<p>一些对投资者来说最好的公司是真正具有颠覆性的。我们已经看到了一些——<strong>亚马逊</strong> 重塑了零售，<strong>Netflix</strong> 重新定义了视频，<strong>Airbnb</strong> 改变了我们的度假方式，而 <strong>Uber Technologies</strong> 和 <strong>Lyft</strong> 则挑战了出租车行业。</p>
<p>我认为 <strong>Robinhood Markets</strong>（HOOD -8.77%）可以安全地加入颠覆者的名单。这家金融科技公司在提供免佣金股票交易和用户友好的应用程序时，恰好处于正确的时间和地点，使投资变得有趣。Robinhood 本质上为零售交易者打开了股票市场，之前他们必须向经纪人支付佣金才能进行交易。这迫使经纪公司跟随其后，推出自己的免佣金交易实践。</p>
<p>Robinhood 在 2025 年也是华尔街上最好的故事之一——今年股价飙升近 300%——并且交易价格达到了历史新高。虽然这是一只高飞的股票，估值也很高，但有一些主要的顺风因素应该会继续推动 Robinhood 在接下来的几个季度中发展。让我们来分析一下这家颠覆性的金融科技公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5ODgvcm9iaW5ob29kX2xvZ29fb25fc21hcnRwaG9uZV9ob29kLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5ODgvcm9iaW5ob29kX2xvZ29fb25fc21hcnRwaG9uZV9ob29kLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>关于 Robinhood</h2>
<p>Robinhood 是一家金融服务公司，提供在其基于网络的平台和应用程序上交易股票和加密货币的账户。用户可以交易整股或部分股票，以及进行期权和期货交易。该公司在 8 月份声称拥有 2670 万名有资金的客户，比去年增长了 10%。总平台资产为 3039 亿美元，比 2024 年 8 月增长了 112%。</p>
<p>第二季度的业绩反映了公司的动态增长。收入总计为 9.89 亿美元，比去年增长了 45%；净收入为 3.86 亿美元，比 2024 年同期增长了 105%。Robinhood 的每股收益为 0.42 美元，比去年增长了 100%。</p>
<p>Robinhood 也在从用户那里赚取更多。该公司报告的每用户平均收入为 151 美元，同比增加了 34%。而 Robinhood Gold 的订阅用户数量，即公司的高级付费订阅服务，增加了 76%，达到了 350 万。Robinhood 正在稳步增长，这对投资者具有吸引力。</p>
<table>
<thead>
<tr>
<th>期间</th>
<th>有资金客户（百万）</th>
<th>Robinhood Gold 订阅用户（百万）</th>
<th>总平台资产（十亿美元）</th>
</tr>
</thead>
<tbody>
<tr>
<td>2024 年第二季度</td>
<td>24.2</td>
<td>1.98</td>
<td>$140</td>
</tr>
<tr>
<td>2024 年第三季度</td>
<td>23.3</td>
<td>2.19</td>
<td>$152</td>
</tr>
<tr>
<td>2024 年第四季度</td>
<td>25.2</td>
<td>2.64</td>
<td>$193</td>
</tr>
<tr>
<td>2025 年第一季度</td>
<td>25.8</td>
<td>3.19</td>
<td>$221</td>
</tr>
<tr>
<td>2025 年第二季度</td>
<td>26.5</td>
<td>3.48</td>
<td>$279</td>
</tr>
</tbody>
</table>
<p>数据来源：Robinhood。</p>
<p>然而，还有另外两个趋势让我对 Robinhood 的股票感到兴奋。</p>
<h2>Robinhood 的顺风因素</h2>
<p>Robinhood 有一个良好的商业模式。它通过将免佣金交易路由到市场做市商来赚钱。这些公司向 Robinhood 支付小额费用作为补偿。它还通过差价交易加密货币赚钱——即客户支付的价格与他们获得资产的价格之间的小差异。</p>
<p>在 3 月份，它在预测市场推出了一条新的收入来源。预测市场让投资者根据他们对未来事件的看法进行交易。目前，该公司的预测市场中心有近 600 个可用事件，包括职业冰球、棒球和足球，以及美联储是否会在本月降息和 <strong>比特币</strong> 的未来价格。Robinhood 对每个买入或卖出的合约收取 0.01 美元的佣金。</p>
<p>Robinhood 告诉彭博社，它计划在全球范围内扩展预测市场中心，并已开始与英国的监管机构进行谈判。这可能是 Robinhood 的一大步，也是公司颠覆性演变的下一步。</p>
<p>此外，Robinhood 在 6 月份推出了一项代币化努力，使超过 200 种代币化的美国股票可供其在欧盟的客户交易。代币化是将资产（如股票）转换为可以在区块链上交易的数字代币。这一代币化举措将 Robinhood 的股票推向了新高，但似乎这种势头才刚刚开始。</p>
<p>Robinhood 首席执行官 Vlad Tenev 最近在新加坡的一场加密货币小组讨论中预测，未来五年内，大多数主要市场将会有代币化资产（包括股票和房地产）的框架。</p>
<p>“代币化就像一列无法停止的货运列车，最终将吞噬整个金融系统，” 他说。虽然这可能有些夸张，但不可否认的是，Robinhood 的代币化推动正在获得初步回报——任何扩展都将对平台和公司有利。</p>
<h2>结论</h2>
<p>Robinhood 的市盈率为 73——确实很高，但接近其 10 年范围的底部。Robinhood 一直是一只昂贵的股票，但这正是你对一家正在改变行业的金融科技公司所期望的。</p>
<p>当你看到这家公司所拥有的顺风因素——不断增长的客户基础、增加的资产、代币化、预测市场以及其在欧洲的扩展——你无法忽视这只股票的势头。现在是买入的时候。</p>

HOOD

<p>Robinhood Markets 被视为一家颠覆性的金融科技公司，预计在 2025 年股价将上涨近 300%。该公司提供免佣金交易，客户数量显著增长，已达到 2670 万名已融资客户，总平台资产为 3039 亿美元。其收入同比增长 45%，净收入增长 105%。Robinhood 正在扩展其服务，包括预测市场和股票代币化，这可能进一步增强其市场地位。分析师认为，Robinhood 的创新方法和稳定增长使其成为一个有吸引力的投资机会</p>

<p>Some of the best companies for investors are ones that are truly disruptive. We've seen a few -- <strong>Amazon</strong> reshaped retail, <strong>Netflix</strong> reinvented video, <strong>Airbnb</strong> changed how we vacation, and <strong>Uber Technologies</strong> and <strong>Lyft</strong> took on the taxi industry.</p>
<div class="lb-trans"><p>一些对投资者来说最好的公司是真正具有颠覆性的。我们已经看到了一些——<strong>亚马逊</strong> 重塑了零售，<strong>Netflix</strong> 重新定义了视频，<strong>Airbnb</strong> 改变了我们的度假方式，而 <strong>Uber Technologies</strong> 和 <strong>Lyft</strong> 则挑战了出租车行业。</p>
</div><p>I think <strong>Robinhood Markets</strong>(HOOD -8.77%) can safely be added to the list of disruptors. The fintech company was in the right place at the right time when it began offering commission-free stock trading and a user-friendly app that made investing fun. Robinhood essentially opened the stock market to retail traders, who formerly had to pay a commission to brokers to do any trades. This forced brokerages to follow suit with their own commission-free trading practices.</p>
<div class="lb-trans"><p>我认为 <strong>Robinhood Markets</strong>（HOOD -8.77%）可以安全地加入颠覆者的名单。这家金融科技公司在提供免佣金股票交易和用户友好的应用程序时，恰好处于正确的时间和地点，使投资变得有趣。Robinhood 本质上为零售交易者打开了股票市场，之前他们必须向经纪人支付佣金才能进行交易。这迫使经纪公司跟随其后，推出自己的免佣金交易实践。</p>
</div><p>Robinhood has been one of the best stories on Wall Street in 2025 as well -- surging nearly 300% this year -- and is trading at all-time highs. While this is a high-flying stock with a steep valuation, there are some major tailwinds that should continue to power Robinhood for the next several quarters. Let's break down this disruptive fintech.</p>
<div class="lb-trans"><p>Robinhood 在 2025 年也是华尔街上最好的故事之一——今年股价飙升近 300%——并且交易价格达到了历史新高。虽然这是一只高飞的股票，估值也很高，但有一些主要的顺风因素应该会继续推动 Robinhood 在接下来的几个季度中发展。让我们来分析一下这家颠覆性的金融科技公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5ODgvcm9iaW5ob29kX2xvZ29fb25fc21hcnRwaG9uZV9ob29kLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836988%2Frobinhood_logo_on_smartphone_hood.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>About Robinhood</h2>
<div class="lb-trans"><h2>关于 Robinhood</h2>
</div><p>Robinhood is a financial services company that offers accounts to trade stocks and cryptocurrencies on its web-based platform and app. Users can trade whole or fractional shares, as well as do options and futures trades. The company claimed 26.7 million funded customers in August, up 10% from a year ago. Total platform assets were $303.9 billion, up 112% from August 2024.</p>
<div class="lb-trans"><p>Robinhood 是一家金融服务公司，提供在其基于网络的平台和应用程序上交易股票和加密货币的账户。用户可以交易整股或部分股票，以及进行期权和期货交易。该公司在 8 月份声称拥有 2670 万名有资金的客户，比去年增长了 10%。总平台资产为 3039 亿美元，比 2024 年 8 月增长了 112%。</p>
</div><p>Results in the second quarter echoed the company's dynamic growth. Revenue totaled $989 million, up 45% from a year ago; net income of $386 million was up 105% from the same period in 2024. Robinhood posted earnings per share of $0.42, which was up 100% from last year.</p>
<div class="lb-trans"><p>第二季度的业绩反映了公司的动态增长。收入总计为 9.89 亿美元，比去年增长了 45%；净收入为 3.86 亿美元，比 2024 年同期增长了 105%。Robinhood 的每股收益为 0.42 美元，比去年增长了 100%。</p>
</div><p>Robinhood is also earning more from its users. The company reported average revenue per user of $151, which was up 34% on a year-over-year basis. And the number of Robinhood Gold subscribers, the company's premium paid subscription service, increased 76% to 3.5 million. Robinhood is seeing steady growth, which is attractive to investors.</p>
<div class="lb-trans"><p>Robinhood 也在从用户那里赚取更多。该公司报告的每用户平均收入为 151 美元，同比增加了 34%。而 Robinhood Gold 的订阅用户数量，即公司的高级付费订阅服务，增加了 76%，达到了 350 万。Robinhood 正在稳步增长，这对投资者具有吸引力。</p>
</div><table>
<thead>
<tr>
<th>Period</th>
<th>Funded Customers (in millions)</th>
<th>Robinhood Gold Subscribers (in millions)</th>
<th>Total Platform Assets (in billions)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Q2 2024</td>
<td>24.2</td>
<td>1.98</td>
<td>$140</td>
</tr>
<tr>
<td>Q3 2024</td>
<td>23.3</td>
<td>2.19</td>
<td>$152</td>
</tr>
<tr>
<td>Q4 2024</td>
<td>25.2</td>
<td>2.64</td>
<td>$193</td>
</tr>
<tr>
<td>Q1 2025</td>
<td>25.8</td>
<td>3.19</td>
<td>$221</td>
</tr>
<tr>
<td>Q2 2025</td>
<td>26.5</td>
<td>3.48</td>
<td>$279</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>期间</th>
<th>有资金客户（百万）</th>
<th>Robinhood Gold 订阅用户（百万）</th>
<th>总平台资产（十亿美元）</th>
</tr>
</thead>
<tbody>
<tr>
<td>2024 年第二季度</td>
<td>24.2</td>
<td>1.98</td>
<td>$140</td>
</tr>
<tr>
<td>2024 年第三季度</td>
<td>23.3</td>
<td>2.19</td>
<td>$152</td>
</tr>
<tr>
<td>2024 年第四季度</td>
<td>25.2</td>
<td>2.64</td>
<td>$193</td>
</tr>
<tr>
<td>2025 年第一季度</td>
<td>25.8</td>
<td>3.19</td>
<td>$221</td>
</tr>
<tr>
<td>2025 年第二季度</td>
<td>26.5</td>
<td>3.48</td>
<td>$279</td>
</tr>
</tbody>
</table>
</div><p>Data source: Robinhood.</p>
<div class="lb-trans"><p>数据来源：Robinhood。</p>
</div><p>However, there are two other trends that make me excited about Robinhood stock right now.</p>
<div class="lb-trans"><p>然而，还有另外两个趋势让我对 Robinhood 的股票感到兴奋。</p>
</div><h2>Robinhood's tailwinds</h2>
<div class="lb-trans"><h2>Robinhood 的顺风因素</h2>
</div><p>Robinhood has a good business model. It makes money on its commission-free trades by routing them through market makers to execute the order. Those companies pay Robinhood a small fee as compensation. And it makes money trading cryptos on the spread -- the small differences between what they charge a customer and the price at which they acquired an asset.</p>
<div class="lb-trans"><p>Robinhood 有一个良好的商业模式。它通过将免佣金交易路由到市场做市商来赚钱。这些公司向 Robinhood 支付小额费用作为补偿。它还通过差价交易加密货币赚钱——即客户支付的价格与他们获得资产的价格之间的小差异。</p>
</div><p>In March, it launched a new revenue stream in prediction markets. Prediction markets let investors trade based on what they think will happen with future events. Currently, there are nearly 600 events available on the company's prediction markets hub, including professional hockey, baseball, and football, as well as whether the Federal Reserve will cut rates this month and the future price of <strong>Bitcoin</strong>. Robinhood charges a commission of $0.01 per contract bought or sold.</p>
<div class="lb-trans"><p>在 3 月份，它在预测市场推出了一条新的收入来源。预测市场让投资者根据他们对未来事件的看法进行交易。目前，该公司的预测市场中心有近 600 个可用事件，包括职业冰球、棒球和足球，以及美联储是否会在本月降息和 <strong>比特币</strong> 的未来价格。Robinhood 对每个买入或卖出的合约收取 0.01 美元的佣金。</p>
</div><p>Robinhood told Bloomberg that it plans to expand the prediction markets hub globally and has already started talks with regulators in the U.K. This could be a giant step for Robinhood and be the next step in the company's disruptive evolution.</p>
<div class="lb-trans"><p>Robinhood 告诉彭博社，它计划在全球范围内扩展预测市场中心，并已开始与英国的监管机构进行谈判。这可能是 Robinhood 的一大步，也是公司颠覆性演变的下一步。</p>
</div><p>In addition, Robinhood launched a tokenization effort in June, making more than 200 tokenized U.S. stocks available to its customers in the European Union. Tokenization is the conversion of an asset, such as a stock, into digital tokens that can be traded on a blockchain. The tokenization move pushed Robinhood stock to a new high, but it appears the momentum is just beginning.</p>
<div class="lb-trans"><p>此外，Robinhood 在 6 月份推出了一项代币化努力，使超过 200 种代币化的美国股票可供其在欧盟的客户交易。代币化是将资产（如股票）转换为可以在区块链上交易的数字代币。这一代币化举措将 Robinhood 的股票推向了新高，但似乎这种势头才刚刚开始。</p>
</div><p>Speaking at a cryptocurrency panel in Singapore recently, Robinhood CEO Vlad Tenev predicted that most major markets will have a framework for tokenized assets, including stocks and real estate, in the next five years.</p>
<div class="lb-trans"><p>Robinhood 首席执行官 Vlad Tenev 最近在新加坡的一场加密货币小组讨论中预测，未来五年内，大多数主要市场将会有代币化资产（包括股票和房地产）的框架。</p>
</div><p>&#34;Tokenization is like a freight train. It can't be stopped, and eventually it's going to eat the entire financial system,&#34; he said. While that may be some hyperbole, it can't be argued Robinhood's tokenization push is paying initial returns -- and any expansion will be good for the platform and the company.</p>
<div class="lb-trans"><p>“代币化就像一列无法停止的货运列车，最终将吞噬整个金融系统，” 他说。虽然这可能有些夸张，但不可否认的是，Robinhood 的代币化推动正在获得初步回报——任何扩展都将对平台和公司有利。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Robinhood has a price-to-earnings ratio of 73 -- frothy for sure, but near the bottom of its 10-year range. Robinhood has always been an expensive stock, but that's what you'd expect from a fintech that's changing its industry.</p>
<div class="lb-trans"><p>Robinhood 的市盈率为 73——确实很高，但接近其 10 年范围的底部。Robinhood 一直是一只昂贵的股票，但这正是你对一家正在改变行业的金融科技公司所期望的。</p>
</div><p>When you look at the tailwinds this company has going for it -- the growing customer base, increased assets, tokenization, prediction markets, and its expansion into Europe -- you can't ignore the stock's momentum. It's a buy right now.</p>
<div class="lb-trans"><p>当你看到这家公司所拥有的顺风因素——不断增长的客户基础、增加的资产、代币化、预测市场以及其在欧洲的扩展——你无法忽视这只股票的势头。现在是买入的时候。</p>
</div>

Robinhood 的股票现在是否值得购买？