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 U.S. and Hong Kong IPOs in the fourth quarter, bringing the total for the year to 47 [12] - The ESOP business added 39 new clients in the fourth quarter, totaling 848 clients by the end of 2025 [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] - Client assets in Singapore and Australia-New Zealand markets showed strong double-digit growth [9] - Total client assets at the end of the fourth quarter remained stable at $80.8 billion, up 45.7% year-over-year [8] Company Strategy and Development Direction - The company aims to acquire 150,000 new funded clients in 2026, focusing on user quality and high net worth clients [7][22] - 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 through community engagement and marketing initiatives [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the quality of newly acquired users and achieving the 150,000 target for 2026 [22] - The company noted that recent market volatility has not significantly impacted client acquisition pace [28] - Management highlighted the importance of adapting strategies based on market conditions to ensure healthy ROI [33] Other Important Information - Total net asset inflows exceeded $10 billion for the full year 2025, with over $3 billion in the fourth quarter alone [7] - The average net asset inflow of newly acquired clients in Hong Kong reached a historic high of over $43,000 [10] - Marketing expenses increased significantly due to enhanced campaigns and community initiatives [30] Q&A Session Summary Question: Client acquisition guidance for 2026 and market breakdown - Management confirmed that the target of 150,000 new funded users for 2026 will follow the same strategy as in 2025, with Hong Kong and Singapore as main contributors [22][24] Question: Plans for convertible bonds maturing - Management stated that $50 million of convertible bonds will be extended, while $100 million will be repaid, which will not significantly impact liquidity [25] Question: Operating performance since Q1 and customer acquisition cost - Management indicated that new funded accounts are expected to remain flat in Q1, with a slight decline in U.S. equity turnover but increased trading activity in Hong Kong [28][29] - The increase in customer acquisition cost was attributed to higher marketing expenses and efforts to attract high net worth clients [33] Question: Cost increase and guidance for the year - Management explained that the profit decline was due to increased marketing expenses and one-off costs related to bad debt provisions [36] Question: Wealth management and investment banking business development - Management highlighted significant growth in wealth management and investment banking, with a record IPO subscription amount in Q4 [39][40]

Core Insights - UP Fintech reported record full-year revenue and profit, with full-year profit surging 165% year-over-year (YoY) and global client assets reaching US$60.8 billion [1][2][3] Financial Performance - In Q4 2025, UP Fintech achieved revenue of US$175.6 million, a 41.5% increase YoY, while full-year revenue reached US$612.1 million, marking a 56.3% increase [1] - Non-GAAP net income for Q4 was US$48.9 million, up 60.5% YoY, and full-year non-GAAP net income grew 164.7% YoY to US$186.5 million [1] Client Growth and Trading Activity - The company added 29,700 funded accounts in Q4, bringing the total to 1.25 million, a 14.8% increase YoY [2] - Total trading volume in Q4 increased 59.9% YoY to US$316.6 billion, with net asset inflow of US$3 billion [2] - Client assets grew 45.7% YoY, driven by strong market trading activity [2] International Expansion and Market Performance - UP Fintech's internationalization strategy showed solid progress, with significant growth in client assets across various regions, including over 50% YoY growth in Singapore and more than tripling in Hong Kong [3] - In Hong Kong, trading volume surged 840.9% YoY, with Q4 trading volume increasing 1305% YoY [5] Product Development and User Experience - The company enhanced its platform with new features, including a one-click order function for complex trading strategies and improved cash management options [9] - Tiger Vault, the cash management tool, saw a 94.3% YoY increase in assets under custody (AUC) [12] Investment Banking and Corporate Services - Investment banking revenue reached US$30.8 million in Q4, up 220.6% YoY, with 20 Hong Kong IPOs completed [14] - The ESOP segment added 39 new clients in Q4, with annual revenue increasing over 40% YoY [15]

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]

Financial Performance - UP Fintech reported total revenue of US$138.7 million for Q2 2025, representing a 58.7% year-over-year increase, achieving a record high [1] - Non-GAAP net income attributable to shareholders surged to US$44.5 million, up 23.5% quarter-over-quarter and nearly 8 times year-over-year, also reaching a record level [1] - Commission income rose to US$64.8 million, increasing by 90.1% year-over-year, while interest-related income climbed 30.4% year-over-year to US$61.4 million [8] Client Growth and Engagement - The company added 52,700 new accounts in Q2, bringing the total number of global accounts to 2.58 million, with funded accounts increasing by 39,800 [1] - Average net asset inflows from new clients exceeded US$20,000 in Q2, with figures in Hong Kong and Singapore reaching about US$30,000, driving client assets in these markets up approximately 50% and 20% quarter-over-quarter, respectively [2] - The wealth management business saw assets under custody (AUC) grow 31.7% quarter-over-quarter and 225% year-over-year, with the number of wealth clients increasing by 70.8% year-over-year [10] Trading Activity - Q2 trading volume soared 168.3% year-over-year to US$284 billion, with significant increases in trading orders and commissions [1] - In Singapore, total trading volume rose 113% year-over-year and 80% quarter-over-quarter, while in Hong Kong, trading volume surged nearly 8 times year-over-year [3][4] - In the US, options trading increased by 163.4% quarter-over-quarter, reflecting stronger user engagement [5] Product Enhancements - TigerAI, the AI-powered research assistant, saw its user base more than triple year-over-year, with total conversations rising over fourfold [8] - Major upgrades to the Tiger Trade app included new features for portfolio analysis, watchlist insights, and stock-specific assessments [2] - The company launched new fundamental tools such as revenue & expenditure breakdown and valuation track to assist investors in interpreting financials [8] Investment Banking and IPOs - UP Fintech's investment banking division participated in underwriting 7 Hong Kong IPOs and 4 US IPOs, ranking third among US-listed Chinese IPO underwriters [13] - The company underwrote the high-profile CHAGEE IPO, which attracted over 30,000 subscriptions, marking the highest number for a US IPO in nearly three years [13] Regional Performance - In Australia, new account openings grew 62.6% quarter-over-quarter, with total client assets climbing 34% quarter-over-quarter [7] - In New Zealand, net deposit amounts jumped 149.2% year-over-year, with trading volume surging 56.3% quarter-over-quarter and 119.7% year-over-year [7]