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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FUTU

FUTU fundamentals

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