concludes the call, and thank you very much for your time.