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The Dinar is a currency that has been used in Iraq since 1932. It is currently the official currency of Iraq, and is used in many other countries in the Middle East. While it is a relatively stable currency, in recent years the value of the Dinar has fluctuated due to the instability in the region. This has led to speculation about the future of the currency, as well as a number of articles and videos discussing the currency. This section contains a collection of news, articles and videos about the Iraqi Dinar.

Form 8.3 - [BENCHMARK HOLDINGS PLC - Opening Disclosure - 23 05 2025] - (CGAML) - ForexTV

FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the “Code”) 1.        KEY INFORMATION (a)   Full name of discloser:CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients)(b)   Owner or controller of interests and short positions disclosed, if different from 1(a):        The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.N/A(c)   Name of offeror/offeree in relation to whose relevant securities this form relates:        Use a separate form for each offeror/offereeBENCHMARK HOLDINGS PLC(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:N/A(e)   Date position held/dealing undertaken:        For an opening position disclosure, state the latest practicable date prior to the disclosure23 MAY 2025(f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?        If it is a cash offer or possible cash offer, state “N/A”N/A 2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security:0.1p ORDINARY  InterestsShort positionsNumber%Number%(1)   Relevant securities owned and/or controlled:20,240,5002.7296  (2)   Cash-settled derivatives:    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:    TOTAL:20,240,5002.7296   All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b)      Rights to subscribe for new securities (including directors’ and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:  3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a)        Purchases and sales Class of relevant securityPurchase/saleNumber of securitiesPrice per unitNone    (b)        Cash-settled derivative transactions Class of relevant securityProduct descriptione.g. CFDNature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unitNONE     (c)        Stock-settled derivative transactions (including options) (i)        Writing, selling, purchasing or varying Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitTypee.g. American, European etc.Expiry dateOption money paid/ received per unitNONE        (ii)        Exercise Class of relevant securityProduct descriptione.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unit (d)        Other dealings (including subscribing for new securities) Class of relevant securityNature of dealinge.g. subscription, conversionDetailsPrice per unit (if applicable)NONE    4.        OTHER INFORMATION (a)        Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”NONE (b)        Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i)   the voting rights of any relevant securities under any option; or (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state “none”NONE (c)        Attachments Is a Supplemental Form 8 (Open Positions) attached?NO Date of disclosure:28 MAY 2025Contact name:MARK ELLIOTTTelephone number:01253 376539 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S - Nykredit Realkredit A/S - ForexTV

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S 28 May 2025 Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S With reference to Nykredit Realkredit A/S’s (“Nykredit”) announcement of 23 May 2025, in which Nykredit announced the final result of the voluntary public tender offer submitted by Nykredit (the “Offer”), Nykredit now announces that the Offer has been completed and settled as planned. Compulsory acquisition, delisting and changes to the management and articles of association As Nykredit has obtained an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares), it is Nykredit’s intention to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act. Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S. In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit will propose changes to the board of directors of Spar Nord Bank and changes to Spar Nord Bank’s articles of association. Detailed information on compulsory acquisition, delisting and extraordinary general meeting will be published in separate announcements. In connection with Nykredit completing the recommended voluntary public tender offer for Spar Nord Bank A/S, Michael Rasmussen, Group Chief Executive, comments: “I have been looking forward to welcoming everyone at Spar Nord – customers and colleagues alike – to the Nykredit Group. Our two strong banks now join forces. Both of us are experiencing growth, customer inflows, and high customer satisfaction. Together, we can show even more customers that there is a customer-owned alternative in the financial sector and stand even stronger in the competition with the largest listed banks. Having completed the transaction, we will spend the coming period getting to know each other better. Much will therefore be as before – both for customers and colleagues. Naturally, our primary focus will be on meeting the needs of our customers. At the same time, the Nykredit Group’s ‘Winning the Double‘ strategy continues, because partnerships are a crucial part of our group strategy. Our partners can therefore expect us to further engage and invest in our important communities in Totalkredit, BEC, Sparinvest, nærpension and Privatsikring. These partnerships ensure that we together stand stronger in the Danish financial market and in our interaction with customers.” Additional information Contact persons: Investor contact: Morten Bækmand, Head of Investor Relations, Nykredit (+45 2339 4168) Media contact: Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639) Attachment Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank

Futu Announces First Quarter 2025 Unaudited Financial Results - ForexTV

HONG KONG, May 29, 2025 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Operational Highlights Total number of funded accounts1 increased 41.6% year-over-year to 2,673,119 as of March 31, 2025.Total number of brokerage accounts2 increased 30.0% year-over-year to 4,955,319 as of March 31, 2025.Total number of users3 increased 16.8% year-over-year to 26.3 million as of March 31, 2025.Total client assets increased 60.2% year-over-year to HK$829.8 billion as of March 31, 2025.Daily average client assets were HK$790.4 billion in the first quarter of 2025, an increase of 64.7% from the same period in 2024.Total trading volume in the first quarter of 2025 increased by 140.1% year-over-year to HK$3.22 trillion, in which trading volume for U.S. stocks was HK$2.25 trillion, and trading volume for Hong Kong stocks was HK$916.0 billion.Margin financing and securities lending balance increased 33.7% year-over-year to HK$50.3 billion as of March 31, 2025. First Quarter 2025 Financial Highlights Total revenues increased 81.1% year-over-year to HK$4,694.6 million (US$603.4 million).Total gross profit increased 85.9% year-over-year to HK$3,945.7 million (US$507.2 million).Net income increased 107.0% year-over-year to HK$2,142.7 million (US$275.4 million).Non-GAAP adjusted net income4 increased 97.7% year-over-year to HK$2,216.9 million (US$285.0 million). Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We started 2025 on a strong note, adding approximately 262 thousand funded accounts in the first quarter, up 47.8% year-over-year and 21.9% quarter-over-quarter. Total funded accounts reached 2.7 million, representing a 41.6% increase year-over-year and a 10.9% increase quarter-over-quarter. Hong Kong remained the top contributor to new funded accounts, as our marketing initiatives effectively leveraged the Hong Kong market rally and IPO boom. We believe that brokers with leading brand equity, product experience and execution capabilities will gain outsized benefits from strong equity market performance. Malaysia posted the fastest sequential growth in new funded accounts among all seven markets. After a year of rapid market share gain in Malaysia, we think there is ample headroom for further growth and will continue to invest in our product and our brand. In Japan, new funded accounts enjoyed robust growth and reached a historic high, as we solidified our position as the go-to broker for U.S. stock trading. Funded account growth accelerated in the U.S. as we enhanced our offerings for active traders and our high-profile advertising campaigns boosted brand visibility. With one-third of our full-year target already achieved, we remain firmly on track to meet our guidance of 800 thousand net new funded accounts in 2025.” “Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, thanks to record net asset inflow. In Singapore, total client assets rose 11.4% quarter-over-quarter, sustaining its streak of double-digit sequential growth. Average client assets in Canada and Australia also logged five straight quarters of sequential increase. Margin financing and securities lending balance at quarter end remained largely stable at HK$50.3 billion, due to lower risk appetite in the second half of the quarter amid market pullback.” “Total trading volume was HK$3.22 trillion, up 140.1% year-over-year and 11.4% quarter-over-quarter. U.S. stock trading volume grew 8.2% sequentially to HK$2.25 trillion, bolstered by clients’ bottom fishing of technology and semiconductor names. Hong Kong stock trading volume increased 21.4% quarter-over-quarter to HK$916.0 billion, as DeepSeek-induced market rally reignited investor interest.” “We continued to drive product innovation, empowering retail investors with cutting-edge investment tools and seamless investment experience. In Hong Kong, we unveiled Futubull AI, our proprietarily trained, AI-powered investment assistance, and revealed a new desktop version with more intuitive tools and advanced features. In Japan, we continued to enhance our U.S. stock offerings as we rolled out U.S. fractional shares trading in the first quarter and subsequently launched U.S. options trading in April.” “Wealth management client assets were HK$139.2 billion as of quarter end, up 117.7% year-over-year and 25.6% quarter-over-quarter. 29% of funded accounts held wealth management products, a further climb from 28% in the previous quarter. Money market funds remained the primary driver of asset inflow given the seek for stable returns amid market volatility. In Hong Kong and Singapore, we broadened our structured product suite with FX-linked notes in the first quarter. We also onboarded equity funds in Malaysia and money market funds in Japan.” “We had 498 IPO distribution and IR clients as of quarter end, up 15.8% year-over-year. During the quarter, we served as joint lead manager for several high-profile Hong Kong IPOs, including those of Bloks Group and Guming Holdings. For both of these transactions, we were the exclusive online broker for IPO distribution. Notably, in the MIXUE Group IPO, more than 70 thousand clients contributed to over HK$1 trillion in subscription amount, putting us first among all brokers in number of subscribers and total subscription amount.” First Quarter 2025 Financial Results Revenues Total revenues were HK$4,694.6 million (US$603.4 million), an increase of 81.1% from HK$2,592.5 million in the first quarter of 2024. Brokerage commission and handling charge income was HK$2,310.2 million (US$296.9 million), an increase of 113.5% from the first quarter of 2024. This was mainly due to higher trading volume, partially offset by the decline in blended commission rate. Interest income was HK$2,070.5 million (US$266.1 million), an increase of 52.9% from the first quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, margin financing and bank deposits. Other income was HK$313.9 million (US$40.4 million), an increase of 101.0% from the first quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income. Costs Total costs were HK$749.0 million (US$96.3 million), an increase of 59.3% from HK$470.2 million in the first quarter of 2024. Brokerage commission and handling charge expenses were HK$143.5 million (US$18.4 million), an increase of 138.0% from the first quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income. Interest expenses were HK$469.3 million (US$60.3 million), an increase of 50.0% from the first quarter of 2024. The increase was primarily due to higher expenses associated with our securities borrowing and lending business and higher margin financing interest expenses. Processing and servicing costs were HK$136.1 million (US$17.5 million), an increase of 40.2% from the first quarter of 2024. The increase was primarily due to higher market information and data fee for enhanced market data coverage. Gross Profit Total gross profit was HK$3,945.7 million (US$507.2 million), an increase of 85.9% from HK$2,122.2 million in the first quarter of 2024. Gross margin was 84.0%, as compared to 81.9% in the first quarter of 2024. Operating Expenses Total operating expenses were HK$1,260.4 million (US$162.0 million), an increase of 35.6% from HK$929.5 million in the first quarter of 2024. Research and development expenses were HK$386.0 million (US$49.6 million), an increase of 15.1% from the first quarter of 2024. This increase was primarily driven by investment in AI capabilities and related technology initiatives. Selling and marketing expenses were HK$459.2 million (US$59.0 million), an increase of 56.9% from HK$292.7 million in the first quarter of 2024. This was mainly driven by strong growth of new funded accounts. General and administrative expenses were HK$415.2 million (US$53.4 million), an increase of 37.8% from the first quarter of 2024. The increase was primarily due to an increase in general and administrative personnel to support overseas market development. Income from Operations Income from operations increased by 125.1% to HK$2,685.3 million (US$345.2 million) from HK$1,192.7 million in the first quarter of 2024. Operating margin increased to 57.2% from 46.0% in the first quarter of 2024 mainly due to strong topline growth and operating leverage. Net Income Net income increased by 107.0% to HK$2,142.7 million (US$275.4 million) from HK$1,035.1 million in the first quarter of 2024. Net income margin for the first quarter of 2025 increased to 45.6% from 39.9% in the year-ago quarter. Non-GAAP adjusted net income increased by 97.7% to HK$2,216.9 million (US$285.0 million) from the first quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release. Net Income per ADS Basic net income per American Depositary Share (“ADS”) was HK$15.44 (US$1.98), compared with HK$7.53 in the first quarter of 2024. Diluted net income per ADS was HK$15.28 (US$1.96), compared with HK$7.46 in the first quarter of 2024. Each ADS represents eight Class A ordinary shares. Conference Call and Webcast Futu’s management will hold an earnings conference call on Thursday, May 29, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Please note that all participants will need to pre-register for the conference call, using the link https://register-conf.media-server.com/register/BIb0180ca92acc4f49b995ccdec654eeb4. It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed. Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information. Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/. About Futu Holdings Limited Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance. Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.7799 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor inquiries, please contact: Investor RelationsFutu Holdings Limitedir@futuholdings.com ___________________________ 1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.2 Multiple brokerage accounts by one client are counted as one brokerage account.3 The number of users refers to the number of user accounts registered with Futu.4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except for share and per share data) As of December 31, As of March 31, 2024 2025 2025 HK$ HK$ US$ASSETS     Cash and cash equivalents11,688,383 6,495,155 834,864Cash held on behalf of clients68,639,816 88,246,095 11,342,832Restricted cash1,121 7,857 1,010Term deposit4,990 5,240 674Short-term investments2,411,074 2,659,746 341,874Securities purchased under agreements to resell316,301 468,788 60,256Loans and advances-current (net of allowance of HK$85,252 thousand and HK$133,380 thousand as of December 31, 2024 and March 31, 2025, respectively)49,695,691 48,552,818 6,240,802Receivables:     Clients534,077 717,361 92,207Brokers17,224,387 17,913,085 2,302,483Clearing organizations3,277,063 8,189,215 1,052,612Fund management companies and fund distributors1,210,472 1,773,358 227,941Interest597,483 624,324 80,248Amounts due from related parties61,200 - -Prepaid assets63,497 68,993 8,868Other current assets160,330 753,181 96,811Total current assets155,885,885 176,475,216 22,683,482      Operating lease right-of-use assets253,212 390,760 50,227Long-term investments573,190 698,183 89,742Loans and advances-non-current18,805 18,843 2,422Other non-current assets2,025,841 3,055,412 392,730Total non-current assets2,871,048 4,163,198 535,121Total assets158,756,933 180,638,414 23,218,603 LIABILITIES     Amounts due to related parties79,090  154,011  19,796 Payables:     Clients72,379,135  95,452,151  12,269,072 Brokers43,697,746  38,246,431  4,916,057 Clearing organizations503,396  357,842  45,996 Fund management companies and fund distributors507,076  1,509,340  194,005 Interest86,964  69,180  8,892 Borrowings5,702,259  9,897,658  1,272,209 Securities sold under agreements to repurchase2,574,659  929,084  119,421 Lease liabilities-current144,357  132,750  17,063 Accrued expenses and other current liabilities4,936,805  3,316,253  426,259 Total current liabilities130,611,487  150,064,700  19,288,770       Lease liabilities-non-current132,924  275,538  35,418 Other non-current liabilities8,061  8,058  1,035 Total non-current liabilities140,985  283,596  36,453 Total liabilities130,752,472  150,348,296  19,325,223             SHAREHOLDERS’ EQUITY     Class A ordinary shares72  72  9 Class B ordinary shares27  27  3 Additional paid-in capital18,807,369  18,885,107  2,427,423 Treasury stock(5,199,257) (5,199,257) (668,294)Accumulated other comprehensive loss(249,916) (184,687) (23,739)Retained earnings14,652,946  16,798,269  2,159,188 Total shareholders' equity28,011,241  30,299,531  3,894,590             Non-controlling interest(6,780) (9,413) (1,210)Total equity28,004,461  30,290,118  3,893,380 Total liabilities and equity158,756,933  180,638,414  23,218,603        FUTU HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except for share and per share data) For the Three Months Ended March 31,2024 March 31,2025 March 31,2025 HK$ HK$ US$Revenues     Brokerage commission and handling charge income1,082,107  2,310,220  296,947 Interest income1,354,166  2,070,469  266,131 Other income156,186  313,948  40,354 Total revenues2,592,459  4,694,637  603,432 Costs      Brokerage commission and handling charge expenses(60,301) (143,505) (18,446)Interest expenses(312,842) (469,333) (60,326)Processing and servicing costs(97,103) (136,115) (17,496)Total costs (470,246) (748,953) (96,268)Total gross profit2,122,213  3,945,684  507,164       Operating expenses     Research and development expenses(335,487) (385,979) (49,612)Selling and marketing expenses(292,664) (459,202) (59,024)General and administrative expenses(301,335) (415,245) (53,374)Total operating expenses (929,486) (1,260,426) (162,010)      Income from operations1,192,727  2,685,258  345,154       Others, net31,741  (20,598) (2,648)      Income before income tax expense and share of loss from equity method investments1,224,468  2,664,660  342,506       Income tax expense(185,641) (490,959) (63,106)Share of loss from equity method investments(3,694) (30,997) (3,984)      Net income1,035,133  2,142,704  275,416       Attributable to:     Ordinary shareholders of the Company1,038,138  2,145,323  275,753 Non-controlling interest(3,005) (2,619) (337) 1,035,133  2,142,704  275,416  Net income per share attributable to ordinary shareholders of the Company      Basic0.94  1.93  0.25 Diluted0.93  1.91  0.24       Net income per ADS      Basic7.53  15.44  1.98 Diluted7.46  15.28  1.96       Weighted average number of ordinary shares used in computing net income per share     Basic1,102,929,775  1,113,426,758  1,113,426,758 Diluted1,114,429,420  1,126,352,076  1,126,352,076       Net income1,035,133  2,142,704  275,416 Other comprehensive (loss)/income, net of tax     Foreign currency translation adjustment(29,441) 65,215  8,382 Total comprehensive income1,005,692  2,207,919  283,798       Attributable to:     Ordinary shareholders of the Company1,008,732  2,210,552  284,136 Non-controlling interests(3,040) (2,633) (338) 1,005,692  2,207,919  283,798  FUTU HOLDINGS LIMITEDUNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS(In thousands) For the Three Months Ended March 31,2024 March 31,2025 March 31,2025 HK$ HK$ US$      Net income1,035,133 2,142,704 275,416Add: Share-based compensation expenses85,938 74,199 9,537Adjusted net income1,121,071 2,216,903 284,953       Non-GAAP to GAAP reconciling items have no income tax effect.

Unaudited interim results for the three-month period ended 31 March 2025 - ForexTV

Unaudited interim results for the three-month period ended 31 March 2025 Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited results for the three-month period ended 31 March 2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated). HIGHLIGHTS Gold production for Q1-2025 of 10,013 ounces (Q1-2024: 9,007 ounces).Cash held at 31 March 2025 of $26.5 million (31 December 2024: $22.2 million).EBITDA for the three-month period of $12.4 million (Q1-2024: $4.7 million).Post-tax profit for the three-month period of $8.8 million (Q1-2024: $3.6 million).Profit per share of 11.58 cents (Q1-2024: 4.80 cents).Net cash inflow from operations for the three-month period (after mine development expenditure of $1.6 million and pre operating costs of $1.5 million) of $7.1 million (Q1-2024: $0.3 million inflow after mine development expenditure and pre operating costs of $1.6 million).Average gold price of $2,908 per ounce received on gold sales during the three-month period (Q1-2024: $2,081).Cash Cost for the quarter of $1,269 per ounce (Q1-2024: $1,461 per ounce).All-In Sustaining Cost for the three-month period to March 2025 of $1,636 per ounce (Q1-2024: $1,859 per ounce). The full interim statements together with commentary can be accessed on the Company’s website using the following LINK. Colm Howlin, CFO, Commented “Q1 2025 marked a strong start to the year, continuing the positive momentum from H2-2024. Gold production for the quarter totalled 10,013 ounces, representing an 11% increase on Q1-2024. This was driven by higher feed grades at both Palito and Coringa, supported by the first full quarter of operations at the Coringa classification plant. The strong operational performance contributed to cash generation of $4.2 million in the quarter, increasing the Group’s cash position to $26.5 million at 31 March 2025, up from $22.2 million at 31 December 2024. The average realised gold price for the quarter was $2,908 per ounce, compared to $2,407 per ounce for the fiscal 2024 year. We also commenced our 2025 exploration programme, with $9 million allocated for the year and a similar commitment anticipated for 2026. Drilling activity is now underway at both Palito and Coringa. Early drill results from the programme have been encouraging. We look forward to providing an exploration update in the oncoming weeks.” Overview of the financial results Reported revenues and costs reflect the ounces sold in each period and as a result total revenues and costs for the three-month period are higher than the corresponding period in 2024. In Q1-2025, the Group reported revenue and operating costs related to the sale of 9,699 ounces in the period (10,013 ounces produced). This compares to sales reported of 9,007 ounces in Q1-2024. Whilst the Company benefited from an improving gold price throughout the first quarter of 2025, the most material uplift occurred only in March, with the USD gold price rising to $2,996 and averaging $2,908 for the quarter, compared to a current spot price of approximately $3,300 per ounce. This contributed to a Q1 average gold price in Brazilian Real of BRL17,018. In Q1-2025, the average USD gold price increased by 18% in comparison to Q1-2024 ($2,908 in Q1-2025 vs $2,469 in Q1-2024). BRL strengthened during Q1-2025, with the USD:BRL rate moving from 6.19 at 31 December 2024 to 5.74 at 31 March 2025. This strengthening limited the extent to which the stronger USD gold price translated into local currency margins. The Group delivered a strong start to 2025 with an 11% increase in production year-on-year, driven by significant grade improvements at both Palito (+32%) and Coringa (+8%). Coringa’s first full quarter of classification plant operations contributed meaningfully to the grade uplift, while development at new zones across both sites and a ramped-up $9 million brownfield exploration programme with a focus on doubling our resource at Palito Complex and Coringa, position the Group well for continued growth. Cash balances at the end of March 2025 were $26.5 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q1-2025 (after interest bearing loans and lease liabilities) of $20.9 million (31 December 2024: net cash $16.2 million). Key Financial Information SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2025   3 months to31 March 2025$(unaudited)3 months to31 March 2024$(unaudited)  Revenue  27,593,36320,246,400  Cost of sales  (13,138,165)(13,556,599)  Gross operating profit  14,455,1986,689,801  Administration and share based payments  (2,006,445)(1,984,990)  EBITDA  12,448,7534,704,811  Depreciation and amortisation charges  (1,834,773)(1,046,561)  Operating profit before finance and tax  10,613,9803,658,250         Profit after tax  8,769,7593,637,563         Earnings per ordinary share (basic)  11.58c4.80c         Average gold price received ($/oz)  $2,908$2,081           As at31 March 2025$(unaudited)As at31 December 2024$(audited)Cash and cash equivalents  26,504,93922,183,049Net funds (after finance debt obligations)  21,168,75916,341,245Net assets  120,008,729104,181,654      Cash Cost and All-In Sustaining Cost (“AISC”)      3 months to 31 March 20253 months to 31 March 202412 months to 31 December 2024Gold production for cash cost and AISC purposes (ounces) 10,0139,00737,520     Total Cash Cost of production (per ounce) $1,269$1,461$1,326Total AISC of production (per ounce) $1,636$1,859$1,700 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries SERABI GOLD plcMichael Hodgson        t +44 (0)20 7246 6830Chief Executive        m +44 (0)7799 473621 Colm Howlin        Chief Financial Officer        m +353 89 6078171 Andrew Khov         m +1 647 885 4874Vice President, Investor Relations & Business Development        e contact@serabigold.com         www.serabigold.com BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant        t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall                t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali                t +1 475 477 9404 Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons StatementThe scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release. See www.serabigold.com for more information and follow us on X @Serabi_Gold The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders’ Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the three months to 31 March 2025. Statement of Comprehensive IncomeFor the three-month period ended 31 March 2025.    For the three months ended31 March    20252024(expressed in US$)Notes  (unaudited)(unaudited)CONTINUING OPERATIONS     Revenue (from continuing operations)   27,593,36320,246,400Cost of sales   (13,138,165)(13,556,599)Depreciation and amortisation charges   (1,834,773)(1,046,561)Total cost of sales   (14,972,938)(14,603,160)Gross profit    12,620,4255,643,240Administration expenses   (1,978,239)(1,942,740)Share-based payments   (67,714)(53,883)Gain on disposal of fixed assets   39,50811,633Operating profit   10,613,9803,658,250Other income – exploration receipts2  —339,854Other expenses – exploration expenses2  —(312,518)Foreign exchange (loss)/gain   70,426(34,566)Finance expense3  (110,974)(174,605)Finance income3  206,078141,555Profit before taxation   10,779,5103,617,970Income and other taxes4  (2,009,751)19,593Profit after taxation(1)   8,769,7593,637,563        Other comprehensive income (net of tax)     Exchange differences on translating foreign operations   6,989,602(1,780,928)Total comprehensive profit for the period(1)   15,759,3611,856,635      Profit per ordinary share (basic)5  11.58c4.80cProfit per ordinary share (diluted)5  11.58c4.80c (1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent Company Balance Sheet as at 31 March 2025 (expressed in US$)  As at31 March 2025 (unaudited)As at31 March 2024 (unaudited)As at31 December 2024(audited)Non-current assets     Deferred exploration costs  21,710,72820,075,45818,839,836Property, plant and equipment  60,650,59052,662,60653,593,723Right of use assets  4,957,7915,006,1174,287,020Taxes receivable  5,396,1803,734,3096,246,352Deferred taxation  2,532,5941,736,0771,878,081Total non-current assets  95,247,88383,214,56784,845,012Current assets     Inventories  15,649,25813,999,67413,115,648Trade and other receivables  2,841,7074,024,8962,533,450Prepayments and accrued income  3,553,4853,181,0242,220,463Cash and cash equivalents  26,504,93911,056,31722,183,049Total current assets  48,549,38932,261,91140,052,610Current liabilities     Trade and other payables  12,772,7217,808,6399,695,560Interest bearing liabilities  5,336,1805,689,8055,841,804Accruals  462,371401,939419,493Total current liabilities  18,571,27213,900,38315,956,857Net current assets  29,978,11718,361,52824,095,753Total assets less current liabilities  125,226,000101,576,095108,940,765Non-current liabilities     Trade and other payables  1,928,7994,249,1152,809,243Provisions  3,037,9792,568,2871,839,916Interest bearing liabilities  250,49356,126109,952Total non-current liabilities  5,217,2716,873,5284,759,111Net assets  120,008,72994,702,567104,181,654Equity     Share capital  11,213,61811,213,61811,213,618Share premium reserve  36,158,06836,158,06836,158,068Option reserve  289,327229,456221,613Other reserves  20,110,10016,708,28519,486,684Translation reserve  (71,470,163)(63,561,669)(78,459,765)Retained surplus  123,707,77992,954,809115,561,436Equity shareholders’ funds  120,008,72994,702,567104,181,654 The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards (“IFRS”) this announcement itself does not contain sufficient financial information to comply with IFRS. The Group statutory accounts for the year ended 31 December 2024 prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 will be filed with the Registrar of Companies before 30 June 2025. The auditor’s report on these accounts was unqualified and did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006. Statements of Changes in Shareholders’ EquityFor the three-month period ended 31 March 2025 (expressed in US$)       (unaudited)SharecapitalSharepremiumShare option reserveOther reserves (1)Translation reserveRetained EarningsTotal equityEquity shareholders’ funds at 31 December 202311,213,61836,158,068175,57315,960,006(61,780,741)91,065,52592,792,049Foreign currency adjustments————(1,780,928)—(1,780,928)Profit for the period—————3,637,5633,637,563Total comprehensive income for the period————(1,780,928)3,637,5631,856,635Transfer to taxation reserve———748,279—(748,279)—Share option expense——53,883———53,883Equity shareholders’ funds at 31 March 202411,213,61836,158,068229,45616,708,285(63,561,669)93,954,80994,702,567Foreign currency adjustments————(14,898,096)—(14,898,096)Profit for the period—————24,182,15524,182,155Total comprehensive income for the period————(14,898,096)24,182,1559,284,059Transfer to taxation reserve———2,778,399—(2,778,399)—Share based incentives lapsed in period——(202,871)——202,871—Share based incentive expense——195,028———195,028Equity shareholders’ funds at 31 December 202411,213,61836,158,068221,61319,486,684(78,459,765)115,561,436104,181,654Foreign currency adjustments————6,989,602—6,989,602Profit for the period—————8,769,7598,769,759Total comprehensive income for the period————6,989,6028,769,75915,759,361Transfer to taxation reserve———623,416—(623,416)—Share option expense——67,714———67,714Equity shareholders’ funds at 31 March 202511,213,61836,158,068289,32720,110,100(71,470,163)123,707,779120,008,729 (1)     (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$19,748,639 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).Condensed Consolidated Cash Flow StatementFor the three-month period ended 31 March 2025   For the three monthsended31 March    20252024(expressed in US$)  (unaudited)(unaudited)Operating activities    Post tax profit for period  8,769,7593,637,563Depreciation – plant, equipment and mining properties  1,834,7731,046,561Net financial (income)/expense  (165,530)67,616(Gain)/loss on asset disposals  (39,508)(11,633)Provision for taxation  2,009,751(19,593)Share-based payments  67,71453,883Taxation paid  (1,931,751)(15,354)Interest paid  (380,770)(392,268)Foreign exchange loss  182,38767,747Changes in working capital     Increase in inventories  (1,907,662)(349,744) (Increase)/decrease in receivables, prepayments and accrued income  (1,071,364)1,881,445 Decrease in payables, accruals and provisions  2,852,038 (686,484)Net cash inflow from operations  10,219,8371,900,441     Investing activities    Purchase of property, plant and equipment and assets in construction  (1,601,149)(438,985)Mine development expenditure  (1,626,214)(1,589,627)Pre-operational project expenditure  (1,535,853) Geological exploration expenditure  (1,525,508)(149,584)Proceeds from sale of assets  49,50811,908Interest received  206,078134,723Net cash outflow on investing activities  (6,033,138)(2,031,565)     Financing activities    Receipt of short-term loan  5,000,0005,000,000Repayment of short-term loan  (5,153,577)(5,000,000)Payment of finance lease liabilities  (141,654)(255,245)Net cash outflow from financing activities  (295,231)(255,245)     Net increase / (decrease) in cash and cash equivalents  3,891,468(386,369)Cash and cash equivalents at beginning of period  22,183,04911,552,031Exchange difference on cash  430,422(109,345)Cash and cash equivalents at end of period  26,504,93911,056,317 Notes Basis of preparation These interim condensed consolidated financial statements are for the three-month period ended 31 March 2025. Comparative information has been provided for the unaudited three-month period ended 31 March 2024 and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual report.The condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2024 and those envisaged for the financial statements for the year ending 31 December 2025. Accounting standards, amendments and interpretations effective in 2024 The Group has not adopted any standards or amendments in advance of their effective date. The following new amendment has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2025: Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityThe amendments provide guidance for determining the spot exchange rate when exchangeability between two currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial statements from these amendments.No other standards or amendments are expected to be effective in 2025. Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company’s current or future reporting periods. These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. (i)      Going concernAt 31 March 2025 the Group held cash of US$26.5 million which represents an increase of US$4.3 million compared to 31 December 2024. On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026. Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on their best judgement of the expected operational performance of the Group and using economic assumptions that the Directors consider are reasonable in the current global economic climate. The current plans assume that during 2025 the Group will continue gold production from its Palito Complex operation as well as increase production from the Coringa mine and will be able to increase gold production to exceed the levels of 2024. The Directors will limit the Group’s discretionary expenditures, when necessary, to manage the Group’s liquidity. The Directors acknowledge that the Group remains subject to operational and economic risks and any unplanned interruption or reduction in gold production or unforeseen changes in economic assumptions may adversely affect the level of free cash flow that the Group can generate on a monthly basis. The Directors have a reasonable expectation that, after taking into account reasonably possible changes in trading performance, and the current macroeconomic situation, the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the Financial Statements. 2.         Other Income and Expenses Under the copper exploration alliance with Vale announced on 10 May 2024, the related exploration activities undertaken by the Group under the management of a working committee (comprising representatives from Vale and Serabi), were funded in their entirety by Vale during Phase 1 of the programme. Following the completion of Phase 1, Vale advised the Group, in April 2025, that it did not wish to continue the exploration alliance. Exploration and development of copper deposits is not the core activity of the Group and further funding beyond the Phase 1 commitment would be required before a judgment could be made as to a project being commercially viable. There is a significant cost involved in developing new copper deposits and it is unlikely that, without the financial support of a partner, the Group would independently seek to develop a copper project in preference to any of its existing gold projects and discoveries. As a result, both the funding received from Vale and the related exploration expenditures has been recognised through the income statement. As this is not a principal business activity of the Group these receipts and expenditures are classified as other income and other expenses. 3.         Finance expense and income  3 months ended31 March 2025(unaudited)3 months ended31 March 2024 (unaudited) US$US$Interest expense on unsecured loan(79,011)(141,647)Interest expense on finance leases(14,287)(14,036)Interest expense on short term trade loan(17,676)(18,922)Total finance expense(110,974)(174,605)Interest income206,078134,723Gain on revaluation of hedging derivatives— 6,832Total finance income206,078141,555Net finance (expense)95,104(33,050) 4.         Taxation The Group has recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered. The deferred tax liability arising on unrealised exchange gains has been eliminated in the three-month period to 31 March 2025 reflecting the stronger Brazilian Real exchange rate at the end of the period and resulting in deferred tax income of US$466,264 (three months to 31 March 2024 – income of US$674,185). The Group has also incurred a tax charge in Brazil for the three-month period of US$2,475,989 (three months to 31 March 2024 tax charge - US$654,592). 5.        Earnings per Share         3 months ended 31 March 2025(unaudited)3 months ended 31 March 2024(unaudited)Profit attributable to ordinary shareholders (US$)8,769,7593,637,563Weighted average ordinary shares in issue75,734,55175,734,551Basic profit per share (US cents)11.58c4.80cDiluted ordinary shares in issue (1)75,734,55175,734,551Diluted profit per share (US cents)11.58c4.80c (1) At 31 March 2025 there were 3,357,649 conditional share awards in issue (31 March 2024 - 2,814,541). These are subject to performance conditions which may or not be fulfilled in full or in part. These CSAs have not been included in the calculation of the diluted earnings per share. 6.        Post balance sheet events There has been no item, transaction or event of a material or unusual nature likely, in the opinion of the Directors of the Company to affect significantly the continuing operation of the entity, the results of these operations, or the state of affairs of the entity in future financial periods.

SEON Accelerates APAC Growth Amid Rising Demand for Unified Fraud and AML Solutions - ForexTV

SEON to showcase latest fraud prevention and AML innovations at SiGMA AsiaAUSTIN, Texas and SINGAPORE, May 28, 2025 (GLOBE NEWSWIRE) -- SEON, a global leader in digital fraud prevention and compliance, today announced rapid growth across the Asia-Pacific region, driven by increasing demand for its unified, real-time fraud and AML solutions. New APAC clients such as Salmon Group Ltd, CryptoGaming.com and Forever Network have adopted SEON’s Know Your User (KYU) and Know Your Customer (KYC) capabilities to navigate escalating fraud risks across the region’s complex digital landscape. To support this momentum, SEON has expanded its team with technical, sales and support specialists in Singapore and Jakarta, providing clients with localized expertise and faster response times. “APAC presents both extraordinary opportunity and operational complexity,” said Tamas Kadar, Co-founder and CEO, SEON. “The mix of advanced digital economies and rapidly growing markets creates a fragmented risk environment, and legacy point solutions can’t keep pace. Our unified platform delivers real-time visibility and protection across the entire customer journey.” As digital threats and regulatory requirements grow throughout the region, businesses face mounting pressure to verify identities, manage payment risk and maintain compliance, without compromising user experience. SEON addresses these challenges with an AI-driven platform that combines digital footprint analysis, device intelligence and real-time analytics to detect and prevent fraud proactively. "SEON has quickly become one of the most effective and user-friendly fraud detection tools we’ve used to date. Its ability to provide real-time insights, coupled with detailed device tracking and risk scoring, has greatly improved how we identify and respond to suspicious activity,” said Pauline Liu, Compliance Officer, TitanFX. “The platform is user-friendly, making it easy for both new and experienced team members to navigate and act swiftly. SEON has already proven to be a smart and dependable solution for our fraud monitoring needs." "Our regional clients are increasingly prioritizing fraud prevention platforms that can handle APAC's payment complexity and varied identity verification methods," said Troy Nyi Nyi, Senior Vice President and GM, SEON. "The iGaming, fintech and retail sectors in particular are seeking solutions that can operate across multiple jurisdictions without requiring separate tools for each market, which is why they’re turning to SEON.” SEON will showcase its latest innovations at SiGMA Asia, taking place June 2-4 in Manila (Booth 1082). During the event, Troy Nyi Nyi, Senior Vice President and GM, SEON, will speak on "Beyond Defense: Leveraging Fraud Prevention as a Competitive Edge," sharing practical insights for iGaming and fintech leaders. About SEONSEON helps risk teams detect and stop fraud and money laundering while ensuring regulatory compliance. By combining real-time digital footprint analysis, device intelligence and AI-driven rules, SEON empowers over 5,000 businesses globally to prevent threats before they occur. With integrated fraud prevention and AML capabilities, SEON operates from Austin, London, Budapest and Singapore. Learn more at seon.io. MediaPress@seon.io

Li Auto Inc. Announces Unaudited First Quarter 2025 Financial Results - ForexTV

Quarterly total revenues reached RMB25.9 billion (US$3.6 billion)1Quarterly deliveries reached 92,864 vehicles BEIJING, China, May 29, 2025 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended March 31, 2025. Operating Highlights for the First Quarter of 2025 Total deliveries for the first quarter of 2025 were 92,864 vehicles, representing a 15.5% year-over-year increase.   2025 Q1 2024 Q4 2024 Q3 2024 Q2 Deliveries 92,864 158,696 152,831 108,581             2024 Q1 2023 Q4 2023 Q3 2023 Q2 Deliveries 80,400 131,805 105,108 86,533            As of March 31, 2025, in China, the Company had 500 retail stores in 150 cities, 502 servicing centers and Li Auto-authorized body and paint shops operating in 225 cities, and 2,045 super charging stations in operation equipped with 11,038 charging stalls. Financial Highlights for the First Quarter of 2025 Vehicle sales were RMB24.7 billion (US$3.4 billion) in the first quarter of 2025, representing an increase of 1.8% from RMB24.3 billion in the first quarter of 2024 and a decrease of 42.1% from RMB42.6 billion in the fourth quarter of 2024. Vehicle margin2 was 19.8% in the first quarter of 2025, compared with 19.3% in the first quarter of 2024 and 19.7% in the fourth quarter of 2024. Total revenues were RMB25.9 billion (US$3.6 billion) in the first quarter of 2025, representing an increase of 1.1% from RMB25.6 billion in the first quarter of 2024 and a decrease of 41.4% from RMB44.3 billion in the fourth quarter of 2024. Gross profit was RMB5.3 billion (US$732.9 million) in the first quarter of 2025, representing an increase of 0.6% from RMB5.3 billion in the first quarter of 2024 and a decrease of 40.7% from RMB9.0 billion in the fourth quarter of 2024. Gross margin was 20.5% in the first quarter of 2025, compared with 20.6% in the first quarter of 2024 and 20.3% in the fourth quarter of 2024. Operating expenses were RMB5.0 billion (US$695.5 million) in the first quarter of 2025, representing a decrease of 14.0% from RMB5.9 billion in the first quarter of 2024 and a decrease of 4.2% from RMB5.3 billion in the fourth quarter of 2024. Income from operations was RMB271.7 million (US$37.4 million) in the first quarter of 2025, compared with RMB584.9 million loss from operations in the first quarter of 2024 and representing a decrease of 92.7% from RMB3.7 billion income from operations in the fourth quarter of 2024. Operating margin was 1.0% in the first quarter of 2025, compared with negative 2.3% in the first quarter of 2024 and 8.4% in the fourth quarter of 2024. Net income was RMB646.6 million (US$89.1 million) in the first quarter of 2025, representing an increase of 9.4% from RMB591.1 million in the first quarter of 2024 and a decrease of 81.7% from RMB3.5 billion in the fourth quarter of 2024. Non-GAAP net income3 was RMB1.0 billion (US$139.8 million) in the first quarter of 2025, representing a decrease of 20.5% from RMB1.3 billion in the first quarter of 2024 and a decrease of 74.9% from RMB4.0 billion in the fourth quarter of 2024. Diluted net earnings per ADS4 attributable to ordinary shareholders was RMB0.62 (US$0.08) in the first quarter of 2025, compared with RMB0.56 in the first quarter of 2024 and RMB3.31 in the fourth quarter of 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB0.96 (US$0.13) in the first quarter of 2025, compared with RMB1.21 in the first quarter of 2024 and RMB3.79 in the fourth quarter of 2024. Net cash used in operating activities was RMB1.7 billion (US$234.4 million) in the first quarter of 2025, representing a decrease of 49.1% from RMB3.3 billion net cash used in operating activities in the first quarter of 2024 and compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024. Free cash flow5 was negative RMB2.5 billion (US$348.7 million) in the first quarter of 2025, representing a decrease of 49.9% from negative RMB5.1 billion in the first quarter of 2024 and compared with RMB6.1 billion in the fourth quarter of 2024. Key Financial Results(in millions, except for percentages and per ADS data)  For the Three Months Ended % Change6 March 31, 2024 December 31, 2024 March 31, 2025 YoY QoQ RMB RMB RMB    Vehicle sales24,251.6 42,643.0 24,678.6 1.8% (42.1)%Vehicle margin19.3% 19.7% 19.8% 0.5pts 0.1pts          Total revenues25,633.7 44,273.7 25,926.8 1.1% (41.4)%Gross profit5,284.3 8,970.2 5,318.5 0.6% (40.7)%Gross margin20.6% 20.3% 20.5% (0.1)pts 0.2pts          Operating expenses(5,869.2) (5,266.9) (5,046.8) (14.0)% (4.2)%(Loss)/Income from operations(584.9) 3,703.3 271.7 N/A (92.7)%Operating margin(2.3)% 8.4% 1.0% 3.3pts (7.4)pts          Net income591.1 3,532.7 646.6 9.4% (81.7)%Non-GAAP net income1,276.4 4,039.7 1,014.3 (20.5)% (74.9)%          Diluted net earnings per ADS attributable to ordinary shareholders0.56 3.31 0.62 10.7% (81.3)%Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders1.21 3.79 0.96 (20.7)% (74.7)%          Net cash (used in)/provided by operating activities(3,342.4) 8,680.3 (1,701.0) (49.1)% N/AFree cash flow (non-GAAP)(5,055.2) 6,059.3 (2,530.6) (49.9)% N/A           Recent Developments Delivery Update In April 2025, the Company delivered 33,939 vehicles, representing an increase of 31.6% from April 2024. As of April 30, 2025, in China, the Company had 500 retail stores in 151 cities, 500 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities, and 2,267 super charging stations in operation equipped with 12,340 charging stalls. Refreshed Product Lineup In April and May 2025, the Company successively launched Li MEGA Home, the new Li MEGA Ultra, and the new Li L Series. Li MEGA Home offers zero-gravity second-row seats that rotate 45°, 90°, and 180°, transforming the vehicle into a versatile and user-friendly space ideal for dining, entertainment, work, and other activities. It also features electrically powered front doors with a quiet-close mechanism, ensuring both seamless accessibility and refined acoustic comfort for passengers. In terms of assisted driving systems, the refresh upgrades all Li AD Max models with a more powerful NVIDIA Thor-U chip and all Li AD Pro models with Horizon Robotics Journey 6M and LiDAR sensors, enhancing both intelligence and safety. Li MEGA Home is priced at RMB559,800, while prices for other refreshed models remain unchanged. Deliveries for all these models began in May. Open-Source Automotive Operating System In April 2025, the Company became the first automaker worldwide to open-source its proprietary smart vehicle operating system, Li Halo OS. This initiative invites industry players and global developers to collaborate on optimizing system performance and advancing ecosystem innovation. 2024 Environmental, Social and Governance Report On April 10, 2025, the Company published its 2024 Environmental, Social and Governance (ESG) report (https://ir.lixiang.com/esg), highlighting the progress it has made toward achieving its sustainability objectives and reflecting its firm commitment to fostering a more sustainable future. CEO and CFO Comments Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “In the first quarter, we maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market by consistently delivering products and services with exceptional value for our users. Following the recent refresh of our product lineup, we have seen a robust influx of orders for the new Li L series, demonstrating their compelling product strength. With top-notch configurations, Li MEGA Home is the product that aligns most closely with our mission to ‘Create a Mobile Home, Create Happiness.’ Having garnered widespread market acclaim since its launch, it further reinforced our confidence in our ability to secure a top-tier position within China’s premium BEV market. We also look forward to the July launch of our first battery electric SUV, Li i8, which will further demonstrate our commitment to delivering unparalleled user value. Additionally, our assisted driving solution is evolving rapidly. Our in-house developed VLA Driver as our next-generation ADAS architecture is a Vision-Language-Action large model that integrates spatial, linguistic, and behavioral intelligence to enable seamless vehicle-user interactions. Looking ahead, we will continue to pioneer intelligent technological advancements to refine the user experience.” Mr. Tie Li, chief financial officer of Li Auto, added, “We delivered solid results in the first quarter, achieving a 15.5% year-over-year increase in vehicle deliveries and total revenues of RMB25.9 billion during what is typically a seasonally slow period for auto sales. Despite product iterations, our gross margin remained healthy at 20.5%, and net income reached RMB646.6 million, up 9.4% year-over-year, thanks to our disciplined cost management and growing economies of scale. Our first-quarter results demonstrate our ability to navigate dynamic market conditions effectively while maintaining strong profitability. Building upon this solid financial foundation, we will continue to drive business growth and create additional user value through relentless innovation while enhancing operating efficiency. Supported by our proven execution capabilities, we are confident that these strategic initiatives will position us for long-term success.” Financial Results for the First Quarter of 2025 Revenues Total revenues were RMB25.9 billion (US$3.6 billion) in the first quarter of 2025, representing an increase of 1.1% from RMB25.6 billion in the first quarter of 2024 and a decrease of 41.4% from RMB44.3 billion in the fourth quarter of 2024. Vehicle sales were RMB24.7 billion (US$3.4 billion) in the first quarter of 2025, representing an increase of 1.8% from RMB24.3 billion in the first quarter of 2024 and a decrease of 42.1% from RMB42.6 billion in the fourth quarter of 2024. The increase in revenue from vehicle sales over the first quarter of 2024 was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix. The decrease in revenue from vehicle sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries affected by seasonal factors related to the Chinese New Year holiday. Other sales and services were RMB1.2 billion (US$172.0 million) in the first quarter of 2025, representing a decrease of 9.7% from RMB1.4 billion in the first quarter of 2024 and a decrease of 23.5% from RMB1.6 billion in the fourth quarter of 2024. The revenue from other sales and services remained relatively stable over the first quarter of 2024. The decrease in revenue from other sales and services over the fourth quarter of 2024 was mainly due to decreased embedded products and services offered together with vehicle sales, which is in line with lower quarter-over-quarter vehicle deliveries. Cost of Sales and Gross Margin Cost of sales was RMB20.6 billion (US$2.8 billion) in the first quarter of 2025, representing an increase of 1.3% from RMB20.3 billion in the first quarter of 2024 and a decrease of 41.6% from RMB35.3 billion in the fourth quarter of 2024. The increase in cost of sales over the first quarter of 2024 was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average cost of sales mainly due to different product mix and cost reduction. The decrease in cost of sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. Gross profit was RMB5.3 billion (US$732.9 million) in the first quarter of 2025, representing an increase of 0.6% from RMB5.3 billion in the first quarter of 2024 and a decrease of 40.7% from RMB9.0 billion in the fourth quarter of 2024. Vehicle margin was 19.8% in the first quarter of 2025, compared with 19.3% in the first quarter of 2024 and 19.7% in the fourth quarter of 2024. The increase in vehicle margin over the first quarter of 2024 was mainly due to cost reduction and pricing strategy changes in the first quarter of 2024 partially offset by different product mix. The vehicle margin remained relatively stable over the fourth quarter of 2024. Gross margin was 20.5% in the first quarter of 2025, compared with 20.6% in the first quarter of 2024 and 20.3% in the fourth quarter of 2024. The gross margin remained relatively stable over the first quarter of 2024 and the fourth quarter of 2024. Operating Expenses Operating expenses were RMB5.0 billion (US$695.5 million) in the first quarter of 2025, representing a decrease of 14.0% from RMB5.9 billion in the first quarter of 2024 and a decrease of 4.2% from RMB5.3 billion in the fourth quarter of 2024. Research and development expenses were RMB2.5 billion (US$346.4 million) in the first quarter of 2025, representing a decrease of 17.5% from RMB3.0 billion in the first quarter of 2024 and an increase of 4.4% from RMB2.4 billion in the fourth quarter of 2024. The decrease in research and development expenses over the first quarter of 2024 was mainly attributable to decreased employee compensation and the impact of the pace of new vehicle programs. The research and development expenses remained relatively stable over the fourth quarter of 2024. Selling, general and administrative expenses were RMB2.5 billion (US$348.8 million) in the first quarter of 2025, representing a decrease of 15.0% from RMB3.0 billion in the first quarter of 2024 and a decrease of 17.7% from RMB3.1 billion in the fourth quarter of 2024. The decrease in selling, general and administrative expenses over the first quarter of 2024 and the fourth quarter of 2024 was primarily due to decreased employee compensation, improved operational efficiency and decreased marketing and promotional activities. Income/(Loss) from Operations Income from operations was RMB271.7 million (US$37.4 million) in the first quarter of 2025, compared with RMB584.9 million loss from operations in the first quarter of 2024 and representing a decrease of 92.7% from RMB3.7 billion income from operations in the fourth quarter of 2024. Operating margin was 1.0% in the first quarter of 2025, compared with negative 2.3% in the first quarter of 2024 and 8.4% in the fourth quarter of 2024. Non-GAAP income from operations was RMB639.3 million (US$88.1 million) in the first quarter of 2025, representing an increase of 537.2% from RMB100.3 million in the first quarter of 2024 and a decrease of 84.8% from RMB4.2 billion in the fourth quarter of 2024. Net Income and Net Earnings Per Share Net income was RMB646.6 million (US$89.1 million) in the first quarter of 2025, representing an increase of 9.4% from RMB591.1 million in the first quarter of 2024 and a decrease of 81.7% from RMB3.5 billion in the fourth quarter of 2024. Non-GAAP net income was RMB1.0 billion (US$139.8 million) in the first quarter of 2025, representing a decrease of 20.5% from RMB1.3 billion in the first quarter of 2024 and a decrease of 74.9% from RMB4.0 billion in the fourth quarter of 2024. Basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB0.65 (US$0.09) and RMB0.62 (US$0.08) in the first quarter of 2025, respectively, compared with RMB0.60 and RMB0.56 in the first quarter of 2024, respectively, and RMB3.52 and RMB3.31 in the fourth quarter of 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB1.01 (US$0.14) and RMB0.96 (US$0.13) in the first quarter of 2025, respectively, compared with RMB1.29 and RMB1.21 in the first quarter of 2024, respectively, and RMB4.03 and RMB3.79 in the fourth quarter of 2024, respectively. Cash Position, Operating Cash Flow and Free Cash Flow Cash position7 was RMB110.7 billion (US$15.3 billion) as of March 31, 2025. Net cash used in operating activities was RMB1.7 billion (US$234.4 million) in the first quarter of 2025, representing a decrease of 49.1% from RMB3.3 billion net cash used in operating activities in the first quarter of 2024 and compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024. The change in net cash used in operating activities over the first quarter of 2024 was mainly due to the increase in cash received from customers and other changes in working capital. The change in net cash used in operating activities over the fourth quarter of 2024 was mainly due to the decrease in cash received from customers. Free cash flow was negative RMB2.5 billion (US$348.7 million) in the first quarter of 2025, representing a decrease of 49.9% from negative RMB5.1 billion in the first quarter of 2024 and compared with RMB6.1 billion in the fourth quarter of 2024. Business Outlook For the second quarter of 2025, the Company expects: Deliveries of vehicles to be between 123,000 and 128,000 vehicles, representing a year-over-year increase of 13.3% to 17.9%. Total revenues to be between RMB32.5 billion (US$4.5 billion) and RMB33.8 billion (US$4.7 billion), representing a year-over-year increase of 2.5% to 6.7%. This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change. Conference Call Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, May 29, 2025 (8:00 p.m. Beijing/Hong Kong Time on May 29, 2025) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly. Participant Online Registration: https://s1.c-conf.com/diamondpass/10046860-w8fhg.html A replay of the conference call will be accessible through June 5, 2025, by dialing the following numbers: United States:+1-855-883-1031Mainland China:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay PIN:10046860   Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. Exchange Rate Information This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Li Auto Inc. Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium family SUV. The Company will continue to expand its product lineup to target a broader user base. For more information, please visit: https://ir.lixiang.com. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Li Auto Inc.Investor RelationsEmail: ir@lixiang.com Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: Li@christensencomms.com Li Auto Inc.Unaudited Condensed Consolidated Statements of Comprehensive Income(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)   For the Three Months Ended  March 31,2024 December 31,2024 March 31,2025 March 31,2025  RMB RMB RMB US$Revenues:        Vehicle sales 24,251,553 42,642,978 24,678,585 3,400,800Other sales and services 1,382,107 1,630,694 1,248,229 172,011Total revenues 25,633,660 44,273,672 25,926,814  3,572,811 Cost of sales:        Vehicle sales (19,561,658) (34,252,151) (19,801,927) (2,728,779)Other sales and services (787,697) (1,051,303) (806,428) (111,129)Total cost of sales (20,349,355) (35,303,454) (20,608,355)  (2,839,908) Gross profit 5,284,305 8,970,218  5,318,459  732,903 Operating expenses:        Research and development (3,048,886) (2,408,357) (2,513,854) (346,418)Selling, general and administrative (2,977,585) (3,076,993) (2,531,009) (348,782)Other operating income/(expense), net 157,264 218,446 (1,942) (268)Total operating expenses (5,869,207) (5,266,904) (5,046,805)  (695,468) (Loss)/Income from operations (584,902) 3,703,314  271,654  37,435 Other (expense)/income:        Interest expense (28,598) (61,759) (48,220) (6,645)Interest income and investment income, net 1,068,888 403,021 516,261 71,143Others, net 220,184 17,128 34,730 4,786Income before income tax  675,572 4,061,704 774,425  106,719 Income tax expense (84,446) (529,010) (127,780) (17,609)Net income 591,126 3,532,694  646,645  89,110 Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937  650,324  89,617          Net income 591,126 3,532,694  646,645  89,110 Other comprehensive (loss)/income        Foreign currency translation adjustment, net of tax (59,936) 236,903 (69,994) (9,645)Total other comprehensive (loss)/income (59,936) 236,903  (69,994)  (9,645) Total comprehensive income 531,190 3,769,597  576,651  79,465 Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)Comprehensive income attributable to ordinary shareholders of Li Auto Inc. 532,622 3,759,840 580,330  79,972 Weighted average number of ADSs        Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610Net earnings per ADS attributable to ordinary shareholders        Basic 0.60 3.52 0.65 0.09Diluted 0.56 3.31 0.62 0.08Weighted average number of ordinary shares        Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219Net earnings per share attributable to ordinary shareholders        Basic 0.30 1.76 0.32 0.04Diluted 0.28 1.65 0.31 0.04          Li Auto Inc.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)     As of    December 31,2024 March 31,2025 March 31,2025  RMB RMB US$ASSETS      Current assets:      Cash and cash equivalents 65,901,123 53,233,352 7,335,752Restricted cash 6,849 4,987 687Time deposits and short-term investments 46,904,548 57,445,104 7,916,147Trade receivable 135,112 68,538 9,445Inventories 8,185,604 10,092,980 1,390,850Prepayments and other current assets 5,176,546 5,329,656 734,446Total current assets  126,309,782  126,174,617  17,387,327 Non-current assets:      Long-term investments 922,897 821,563 113,214Property, plant and equipment, net 21,140,933 20,640,105 2,844,283Operating lease right-of-use assets, net 8,323,963 8,378,789 1,154,628Intangible assets, net 914,951 928,846 127,998Goodwill 5,484 5,484 756Deferred tax assets 2,542,180 2,740,944 377,712Other non-current assets 2,188,888 2,164,357 298,256Total non-current assets  36,039,296  35,680,088  4,916,847 Total assets 162,349,078  161,854,705  22,304,174LIABILITIES AND EQUITY      Current liabilities:      Short-term borrowings 281,102 231,102 31,847Trade and notes payable 53,596,194 51,958,831 7,160,118Amounts due to related parties 11,492 11,003 1,516Deferred revenue, current 1,396,489 1,322,036 182,181Operating lease liabilities, current 1,438,092 1,438,517 198,233Finance lease liabilities, current 95,205 124,881 17,209Accruals and other current liabilities 12,397,322 12,390,444 1,707,449Total current liabilities 69,215,896  67,476,814  9,298,553 Non-current liabilities:      Long-term borrowings 8,151,598 8,145,201 1,122,439Deferred revenue, non-current 720,531 683,475 94,185Operating lease liabilities, non-current 5,735,738 5,793,176 798,321Finance lease liabilities, non-current 642,984 622,995 85,851Deferred tax liabilities 864,999 854,972 117,818Other non-current liabilities 5,696,950 5,951,991 820,206Total non-current liabilities 21,812,800 22,051,810  3,038,820 Total liabilities 91,028,696  89,528,624  12,337,373 Total Li Auto Inc. shareholders’ equity 70,874,884  71,824,262  9,897,648 Noncontrolling interests  445,498  501,819  69,153 Total shareholders’ equity 71,320,382  72,326,081  9,966,801 Total liabilities and shareholders’ equity 162,349,078  161,854,705 22,304,174   Li Auto Inc.Unaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands)   For the Three Months Ended  March 31,2024 December 31,2024 March 31,2025 March 31,2025  RMB RMB RMB US$Net cash (used in)/provided by operating activities (3,342,386) 8,680,301 (1,700,968) (234,400)Net cash used in investing activities (3,098,206) (19,987,058) (10,959,789) (1,510,299)Net cash provided by/(used in) financing activities 185,257 (734,467) 61,406 8,462Effect of exchange rate changes on cash, cash equivalents and restricted cash 55,813 355,742 (70,282) (9,685)Net change in cash, cash equivalents and restricted cash (6,199,522)  (11,685,482) (12,669,633)  (1,745,922) Cash, cash equivalents and restricted cash at beginning of period 91,329,509 77,593,454 65,907,972 9,082,361Cash, cash equivalents and restricted cash at end of period 85,129,987 65,907,972  53,238,339  7,336,439          Net cash (used in)/provided by operating activities (3,342,386) 8,680,301  (1,700,968) (234,400)Capital expenditures (1,712,843) (2,620,969) (829,597) (114,322)Free cash flow (non-GAAP) (5,055,229) 6,059,332  (2,530,565) (348,722)  Li Auto Inc.Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)     For the Three Months Ended   March 31,2024 December 31,2024 March 31,2025 March 31,2025   RMB RMB RMB US$ Cost of sales (20,349,355) (35,303,454) (20,608,355) (2,839,908) Share-based compensation expenses 13,469 10,394 7,196 992 Non-GAAP cost of sales (20,335,886)  (35,293,060)  (20,601,159)  (2,838,916)            Research and development expenses (3,048,886) (2,408,357) (2,513,854) (346,418) Share-based compensation expenses 433,764 303,047 238,932 32,926 Non-GAAP research and development expenses (2,615,122)  (2,105,310) (2,274,922)  (313,492)            Selling, general and administrative expenses (2,977,585) (3,076,993) (2,531,009) (348,782) Share-based compensation expenses 237,994 199,633 121,511 16,745 Non-GAAP selling, general and administrative expenses (2,739,591)  (2,877,360) (2,409,498)  (332,037)            (Loss)/Income from operations (584,902) 3,703,314 271,654 37,435 Share-based compensation expenses 685,227 513,074 367,639 50,663 Non-GAAP income from operations 100,325  4,216,388  639,293  88,098            Net income 591,126 3,532,694 646,645 89,110 Share-based compensation expenses 685,227 513,074 367,639 50,663 Release of valuation allowance on deferred tax assets — (6,085) — — Non-GAAP net income8 1,276,353 4,039,683  1,014,284  139,773            Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937 650,324 89,617 Share-based compensation expenses 685,227 513,074 367,639 50,663 Release of valuation allowance on deferred tax assets — (6,085) — — Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. 1,277,785 4,029,926 1,017,963  140,280            Weighted average number of ADSs          Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494 Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610 Non-GAAP net earnings per ADS attributable to ordinary shareholders         Basic 1.29 4.03 1.01 0.14 Diluted 1.21 3.79 0.96 0.13 Weighted average number of ordinary shares         Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987 Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219 Non-GAAP net earnings per share attributable to ordinary shareholders9         Basic 0.64 2.01 0.51 0.07 Diluted 0.60 1.89 0.48 0.07            ____________________ 1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. 2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only. 3 The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. 4 Each ADS represents two Class A ordinary shares. 5 Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure. 6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented. 7 Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments. 8 Non-GAAP items have no tax impact for all the periods presented. 9 Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined under the treasury stock method.

UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results - ForexTV

SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year. In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000. In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions. In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.” Financial Highlights for First Quarter 2025 Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below. Operating Highlights for First Quarter 2025 Total account balance increased 39.5% year-over-year to US$45.9 billion.Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.Total number of customers with deposit increased 23.5% year-over-year to 1,152,900. Selected Operating Data for First Quarter 2025   As of and for the three months ended  March 31,  December 31,  March 31,  2024  2024  2025In 000's        Number of customer accounts  2,247.4   2,449.3   2,526.7Number of customers with deposits  933.4   1,092.0   1,152.9Number of options and futures contracts traded  10,850.3   18,926.3   20,400.7In USD millions        Trading volume  85,410.6   198,016.9   217,453.6Trading volume of stocks  28,606.3   55,502.6   59,453.4Total account balance  32,872.1   41,725.2   45,861.9             First Quarter 2025 Financial Results REVENUES Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year. Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume. Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers. Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers. Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income. Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities. OPERATING COSTS AND EXPENSES Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year. Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume. Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion. Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year. Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees. Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter. General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees. NET INCOME attributable to ordinary shareholders of UP Fintech Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year. For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs. CERTAIN OTHER FINANCIAL ITEMS As of March 31, 2025, the Company's cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024. As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period. The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings. Updates to Management and Directors Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company. Conference Call Information: UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time). All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete. Preregistration Information: Please note that all participants will need to pre-register for the conference call, using the link: https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0 It will automatically lead to the registration page of "UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call", where details for RSVP are needed. Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information. Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com Use of Non-GAAP Financial Measures In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS - diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS - diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors' assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. About UP Fintech Holding Limited UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses. For more information on the Company, please visit: https://ir.itigerup.com. Safe Harbor Statement This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC. For investor and media inquiries please contact: Investor Relations Contact UP Fintech Holding Limited Email: ir@itiger.com UP FINTECH HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in U.S. dollars ("US$"))   As of December 31,  As of March 31,   2024  2025   US$  US$ Assets:      Cash and cash equivalents  393,576,874   403,891,218 Cash-segregated for regulatory purpose  2,464,683,625   2,849,477,420 Term deposits  1,075,260   1,101,083 Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025)  1,052,972,649   1,221,616,295 Receivables from brokers, dealers, and clearing organizations  2,305,740,507   2,556,498,087 Financial instruments held, at fair value  75,547,082   177,479,943 Prepaid expenses and other current assets  17,629,819   19,529,054 Amounts due from related parties  16,720,671   13,821,867 Total current assets  6,327,946,487   7,243,414,967 Non-current assets:      Long-term deposits  1,369,994   1,378,037 Right-of-use assets  10,880,673   12,736,333 Property, equipment and intangible assets, net  15,358,528   15,750,823 Crypto assets held  —   3,410,986 Goodwill  2,492,668   2,492,668 Long-term investments  7,658,809   7,473,531 Equity method investment  10,203,622   10,305,433 Other non-current assets  6,828,553   8,623,671 Deferred tax assets  8,573,135   9,931,234 Total non-current assets  63,365,982   72,102,716 Total assets  6,391,312,469   7,315,517,683 Current liabilities:      Payables to customers  3,574,651,125   4,333,279,026 Payables to brokers, dealers and clearing organizations:  1,914,769,701   1,975,967,952 Accrued expenses and other current liabilities  67,263,254   75,891,783 Lease liabilities-current  4,153,928   4,845,376 Amounts due to related parties  874,331   53,588,763 Total current liabilities  5,561,712,339   6,443,572,900 Convertible bonds  159,505,397   160,158,584 Lease liabilities- non-current  5,902,323   6,992,755 Deferred tax liabilities  2,068,661   2,161,995 Total liabilities  5,729,188,720   6,612,886,234 Mezzanine equity      Redeemable non-controlling interest  7,177,668   5,518,571 Total Mezzanine equity  7,177,668   5,518,571 Shareholders’ equity:      Class A ordinary shares  25,427   25,523 Class B ordinary shares  976   976 Additional paid-in capital  619,030,730   624,497,561 Statutory reserve  12,425,463   12,425,463 Retained earnings  37,843,547   70,712,884 Treasury stock  (2,172,819)  (2,172,819)Accumulated other comprehensive loss  (11,919,310)  (8,090,989)Total UP Fintech shareholders’ equity  655,234,014   697,398,599 Non-controlling interests  (287,933)  (285,721)Total equity  654,946,081   697,112,878 Total liabilities, mezzanine equity and equity  6,391,312,469   7,315,517,683  UP FINTECH HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (All amounts in U.S. dollars ("US$"), except for number of shares (or ADSs) and per share (or ADS) data)     For the three months ended   March 31,  December 31,  March 31,   2024  2024  2025   US$  US$  US$ Revenues:         Commissions  27,786,218   55,964,174   58,307,151 Interest related income         Financing service fees  2,832,065   2,770,419   2,560,432 Interest income  43,841,220   55,762,091   53,805,393 Other revenues  4,488,989   9,605,165   7,936,987 Total revenues  78,948,492   124,101,849   122,609,963 Interest expense  (14,789,835)  (16,731,341)  (15,041,810)Total Net revenues  64,158,657   107,370,508   107,568,153 Operating costs and expenses:         Execution and clearing  (2,230,863)  (6,095,132)  (5,338,917)Employee compensation and benefits  (27,787,218)  (37,163,110)  (33,805,808)Occupancy, depreciation and amortization  (2,144,337)  (2,137,586)  (2,149,308)Communication and market data  (8,561,482)  (11,787,814)  (9,794,869)Marketing and branding  (4,390,987)  (9,507,918)  (10,867,048)General and administrative  (5,667,137)  (6,432,737)  (5,136,346)Total operating costs and expenses  (50,782,024)  (73,124,297)  (67,092,296)Other income (expense):         Others, net  3,615,219   3,469,021   (1,340,064)Income before income tax  16,991,852   37,715,232   39,135,793 Income tax expenses  (4,528,297)  (9,488,084)  (8,549,158)Net income  12,463,555   28,227,148   30,586,635 Less: net (loss) income attributable to non-controlling interests  (17,914)  12,563   11,527 Accretion of redeemable non-controlling interests to redemption value  (151,322)  (164,328)  (155,983)Net income attributable to ordinary shareholders of UP Fintech  12,330,147   28,050,257   30,419,125 Other comprehensive income (loss), net of tax:         Unrealized gain on available-for-sale investments  —   343,892   — Changes in cumulative foreign currency translation adjustment  (4,791,040)  (17,440,809)  3,826,640 Total Comprehensive income  7,672,515   11,130,231   34,413,275 Less: comprehensive (loss) income attributable to non-controlling interests  (13,454)  24,226   9,845 Accretion of redeemable non-controlling interests to redemption value  (151,322)  (164,328)  (155,983)Total Comprehensive income attributable to ordinary shareholders of UP Fintech  7,534,647   10,941,677   34,247,447 Net income per ordinary share:         Basic  0.005   0.011   0.012 Diluted  0.005   0.011   0.011 Net income per ADS (1 ADS represents 15 Class A ordinary shares):         Basic  0.079   0.164   0.173 Diluted  0.077   0.158   0.166 Weighted average number of ordinary shares used in calculating net income per ordinary share:         Basic  2,342,468,897   2,557,911,677   2,634,972,699 Diluted  2,452,022,959   2,687,607,158   2,767,093,920  Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures(All amounts in U.S. dollars ("US$"), except for number of ADSs and per ADS data)   For the three months ended March 31,2024  For the three months ended December 31,2024  For the three months ended March 31,2025      non-GAAP        non-GAAP        non-GAAP      GAAP  Adjustment  non-GAAP  GAAP  Adjustment  non-GAAP  GAAP  Adjustment  non-GAAP   US$  US$  US$  US$  US$  US$  US$  US$  US$   Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited  Unaudited       2,380,637 (1)       2,421,342 (1)       5,621,791 (1)  Net income attributable to ordinary shareholders of UP Fintech  12,330,147   2,380,637   14,710,784   28,050,257   2,421,342   30,471,599   30,419,125   5,621,791   36,040,916                             Net income per ADS - diluted  0.077      0.092   0.158      0.172   0.166      0.198 Weighted average number of ADSs used in calculating diluted net income per ADS  163,468,197      163,468,197   179,173,811      179,173,811   184,472,928      184,472,928  (1) Share-based compensation.