UP Fintech (NasdaqGS:TIGR) Q4 2025 Earnings call March 19, 2026 08:00 AM ET Company ParticipantsAaron Li - Head of Investor RelationsCindy Wang - DirectorJohn Zeng - CFOWu Tianhua - Chairman and CEOConference Call ParticipantsDennis Bai - Equity Research AnalystEmma Xu - Greater China Banks and FinTech Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to UP Fintech Holding Limited Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in ...

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]