<p>Chime Financial NASDAQ: CHYM 现在成为了许多数字银行从未能实现的目标。它是盈利的。</p>
<p>从表面上看，这是一件大事。该公司在第一季度展示了强劲的收入增长、扩大的利润率和积极的回购。Chime 是一家能够赚钱而不仅仅是烧钱的金融科技初创公司。</p>
<p>现在，Chime 需要证明其利润是否足够持久，以证明投资的合理性。</p>
<p>获取 <strong>Chime Financial</strong> 的提醒：</p>
<h2>利润终于到达底线</h2>
<p>Chime 的故事不再是关于潜力，而是关于执行。</p>
<p>该公司在第一季度报告了真正的收入——自上市以来的第一个盈利季度。该基于应用程序的数字银行报告称，在 647 百万美元的收入中，GAAP 净收入为 5300 万美元，比去年同期增长了 25%。</p>
<p>按每股计算，该公司报告了 13 美分，远高于预期的 3 美分。尽管预计今年每股收益将强劲，但 2027 年的模型预测实际收益将跃升至高达 84 美分。</p>
<p>这些结果和积极的前景是一个令人欢迎的转变。就在 2025 年第四季度，该公司仍然在 596 百万美元的收入中录得 4500 万美元的净亏损。业务已经具有吸引力，但支出却成为了障碍。</p>
<p>事实上，该公司的毛利率已经达到令人印象深刻的 89%，而交易利润率，即 Chime 在支付核心银行服务费用后保留的资金，达到了 72%。问题在于，市场营销支出、技术投资和管理费用在利润到达底线之前就已经消耗殆尽。</p>
<p>解决方案主要来自技术。尽管市场营销和技术支出保持相对稳定，但公司将大部分处理转移到内部，并在软件开发和客户支持方面大力推进人工智能。一般和管理费用比第四季度下降了超过 3800 万美元，或 35%，而收入则增加了 5100 万美元。</p>
<p>因此，调整后的息税折旧摊销前利润（EBITDA）跃升至 1.19 亿美元，利润率为 18%，比去年提高了 13 个百分点。</p>
<h2>数字银行模型开始成熟</h2>
<p>Chime 的整个业务运行在一个看似简单的模型上。它提供免费的支票和储蓄账户、信用建设卡，以及为被传统银行忽视或服务不足的客户提供的日益增长的金融产品。</p>
<p>该公司主要通过互换费用赚钱，这为每位会员使用 Chime 借记卡或信用卡进行的每笔消费提供了一小部分收益。其他收入来自其即时贷款，这是一种小额贷款产品，使会员能够在发薪日之间获得现金。</p>
<p>业务正在增长。该公司拥有 1020 万活跃用户，表示客户的参与度更深，采用更多产品的比例更高。特别是即时贷款的利润率高于纯互换，并且在重复借款人的损失率改善的同时也在增长。</p>
<p>该公司已将 2026 年全年的收入预期上调至 26.6 亿至 26.9 亿美元，意味着该年大约 22% 至 23% 的顶线增长。调整后的 EBITDA 预计将达到 4.16 亿至 4.31 亿美元，代表 16% 的利润率。</p>
<p>董事会通过授权额外的 2 亿美元股票回购计划来强调自身的信心，这与第一季度的业绩结果相辅相成。</p>
<h2>华尔街看到显著的上行潜力</h2>
<p>分析师对 Chime 的情绪谨慎乐观，给予中性买入的推荐。</p>
<p>在覆盖该股票的 22 位分析师中，有 17 位给予买入评级，4 位持有评级，仅有 1 位卖出评级。</p>
<p>12 个月的平均目标价为 31.65 美元，意味着相较于近期交易水平大约有 80% 的上行空间。</p>
<p>这一切并非没有风险。市场过去曾对 Chime 股票给予高度评价，但未见结果。该公司一年前以每股 27 美元上市，52 周高点接近 45 美元。</p>
<p>这些高估值并未实现。即使盈利，该股今年下跌近 30%，接近 52 周低点。</p>
<h2>风险仍然笼罩着转机</h2>
<p>投资者显然在定价风险。第一个风险可能是年初的利润可能因季节性而被夸大。退税季节集中消费和贷款偿还。管理层已承认潜在影响，未来几个季度可能会显得疲软，直到全年数据变得清晰。</p>
<p>信用健康也是一个问题。即时贷款前景良好，但 Chime 的核心客户群体年轻且收入较低，通常信用历史较薄弱。该人群对经济变化非常敏感。</p>
<p>金融服务行业的竞争是第三个也是最具挑战性的。Chime 面临着追逐相同互换和贷款收入的金融科技竞争对手。传统银行如摩根大通和美国银行也在投资数字产品。</p>
<p>但对于那些具有较高风险承受能力和多年度投资视野的投资者来说，Chime 至少回答了自上市以来面临的最紧迫的问题：它所运行的模型是否最终能够盈利？这不再是一个承诺，而是一个需要捍卫的结果。</p>
<h2>你现在应该投资 1000 美元在 Chime Financial 吗？</h2>
<p>在考虑 Chime Financial 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场关注之前购买……而 Chime Financial 并不在名单上。</p>
<p>虽然 Chime Financial 目前在分析师中获得中性买入评级，但顶级分析师认为这五只股票更值得投资。</p>
<p>在这里查看这五只股票</p>

CHYM

<p>Chime Financial 报告了其首个盈利季度，实现了 5300 万美元的 GAAP 净收入，营收为 6.47 亿美元，同比增长 25%。该公司改善了利润率并降低了成本，特别是通过内部处理和人工智能整合。Chime 目前拥有 1020 万活跃用户，预计 2026 年的收入在 26.6 亿美元到 26.9 亿美元之间。分析师对其持谨慎乐观的态度，给予中性买入的建议，但仍存在风险，包括潜在的季节性影响和金融科技领域的竞争</p>

<p>Chime Financial NASDAQ: CHYM is now something many digital banks never become. It is profitable.</p>
<div class="lb-trans"><p>Chime Financial NASDAQ: CHYM 现在成为了许多数字银行从未能实现的目标。它是盈利的。</p>
</div><p>On the surface, that’s a big deal. The company showed in the first quarter strong revenue growth, expanding margins, and aggressive buybacks. Chime is a fintech startup that can earn money rather than just burn it.</p>
<div class="lb-trans"><p>从表面上看，这是一件大事。该公司在第一季度展示了强劲的收入增长、扩大的利润率和积极的回购。Chime 是一家能够赚钱而不仅仅是烧钱的金融科技初创公司。</p>
</div><p>Now, Chime needs to show whether the profit is durable enough to justify investing.</p>
<div class="lb-trans"><p>现在，Chime 需要证明其利润是否足够持久，以证明投资的合理性。</p>
</div><p>Get <strong>Chime Financial</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>Chime Financial</strong> 的提醒：</p>
</div><h2>Profits Finally Reach the Bottom Line</h2>
<div class="lb-trans"><h2>利润终于到达底线</h2>
</div><p>Chime’s story is no longer about potential but execution.</p>
<div class="lb-trans"><p>Chime 的故事不再是关于潜力，而是关于执行。</p>
</div><p>The company reported genuine income in the first quarter—its first profitable quarter since going public. The app-based neobank reported $53 million in GAAP net income for the year’s first three months on revenue of $647 million, up 25% from a year earlier.</p>
<div class="lb-trans"><p>该公司在第一季度报告了真正的收入——自上市以来的第一个盈利季度。该基于应用程序的数字银行报告称，在 647 百万美元的收入中，GAAP 净收入为 5300 万美元，比去年同期增长了 25%。</p>
</div><p>On a per-share basis, the company reported 13 cents, well above the 3 cents expected. And while earnings per share are expected to be strong this year, models for 2027 predict a real jump to as high as 84 cents.</p>
<div class="lb-trans"><p>按每股计算，该公司报告了 13 美分，远高于预期的 3 美分。尽管预计今年每股收益将强劲，但 2027 年的模型预测实际收益将跃升至高达 84 美分。</p>
</div><p>These results and the positive outlook are a welcome turnaround. As recently as the fourth quarter of 2025, the company still posted a net loss of $45 million on revenue of $596 million. The business was already attractive, but spending got in the way.</p>
<div class="lb-trans"><p>这些结果和积极的前景是一个令人欢迎的转变。就在 2025 年第四季度，该公司仍然在 596 百万美元的收入中录得 4500 万美元的净亏损。业务已经具有吸引力，但支出却成为了障碍。</p>
</div><p>In fact, the company’s gross margin was already an impressive 89%, and the transaction margin, meaning how much money Chime kept after paying for its core banking services, sat at 72%. The problem was that marketing spending, technology investment, and overhead were eating the profits before they could reach the bottom line.</p>
<div class="lb-trans"><p>事实上，该公司的毛利率已经达到令人印象深刻的 89%，而交易利润率，即 Chime 在支付核心银行服务费用后保留的资金，达到了 72%。问题在于，市场营销支出、技术投资和管理费用在利润到达底线之前就已经消耗殆尽。</p>
</div><p>The fix came mostly with technology. While marketing and tech spending stayed relatively level, the company moved much of its processing in-house and pushed hard into artificial intelligence for software development and customer support. General and administrative costs fell more than $38 million, or 35%, from the fourth quarter, while revenue rose $51 million.</p>
<div class="lb-trans"><p>解决方案主要来自技术。尽管市场营销和技术支出保持相对稳定，但公司将大部分处理转移到内部，并在软件开发和客户支持方面大力推进人工智能。一般和管理费用比第四季度下降了超过 3800 万美元，或 35%，而收入则增加了 5100 万美元。</p>
</div><p>As a result, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped to $119 million with an 18% margin, up 13 percentage points from a year earlier.</p>
<div class="lb-trans"><p>因此，调整后的息税折旧摊销前利润（EBITDA）跃升至 1.19 亿美元，利润率为 18%，比去年提高了 13 个百分点。</p>
</div><h2>A Digital Banking Model Begins to Mature</h2>
<div class="lb-trans"><h2>数字银行模型开始成熟</h2>
</div><p>Chime’s whole business runs on a deceptively simple model. It offers free checking and savings accounts, a credit-builder card, and a growing suite of financial products for customers who are underserved or avoided by traditional banks.</p>
<div class="lb-trans"><p>Chime 的整个业务运行在一个看似简单的模型上。它提供免费的支票和储蓄账户、信用建设卡，以及为被传统银行忽视或服务不足的客户提供的日益增长的金融产品。</p>
</div><p>The company primarily makes money through interchange fees, which provide a small cut of every purchase that a member makes with a Chime debit or credit card. Other revenue comes in through its Instant Loans, a small-dollar lending product that gives members access to cash between paychecks.</p>
<div class="lb-trans"><p>该公司主要通过互换费用赚钱，这为每位会员使用 Chime 借记卡或信用卡进行的每笔消费提供了一小部分收益。其他收入来自其即时贷款，这是一种小额贷款产品，使会员能够在发薪日之间获得现金。</p>
</div><p>The business is growing. With 10.2 million active users, the company says customers are engaging more deeply and adopting more products at a higher rate. Instant Loans, in particular, carries higher margins than pure interchange and is growing while loss rates among repeat borrowers are improving.</p>
<div class="lb-trans"><p>业务正在增长。该公司拥有 1020 万活跃用户，表示客户的参与度更深，采用更多产品的比例更高。特别是即时贷款的利润率高于纯互换，并且在重复借款人的损失率改善的同时也在增长。</p>
</div><p>The company has raised its full-year 2026 revenue outlook to between $2.66 billion and $2.69 billion, implying roughly 22% to 23% top-line growth for the year. Adjusted EBITDA is expected to reach $416 million to $431 million, representing a 16% margin.</p>
<div class="lb-trans"><p>该公司已将 2026 年全年的收入预期上调至 26.6 亿至 26.9 亿美元，意味着该年大约 22% 至 23% 的顶线增长。调整后的 EBITDA 预计将达到 4.16 亿至 4.31 亿美元，代表 16% 的利润率。</p>
</div><p>The board underscored its own confidence by authorizing an additional $200 million share-repurchase program alongside the first quarter results.</p>
<div class="lb-trans"><p>董事会通过授权额外的 2 亿美元股票回购计划来强调自身的信心，这与第一季度的业绩结果相辅相成。</p>
</div><h2>Wall Street Sees Significant Upside Potential</h2>
<div class="lb-trans"><h2>华尔街看到显著的上行潜力</h2>
</div><p>Analyst sentiment on Chime is cautiously bullish with a Moderate Buy recommendation.</p>
<div class="lb-trans"><p>分析师对 Chime 的情绪谨慎乐观，给予中性买入的推荐。</p>
</div><p>Among the 22 analysts who cover the stock, 17 rate it a Buy with four Holds and just one Sell.</p>
<div class="lb-trans"><p>在覆盖该股票的 22 位分析师中，有 17 位给予买入评级，4 位持有评级，仅有 1 位卖出评级。</p>
</div><p>The average 12-month price target is $31.65, implying roughly 80% upside from recent trading levels.</p>
<div class="lb-trans"><p>12 个月的平均目标价为 31.65 美元，意味着相较于近期交易水平大约有 80% 的上行空间。</p>
</div><p>None of this comes without risk. The market has touted Chime shares in the past without seeing the results. The company went public a year ago at $27 a share and hit nearly $45 as its 52-week high.</p>
<div class="lb-trans"><p>这一切并非没有风险。市场过去曾对 Chime 股票给予高度评价，但未见结果。该公司一年前以每股 27 美元上市，52 周高点接近 45 美元。</p>
</div><p>Those high valuations have not panned out. Even with the profitability, the stock is down nearly 30% this year, near a 52-week low.</p>
<div class="lb-trans"><p>这些高估值并未实现。即使盈利，该股今年下跌近 30%，接近 52 周低点。</p>
</div><h2>Risks Still Shadow the Turnaround</h2>
<div class="lb-trans"><h2>风险仍然笼罩着转机</h2>
</div><p>Investors are clearly pricing in the risks. The first may be that profits at the start of the year could be inflated by seasonality. Tax refund season concentrates spending and loan repayments. Management has acknowledged the potential impact, and future quarters may look softer until full-year figures becomes clear.</p>
<div class="lb-trans"><p>投资者显然在定价风险。第一个风险可能是年初的利润可能因季节性而被夸大。退税季节集中消费和贷款偿还。管理层已承认潜在影响，未来几个季度可能会显得疲软，直到全年数据变得清晰。</p>
</div><p>Credit health is also a concern. Instant Loans is promising, but Chime’s core customer base, which is younger and lower income, often have thinner credit histories. That demographic can be highly sensitive to economic changes.</p>
<div class="lb-trans"><p>信用健康也是一个问题。即时贷款前景良好，但 Chime 的核心客户群体年轻且收入较低，通常信用历史较薄弱。该人群对经济变化非常敏感。</p>
</div><p>Competition in the financial services sector is third and potentially most daunting. Chime faces fintech rivals chasing the same interchange and lending revenue. And traditional banks like JPMorgan Chase NYSE: JPM and Bank of America NYSE: BAC are investing in digital products.</p>
<div class="lb-trans"><p>金融服务行业的竞争是第三个也是最具挑战性的。Chime 面临着追逐相同互换和贷款收入的金融科技竞争对手。传统银行如摩根大通和美国银行也在投资数字产品。</p>
</div><p>But for those investors with a higher risk tolerance and a multi-year horizon, Chime has at least answered the most pressing question it’s faced since going public: Can the model it runs finally make money? It’s no longer a promise. It’s now a result to defend.</p>
<div class="lb-trans"><p>但对于那些具有较高风险承受能力和多年度投资视野的投资者来说，Chime 至少回答了自上市以来面临的最紧迫的问题：它所运行的模型是否最终能够盈利？这不再是一个承诺，而是一个需要捍卫的结果。</p>
</div><h2>Should You Invest $1,000 in Chime Financial Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Chime Financial 吗？</h2>
</div><p>Before you consider Chime Financial, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Chime Financial 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chime Financial wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场关注之前购买……而 Chime Financial 并不在名单上。</p>
</div><p>While Chime Financial currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Chime Financial 目前在分析师中获得中性买入评级，但顶级分析师认为这五只股票更值得投资。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Chime Financial 终于实现盈利——但风险依然存在