Investment Rating - The report maintains a "Buy" rating for Futu Holdings [1] Core Views - Futu Holdings demonstrated strong global business growth, with total revenue reaching 10 billion HKD in the first half of 2025, a year-on-year increase of 75%, and net profit attributable to shareholders reaching 4.7 billion HKD, up 110% year-on-year [1] - The company is expanding its international strategy and deepening its layout in the cryptocurrency sector, with a total trading volume of 68 trillion HKD, a year-on-year increase of 133% [1] - The report projects significant growth in net profit for 2025-2027, with estimates of 9.52 billion HKD, 11.81 billion HKD, and 15.04 billion HKD respectively, reflecting a robust long-term growth outlook [1] Revenue Summary - In the first half of 2025, brokerage commissions increased by 99% to 4.9 billion HKD, driven by a rebound in Hong Kong stocks and active US markets [1] - Interest income rose by 48% to 4.4 billion HKD, attributed to the expansion of customer margin scales and growth in margin financing [1] - Other operating income surged by 139% to 800 million HKD, mainly due to increased demand for wealth management services [1] Cost Summary - Research and development expenses increased by 130% to 800 million HKD, reflecting investments in internationalization and cryptocurrency business [1] - Sales expenses surged by 320% to 800 million HKD, driven by significant investments in global brand promotion and customer acquisition [1] - Management expenses rose by 261% to 800 million HKD, primarily due to increased personnel costs associated with global business expansion [1] User Growth - As of the end of the first half of 2025, the number of registered users reached 27.12 million, a year-on-year increase of 16%, while the number of account holders grew by 30% to 5.24 million [1] - The total number of asset-holding clients increased by 41% to 2.88 million, with total client assets reaching 973.9 billion HKD, a 68% year-on-year increase [1] Profit Forecast and Valuation - The report revises profit forecasts upward, projecting net profits of 9.52 billion HKD, 11.81 billion HKD, and 15.04 billion HKD for 2025-2027, with corresponding P/E ratios of 20, 16, and 13 times [1]