Futu Holdings Limited

Total revenue was HKD 7.2 billion, up 36% from HKD 5.3 billion a year ago. Gross profit was HKD 6.2 billion, up 34% year over year, and gross margin was 86.3% versus 87.4% last year. Operating income was HKD 4.5 billion, up 34% year over year, with operating margin at 62%; net income rose 42% year over year to HKD 3.6 billion, and net income margin improved to 50.6% from 48.4%. On the balance-sheet and activity side, total client assets were HKD 1.4 trillion, up 43.6% year over year, and total trading volume reached HKD 6.42 trillion, up 78.8% year over year. For guidance/near-term commentary, management said blended CAC in Q2 was around HKD 2,600, within full-year guidance of HKD 2,500 to HKD 3,000, and that Q3 quarter-to-date metrics are trending modestly softer, with funded account additions moderating, net asset inflows normalized, and trading volume down modestly sequentially.

Leaf Li emphasized compliance, saying the company promptly implemented measures after the new rules and maintained communication with regulators. He framed the quarter as evidence that overseas markets are still expanding, citing sequential improvement in average revenue per new client, rising client assets across overseas markets, and Malaysia’s record quarter of new funded accounts. His tone was constructive but cautious, acknowledging the regulatory impact while pointing to durable growth in higher-quality clients and stronger international momentum.

Arthur Chen focused on the quarter’s operating leverage and revenue mix. He broke out revenue of HKD 7.2 billion, gross profit of HKD 6.2 billion, gross margin of 86.3%, operating expenses of HKD 1.8 billion, and net income of HKD 3.6 billion, while noting cost increases from higher trading volume, higher margin-financing interest expense, and strategic investments in AI and Web3. He also highlighted CAC of around HKD 2,600, still inside the full-year range of HKD 2,500 to HKD 3,000, and said the U.S. prediction market launched in early June had already exceeded $200 million in event-contract trading within a month.

Analysts pressed management on the post-May 22 regulatory changes, asking whether Mainland client share accounts, AUM, or revenue contribution had been materially affected. Management said cumulative asset outflows were about mid-single-digit percentage of total client assets, that most of the impact had already been absorbed in Q2, and that attrition started to moderate in August. Questions also covered Thailand, where management said the market is a natural ASEAN expansion step but no launch timeline is set pending final regulatory readiness, and the drop in commission rate, which management attributed to customer mix rather than any price changes. On prediction markets, management said the product is driving both acquisition and engagement and could later support expansion into other regions.