A：Ope Holding Limited experienced growth in its user base and client assets by continuing to enhance its product offering and localization, supported by a favorable market environment. The total number of newly funded accounts reached 161,900 at the end of 2025, surpassing the annual target of 150,000. The total account exceeded 1.25 million, showing a 14.8% increase from the end of 2024. The net asset inflow for the full year 2025 was over 10 billion US dollars, with strong net inflow of 45.7 billion US dollars in the fourth quarter alone.

A：Ope Holding Limited's B2B business performed well, with 22 US and Hong Kong IPOs underwritten in the fourth quarter, including Pony Air Inc and Husky. This brought the total number of IPOs underwritten for the year to 47, with 39 new clients added in the fourth quarter. As a result, the total number of E clients grew to 848 as of the end of 2025.

A：Ope Holding Limited reported total revenue of $612.1 million for the full year 2025, marking a 56.3% increase compared to 2024. Full year net income attributable to Fintech was $170.9 million and non-GAAP net income was $186.5 million, both setting record highs. In the fourth quarter, total revenue reached $175.6 million, a 41.5% increase year over year, with GAAP and non-GAAP net income at $45.2 million and $48.9 million, respectively, up 61.3% and 60.5% from the previous year.

A：For the fourth quarter, total revenue was 175.6 million US dollars, up 42% year over year and slightly up 0.2% quarter over quarter. The cash equity take rate was 6.4 BPS compared to 7.1 BPS in the previous quarter. Expenses include interest expense of 19 million dollars, down 13% from the same period last year due to margin financing and securities lending activities; execution at clearing expense of 5.3 million dollars, decreased 13% from the same period of last year; employee compensation and benefits expense of 50.3 million dollars, an increase of 35% year over year; and communication and market data expense of 14.5 million dollars, an increase of 23% year over year due to an increase in user base. GAAP and non-GAAP net income increased 21% and 165% year over year to 45.2 million and 48.9 million dollars, respectively.

A：The company's strategy for new user acquisition in 2026 continues with a focus on quality and ROI, expanding the high net worth client base rather than merely pursuing user numbers. The strategy has been successful, with full year net asset inflow exceeding 10 billion US dollars in 2025, which has increased total client assets from a 40 billion US dollar range to a 60 billion US dollar range. The 150,000 new user target for 2026 follows the same strategy and principles.

A：The expected regional breakdown of new funded accounts for 2026, excluding any impact from new markets, is anticipated to be similar to the Q4 regional mix, with Hong Kong and Singapore as main contributors.

A：Market volatility in the first quarter has impacted trading activities, resulting in slightly lower US equity turnover compared to Q4 and a pickup in trading volume in Hong Kong. Client assets have pulled back in Q1 due to market volatility and have declined, but there has been strong net asset inflow from retail users and continued marketing and branding efforts. End-of-February client assets were relatively stable, and the company will continue to monitor closely.

A：The increase in marketing expenses in the fourth quarter is mainly attributed to stepped-up campaigns and advertising in Singapore around New Year and Christmas, the launch of the flagship Tiger Experience 2025 event, and community initiatives such as charity fundraising. Hong Kong contributed to the acquisition pace despite market pullbacks, with increased net asset inflow and higher channel costs. These factors, combined with a slight decrease in the number of new fund users, led to the significant increase in marketing expenses.

A：There is no specific guidance provided regarding costs for the current year. However, the company expects both marketing expenses and the number of new users to be stable in the first quarter, which implies that the average cost per user (CAC) is expected to remain at the same level. The company is comfortable with the back period and user quality and will adjust its strategy based on market conditions to ensure a healthy return on investment.

A：The increase in other revenue in the past two quarters is primarily attributed to the wealth management and investment banking business. The revenue growth has been driven by expanded Hong Kong IPO pipelines, more inclusive financing rates and subscription experiences offered for IPOs, resulting in increased platform familiarity among Hong Kong users. Additionally, strong performance in wealth management services and robust trading volumes have contributed to the revenue increase.