【招银国际】4Q robust growth in-line; geographic diversification saw sequential improvement-260316（9页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 16 Mar 2026 CMB International Global Markets|Equity Research|Company Update Futu Holdings(FUTU US)Futu Holdings(FUTU US)-4Q robust growth in-line;geographic diversifi

2、cation saw 4Q robust growth in-line;geographic diversification saw sequential improvement Futu released 4Q/FY25 earnings results,with total revenue/non-GAAP net profit slightly beating our estimates by 2%/4%(report)to HK$6.44bn/HK$3.46bn in 4Q25,up 45%/77%YoY and 0.6%/4.3%QoQ.The bottom-line improve

3、ment was driven by strengthened expense controls in 4Q25,of which total costs and operating expenses slid 8.2%/8.3%QoQ to HK$729mn/HK$1.56bn,better than our estimates by 9%/2%,bringing the gross margin and operating margin to 88.7%/64.4%,up 1.1pct/3.4pct QoQ and 6.2pct/14.4pct YoY,both a record high

4、 since 2023.Key operating metrics were broadly in-line in 4Q25,and we see the call highlights centering on 1)a robust new client acquisition target of 800k in 2026 alongside a new market entry plan in Asia;2)1Q26 net asset inflows on track to reach an all-time high,with a double-digit sequential ris

5、e;3)4Q25 crypto trading volume reached HK$20bn with the penetration in terms of trading clients lifting across HK,Singapore,and the US markets;4)ADS trading volumes contributed 50%of new client acquisition while SG/JP/US markets made up in teens.Geographic diversification continued to enhance,for wh

6、ich total number of funded accounts in ex-Greater China markets accounted for 55%in 4Q25,a record high.3 Robust client AUM:Total client AUM recorded at HK$1.23tn,up 66%YoY/flat QoQ,in line with our estimate(Table).Net asset inflows moderated QoQ with the depreciation of HK stock holdings,which colle