<p><strong>SoFi Technologies</strong>（SOFI 0.02%）最近公布了第二季度的财报，股价飙升至多年高点。公司的业绩不仅普遍强于分析师的预期，而且在各个方面都在增长，并且有着宏大的计划。</p>
<p>考虑到这一点，以下是你需要了解的 SoFi 财报的一些关键要点，以及需要关注的事项。</p>
<h2>1. 增长势头没有减缓</h2>
<p>在第二季度，收入同比增长 44%，增速加快。公司会员基础同比增长 34%，新增 846,000 名会员，创下单季度最高纪录。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzMjUvbW9iaWxlLXRyYWRpbmctMjAyNC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzMjUvbW9iaWxlLXRyYWRpbmctMjAyNC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 轻资本收入来源强劲</h2>
<p>SoFi 多年来一直是个人贷款机构，但最近的重点转向了贷款平台业务，该业务由多个轻资本的费用收入来源组成。除了将贷款证券化并出售给投资者外，公司还代表第三方发放大量贷款，并将申请人推荐给其他贷款合作伙伴。其贷款平台每年以 95 亿美元的贷款发放量产生超过 5 亿美元的高利润费用收入。</p>
<p>基于费用的收入现在占公司总收入的 44%，而几年前这一比例为 27%，这种转变是 SoFi 意外强劲盈利能力的重要原因。非利息收入同比大约增长了四倍，贷款平台业务是主要驱动因素。</p>
<h2>3. 利润好于预期</h2>
<p>SoFi 在第二季度不仅实现了好于预期的盈利能力，而且还报告了有史以来最高的每股收益（EPS）。其调整后的净利润率为 11%，调整后的息税折旧摊销前利润（EBITDA）同比增长 80%。</p>
<p>管理层还提高了 2025 年全年所有主要盈利指标的指引，现在预计每股收益将比 2024 年水平翻倍。</p>
<h2>4. 资产质量在改善</h2>
<p>SoFi 的贷款净违约率在 2023 年略有上升，但在过去近两年中呈明显下降趋势。自 2023 年底达到 3.98% 的峰值以来，个人贷款的净违约率已降至 2.83%，包括最近一个季度的顺序下降 48 个基点。</p>
<h2>5. 不仅仅是个人贷款</h2>
<p>SoFi 因其个人贷款业务而广为人知，这也是有原因的。但该公司还发放学生贷款和住房贷款，我认为这些是被低估的增长驱动因素。</p>
<p>在第二季度，学生贷款的发放量增长了 35%，我不会惊讶于下半年看到其加速增长，因为更多的疫情期间联邦学生贷款保护最近已经到期。例如，处于 SAVE 还款计划法律程序中的借款人最近又开始在其学生贷款上积累利息。</p>
<p>也许最令人兴奋的是这家金融科技公司的住房贷款业务，尽管房地产市场疲软且利率持续高企，但其发放量同比增长超过 90%。由于购房和再融资以及房屋净值信贷的需求被压抑，如果抵押贷款利率下降，这可能会成为一项大业务。</p>
<h2>关注事项</h2>
<p>2025 年下半年可能是 SoFi 一个激动人心的时刻。市场普遍预计美联储将恢复降息，这可能有助于降低公司的存款成本。此外，管理层计划在年底之前恢复加密货币交易，并有其他大计划将加密货币和区块链技术整合到其平台中。</p>
<p>与财报一起，SoFi 宣布计划通过出售新普通股筹集 15 亿美元的新资本。随着众多增长机会的出现，这可能有助于将其业务提升到一个新水平。</p>

SOFI

<p>SoFi Technologies 报告了强劲的第二季度业绩，收入同比增长 44%，会员增长 34%。该公司正转向轻资本收入来源，年收入超过 5 亿美元来自其贷款平台。利润超出预期，调整后的净利润率为 11%，每股收益显著上升。资产质量正在改善，SoFi 正在从个人贷款扩展到学生贷款和住房贷款。该公司计划筹集 15 亿美元的资本，并准备重新推出加密货币交易，预计 2025 年下半年将实现增长</p>

<p><strong>SoFi Technologies</strong>(SOFI 0.02%) recently reported its second-quarter earnings, and the stock soared to a multiyear high. Not only were the numbers generally stronger than analysts had been looking for, but the company also is growing in all the right ways and has big plans.</p>
<div class="lb-trans"><p><strong>SoFi Technologies</strong>（SOFI 0.02%）最近公布了第二季度的财报，股价飙升至多年高点。公司的业绩不仅普遍强于分析师的预期，而且在各个方面都在增长，并且有着宏大的计划。</p>
</div><p>With that in mind, here are some of the key takeaways from SoFi's earnings report that you need to know, and what to keep an eye on.</p>
<div class="lb-trans"><p>考虑到这一点，以下是你需要了解的 SoFi 财报的一些关键要点，以及需要关注的事项。</p>
</div><h2>1. Growth momentum isn't slowing down</h2>
<div class="lb-trans"><h2>1. 增长势头没有减缓</h2>
</div><p>In the second quarter, revenue growth was 44% year over year, an acceleration over its prior rate. The company grew its membership base by 34% year over year, adding 846,000 new members, the highest single-quarter total ever.</p>
<div class="lb-trans"><p>在第二季度，收入同比增长 44%，增速加快。公司会员基础同比增长 34%，新增 846,000 名会员，创下单季度最高纪录。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzMjUvbW9iaWxlLXRyYWRpbmctMjAyNC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828325%2Fmobile-trading-2024.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>2. Capital-light revenue streams are strong</h2>
<div class="lb-trans"><h2>2. 轻资本收入来源强劲</h2>
</div><p>SoFi has been a personal lender for years, but the recent focus has been on the loan platform business, which consists of several capital-light streams of fee income. In addition to securitizing loans and selling them to investors, the company has been originating a high volume of loans on behalf of third parties and referring applicants to other lending partners. Its loan platform is generating high-margin fee income at a rate of more than $500 million annually on a run rate of $9.5 billion in loan originations.</p>
<div class="lb-trans"><p>SoFi 多年来一直是个人贷款机构，但最近的重点转向了贷款平台业务，该业务由多个轻资本的费用收入来源组成。除了将贷款证券化并出售给投资者外，公司还代表第三方发放大量贷款，并将申请人推荐给其他贷款合作伙伴。其贷款平台每年以 95 亿美元的贷款发放量产生超过 5 亿美元的高利润费用收入。</p>
</div><p>Fee-based revenue now makes up 44% of the company's total, compared with 27% a couple of years ago, and this shift is a big reason for SoFi's surprisingly strong profitability. Noninterest income roughly <em>quadrupled</em> year over year, and the loan platform business has been the primary driver.</p>
<div class="lb-trans"><p>基于费用的收入现在占公司总收入的 44%，而几年前这一比例为 27%，这种转变是 SoFi 意外强劲盈利能力的重要原因。非利息收入同比大约增长了四倍，贷款平台业务是主要驱动因素。</p>
</div><h2>3. Profits are better than expected</h2>
<div class="lb-trans"><h2>3. 利润好于预期</h2>
</div><p>Not only did SoFi produce better-than-expected profitability in the second quarter, but the company also reported its highest earnings per share (EPS) ever. It produced an 11% adjusted net margin, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 80% year over year.</p>
<div class="lb-trans"><p>SoFi 在第二季度不仅实现了好于预期的盈利能力，而且还报告了有史以来最高的每股收益（EPS）。其调整后的净利润率为 11%，调整后的息税折旧摊销前利润（EBITDA）同比增长 80%。</p>
</div><p>And management raised its full-year 2025 guidance for all major profitability metrics and now expects EPS to more than double from 2024 levels.</p>
<div class="lb-trans"><p>管理层还提高了 2025 年全年所有主要盈利指标的指引，现在预计每股收益将比 2024 年水平翻倍。</p>
</div><h2>4. Asset quality is improving</h2>
<div class="lb-trans"><h2>4. 资产质量在改善</h2>
</div><p>SoFi's loan net charge-off rate ticked higher in 2023 but it has been in a clear downward trend for nearly two years. Since it peaked at 3.98% in late 2023, the net charge-off rate for personal loans has declined to 2.83%, including a 48-basis-point sequential drop in the most recent quarter.</p>
<div class="lb-trans"><p>SoFi 的贷款净违约率在 2023 年略有上升，但在过去近两年中呈明显下降趋势。自 2023 年底达到 3.98% 的峰值以来，个人贷款的净违约率已降至 2.83%，包括最近一个季度的顺序下降 48 个基点。</p>
</div><h2>5. More than personal loans</h2>
<div class="lb-trans"><h2>5. 不仅仅是个人贷款</h2>
</div><p>SoFi is well known for its personal loan business, and for good reason. But the company also originates student loans and home loans, and I'd argue that these are underappreciated growth drivers.</p>
<div class="lb-trans"><p>SoFi 因其个人贷款业务而广为人知，这也是有原因的。但该公司还发放学生贷款和住房贷款，我认为这些是被低估的增长驱动因素。</p>
</div><p>In the second quarter, student loan volume grew by 35%, and I wouldn't be surprised to see it accelerate in the second half of the year, since more pandemic-era federal student loan protections have expired recently. For example, borrowers whose loans are in limbo as the SAVE repayment plan makes its way through the legal system just recently saw interest start accumulating on their student loans again.</p>
<div class="lb-trans"><p>在第二季度，学生贷款的发放量增长了 35%，我不会惊讶于下半年看到其加速增长，因为更多的疫情期间联邦学生贷款保护最近已经到期。例如，处于 SAVE 还款计划法律程序中的借款人最近又开始在其学生贷款上积累利息。</p>
</div><p>Perhaps most exciting is the fintech's home loan business, which grew volume by more than 90% year over year despite a slow real estate market and persistent high interest rates. There's a lot of pent-up demand for home purchases as well as for refinancing and home equity lines of credit, and if mortgage rates fall, this could become a big business.</p>
<div class="lb-trans"><p>也许最令人兴奋的是这家金融科技公司的住房贷款业务，尽管房地产市场疲软且利率持续高企，但其发放量同比增长超过 90%。由于购房和再融资以及房屋净值信贷的需求被压抑，如果抵押贷款利率下降，这可能会成为一项大业务。</p>
</div><h2>What to watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>The second half of 2025 could be an exciting time for SoFi. The Federal Reserve is widely expected to resume interest rate cuts, and this could help lower the company's deposit cost. Also, management is bringing back cryptocurrency trading before the end of the year and has other big plans to integrate cryptocurrency and blockchain technology throughout its platform.</p>
<div class="lb-trans"><p>2025 年下半年可能是 SoFi 一个激动人心的时刻。市场普遍预计美联储将恢复降息，这可能有助于降低公司的存款成本。此外，管理层计划在年底之前恢复加密货币交易，并有其他大计划将加密货币和区块链技术整合到其平台中。</p>
</div><p>Along with its earnings report, SoFi announced a plan to raise $1.5 billion in fresh capital by selling new common stock. With plenty of growth opportunities, this could help take its business to the next level.</p>
<div class="lb-trans"><p>与财报一起，SoFi 宣布计划通过出售新普通股筹集 15 亿美元的新资本。随着众多增长机会的出现，这可能有助于将其业务提升到一个新水平。</p>
</div>

从 SoFi 的爆炸性财报中获得的 5 个重要启示