从Robinhood看中美互联网券商发展异同

1、AUMAUM39.963.1 52.83.0综合金融服务平台2.0基金+炒股双轮驱动()27.731.030.235.958.983.4115.7144.3261.291.8124.9402.539%49%22%37%112%169%283%302%343%146%36%222%9.412.614.018.521.928.235.242.975.733.654.6128.496%17%83%52%94%133%125%152%132%246%98%63%135%Robinhood 56.271.777.572.2127.6244.2269.5317.5522.2277.5958.8127%24

2、0%248%30%309%245%132.6153.3157.3162.4241.1235.5372.4327.4431.3454.1605.71,176.561%11%30%43%30%82%34%137%102%79%16%33%94%(Non-GAAP) 6.37.T3.06.320.T31.352.57L215L219.123.3I/5.6203%3%124%-28%19%227%308%1634%1024%631%8853%22%653%23/a25%10%187a357a38/a4S%s49%sS8/c21/19%44%&1 (Non GAAP)(2.0)(0.8)0.70.31.

3、12.86.3TO.323.5(9.0)(1.8)22.3n.a.n.a.124%116%153%-460%843%2873%2107%n.a.n.a.-2J%z%10%J8%24%3J%-2z+o%Jz%Robinhood (GAAP)(12.1)(11.4)(38.4)(44.6)(32.5)57.6(10.7)3.0(1,44.8)(106.5)7.4n.a.n.a.n.a.n.a.n.a.n.a.-22%-26%-50%-62/a-41/a247a%4s-277/o-38/oRobinhood (Adj usted EBITDA)ilfilfifilifiFBlEDA Varin(46

4、.9)-SZ%114.8n.a. 72%(74.5)-27%154.6n.a. 16H66.269.476.062.6124.8133.622T.019T.1286.2139.4262.1682.326%85%113%172%126%92%203%216%129%42%88%160%42%45%48/c38/o52/o5Z%64%c60/c66/c31%43%58/o14916517719823930341851779013319851797%51%42%49%60%84%137%160%231%66%49%160%88951021131341682152593768211325978%71%

5、59%35%39%53%77%111%129%180%95%39%129%Robinhood5,1007,20012,50018,0003,3005,100T2,50095%8,0018,7729,28511,18612,72218,33725,87036,72559,2566,52611,18636,725137%23%34%71%59%109%179%228%366%15%71%228%3,0573,5573,7895,0525,4948,28310,91615,95721,4152,3575,06215,957160%40%T5%47%114%80%133%188%216%290%32%

6、114%216%Robinhood14,13619,22062,97980,9328,36014,13662,979174%458%36%321%86%69%346%53,81453,25332,53036,38733,33560,49661,8T671,0T375,04149,13156,38771,O7320%-18%-6%15%-1%14%18%26%41%-31%15%26%34,89737,44337,18544,62540,96949,36350,84261,68156,95428,88544,62561,68146%18%10%9%54%17%32%37%38%39%32%54%

7、38%Robinhood2,7722,6695,0384,4962,5332,7725,03841%9%82%68%7%9%82%28,74227,36827,08528,88376,63082,9T4130,661155,810282,0311T6,282112,O79446,00296%-2%6%-2%167%203%382%439%268%75%-4%298%27,86324,37025,76121,80044,11046,75662,81165,449123,832119,22199,793219,12636%2%14%21%41%58%92%144%200%181%88%16%120

8、%187188UI1812472752772803316916297796%1%14%8%32%46%62%54%34%48%9%24%10713213716316316816416620141148249610%-31%15%13%40%52%27%20%2%23%2%l/%3%Robinhood80%64%41%20.734.366.565.7108.928%258339417305209192125147129238323156-19%45%-22%-19%-43%-70%-52%-38%35%-52%31926421815313086T9149109263225109-36%12%-6%9%-60%-59%-68%-64%-3%-16%-15%-51%RobinhOod3319692544%64% Robinhood Referral ProgramRobinhood Referral Program , Leaf HuaLi XuYu ChenCFOJie ZhangBernard