What guidance did Futu Holdings's management provide for the next earnings period?

What were the key takeaways from Futu Holdings's earnings call?

Did Futu Holdings beat or miss consensus estimates last quarter?

What is Futu Holdings's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Futu Holdings year over year?

What is Futu Holdings's gross profit margin?

What is the market's earnings forecast for Futu Holdings next quarter?

What factors drove the changes in Futu Holdings's revenue and profit?

- **Client Growth Acceleration**: 43% YoY funded accounts, 25% QoQ net adds, with Hong Kong leading IPO-driven expansion. U.S. new accounts up high double-digits QoQ.
- **Asset Surge**: HKD 1.24 trillion assets (79% YoY), crypto volume quadrupled QoQ, Ethereum overtakes Bitcoin. Margin financing up 23% QoQ.
- **Revenue Dominance**: 86% YoY revenue growth to HKD 6.4 billion, gross margin 87.8%, net margin 50.1%.
- **Crypto and AI Investment**: R&D up 49% YoY, crypto AUM tripled QoQ, long-term growth in derivatives and tokenization.
- **Strategic Moves**: Airstar Bank integration, NYC branding, and regional market expansion drive long-term client stickiness.

**【CEO Summary Section】**
- **Client Growth**: 3.13 million funded accounts (43% YoY, 9% QoQ), with 254,000 net new accounts (65% YoY, 25% QoQ). Hong Kong led new client adds for the 4th straight quarter, driven by IPO participation and user experience. Singapore and Malaysia saw steady growth, with Singapore leading in DAUs. U.S. business saw high double-digit sequential growth in new funded accounts and active derivatives trading.
- **Asset Growth**: Total client assets reached HKD 1.24 trillion (79% YoY, 27% QoQ), with 1/3 from net inflows and 2/3 from market gains. Margin financing balance climbed 23% QoQ to HKD 63.1 billion. Trading volume rose 105% YoY to HKD 3.9 trillion, with crypto volume surging 161% QoQ (Ethereum overtook Bitcoin).
- **Market Expansion**: Launched Bursa derivatives and SGX futures in Malaysia, upgraded AI tools for Malay language, and held MooFest events in Singapore and Malaysia. U.S. business expanded with new branding in NYC and product enhancements for active traders.

**【CFO Financial Commentary】**
- **Revenue**: HKD 6.4 billion (86% YoY), driven by brokerage (HKD 2.9 billion, 91% YoY), interest income (HKD 3 billion, 79% YoY), and other income (HKD 441 million, 111% YoY). Gross profit was HKD 5.6 billion (100% YoY), with gross margin at 87.8%.
- **Expenses**: Operating expenses rose 57% YoY to HKD 1.7 billion, with R&D (HKD 574 million, 49% YoY) and marketing (HKD 586 million, 86% YoY) leading growth. Net income reached HKD 3.2 billion (143% YoY), with net margin expanding to 50.1%.
- **Interest Income**: Security borrowing/lending and margin financing drove QoQ growth. Crypto and AI investments continued, with R&D up 30% QoQ.

**【Q&A Key Highlights】**
- **Client Asset Breakdown**: 1/3 net inflows, 2/3 market gains. Q4 net inflows remain robust despite market pullback. CAC at HKD 2,300 (QoQ up, still below full-year target).
- **Crypto Growth**: AUM and volume tripled QoQ, with Ethereum overtaking Bitcoin. Long-term potential in derivatives, staking, and token expansion, contingent on regulatory approvals.
- **U.S. Strategy**: Focus on active traders with superior product experience, supported by NYC branding. Options trading activity grew double-digit QoQ.
- **Airstar Bank**: Stake increased to 68.4%, aiming to integrate banking with brokerage for one-stop financial services. Short-term focus on customer experience, long-term on ecosystem expansion.
- **Regional Mix**: Hong Kong's share of net inflows declined slightly, with Singapore and Malaysia growing. High-net-worth clients in Hong Kong increased.
- **Gross Margin**: Singapore and Malaysia operating margins exceed 60%, reflecting scale benefits. Global gross margin at 87.8%.

Futu Holdings Limited (FUTU) Q3 2025 Earnings Call Transcript

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