Core Viewpoint - The leading internet brokerages, Chinese brokers, and the former "king of mergers and acquisitions" have released their semi-annual reports, showcasing their respective paths in the virtual asset transformation, which is becoming a crucial topic in the capital markets by 2025 [2][19]. Group 1: Company Performance - Futu's revenue for Q2 2025 reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [5][10]. - Guotai Junan International reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, and a net profit of HKD 5.5 billion, which is a significant growth of 182% [3][12]. - Huaxing Capital achieved a net profit of RMB 65 million, successfully turning around from previous losses, with total revenue and net investment income of approximately RMB 460 million, a 27% increase year-on-year [15][16]. Group 2: Market Position and Strategy - Futu is leveraging its internet brokerage advantages to expand its crypto trading business globally, with a virtual asset balance nearing HKD 40 billion, reflecting a 43% quarter-on-quarter increase [5][6]. - Guotai Junan International has established a comprehensive virtual asset service system, following regulatory frameworks, and has seen its market value increase significantly, reaching HKD 562.09 billion, a 436% increase year-to-date [12][14]. - Huaxing Capital is focusing on the integration of traditional and decentralized finance, with a strategic budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [16][18]. Group 3: Stock Performance - As of the end of August, the stock price increases for Futu, Guotai Junan International, and Huaxing Capital were 132.03%, 436.36%, and 187.76%, respectively [4].