Overview
- UP Fintech reported 2025 revenue of $612.1 million, up 56.3% year over year, with GAAP net income rising to $170.9 million and non‑GAAP net income to $186.5 million.
- Sequential momentum cooled at UP Fintech as Q4 revenue held at $175.6 million versus Q3 and GAAP net income slipped to $45.2 million, with the CFO noting a lower cash equity take rate from meme‑stock normalization.
- UP Fintech ended 2025 with more than 1.25 million funded accounts after adding 161,900 for the year, said client assets reached $60.8 billion, and highlighted Hong Kong strength including 20 IPOs in Q4 and a 220.6% jump in “other” revenue to $30.8 million.
- The Tiger Brokers operator set a 2026 target of 150,000 new funded clients and emphasized prioritizing user quality over volume.
- Sunlands posted full‑year 2025 net revenues of RMB2,019.9 million (up 1.5%) and net income of RMB365.6 million, but deferred revenue fell to RMB585.3 million and Q1 2026 guidance of RMB420–440 million implies a 9.8%–13.9% year‑over‑year revenue decline with substantial uncertainty.