Research Reports

“Our Q3 results reflect ... our global team's continued ability to achieve our goals, drove strong results across almost every metric.” (CEO)
“We will continue to meet investors where they are and increase our share of wallet by introducing them to our expanded products and solutions over time.” (CEO)
“We are particularly excited about the launch of Vega. Vega is an AI tool ... to deliver a focused, intuitive experience that helps both new and seasoned investors.” (CEO)
“We continue to take a disciplined approach to balancing execution costs and operating efficiency as we continue to scale the business.” (CFO)
“As a high-growth business with meaningful operating leverage, we expect operating expenses to increase as we scale, but at a much slower pace compared to revenue growth.” (CFO)

Topic: 新付费账户中加密货币交易占比及未来代币上市计划
Key points:
- 50%的新付费账户首次交易是加密货币，这部分新客户并非来自Webull Pay，而是因新增加密货币功能而新注册的Webull客户。
- 目标是在年底前上市100种代币，但管理层不愿明确承诺，仅表示会尽可能多地提供交易品种。
- 客户年龄在30岁左右，对加密货币原生友好；2023年9月曾被迫下架加密货币，现在重新上线并优化了产品。
Mgmt stance: bullish —— 管理层强调将继续加大加密货币投入，提供更优的价差和体验，并视其为增长引擎。

Topic: 国际市场本地化功能进展及用户在高波动环境下的表现
Key points:
- Webull在全球14个国家和地区设有本地团队，本地化运营（如英国由英国人领导），逐步增加税务包装产品（美国IRA、英国ISA等）。
- 大部分非美国实体的交易集中在美国产品上（如美股、期权），公司正将美国零售交易体验“出口”至海外，例如日本客户已可交易日历价差等复杂期权。
- 近期VIX上升导致交易量激增，Webull客户因允许做空且交易经验丰富，在波动中交易更活跃。
Mgmt stance: bullish but cautious —— 短期看涨，认为平台在波动市中比同行更有优势；但长期波动对周期性业务并非利好，需持续观察。