港美股精选| 微牛（Webull）季度营收增 46%，核心业务已盈利

Company Overview - Webull Corporation is a technology-driven financial services company focused on building a next-generation global digital investment platform, providing powerful analytical tools, free market data, and trading platforms to empower investors and traders [1] - The company went public on NASDAQ in April 2025 through a merger with SPAC SK Growth Opportunities Corporation, with an estimated valuation of approximately $7.3 billion [1] Business Model Analysis - Webull's core business model relies on payment for order flow (PFOF) and interest-related income, adopting a "zero-commission" model while generating revenue through various channels [2] - Recent introduction of the "Webull Premium" subscription service marks a strategic exploration towards recurring revenue, offering advanced data and analysis tools to paying users [2] Financial Performance - For the quarter ending June 30, 2025, Webull reported total revenue of $131.493 million, a year-over-year increase of 46.3%, with significant contributions from stock and options order flow rebates and interest-related income [4][12] - The company achieved a total revenue of $248.862 million for the first half of 2025, reflecting a 39.2% year-over-year growth [4][12] Revenue Breakdown - The largest revenue source was stock and options order flow rebates, contributing $132.8 million, followed by interest-related income at $67.427 million, together accounting for 80.5% of total revenue [4][12] - The company’s revenue is predominantly derived from the U.S. market, which accounts for over 90% of total revenue, with notable growth in emerging markets like Canada, which saw over 1200% quarterly growth [5] Market Outlook - The global electronic brokerage market is valued at $14.1 billion and is expected to grow at a compound annual growth rate (CAGR) of 6.4% to 10.5%, potentially reaching $26.2 billion to $38.3 billion by the end of the decade [7] Competitive Landscape - Webull competes with major fintech companies like Robinhood, Futu, and Tiger Brokers, with a market capitalization of $5.6 billion and 4.73 million active accounts [8][9] - Webull's valuation reflects typical growth stock characteristics, with a forward P/E ratio of 67.06, indicating high market expectations for future earnings growth [10][11] User Base and Growth Potential - Webull has a strong user acquisition capability with 4.73 million active accounts, although the average account balance is significantly lower than competitors, indicating potential for growth in user value [11] - The company’s low average user asset presents an opportunity for increasing total asset scale through user engagement and incentives [11] Cryptocurrency and International Expansion - Webull reintroduced cryptocurrency trading for U.S. users in August 2025, aiming to capitalize on the growing crypto market [18] - The company has obtained regulatory licenses in key global markets, including Asia, Europe, and Latin America, supporting its international expansion strategy [25][26] Financial Health - Webull's financial status is robust, with significant revenue growth and effective cost control, despite reporting GAAP net losses primarily due to non-cash expenses [12][14] - The company’s operational efficiency is highlighted by a decrease in marketing expenses, indicating a shift towards more cost-effective customer acquisition strategies [16]