<p>市場終於認識到 <strong>SoFi Technologies</strong>(SOFI 4.52%) 具備成為一家可行的長期銀行的潛力，其服務吸引了一羣年輕而充滿活力的會員，這將推動長期增長。</p>
<p>SoFi 股票在過去一年上漲了 233%，遠超市場表現。讓我們來看看 SoFi 在五年後可能會處於什麼位置。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>收入：穩定增長</h2>
<p>SoFi 的收入增長在過去幾年中表現出色。在 2025 年第二季度，其調整後淨收入的同比增長加速至 44%。管理層將此歸因於其 “全方位服務” 的在線銀行模式，客户可以在 SoFi 的應用程序上輕鬆管理他們的財務。</p>
<p>增長來自多個不同的地方，這也是 SoFi 今天如此有動力的原因之一。你不能僅僅將其歸功於新客户或新產品或其他任何事情——整個業務表現良好。它以驚人的速度吸引新會員，在第二季度創下 850,000 名新會員的記錄，比去年增長了 34%。但它也獲得了更多的基於費用的收入，更多的交叉銷售，更多的產品，深入的參與，以及在低利率下，更多的貸款發放。</p>
<p>這種網絡效應將業務提升到一個全新的水平。一般來説，公司的規模越大，增長速度越慢。但由於積極的循環意味着整體業務的擴展，五年後，增長仍可能保持兩位數。</p>
<h2>盈利：可靠且舒適</h2>
<p>SoFi 股票在其備受期待的首次公開募股後暴跌的原因之一是，它看起來像典型的高風險、無利潤的科技股。從那時起，它在不增加費用的情況下取得了巨大的進展，其基於費用的收入為總收入提供了支持。大部分收入來自公司的金融服務部門，該部門的收入同比增長了 106%。金融服務的貢獻利潤同比增長了 241%，為底線提供了支持。</p>
<p>隨着貸款部門恢復強勁增長，以及全在線銀行的低運營成本，每股收益（EPS）同比從 0.01 美元增加到 0.08 美元，增長了 700%。預計 SoFi 在未來五年將保持舒適的盈利能力，儘管由於它是一家銀行，這將隨着利率變動和其他經濟因素而波動。</p>
<h2>平台：廣泛且不斷擴展</h2>
<p>SoFi 周圍的熱情主要來自於其平台的擴展。它不僅提供所有常規的重要金融服務元素，如銀行賬户、貸款和信用卡，還提供針對年輕、精通科技的客户的解決方案，如基於加密貨幣的產品和更多高端金融投資工具。SoFi 剛剛宣佈將為某些客户推出期權一級策略，這緊隨其後的是宣佈加密貨幣交易和基於區塊鏈的國際匯款。</p>
<p>管理層表示，基於消費者反饋推出期權交易，以滿足他們最迫切的需求。預計 SoFi 將繼續推出客户真正需要的新服務和擴展服務，這將推動更多客户、更高收入和增加的盈利。</p>
<h2>貸款：更大且更穩定</h2>
<p>貸款部門仍然是其核心部門，儘管非貸款收入在第二季度佔總收入的 55%。隨着客户的增加、貸款的發放和數據的積累，其信用指標正在改善。</p>
<p>以本季度為例，其個人貸款的年化違約率從第一季度的 3.31% 降至 2.83%，90 天逾期率連續第五個季度下降至 0.42%。在未來五年中，它應該能夠在貸款部門更穩定地應對利率和經濟變化。</p>
<h2>股票：温和增長</h2>
<p>SoFi 股票在過去三年中經歷了瘋狂的上漲——430%。但它並不便宜；其前瞻性一年市盈率為 50，市淨率為 4.5。這個溢價可能是合理的，但隨着 SoFi 變得更大、更可靠，其估值可能會下降。</p>
<p>我預計 SoFi 股票將在未來五年及更長時間內繼續增長並回報股東，並可能超越市場。但它也可能比 <strong>S&amp;P 500</strong> 更加波動，並且不太可能重複其最近的巨大漲幅。</p>

SOFI

<p>SoFi Technologies（SOFI）正逐漸被認可為一個可行的長期銀行，過去一年股價上漲了 233%。該公司報告了 44% 的年同比收入增長，這得益於其全面的在線銀行服務。SoFi 的金融服務部門收入增長了 106%，推動每股收益上漲了 700%。該平台正在擴展，推出了期權交易和加密貨幣服務等新產品。儘管 SoFi 的股價在三年內飆升了 430%，但其交易估值較高，這表明未來的漲幅可能會受到限制，但預計在未來五年內仍將持續增長並回饋股東</p>

<p>The market is finally recognizing that <strong>SoFi Technologies</strong>(SOFI 4.52%) has what it takes to become a viable long-term bank, and that its services are attracting a young and vibrant cohort of members who will drive growth for a long time.</p>
<div class="lb-trans"><p>市場終於認識到 <strong>SoFi Technologies</strong>(SOFI 4.52%) 具備成為一家可行的長期銀行的潛力，其服務吸引了一羣年輕而充滿活力的會員，這將推動長期增長。</p>
</div><p>SoFi stock is up 233% over the past year, crushing the market. Let's check out where SoFi might be in five years.</p>
<div class="lb-trans"><p>SoFi 股票在過去一年上漲了 233%，遠超市場表現。讓我們來看看 SoFi 在五年後可能會處於什麼位置。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MjUvZmF0aGVyLWFuZC1jaGlsZC1pbi1mcm9udC1vZi1hLWNvbXB1dGVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835525%2Ffather-and-child-in-front-of-a-computer.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>Revenue: Steady growth</h2>
<div class="lb-trans"><h2>收入：穩定增長</h2>
</div><p>SoFi's revenue growth has been outstanding over the past few years. It accelerated to 44% year-over-year growth (for adjusted net revenue) in the 2025 second quarter. Management attributes this to its &#34;one-stop shop&#34; approach to online banking, where customers can get everything they need to easily manage their finances all on SoFi's app.</p>
<div class="lb-trans"><p>SoFi 的收入增長在過去幾年中表現出色。在 2025 年第二季度，其調整後淨收入的同比增長加速至 44%。管理層將此歸因於其 “全方位服務” 的在線銀行模式，客户可以在 SoFi 的應用程序上輕鬆管理他們的財務。</p>
</div><p>The growth is coming from many different places, which is one of the reasons SoFi has so much momentum today. You can't credit it just to new customers or new products or anything else -- the whole business is performing well. It's attracting new members at a fantastic rate, with a record 850,000 new ones in the second quarter, a 34% increase over last year. But it's also getting more fee-based revenue, more cross-selling into more products, deeper engagement, and with lower interest rates, more loan originations.</p>
<div class="lb-trans"><p>增長來自多個不同的地方，這也是 SoFi 今天如此有動力的原因之一。你不能僅僅將其歸功於新客户或新產品或其他任何事情——整個業務表現良好。它以驚人的速度吸引新會員，在第二季度創下 850,000 名新會員的記錄，比去年增長了 34%。但它也獲得了更多的基於費用的收入，更多的交叉銷售，更多的產品，深入的參與，以及在低利率下，更多的貸款發放。</p>
</div><p>This network effect is bringing the business to a whole new level. Generally, the larger a company becomes, the slower it grows. But as the positive cycle means an expanding business overall, in five years from now, growth could still be double digit.</p>
<div class="lb-trans"><p>這種網絡效應將業務提升到一個全新的水平。一般來説，公司的規模越大，增長速度越慢。但由於積極的循環意味着整體業務的擴展，五年後，增長仍可能保持兩位數。</p>
</div><h2>Earnings: Reliable and comfortable</h2>
<div class="lb-trans"><h2>盈利：可靠且舒適</h2>
</div><p>One of the reasons SoFi stock plunged after its hyped-up initial public offering was that it looked like your typical risky, unprofitable tech stock. It's made great strides from those time to scale without loading up on expenses, and its fee-based revenue is padding the top line. Much of that comes from the company's financial services segment, which is absolutely exploding, with revenue up 106% year over year. Financial services contribution profit was up 241% from last year, padding the bottom line.</p>
<div class="lb-trans"><p>SoFi 股票在其備受期待的首次公開募股後暴跌的原因之一是，它看起來像典型的高風險、無利潤的科技股。從那時起，它在不增加費用的情況下取得了巨大的進展，其基於費用的收入為總收入提供了支持。大部分收入來自公司的金融服務部門，該部門的收入同比增長了 106%。金融服務的貢獻利潤同比增長了 241%，為底線提供了支持。</p>
</div><p>With the loan segment back to strong growth as well, and the low cost of running an all-online bank, total earnings per share (EPS) increased from $0.01 to $0.08 year over year, a 700% increase. Look for SoFi to remain comfortably profitable over the next five years, although since it's a bank, this will ebb and flow along with interest rate movements and other economic factors.</p>
<div class="lb-trans"><p>隨着貸款部門恢復強勁增長，以及全在線銀行的低運營成本，每股收益（EPS）同比從 0.01 美元增加到 0.08 美元，增長了 700%。預計 SoFi 在未來五年將保持舒適的盈利能力，儘管由於它是一家銀行，這將隨着利率變動和其他經濟因素而波動。</p>
</div><h2>Platform: Wide and expanding</h2>
<div class="lb-trans"><h2>平台：廣泛且不斷擴展</h2>
</div><p>Much of the enthusiasm around SoFi is coming from its expansion of its platform. Not only is it offering all the regular, important elements of a financial services firm, like bank accounts, loans, and credit cards, it's offering targeted solutions to help its young, tech-savvy clientele, like crypto-based products and more high-level financial instruments in investing. SoFi just announced that it's launching Options Level 1 strategies for certain clients, and that's on the heels of announcing cryptocurrency trading and Blockchain-based international money transfers.</p>
<div class="lb-trans"><p>SoFi 周圍的熱情主要來自於其平台的擴展。它不僅提供所有常規的重要金融服務元素，如銀行賬户、貸款和信用卡，還提供針對年輕、精通科技的客户的解決方案，如基於加密貨幣的產品和更多高端金融投資工具。SoFi 剛剛宣佈將為某些客户推出期權一級策略，這緊隨其後的是宣佈加密貨幣交易和基於區塊鏈的國際匯款。</p>
</div><p>Management said that it's offering the options trading based on consumer feedback for what they're most looking for. Expect SoFi to keep rolling out new and expanded services that its customers really want, and for that to roll into its cycle of more customers, higher revenue, and increased earnings.</p>
<div class="lb-trans"><p>管理層表示，基於消費者反饋推出期權交易，以滿足他們最迫切的需求。預計 SoFi 將繼續推出客户真正需要的新服務和擴展服務，這將推動更多客户、更高收入和增加的盈利。</p>
</div><h2>Lending: Larger and more stable</h2>
<div class="lb-trans"><h2>貸款：更大且更穩定</h2>
</div><p>The lending segment is still its core segment, although non-lending revenue accounted for 55% of the total in the second quarter. As it gains more customers, originates more loans, and has more data, its credit metrics are improving.</p>
<div class="lb-trans"><p>貸款部門仍然是其核心部門，儘管非貸款收入在第二季度佔總收入的 55%。隨着客户的增加、貸款的發放和數據的積累，其信用指標正在改善。</p>
</div><p>As an example from this quarter, its annualized charge-off rate decreased from 3.31% in the first quarter to 2.83% for personal loans, and the 90-day delinquency rate declined for the fifth straight quarter to 0.42%. Over the next five years, it should be able to handle interest rate and economic changes more stably in its loan segment.</p>
<div class="lb-trans"><p>以本季度為例，其個人貸款的年化違約率從第一季度的 3.31% 降至 2.83%，90 天逾期率連續第五個季度下降至 0.42%。在未來五年中，它應該能夠在貸款部門更穩定地應對利率和經濟變化。</p>
</div><h2>Stock: Tempered gains</h2>
<div class="lb-trans"><h2>股票：温和增長</h2>
</div><p>SoFi stock has had a wild run-up over the past three years -- 430%. But it's not cheap; it trades at a forward, 1-year P/E ratio of 50 and a price-to-book ratio of 4.5. That premium may be justified, but as SoFi become bigger and more reliable, it valuation is likely to come down.</p>
<div class="lb-trans"><p>SoFi 股票在過去三年中經歷了瘋狂的上漲——430%。但它並不便宜；其前瞻性一年市盈率為 50，市淨率為 4.5。這個溢價可能是合理的，但隨着 SoFi 變得更大、更可靠，其估值可能會下降。</p>
</div><p>I expect SoFi stock to keep growing and rewarding shareholders over the next five years and longer, and likely beating the market. But it's also likely to be more volatile than the <strong>S&amp;P 500</strong>, and it's also not likely to repeat its recent massive gains.</p>
<div class="lb-trans"><p>我預計 SoFi 股票將在未來五年及更長時間內繼續增長並回報股東，並可能超越市場。但它也可能比 <strong>S&amp;P 500</strong> 更加波動，並且不太可能重複其最近的巨大漲幅。</p>
</div>

五年後 SoFi 股票將會如何表現？