Financial Data and Key Metrics Changes - Full-year total revenue reached $612.1 million, up 56.3% compared to 2024 [5] - GAAP net income attributable to UP Fintech was $170.9 million, up 181.4% year over year [5] - Non-GAAP net income was $186.5 million, up 164.7% year over year [5] - Fourth quarter total revenue was $175.6 million, an increase of 41.5% year-over-year [6] - Fourth quarter GAAP net income was $45.2 million, up 61.3% year-over-year [6] - Fourth quarter non-GAAP net income was $48.9 million, up 60.5% year-over-year [6] Business Line Data and Key Metrics Changes - The investment banking business underwrote a total of 22 US and Hong Kong IPOs in the fourth quarter, bringing the total for the year to 47 [12] - The ESOP business served 848 clients by the end of 2025, with 39 new clients added in the fourth quarter [12] Market Data and Key Metrics Changes - Client assets in Hong Kong more than tripled year-over-year, with a 20% quarter-over-quarter increase despite market pullbacks [9] - Total client assets at the end of the fourth quarter remained stable at $80.8 billion, up 45.7% year-over-year [8] - Net asset inflows exceeded $10 billion for the full year 2025, with over $3 billion in the fourth quarter alone [7] Company Strategy and Development Direction - The company aims to acquire 150,000 new funded clients in 2026, focusing on user quality rather than just quantity [7] - Continued investment in product offerings and user experience, including upgrades to trading features and launching margin accounts in Australia [11] - The company is expanding its presence in local markets, particularly in Hong Kong and Singapore, to enhance client acquisition [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the quality of newly acquired users and achieving the 2026 client acquisition target [22] - The company noted that recent market volatility has not significantly impacted client acquisition pace [27] - Management highlighted the importance of adapting strategies based on market conditions to ensure healthy ROI [32] Other Important Information - Marketing expenses increased significantly due to enhanced campaigns and community engagement initiatives [30] - The company reported a one-off impact from bad debt provisions related to previous IPO underwriting deals [35] - The wealth management business has seen rapid growth, with significant increases in assets under management and trading volume [39] Q&A Session Summary Question: Client acquisition guidance for 2026 and market breakdown - Management confirmed the target of 150,000 new funded clients, with Hong Kong and Singapore expected to be the main contributors [24] Question: Plan for maturing convertible bonds and cash flow impact - Management stated that repayment of $100 million in convertible bonds will not significantly impact liquidity or operations [25] Question: Operating performance since Q1 and customer acquisition cost increase - Management noted that Q1 new funded accounts are expected to be flat compared to Q4, with a slight decline in US equity turnover [27] Question: Cost increase and guidance for the year - Management explained that increased costs were due to higher marketing expenses and one-off provisions, with expectations for stable costs moving forward [35] Question: Development of wealth management and investment banking business - Management highlighted strong growth in wealth management and investment banking, with significant increases in IPO subscriptions and assets under management [39]