<p><strong>SoFi Technologies</strong>（SOFI 0.02%）最近公佈了第二季度的財報，股價飆升至多年高點。公司的業績不僅普遍強於分析師的預期，而且在各個方面都在增長，並且有着宏大的計劃。</p>
<p>考慮到這一點，以下是你需要了解的 SoFi 財報的一些關鍵要點，以及需要關注的事項。</p>
<h2>1. 增長勢頭沒有減緩</h2>
<p>在第二季度，收入同比增長 44%，增速加快。公司會員基礎同比增長 34%，新增 846,000 名會員，創下單季度最高紀錄。</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>圖片來源：Getty Images。</p>
<h2>2. 輕資本收入來源強勁</h2>
<p>SoFi 多年來一直是個人貸款機構，但最近的重點轉向了貸款平台業務，該業務由多個輕資本的費用收入來源組成。除了將貸款證券化並出售給投資者外，公司還代表第三方發放大量貸款，並將申請人推薦給其他貸款合作伙伴。其貸款平台每年以 95 億美元的貸款發放量產生超過 5 億美元的高利潤費用收入。</p>
<p>基於費用的收入現在佔公司總收入的 44%，而幾年前這一比例為 27%，這種轉變是 SoFi 意外強勁盈利能力的重要原因。非利息收入同比大約增長了四倍，貸款平台業務是主要驅動因素。</p>
<h2>3. 利潤好於預期</h2>
<p>SoFi 在第二季度不僅實現了好於預期的盈利能力，而且還報告了有史以來最高的每股收益（EPS）。其調整後的淨利潤率為 11%，調整後的息税折舊攤銷前利潤（EBITDA）同比增長 80%。</p>
<p>管理層還提高了 2025 年全年所有主要盈利指標的指引，現在預計每股收益將比 2024 年水平翻倍。</p>
<h2>4. 資產質量在改善</h2>
<p>SoFi 的貸款淨違約率在 2023 年略有上升，但在過去近兩年中呈明顯下降趨勢。自 2023 年底達到 3.98% 的峯值以來，個人貸款的淨違約率已降至 2.83%，包括最近一個季度的順序下降 48 個基點。</p>
<h2>5. 不僅僅是個人貸款</h2>
<p>SoFi 因其個人貸款業務而廣為人知，這也是有原因的。但該公司還發放學生貸款和住房貸款，我認為這些是被低估的增長驅動因素。</p>
<p>在第二季度，學生貸款的發放量增長了 35%，我不會驚訝於下半年看到其加速增長，因為更多的疫情期間聯邦學生貸款保護最近已經到期。例如，處於 SAVE 還款計劃法律程序中的借款人最近又開始在其學生貸款上積累利息。</p>
<p>也許最令人興奮的是這家金融科技公司的住房貸款業務，儘管房地產市場疲軟且利率持續高企，但其發放量同比增長超過 90%。由於購房和再融資以及房屋淨值信貸的需求被壓抑，如果抵押貸款利率下降，這可能會成為一項大業務。</p>
<h2>關注事項</h2>
<p>2025 年下半年可能是 SoFi 一個激動人心的時刻。市場普遍預計美聯儲將恢復降息，這可能有助於降低公司的存款成本。此外，管理層計劃在年底之前恢復加密貨幣交易，並有其他大計劃將加密貨幣和區塊鏈技術整合到其平台中。</p>
<p>與財報一起，SoFi 宣佈計劃通過出售新普通股籌集 15 億美元的新資本。隨着眾多增長機會的出現，這可能有助於將其業務提升到一個新水平。</p>

SOFI

<p>SoFi Technologies 報告了強勁的第二季度業績，收入同比增長 44%，會員增長 34%。該公司正轉向輕資本收入來源，年收入超過 5 億美元來自其貸款平台。利潤超出預期，調整後的淨利潤率為 11%，每股收益顯著上升。資產質量正在改善，SoFi 正在從個人貸款擴展到學生貸款和住房貸款。該公司計劃籌集 15 億美元的資本，並準備重新推出加密貨幣交易，預計 2025 年下半年將實現增長</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%）最近公佈了第二季度的財報，股價飆升至多年高點。公司的業績不僅普遍強於分析師的預期，而且在各個方面都在增長，並且有着宏大的計劃。</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>考慮到這一點，以下是你需要了解的 SoFi 財報的一些關鍵要點，以及需要關注的事項。</p>
</div><h2>1. Growth momentum isn't slowing down</h2>
<div class="lb-trans"><h2>1. 增長勢頭沒有減緩</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，收入同比增長 44%，增速加快。公司會員基礎同比增長 34%，新增 846,000 名會員，創下單季度最高紀錄。</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>圖片來源：Getty Images。</p>
</div><h2>2. Capital-light revenue streams are strong</h2>
<div class="lb-trans"><h2>2. 輕資本收入來源強勁</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 多年來一直是個人貸款機構，但最近的重點轉向了貸款平台業務，該業務由多個輕資本的費用收入來源組成。除了將貸款證券化並出售給投資者外，公司還代表第三方發放大量貸款，並將申請人推薦給其他貸款合作伙伴。其貸款平台每年以 95 億美元的貸款發放量產生超過 5 億美元的高利潤費用收入。</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>基於費用的收入現在佔公司總收入的 44%，而幾年前這一比例為 27%，這種轉變是 SoFi 意外強勁盈利能力的重要原因。非利息收入同比大約增長了四倍，貸款平台業務是主要驅動因素。</p>
</div><h2>3. Profits are better than expected</h2>
<div class="lb-trans"><h2>3. 利潤好於預期</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 在第二季度不僅實現了好於預期的盈利能力，而且還報告了有史以來最高的每股收益（EPS）。其調整後的淨利潤率為 11%，調整後的息税折舊攤銷前利潤（EBITDA）同比增長 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>管理層還提高了 2025 年全年所有主要盈利指標的指引，現在預計每股收益將比 2024 年水平翻倍。</p>
</div><h2>4. Asset quality is improving</h2>
<div class="lb-trans"><h2>4. 資產質量在改善</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 的貸款淨違約率在 2023 年略有上升，但在過去近兩年中呈明顯下降趨勢。自 2023 年底達到 3.98% 的峯值以來，個人貸款的淨違約率已降至 2.83%，包括最近一個季度的順序下降 48 個基點。</p>
</div><h2>5. More than personal loans</h2>
<div class="lb-trans"><h2>5. 不僅僅是個人貸款</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 因其個人貸款業務而廣為人知，這也是有原因的。但該公司還發放學生貸款和住房貸款，我認為這些是被低估的增長驅動因素。</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，學生貸款的發放量增長了 35%，我不會驚訝於下半年看到其加速增長，因為更多的疫情期間聯邦學生貸款保護最近已經到期。例如，處於 SAVE 還款計劃法律程序中的借款人最近又開始在其學生貸款上積累利息。</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>也許最令人興奮的是這家金融科技公司的住房貸款業務，儘管房地產市場疲軟且利率持續高企，但其發放量同比增長超過 90%。由於購房和再融資以及房屋淨值信貸的需求被壓抑，如果抵押貸款利率下降，這可能會成為一項大業務。</p>
</div><h2>What to watch</h2>
<div class="lb-trans"><h2>關注事項</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 一個激動人心的時刻。市場普遍預計美聯儲將恢復降息，這可能有助於降低公司的存款成本。此外，管理層計劃在年底之前恢復加密貨幣交易，並有其他大計劃將加密貨幣和區塊鏈技術整合到其平台中。</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>與財報一起，SoFi 宣佈計劃通過出售新普通股籌集 15 億美元的新資本。隨着眾多增長機會的出現，這可能有助於將其業務提升到一個新水平。</p>
</div>

從 SoFi 的爆炸性財報中獲得的 5 個重要啓示