道指涨0.11%，标普500指数涨0.21%，纳指涨0.3%。Meta涨超5%，公司计划将元宇宙项目支出削减至 多30%。中概股多数上涨，老虎证券涨超9%，小鹏汽车、蔚来涨逾3%。 来源：第一财经 ...

周四美股市场呈现分化态势，三大指数收盘涨跌不一，道指跌0.07%，纳指涨0.22%，标普500指数涨 0.11%。盘面上，科技股表现分化，Meta、甲骨文涨超3%，英伟达涨超2%，特斯拉涨超1%，而英特尔 跌超7%，美光跌超3%，苹果、亚马逊跌超1%，谷歌、AMD跌超0.7%。 当日开盘时，道指涨0.1%，标普500涨0.2%，纳指涨0.3%，但盘中波动显著，标普500指数曾转跌，纳 斯达克100指数跌0.2%，美国三大股指一度悉数下跌。 一、国际新闻 个股方面，Snowflake因营业利润率展望逊预期跌8.3%，自动化软件公司Uipath因Q3业绩全面超预期涨 7.5%，Dollar General上调全年业绩指引涨5.6%，老虎证券Q3营收及non-GAAP净利润创新高，盘前一度 涨9.2%。 Meta表现亮眼，其CEO扎克伯格计划对元宇宙相关业务削减最高30%的投入，盘前涨逾5%，消息人士 透露该部门明年预算削减幅度或达30%，可能最早于1月启动裁员。 纳斯达克中国金龙指数收盘涨0.39%，盘中一度涨超0.5%，万物新生涨8.96%，叮咚买菜涨6.56%，阿特 斯涨5.59%，蔚来涨4.38%，海天网络 ...

UP Fintech (NasdaqGS:TIGR) Q3 2025 Earnings Call December 04, 2025 08:00 AM ET Company ParticipantsCindy Wang - DirectorTianhua Wu - Chairman and CEOJohn Zeng - CFOAaron Lee - Head of Investor RelationsConference Call ParticipantsYu Fan - Research AnalystLing Tan - AnalystEmma Xu - Research AnalystOperatorThank you for standing by. Welcome to the UP Fintech Holdings Limited third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation fol ...

Financial Data and Key Metrics Changes - Total revenue reached $175.2 million, representing a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3% [4][13] - Net income attributable to UP Fintech was $53.8 million, up 30% from the previous quarter and three times the same quarter last year [4][15] - Non-GAAP net profit reached $57 million, growing 28.2% quarter-over-quarter and 2.8 times year-over-year [4][15] - Total client assets reached a new record of $61 billion, up 17.3% quarter-over-quarter and 49.7% year-over-year [7][15] Business Line Data and Key Metrics Changes - Commission income was $72.9 million, increased 77% year-over-year and 13% quarter-over-quarter [13] - Interest income was $73.2 million, increased 53% year-over-year and 25% quarter-over-quarter [13] - The ToB business significantly boosted other revenue, doubling quarter-over-quarter [10] Market Data and Key Metrics Changes - 31,500 new affiliate accounts were added in the third quarter, with Singapore and Hong Kong being the primary contributing markets [5] - Hong Kong accounted for over 30% of quarterly new affiliate users, becoming a key growth engine alongside Singapore [5] - Total client assets in overseas markets delivered double-digit quarter-over-quarter growth of above 20% [7] Company Strategy and Development Direction - The company continues to prioritize user quality and product experience, which has improved ROI and laid a solid foundation for ongoing profit growth [4] - The strategy includes enhancing product offerings and expanding into new markets, such as introducing Japanese market derivative services and cryptocurrency trading in New Zealand [8][9] - The company aims to maintain strong growth in Hong Kong by improving product offerings and increasing market share [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Greater China market, highlighting the potential for global asset allocation among high net worth individuals [24] - The company noted that market volatility in the fourth quarter could impact user assets, but inflows remain strong [27] - Management emphasized the importance of maintaining a healthy profitability model while growing user quality [28] Other Important Information - The average net asset inflow for newly acquired clients in the third quarter surpassed $60,000, a historical breakthrough [6] - The average client asset per user for both new and existing clients exceeded $30,000 [33] Q&A Session Summary Question: AUM breakdown and net asset inflow sources - Approximately 30% of the increase in client assets was from net asset inflow and 70% from market gain, with retail clients being the key contributor [18] Question: Breakdown of new funding accounts by region - About 40% of newly funded accounts came from Singapore, 35% from Hong Kong, 20% from Australia and New Zealand, and 5% from the US [23] Question: Early trends in Q4 operations - The trading volume and client assets for the first two months of Q4 are already on par with Q3, with strong inflows expected [27] Question: Reasons for decreased clearing costs - The SEC's announcement to eliminate transaction fees significantly reduced clearing costs, which are expected to remain sustainable [28] Question: Client acquisition cost trends - The average client acquisition cost (CAC) has increased, particularly in Singapore, due to a focus on attracting high net worth users [37] Question: Interest income growth despite flat margin financing - Interest income increased due to a rise in client idle cash and a shift in the balance of high spread business [39]

周四，老虎证券(TIGR.US)盘前涨8%，报9.36美元。财报显示，2025年第三季度，老虎证券营收1.75亿 美元，同比增长73.3%；归属母公司的non-GAAP净利润为5705万美元，达到去年同期的2.8倍，环比增 长28.2%。期内，新增入金客户3.15万，带动总入金客户数同比增长18.5%达到122.4万；总交易额同比 增长28.5%至2094亿美元。 ...

智通财经APP获悉，周四，老虎证券(TIGR.US)盘前涨8%，报9.36美元。财报显示，2025年第三季度， 老虎证券营收1.75亿美元，同比增长73.3%；归属母公司的non-GAAP净利润为5705万美元，达到去年同 期的2.8倍，环比增长28.2%。期内，新增入金客户3.15万，带动总入金客户数同比增长18.5%达到122.4 万；总交易额同比增长28.5%至2094亿美元。 ...

老虎证券(TIGR.US)盘前涨超6%，报9.2美元。消息面上，老虎证券2025年第三季度营收1.75亿美元，同 比增长73.3%，环比增长26.3%，创下历史新高；归属母公司的non-GAAP净利润为5705万美元，达到去 年同期的2.8倍，环比增长28.2%，创历史新高。期内新增入金客户3.15万，带动总入金客户数同比增长 18.5%达到122.4万。市场交投保持活跃，三季度总交易额同比增长28.5%至2094亿美元。客户总资产环 比增长17.3%，同比增长49.7%至610亿美元，再创历史新高。(格隆汇) ...

Core Insights - Tiger Brokers reported Q3 2025 earnings with revenue of $175 million, a year-over-year increase of 73.3% and a quarter-over-quarter increase of 26.3%, marking a historical high [1] - The non-GAAP net profit attributable to the parent company reached $57.05 million, 2.8 times higher than the same period last year, with a quarter-over-quarter growth of 28.2%, also a historical high [1] - The company added 31,500 new funded clients during the period, leading to a year-over-year increase of 18.5% in total funded clients, reaching 1.224 million [1] Financial Performance - Total trading volume for Q3 increased by 28.5% year-over-year to $209.4 billion [1] - Average net deposits per new funded client exceeded $32,000, setting a new historical record [1] - Total client assets grew by 17.3% quarter-over-quarter and 49.7% year-over-year, reaching $61 billion, also a historical high [1]

Core Insights - UP Fintech achieved record-high revenue and profit in Q3 2025, with total revenue of US$175.2 million, a 73.3% increase YoY and 26.3% QoQ [1] - Non-GAAP net income attributable to shareholders surged to US$57.0 million, up 28.2% QoQ and 2.8 times YoY [1] - Funded accounts increased by 31,500, totaling 1.22 million, representing an 18.5% YoY growth [1] Financial Performance - Total client assets reached US$61.0 billion, a 17.3% increase QoQ and 49.7% YoY [1] - Q3 trading volume rose to US$209.4 billion, up 28.5% YoY [1] - Commission revenue was US$72.9 million, up 76.9% YoY, while interest-related income rose to US$76 million, a 49.7% increase YoY [7] Client Acquisition and Market Expansion - The company met its full-year target of adding 150,000 newly funded clients [2] - Average net asset inflows per newly funded client in Singapore and Hong Kong were US$62,000 and US$30,000, respectively [2] - New account openings in Hong Kong increased by 60.3% QoQ, with total trading volume more than tripling YoY [4] Product and Service Enhancements - The company launched its first Japan market derivatives product, Nikkei futures, in Hong Kong [4] - In New Zealand, cryptocurrency trading was introduced, allowing users to trade major cryptocurrencies [6] - The TigerAI investment research assistant saw rapid adoption, with its user base growing nearly fivefold YoY [7] Investment Banking and Wealth Management - Investment banking revenue reached US$26.3 million, up 110% QoQ and 189.1% YoY, with significant participation in IPOs [11] - Wealth management assets under custody (AUC) soared 123.1% YoY, with "Tiger Vault" AUC in Hong Kong surging 339% YoY [9] - The number of wealth clients increased by 50.5%, reflecting strong growth in the high-net-worth segment [9]

Core Insights - UP Fintech Holding Limited reported strong financial results for Q3 2025, with total revenues of US$175.2 million, marking a 73.3% increase year-over-year and a 26.3% increase quarter-over-quarter [2][8][9] - The company achieved significant growth in net income, with GAAP net income attributable to ordinary shareholders reaching US$53.8 million, up 29.9% from the previous quarter and approximately three times that of the same quarter last year [2][16][17] - The total account balance increased to a record US$61.0 billion, reflecting a 49.7% year-over-year growth, driven by robust asset inflow primarily from retail investors [3][8][10] Financial Performance - Total revenues for Q3 2025 were US$175.2 million, with commission income at US$72.9 million, an increase of 76.9% year-over-year [9][10] - Interest income rose to US$73.2 million, a 52.7% increase from the same quarter last year, attributed to increased margin financing and securities lending activities [10][11] - Other revenues surged to US$26.3 million, up 189.1% year-over-year, mainly due to higher IPO distribution income and wealth management service revenue [10] Customer Growth and Engagement - The company added 31,500 new customers with deposits in Q3 2025, achieving its annual target of 150,000 new customers with deposits for the year [3] - The total number of customers with deposits reached 1,224,200, an 18.5% increase compared to the same quarter last year [3][8] - The average net asset inflow of newly acquired funded clients reached a record high of over US$32,000, with significant contributions from Singapore and Hong Kong [3] Product and Service Expansion - UP Fintech enhanced its product offerings in digital assets and wealth management, launching digital asset trading in New Zealand and expanding the capabilities of its Tiger AI platform [4] - The TradingFront AI function was introduced to provide real-time analytical insights for advisers, improving portfolio management and client interactions [4] Corporate Activities - The company underwrote five U.S. IPOs in Q3 2025 and participated in five IPOs in Hong Kong, demonstrating its active role in the capital markets [5] - The ESOP business added 46 new clients, bringing the total to 709 clients served as of September 30, 2025 [5]