Q4 2025 Futu Holdings Ltd Earnings Call Transcript
Key Points
- Futu Holdings Ltd (FUTU) surpassed its full-year guidance by 19%, adding over 950,000 new funded accounts in 2025.
- Total funded accounts reached approximately 3.4 million, marking a 40% year-over-year increase.
- The company observed significant growth in client additions from Hong Kong and Malaysia, with high double-digit increases in net new funded accounts.
- Total trading volume reached a record HKD3.98 trillion, up 38% year-over-year.
- Futu Holdings Ltd (FUTU) reported a 68% year-over-year increase in full-year revenue, reaching HKD22.8 billion.
- The fourth quarter saw a sequential decline of 8% in net new funded accounts compared to the previous quarter.
- Hong Kong stock trading volume contracted by 31% quarter-over-quarter due to decreased investor appetite for China technology stocks.
- Interest income remained flat quarter-over-quarter, with lower income from security borrowing and lending offsetting gains from banking deposits and margin financing.
- The company faced mark-to-market losses on clients' Hong Kong stock holdings, impacting overall client assets.
- Despite strong growth, the competitive landscape in Hong Kong remains challenging, with client acquisition decelerating sequentially.
Hello, ladies and gentlemen. Welcome to Futu Holdings fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the conference over to your host for today's conference call, Daniel Yuan, Chief Staff to CEO, Head of Strategy and IR at Futu. Please go ahead, sir.
Thanks, operator, and thank you for joining us today to discuss our fourth quarter and full year 2025 earnings results. Joining me on the call today are Mr. Leaf Li, Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.
As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which, by their nature, are not certain and are outside of the company's control. Forward-looking statements involve
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