External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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...

Futu Holdings Ltd

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