J P M O R G A N Asia Pacific Equity Research 28 October 2025 Futu Holdings 3Q25 preview: Robust client and AUM growth to drive profit acceleration We remain positive on Futu going into its 3Q25 results. First, we expect a strong 3Q25 print, with 13% q/q client AUM growth and 116% profit growth y/y (+11% q/q). Second, the robust HK & US equities markets, and rebound in 1M Hibor since September, improve the revenue growth outlook in 4Q25 and beyond. On the back of this, we have revised up our 25e/26e/27e EPS ...