FUTU(FUTU) - 2025 Q1 - Quarterly Results

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]