Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Insights - In 2025, Hong Kong Exchanges achieved a total revenue of HKD 29.16 billion, representing a year-on-year increase of 30.3%. The fourth quarter saw a revenue of HKD 7.31 billion, with a year-on-year increase of 14.6% [5] - The net profit attributable to shareholders reached HKD 17.75 billion, up 36.0% year-on-year, with the fourth quarter net profit at HKD 4.34 billion, reflecting a year-on-year increase of 14.7% [5] - The EBITDA margin was 79%, an increase of 5 percentage points year-on-year, and the annual dividend per share was HKD 12.52, up 35.2% [5] Revenue Performance - Total revenue for 2025 was HKD 29.16 billion, with major business revenue contributing HKD 27.10 billion, a year-on-year increase of 31.8% [5] - 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% [6] - Investment income netted HKD 5.11 billion, representing a year-on-year increase of 3.7% [6] Market Activity - The average daily trading volume for stock securities reached HKD 2,315 billion, a new annual high, with a year-on-year increase of 92.9% [6] - The number of new listings in Hong Kong increased to 119, with total funds raised amounting to HKD 286.9 billion, a year-on-year increase of 226.0% [7] Future Projections - The report projects net profit attributable to shareholders for 2026 and 2027 to be HKD 19.04 billion and HKD 21.24 billion, respectively, with an additional forecast for 2028 at HKD 24.0 billion [8] - The current stock price corresponds to a P/E ratio of 28X for 2026, 25X for 2027, and 22X for 2028 [8]