富途控股_收益回顾_业绩向好，但在用户付费增长未进一步提升的情况下，对高估值持谨慎态度；中性-Futu Holdings (FUTU)_ Earnings review_ positive but cautious on rich valuation without further upgrade of paying user growth from the briefing. Neutral

20 August 2025 | 11:34PM HKT Futu Holdings (FUTU) Earnings review: positive but cautious on rich valuation without further upgrade of paying user growth from the briefing. Neutral | FUTU | | --- | | 12m Price Target: $137.94 | | Price: $168.52 | | Downside: 18.1% | Post the result briefing, we revise the revenue/net profit of 2025E/26E by +9%/+20% on average vs. prior to bake in upbeat client AUM and cost saving (see first take), driven by strong market and HK IPO in 2Q25. We take a cautiously positive view ...