【香港交易所（0388.HK）】营收及盈利再创历史新高——2025年年报点评（王一峰/黄怡婷）

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) achieved record high revenues and profits in 2025, driven by increased trading activity, although growth rates showed signs of slowing in the fourth quarter [4][5]. Group 1: Financial Performance - In 2025, HKEX reported total revenue of HKD 29.16 billion, a year-on-year increase of 30.3%, with Q4 showing a year-on-year growth of 14.6% but a quarter-on-quarter decline of 6.0% [4]. - The net profit attributable to shareholders reached HKD 17.75 billion, up 36.0% year-on-year, with Q4 growth of 14.7% year-on-year but a decline of 11.5% quarter-on-quarter [4][5]. - The EBITDA profit margin was 79%, reflecting a 5 percentage point increase year-on-year [4]. Group 2: Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 17.38 billion, accounting for 59.6% of total revenue, with a year-on-year increase of 45.9% [5][6]. - Investment income netted HKD 5.11 billion, representing 17.5% of total revenue, with a year-on-year growth of 3.7% [6]. - Listing fees from the exchange amounted to HKD 1.79 billion, making up 6.1% of total revenue, with a year-on-year increase of 20.6% [6]. Group 3: Market Activity - The average daily trading volume for stock securities reached HKD 231.5 billion, a record high, with a year-on-year increase of 92.9% [8]. - The average daily trading volume for derivatives was HKD 18.3 billion, up 55.1% year-on-year [8]. - Northbound and southbound trading average daily transaction amounts were RMB 212.4 billion and HKD 121.1 billion, respectively, both achieving record highs [8]. Group 4: New Listings - In 2025, HKEX saw a significant increase in new listings, with 119 new companies, a year-on-year growth of 67.6% [9]. - The total funds raised from new listings reached HKD 286.9 billion, a 226.0% increase year-on-year, with 66% of this amount coming from new economy sectors [9]. - As of Q4 2025, there were 345 listing applications pending, representing a 310.7% increase from the previous year-end [9].