Investment Rating - The investment rating for the company is "Buy" with a target price of $257.00 [1][11]. Core Insights - The company reported a significant increase in revenue and net profit for the fiscal year 2025, with revenue reaching HKD 22.847 billion, a year-on-year growth of 68.1%, and net profit of HKD 11.338 billion, up 108.3% [6]. - The company continues to expand its global presence, particularly in markets like Hong Kong and Malaysia, with a notable increase in customer deposits and trading volumes [9][10]. - The forecast for 2026 and 2027 net profit has been adjusted upwards to HKD 13.233 billion and HKD 14.775 billion, respectively, reflecting strong user growth and revenue potential [10]. Summary by Sections Financial Performance - For fiscal year 2025, the company achieved a revenue of HKD 22,847 million, representing a 68.11% increase year-on-year. The net profit attributable to the parent company was HKD 11,338 million, marking a 108.30% increase [5][6]. - The earnings per share (EPS) for 2025 was HKD 80.24, with a projected EPS of HKD 93.73 for 2026 [19][20]. Customer Acquisition - As of Q4 2025, the number of funded customers reached approximately 3.365 million, a year-on-year increase of 39.6%. The total number of brokerage accounts grew by 29.8% to 5.948 million [7]. - The company expects to add 800,000 new funded customers in 2026, driven by expansion into new markets [7]. Trading Activity - In Q4 2025, the total trading volume reached HKD 3.98 trillion, a year-on-year increase of 37.8%. The trading volume for US stocks was HKD 3.04 trillion, reflecting a 17.1% quarter-on-quarter growth [8]. - The company noted that the trading activity was supported by increased interest in AI-related stocks, despite a decline in Hong Kong stock trading volumes [8]. Global Expansion - The company has solidified its leading position in the Hong Kong market and significantly increased its market share in Malaysia. It has also launched new products tailored to local markets [9]. - In Japan, the number of customers and assets has tripled, with the MooMoo app achieving over 2 million downloads [9]. Valuation and Forecast - The target price has been revised to $257 based on a DCF valuation method, reflecting the company's strong growth prospects and market expansion [10][11]. - The projected net profit for 2026 and 2027 has been increased to HKD 13.233 billion and HKD 14.775 billion, respectively, indicating a positive outlook for the company's financial performance [10].