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Core Viewpoint - SoFi Technologies is experiencing a significant stock decline in 2026, down 35% year to date, despite reporting strong operational performance and user growth, primarily due to macroeconomic challenges such as high inflation and geopolitical tensions [1][2]. Company Performance - SoFi added 1 million new accounts in Q4 2025, marking a record for the company, and operates a diverse range of financial products appealing to students and young professionals [4]. - The company reported adjusted net revenue growth of 37% year over year in Q4, surpassing $1 billion for the first time, with earnings per share (EPS) increasing from $0.05 to $0.13 [6]. Strategic Approach - SoFi employs a "one-stop shop" strategy to attract young users and cross-sell various financial products, including access to private equity funds and blockchain-based offerings [5]. - The company is demonstrating strong long-term prospects by continuously attracting new users and effectively monetizing its existing customer base [7]. Market Outlook - The current stock price is $15.13, with a market cap of $19 billion, and the stock would need to increase by 490% to reach $100 by 2030, which is considered a challenging target despite the company's growth potential [9][10].

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香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Asset Chain Limited 財富鏈有限公司 (於百慕達註冊成立之有限公司) (股份代號: 616) 自願公佈 有關訂立諒解備忘錄 的最新資料 本公佈乃由財富鏈有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出， 以 就 本 集 團 業 務 發 展 向 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 提 供 最 新 資 料。 謹提述日期為2025年12月24日 的 本 公 司 公 佈（「該公佈」），內 容 有 關 就 認 購 合 營 公 司 股 份 而 訂 立 諒 解 備 忘 錄。除 另 有 說 明 外，本 公 佈 所 用 詞 彙 與 該 公 佈 所 界 定 者 具有相同涵義。 誠 如 該 公 佈 所 載，根 據 諒 解 備 忘 錄，本 公 司 與 其 他 潛 在 認 購 方 擬 認 購 合 營 公 司 的股份，而預期該公司的主要業務為發展及╱或投資穩定幣及╱或其他區塊鏈相 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in total revenue and net profit for 2025, with total revenue rising by 32% year-on-year to 1.734 billion yuan and net profit increasing by 1089% to 1.664 billion yuan [1] - The second half of 2025 saw total revenue grow by 36% year-on-year to 0.95 billion yuan, while net profit rose by 16% to 0.15 billion yuan [1] - The company achieved profitability primarily due to non-recurring income from the sale of equity stakes and subsidiaries, indicating that operational profits remain in a loss state when excluding these one-time gains [8] Financial Performance Summary - Total revenue projections for 2026-2028 are set at 2.368 billion, 3.536 billion, and 5.561 billion yuan, reflecting year-on-year growth rates of 37%, 49%, and 57% respectively [1] - The company’s earnings per share (EPS) is expected to improve from -0.02 yuan in 2026 to 0.27 yuan in 2028, with a corresponding price-to-earnings (P/E) ratio of 20 by 2028 [1] - The global payment total processing volume (TPV) for 2025 reached 4.524 trillion yuan, marking a 60.7% increase year-on-year, driven by the growth in cross-border e-commerce [8] Business Segment Performance - The digital payment services segment saw revenue increase by 29.3% to 1.45 billion yuan, with global payment services contributing 1.045 billion yuan and domestic payment services contributing 0.405 billion yuan [8] - Value-added services revenue surged by 81.2% to 0.265 billion yuan, primarily driven by the growth in overseas virtual card services [8] - The company is focusing on optimizing its business structure and expanding its global payment services, which are crucial for its operational strategy [8] Cost and Expense Management - Sales expenses increased by 8.7% to 0.27 billion yuan, reflecting higher promotional spending to expand customer acquisition [8] - Management expenses rose by 16.62% to 0.654 billion yuan, attributed to strategic investments in blockchain technology [8] - Research and development expenses grew by 13.02% to 0.361 billion yuan, aimed at enhancing applications in blockchain and AI [8] Strategic Developments - The company is enhancing its technological foundation with a focus on AI and new infrastructure, positioning itself as a global financial infrastructure provider [8] - The establishment of an overseas headquarters in Hong Kong marks a significant step in the company's globalization strategy [8] - The company is leveraging its extensive global payment licenses to deepen its market presence in Southeast Asia [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In 2025, the company achieved a total revenue of 1.734 billion yuan, representing a year-on-year increase of 32%, and a net profit attributable to shareholders of 1.664 billion yuan, reflecting a year-on-year increase of 1089% [1] - The revenue for the second half of 2025 was 0.95 billion yuan, with a year-on-year growth of 36%, and the net profit for the same period was 0.15 billion yuan, up 16% year-on-year [1] - The company reported a significant one-time gain from the sale of equity and subsidiaries, which contributed to the turnaround from loss to profit, although operational profits remain in a loss state when excluding non-recurring items [8] Revenue and Profit Forecast - The forecast for total revenue from 2026 to 2028 is 2.368 billion yuan, 3.536 billion yuan, and 5.561 billion yuan, respectively, with year-on-year growth rates of 37%, 49%, and 57% [1] - The net profit forecast for the same period is projected to be -0.024 billion yuan, 0.122 billion yuan, and 0.271 billion yuan, with corresponding year-on-year growth rates of -101%, 597%, and 123% [1] Business Performance - The digital payment services segment saw a revenue increase of 29.3% to 1.45 billion yuan, with global payment business revenue also up by 29.3% to 1.045 billion yuan [8] - The total payment volume (TPV) for global payments reached 4.524 trillion yuan, a year-on-year increase of 60.7% [8] - The value-added services segment experienced a revenue increase of 81.2% to 0.265 billion yuan, primarily driven by the growth in overseas virtual card services [8] Cost and Expense Management - Sales expenses increased by 8.7% to 0.27 billion yuan, while management expenses rose by 16.62% to 0.654 billion yuan, reflecting strategic investments in blockchain and AI [8] - Research and development expenses grew by 13.02% to 0.361 billion yuan, focusing on expanding applications in blockchain and AI [8] Strategic Developments - The company is enhancing its global payment network and has established a new headquarters in Hong Kong, marking a significant step in its globalization strategy [8] - The introduction of new payment infrastructure (LGPS) aims to transform the company from a single payment channel provider to a global financial infrastructure provider [8]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $6.2 billion, representing a 440% year-over-year increase, while full-year revenue reached $16.2 billion, up 424% year-over-year [24][30] - Adjusted EBITDA for Q4 was $12.1 million, a 188% increase year-over-year, and for the full year, it was $32.4 million, growing 904% year-over-year [31] - Net loss for Q4 was $50 million compared to a net income of $129.4 million in the prior year, and for the full year, the net loss was $14.8 million compared to a net income of $156.5 million in the prior year [30][31] Business Line Data and Key Metrics Changes - Digital asset sales in Q4 were $6.0 billion, increasing 531% year-over-year, and for the full year, they totaled $15.6 billion, up 513% year-over-year [25] - Staking revenue for Q4 was $58.3 million, down 64% year-over-year, while full-year staking revenue was $385.0 million, a 16% decrease year-over-year [26] - Subscriptions and services revenue in Q4 was $39.3 million, a 75% increase year-over-year, and for the full year, it was $121.5 million, growing 57% year-over-year [27] Market Data and Key Metrics Changes - Assets on the platform decreased 9% year-over-year to $81.6 billion, while assets staked decreased 51% year-over-year to $15.6 billion [24] - On a normalized price basis, assets on the platform grew 16% year-over-year, while assets staked declined only 7% [11][25] Company Strategy and Development Direction - The company aims to expand its product offerings and market presence, focusing on regulatory progress in international markets, particularly in APAC [13][14] - BitGo is positioning itself as a comprehensive infrastructure provider for digital assets, emphasizing security and compliance to attract institutional clients [8][10] - The growth strategy includes increasing client engagement through new integrations and expanding product capabilities, such as derivatives and stablecoin services [12][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macro environment and its impact on revenue streams but remains confident in the underlying unit-based metrics and client pipeline [34] - The company expects continued growth in its client base and product offerings, particularly in derivatives and stablecoin services, despite current market volatility [35][36] - Management believes that regulatory developments, such as the CLARITY Act, will unlock further opportunities for growth in the digital asset space [40][41] Other Important Information - The company has secured partnerships with major firms like Fidelity and Bitmain, enhancing its market profile and service offerings [18] - The launch of the derivatives business in Q1 2026 has already seen substantial trading volume, indicating strong client interest [84] Q&A Session Summary Question: Impact of the CLARITY Act on Business - Management is optimistic about the CLARITY Act passing and believes it will facilitate regulatory clarity, which is crucial for traditional finance firms to engage with digital assets [40][41] Question: Client Pipeline and Traditional Finance Focus - The client pipeline is strong, with significant interest from traditional finance firms that were previously not involved in digital assets [43] Question: Segments Affected by Digital Asset Price Declines - Management acknowledges that while digital asset prices affect the business, segments like stablecoins and trading volume are less correlated and may continue to grow [48][50] Question: Agentic Wallets and Product Bundling - The company believes its product offerings are well-suited for agentic wallets, which can enhance institutional capabilities [51][52] Question: Derivatives Trading Launch and Future Growth - The derivatives trading business launched on January 1, 2026, has seen significant client engagement and is expected to drive future growth [83][86]

2025 Full Year Investor Presentation M a r 2 0 2 6 1 Legal Disclaimer 2 • This document has been prepared by YEAHKA LIMITED (the "Company" or "us") for a limited number of recipients and for information purposes only and not for public dissemination. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, ...

Core Viewpoint - The article highlights the emergence of new types of scams disguised as legitimate investment opportunities, particularly leveraging technology and modern financial concepts to deceive investors [3][4]. Group 1: Types of Scams - AI Concept Investment: Promises of guaranteed returns up to 30% annually are often based on false algorithms and are part of a Ponzi scheme [4][5]. - Virtual Real Estate Trap: Selling virtual land in the metaverse with promises of double returns is a form of a Ponzi scheme [5]. - Green Points Game: Claims of monetizing carbon credits are misleading, as they rely on recruiting new participants for rebates [5]. - Digital Collectibles Financialization: Promises of value appreciation through "pledging collectibles" are often just a way to recycle funds [5]. Group 2: Faces of Illegal Fundraising - Technology Disguise: Scams use buzzwords like AI, blockchain, and carbon neutrality to create a facade of high-profit models, while the actual fund flow remains unclear [6]. - Emotional Bonding: Scams operate under the guise of "family wealth inheritance plans" or "elite clubs," building trust through community engagement to encourage incremental investments [7]. - Policy Misinterpretation: Some scams fabricate government endorsements and documents, claiming benefits from digital currency pilot programs or rural revitalization subsidies [10]. - Consumption to Investment: The model promotes a closed-loop ecosystem of "consumption-investment-equity," misleadingly suggesting that consumer spending can be transformed into investment, while actually relying on funds from new participants to cover gaps [13]. Group 3: Defensive Measures - The article suggests that consumers need actionable defense strategies against digital risks, emphasizing the importance of skepticism and caution [14]. - Key recommendations include not trusting unknown calls or messages, safeguarding financial information, and verifying any requests for transfers or payments from strangers [15][17][19].