Recently spent time studying the annual reports of three exchanges, specifically the full versions from a leading exchange, Gate, and Huobi HTX. Reading such reports has become a habit, and each time I go through them to organize my thoughts. I also want to share some observations and reflections with everyone.

The report from a leading exchange is a full 26 pages, with very clear content divided into six main sections—Core Milestones and Vision, Products and Data, Institutionalization Process, Compliance and Security, Daily Applications and Community, and finally, Future Outlook.

The first three chapters are the main focus, using data and charts to clearly outline the achievements expected by 2025. The report prominently features the "Abu Dhabi Financial License" and "User突破3亿" (User surpassing 300 million), which are indeed foreseeable accomplishments. Interestingly, the Pakistan license(PVARA) previously obtained is barely mentioned in the report, which is itself worth pondering.

The second chapter is the core of the entire report, showcasing the 2025 performance of the exchange from five dimensions: registered users, trading volume, token varieties, payment tools, and ecological applications. From the data, trading business remains the core driving force, which makes sense—trading volume and user activity are always the foundation for an exchange’s survival and growth.

Comparing this report with annual reports from other exchanges, it’s clear that each has different strategic focuses. Such comparisons can actually help us better understand the overall development direction of the industry.