Futu Holdings Limited (FUTU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças digitais, a Futu Holdings Limited emerge como uma plataforma revolucionária, transformando como os investidores modernos se envolvem com os mercados globais. Ao misturar perfeitamente a tecnologia de ponta com design intuitivo, a Futu criou um ecossistema digital que capacita os investidores com conhecimento de tecnologia a quebrar as barreiras comerciais tradicionais. Seu modelo de negócios inovador alavanca tecnologias algorítmicas avançadas, infraestrutura de negociação de baixo custo e acesso abrangente ao investimento internacional, se posicionando como um disruptor da fintech que muda o jogo que atende especificamente aos entusiastas financeiros milenares e da geração Z que buscam oportunidades de investimento sem fronteiras.

Futu Holdings Limited (FUTU) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com as principais instituições financeiras

A Futu Holdings Limited estabeleceu parcerias estratégicas com várias instituições financeiras:

Instituição parceira	Tipo de parceria	Escopo de colaboração
Corretores interativos	Infraestrutura de negociação	Serviços de limpeza e execução
Morgan Stanley	Serviços financeiros	Dados de mercado e integração de pesquisa

Parcerias de tecnologia com provedores de serviços em nuvem

As parcerias de infraestrutura em nuvem incluem:

• Amazon Web Services (AWS) - Infraestrutura de computação em nuvem
• Alibaba Cloud - Hospedagem de data center e servidor
• Plataforma do Google Cloud - Serviços de aprendizado de máquina e análise de dados

Parcerias de conformidade regulatória com autoridades financeiras

As parcerias de conformidade regulatória envolvem:

Órgão regulatório	Área de conformidade
Comissão de Valores Mobiliários e Futuros (SFC) de Hong Kong	Licenciamento e conformidade regulatória
Autoridade regulatória do setor financeiro (FINRA)	Regulamentos de negociação de mercado dos EUA

Cooperação com bolsas de valores globais

Parcerias de bolsas de valores incluem:

• Bolsa de Valores de Hong Kong (HKEX)
• Bolsa de Valores de Nova York (NYSE)
• NASDAQ

Parcerias do ecossistema de investimento com startups de fintech

As colaborações de startups de fintech se concentram:

Comece	Foco em parceria
Comércio de tigres	Integração da plataforma de negociação móvel
Moomoo	Desenvolvimento de Tecnologia de Investimento

Futu Holdings Limited (FUTU) - Modelo de negócios: Atividades -chave

Desenvolvimento da plataforma de negociação digital

A plataforma de negociação digital da Futu lide com 55,4 milhões de contas de usuário a partir do terceiro trimestre de 2023. O investimento em desenvolvimento de plataforma atingiu US $ 79,3 milhões em 2022, representando 22,7% do total de despesas operacionais.

Métrica da plataforma	2023 valor
Contas de usuário total	55,4 milhões
Investimento de desenvolvimento de plataforma	US $ 79,3 milhões
Porcentagem de despesas de desenvolvimento	22.7%

Serviços de pesquisa e análise de investimento

Os serviços de pesquisa geraram US $ 127,6 milhões em receita durante 2022, com 3.200 relatórios de pesquisa exclusivos publicados.

• As categorias de relatório de pesquisa incluem ações, derivativos e oportunidades de investimento transfronteiriço
• Relatório de pesquisa média profundidade: 42 páginas
• Tamanho da equipe de pesquisa: 186 analistas

Experiência do usuário e otimização de interface

As melhorias na interface do usuário resultaram em aumento de 38% no envolvimento de negociação móvel em 2023.

Métrica de otimização da interface do usuário	2023 desempenho
Aumento do engajamento de negociação móvel	38%
Taxa de download de aplicativos	2,1 milhões de novos downloads

Aprimoramento da tecnologia de negociação algorítmica

Os recursos de negociação algorítmica processaram US $ 17,3 bilhões em volume de negociação durante o quarto trimestre 2023.

• Investimento em tecnologia: US $ 42,5 milhões em 2022
• Velocidade de negociação algorítmica: 0,03 segundos por transação
• Modelos de aprendizado de máquina: 24 algoritmos de negociação ativos

Expansão do serviço financeiro transfronteiriço

Os serviços transfronteiriços se expandiram para 6 mercados adicionais em 2023, aumentando a base internacional de usuários em 41%.

Métrica de expansão transfronteiriça	2023 valor
Novos mercados inseridos	6
Crescimento internacional de base de usuários	41%
Volume de transação transfronteiriça	US $ 3,6 bilhões

Futu Holdings Limited (FUTU) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de negociação proprietária avançada

A infraestrutura tecnológica da Futu inclui:

Componente de tecnologia	Detalhes específicos
Plataformas de negociação	Moomoo, corretores de tigre
Infraestrutura do servidor	Sistemas baseados em nuvem com 99,99% de tempo de atividade
Investimento em tecnologia	US $ 83,4 milhões de despesas de P&D em 2022

Talento qualificado de engenharia e tecnologia financeira

Composição de talentos a partir de 2023:

• Total de funcionários: 2.345
• Força de trabalho de engenharia: 65% do pessoal total
• Experiência média de engenharia: 6,2 anos
• Titulares de doutorado: 12% da equipe técnica

Sistemas robustos de segurança cibernética

Métrica de segurança	Desempenho
Investimento anual de segurança cibernética	US $ 12,7 milhões
Conformidade com proteção de dados	Certificado ISO 27001
Tempo de resposta a incidentes de segurança	Menos de 30 minutos

Extensos repositórios de dados do mercado financeiro

Especificações do repositório de dados:

• Fontes de dados de mercado em tempo real: 38 trocas globais
• Dados financeiros históricos: mais de 30 anos de registros
• Volume diário de processamento de dados: 4.2 petabytes

Plataforma digital forte e ecossistema de aplicativos móveis

Métrica da plataforma	2023 desempenho
Usuários ativos	2,1 milhões
Downloads de aplicativos móveis	8,3 milhões
Volume de transação	US $ 89,4 bilhões

Futu Holdings Limited (FUTU) - Modelo de negócios: proposições de valor

Plataforma de negociação sem comissão de baixo custo

A partir do quarto trimestre 2023, o Futu oferece negociação de comissão zero para ações, ETFs e opções em vários mercados. Estrutura de taxas de negociação:

Mercado	Taxa de comissão
Ações dos EUA	$0
Estoques de Hong Kong	$0
Shares A chineses	$0

Acesso abrangente ao investimento internacional

Futu fornece acesso comercial a vários mercados globais:

• Mercado de ações nos EUA
• Bolsa de Valores de Hong Kong
• Mercado chinês de compartilhamentos A.
• Exchange de Cingapura
• Mercados globais de ETF

Ferramentas de negociação avançadas e insights de mercado em tempo real

Recursos de plataforma a partir de 2024:

Categoria de ferramenta	Recursos específicos
Dados de mercado	Citações em tempo real, dados de mercado de nível 2
Análise técnica	Mais de 100 indicadores técnicos
Ferramentas de pesquisa	Triagem fundamental, relatórios financeiros

Experiência de negociação móvel amigável

Estatísticas da plataforma móvel:

• Downloads de aplicativos móveis: 7,4 milhões (quarto trimestre 2023)
• Usuários móveis ativos: 2,3 milhões
• Volume médio de negociação móvel diária: US $ 1,2 bilhão

Recursos integrados para educação e pesquisa de investimento

Métricas de conteúdo educacional:

Tipo de recurso	Quantidade
Tutoriais em vídeo	500+
Relatórios de pesquisa	1.200+ mensalmente
Sessões de on -line	Mais de 50 mensais

Futu Holdings Limited (FUTU) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A partir do terceiro trimestre de 2023, a plataforma digital Tiger, da Futu, registrou 2,1 milhões de usuários ativos mensais em Hong Kong, Cingapura e China continental. A interface do usuário da plataforma suporta negociações em tempo real para mais de 10.000 ações e ETFs globais.

Métricas de plataforma	Valor
Usuários ativos mensais	2,1 milhões
Instrumentos de ações/ETF suportados	10,000+
Volume médio de negociação diária	US $ 1,2 bilhão USD

Fóruns de investimento orientados pela comunidade

A plataforma de investimento social da Futu, Moomoo, possui 16,2 milhões de usuários registrados com 450.000 interações diárias da comunidade ativa.

• Recursos de envolvimento da comunidade: discussões de investimento
• Comentário em tempo real
• Idéias de investimento geradas pelo usuário

Algoritmos de recomendação de investimento personalizados

Algoritmos de aprendizado de máquina Analisam 3,8 milhões de perfis de investimento de usuário para gerar recomendações de ações personalizadas com precisão de 68%.

Suporte ao cliente digital 24 horas por dia, 7 dias por semana

Os canais de suporte incluem suporte de AI Chatbot, email e agente ao vivo com uma taxa de resolução de primeiro contato de 92%. Tempo médio de resposta: 7,2 minutos.

Engajamento contínuo do usuário através de conteúdo educacional

O FUTU fornece mais de 2.500 vídeos de investimento educacional, que chegam a webinars atingindo 780.000 espectadores exclusivos mensalmente com conteúdo que cobre mercados globais.

Métricas de conteúdo educacional	Valor
Vídeos educacionais totais	2,500+
Telescionadores exclusivos mensais	780,000
Cobertura do mercado de conteúdo	Mercados globais

Futu Holdings Limited (FUTU) - Modelo de Negócios: Canais

Aplicativo de negociação móvel

O principal canal de negociação móvel do Futu é o Comércio de tigres Aplicação, que suporta negociações em vários mercados, incluindo Hong Kong, EUA e bolsas de valores chineses.

Métrica de aplicativo móvel	Estatística
Downloads de aplicativos totais	Mais de 12 milhões a partir do quarto trimestre 2023
Usuários ativos mensais	4,3 milhões em 2023
Volume de negociação móvel	US $ 98,3 bilhões em 2023

Plataforma de negociação baseada na Web

A Futu oferece uma plataforma de negociação abrangente baseada na Web, integrada ao seu aplicativo móvel.

• Sincronização de plataforma cruzada
• Dados de mercado em tempo real
• Ferramentas de gráficos avançados

Engajamento da mídia social

Plataforma social	Contagem de seguidores
Conta oficial do WeChat	1,2 milhão de seguidores
Weibo	680.000 seguidores

Suporte ao cliente online

O Futu fornece suporte ao cliente multicanal por meio de plataformas digitais.

• Suporte de bate -papo online 24/7
• Suporte por e -mail
• Centro de ajuda no aplicativo

Programas de marketing digital e referência

Métrica do Programa de Referência	Valor
Bônus de referência	Até US $ 200 por referência bem -sucedida
Novo custo de aquisição de usuários	US $ 45 por usuário em 2023
Taxa de conversão de referência	3,7% em 2023

Futu Holdings Limited (FUTU) - Modelo de negócios: segmentos de clientes

Investidores jovens e conhecedores de tecnologia

A partir do quarto trimestre de 2023, a base de usuários da Futu compreendia 4,1 milhões de usuários ativos, com 72% com idades entre 20 e 35 anos. Tamanho médio da conta para este segmento: US $ 15.200.

Faixa etária	Percentagem	Investimento médio
20-25 anos	38%	$8,500
26-35 anos	34%	$22,300

Traders de varejo que buscam acesso ao mercado internacional

O Futu fornece acesso a 14 mercados globais, com 62% dos usuários negociando em várias trocas internacionais.

• Volume de negociação da Bolsa de Valores de Hong Kong: US $ 3,2 bilhões mensais
• Volume de negociação da Bolsa de Valores dos EUA: US $ 2,7 bilhões mensais
• Tamanho médio da transação transfronteiriça: US $ 12.600

Entusiastas financeiros milenares e ge da geração Z

Em 2023, esse grupo demográfico representou 65% da base total de usuários da Futu, com uma frequência média de negociação mensal de 12 transações.

Geração	Porcentagem do usuário	Frequência de negociação mensal
Millennials	42%	14 transações
Gen Z	23%	10 transações

Buscadores de investimentos transfronteiriços

A Futu suporta investimentos em 14 mercados globais, com 58% dos usuários se envolvendo ativamente em negociações transfronteiriças.

• Portfólio de investimentos transfronteiriço médio: US $ 45.000
• Mercados internacionais mais populares: EUA, Hong Kong, continente chinês
• Taxa de crescimento da transação transfronteiriça: 37% ano a ano

Consumidores financeiros em primeiro lugar digital

Estatísticas de uso da plataforma móvel para 2023:

Plataforma	Porcentagem do usuário	Usuários ativos diários médios
Aplicativo móvel	89%	2,6 milhões
Plataforma da área de trabalho	11%	320,000

Futu Holdings Limited (FUTU) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Em 2023, a Futu Holdings registrou despesas com infraestrutura de tecnologia de US $ 87,3 milhões, representando 22,4% do total de despesas operacionais. A empresa investiu especificamente em computação em nuvem, manutenção do servidor e infraestrutura de segurança cibernética.

Categoria de custo de tecnologia	Despesa anual ($)	Porcentagem de custos totais de tecnologia
Infraestrutura em nuvem	42,500,000	48.7%
Manutenção do servidor	23,800,000	27.3%
Sistemas de segurança cibernética	21,000,000	24.0%

Investimentos de pesquisa e desenvolvimento

A Futu alocou US $ 76,5 milhões para P&D em 2023, o que representa 15,6% da receita total.

• Desenvolvimento de software: US $ 45,2 milhões
• AI e aprendizado de máquina: US $ 21,3 milhões
• Melhoramento da experiência do usuário: US $ 10 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 52,4 milhões, com um custo de aquisição de clientes de US $ 87 por novo usuário.

Canal de marketing	Despesa ($)	Porcentagem de orçamento de marketing
Publicidade digital	24,600,000	47%
Campanhas de mídia social	15,700,000	30%
Programas de referência	12,100,000	23%

Custos de conformidade regulatória

As despesas de conformidade em 2023 totalizaram US $ 18,6 milhões, cobrindo os requisitos de relatórios legais, de auditoria e regulatórios.

• Consulta legal: US $ 7,2 milhões
• Auditoria e relatórios: US $ 6,4 milhões
• Tecnologia regulatória: US $ 5 milhões

Recrutamento de talentos e retenção

As despesas de capital humano atingiram US $ 105,7 milhões em 2023, com uma compensação média dos funcionários de US $ 145.000.

Categoria de gerenciamento de talentos	Despesa ($)	Porcentagem de custos totais de RH
Salários da base	78,300,000	74%
Benefícios e bônus	19,700,000	18.6%
Treinamento e desenvolvimento	7,700,000	7.4%

Futu Holdings Limited (FUTU) - Modelo de negócios: fluxos de receita

Taxas da Comissão de Negociação

No terceiro trimestre de 2023, a Futu registrou taxas de comissão de negociação de US $ 77,3 milhões, representando um aumento de 14,3% ano a ano. A taxa média de comissão de negociação foi de aproximadamente 0,0375% por transação.

Período fiscal	Taxas da Comissão de Negociação	Crescimento ano a ano
Q3 2023	US $ 77,3 milhões	14.3%
Ano completo 2022	US $ 283,4 milhões	-12.5%

Margem de interesse em empréstimos

A receita de juros de empréstimos de margem para o FUTU em 2022 totalizou US $ 159,2 milhões, com uma taxa de juros média de 7,8% em empréstimos de margem.

Serviços de assinatura de pesquisa de investimento

Os serviços de assinatura de pesquisa da Futu geraram US $ 42,6 milhões em receita para 2022, com aproximadamente 1,2 milhão de assinantes ativos.

Monetização de dados

• Receita total de monetização de dados: US $ 18,5 milhões em 2022
• Produtos de dados primários vendidos para investidores institucionais
• Receita média por cliente institucional: US $ 275.000 anualmente

Ofertas de produtos financeiros de valor agregado

Categoria de produto	Receita 2022	Taxa de crescimento
Produtos estruturados	US $ 63,7 milhões	22.4%
Distribuição de fundos	US $ 47,3 milhões	15.6%
Produtos de seguro	US $ 22,1 milhões	8.9%

Os fluxos totais de receita da Futu Holdings Limited em 2022 atingiram US $ 570,8 milhões, com um portfólio de renda diversificado em vários segmentos de serviço financeiro.

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.