Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][16]. Core Insights - The company reported a total revenue of $390 million for 2024, reflecting a year-on-year growth of 43.7%, and a Non-GAAP net profit of $70 million, which is a 65% increase compared to the previous year [1]. - In Q4 2024, the company experienced a significant increase in commission income, which reached $56 million, a year-on-year growth of 154.9%, driven by a 182% increase in stock trading volume to $55.5 billion [2]. - The number of new funded clients exceeded expectations, with a total of 1.092 million clients by the end of 2024, marking a 20.7% increase year-on-year [3]. - The company has upgraded its AI investment assistant to TigerAI, enhancing its technological capabilities [5]. - The forecast for Non-GAAP net profit growth is projected at 71% for 2025, with earnings per ADS expected to be $0.78, leading to a corresponding PE ratio of 12.43 [6]. Financial Summary - For 2024, the company achieved a total revenue of $392 million, with projections for 2025, 2026, and 2027 at $517 million, $659 million, and $767 million respectively, indicating growth rates of 32.13%, 27.43%, and 16.39% [13]. - The Non-GAAP net profit for 2024 was $70 million, with estimates of $120 million, $156 million, and $197 million for the following three years, reflecting growth rates of 70.99%, 29.85%, and 25.60% [13]. - The average revenue per user (ARPU) for Q4 2024 was $116.8, showing a year-on-year increase of 48% [3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company reported a significant increase in total revenue for 2024, achieving a year-on-year growth of 44% to reach $392 million, with net profit rising by 86% to $61 million [1]. - In Q4 2024 alone, total revenue surged by 77% year-on-year to $124 million, with net profit of $28 million, a turnaround from a loss of $1.8 million in the same quarter of the previous year [1]. - The increase in revenue is attributed to heightened trading activity in Hong Kong and U.S. markets, leading to a 72% rise in commission income to $159 million and a 28% increase in interest income to $192 million [8]. Revenue and Profitability - Total revenue projections for the company are as follows: $525 million in 2025, $652 million in 2026, and $776 million in 2027, with respective year-on-year growth rates of 34.1%, 24.2%, and 19% [20]. - The company expects net profit to reach $96 million in 2025, $116 million in 2026, and $137 million in 2027, reflecting growth rates of 58%, 21%, and 18% respectively [20]. Operational Performance - The company experienced a 31% increase in total operating costs and expenses to $252 million in 2024, driven by higher trading volumes and global business expansion [8]. - Key components of the cost increase included a 61% rise in settlement and execution fees, a 21% increase in salary and benefits, and an 80% increase in management and administrative expenses [8]. Market Position and Innovation - The company has introduced several innovative products to enhance user experience, including the launch of a trading account with Cash Boost and the approval of its cryptocurrency platform in Hong Kong [8]. - The company is positioned to expand its overseas market presence and accelerate user growth, indicating a strong long-term growth potential [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company reported a significant increase in total revenue for 2024, achieving a year-on-year growth of 44% to reach $392 million, with net profit rising by 86% to $61 million [1]. - In Q4 2024 alone, total revenue surged by 77% year-on-year to $124 million, with net profit of $28 million, a turnaround from a loss of $1.8 million in the same quarter of the previous year [1]. - The increase in revenue is attributed to heightened trading activity in Hong Kong and U.S. markets, leading to a 72% rise in commission income to $159 million and a 28% increase in interest income to $192 million [8]. Revenue and Profitability - The company’s total revenue is projected to grow from $273 million in 2023 to $525 million in 2025, with a compound annual growth rate (CAGR) of 34.1% [1]. - Net profit is expected to increase from $61 million in 2024 to $96 million in 2025, reflecting a growth rate of 58% [1]. - Earnings per share (EPS) is forecasted to rise from $0.02 in 2024 to $0.03 in 2025 [1]. Business Segments - Commission income is anticipated to grow from $159 million in 2024 to $210 million in 2025, while interest income is expected to increase from $192 million to $270 million in the same period [20]. - The company has seen a substantial increase in customer engagement, with the number of funded clients rising to 1.09 million, a 21% increase year-on-year [8]. Cost Structure - Total operating costs and expenses increased by 31% year-on-year to $252 million in 2024, driven by higher trading volumes and global business expansion [8]. - Key cost components include a 61% rise in settlement and execution fees, a 21% increase in salary and benefits, and a 26% increase in commission and market data expenses [8]. Market Position and Innovation - The company is actively enhancing user experience through product innovations, such as the launch of the Cash Boost trading account and the approval of its cryptocurrency platform in Hong Kong [8]. - The integration of AI technology into its investment platform positions the company as a leader in adopting advanced trading solutions [8]. Valuation Metrics - The current market capitalization is approximately $1.8 billion, with a price-to-earnings (P/E) ratio projected to decrease from 29.46 in 2024 to 18.59 in 2025, indicating potential for value appreciation [1][20]. - The report highlights a favorable long-term growth outlook, supported by the company's expansion into overseas markets and user base growth [8].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was US$124.1 million, representing a 22.8% increase quarter-over-quarter and a 77.3% increase year-over-year [9] - Full year total revenue reached US$391.5 million, a 43.7% increase from 2023 [9] - GAAP net income for Q4 was US$28.1 million, and non-GAAP net income was US$30.5 million, reflecting increases of 58% and 51.7% quarter-over-quarter respectively [10] - For the full year, GAAP net income was US$60.7 million, and non-GAAP net income was US$78.5 million, up 86.5% and 65% respectively from 2023 [10][22] - Non-GAAP net profit margin increased from 20% in Q3 to 25% in Q4 [11] Business Line Data and Key Metrics Changes - Commission income grew by 35.8% and interest income by 16.3% compared to the previous quarter [9] - In Q4, 70% of commission revenue came from cash equities, 30% from options, and the remainder from futures and other products [20] - The company underwrote 14 U.S. and Hong Kong IPOs in Q4, bringing the total for the year to 44 [16] Market Data and Key Metrics Changes - Total client assets grew by 2.4% quarter-over-quarter and 36.4% year-over-year, reaching US$41.7 billion [13] - Client assets in Hong Kong increased by about 50% quarter-over-quarter, making it the third largest market in terms of client assets [13] - In Q4, approximately 80% of net asset inflows came from retail users [12] Company Strategy and Development Direction - The company aims to acquire 150,000 new funded clients in 2025, focusing on user quality and ROI rather than just quantity [27] - The company has received licenses to operate as a virtual asset trading platform in Hong Kong, allowing it to offer spot trading and custody services for major cryptocurrencies [46] - The company plans to continue investing in the Hong Kong market to drive growth and attract high-quality users [48] Management's Comments on Operating Environment and Future Outlook - Management noted that the market was very active in Q4, benefiting margin financing and securities lending activities [34] - Despite recent market volatility, the company expects trading volume to remain steady, with an increase in average daily trading volume observed in March [39] - Management expressed confidence in the growth potential of the Hong Kong market, with significant increases in trading volume and commission income [47] Other Important Information - The company added 59,200 newly funded accounts in Q4, a 17.2% increase from the previous quarter, bringing the total number of funded accounts to 1.09 million [11] - The average net asset inflow for newly funded users in Hong Kong was over US$30,000, the highest among all markets [48] Q&A Session Summary Question: How does the company plan to achieve its 2025 guidance for new funded clients? - Management stated that the focus will be on acquiring high net worth users and improving customer quality metrics, maintaining the target of 150,000 new funded users [27] Question: Can you provide a breakdown of new funded clients by region in Q4? - Approximately 60% of new funded users came from Singapore and Southeast Asia, 25% from Greater China, 10% from Australia and New Zealand, and 5% from the U.S. [28] Question: What caused the rise in compensation expenses and the effective tax rate? - The increase in labor costs was attributed to year-end bonuses, and the effective tax rate rose due to higher profits from the U.S. market [34] Question: How will the VATP license contribute to growth in the crypto sector? - The license allows the company to offer spot trading and custody services for major cryptocurrencies, aiming to bridge traditional finance and cryptocurrency [46] Question: What explains the growth in interest income despite a flat micro finance and securities lending balance? - The increase in interest income was due to better rate terms negotiated with local banks and increased demand in the securities lending market [50]

Group 1 - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1] - The author maintains a bullish stance on a specific company after evaluating its third quarter financial and operational performance [1] - The service provides a variety of watch lists with monthly updates, particularly emphasizing investment opportunities in the Hong Kong market [1]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was US$124.1 million, representing a 22.8% increase quarter-over-quarter and a 77.3% increase year-over-year [9][10] - For the full year 2024, total revenue reached US$391.5 million, a 43.7% increase from 2023 [9] - GAAP net income for 2024 was US$60.7 million, up 86.5% from 2023, while non-GAAP net income was US$70.5 million, up 65% [10][22] - Non-GAAP net profit margin increased from 20% in Q3 to 25% in Q4 [11] Business Line Data and Key Metrics Changes - Commission income grew by 35.8% and interest income by 16.3% compared to the previous quarter [9] - In Q4, 70% of commission revenue came from cash equities, 30% from options, and the remainder from futures and other products [20] - The company underwrote a total of 14 U.S. and Hong Kong IPOs in Q4, bringing the total for the year to 44 [16] Market Data and Key Metrics Changes - Total client assets grew by 2.4% quarter-over-quarter and 36.4% year-over-year, reaching US$41.7 billion [13] - Client assets in Hong Kong increased by about 50% quarter-over-quarter, making it the third largest market in terms of client assets [13] - In Q4, approximately 80% of net asset inflows came from retail users [12] Company Strategy and Development Direction - The company aims to acquire 150,000 new funded clients in 2025, focusing on user quality and ROI rather than just quantity [27] - The company has received licenses to operate as a virtual asset trading platform in Hong Kong, allowing it to offer spot trading and custody services for major cryptocurrencies [45] - The company plans to continue investing in Hong Kong to drive growth, focusing on attracting high-quality users [48] Management's Comments on Operating Environment and Future Outlook - Management noted that the market was very active in Q4, benefiting margin financing and securities lending activities [34] - Despite recent market volatility, the company expects continued growth in trading volume, particularly in Hong Kong [39] - Management expressed confidence in maintaining steady trading volume and user growth despite external market conditions [39] Other Important Information - The company upgraded its AI investment assistant, TigerGPT, to TigerAI, integrating leading AI models to enhance user experience [15] - The total number of funded accounts reached 1.09 million, a 20.7% increase year-over-year [11] Q&A Session Summary Question: Target for new funded clients in 2025 - Management confirmed the target of 150,000 new funded clients for 2025, focusing on user quality and ROI, with expectations for improved customer quality metrics [27] Question: Breakdown of new funded clients by region in Q4 - Approximately 60% of new funded users came from Singapore and Southeast Asia, 25% from Greater China, 10% from Australia and New Zealand, and 5% from the U.S. [28] Question: Increase in compensation expenses and effective tax rate - The rise in labor costs was attributed to added employee incentives and a higher effective tax rate due to increased profits from the U.S. market [34] Question: Impact of recent market volatility on trading volume - Despite volatility, trading volume remained steady, with increased activity in both Hong Kong and U.S. markets [39] Question: Contribution of VATP license to crypto growth - The VATP license allows the company to offer spot trading and custody services for cryptocurrencies, aiming to bridge traditional finance and cryptocurrency [45] Question: Inconsistent trend in interest income and expenses - Interest income rose due to better rate terms negotiated with banks and increased demand in the securities lending market, despite a flat margin financing balance [50]

Core Insights - UP Fintech Holding Limited reported record-high financial results for Q4 and full year 2024, with Q4 revenue of US$124.1 million, a 77.3% YoY increase, and full-year revenue of US$391.5 million, a 43.7% YoY increase [1] - Non-GAAP net income for Q4 reached US$30.5 million, up 51.7% QoQ and 2772.5% YoY, while full-year non-GAAP net income grew 65% YoY to US$70.5 million [1] Financial Performance - Q4 revenue was US$124.1 million, marking a 77.3% YoY increase, while full-year revenue reached US$391.5 million, a 43.7% YoY increase [1] - Non-GAAP net income for Q4 was US$30.5 million, a 51.7% QoQ increase and 2772.5% YoY increase, with full-year non-GAAP net income at US$70.5 million, a 65% YoY increase [1] Client Growth - In Q4, UP Fintech added 81,300 new account openings globally, a 70.1% YoY increase, bringing total global accounts to 2.4 million [2] - The company added 59,200 new funded clients in Q4, a 51.4% YoY increase, with total funded clients reaching 1,092,000, up 20.7% YoY [2] Trading Activity - Total trading volume in Q4 increased 142.2% YoY to US$198 billion, supported by active market trading [2] - Net asset inflows from individual and institutional clients reached US$1.1 billion in Q4, while total client assets grew 36.4% YoY to a record US$41.7 billion [2] Market Expansion - The company expanded its global presence, with significant growth in Singapore, Hong Kong, New Zealand, Australia, and the US [3][4] - Singapore remains the largest market, with record trading volume and commission income, increasing 196% and 66% YoY respectively [4] Product and Service Innovations - UP Fintech launched new trading features and tools, including a 24-hour trading option for US stocks and enhancements for options trading [10] - The company introduced TigerGPT, an AI-powered investment assistant, which saw a 1,000% increase in user interactions post-upgrade [11] Wealth Management - Wealth management assets under custody (AUC) rose 98.3% YoY, with a wealth user penetration rate of 23% among newly funded accounts in Q4 [13] - The company introduced new financial products tailored to high-net-worth clients, enhancing its wealth management offerings [13] Investment Banking - UP Fintech participated in 8 US IPO projects and underwrote 9 Hong Kong IPOs in Q4, ranking fifth in the Hong Kong IPO underwriting rankings [15] - The investment banking business saw a 33% YoY increase in the number of underwritings [15] Recognition and Awards - The company received multiple industry accolades, including recognition as a leading broker in Hong Kong and Australia [6][7]

Core Viewpoint - UP Fintech Holding Limited reported significant growth in both financial and operational performance for the fourth quarter and full year of 2024, achieving record revenues and net income [2][6]. Financial Highlights for Fourth Quarter 2024 - Total revenue reached US$124.1 million, a sequential increase of 22.8% and a year-over-year growth of 77.3% [2][6]. - Net income attributable to ordinary shareholders was US$28.1 million, representing a quarter-over-quarter growth of 58.0% and a turnaround from a net loss of US$1.8 million in the same quarter of the previous year [2][7]. - Non-GAAP net income attributable to ordinary shareholders was US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5% [2][7]. Financial Highlights for Fiscal Year 2024 - Total revenue for the year amounted to US$391.5 million, a 43.7% increase from 2023 [7][18]. - Net income attributable to ordinary shareholders for the year was US$60.7 million, an increase of 86.5% compared to the previous year [7][24]. - Non-GAAP net income for the year was US$70.5 million, a 65.0% increase from 2023 [7][25]. Operating Highlights as of Year End 2024 - The total number of customers with deposits reached 1,092,000, a 20.7% increase year-over-year [3][7]. - The total account balance rose to US$41.7 billion, reflecting a 36.4% year-over-year increase [7][19]. - The company added 59,200 customers with deposits in the fourth quarter, exceeding its yearly guidance of 150,000 [3][7]. Selected Operating Data for Fourth Quarter 2024 - The number of customer accounts increased to 2,449,300, up from 2,195,700 in the same quarter of the previous year [5][39]. - Trading volume reached US$198.0 billion, a significant increase from US$81.8 billion in the same quarter of the previous year [5][39]. - The number of options and futures contracts traded was 18,926.3 thousand, up from 8,044.5 thousand in the same quarter of the previous year [5][39]. Product and Service Developments - The company launched a licensed cryptocurrency trading platform in Hong Kong and upgraded its AI investment assistant, TigerGPT, to TigerAI, integrating leading AI models [4][34]. - The corporate business performed well, underwriting 14 U.S. and Hong Kong IPOs in the fourth quarter, totaling 44 for the year [5][34].

周末闲聊，想哪到哪啊。 昨天有不少读者看中了文末提到的4%活期利率，但这个不是墙内人民币的理财产品，是离岸美元的理财产品，我在文章里提到的老虎证券、富途证券、 盈透证券，包括之前的利弗莫尔都是境外券商。 你如果有外汇美元的话，4%收益没什么稀罕的，10年期美国国债收益率最新是4.3%，这些券商只是把国债收益给产品化，集成到了活期理财里。 然后就是有读者提出肉身去香港开离岸银行户，开离岸证券户。我可以确认开离岸银行户是肯定没问题的，至于离岸证券户几个中资券商不行，他们会拒 绝大陆过来的kyc，但我听说有好几个外资券商可以，至于是哪几个我唔知啊，你们开银行户的时候顺便问工作人员咯，这种上下游关联业务的多半有推 荐。 还有读者说让我多讲讲香港见闻，觉得蛮有趣的，其实我也只是匆匆的游客，没有深度体验香港本地生活。因为曾经上百年被英国统辖，那里确实和国内 城市很不一样。 普通人去那里感受最显著的差异就是消费贵，我之前提出过一个4倍理论，就是大部分香港物价除以4，就约等于国内。比如香港打工人月薪大都在20000- 30000区间，除以4就是国内的5000-7500，其它衣食住行等消费也差不多是这个比例。 比如我朋友他家每 ...

Core Viewpoint - UP Fintech Holding Limited will report its financial results for Q4 and the full year of 2024 on March 18, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The financial results announcement will occur before the U.S. market opens on March 18, 2025 [1] - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on the same day [2] Group 2: Conference Call Details - Participants must preregister online to receive dial-in numbers for the conference call [3] - A registration link is provided for participants to RSVP for the earnings conference call [4] - Confirmation emails will include participant dial-in numbers and personal PINs, with a recommendation to dial in 10 minutes prior to the call [5] Group 3: Company Overview - UP Fintech is a leading online brokerage firm targeting global investors, offering a mobile and online trading platform [6] - The company employs a "mobile first" strategy to enhance user experience and attract new customers [6] - Services include trade order placement, margin financing, IPO subscription, and investor education among others [6]