Futu Holdings Limited (FUTU): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la finance numérique, Futu Holdings Limited apparaît comme une plate-forme révolutionnaire transformant la façon dont les investisseurs modernes s'engagent avec les marchés mondiaux. En mélangeant de manière transparente la technologie de pointe avec une conception intuitive, Futu a conçu un écosystème numérique qui permet aux investisseurs technologiques de briser les obstacles commerciaux traditionnels. Leur modèle commercial innovant exploite les technologies algorithmiques avancées, les infrastructures commerciales à faible coût et l'accès complet aux investissements internationaux, se positionnant comme un perturbateur de fintech qui change la donne qui s'adresse spécifiquement aux enthousiasmes financiers de la génération Y et du Gen Z à la recherche d'opportunités d'investissement sans frontière.

Futu Holdings Limited (FUTU) - Modèle commercial: partenariats clés

Collaboration stratégique avec les grandes institutions financières

Futu Holdings Limited a établi des partenariats stratégiques avec plusieurs institutions financières:

Institution partenaire	Type de partenariat	Portée de collaboration
Courtiers interactifs	Infrastructure commerciale	Services de compensation et d'exécution
Morgan Stanley	Services financiers	Données du marché et intégration de la recherche

Partenariat technologique avec les fournisseurs de services cloud

Les partenariats d'infrastructure cloud comprennent:

• Amazon Web Services (AWS) - Infrastructure de cloud computing
• Cloud Alibaba - Hébergement de centres de données et de serveur
• Google Cloud Platform - Services d'apprentissage automatique et d'analyse de données

Partenariats de conformité réglementaire avec les autorités financières

Les partenariats de conformité réglementaire impliquent:

Corps réglementaire	Zone de conformité
Commission des valeurs mobilières (SFC) de Hong Kong	Licence et conformité réglementaire
Autorité de réglementation de l'industrie financière (FINRA)	Règlements sur le commerce du marché américain

Coopération avec les bourses mondiales

Les partenariats de bourse comprennent:

• Bourse de Hong Kong (HKEX)
• Bourse de New York (NYSE)
• Nasdaq

Partenariats sur l'écosystème d'investissement avec les startups fintech

Les collaborations de startup fintech se concentrent sur:

Démarrer	Focus de partenariat
Commerce des tigres	Intégration de la plate-forme de trading mobile
Moomoo	Développement de technologies d'investissement

Futu Holdings Limited (FUTU) - Modèle d'entreprise: activités clés

Développement de la plate-forme de trading numérique

La plate-forme de trading numérique de Futu, Tiger Trade, gère 55,4 millions de comptes d'utilisateurs au troisième trimestre 2023. L'investissement de développement de la plate-forme a atteint 79,3 millions de dollars en 2022, ce qui représente 22,7% du total des dépenses d'exploitation.

Métrique de la plate-forme	Valeur 2023
Comptes d'utilisateurs totaux	55,4 millions
Investissement de développement de la plate-forme	79,3 millions de dollars
Pourcentage de dépenses de développement	22.7%

Services de recherche et d'analyse en investissement

Les services de recherche ont généré 127,6 millions de dollars de revenus en 2022, avec 3 200 rapports de recherche uniques publiés.

• Les catégories de rapports de recherche comprennent des actions, des dérivés et des opportunités d'investissement transfrontalières
• Rapport de recherche moyen Profondeur: 42 pages
• Taille de l'équipe de recherche: 186 analystes

Expérience utilisateur et optimisation d'interface

Les améliorations de l'interface utilisateur ont entraîné une augmentation de 38% de l'engagement des échanges mobiles en 2023.

Métrique d'optimisation de l'interface utilisateur	Performance de 2023
Augmentation de l'engagement des échanges mobiles	38%
Taux de téléchargement de l'application	2,1 millions de nouveaux téléchargements

Amélioration de la technologie de négociation algorithmique

Capacités de négociation algorithmique traitées 17,3 milliards de dollars en volume de négociation au cours du quatrième trimestre 2023.

• Investissement technologique: 42,5 millions de dollars en 2022
• Vitesse de trading algorithmique: 0,03 seconde par transaction
• Modèles d'apprentissage automatique: 24 algorithmes de trading actifs

Extension transfrontalière des services financiers

Les services transfrontaliers se sont étendus à 6 marchés supplémentaires en 2023, augmentant la base d'utilisateurs internationaux de 41%.

Métrique d'extension transfrontalière	Valeur 2023
Les nouveaux marchés sont entrés	6
Croissance internationale de la base d'utilisateurs	41%
Volume de transaction transfrontalière	3,6 milliards de dollars

Futu Holdings Limited (FUTU) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie commerciale propriétaire avancée

L'infrastructure technologique de Futu comprend:

Composant technologique	Détails spécifiques
Plates-formes de trading	Mooomoo, Tiger Brokers
Infrastructure de serveur	Systèmes basés sur le cloud avec une disponibilité de 99,99%
Investissement technologique	83,4 millions de dollars de R&D en 2022

Ingénierie qualifiée et technologie de technologie financière

Composition de talents à partir de 2023:

• Total des employés: 2 345
• Travail d'ingénierie: 65% du personnel total
• Expérience d'ingénierie moyenne: 6,2 ans
• THAPORTS: 12% de l'équipe technique

Systèmes de cybersécurité robustes

Métrique de sécurité	Performance
Investissement annuel de cybersécurité	12,7 millions de dollars
Conformité à la protection des données	Certifié ISO 27001
Temps de réponse des incidents de sécurité	Moins de 30 minutes

De vastes référentiels de données sur les marchés financiers

Spécifications du référentiel de données:

• Sources de données du marché en temps réel: 38 échanges mondiaux
• Données financières historiques: plus de 30 ans de dossiers
• Volume quotidien de traitement des données: 4.2 pétaoctets

Écosystème de plate-forme numérique et d'application mobile forte

Métrique de la plate-forme	Performance de 2023
Utilisateurs actifs	2,1 millions
Téléchargements d'applications mobiles	8,3 millions
Volume de transaction	89,4 milliards de dollars

Futu Holdings Limited (FUTU) - Modèle d'entreprise: propositions de valeur

Plateforme de négociation sans coût et sans commission

Depuis le quatrième trimestre 2023, FUTU propose un trading à commande zéro pour les actions, les ETF et les options sur plusieurs marchés. Structure des frais de négociation:

Marché	Taux de commission
Stocks américains	$0
Stocks de Hong Kong	$0
A-shares chinois	$0

Accès complet aux investissements internationaux

FUTU offre un accès commercial à plusieurs marchés mondiaux:

• Marché boursier américain
• Bourse de Hong Kong
• Marché chinois A-Shares
• Échange de Singapour
• Marchés Global ETF

Outils de trading avancé et informations sur le marché en temps réel

Caractéristiques de la plate-forme à partir de 2024:

Catégorie d'outils	Caractéristiques spécifiques
Données sur le marché	Citations en temps réel, données de marché de niveau 2
Analyse technique	100+ indicateurs techniques
Outils de recherche	Dépistage fondamental, rapports financiers

Expérience de trading mobile convivial

Statistiques de la plate-forme mobile:

• Téléchargements d'applications mobiles: 7,4 millions (Q4 2023)
• Utilisateurs mobiles actifs: 2,3 millions
• Volume de trading mobile quotidien moyen: 1,2 milliard de dollars

Ressources intégrées d'investissement et de recherche

Métriques de contenu éducatif:

Type de ressource	Quantité
Tutoriels vidéo	500+
Rapports de recherche	1 200+ mois
Séances de webinaires	50+ mois

Futu Holdings Limited (FUTU) - Modèle d'entreprise: relations clients

Plate-forme numérique en libre-service

Depuis le troisième trimestre 2023, la plate-forme numérique de Futu, Tiger Trade, a rapporté 2,1 millions d'utilisateurs actifs mensuels à Hong Kong, à Singapour et en Chine continentale. L'interface utilisateur de la plate-forme prend en charge les échanges en temps réel pour plus de 10 000 actions et ETF mondiaux.

Métriques de la plate-forme	Valeur
Utilisateurs actifs mensuels	2,1 millions
Instruments de stock / ETF pris en charge	10,000+
Volume de trading quotidien moyen	1,2 milliard de dollars USD

Forums d'investissement axés sur la communauté

La plate-forme d'investissement social de Futu Mooomoo représente 16,2 millions d'utilisateurs enregistrés avec 450 000 interactions communautaires actifs par jour.

• Caractéristiques de l'engagement communautaire: discussions sur les investissements
• Commentaire de stock en temps réel
• Idées d'investissement générés par les utilisateurs

Algorithmes de recommandation d'investissement personnalisés

Les algorithmes d'apprentissage automatique analysent 3,8 millions de profils d'investissement utilisateur pour générer des recommandations de stock personnalisées avec une précision de 68%.

Support client numérique 24/7

Les canaux d'assistance incluent AI Chatbot, Email et Live Agent Support avec un taux de résolution de 92% en premier contact. Temps de réponse moyen: 7,2 minutes.

Engagement continu des utilisateurs grâce à un contenu éducatif

Futu fournit 2 500+ vidéos d'investissement en éducation, des webinaires atteignant 780 000 téléspectateurs uniques mensuellement avec du contenu couvrant les marchés mondiaux.

Métriques de contenu éducatif	Valeur
Total des vidéos éducatives	2,500+
Téléspectateurs uniques mensuels	780,000
Couverture du marché du contenu	Marchés mondiaux

Futu Holdings Limited (FUTU) - Modèle d'entreprise: canaux

Application de trading mobile

Le canal de trading mobile principal de Futu est le Commerce des tigres Application, qui prend en charge les échanges sur plusieurs marchés, notamment Hong Kong, États-Unis et les bourses chinoises.

Métrique de l'application mobile	Statistique
Total des téléchargements d'applications	Plus de 12 millions au quatrième trimestre 2023
Utilisateurs actifs mensuels	4,3 millions en 2023
Volume de trading mobile	98,3 milliards de dollars en 2023

Plateforme de trading basée sur le Web

FUTU propose une plate-forme de trading Web complète intégrée à son application mobile.

• Synchronisation multiplateforme
• Données de marché en temps réel
• Outils de cartographie avancés

Engagement des médias sociaux

Plate-forme sociale	Nombre de suiveurs
Compte officiel de WeChat	1,2 million de followers
Weibo	680 000 abonnés

Support client en ligne

FUTU fournit un support client multicanal via des plates-formes numériques.

• Assistance de chat en ligne 24/7
• Assistance par e-mail
• Centre d'aide dans l'application

Programmes de marketing numérique et de référence

Métrique du programme de référence	Valeur
Bonus de référence	Jusqu'à 200 $ par référence réussie
Nouvel coût d'acquisition d'utilisateurs	45 $ par utilisateur en 2023
Taux de conversion de référence	3,7% en 2023

Futu Holdings Limited (FUTU) - Modèle d'entreprise: segments de clientèle

Jeunes investisseurs technophiles

Au quatrième trimestre 2023, la base d'utilisateurs de Futu comprenait 4,1 millions d'utilisateurs actifs, avec 72% âgés de 20 à 35 ans. Taille moyenne du compte pour ce segment: 15 200 $.

Groupe d'âge	Pourcentage	Investissement moyen
20-25 ans	38%	$8,500
26-35 ans	34%	$22,300

Commerçants de détail à la recherche d'un accès international sur le marché

Futu donne accès à 14 marchés mondiaux, avec 62% des utilisateurs se négociant sur plusieurs échanges internationaux.

• Volume de négociation de la Bourse de Hong Kong: 3,2 milliards de dollars par mois
• Volume de négociation en bourse américaine: 2,7 milliards de dollars par mois
• Taille moyenne des transactions transfrontalières: 12 600 $

Millennial et Gen Z Financial Entatists

En 2023, ce groupe démographique représentait 65% de la base d'utilisateurs totale de Futu, avec une fréquence de négociation mensuelle moyenne de 12 transactions.

Génération	Pourcentage d'utilisateur	Fréquence de trading mensuelle
Milléniaux	42%	14 transactions
Gen Z	23%	10 transactions

Demandeurs d'investissement transfrontaliers

FUTU prend en charge les investissements dans 14 marchés mondiaux, 58% des utilisateurs se livrant activement à la négociation transfrontalière.

• Portfolio d'investissement transfrontalier moyen: 45 000 $
• Marchés internationaux les plus populaires: États-Unis, Hong Kong, continent chinois
• Taux de croissance transfrontalière des transactions: 37% d'une année à l'autre

Consommations financières au numérique d'abord

Statistiques d'utilisation des plates-formes mobiles pour 2023:

Plate-forme	Pourcentage d'utilisateur	Utilisateurs actifs quotidiens moyens
Application mobile	89%	2,6 millions
Plate-forme de bureau	11%	320,000

Futu Holdings Limited (FUTU) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, Futu Holdings a déclaré des frais d'infrastructure technologique de 87,3 millions de dollars, ce qui représente 22,4% des dépenses d'exploitation totales. La société a investi spécifiquement dans le cloud computing, la maintenance des serveurs et les infrastructures de cybersécurité.

Catégorie de coûts technologiques	Dépenses annuelles ($)	Pourcentage du total des coûts technologiques
Infrastructure cloud	42,500,000	48.7%
Maintenance du serveur	23,800,000	27.3%
Systèmes de cybersécurité	21,000,000	24.0%

Investissements de recherche et développement

FUTU a alloué 76,5 millions de dollars à la R&D en 2023, ce qui représente 15,6% des revenus totaux.

• Développement de logiciels: 45,2 millions de dollars
• IA et apprentissage automatique: 21,3 millions de dollars
• Amélioration de l'expérience utilisateur: 10 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 52,4 millions de dollars, avec un coût d'acquisition de client de 87 $ par nouvel utilisateur.

Canal de marketing	Dépenses ($)	Pourcentage du budget marketing
Publicité numérique	24,600,000	47%
Campagnes de médias sociaux	15,700,000	30%
Programmes de référence	12,100,000	23%

Coûts de conformité réglementaire

Les dépenses de conformité en 2023 s'élevaient à 18,6 millions de dollars, couvrant les exigences juridiques, d'audit et de déclaration réglementaire.

• Consultation juridique: 7,2 millions de dollars
• Audit et rapport: 6,4 millions de dollars
• Technologie réglementaire: 5 millions de dollars

Recrutement et rétention des talents

Les frais de capital humain ont atteint 105,7 millions de dollars en 2023, avec une compensation moyenne des employés de 145 000 $.

Catégorie de gestion des talents	Dépenses ($)	Pourcentage du total des coûts RH
Salaires de base	78,300,000	74%
Avantages et bonus	19,700,000	18.6%
Formation et développement	7,700,000	7.4%

Futu Holdings Limited (FUTU) - Modèle d'entreprise: Strots de revenus

Frais de commission commerciale

Au troisième trimestre 2023, Futu a déclaré des frais de commission commerciale de 77,3 millions de dollars, ce qui représente une augmentation de 14,3% en glissement annuel. Le taux moyen de la commission des trading était d'environ 0,0375% par transaction.

Période budgétaire	Frais de commission commerciale	Croissance d'une année à l'autre
Q3 2023	77,3 millions de dollars	14.3%
Année complète 2022	283,4 millions de dollars	-12.5%

Marge d'intérêt des prêts

Les revenus des intérêts des prêts sur les marges pour le futu en 2022 ont totalisé 159,2 millions de dollars, avec un taux d'intérêt moyen de 7,8% sur les prêts sur marge.

Services d'abonnement à la recherche en investissement

Les services d'abonnement à la recherche de Futu ont généré 42,6 millions de dollars de revenus pour 2022, avec environ 1,2 million d'abonnés actifs.

Monétisation des données

• Revenus de monétisation des données totales: 18,5 millions de dollars en 2022
• Produits de données primaires vendus aux investisseurs institutionnels
• Revenu moyen par client institutionnel: 275 000 $ par an

Offres de produits financiers à valeur ajoutée

Catégorie de produits	Revenu 2022	Taux de croissance
Produits structurés	63,7 millions de dollars	22.4%
Distribution de fonds	47,3 millions de dollars	15.6%
Produits d'assurance	22,1 millions de dollars	8.9%

Le total des sources de revenus pour Futu Holdings Limited en 2022 a atteint 570,8 millions de dollars, avec un portefeuille de revenus diversifié sur plusieurs segments de services financiers.

Futu Holdings Limited (FUTU) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Futu Holdings Limited's digital ecosystem. The value proposition isn't just about executing a trade; it's about providing a complete, integrated financial journey on a single platform.

The foundation is the one-stop digital platform for global multi-market trading. You aren't siloed into one exchange. As of the third quarter of 2025, the total trading volume across all platforms hit a record of HK$3.90 trillion, showing massive client activity. This volume breaks down clearly across the key markets you need access to: US stocks accounted for HK$2.60 trillion of that volume, while Hong Kong stocks contributed HK$1.19 trillion. This scale proves the platform handles significant cross-border activity effectively.

Next up is the integrated social community, which they call Moo Community. This isn't just a forum; it's where investor interaction drives engagement. While I don't have a specific active user count for the community itself for Q3 2025, the overall platform scale is telling: total registered users reached 28.2 million as of September 30, 2025. The company is also actively expanding its brand recognition through events like MooFest in places like Japan, which attracted over 12 thousand Tokyo investors to sign up for their inaugural event.

For wealth building, Futu Holdings offers comprehensive wealth management products. This segment is growing fast, with the wealth management asset balance expanding to HK$175.6 billion by the end of September 2025, marking a 7.6% sequential increase. They've been aggressive in product innovation, becoming the first online broker in Hong Kong to offer principal-protected structured products to retail investors. Plus, they are the first and only online brokerage platform to distribute ChinaAMC (HK)'s tokenized money market funds. They back this up by partnering with more than 80 world-class fund manager companies.

The user experience is clearly sticky, evidenced by a superior user experience. The funded account quarterly retention rate has consistently stayed above 98%. When you look at the growth, you see the result of this stickiness: total funded accounts reached 3,131,450 as of September 30, 2025, a 42.6% year-over-year increase. To be defintely clear, this high retention suggests clients find the platform intuitive and reliable enough to keep their money there, even through market volatility.

Finally, the platform provides crucial access to IPO subscriptions and efficient resource consolidation. This is a major draw, especially in the Hong Kong market. In the first half of 2025 alone, Futu Holdings partnered with six of the ten largest Hong Kong IPOs based on fundraising size, facilitating over HK$10 billion in subscription amounts across 12 different IPOs. This positions them as a key conduit for retail participation in major capital market events.

Here's a quick look at the scale underpinning these value propositions as of September 30, 2025:

Metric	Value (as of Q3 2025)	Year-over-Year Change
Total Funded Accounts	3,131,450	42.6% increase
Total Client Assets	HK$1.24 trillion	78.9% increase
Total Trading Volume	HK$3.90 trillion	104.8% increase
Wealth Management Assets	HK$175.6 billion	N/A (QoQ increase of 7.6%)

The platform's ability to deliver these services efficiently is reflected in its profitability metrics, like the non-GAAP adjusted net income of HK$3.31 billion for Q3 2025. This shows that the value delivered to the customer translates directly into strong financial performance for Futu Holdings Limited.

Futu Holdings Limited (FUTU) - Canvas Business Model: Customer Relationships

You're looking at how Futu Holdings Limited keeps its rapidly growing, tech-savvy client base engaged and serviced as of late 2025. The relationship strategy is heavily weighted toward digital scalability, but it still layers in high-touch elements for the most valuable segments. Honestly, the sheer scale of their user base demands automation, so that's where the bulk of the effort goes.

Automated self-service via digital platforms and AI tools

Futu Holdings Limited relies on its fully digitalized platform to handle the vast majority of customer interactions. This is the engine that supports the massive scale, which, as of September 30, 2025, included a total user base of 28.2 million, marking a 16.8% year-over-year increase. The core service delivery is automated, from trade execution to data provision. The firm has been actively integrating technology, such as launching Futubull AI in Q1 2025, to enhance this self-service experience. Furthermore, the platform supports complex needs through automation, evidenced by the launch of a self-service request-for-quote (RFQ) function for structured products in Q3 2025, catering to professional investors.

The scale of active engagement is clear when you look at the core client metrics:

• Total number of funded accounts reached 3,131,450 as of Q3 2025.
• Brokerage accounts stood at 5,605,138 in Q3 2025.
• The platform added 254,000 net new funded accounts in Q3 2025 alone.

Dedicated relationship managers for high-net-worth clients

While the platform is digital-first, the growth in assets under management suggests a tiered service approach is necessary. Total client assets soared to HK$1.24 trillion as of September 30, 2025, a 78.9% surge year-over-year. This level of asset concentration naturally requires dedicated support for the highest-value clients, even if specific numbers on relationship manager headcount aren't public. The focus on wealth management, where assets reached HK$175.6 billion by the end of Q3 2025, implies that personalized service is a key retention tool for this segment. You'd expect relationship managers to focus on cross-selling complex products like the expanding array of structured products and funds distributed under the Money Plus brand.

Interactive, user-driven social network (NiuNiu/Moo Community)

The NiuNiu/Moo Community is central to Futu Holdings Limited's customer relationship strategy, embedding social media tools directly into the investing experience. This network allows users to interact directly with peers, company executives, and thought leaders. It's designed to foster the free flow of information, which helps reduce information asymmetry for all users, from novices to experts. This community engagement is a powerful driver of platform stickiness and trading activity. The platform's success in Hong Kong, where 1 in every 2 adults used Futu as of Q1 2025, is often attributed to this network effect.

Here's a snapshot of the user base supporting this community as of Q3 2025:

Metric	Value as of Sep 30, 2025	Year-over-Year Change
Total Users	28.2 million	16.8% increase
Funded Accounts	3,131,450	42.6% increase
Total Client Assets	HK$1.24 trillion	78.9% increase

Localized customer support in key international markets

Futu Holdings Limited is aggressively expanding its global footprint, which necessitates localized support structures to maintain service quality. The company operates across eight overseas markets as of late 2025, including the US, Singapore, Australia, Japan, Canada, Malaysia, and New Zealand (launched in 2025). This global push is showing results; overseas markets accounted for over 50% of new funded accounts by Q2 2025. For instance, in Singapore, the company secured 28,000 investor sign-ups in July 2025 via the MooFest event, indicating successful localized marketing and support infrastructure is in place to onboard and service these new international clients.

Educational content and offline investment courses

To support its primary target of the emerging affluent population, Futu Holdings Limited integrates investment education directly into the user journey. The NiuNiu/Moo Classroom offers content ranging from investing basics to sophisticated analytical guides, accessible through the platform. Offline investment courses and events, like the MooFest in Malaysia and Singapore, serve as tangible touchpoints that complement the digital experience. This educational layer helps onboard less experienced investors and deepens the engagement of existing users, which is crucial for driving the massive trading volumes seen, such as the HK$3.90 trillion total trading volume in Q3 2025.

The commitment to education and community is part of a broader strategy to facilitate a shift in wealth management. The average age of its clients with funded accounts was 38 as of December 31, 2024, suggesting a demographic that values both digital efficiency and accessible learning resources.

Futu Holdings Limited (FUTU) - Canvas Business Model: Channels

You're looking at how Futu Holdings Limited (FUTU) gets its product-the trading and wealth management platform-into the hands of its users as of late 2025. It's a multi-pronged digital-first approach, heavily reliant on app performance and community engagement.

Futubull and Moomoo mobile and desktop applications

The applications are the core delivery mechanism. These platforms serve as the primary touchpoint for retail investors globally. The scale of adoption is significant, showing strong channel penetration across their operating markets.

Here are the key platform metrics as of the end of the third quarter of 2025:

Metric	Value (End of Q3 2025)	Year-over-Year Growth
Combined Registered Users	28.16 million	17%
Brokerage Accounts	5.61 million	31%
Funded Accounts	3.13 million	42.6%
Total Client Assets	HK$1.24 trillion (US$159.5 billion)	79%
Total Trading Volume (Q3 2025)	HK$3.90 trillion	105%

The platform's technological capabilities also feed back into the channel experience. For instance, the Moomoo AI chatbot had processed 4.25 million user queries by the end of Q3 2025, achieving an impressive 90% satisfaction rate, which helps keep users engaged within the app ecosystem.

Direct online client acquisition via digital marketing

Futu Holdings Limited pours capital into digital channels to drive the growth of new funded accounts. This spend directly correlates with the top-line user acquisition effort.

The selling and marketing expenses reflect this focus on digital reach:

• Selling and marketing expenses for Q3 2025 reached HK$585.6 million (US$75.3 million).
• This represented an 86.3% increase year-over-year from Q3 2024's HK$314.3 million.
• The customer acquisition cost was estimated around HKD 2,300 in Q3 2025.

The company added 254 thousand net new funded accounts in Q3 2025 alone, showing that the marketing spend is translating into funded users.

Offline events (e.g., MooFest) to drive sign-ups in new markets

While primarily digital, Futu Holdings Limited uses high-profile offline events to build brand presence and drive direct sign-ups, especially in newer international markets. These events create a tangible connection with the community.

The impact of these flagship events is measurable in terms of immediate user acquisition:

Event/Market	Timeframe	Reported Sign-ups
MooFest (Singapore and Malaysia)	Q3 2025	28,000 investors
MooFest Tokyo (Japan)	Q2 2025	Around 3,000 local investors

Also, in Q2 2025, the company noted that in Singapore, one in every two residents used moomoo, suggesting deep channel penetration in that specific market.

Corporate services team for institutional client onboarding

This channel targets corporate clients, primarily for Initial Public Offering (IPO) distribution and Investor Relations (IR) services, which is a distinct, high-value segment from the retail focus.

The financial contribution and client base for this segment are growing rapidly:

• Income from other businesses, which includes corporate services, was HK$444.1 million (US$57.1 million) in Q3 2025.
• This segment saw a substantial year-over-year growth of 113.0% in Q3 2025.
• The number of IPO distribution and IR clients reached 561 as of Q3 2025, marking a 21.7% increase year-over-year.

Word-of-mouth referrals within the active user community

The social investing aspect of the platforms is designed to foster organic growth, which is essentially word-of-mouth amplified digitally. The company explicitly noted that user-generated content accelerated in Q3 2025, solidifying its leadership in social investing.

This organic channel is supported by community-building efforts, such as the Global Creator Summit in September 2025, which brought together 30 leading financial educators to shape financial discourse, further empowering the community that drives referrals.

Futu Holdings Limited (FUTU) - Canvas Business Model: Customer Segments

You're looking at the core user base of Futu Holdings Limited, which is heavily weighted towards the digitally native, emerging affluent retail investor, but is rapidly diversifying geographically and by service type. The sheer scale of the user base as of late 2025 provides a solid foundation for all other segments.

As of September 30, 2025, Futu Holdings Limited had reached a total of 3,131,450 funded accounts, marking a 42.6% year-over-year increase. This entire base is primarily composed of the emerging affluent retail investors, who are highly engaged, as evidenced by the total trading volume hitting a record HK$3.90 trillion in Q3 2025.

The demographic profile for this core group remains consistent with prior reporting, with the average age of its clients with funded accounts stated as 38. This segment is characterized by high engagement; for instance, in Hong Kong, the company has achieved a penetration rate where 1 in every 2 adults uses Futu.

The international expansion is a major theme, meaning the geographic spread of these retail investors is broadening significantly. As of the end of Q2 2025, over 50% of total funded accounts were from clients outside of Futu Securities Hong Kong, a milestone that was sustained through Q3 2025.

Here's a look at the scale across the key markets serving these retail and sophisticated investors:

Geographic Market	Key Metric/Status (as of late 2025 data)	Client Segment Focus
Hong Kong	Led new client additions in Q3 2025; 1 in every 2 adults using Futu (Q1 2025 data)	Active traders and sophisticated investors
Singapore	Positioned as the number one retail broker; one in every two residents used moomoo in Q2 2025	Active traders and sophisticated investors
US, Canada, Japan	All overseas markets delivered double-digit quarter-over-quarter growth in client assets in Q2 2025	International investors
Malaysia	Had meaningful contributions to funded account growth in Q3 2025	International investors

The growth in international markets is not just about volume; it's about diversification. The U.S. market, for example, delivered a high-double-digit sequential increase in new funded accounts in Q3 2025.

Futu Holdings Limited also serves institutional clients through its corporate services, which includes IPO subscription and investor relations (IR) support. This segment is showing strong growth, too. As of the third quarter of 2025, the company reported having 561 IPO distribution and IR clients, a 21.7% year-over-year increase. This group includes asset managers and family offices looking for streamlined corporate service execution, often tied to listings on the Hong Kong exchange.

A newer, yet rapidly growing, segment involves cryptocurrency holders. While Futu Holdings Limited focuses on compliant yield products, the underlying client activity in this asset class is explosive. In the third quarter of 2025, cryptocurrency trading volume saw a staggering 161% quarter-over-quarter surge. This indicates a significant portion of the active trader base is utilizing the platform for digital asset exposure, which directly supports the demand for compliant yield and wealth management offerings in that space.

You can see the overall growth supporting these segments:

• Total registered users reached 28.2 million as of September 30, 2025.
• Total client assets hit HK$1.24 trillion as of September 30, 2025.
• Margin financing and securities lending balance stood at HK$63.1 billion as of September 30, 2025.

If onboarding takes 14+ days, churn risk rises, but the Q3 2025 net new funded account addition of 254 thousand suggests strong conversion efficiency. Finance: draft 13-week cash view by Friday.

Futu Holdings Limited (FUTU) - Canvas Business Model: Cost Structure

You're looking at the expense side of Futu Holdings Limited's engine as of late 2025, which is heavily weighted toward growth and technology investment. The total operating expenses for the third quarter of 2025 reached HK$1,704.8 million (US$219.1 million), marking a substantial 57.9% increase year-over-year.

The cost structure is dominated by three major buckets: technology development, client acquisition, and general overhead. Honestly, you can see where the money is going to keep that growth engine running hot.

High R&D expenses for platform and AI development are a clear priority. For Q3 2025, Research and development expenses were HK$574.2 million (US$73.8 million), showing a 49.3% jump from the prior year. This spending is explicitly tied to greater investment in crypto and Artificial Intelligence capabilities.

Significant selling and marketing expenses for client acquisition are also a major cost driver. These expenses hit HK$585.6 million (US$75.3 million) in Q3 2025, an 86.3% increase year-over-year. The primary reason for this surge was the increase in new funded accounts, which grew to 3,131,450 as of September 30, 2025. The average Customer acquisition cost (CAC) was reported at HKD 2,300 for the quarter.

Here is a quick breakdown of the major operating expenses for the third quarter of 2025:

Cost Category	Q3 2025 Amount (HK$ million)	Year-over-Year Change
Research and Development Expenses	574.2	+49.3%
Selling and Marketing Expenses	585.6	+86.3%
General and Administrative Expenses	545.1	+43.1%
Brokerage Commission and Handling Charge Expenses	160.6	+97.1%
Processing and Servicing Costs (Includes Data Fees)	159.2	+22.7%
Interest Expenses	473.8	+14.6%

Brokerage commission and handling charge expenses were HK$160.6 million (US$20.6 million) in Q3 2025, which rose by 97.1% year-over-year. This increase was noted as being roughly in line with the growth in brokerage commission and handling charge income.

Data transmission and market information fees fall under the broader Processing and servicing costs, which totaled HK$159.2 million (US$20.5 million) for the quarter. The 22.7% year-over-year increase in this category was primarily attributed to higher cloud service fees as well as higher market information and data fees.

General and administrative costs, including regulatory compliance, were reported at HK$545.1 million (US$70.1 million) in Q3 2025, up 43.1% compared to the third quarter of 2024. The main driver for this increase was an increase in general and administrative personnel needed for new market expansion.

You should also note the financing costs embedded in the structure:

• Interest expenses were HK$473.8 million (US$60.9 million).
• The year-over-year increase of 14.6% was mainly due to higher expenses associated with the securities borrowing and lending business.
• Higher margin financing interest expenses also contributed to the rise.

Finance: draft 13-week cash view by Friday.

Futu Holdings Limited (FUTU) - Canvas Business Model: Revenue Streams

You're looking at the core ways Futu Holdings Limited brings in money as of late 2025, based on their latest reported figures. Honestly, it's a story of high-volume trading and lending, with the interest side pulling ahead of commissions in the third quarter.

The revenue streams are clearly segmented, showing a mature platform that monetizes both transaction flow and client capital.

Here's the quick math on the major components for the third quarter ended September 30, 2025:

Revenue Stream Component	Q3 2025 Amount (HK$)	Q3 2025 Amount (US$)	Year-over-Year Growth (YoY)
Interest income from margin financing and securities lending	HK$3.05 billion	US$391.3 million	79.2%
Brokerage commission and handling charge income	HK$2.91 billion	US$374.5 million	90.6%
Currency exchange and other service fees (part of Other Income)	HK$444.1 million	US$57.1 million	113.0%

Interest income from margin financing and securities lending hit HK$3.05 billion in Q3 2025, showing a strong 79.2% jump year-over-year. This growth was mainly fueled by higher interest income from the securities borrowing and lending business and margin financing activities.

Brokerage commission and handling charge income followed closely, reaching HK$2.91 billion for the quarter, which was up 90.6% from the prior year. This massive increase was primarily driven by the 104.8% year-over-year surge in total trading volume, even with a slight decline in the blended commission rate.

The remaining revenue sources, which include wealth management product distribution service income and corporate services income, are grouped under the 'Other Income' line item in the primary reporting, which totaled HK$444.1 million in Q3 2025, marking a 113.0% YoY increase.

You can see how these two main drivers stack up against the total revenue:

• Interest income from margin financing and securities lending (HK$3.05 billion in Q3 2025)
• Brokerage commission and handling charge income (HK$2.91 billion in Q3 2025)
• Currency exchange and other service fees (part of Other Income: HK$444.1 million in Q3 2025)

The wealth management segment is definitely growing, though. By the end of Q3 2025, Futu Holdings Limited's wealth management assets had surged 80% year-over-year, reaching HK$175.6 billion.

For corporate services, which covers things like IPO distribution and ESOP solutions (Employee Stock Ownership Plan), the platform supported 561 IPO distribution and Investor Relations clients, a 21.7% increase year-over-year. That's real activity translating into revenue.

The total revenues for Futu Holdings Limited in Q3 2025 were HK$6.40 billion (US$822.9 million), an 86.3% increase from Q3 2024.

Finance: draft 13-week cash view by Friday.