向上融科(TIGR.US) 2026年第一季度业绩电话会
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会议摘要
Total revenue surged 26.3% to $155 million, operating profit rose 17.5% to $47.5 million, and client assets increased 28.4% YoY despite $4.9 billion market value loss. New funded accounts reached 1.28 million, with $2.9 billion net inflows. Strategic upgrades to Tiger AI platform and focus on higher-quality user acquisition led to a $50 million share repurchase program approval. Regulatory changes impacted mainland Chinese clients, but growth strategies remained robust.
会议速览
First Quarter 2026 Earnings Conference: Tiger Road International Performance Overview and Future OutlookTiger Road International held its first quarter financial report conference on June 2, 2026, detailing the company's business operations, financial results and future plans. At the meeting, management outlined performance highlights and provided an outlook on future trends, while committing to update forward-looking statements in compliance with applicable law.
2026 Q1 Company Revenue and User Growth Solid, Customer Asset OptimizationIn the first quarter of 2026, the company's revenue was 0.155 billion US dollars, up 26.3 year-on-year, 28900 new inbound users were added, the cumulative total number of gold users reached 1.28 million million, and customer assets exceeded 2 billion US dollars for the first time in a single quarter. Although market fluctuations led to floating losses in market value, the second quarter was completely repaired, customer assets rose month-on-month, and the US market increased by nearly 40%.
Tiger AI function upgrade and new derivatives trading function to help optimize the investment experienceThis quarter, the company has made important upgrades to the tiger AI function, including the construction of independent intelligent modules such as market retrieval, market analysis and risk control, the launch of the futures AI intelligent module, and the realization of three-model collaborative AI tools, significantly improving the accuracy and professionalism of intelligent analysis. In addition, the platform also launched professional functions such as Hong Kong index options trading and options key web orders to help investors achieve better trading strategies in complex market environments.
The company's Q1 performance is bright, IPO underwriting and ESOP service expansion, announced a $50 million share repurchase program.The company performed strongly in the first quarter, successfully underwriting 10 Hong Kong stock IPOs and large U.S. IPO projects, Hong Kong stock new market subscriptions exceeded one trillion Hong Kong dollars, ESOP business added 42 new customers, a total of 790 services. In return to shareholders, the board of directors approved a share repurchase program of up to $50 million for one year.
First quarter financial report: revenue growth but rising costs, non-GAAP net lossreported its first quarter financial performance, including revenue growth, cost increases and non-GAAP net loss, with particular reference to the financial impact of a one-time regulatory penalty.
Analysis of the impact of the new regulatory rules and the proportion of income from mainland customers' assets and the inflow of funds from retail users.The impact of the new regulations on May 22 on the company's business and mainland customers was discussed. Mainland retail customer assets accounted for about 10% and revenue accounted for 20%-25%. The new rules prohibit cross-border investment business marketing in the mainland, but overseas users are not affected. Although there is an outflow of funds from mainland retail users in the short term, it is expected to be stable and overseas retail users will continue to have a net inflow.
Omnibus Retail Account Net Inflow Analysis: Significant Contribution from Singapore, Australia, New Zealand and Hong KongThe dialogue discussed the net inflow of Omnibus retail accounts this quarter, pointing out that about 90% of the inflow came from markets outside the mainland, with Singapore contributing more than 1/3, Australia, Singapore and the United States contributing about 1/3, and the rest mainly from Hong Kong.
Analysis of the company's first quarter take rate decline and effective tax rate fluctuations.The dialogue discussed the reasons for the decline in the company's take rate in the first quarter, including the increase in the share of Hong Kong stock trading volume and the impact of high-frequency users in the United States, as well as the increase in the effective tax rate due to non-cash adjustments to employee stock awards. Excluding one-time effects, the Company's future effective tax rate is expected to remain below 20%.
Second Quarter Operations and Annual New User Guidance AnalysisThe dialogue focused on the operating conditions since the second quarter, including the number of gold users, trading activity and changes in customer assets, as well as the regional distribution of new gold users and the maintenance of new user guidelines throughout the year. The management is optimistic about the market performance in the second quarter, emphasizing the importance of user quality and asset inflow as evaluation criteria, and said that it will adjust its strategy according to the market environment to achieve the full-year target.
要点回答
Q：What are the key financial results for the first quarter of 2026?
A：The company's first quarter 2026 revenues were $155 million, representing a 26.3% growth year over year. The operating profit for the quarter was $47.55 million, up 17.5% from the same period last year.
Q：What is the growth in users and total funded accounts as of the end of the first quarter?
A：As of the end of the first quarter, the company had a total of 128,280 funded accounts, a 11.3% increase from the prior year. The company also saw a significant net asset inflow of $29 billion from retail users in the first quarter.
Q：How did market fluctuations impact client assets, and what was the result for the first quarter?
A：The market波动导致公司客户资产产生了49亿美金的市值浮亏，使得第一季度末公司客户总资产环比小幅回落3.2%，但仍然保持了28.4%的同比增长态势, ending at $589 billion. However, as of the latest update, the market has rebounded, and the client assets have recovered all the losses.
Q：What updates were made to the Tiger AI function, and how did they affect user experience?
A：The Tiger AI function was significantly upgraded with a new multi-agent architecture, which separated and improved functionalities like market analysis and risk control. The期货AI智能模块 was also launched, enhancing the accuracy and practicality of futures analysis. Additionally, the AI tool transitioned to a three-model协同 system, integrating with a large language model to大幅提升智能化服务能力和用户对AI期货支持的使用体验. The platform also introduced Hong Kong index options trading and other professional features for derivatives trading to assist investors in formulating optimal trading strategies.
Q：What are the highlights of the company's international B2B business?
A：The company's international B2B business highlights include underwritten 10 Hong Kong stock IPO projects, involving artificial intelligence enterprises such as mini max AI. Successfully completed a large-scale SPACIPO project in the United States; As well as the continued strong demand for Hong Kong stocks to hit the new market, the total subscription for Hong Kong stocks on the labor platform exceeded HK $1 trillion.
Q：What impact did the regulatory penalty have on the company's financial results?
A：The regulatory penalty of approximately RMB 411 million, or about $60 million, was fully recognized in the company's first quarter results. This penalty is a one-time, non-recurring charge and is not expected to have a material impact on the company's core business and overall financial health.
Q：How should the new regulatory rules be interpreted, and what is their impact on the company's business and Chinese mainland retail clients?
A：The new regulatory rules, issued on May 22, are industry-wide and apply to all companies, including老虎国际。The rules primarily affect the company's business and mainland retail clients by shifting the regulatory focus from identity verification to onshore management, which means that the company now focuses on restricting境内行为 rather than clearing out accounts. As a result of the policy change, the company has had to take several remedial actions, including halting onshore marketing of cross-border investment products and removing onshore official websites and applications from the market, all of which were completed in May 2023.
Q：How has the new regulation affected the company's operations in China?
A：The new regulation has led to a requirement for the company to close down mainland-focused official websites and remove relevant apps from local app stores. The company has completed these requirements. Additionally, the regulation restricts trading activities when onshore in China, but it does not involve closing all existing PR China client accounts.
Q：What is the impact of the new regulation on the company's revenue and client assets from mainland retail investors?
A：The new regulation has led to an outflow of client assets from mainland retail accounts, which previously contributed between 20% to 25% of the company's total net revenue and roughly 10% of total client assets. However, the company expects this outflow to stabilize, and retail users in other overseas markets continue to record net asset inflows.
Q：What is the breakdown of the company's netflix inflow from omnibus retail accounts by region for the latest quarter?
A：For the latest quarter, approximately 90% of the company's total net asset inflow from omnibus retail accounts came from markets outside of mainland China. Singapore contributed over one-third of the total net asset inflow, followed by Australia and New Zealand, and the United States, with the remaining contributions coming from Hong Kong.
Q：Can the company explain the decrease in its take rate, especially in the stock commission rate, in the first quarter?
A：The decrease in the take rate, particularly for stock commission, in the first quarter was attributed to two main factors: an increase in the proportion of港股交易量, which has a lower take rate compared to美股, and a particular set of高频交易用户在一季度增加了美国股票交易量, which also affected the take rate. Additionally, the revenue from futures trading, which has a lower take rate, increased as a proportion of total commission revenue.
