富途控股 (FUTU.US) 2025年第三季度业绩电话会

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会议摘要

ForTwo Holdings achieved strong financial performance in Q3 2025, driven by growth in crypto and tech sectors, strategic market expansion, and enhanced trading platforms. Despite increased customer acquisition costs, the company expects long-term growth, supported by improved operating leverage and potential innovations in tokenization and AI. The CFO noted sensitivity to market conditions and Fed rate changes, while highlighting the integration of Air Star Bank and focus on client experience and product offerings for future growth.

会议速览

Holden's Third Quarter 2025 Earnings Call: Forward-Looking Statements and Leadership Insights

The dialogue centers on Holden's third quarter 2025 earnings call, where forward-looking statements are highlighted, and the CEO delivers opening remarks in Chinese, followed by an English translation, setting the stage for the financial discussion.

Record Client Acquisition & Market Expansion: HK Leads, SGX Futures Enhance Localization

Third quarter saw a 43% YoY and 9% QoQ increase in funded accounts, with Hong Kong leading in net new accounts since Q1 2021. Singapore's retail broker status solidified, and product localization enhanced with bursa derivatives and SGX futures launches.

Record Growth in New Accounts and Derivatives Trading, Gamb Total Assets Reach 1.24 Trillion

Achieved high double digits increase in new funded accounts, observed double digit sequential growth in option traders and contract traders, Gamb total assets hit 1.24 trillion.

Record Client Assets, Robust Net Inflows, and Margin Financing Growth

Assets saw significant increases driven by net inflows, client stock appreciation, and leveraged positions. Hong Kong and US markets prompted higher financing demand, with margin balances rising 23% to HK$63.1 billion. Average client assets reached new highs across all markets, reflecting bullish sentiment and active IPO markets.

Record Trading Volume Surges on Tech Stocks and Crypto, Reaching $3.9 Trillion

Trading volume soared 105% year over year and 9% quarter over quarter to $3.9 trillion, driven by tech stocks and crypto, with technology stocks accounting for 31% of total volume, the highest since 2023.

Crypto Trading Volume Surges Amid Enhanced Product Offerings and Tech Innovations

Crypto trading volume increased significantly, driven by a rise in crypto asset balances and the introduction of new coins like Solana. Ethereum trading volume surpassed Bitcoin, particularly in Hong Kong. Wealth management assets also grew, with clients favoring fixed income and money market funds. Technological advancements, including a self-driving request for quote function, improved client experience and operational efficiency.

Leading Role in Hong Kong's Heated IPO Market: Facilitating Retail Participation and Advancing Enterprise Services

Discussed the pivotal role in driving retail involvement in the thriving Hong Kong IPO market, highlighting successful joint book running in notable listings and assuming the role of overall coordinators for the first time in the Fu Tong Group IPO, showcasing enhanced enterprise service capabilities.

Q3 Financial Performance Highlights: Revenue Growth, Profit Expansion, and Strategic Investments

The company reported a significant increase in total revenue, driven by higher trading volumes and interest income. Gross profit and net income saw substantial growth, with margins expanding due to top-line growth and operating leverage. Strategic investments in crypto and AI capabilities, along with increased headcount, contributed to higher operating expenses. The effective tax rate was 16.7%, supporting robust financial results for the quarter.

Analysis of Client Assets Growth and Customer Acquisition Costs Trends

Discusses Q3 performance of client assets, inquiring about breakdown by market gains and net inflows, Q4 run rate, and recent trends in customer acquisition costs amidst market pullback, expecting guidance on Q4 costs.

Asset Movement and Client Acquisition Momentum in Q4

Discusses positive asset inflows and robust client acquisition momentum in Q4, despite negative market-to-market implications, with optimism on meeting annual targets.

Analysis of Interest Income Growth and Crypto Business Expansion Drivers

Discusses factors behind robust interest income growth, including idle cash, margin financing, and security lending, along with crypto business contributions and future growth strategies focusing on token offerings and potential derivatives.

Analysis of Revenue Sources and Growth in Crypto Business

The dialogue covers income sources in the third quarter, emphasizing even distribution across client idle cash, market financing, and security borrowings. It highlights strong momentum in security lending, driven by market dynamics and increased stock borrowing. The discussion shifts to the exponential growth in the crypto business, noting triple-digit sequential growth in Hong Kong and Solana's growing influence in US funded accounts. New functions and coin additions boosted crypto AUM and trading volumes, with high volatility in October leading to record monthly volumes. Despite crypto's minor current revenue contribution, optimism surrounds long-term growth, contingent on regulatory approvals and enhanced monetization through derivatives.

Analysis of Interest Income Trends, Investment Plans, and Fed Rate Impact on Business

The dialogue covers trends in interest income, especially for borrowing, with a note on insufficient data for precise analysis. It outlines plans for investment in crypto, AI, and new markets, balancing against potential impacts of federal rate cuts. A sensitivity analysis is provided, estimating the impact of rate changes on profits, while acknowledging positive factors that could offset these effects. Investment goals for R&D and G&A expenses are detailed, focusing on crypto, AI capabilities, and market expansion.

Analysis of Client Growth and US Market Strategy

Discussed client growth breakdown, highlighting Hong Kong and Malaysia's significant contribution. Explained strong US market momentum, attributing success to branding and superior product experience, aiming to optimize for competitive client base.

Investment Update on Airtel Bank and Regional Client AUM Inflows Analysis

An update on investments in Airtel Bank, highlighting short-term focus on customer experience and product enrichment, long-term goals of enhancing client stickiness, and regional AUM inflows showing a slight decrease in Hong Kong's contribution due to strong overseas market inflows, with a noted trend of increasing high net worth client participation.

Exploring Crypto Product Pipeline & Tokenization Value Proposition, and Building Strategies

Discussion covers upcoming crypto products, tokenization benefits for clients, and strategies for building in the sector.

Tokenization and Crypto M&A: Preparations, Challenges, and Open Options

Discussions on tokenization and crypto M&A highlight extensive preparations and internal planning, yet regulatory uncertainties hinder clear roadmaps. Emphasis on keeping crypto M&A options open for future business strategies is noted.

Analysis of Hong Kong Client Profile and Gross Margin Trends in Singapore & Malaysia

Discussed Hong Kong's new client characteristics, emphasizing increased equity market activity and trading behavior shifts. Highlighted strong gross margin trends in Singapore and Malaysia, showcasing rapid operating leverage and margin expansion.

Conference Call Concludes with Appreciation and Openness for Further Questions

The call ends with gratitude expressed towards participants, an invitation to reach out for additional inquiries, and a formal conclusion, thanking all for their attendance and participation.

要点回答

Q：How did the third quarter performance compare to the same period last year and the previous quarter?

A：The third quarter performance showed a 43% year-over-year and a 9% sequential increase in million account results. The number of net new funded accounts grew by 65% from the same period last year and by 25% from the previous quarter. Hong Kong contributed the most to new funded accounts, posting the highest quarterly net client acquisition since the first quarter of 2021. In Singapore, the company further strengthened its position as the number one retail broker, with a high double-digit sequential increase in new funded accounts.

Q：What new products or features did the company introduce to support client trading?

A：The company introduced bursa's derivative and SGX futures to support product localization in Singapore, enhancing language and local analysis capabilities. A new self-driving request for quote function for structured products was also launched, allowing clients to customize products and execute trades without human intervention.

Q：What were the key financial results for the third quarter?

A：The key financial results for the third quarter include a 43% year-over-year and a 9% quarter-over-quarter increase in million account results, acquiring 254,000 net new funded accounts with a 65% increase from a year ago and a 25% sequential increase. The company solidified its position as the number one retail broker in Singapore and experienced a 105% year-over-year and a 9% quarter-over-quarter increase in total trading volume.

Q：What are the major components contributing to the growth in assets and trading volume?

A：The growth in assets was driven by robust net asset inflows, with an appreciation and client stock holding also contributing significantly. Average client assets experienced a double-digit sequential increase in every market, with Hong Kong and US equities showing particularly strong performance. Cryptocurrency trading volume surged 161% sequentially, supported by a 90% quarter-over-quarter increase in crypto asset balance, and the introduction of Solana for retail investors.

Q：What role did the company play in the Hong Kong IPO market during the third quarter?

A：During the third quarter, the company continued to lead the role in facilitating retail participation in the Hong Kong IPO market, acting as joint book runners for multiple well-known listings. Notably, the company served as overall coordinators for the Fu-Tang Group IPO for the first time, highlighting the development of its enterprise service capability.

Q：What were the significant changes in revenue components from the previous year?

A：The total revenue for the third quarter was 6.4 billion, an 86% increase from 3.4 billion in the third quarter of 2020. Commission handling income grew 1% year-over-year, primarily due to higher trading volume. Interest income increased 79% year-over-year, driven by higher interest income from security borrowing and lending, and margin financing. Other income grew 441 million, flat from the previous year, attributable to higher currency exchange service income, distribution service income, and IPO substitution service income.

Q：What are the net income and net income margin for the reported period, and how do they compare to the same period last year?

A：The net income was 3.2 billion, an increase of 143% from 1.3 billion in the same period last year. The net income margin expanded to 50.1% from 38.4% in the same quarter last year.

Q：What was the recent customer acquisition cost and how does it compare to the full year guidance and the results from Q2?

A：The recent customer acquisition cost was higher than in Q2 but still lower than the early full year guidance. The exact comparison with Q2 is not provided in the transcript, but it is mentioned that the client acquisition momentum remains robust in Q4.

Q：Could you break down the client assets performance in Q3, and what is the current run rate for net growth in client assets in Q4?

A：One-third of the client assets growth in Q3 came from net client asset inflow, and the remaining two-thirds from market fluctuations. In Q4, despite a negative market impact, asset inflows continued robustly with no slowdown compared to Q2 or Q3. The client acquisition cost in Q3 was around 2300, slightly up on a quarterly basis but remains within the full year target range of 2500 to 3000 dollars. In Q4, client acquisition momentum and cost are expected to remain healthy.

Q：What were the key driving forces behind the strong sequential growth in interest income in the third quarter?

A：The strong sequential growth in interest income in the third quarter came from three main sources: client idle cash, margin financing, and security borrowing and lending. The growth was driven by the market itself, particularly the increased utilization of certain stocks for borrowing in the third quarter.

Q：What has been the contribution of the crypto business to revenue in sales and how does the company expect it to grow in the future?

A：The crypto business contributed a small percentage to total revenue but showed broad-based growth across the three markets offered by the company. Functions like market orders and the addition of new coins helped drive crypto AUM and volume. Despite market volatility, there was a continuous uptick in crypto penetration and a high double-digit month-over-month growth in crypto volume in October. The company expects long runway for growth in driving crypto penetration and revenue, with factors like crypto AUM growth and increasing client base utilization contributing to this potential.

Q：What are the potential benefits of offering wills and how does regulatory approval affect the growth of new businesses?

A：Offering wills can be quite helpful and is a direct beneficiary of that. Higher take rates from derivatives also aid monetization. However, the growth of new businesses is contingent on regulatory approvals, and these businesses do not typically grow in a linear fashion.

Q：What is the expected trend for interest income in the fourth quarter, especially regarding the security borrowing business?

A：The speaker does not have high-frequency data for interest income, particularly for the security borrowing business, but is willing to provide an update during the fourth quarter results.

Q：What are the investment plans or targets for Cry and AI capacity, and DNA staff increase?

A：The investments are in preparation for new markets that could be opened in the next few years, including work on crypto systems and license applications in various markets. Also, there will be further optimization of AI capabilities, both for clients and internally to streamline business processes and enhance operating efficiency.

Q：How is the company's AUM growth distributed across different regions and what is the client composition in Hong Kong?

A：In the third quarter, Hong Kong and Malaysia collectively contributed around 50% of total new fund accounts. The remaining markets contributed between 5% to 15%. As of the end of the third quarter, greater China clients contributed around 46% of the group's fund accounts, with the remaining 54% from overseas markets. In Hong Kong, there has been a slight decrease in the percentage due to strong asset inflows in other overseas markets, but the trend of increasing high net worth client contributions is expected to continue. There is also a meaningful potential for upgrading client quality through wealth management in Hong Kong.

Q：What are the company's plans and strategic role for Air Star Bank in the short term, medium term, and long term?

A：The company has acquired a 44% equity stake in Air Star Bank. In the short term, they aim to improve customer experience and enrich products and capabilities, with opportunities for integration between banking and brokerage businesses. In the long term, the banking business is expected to increase client stickiness, improve wallet share, and facilitate various financial needs within the Freet tooth ecosystem. The current online brokerage platform in Hong Kong, Freet, is the only one with integrated digital banking capabilities, which is a scarce license and competitive advantage expected to persist in the next two to three years. The company will continue to invest in Air Star Bank and work closely with the group to leverage resources.

Q：How does the regional mix of client AUM net inflows and the contribution from high net worth clients in Hong Kong look like?

A：The percentage contributed by Hong Kong has slightly decreased due to strong asset inflows in other overseas markets like Singapore and Malaysia. However, the company does see increasing contributions from high net worth clients in Hong Kong and anticipates this trend will persist. There is potential for upgrading client quality in Hong Kong through wealth management. The company believes that the integration of digital banking capabilities and diverse product offerings will be advantageous in the next two to three years.

Q：What are the updates on the product pipeline and tokenization efforts in the next one or two quarters and the longer term?

A：The company has been working on product pipeline and tokenization with internal discussions and some product layouts. However, due to the newness of the concept and its regulatory status, a clear roadmap for a quarter launch is difficult to lay out. They acknowledge the importance of the crypto space in their business direction and will continue exploring options in this area.

Q：What is the client profile of new customers in Hong Kong and how does it compare with existing clients?

A：The client profile of new customers in Hong Kong for the past quarter and overall is not significantly detailed in the transcript. However, it's implied that there are differences as the new customers' average AUM, trading velocity, and the products they purchase are not exactly the same as the existing clients, most of whom were acquired during a bull market a few years ago.

Q：What are the gross margin trends in markets outside Hong Kong, specifically in Singapore and Malaysia?

A：Gross margin trends in markets outside Hong Kong are strong, with operating margins consistently topping 60% in Singapore and still expanding. This reflects the strong operating leverage in the company's business model. However, detailed numbers for Malaysia are not provided.

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