A：In 2025, we delivered strong customer growth, with full-year competitive asset customers exceeding 950000, exceeding the start-of-year guidance by 19%. The total number reached 3.4 million, up 40% year-on-year. Customer growth is not only reflected in mature markets, but also in new markets such as Hong Kong and Malaysia. We are confident that we expect the competitive asset customer guidance to increase to 800000 in 2026. In the fourth quarter, the net increase in asset customers was about 230000. Although it was down 8% month-on-month, it was up 9% year-on-year. The Hong Kong market continued to consolidate its leading position on the basis of high market share, with asset clients achieving high double-digit year-on-year growth throughout the year. At the same time, the Japanese market showed strong growth with the company's APP download volume exceeding 2 million and Mu Mu becoming the trading APP download volume champion. The U.S. market, on the other hand, promoted product features for active traders through a new round of offline marketing campaigns, resulting in double-digit month-on-month growth in options trading volume, stocks and cryptocurrency trading volume.

A：In the fourth quarter, despite the negative impact on overall assets caused by the decline in the market value of customers' Hong Kong stock positions, the total assets of customers still reached HK $1.23 trillion, up 66% year-on-year and basically unchanged from the previous quarter. In the Hong Kong and Singapore markets, the share of net income contributions from high net worth clients continued to rise. Among all markets, the average household assets in the US market grew the fastest month-on-month. Driven by active margin trading per share, the balance of margin trading increased by 7% month-on-month to HK $67.7 billion. This quarter's hot Hong Kong stock IPO also led to new enthusiasm for customer financing, driving the average daily financing balance to achieve a double-digit month-on-month increase. Wealth management client assets reached HK $179.6 billion, up 62% YoY and 2% QoQ. In order to meet the growing demand of our clients for diversified asset allocation, we have expanded our product supply in various markets, such as launching high-dividend fund products, lowering the threshold for structured products, and launching new equity funds and short-term bond funds.

A：In the fourth quarter, the total transaction volume of the platform reached a record high of HK $0.398 billion million, up 38% year-on-year and 2% month on month. Driven by the theme of diversified investment, the trading volume per share in the fourth quarter increased by 17% month on month to HK $3.04 trillion. Although the correction in Hong Kong stocks led to a 31% month-on-month decline in Hong Kong trading volume to HK $821.1 billion, the trading volume of gold and other precious metals-related targets increased month-on-month. Although the currency market is weak, the cryptocurrency trading volume remains stable at about HK $20 billion. At the same time, the penetration rate of cryptocurrency trading in Hong Kong, Singapore and the United States continues to rise.

A：We have simplified the account opening process of Tianjin Bank, launched public fund and insurance products in the APP, and launched a desktop application to provide a seamless cross-terminal experience. In addition, we have continued to strengthen our compliance and risk management capabilities, developed our own anti-money laundering system, and built seven AI-based identification systems. In the future, we will further consolidate the underlying infrastructure of the bank, continue to optimize the user experience, and explore the synergy between the Bank of Tianjin and the Group's business, and strive to build a one-stop integrated financial service platform in Hong Kong.

A：At the end of the fourth quarter, our total number of IPO distribution and IR customers reached 600, up 24% year-over-year. In 2025, we further consolidated our position as the first tier in the distribution and subscription of Hong Kong IPOs, providing an investment banking platform for more than half of the newly listed companies on the Hong Kong Main Board, with annual subscriptions accounting for 49% of the total subscription amount for the Hong Kong IPO public offering. At the same time, we play the role of overall coordinator in a number of well-known Hong Kong IPO projects, such as Reliance Technology and Meet Small Face.

A：The financial results for the fourth quarter include a revenue growth to $22.8 billion, representing a 68% year-over-year increase. Sequentially, revenue was $4.4 billion. Additionally, programming revenues grew 45% from $4.4 billion to $6.4 billion in the fourth quarter.

A：The revenue growth was attributed to higher interest income and security borrowing and lending business, bank financing, and margin financing. Sequentially, interest income remained stable.

A：The interest income in the fourth quarter remained stable as higher interest income from banking deposits and margin financing was offset by lower interest income from security borrowing and the lending business.

A：The total costs decreased by 6% to $729 million, while focus commission and handling charge expenses decreased 12% year over year to $141 million.

A：The new net revenue growth was 27% year over year, with a 15% year-over-year increase in commission and handling charge income and an 8% increase in ancillary income.

A：Operating expenses increased by 9% of the book and 13% in a quarter to $1.6 billion, mainly due to an increase in capitalization headcount to support AI-related initiatives.

A：AI-related expenses increased operating expenses by 13% in the year, with a 15% increase in commission and handling charge income and an 8% increase in revenue from ancillary incomes.

A：Net income increased by 80% to $340 million, and the effective tax rate for the quarter was 16.3%, indicating a significant rise in profitability.

A：The composition of trading volume has changed over time, with a decrease in the proportion of China-related stocks and an increase in other types of stocks. The exact numbers were not provided, but it was mentioned that the latest quarter, the proportion of Chinese stocks in trading volume was less than 10%.The progress of the virtual coin business includes a 10% market share in China-related trading volume. The revenue from this business is not separately mentioned but is implied in the overall financial results.

A：AI is currently bringing specific empowerment to the business, but there is a concern about its impact on light-asset business and take rate due to the shift model of the business. The company is likely evaluating these effects, as indicated by the question, but specific details were not provided.