富途控股FUTUUS2026年第二季度业绩电话会纪要

发布时间：2026-08-20 一、AI总结内容 一、核心业绩指标 1. 净新增有资产客户25.2万个，同比增23.7%、环比增12.2%，总客户384万，同比增33.6%、环比增7%。2. 期末客户资产1.4万亿港元，同比增43.6%、环比增14.5%；融资融券余额951亿港元，环比增31%。3. 总交易额6.42万亿港元，同比增78.8%、环比增54.6%，创历史新高；美股交易额5.02万亿港元，港股交易额1.17万亿港元。 二、业务板块进展 1. 香港：获客环比加速，近六成新上市公司选择富途，担任多家知名上市项目联席账簿管理人；成为香港首家推出证券抵押融资交易虚拟资产的券商。 2. 新加坡：注册用户破200万，新客户平均收入环比提升，是成熟高价值客户市场，盈利且利润率持续提升。 3. 马来西亚：连续三个季度领跑全球市场获客，二季度首次实现经营层面盈亏平衡，获客促活效果显著。 4. 美国：Mumu预测市场上线首月成交破2亿张，带动新获客和平台活跃度，与核心证券业务形成协同，非替代关系。 5. 财富管理：客户资产180.2亿港元，同比增10%、环比增1%；客户从货币基金转向股票基金，香港举办首次线下基金路演效果良好。 6. IPO及IR：客户达683家，同比增32%；二季度香港IPO市场强势，多家知名上市项目担任联席账簿管理人。 7. 国际化：获取泰国Type A证券业务牌照，为东南亚布局提供支撑，展业需等当地监管最终批准，暂无明确时间表。 三、财务表现 1. 总营收72亿港元，同比增36%；经纪佣金收入34亿港元，同比增30%、环比增27%；利息收入31亿港元，同比增37%、环比增18%。 2. 总成本98.5亿港元，同比增47%；运营费用18亿港元，同比增35%、环比增11%，研发、营销等投入增加。 3. 总毛利62亿港元，同比增34%；运营利润45亿港元，同比增34%、环比增26%；净利润36亿港元，同比增42%，净利率50.6%，同比提升2.2个百分点。四、监管与客户相关问题回应 1. 5月22日新规发布后，客户出金规模占总客户资产中单位数，二季度已充分释放；大陆客户流失集中在6月APP限制后，8月流出节奏放缓，香港客户留存率超98%，海外市场客户留存稳健。 2. 二季度综合佣金率环比下降，系美股高单价个股、大额期权交易占比提升导致，非价格调整。3. 二季度综合获客成本约2600港元，仍在全年2500-3000港元指引区间内，环比上升主要因监管事件导致新增客户偏少，同时维持品牌投入支持长期增长。4. 二季度新增有资产客户中，马来西亚、香港合计贡献超50%，新加坡是其余市场中最大来源；海 外有资产客户占比提升至近60%。 五、三季度运行趋势 1. 受市场情绪波动影响，净新增有资产客户环比回落，港及海外入金恢复正常，总交易额环比小幅下降。 2. 预测市场业务表现良好，产品设计、运营等经验将支持其他地区同类业务拓展。 二、音频原文（转写） Gentlemen, welcome to Futu Holding's second quarter 2026 earnings conference call. At this time,all participants are in a listen only mode. After management's prepared remarks, there will bea question and answer session. Today's conference 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 fortoday's conference call, Michelle Lee, InvestorRelations Manager at Futu. Ma'am, please go ahead. Thanks operator, thank you for joining us today to discuss our second quarter twenty twenty six earnings results. Turning the open call todayare Mr. Li, Chairman and Chief Executive Officer Arthur Chan, Chief Financial Officer, and Robin Xu, Senior Vice President. As a reminder, today's call may include forward looking statementswhich represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. そう。 Forward-looking statements involving inherent risks and uncertainties We caution you that a number of important factors could cause actual results to differ materially from those contained inany forward-looking statements. for more information about the potential risks and uncertainties, Please refer to the company's filings. with the s e c including its annual report. And with that, I will now turn the call over to Lee. Leif will make his comments in Chinese and I will translate. 感谢大家参加今天的业绩会。 第二季度我们净新增25.2万个资产客户。同比增长百分之二十三点七 环比增长百分之十二点二。有资产客户总数 大约三百八十四万 同比增长 百分之三十三点六，环比增长百分之七。Thank you all for joining our earnings call today. In the second quarter. We acquired two hundred fifty twothousand net new funded accounts. UP TWENTY THREE POINT SEVEN PERCENT YEAR OVER YEAR AND TWELVEPOINT TWO PERCENT QUARTER OVER QUARTER TOTAL FUNDED ACCOUNTS REACHED APPROXIMATELY THREE POINTEIGHT FOUR MILLION REPRESENTING AN INCREASE OF THIRTY THREE POINT SIX PERCENT YEAR OVER YEAR ANDSEVEN PERCENT QUARTER OVER QUARTER。 本季度受益于活跃的港股IPO以及美股的优异表现，香港市场获客环比加速，在新加坡市场注册用户数突破两百万大关，进一步巩固了某某在 在当地零售投资者中的领先地位，港新两地的新客户平均收入均实现环比提升。得益于我们持续开展的跨资产类别投资者教育，以及我们在品牌建设上的不断投入。SINE ACQUISITION IN HONG KONG ACCELERATED SEQUENTIALLY DURING THE QUARTER SUPPORTED BY A ROBUST LOCAL IPO PIPELINE AND STRONG PERFORMANCE IN U S EQUITIES IN SINGAPORE REGISTERED USERS SURPASS THE TWOMILLION MILESTONE うん。 further solidifying our leadership among local retail investors. The average revenue per new client in both markets improved sequentially. underpinned by our ongoing investor education initiatives across multiple asset classes. reinforced by our sustained investment in brand equity. 在马来西亚，我们围绕马鲁IPO和AI行情推动的针对性营销活动。 带动获客创下单季度新高 马来西亚已连续三个季度在所有市场中。领跑竞争，有资产客户数。在美国，木木的预测市场产品收获良好市场。反响 带动新获客，也有效提升了平台整体的客户活跃度。 In Malaysia. Our targeted marketing campaign centered around local IPOs and the AI-driven rallycatalyzed a record quarter of client acquisitions. leading all markets in net new funded accounts for the third consecutive quarter In the US. MUMU's prediction markets garnered significant traction. driving incremental new client acquisition and helping improve overall client engagementon our platform. 期末客户资产约1.4万亿港币。 同比增长百分之四十三点六 环比增长百分之十四点五。资产增长主要归因于客户持仓的市值上升。其次，为进入金的贡献。期末融资 融券余额环比增长百分之三十一。 达九百五十一亿港元 主要得益于港股IPO市场活跃。叠加整体市场情绪向好。推动客户杠杆使用规模扩大As of quarter end. total client assets still at1.4 trillion Hong Kong dollars. of 43.6% year-over-year. and 14.5% quarter-over-quarter. The growth was mainly attributable to higher market valuation of client stock holdings. and to a lesser extent. not as inflow. Period end, margin financing and securities lending balance rose 31% quarter over quarter to 95.1 billion Hong Kong dollars. Supported by an active Hong Kong IPO market. along with broader pos