【招银国际】3Q earnings a strong beat, driven by resilient net asset inflows and NII recovery-251120（8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 20 Nov 2025 CMB International Global Markets|Equity Research|Company Update Futu Holdings(FUTU US)Futu Holdings(FUTU US)-3Q earnings a strong beat,driven by resilient

2、 net asset inflows and 3Q earnings a strong beat,driven by resilient net asset inflows and NII recovery Futu posted a strong set of 3Q results with non-GAAP net income surging 137%/25%YoY/QoQ to HK$3.3bn on top of a high base,significantly beating market consensus of HK$2.6-2.7bn.3Q25 gross profit d

3、oubled YoY to HK$5.6bn,leading to the highest GPM of 87.6%since 2Q23.The strong topline growth was driven by 1)sequentially increased trading volumes to HK$3.9tn that supported brokerage commission income growth of 90.6%YoY in 3Q25;2)a rebound in net interest income amid the HIBOR recovery in 3Q25 a

4、nd sustained strong demands for hard-to-borrow securities lending business;and 3)other income(+113%YoY)including higher fund distribution,IPO subscription service charge and FX income.Total client assets grew 78.8%/27.4%YoY/QoQ to HK$1.24tn driven by robust net asset inflows(HK$89bn)and significant

5、MTM appreciation on clients asset holdings(CMBI est:HK$177bn).The number of new funded accounts reached 254k in 3Q25,up 65%/25%YoY/QoQ,contributing to a cumulative 720k in 9M25 and implying 90%of the annual 800k target.In 3Q25,overseas geographic footprint was more balanced with the mix of funded ac

6、counts from overseas markets reaching 54%vs.46%from Hong Kong&the Mainland.Looking ahead,we expect the brokers overseas expansion to be in steady progress,with operating leverage and crypto increments to bring upside to topline growth.We raise our TP to US$228 to bake in the uplifted FY25E-27E earni