Yu Fang's questions to Futu Holdings Ltd (FUTU) leadership • Q1 2025
Question
Yu Fang from CICC inquired about the reasons for the significant decline in customer acquisition cost (CAC) in the first quarter, its future guidance, and requested more details on the company's recent expansion into the New Zealand market.
Answer
CFO Arthur Yu Chen attributed the lower Q1 CAC of HKD 1,800 to strong market tailwinds but maintained the full-year guidance out of prudence. Daniel Yuan, Head of Strategy & IR, described the New Zealand entry as a low-cost, natural extension of its successful Australian operations, leveraging existing infrastructure and brand equity for a favorable ROI.