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, and 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 involving risk 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. [Foreign language]. 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. 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 continue 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. 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 U.S. stock trading and our superior U.S. stock offerings. In the U.S., 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 U.S. market all posted double-digit sequential growth. 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两位数环比提升. [Foreign language]. In the fourth quarter, net asset inflow remained strong, with mark-to-market losses on clients' Hong Kong stock holdings weighed on overall client assets. Total client assets were HKD 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 U.S., average client assets recorded the fastest sequential increase among all regions. Underpinned by heightened U.S. stock margin trading activity, margin financing and securities lending balance expanded 7% sequentially to HKD 67.7 billion at the 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3.981亿港元，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8,211亿港元。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地有交易客户中，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11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. [Foreign language]. Total trading volume climbed to a record HKD 3.98 trillion, up 38% year-over-year and 2% quarter-over-quarter. The U.S. 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, U.S. stock trading turnover was up 17% sequentially to HKD 3 trillion in the fourth quarter. Hong Kong stock trading volume contracted 31% quarter-over-quarter to HKD 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 HKD 20 billion despite market headwinds, with crypto penetration among trading clients rising across Hong Kong, Singapore, and the U.S. During the quarter, we expanded our crypto offerings by adding more than 10 coins in both Singapore and the U.S. and further enriched our market data and information around crypto. 财富管理客户资产规模达1,796亿港元，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Shariah的黄金指数基金，广受投资者欢迎。 [Foreign language]. Wealth management client assets reached HKD 179.6 billion, up 62% year-over-year and 2% sequentially. In response to growing client demand for portfolio diversification, we've 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的七大识别体系。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。 [Foreign language]. 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. By quarter end, we have 600 IPO distribution in our 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 Main Board 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 iFlytek Healthcare Technology and Xiao Noodles. Next, I'd like to invite our CFO, Arthur Chen, to discuss our financial performance. Thank you, Leaf and Daniel. Please allow me to walk you through our financial performance in the fourth quarter. All the numbers are in Hong Kong dollars unless otherwise noted. Total revenues were HKD 6.4 billion, up 45% from HKD 4.4 billion in the fourth quarter of 2024. We conclude another strong year with full year revenue growing to HKD 22.8 billion, up 68% year-over-year. Brokerage commission handling charge income was HKD 2.8 billion, up 35% year-over-year and down 5% Q-over-Q. Total trading volume grew on both year-over-year and Q-over-Q basis, while blended commission rate moderated as clients trade more higher priced U.S. stocks and options during the quarter. Interest income was HKD 3 billion, up 50% year-over-year and flat Q-over-Q. The year-over-year increase was driven by higher interest income from security 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 security borrowing and the lending business. Other income was HKD 630 million, up 79% year-over-year and 42% quarter-over-quarter. The year-over-year increase was primarily attributable to higher fund distribution service income and IPO subscription service charge income. The quarter-over-quarter increase was mainly driven by higher enterprise public relationship service charge income and IPO subscription service charge income. Our total cost was HKD 729 million, a decrease of 6% from HKD 776 million in the fourth quarter of 2024. Brokerage commission handling charge expenses was HKD 141 million, up 26% year-over-year and down 12% quarter-over-quarter. Both the year-over-year and the quarter-over-quarter movement were roughly in line with the change of brokerage commission and handling charge income. Interest incomes were HKD 437 billion, down 15% year-over-year and 8% quarter-over-quarter. Both the year-over-year and quarter-over-quarter decrease was mainly due to lower interest expenses associated with our securities borrowing and lending business. Processing and servicing costs was HKD 150 million, flat year-over-year and down 6% quarter-over-quarter. The quarter-over-quarter decrease was mostly driven by the sequential decrease in cloud service fees. As a result, total gross profit was HKD 5.7 billion, an increase of 56% from HKD 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% quarter-over-quarter to HKD 1.6 billion. R&D expenses was HKD 507 million, up 27% year-over-year and down 12% quarter-over-quarter. The year-over-year increase was mainly due to an increase in R&D headcount to support crypto and AI-related initiatives. The quarter-over-quarter decrease was largely attributable to bonus accrual made in previous quarters. Selling and marketing expenses was HKD 507 million, up 9% year-over-year and down 13% quarter-over-quarter. The year-over-year increase was in line with the growth of our net new fund accounts, and the Q-over-Q decrease was largely attributable to sequential lower new client additions and, to a lesser extent, the decrease in client acquisition costs. G&A expenses were HKD 549 million, down 5% year-over-year and flat Q-over-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 operations increased 87% year-over-year and 6% Q-over-Q to HKD 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% quarter-over-quarter to HKD 3.4 billion. Net income margin expanded 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 concludes 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 JP Morgan. 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，我的第一个问题就是想问一下管理层关于二零二六年一季度到现在我们看到的一些 business trend 是怎么样的，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做一个 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，然后期权，较其他股份的占比是怎么样的一个结构，然后的趋势变化如何？那我做一下翻译。 [Foreign language]. 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，然后期权，较其他股份的占比是怎么样的一个结构，然后的趋势变化如何？那我做一下翻译。 [Foreign language]. This is Peter Zhang from JP Morgan, and many thanks for giving me the opportunity to ask question and congratulation on the result. I have two questions. My first question is on the among the first quarter business trend. I wonder wondering whether management can give us some color on the paying client growth, net asset inflow and the trading velocity in first quarter in year-to-date. Also, how about the commission fee rate trend in 2026? My second question is regarding the trading volume breakdown, particularly for the U.S. stock trading volume. Since mainly because in the past few years, some investors may view Futu as a beta stock to China, and some investors think 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 U.S. 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同事Daniel。那有关这个中概股占我们美股的交易比例，实际这个占比在过去几个季度持续都是在下降的。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。那这个同样在前一个季度，这个比例差不多也是在10%左右，这样的一个数字。 [Foreign language]. Let Foreign language]. Let me just do the translation for your second question. I will do the answers. Regarding the, you know, Chinese ADRs, contribution for our U.S. stock trading volumes, in the latest quarter, this portion is less than 10%. 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 U.S. stock has been gradually decreased. I will now hand over to my colleague Daniel, who will answer your first question. 根据我们一季度目前看到这个数据情况，就是我们预计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。然后在这个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。 [Foreign language]. So Foreign language]. 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. We expect the quarterly net asset inflow in the 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 commission blended commission rate, so far, I think we are seeing flattish Q-on-Q blended commission rate. Thanks. Thank you. We will now take the next question. From the line of Emma Xu from Bank of America Securities. Please go ahead. 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，然后二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，当前落地的情况和表现是怎么样的。那第二个问题是想问一下，AI目前对于业务有哪一些具体的赋能，还有就是之前大家可能更多地讨论的是赋能方面，但是也会担心，就是AI对于相对轻资产业务，轻资产业务的一些这个挑战，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。 [Foreign language]. The Foreign language]. The first one is about the crypto business. So, 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 AI. What specific empowerment does AI currently bring to your business? Will AI bring challenges to some business or put pressure 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 Leaf 来回答你。那有关 crypto 方面，一方面我们现在还在继续进行我们的香港 SFC 的 VATP 牌照的第二阶段的审批。目前从公司来看，我们还是非常有信心，希望在未来不久的未来能够获得相应的牌照。那在 VATP 牌照获取以后，我们也希望在不久的将来富途证券这边可以向客户提供证券融资交易、虚拟资产、staking 等这些新的产品服务。那同时，我们也希望未来能够依托富途证券比较成熟的私人财富管理体系，向我们的高净值的客户提供定制化的虚拟资产的相应服务。那么同时，平台也将未来会为我们的一些机构客户提供一站式的解决方案。那么从去年四季度到现在，我们持续在我们的一些海外的地区，包括新加坡、美国，去增加我们新的一些交易的品类，持续去丰富我们的产品矩阵。那就像 Leaf 刚才在 opening remark 里面也提到，那在过去的一个季度，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季交易货币资产的客户数量都获得了环比有双位数的增长。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交易客户中的渗透率也持续有上升，目前已经到了高单位数到低双位数这样的水平。我们相信这一块的渗透率在未来的一段时间还有很大的提升空间。 [Foreign language]. In [Foreign language]. In terms of the crypto development, I think in Hong Kong, we are still waiting for the Hong Kong regulators for our VATP license approvals. We are very confident in the near future we can get this license. After the, you know, 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. Also, we'll provide the staking service for them as well. 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, you know, for the one stop solutions. In the past one quarter, we further enrich our product offering trading, you know, different tokens in Singapore and in the U.S. At the same time, as Leaf mentioned in the opening remarks, in Hong Kong, Singapore, and the U.S., the number of the clients trading cryptos all saw a double-digit increase. The penetration rate for these people trading crypto also increased a lot to the latest high single digits and low teens. 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。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。在过去的几个季度，我们也在不断地加大AI相关的投入，并且将AI能力深度地融入到了对客户的产品体验和内部运营当中。我们通过AI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结。涵盖了二十余项行情数据，包括技术指标、K线形态、资金流向等等。这些相比同业的更新，它的时效性会更强，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，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。这个功能收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。在集团内部，AI技术也已经系统性地嵌入到了产研、运营、客服和智能团队当中，能看到显著地提升了我们整体的运营效率。就目前非常火热的Open Cloud，我们也都提供了程序化的接口，只需要简单的设置，就可以通过我们的Open API进行交易。Open API实际上是我们从2014年就开始进行研发，持续研发和提供的能力。未来我们也会在这一块继续着力，比如说我们会去推出供Open Cloud去使用的skill。最后我想讲的是，依靠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的决心和能力，我相信在AI时代，富途依然能够拥有自己的一席之地，也依然能够在AI时代绽放出自己的光芒。谢谢。 [Foreign language]. AI is the 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 investment 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 its use has also significantly improved the 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 strategy. We have also expanded the asset classes coverage of our AI chat bots and AI analysis. For the OpenAPI, it's quite popular recently. We now offer access through our OpenAPI. We've actually started developing OpenAPI in 2014 and have been optimizing that experience ever since. We've also supported skills that are accessible to OpenAPI as well. Thanks to the years of our development and accumulation in market data 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。欢迎，你好，我是摩根士丹利的黄齐瑶。想请教两个问题。第一个是关于八十万的获客指引，我们看到今年确实开年以来市场也非常的波动，想请管理层分享一下咱们在主要看到了哪些获客的驱动力，以及在哪些领域还有比较大的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事，当然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？那么短期和中期来看，有没有一个推出产品的时间线？那未来最终咱们对于天星银行的一个展望，从业务层面，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业务呢，还是说更多一些手续费类型的财富管理的收入为主、收入结构为主，谢谢。我大概翻译一下。 [Foreign language]. So, Foreign language]. 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. 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? Do we have a timeline of the product pipelines? 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，谢谢你的两个问题，我来回答一下这两个问题。那第一，有关我们提出的今年八十万的竞争有资产客户的这样的一个目标，那在除了我们现有已经有业务的这个八个市场，确实这个目标里面是包含了我们假设今年会进入一个新的市场这样的一个预测在这个里面。那么另外，从 year to date 目前市场的情况来看，我们整体的获客情况还是比较良好的。虽然在三月份开始受到外围的一些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，并没有受到很大的影响。那这个是第一个问题。那有关天星银行，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一些业务的协同效应。那从具体的一些业务展开来看，今年我们依然还会围绕两方面的主线，一个是有关客户体验的升级，那另外一方面是有关我们内部的基建的强化。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改造，就像在前面 opening remarks 时候也提到，目前已经推出了公募基金跟保险的产品，那在未来我们会有进一步的围绕财富管理相关的一些产品会上线。那同时从内部的一些基建来看，我们也是在持续强化合规跟风险管理能力这方面，那通过一些自研的系统，能够去提高我们的业务处理效率，同时能够去降低银行相应的成本。所以在短期我们会围绕这两方面去开展我们的一些工作。那从长期的角度来看，从未来的收入结构来看，我们觉得应该还是会比较多地去围绕我们现有的中间业务收入这样的定位，配以比较合适的资产负债表的业务扩张。当然这个是一个比较中长期的规划。那我翻译一下。 [Foreign language]. For [Foreign language]. For the first question, for our 800,000 funded accounts, this number already includes one new market we have the potential to enter in 2026. Despite year-to-date there are some market volatilities arising from geopolitical tensions and a lot of you know macro headwinds. Our client acquisitions run rate still remain very robust and we are very confident to achieve these targets toward the end of this year. For the Airstar Banks, we will continue to focus on how to generate a meaningful synergy between Airstar Banks and the Futu existing business. As we've mentioned in the opening remarks in the fourth quarter and also in the next couple of quarters, all the work in Airstar Bank will center around in two aspects. Externally is to upgrade the user experience, and internally we will further enrich the infrastructures. 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. Internally, we further to enhance the compliance and the risk controls. A lot of proprietaries develop pro-products to enhance the business efficiency and to lower operating costs for the banks. In the long run, we think the revenue stream will be more smooth due to these fee incomes arising from the wealth management associated activities supplemented by some balance sheet expansion business. Having said that, this is a very long-term targets for our 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. 好的，感谢管理层给我这个提问的机会，也是恭喜公司在四季度再次取得了非常亮眼的业绩。我是中金公司的分析师樊优。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一些波动，但还是这个新增用户数上保持一个相对的高位，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 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。 [Foreign language]. This Foreign language]. This is You Fan from CICC, and I have two questions. The first one is about the user regional breakdown. We still see a 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 client net asset inflow and how much from mark-to-market depreciation? What is the regional breakdown of the client asset? Thank you. 好的，谢谢You Fan，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10%到20%左右这样的一个区间里面。那么截止到去年四季度末呢，从整个的这个存量有资产客户的分布来看呢，我们整个大中华地区以外的海外品牌Moomoo的有资产的客户数呢，这个占比呢已经进一步提升到55%。那其中贡献比较大的呢，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，是环比有小幅下降，但从绝对数来看呢，依然是一个非常强劲的增长。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，那恒生指数是下跌了，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，我们看到的客户的年底的这个总资产呢，是受到了比较大的mark-to-market的影响，那这一块的影响呢，也基本把我们去年四季度的净入金的这样一个数字呢，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，这方面的占比也是在持续做相应的提升的。那我简单翻译一下。 [Foreign language]. For [Foreign language]. For the contribution of the fourth quarter net new adds, Malaysia and Singapore collectively contribute over 50% of new client adds in the fourth quarter. Other remaining markets like you know U.S., Singapore and Japan, their contribution rate is 10%-20%. As the year ends, the fund accounts in the universe of our overseas brand Moomoo has already increased to 55% of total group fund accounts. Among them, the contribution from Singapore and the U.S. rank most. For the second questions regarding 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 will remain in a very high level. The momentum keeps very strong. You can imagine in the fourth quarter, Hong Kong market got a lot of retreat. For instance, Hang Seng Index down 5% quarter-over-quarter and the Hang Seng TECH Index down 15% quarter-over-quarter. Therefore, we got some negative impacts from the mark-to-market loss, which almost fully offset the net asset inflows in the fourth quarter. At year-end, Hong Kong remains the largest in terms of you know clients' assets AUM breakdowns, followed by Singapore and some new markets like Japan and the U.S. The contribution we see a very good momentum to increase. Thank you very much. Thank you. 谢谢. [Foreign language]. Thank you. We will now take the next question from the line of Leon Qi from CITIC CLSA. Please go ahead. 好的，非常感谢给我这个提问的机会，我是CLSA的Leon。第一，今天想请教管理层两个问题。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个市场，如果不方便披露的话，是不是可以给我们一些线索，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。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，是我想问得具体一些，因为我们看到其实四季度的业绩也再一次证明了，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。那么具体这个净入金，就我们以最大的这个香港市场为例，我们的一些高客的这个客户经理，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，是不是还会考核客户，比如说客户持有我们多个产品，客户的甚至客户的盈亏这些东西，就是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。 [Foreign language]. Foreign language]. I'll 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 markets this year. Is it possible for management to give us some clues in terms of our rationale of entering these new markets? Is it gonna 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这个亚洲地区。那第二个有关这个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，就是时不时地去做相应的一些调整。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，都是我们整个的一个考核体系里面的一个部分。那更多的我们是着眼在这个伴随客户的一个长期的一个成长，而不是短期从客户那边有多大的一个变现的一个，就是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。 [Foreign language]. Regarding Foreign language]. Regarding the first question, for this new market, it is still too early to share the exact market name, given that we are still in the process of the license applications, but we think this market will be in the universe of Asia. Then for the second question, 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 our overall matrix, which is very comprehensive. Also our bottom line is to care about the clients' lives and values. Therefore, the net asset inflows and also including the clients' total assets retention rate, all these factors into this matrix. Thank you. 非常感谢，陈总。 [Foreign language]. Thank you. We will now take the next question from the line of Cindy Wang from China Renaissance. Please go ahead. 谢谢管理层给我这个提问的机会。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80万呢，有没有办法帮我们拆分一下，就是香港跟海外市场它预期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，就是说啊因为我们也看到，就第一季从一月的一个开年大行情，啊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人在你们平台上第一季以来这个交易量、换手率以及啊两融的月额趋势给我们一些指引吗？那我很快地翻译一下我的问题。 [Foreign language]. Thanks for taking my call and congrats for the great fourth quarter result. So, 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 markets? And 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. So, based on investors trading activity on your platform, could you provide some guidance on trading volume, trading velocity, and the margin financing and security 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 来回答。因为之前有另外一位分析师也谈到这个 year to date 的一些 color 的一些情况。那有关 2026 年我们整个的获客目标里面，我相信从这个市场的渗分目前来看，会跟我们 2025 年的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获客来源地区。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目标定在 HKD2,500 到 HKD3,000 这样的一个区间里面。那考虑到一方面我们会有未来新市场的展业，有可能会有一些更多的前期投入，那么同时也考虑到您刚才讲到的今年的行情，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，就是前两个月的获客情况来看，这个获客的情况还是不错的，包括这个获客成本，从前两个月的情况来看，我觉得有可能会在我们刚才给到的 HKD2,500 到 HKD3,000 这样的一个区间的下界，甚至可能会低过下界稍微一点。这是第一个问题。那我简单翻译一下。 [Foreign language]. In Foreign language]. In terms of the breakdown of the new fund account targets for 2026, we think largely it will be the same as the contributions from different markets in 2025. Hong Kong will continue to be a very strong contributors in terms of the geographic locations. For the CAC, our initial objective for this year's CAC will be around 25 to 30k, sorry, 250k to 3, oh sorry, 2,500-3,000 HKD, considering the uncertainty of this year's market volatility. Also, there will be some frontloaded cost in this new market expansion, as I mentioned before. Therefore, we want to leave some flexibility in the CAC objective. Year to date, we think the client acquisition situations remain very robust. The CAC for the first two months will be in the low 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，所以我们预期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。 [Foreign language]. In In the first quarter to date, the market has been quite volatile, and we've seen our clients engaging very actively with the market. We expect the first quarter's total trading volume to be flattish quarter over quarter. It's gonna stay at the historic high that we've seen fourth quarter last year. When the markets experience the pullback, we've seen lots of bottom fishing activities from our clients. We expect 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. 感谢管理层接受我的提问，我是 Jefferies 的 Zoey。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的。第二个的话是关于股东回报，想请教一下我们八亿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。 [Foreign language]. Thanks [Foreign language]. Thanks management for taking my question. 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 till 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回购计划，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二零二七年底。那接下来我们会结合整个资本市场的情况，包括股价的情况，来进行相应的回购计划的使用。 [Foreign language]. Regarding Foreign language]. Regarding the share buyback program, so far in the fourth quarter, actually we have not conducted any share buyback within this $800 million share buyback program, which will cover toward the end of 2027. We will continue to closely look at 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。在四季度在港股大幅回调的影响下，香港整体这个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的放缓。但是当季度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的产品供给，并且通过了一系列的这个品牌的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的一个判断，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，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。 [Foreign language]. We haven't seen any 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 sentiment. In the fourth quarter, due to the sharp pullback of the Hong Kong stocks, Hong Kong retail investors was overall quite bearish about the market. Our client acquisition decelerated sequentially, but the 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 were 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 is largely due to a growing portfolio of wealth management products and our more professional image as 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 for growth for us in terms of both client numbers and client assets. Looking to 2020, 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. Sorry. 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.