External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>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.</li><li>3Q25 gross profit doubled 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 and 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.</li><li>Total client assets grew 78.8%/27.4% YoY/QoQ to HK$1.24tn driven by robust net asset inflows (~HK$89bn) and significant MTM appreciation on clients’ asset holdings (CMBI est: HK$177bn). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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 doubled 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 and 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 MTM appreciation on clients’ asset holdings (CMBI est: HK$177bn). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - 3Q Earnings a Strong Beat...

<ul><li>We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.</li><li>We see that L/O investors’ long-term conviction in Futu has strengthened, although short-term views are mixed. Key concerns include 1) tightening of account opening process to mainland clients in HK; 2) fund outflows amid easing sentiment towards stablecoin-related themes; and 3) possible client and asset attritions on the Futubull platform due to CRS global taxation plan.</li><li>We believe these headwinds are largely sentiment-driven and do not reflect the broker’s solid fundamentals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.We see that L/O investors’ long-term conviction in Futu has strengthened, although short-term views are mixed. Key concerns include 1) tightening of account opening process to mainland clients in HK; 2) fund outflows amid easing sentiment towards stablecoin-related themes; and 3) possible client and asset attritions on the Futubull platform due to CRS global taxation plan.We believe these headwinds are largely sentiment-driven and do not reflect the broker’s solid fundamentals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - Marketing Feedback: Short-Term Views Mixed...

<ul><li>Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to provide clients with trading, wealth management, market data and information and corporate services based on its one-stop Futubull and Moomoo.</li><li>Its superior user experience is key to break into a new market and win paying clients from traditional brokerage, while the underlying technology infrastructure which consistently renovates, enriches this moat.</li><li>We view progressive market expansions and increments of crypto and wealth management product supply as key drivers to enhance net asset inflow and thus earnings stability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to provide clients with trading, wealth management, market data and information and corporate services based on its one-stop Futubull and Moomoo.Its superior user experience is key to break into a new market and win paying clients from traditional brokerage, while the underlying technology infrastructure which consistently renovates, enriches this moat.We view progressive market expansions and increments of crypto and wealth management product supply as key drivers to enhance net asset inflow and thus earnings stability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - Pioneered One-Stop Financial Services Platform...

United States

Futu Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks. Futu Holdings serves customers in the United States, China, and Hong Kong.

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Futu Holdings Ltd (FUTU US)

Futu Holdings (FUTU US) - 3Q Earnings a Strong Beat...

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...

CMB International

Futu Holdings (FUTU US) - Marketing Feedback: Short-Term Views Mixed...

We completed a four-day marketing trip in HK last week engaging with active longonly and long/short investors covering China/HK markets.

CMB International

Futu Holdings (FUTU US) - Pioneered One-Stop Financial Services Platform...

Futu Holdings Limited (FUTU US) is a leading tech-driven financial services platform with global geographic exposure across eight markets to...

CMB International

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