资料显示，富途控股有限公司是香港一家领先的一站式金融科技平台,凭藉公司的全数字化证券经纪和 理财产品分销服务革新投资体验。公司开展业务的初衷是任何人都不应该因为交易成本过高或市场经验 不足而被投资市场拒之门外。科技渗透在公司业务的方方面面,使公司能够依托安全、稳定、灵活及可 扩展的在线平台提供全新的用户体验。 本文源自：金融界 作者：行情君 8月20日，富途控股(FUTU)盘中上涨2.01%，截至23:33，报171.9美元/股，成交4.99亿美元，总市值 239.33亿美元。 财务数据显示，截至2025年03月31日，富途控股收入总额46.95亿港元，同比增长81.09%；归母净利润 21.45亿港元，同比增长106.65%。 大事提醒： 8月20日，富途控股将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 ...

富途控股 20250820 How did market conditions affect client acquisition and engagement in Q2 2025? During Q2 2025, Futu acquired approximately 204,000 new funded accounts, representing a year-over-year increase of 32%. Hong Kong led all markets for new funded accounts for the third consecutive quarter. Market volatility due to trade tensions in early April followed by a rebound driven by improved trade relations and high-profile IPOs in May spurred retail investor participation. In the US market, Futu saw robust ...

Financial Data and Key Metrics Changes - Total funded accounts reached approximately 2,900,000, representing a 41% increase year over year and an 8% rise quarter over quarter [5] - Total client assets hit a record HKD 974 billion, up 68% year over year and 17% quarter over quarter [9] - Total revenue was HKD 5.3 billion, up 70% from HKD 3.1 billion in the previous year [13] - Net income increased by 113% year over year and 20% quarter over quarter to HKD 2.6 billion, with a net income margin expanding to 48.4% [21] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.6 billion, an increase of 87% year over year and 12% quarter over quarter [13] - Interest income was HKD 2.3 billion, up 44% year over year and 11% quarter over quarter [14] - Wealth management client assets were HKD 163.2 billion, up 104% year over year and 17% quarter over quarter [11] Market Data and Key Metrics Changes - The US business showed robust growth, with significant increases in trading volume and client engagement [6][10] - In Japan, total trading volume increased by over 50% quarter over quarter, indicating strong market engagement [39] - The Hong Kong IPO market gained momentum, with the company acting as joint book runners for multiple listings, attracting a record number of subscribers [12] Company Strategy and Development Direction - The company aims to become an influential global financial services platform, with over 50% of funded accounts from clients outside of Hong Kong [5] - Plans to enhance brand acquisition through physical store rollouts and new product offerings in wealth management and crypto trading [26] - The company is focusing on integrating AI capabilities into its services to improve client engagement and investment efficiency [32][40] Management's Comments on Operating Environment and Future Outlook - Management noted strong asset inflows due to favorable market conditions and enriched product offerings [24] - The company expects steady growth in client acquisitions and trading volume in the third quarter, driven by positive market sentiment [46] - Management expressed optimism about growth prospects in the US market, supported by strategic partnerships and product innovations [50] Other Important Information - The company launched cryptocurrency trading in most US states and plans to introduce new functionalities for crypto trading [26] - The average client assets in Singapore rose 1926% quarter over quarter, reflecting strong market performance [9] Q&A Session Summary Question: What is the reasoning behind the strong net asset inflow and how will the company maintain momentum? - Management attributed strong asset inflow to favorable market performance and enriched product offerings, with plans for more physical stores and new products in the second half [24][26] Question: Can you provide details on the crypto trading performance and future plans? - Management reported strong momentum in crypto trading, with significant increases in asset value and trading volume, and plans for new product offerings [26][27] Question: What are the strategic views on the crypto business and potential for monetization? - Management outlined a four-part strategy (RACE) focusing on real-world assets, advanced technologies, conversions between traditional finance and crypto, and exchange licensing [31][34] Question: What is the competitive landscape in Japan and how is the company addressing it? - Management acknowledged strong competition from incumbents but emphasized the unique value proposition for self-directed investors and ongoing branding efforts [37][40] Question: Can you provide insights on the third quarter expectations for client acquisitions and trading volume? - Management expects steady growth in client acquisitions and trading volume, supported by positive market sentiment and ongoing product development [46][48]

Financial Data and Key Metrics Changes - Total funded accounts reached approximately 2,900,000, representing a 41% increase year over year and an 8% rise quarter over quarter [5] - Total client assets hit a record HKD 974 billion, up 68% year over year and 17% quarter over quarter [8] - Total revenue was HKD 5.3 billion, up 70% from HKD 3.1 billion in the previous year [13] - Net income increased by 113% year over year and 20% quarter over quarter to HKD 2.6 billion, with a net income margin expanding to 48.4% [21] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD 2.6 billion, an increase of 87% year over year and 12% quarter over quarter [13] - Interest income was HKD 2.3 billion, up 44% year over year and 11% quarter over quarter [14] - Wealth management client assets were HKD 163.2 billion at quarter end, up 104% year over year and 17% quarter over quarter [11] Market Data and Key Metrics Changes - Hong Kong continued to lead in new funded accounts, with elevated market volatility driving retail participation [6] - The US business showed robust growth, with a partnership with the New York Mets enhancing brand reach [6] - In Japan, the company hosted an investment event that attracted over 12,000 investors, strengthening brand recognition [7] Company Strategy and Development Direction - The company aims to become an influential global financial services platform, with over 50% of funded accounts from clients outside of Hong Kong [5] - Plans to enhance brand acquisition through physical store rollouts and new product offerings in wealth management and crypto [25] - The company is focusing on integrating AI capabilities into its services to improve client engagement and investment efficiency [31] Management's Comments on Operating Environment and Future Outlook - Management noted strong asset inflow due to favorable market conditions and enriched product offerings [24] - The company expects steady growth in client acquisitions and trading volume in the third quarter, with positive market sentiment [46] - There is optimism regarding the growth prospects in the US market, supported by product innovations and strategic partnerships [50] Other Important Information - The company launched cryptocurrency trading in most US states and plans to introduce new functionalities for crypto trading [25] - The average client assets in Singapore rose 1926% quarter over quarter, indicating strong growth in that market [8] Q&A Session Summary Question: What is the reasoning behind the strong net asset inflow and how will the company maintain momentum? - Management attributed strong asset inflow to favorable market performance and enriched product offerings, with plans for more physical stores and new products in the second half [24][25] Question: Can you provide details on the crypto trading performance and future plans? - Management reported strong momentum in crypto trading, with asset value increasing significantly and plans for new product offerings in the crypto space [25][26] Question: What are the strategic views on the crypto business and the competitive landscape in Japan? - Management highlighted the importance of traditional finance integration with crypto, advanced technologies, and the unique value proposition for self-directed investors in Japan [30][36] Question: Can you provide insights on the third quarter expectations for client acquisitions and trading volume? - Management expects steady growth in client acquisitions and trading volume, with positive market sentiment contributing to these trends [46] Question: What is the impact of new regulations on client acquisition? - Management indicated that new regulations have not significantly impacted client acquisition, maintaining confidence in achieving annual targets [54]

Core Viewpoint - Futu Holdings reported significant year-on-year growth in revenue and profit for Q2 2025, driven by increased user accounts and trading volumes, particularly in the U.S. stock market [3][4][6]. User Growth and Asset Scale - The number of funded accounts increased by 40.9% year-on-year to 2.877 million, with over half coming from markets outside Hong Kong [6]. - Total client assets grew by 68.1% year-on-year to HKD 973.9 billion, marking a historical high [7]. Trading Activity - Total trading volume surged by 121.2% year-on-year to HKD 35.9 trillion, with U.S. stock trading contributing the most [2][8]. - U.S. stock trading volume reached HKD 27.0 trillion, while Hong Kong stock trading volume was HKD 8.335 trillion [8]. Financial Performance - Q2 2025 revenue reached HKD 53.1 billion (approximately USD 6.77 billion), a 69.7% increase year-on-year, while net profit soared by 112.7% to HKD 25.7 billion [4][6]. - The operating profit margin improved significantly from 47.3% in the same period last year to 63.0% [4]. Revenue Drivers - Commission and fee income rose by 87.4% year-on-year to HKD 2.58 billion, driven by the substantial increase in trading volume [6]. - Interest income increased by 43.8% year-on-year to HKD 2.29 billion, benefiting from growth in securities lending, bank deposits, and margin financing [6]. Wealth Management Innovations - Total assets under wealth management reached HKD 163.2 billion, a 104.4% year-on-year increase [8]. - The company has introduced various bond products and became the first online broker to offer structured products to retail investors [8].

Core Insights - Futu Holdings Ltd. reported Q2 2025 earnings with revenues of US$676.6 million, a 69.7% increase year-over-year, and non-GAAP adjusted net income of US$338.8 million, up 105.2% YoY [1][2] User Growth and Client Assets - As of June 30, 2025, the company had 27.12 million registered users, 5.24 million brokerage accounts, and 2.88 million funded accounts [2] - Total client assets reached US$124 billion, reflecting a 17% quarter-over-quarter growth and a 68% year-over-year increase [2] Trading Volume - Total trading volume across platforms grew by 12% QoQ and 121% YoY to US$457 billion, with US equities reaching an all-time high of US$343 billion [3] Cryptocurrency and AI Innovations - Cryptocurrency assets increased by 43% QoQ, with the company launching Moomoo Crypto for US investors and expanding cryptocurrency trading services globally [4][5] - The introduction of Moomoo AI, an AI chatbot, aims to enhance investment decision-making for users [6] Product Development and Market Expansion - The company expanded its product offerings, including US stock options trading in Japan and IPO financing in Malaysia, while enhancing trading features across platforms [7] - Moomoo's app maintained the top position in Q2 downloads among local stock trading apps in Australia, Malaysia, Singapore, and Hong Kong [7] Localization and Financial Literacy Initiatives - Moomoo introduced educational sections within its in-app community, reporting growth in daily active users and user engagement [8] - The company partnered with organizations to promote financial literacy, hosting events and providing awards to high schools for excellence in finance [9][10] Recognition and Awards - Moomoo received multiple awards in various markets, including "Top Broker - Highest Number of New Accounts" in Malaysia and "Fintech - Private Wealth Management" in Singapore, highlighting its commitment to customer value [11]

[Futu Q2 2025 Earnings Release](index=1&type=section&id=Futu%20Q2%202025%20Earnings%20Release) [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) The company reported strong Q2 2025 growth in revenue, net income, funded accounts, and client assets Q2 2025 Key Financial Metrics (YoY) | Metric | Q2 2025 | YoY Growth | | :--- | :--- | :--- | | Total Revenues | HK$5,310.9 million | 69.7% | | Total Gross Profit | HK$4,639.9 million | 81.6% | | Net Income | HK$2,572.6 million | 112.7% | | Non-GAAP Adjusted Net Income | HK$2,659.8 million | 105.2% | Q2 2025 Key Operational Metrics (YoY) | Metric | As of June 30, 2025 | YoY Growth | | :--- | :--- | :--- | | Funded Accounts | 2,877,126 | 40.9% | | Total Client Assets | HK$973.9 billion | 68.1% | | Total Trading Volume (Q2) | HK$3.59 trillion | 121.2% | | Total Users | 27.1 million | 16.6% | - A key milestone was reached as **over half of total funded accounts now originate from outside Hong Kong**[3](index=3&type=chunk) [Operational Performance Details](index=1&type=section&id=Operational%20Performance%20Details) The company saw robust client acquisition, international expansion, and growth in trading and wealth management - Client acquisition and international expansion highlights included adding **over 204,000 new funded accounts**, a **31.6% YoY increase**, with Hong Kong being the largest contributor and new marketing initiatives launched in the U.S. and Japan[3](index=3&type=chunk) Q2 2025 Trading Volume Breakdown | Category | Trading Volume | QoQ Change | | :--- | :--- | :--- | | Total Trading Volume | HK$3.59 trillion | +11.6% | | U.S. Stock Trading Volume | HK$2.70 trillion | +19.7% | | Hong Kong Stock Trading Volume | HK$833.5 billion | -9.0% | - Wealth management and corporate services demonstrated strong growth, with wealth management client assets reaching **HK$163.2 billion** (**+104.4% YoY**) and the company serving **517 IPO and IR clients**[3](index=3&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) Strong revenue growth and operating leverage drove significant increases in gross profit and net income [Revenues](index=1&type=section&id=Revenues) Total revenues grew 69.7% YoY to HK$5.3 billion, driven by brokerage commission and interest income Q2 2025 Revenue Breakdown (in HK$ million) | Revenue Source | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Brokerage commission and handling charge | 2,578.6 | 1,376.3 | 87.4% | | Interest income | 2,288.2 | 1,591.7 | 43.8% | | Other income | 444.1 | 161.0 | 175.8% | | **Total Revenues** | **5,310.9** | **3,129.0** | **69.7%** | [Costs and Gross Profit](index=2&type=section&id=Costs%20and%20Gross%20Profit) Gross profit surged 81.6% YoY to HK$4.6 billion, with gross margin expanding to 87.4% Q2 2025 Costs and Gross Profit (in HK$ million) | Item | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Total Costs | 670.9 | 574.3 | 16.8% | | **Total Gross Profit** | **4,639.9** | **2,554.7** | **81.6%** | - **Gross margin expanded to 87.4%** in Q2 2025, compared to 81.6% in the same period last year[10](index=10&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total operating expenses increased 20.6% YoY, reflecting investments in R&D, marketing, and personnel Q2 2025 Operating Expenses Breakdown (in HK$ million) | Expense Category | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Research and development | 441.9 | 373.9 | 18.2% | | Selling and marketing | 429.1 | 338.3 | 26.8% | | General and administrative | 424.9 | 362.1 | 17.3% | | **Total Operating Expenses** | **1,296.0** | **1,074.4** | **20.6%** | [Profitability](index=2&type=section&id=Profitability) Significant operating leverage led to a 125.9% increase in income from operations and a higher net income margin Q2 2025 Profitability Metrics (in HK$ million) | Metric | Q2 2025 | Q2 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Income from Operations | 3,344.0 | 1,480.3 | 125.9% | | Net Income | 2,572.6 | 1,209.3 | 112.7% | | Non-GAAP Adjusted Net Income | 2,659.8 | 1,296.2 | 105.2% | - The **operating margin increased to 63.0%** from 47.3% in Q2 2024, while the **net income margin increased to 48.4%** from 38.6%[13](index=13&type=chunk)[14](index=14&type=chunk) Net Income per ADS | Per ADS Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Basic Net Income | HK$18.48 | HK$8.79 | | Diluted Net Income | HK$18.24 | HK$8.66 | [Financial Statements](index=3&type=section&id=Financial%20Statements) The unaudited statements detail the company's financial position, performance, and non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to HK$198.4 billion, with a corresponding increase in client-related assets and liabilities Selected Balance Sheet Items (in HK$ thousands) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | 198,399,373 | 158,756,933 | | Cash held on behalf of clients | 105,308,081 | 68,639,816 | | Total Liabilities | 165,119,851 | 130,752,472 | | Payables to clients | 110,940,538 | 72,379,135 | | Total Shareholders' Equity | 33,291,106 | 28,011,241 | [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Net income for the second quarter more than doubled year-over-year to HK$2.6 billion Income Statement Summary - Three Months Ended June 30 (in HK$ thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | 5,310,890 | 3,128,986 | | Total Gross Profit | 4,639,948 | 2,554,687 | | Income from Operations | 3,343,983 | 1,480,307 | | Net Income | 2,572,560 | 1,209,298 | [Unaudited Reconciliations of Non-GAAP and GAAP Results](index=6&type=section&id=Unaudited%20Reconciliations%20of%20Non-GAAP%20and%20GAAP%20Results) Non-GAAP adjusted net income reached HK$2.7 billion after excluding share-based compensation expenses Non-GAAP Reconciliation - Three Months Ended June 30 (in HK$ thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net income (GAAP) | 2,572,560 | 1,209,298 | | Add: Share-based compensation expenses | 87,254 | 86,855 | | **Adjusted net income (Non-GAAP)** | **2,659,814** | **1,296,153** | [Other Information](index=2&type=section&id=Other%20Information) This section contains details on the earnings call, non-GAAP measures, and forward-looking statements - The company will hold an earnings conference call on August 20, 2025, at 7:30 AM U.S. Eastern Time[17](index=17&type=chunk) - Non-GAAP adjusted net income is defined as net income excluding non-cash share-based compensation expenses[22](index=22&type=chunk)

富途控股(FUTU.US)盘前涨超5%，报177美元。公司刚刚公布业绩显示，2025年第二季度营收53.11亿港 元，同比增长69.7%；经调整净利润26.6亿港元，同比增长105.2%。按业务分类，第二季度交易佣金及 手续费收入25.79亿港元，同比增长87.4%；利息收入22.88亿港元，同比升43.8%；其他收入(包括财富管 理、企业服务业务等)4.44亿港元，同比增长175.8%。 | FUTU 富途控股 | | | | --- | --- | --- | | 168.520 ↓ -4.400 -2.54% | | 收盘价 08/19 16:00 美东 | | 177.000 + 8.480 +5.03% | | 盘前价 08/20 04:14 美东 | | 一系 24 4 8 8 日 0 品 0 品 | | ● 快捷交易 | | 最高价 174.367 | 开盘价 171.380 | 成交量 221.74万 | | 最低价 167.800 | 昨收价 172.920 | 成交额 3.77亿 | | 平均价 169.990 | 市盈率 TM 23.31 | 总市值 234.63亿(--) | | 振 ...

Group 1 - The Nasdaq Golden Dragon China Index declined by 0.9% on Tuesday [1] - TSMC fell over 3%, while Alibaba, NetEase, JD.com, Baidu, and Bilibili each dropped over 1% [1] - Futu Holdings decreased by more than 2%, and Li Auto fell nearly 1% [1] Group 2 - Xpeng and NIO saw gains of over 4% [1]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]