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]

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]