调整后EBITDA为1.26亿美元，超出市场共识1.21亿美元。GAAP收益为-4.48美元。该业绩基本符合预期 (不包括某些意外的毛利润增长)，GAAP亏损主要由IPO相关的股票薪酬以及与可转债公允价值计量相关 的其他费用驱动。 总而言之，小摩认为这是表现稳健的一个季度，既执行了IPO时公布的战略，也推出了新业务。此外， 该行尤其注意到业务中高利润率领域的强劲增长，例如：1)Circle平台上的USDC(2025年第二季度平均 为45亿美元);2)其他收入(2025年第二季度为2400万美元)。 小摩提到，尽管本季度表现稳健，但USDC市场份额持平以及仍处于高位的估值使该行维持现有评级。 不过，基于平台内USDC的增长势头，该行将2026年12月的目标价上调至89美元。 USDC在Circle高利润率领域实现增长 智通财经APP获悉，摩根大通本周发布Circle(CRCL.US)研究报告，指出其2Q25财报基本符合预期，平 台内USDC表现强劲，核心增长来自平台内USDC及其他收入。报告维持"减持"评级，但基于平台内 USDC增长强劲，将2026年12月目标价从美元80上调至89美元。 该行认为Q2业绩表现 ...

Core Insights - Circle Internet Group, Inc. reported revenue of $658.08 million for the quarter ended June 2025, showing no change year-over-year, with an EPS of $1.02 compared to $0 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $645.35 million by 1.97%, while the EPS surprised by 251.72% against the consensus estimate of $0.29 [1] Financial Performance - The company’s stock has returned -21.3% over the past month, contrasting with the Zacks S&P 500 composite's +2% change, and currently holds a Zacks Rank 3 (Hold) [3] - USDC in circulation at the end of the period was $61.3 billion, slightly below the estimated $61.73 billion [4] - The reserve return rate was reported at 4.1%, matching the average estimate [4] - Average USDC in circulation was $61 billion, slightly above the estimated $60.61 billion [4] - Other revenue reached $23.8 million, surpassing the three-analyst average estimate of $18.4 million [4] - Reserve income was reported at $634.27 million, exceeding the estimated $627.09 million [4]

Core Viewpoint - The company is actively developing a cross-border settlement solution that combines stablecoins and SIM cards for partner banks, leveraging opportunities from the legalization of virtual asset trading in Hong Kong [1] Group 1: Business Development - The company has seen rapid growth in its digital currency system development, with some platforms already delivered for bank operations [1] - The company continues to strengthen its market position in digital currency hardware wallets and acceptance terminals [1] - The company is collaborating with strong partners to advance digital RMB cross-border payment initiatives [1] Group 2: Revenue and Market Position - The company's digital currency business revenue has shown certain growth compared to previous years, although it still represents a low proportion of total revenue [1] - The company is planning to build an eSIM management platform for operators, capitalizing on industry opportunities [1]

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have continued to rise strongly for three consecutive days [1] - OSL Group (09618.HK) and JD.com (09618.HK) both increased by over 4% [1] - Alibaba (09988.HK) rose by over 3%, while ZhongAn Online (06060.HK) increased by nearly 3% [1] Group 2 - Huaxing Capital Holdings (01911.HK), Yao Cai Securities (01428.HK), and China Merchants Securities (06099.HK) all saw an increase of 1.5% [1]