【有了ai，价值投资做研究，此前和此后，应该是此前叫上古时代20260313】
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富途2025Q4财报电话会议原文帮我找找，如果是英文，翻译出来
“以下是富途 2025 年第四季度财报电话会议完整英文原文 + 中文翻译（含开场、管理层发言、财务数据、Q&A），内容来自Investing.com官方会议纪要。
富途控股 2025 年第四季度及全年财报电话会议（英文原文 + 中文翻译）
会议时间：2026 年 3 月 12 日 美国东部时间 7:30（北京时间 19:30）
发布时间：2026 年 3 月 12 日一、开场与主持人发言（Operator & Daniel Yuan）
英文原文
Operator:
Hello, ladies and gentlemen. Welcome to Futu Holdings Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a Q&A session. 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 of Staff to CEO, Head of Strategy and IR at Futu. Please go ahead, sir.Daniel Yuan (Chief of Staff to CEO, Head of Strategy and IR):
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 risk and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company’s filings with the SEC, including its annual report.
With that, I will now turn the call over to Leaf. Leaf will make his comments in Chinese, and I will translate.
中文翻译
主持人：
各位先生、女士，大家好。欢迎参加富途控股 2025 年第四季度及全年财报电话会议。目前所有参会者处于静音收听状态。管理层发言结束后将进入问答环节。本次会议将被录音。如有异议，可随时挂断。现在有请本次会议主持人、富途 CEO 办公室主任兼战略与投资者关系负责人 Daniel Yuan 先生发言。Daniel Yuan（CEO 办公室主任兼战略与投资者关系负责人）：
感谢主持人，感谢各位参与今天的会议，共同探讨富途 2025 年第四季度及全年业绩。今天参会的管理层包括：董事长兼首席执行官李华（Leaf Li）先生、首席财务官 Arthur Chen 先生、高级副总裁 Robin Xu 先生。温馨提示：本次会议可能包含前瞻性陈述，这些陈述基于公司对未来事件的判断，其本质具有不确定性，且不受公司控制。前瞻性陈述涉及风险与不确定性。我们提醒各位，诸多重要因素可能导致实际结果与前瞻性陈述存在重大差异。有关潜在风险与不确定性的更多信息，请参考公司向美国 SEC 提交的文件，包括年度报告。
接下来，有请李华先生发言。李华先生将以中文发言，我将进行翻译。
二、CEO 李华（Leaf Li）发言（中文 + 英文翻译）
英文原文（翻译后）
Leaf Li (Chairman and CEO):
Thank you all for joining our earnings call today. In 2025, we delivered another year of strong client acquisition, adding more than 950,000 net new funded accounts and surpassing our full year guidance by 19%. Total funded accounts reached around 3.4 million, up 40% year-over-year. We remain confident in our ability to acquire 800,000 net new funded accounts in 2026, supported by strong bottom-up growth opportunities across both our established markets and newer ones.Indeed, the robust growth in funded accounts in 2025 was broad-based, driven primarily by solid client additions from Hong Kong and Malaysia. In 2025, net new funded accounts in Hong Kong recorded high double-digit year-over-year increase as we continue to extend our market leadership on top of a high market share. Significant share gain was also observed in Malaysia, and we expect this momentum to continue given our competitive product offerings and growing brand trust.
In Japan, cumulative app downloads as of November last year crossed 2 million, further solidifying our position as the number one foreign securities firm. Moomoo was also the most downloaded trading app in Australia in 2025.
In the fourth quarter, we added roughly 230,000 net new funded accounts, down 8% quarter-over-quarter, with mark-to-market losses on clients’ Hong Kong stock holdings weighing on overall client assets. Total client assets were HKD 1.23 trillion at quarter end, up 65.9% year-over-year and flat quarter-over-quarter. Hong Kong, Singapore, and the U.S. markets were major contributors to net asset inflow, while the U.S. market recorded the fastest sequential growth in average client assets.
Margin financing and securities lending balance climbed 7.3% quarter-over-quarter to HKD 67.7 billion, mainly driven by higher U.S. stock margin trading activity. A number of popular Hong Kong IPOs during the quarter spurred short-term financing demand, resulting in a double-digit sequential increase in daily average margin balance.
Total trading volume hit a record HKD 3.98 trillion, up 37.8% year-over-year and 2.0% quarter-over-quarter. The US equity market featured numerous investment themes in 2025, and we observed our clients diversifying beyond large technology names into a broader range of sectors and across the AI value chain. As a result, US stock trading turnover was up 17.1% sequentially to HKD 3.04 trillion in the fourth quarter.
Hong Kong stock trading volume contracted 31.0% quarter-over-quarter to HKD 821.1 billion as investor appetite for China technology stocks waned amid the market correction in the second half. This decline was partially offset by elevated trading interest in gold and other precious metals-related names.
Crypto trading volume remained resilient at approximately HKD 20 billion despite market headwinds, with crypto penetration among trading clients rising across Hong Kong, Singapore, and the U.S.
Wealth management client assets reached HKD 179.6 billion, up 62.0% year-over-year and 2.3% quarter-over-quarter. In response to growing client demand for portfolio diversification, we’ve broadened our product suite across key markets: in Hong Kong, we expanded high-dividend fund offerings; in Singapore, we introduced more domestic equity-focused funds; and in Malaysia, we launched Shariah-compliant gold tracker funds, which were well received by local clients.
As of quarter end, we served 600 IPO distribution and IR clients, up 24.5% year-over-year. In 2025, we reinforced our standing as the leading online broker for Hong Kong IPO distribution and subscription. We provided investment banking services to over half of the newly listed Hong Kong Main Board companies during the year, and the full year subscription amount on our platform accounted for 49% of total public offering subscription amount. The number of Hong Kong IPO subscribers on our platform grew nearly 5 times year-over-year.
Now I will turn the call over to Arthur to walk through the financial details.
中文翻译
李华（董事长兼首席执行官）：
感谢各位参与今天的财报会议。2025 年，我们实现了又一年强劲的客户增长，净新增有资金账户超 95 万个，超出全年指引 19%。有资金账户总数达约 340 万，同比增长 40%。我们对 2026 年实现 80 万净新增有资金账户的目标充满信心，这一信心源于成熟市场与新兴市场充足的自下而上增长机会。2025 年有资金账户的强劲增长具有广泛基础，主要由香港和马来西亚的稳健客户增长驱动。香港地区净新增有资金账户实现高双位数同比增长，我们在高市场份额基础上持续巩固领先地位。马来西亚市场份额显著提升，凭借有竞争力的产品与不断增强的品牌信任，我们预计这一增长势头将持续。
截至去年 11 月，日本地区应用累计下载量突破 200 万，进一步巩固了我们作为当地第一大外资券商的地位。2025 年，Moomoo 也是澳大利亚下载量最高的交易应用。
第四季度，我们净新增约 23 万个有资金账户，环比下降 8%；客户持有的港股资产市值下跌拖累整体客户资产。季度末客户总资产达 1.23 万亿港元，同比增长 65.9%，环比持平。香港、新加坡和美国是资金净流入的主要贡献者，其中美国市场日均客户资产环比增速最快。
融资融券余额环比增长 7.3% 至 677 亿港元，主要由美股融资交易活跃度提升驱动。季度内多只热门港股 IPO 带动短期融资需求，日均融资余额实现两位数环比增长。
总交易额创历史新高，达 3.98 万亿港元，同比增长 37.8%，环比增长 2.0%。2025 年美股市场投资主题多元，我们观察到客户交易兴趣从大型科技股扩展至更广泛行业及 AI 全产业链标的。因此，第四季度美股交易额环比增长 17.1% 至 3.04 万亿港元。
受下半年市场回调、投资者对中国科技股兴趣减弱影响，港股交易额环比下降 31.0% 至 8211 亿港元；但黄金及其他贵金属相关股票交易活跃度上升，部分抵消了这一下滑。
尽管加密货币市场面临压力，加密货币交易额仍保持稳健，约为 200 亿港元；香港、新加坡和美国的加密货币交易客户渗透率持续上升。
财富管理客户资产达 1796 亿港元，同比增长 62.0%，环比增长 2.3%。为满足客户日益增长的资产配置多元化需求，我们在核心市场扩充产品矩阵：在香港推出更多高股息基金；在新加坡增加聚焦本地股票的基金；在马来西亚上线符合伊斯兰教法的黄金 ETF，均受到当地客户欢迎。
截至季度末，我们服务的 IPO 分销与投资者关系客户达 600 家，同比增长 24.5%。2025 年，我们进一步巩固了作为港股 IPO 分销与认购首选线上券商的地位。年内，我们为超过半数的香港主板新上市公司提供投行服务，平台全年认购金额占公开发售总认购金额的 49%；平台港股 IPO 认购用户数同比增长近 5 倍。
接下来，有请 Arthur 为大家详细解读财务数据。
三、CFO Arthur Chen 财务数据解读（英文原文 + 中文翻译）
英文原文
Arthur Chen (CFO):
Thank you, Leaf. Let me now walk you through our fourth quarter and full year 2025 financial results.Fourth Quarter 2025 Financial Highlights:
Total revenues increased 45.3% year-over-year to HKD 6,438.5 million (US$827.2 million). Total gross profit increased 56.2% year-over-year to HKD 5,709.7 million (US$733.6 million), with gross margin expanding to 88.7% from 82.5% in Q4 2024. Net income increased 80.2% year-over-year to HKD 3,369.4 million (US$432.9 million), with net margin rising to 52.3% from 42.2% in Q4 2024. Non-GAAP adjusted net income increased 77.0% year-over-year to HKD 3,455.7 million (US$444.0 million).Full Year 2025 Financial Highlights:
Total revenues increased 68.1% year-over-year to HKD 22,846.9 million (US$2,935.4 million). Total gross profit increased 78.6% year-over-year to HKD 19,904.5 million (US$2,557.3 million). Net income increased 108.0% year-over-year to HKD 11,301.9 million (US$1,452.1 million). Non-GAAP adjusted net income increased 101.9% year-over-year to HKD 11,644.9 million (US$1,496.1 million).Revenue Breakdown (Q4 2025):
Brokerage commission and handling charge income: HKD 2,770.1 million, +34.6% YoY. Interest income: HKD 3,037.9 million, +50.2% YoY. Other income: HKD 630.4 million, +78.7% YoY.Costs & Expenses (Q4 2025):
Total costs: HKD 728.8 million, -6.1% YoY. Operating expenses: HKD 1,562.7 million, +8.6% YoY. R&D expenses: HKD 506.6 million, +26.8% YoY (driven by AI and crypto investments). Selling & marketing expenses: HKD 506.6 million, +9.2% YoY. G&A expenses: HKD 549.5 million, -4.6% YoY.Profitability (Q4 2025):
Operating income: HKD 4,147.0 million, +87.0% YoY; operating margin: 64.4% (vs. 50.0% in Q4 2024). Net income per ADS: Basic HKD 24.32; Diluted HKD 23.92.That concludes the financial review. We will now open the floor for questions.
中文翻译
Arthur Chen（首席财务官）：
感谢李华先生。接下来我为大家解读 2025 年第四季度及全年财务业绩。2025 年第四季度财务亮点：
总收入同比增长 45.3%，至 64.385 亿港元（8.272 亿美元）。 总毛利同比增长 56.2%，至 57.097 亿港元（7.336 亿美元）；毛利率从 2024 年第四季度的 82.5% 提升至 88.7%。 净利润同比增长 80.2%，至 33.694 亿港元（4.329 亿美元）；净利率从 2024 年第四季度的 42.2% 提升至 52.3%。 非 GAAP 调整后净利润同比增长 77.0%，至 34.557 亿港元（4.440 亿美元）。2025 年全年财务亮点：
总收入同比增长 68.1%，至 228.469 亿港元（29.354 亿美元）。 总毛利同比增长 78.6%，至 199.045 亿港元（25.573 亿美元）。 净利润同比增长 108.0%，至 113.019 亿港元（14.521 亿美元）。 非 GAAP 调整后净利润同比增长 101.9%，至 116.449 亿港元（14.961 亿美元）。2025 年第四季度收入构成：
经纪佣金及手续费收入：27.701 亿港元，同比 + 34.6%。 利息收入：30.379 亿港元，同比 + 50.2%。 其他收入：6.304 亿港元，同比 + 78.7%。2025 年第四季度成本与费用：
总成本：7.288 亿港元，同比 - 6.1%。 运营费用：15.627 亿港元，同比 + 8.6%。 研发费用：5.066 亿港元，同比 + 26.8%（主要因 AI 与加密货币领域投入增加）。 销售及营销费用：5.066 亿港元，同比 + 9.2%。 一般及行政费用：5.495 亿港元，同比 - 4.6%。2025 年第四季度盈利能力：
运营利润：41.470 亿港元，同比 + 87.0%；运营利润率：64.4%（2024 年第四季度为 50.0%）。 每 ADS 净利润：基本 24.32 港元；摊薄后 23.92 港元。财务解读到此结束。接下来进入问答环节。
四、问答环节（Q&A，核心摘要）
英文原文（核心）
Q1 (Analyst): Could you break down the 800,000 net new funded accounts guidance for 2026 by region? What is the expected CAC range?
A (Leaf Li): The breakdown will be similar to 2025: Hong Kong remains the largest contributor, followed by Malaysia, Singapore, Japan, and the U.S. Each of the latter markets contributes 10%-20%. Our 2026 CAC target is HKD 2,500–3,000 per funded account.Q2 (Analyst): How is AI being integrated into your platform, and what are the key AI initiatives?
A (Leaf Li): AI is a company-level strategic priority. We launched AI-powered daily/weekly market summaries, earnings abstracts, and natural language-based quantitative trading tools in Q4 2025. We will continue to embed AI into trading, research, and customer service.Q3 (Analyst): What is the update on the $800 million share repurchase program announced earlier?
A (Arthur Chen): The repurchase program runs through December 2027. We will execute repurchases opportunistically based on market conditions and capital allocation priorities.Q4 (Analyst): How do you view the outlook for Hong Kong IPOs and crypto trading in 2026?
A (Leaf Li): Hong Kong IPO activity is expected to remain robust, supported by new economy listings. Crypto trading will continue to grow as regulatory clarity improves and client demand rises.中文翻译（核心）
问题 1（分析师）：能否拆分 2026 年 80 万净新增有资金账户的地区贡献？获客成本（CAC）预期区间是多少？
回答（李华）：地区结构与 2025 年相似：香港仍是最大贡献者，其次是马来西亚、新加坡、日本和美国，后四个市场各贡献 10%-20%。2026 年 CAC 目标为每有资金账户 2500-3000 港元。问题 2（分析师）：AI 如何融入平台？核心 AI 举措有哪些？
回答（李华）：AI 是公司级战略重点。2025 年第四季度我们推出 AI 驱动的每日 / 每周市场摘要、财报摘要、自然语言量化交易工具。未来将持续把 AI 融入交易、研究与客户服务。问题 3（分析师）：此前宣布的 8 亿美元股票回购计划进展如何？
回答（Arthur Chen）：回购计划持续至 2027 年 12 月。我们将根据市场状况与资本配置优先级，择机执行回购。问题 4（分析师）：如何看待 2026 年港股 IPO 与加密货币交易前景？
回答（李华）：受益于新经济企业上市，港股 IPO 活动预计保持活跃。随着监管清晰度提升与客户需求增长，加密货币交易将持续增长。”