Investment Rating - The report maintains a "Buy" rating for the company with a target price of $159.87 per ADS [8][9]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue of HKD 4.7 billion, up 81% year-over-year, and net profit of HKD 2.1 billion, up 107% year-over-year, driven by accelerated overseas customer acquisition and increased trading volumes in the Hong Kong and US stock markets [1][5]. - The company has achieved one-third of its annual customer acquisition target in Q1 2025, adding 260,000 new funded accounts, a 48% increase year-over-year [2]. - The trading activity in the Hong Kong and US markets remains robust, with total trading volume reaching HKD 3.22 trillion, a 140% increase year-over-year [3]. - Continuous innovation in products and services, including AI-driven investment assistants and new trading options, is strengthening the company's brand and product capabilities [4]. Summary by Sections Financial Performance - For 2025-2027, the company expects net profits of HKD 7.5 billion, HKD 8.4 billion, and HKD 9.2 billion respectively, reflecting an upward revision of 20%-26% from previous estimates [5][7]. - The estimated EPS for 2025 is HKD 6.52, with a projected PE ratio of 24x [5][7]. Customer Acquisition - The company has seen a strong influx of new customers, particularly from Hong Kong, Japan, the US, and Malaysia, with significant participation in recent IPOs [2]. Trading Activity - The trading environment is favorable, with a notable increase in trading volumes and customer asset turnover rates, indicating high market engagement [3]. Innovation and Product Development - The company is actively enhancing its service offerings, including the introduction of new trading products and platforms, which are crucial for attracting overseas customers [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $159.87 per ADS [8][9]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue of HKD 4.7 billion, up 81% year-over-year, and net profit of HKD 2.1 billion, up 107% year-over-year, driven by accelerated overseas customer acquisition and increased trading volumes in the Hong Kong and US stock markets [1][5]. - The company has achieved one-third of its annual customer acquisition target in Q1 2025, adding 260,000 new funded accounts, a 48% increase year-over-year [2]. - The trading activity in the Hong Kong and US markets remains robust, with total trading volume reaching HKD 3.22 trillion, a 140% increase year-over-year [3]. - Continuous innovation in products and services, including AI-driven investment assistants and new trading options, is strengthening the company's brand and product capabilities [4]. Summary by Sections Financial Performance - For 2025, the company expects to achieve net profits of HKD 7.45 billion, with an EPS of HKD 6.52, reflecting a 20% to 26% upward revision in profit forecasts for 2025-2027 [5][7]. - The projected revenue for 2025 is HKD 18.02 billion, with a year-over-year growth rate of 32.62% [7]. Customer Acquisition - The company has successfully expanded its customer base, with Hong Kong remaining the primary source of new customers, supported by a rebound in the stock market and IPO activities [2]. Trading Activity - The trading environment is favorable, with a significant increase in trading volumes and customer asset turnover rates, indicating strong market engagement [3]. Innovation and Product Development - The company is focused on enhancing its service offerings, including the introduction of new trading products in various markets, which is crucial for attracting overseas customers [4].

Company Participants - The conference call included key participants such as Daniel Yuan (Chief of Staff to CEO, Head of Strategy and IR), Leaf Li (Chairman and CEO), Arthur Chen (CFO), and Robin Xu (Senior Vice President) [1][3]. Conference Call Overview - The call was organized to discuss Futu Holdings' first quarter 2025 earnings results, with a structured format including prepared remarks followed by a question-and-answer session [1][2]. Forward-Looking Statements - The company provided a reminder that the call may include forward-looking statements, which are inherently uncertain and subject to various risks that could lead to actual results differing from those projected [4].

Financial Performance - Total revenues for Q1 2025 were HK$4,694.6 million (US$603.4 million), an increase of 81.1% from HK$2,592.5 million in Q1 2024[8] - Net income increased by 107.0% year-over-year to HK$2,142.7 million (US$275.4 million), with a net income margin of 45.6%[16] - Non-GAAP adjusted net income rose by 97.7% year-over-year to HK$2,216.9 million (US$285.0 million)[17] - Total revenues for the three months ended March 31, 2025, increased to HK$4,694,637, representing a 81% growth compared to HK$2,592,459 for the same period in 2024[36] - Net income for the three months ended March 31, 2025, was HK$2,142,704, up 107% from HK$1,035,133 in the prior year[36] - The company reported a basic net income per share of HK$1.93 for the three months ended March 31, 2025, compared to HK$0.94 for the same period in 2024, marking a 105% increase[39] - Adjusted net income for the three months ended March 31, 2025, was HK$2,216,903, reflecting a 97% increase from HK$1,121,071 in the prior year[42] Client Growth and Assets - Total funded accounts increased by 41.6% year-over-year to 2,673,119 as of March 31, 2025, with approximately 262 thousand new funded accounts added in Q1 2025, representing a 47.8% year-over-year growth[4] - Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, driven by record net asset inflow[7] - Daily average client assets were HK$790.4 billion in Q1 2025, an increase of 64.7% from the same period in 2024[6] - Wealth management client assets grew by 117.7% year-over-year to HK$139.2 billion, with 29% of funded accounts holding wealth management products[7] - The number of clients increased significantly, with cash held on behalf of clients rising to HK$88,246,095 as of March 31, 2025, compared to HK$68,639,816 as of December 31, 2024, reflecting a 29% increase[30] Trading Volume - Total trading volume in Q1 2025 increased by 140.1% year-over-year to HK$3.22 trillion, with U.S. stock trading volume at HK$2.25 trillion[6] Expenses and Liabilities - Operating expenses for the three months ended March 31, 2025, were HK$1,260,426, a 35% increase from HK$929,486 in the same period of 2024[36] - Total liabilities increased to HK$150,348,296 as of March 31, 2025, from HK$130,752,472 as of December 31, 2024, representing a 15% rise[33] Retained Earnings and Future Plans - The company’s retained earnings grew to HK$16,798,269 as of March 31, 2025, up from HK$14,652,946 as of December 31, 2024, indicating a 15% increase[33] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[36] Research and Development - Research and development expenses increased by 15.1% year-over-year to HK$386.0 million, primarily due to investments in AI capabilities[13] Future Targets - The company aims to achieve 800 thousand net new funded accounts in 2025, having already reached one-third of this target in Q1 2025[4]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in Q1 2024 [15] - Net income increased by 107% year over year and 15% quarter over quarter to HKD 2.1 billion, with a net income margin of 45.6% [23] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [10] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year and 12% quarter over quarter [16] - Interest income was HKD 2.1 billion, a 53% year over year increase and a 2% quarter over quarter increase [17] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [12] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, up 48% year over year and 22% quarter over quarter [5] - The US market saw a pickup in funded account growth, while Malaysia delivered the fastest sequential growth in new funded accounts [6] - Total trading volume reached HKD 3.22 trillion in Q1 2025, up 40% year over year and 11% quarter over quarter [11] Company Strategy and Development Direction - The company aims to expand market share through product localization and brand investment, with a focus on enhancing user experience and execution capabilities [6] - The launch of AI-powered tools, such as Futu BOL AI, is part of the strategy to improve client engagement and satisfaction [9] - The company is committed to building brand equity and maintaining a competitive edge in the market despite increasing competition [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the target of 800,000 new funded accounts for 2025, despite expected sequential decreases in new funded accounts in Q2 [28] - The company noted that client trading activity remains high amid market volatility, with expectations for continued strong net asset inflows [29] - Management remains optimistic about the potential of the crypto trading business and plans to enhance product capabilities in this area [36] Other Important Information - The effective tax rate for Q1 2025 was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [58] - The company has launched membership programs aimed at wealth management clients, although the current penetration is still low [30] - The company is actively pursuing a VATP license, with ongoing validations required for final approval [74] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and high trading activity [28] Question: Business model for membership programs - The membership program targets wealth management clients with higher assets and trading velocity, with current penetration being small [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Management noted a rebound in crypto trading interest and plans to enhance product offerings, including crypto deposit and withdrawal functionalities [34][36] Question: Impact of HIBOR on net interest income and client behavior - The company has seen continued growth in interest income despite HIBOR declines, with increased trading activity benefiting commission revenues [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across markets, with Hong Kong and Singapore being major contributors [46] - Preliminary feedback on AI tools indicates increased engagement and activity on the platform [48] Question: Customer acquisition cost and New Zealand market entry - The average customer acquisition cost decreased due to strong market conditions, and the New Zealand expansion is expected to have favorable ROI [51][54] Question: Effective tax rate and blended commission fee rate trends - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate has stabilized due to changes in product mix [58][59]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was HKD 4.7 billion, an increase of 81% from HKD 2.6 billion in the same quarter of 2024 [14] - Net income increased by 107% year over year to HKD 2.1 billion, with a net income margin expanding to 45.6% from 39.9% [22] - Total client assets reached HKD 830 billion, marking a 60% increase year over year and a 12% increase quarter over quarter [9] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.3 billion, up 113% year over year [15] - Interest income was HKD 2.1 billion, a 53% year over year increase [15] - Wealth management client assets reached HKD 139.2 billion, up 18% year over year and 26% quarter over quarter [11] Market Data and Key Metrics Changes - Approximately 262,000 new funded accounts were added in Q1 2025, a 48% year over year increase [5] - Total trading volume reached HKD 3.22 trillion, up 40% year over year [10] - In Singapore, total client assets rose 11% sequentially, marking the eleventh consecutive quarter of double-digit growth [9] Company Strategy and Development Direction - The company aims to achieve 800,000 net new funded accounts in 2025, with a strong focus on product localization and brand investment [5] - The launch of Futu BOL AI, a smart investment assistant, is part of the strategy to enhance user experience and engagement [7] - The company plans to expand its structured product lineup and enhance its wealth management offerings across various markets [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong client acquisition momentum despite expected sequential decreases in new funded accounts due to a high base [27] - The company anticipates further sequential increases in total trading volume and net asset inflow, driven by market volatility and client engagement [28] - Management remains optimistic about the long-term potential of the crypto trading business and plans to enhance product capabilities in this area [35] Other Important Information - The effective tax rate for the quarter was 18.6%, influenced by the profitability of overseas markets and changes in international tax regulations [57] - The company has entered the New Zealand market, leveraging existing brand equity and product capabilities from Australia [53] Q&A Session Summary Question: Trading velocity and margin financing balance in Q2 - Management expects a double-digit sequential decrease in new funded accounts but maintains strong client acquisition momentum and anticipates a further increase in trading volume [27] Question: Business model for membership programs - The membership programs cater to wealth management clients with higher assets and trading velocity, with a small current penetration rate [30] Question: Timeline for crypto trading business and implications of stablecoin regulations - Monthly trading volume and number of crypto traders remain high, with plans to launch crypto withdrawal functions soon [34] Question: Impact of HIBOR on net interest income and client behavior - The company has seen overall interest income grow despite HIBOR declines, benefiting from increased trading activities [42] Question: Client asset inflows by region and engagement metrics for AI tools - Strong inflow momentum was observed across all markets, with Hong Kong and Singapore being the major contributors [46] - Initial feedback on AI tools has been positive, leading to increased engagement and activity on the platform [49] Question: Customer acquisition cost and New Zealand market entry - The decline in customer acquisition cost was attributed to strong market conditions and brand equity, with expectations to maintain guidance unchanged [51] Question: Effective tax rate and blended commission fee rate - The effective tax rate is expected to remain between 17% and 18%, while the blended commission rate is anticipated to stabilize [58]

Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

Group 1 - Futu Holdings reported Q1 2025 unaudited financial results with total revenue of HKD 46.95 billion (approximately USD 6.03 billion), representing a year-on-year growth of 81.1% [1] - Non-GAAP net profit for Q1 was HKD 22.17 billion (approximately USD 2.85 billion), showing a year-on-year increase of 97.7% [1] - Revenue from trading commissions and fees reached HKD 23.1 billion (approximately USD 2.97 billion), up 113.5% year-on-year [1] - Interest income was HKD 20.71 billion (approximately USD 2.66 billion), reflecting a year-on-year growth of 52.9% [1] - Other income, including wealth management and corporate services, amounted to HKD 3.14 billion (approximately USD 40.3 million), with a year-on-year increase of 101% [1] Group 2 - As of the end of Q1, Futu's registered user base for its Futu NiuNiu and moomoo applications reached 26.25 million, with account numbers totaling 4.96 million, representing year-on-year growth of 17% and 30% respectively [1] - The number of asset-holding clients increased to 2.67 million, a year-on-year growth of 42% [1] - Platform client assets reached HKD 829.8 billion (approximately USD 106.7 billion), marking a year-on-year increase of 60% [1] Group 3 - Hong Kong continues to be a strategic market for Futu, with over 50% of the local adult population as users, and the company achieved steady growth in client and asset scale this quarter [2] - Daily active users of Futu NiuNiu increased by nearly 20% compared to the previous quarter [2] - Futu's international expansion is evident with the recent launch of operations in New Zealand, showcasing its steady progress and long-term strategic value [2] Group 4 - Futu Holdings' stock rose over 3% in pre-market trading on Thursday [3]

Group 1 - Several banks have suspended the issuance of 5-year large-denomination certificates of deposit (CDs), while 3-year CDs remain available but with limited quotas for certain clients [1] - The average selling price (ASP) of NAND Flash suppliers decreased by 15% quarter-on-quarter in Q1 2025, with total revenue for the top five brands dropping nearly 24% to $12.02 billion [1] - The global TV market saw a 2.4% year-on-year increase in shipment volume in Q1 2025, driven by stable demand in Western Europe and North America, along with government subsidies in China [1] Group 2 - The first domestic "liquid oxygen methane + stainless steel + sea soft landing recovery" rocket successfully completed its maiden sea flight recovery test, marking a significant technological breakthrough [2] - Zong Fuli has resigned as the legal representative of Xi'an Hengfeng Beverage Co., Ltd., with Zhu Lidan taking over the position [2] Group 3 - Kuaishou's Keling AI has launched a new 2.1 series model, offering competitive pricing for video generation, with 5-second videos costing as low as 20 inspiration points [3] - DJI has acquired land in Shenzhen for 2.287 billion yuan to establish a global headquarters for its smart aviation system industry ecosystem [3] Group 4 - Li Auto reported a net profit of 647 million yuan in Q1 2025, a year-on-year increase of 9.4%, with total revenue reaching 25.9 billion yuan [4] - Futu Holdings' Q1 2025 revenue was 4.695 billion HKD, a year-on-year increase of 81.1%, with net profit rising by 97.7% [4] Group 5 - CSPC Pharmaceutical Group reported a revenue of 7.015 billion yuan in Q1, a year-on-year decrease of 21.9% [5] - The former general manager of Pacific Securities' Haikou branch was fined for violating stock trading regulations, with a total trading amount exceeding 30 million yuan [5] Group 6 - China State Construction Engineering Corporation has recently won three major projects with a total value of 8.23 billion yuan [6] - Jiahuan Technology has been awarded a construction service project for China Mobile, with a total contract value of 2.185 billion yuan [7] Group 7 - Xiaogoods City’s wholly-owned subsidiary won a bid for a core land parcel in Hangzhou for 568.71 million yuan, planning to build two 14-story office buildings [8] Group 8 - The ChiNext index rose by 1.37% in a market rebound, with over 4,400 stocks increasing in value, and more than 100 stocks hitting the daily limit [9]

Exhibit 99.1 Futu Announces First Quarter 2025 Unaudited Financial Results 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 First Quarter 2025 Financial Highlights Mr. Leaf Hua Li, Futu's Chairman and Chief Executive Officer, said, "We started 2025 ...