**Bullish Points:**
1. Net income increased significantly to US$61.4 million in 2024 from US$33.0 million in 2023.
2. Total revenues rose to US$391.5 million in 2024 from US$272.5 million in 2023.
3. The company completed a follow-on public offering of 17,250,000 ADSs at US$6.25 per ADS in 2024.
4. The company continues to expand its international operations and self-clearing capabilities.
5. The Group's total client margin assets increased to US$5,955,470,924 as of December 31, 2024, from US$5,760,418,260 in 2023.
6. The Group's broker-dealer subsidiaries met all applicable minimum net capital requirements as of December 31, 2024.
7. The Group's total deferred tax liabilities decreased to US$4,117,264 in 2024 from US$5,190,087 in 2023.
8. The Group's total operating lease expenses for 2024 were US$5,688,809, down from US$6,337,447 in 2023.
9. The Group's total share-based compensation expenses for 2024 were US$9,636,845, down from US$10,048,019 in 2023.
**Bearish Points:**
1. Employee compensation and benefits (excluding share-based compensation) increased to US$112.6 million in 2024 from US$90.6 million in 2023.
2. Marketing and branding expenses rose to US$28.5 million in 2024 from US$20.9 million in 2023.
3. The Group's income tax expense for 2024 was US$20,409,721, up from US$12,986,310 in 2023.
4. Deferred tax assets, net of valuation allowance, decreased to US$10,621,738 in 2024 from US$12,783,254 in 2023.
5. The Group's net operating loss carryforwards as of December 31, 2024, were US$131,416,993, down from US$137,570,765 in 2023.
6. The Group's total redeemable non-controlling interests were US$7,177,668 as of December 31, 2024, up from US$6,706,660 in 2023.
7. The company faces risks related to geopolitical tensions, regulatory changes, and potential penalties for non-compliance with PRC regulations.
**Summary:**
Tiger Brokers (TIGR) has shown strong financial performance in 2024, with significant increases in net income and total revenues. The company has also successfully expanded its international operations and self-clearing capabilities. However, there are some concerns regarding rising operating costs, marketing expenses, and increased income tax expenses. Additionally, the company faces risks related to geopolitical tensions and regulatory changes. Overall, the financial report presents a positive outlook for the company's future, but it is important to consider the potential risks and challenges.
For more information, you can read the original text of Tiger Brokers(TIGR)'s financial report.
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