NU 值得关注或小仓位持有；强劲的业绩和独特的成本结构支撑长期增长，尽管存在美国扩张风险。
逐段跳播
是的，第三只股票所属的行业与我们今天谈到的前两只股票完全不同。我想谈谈 Nu Holdings。这是 Nubank 的母公司。它是一家数字银行，于2013年在巴西成立。
Yes, stock number three belongs to a completely different sector than the two stocks we talked about today. I want to talk about Nu Holdings. This is the parent company of Nubank.
It is a digital bank that was founded in Brazil in 2013.
当时，巴西的银行业由五家老牌机构主导，它们控制着约80%的市场。此外，它们收取着世界上最高的一些费用和利率，而客户却要排队等待获得基本服务。所以，Nubank 的回应是一张免手续费的紫色信用卡，可以完全通过手机申请，这就是一个完全整合的数字银行平台的开端，如今该平台以账户、贷款、投资和保险为基础，完全建立在云基础设施之上，没有任何实体网点。
At that time, the banking sector in Brazil was dominated by five established institutions, which controlled about 80% of the market. Furthermore, they imposed some of the highest fees and rates in the world while customers were waiting to receive basic service.
So, Nubank’s response was a no-fee purple credit card that could be ordered entirely by phone, and that was the beginning of a fully integrated digital banking platform, now based on accounts, loans, investments and insurance, built entirely on a cloud infrastructure with no physical branches at all.
因此，Nu Holdings 旗下的 Nubank 赚钱的方式与任何银行机构相同，也就是说，它有来自所发放信贷的利息收入以及所投资存款的收入，但其成本结构与传统银行完全不同。Nubank 每月收取约1美元的客户服务费，获取单个客户的成本约为5美元。
这在很大程度上依赖于口头推荐。作为参照，Nubank 的净推荐值约为90。
Therefore, Nu Holdings Nubank makes money in the same way as any banking institution, meaning it has income from interest on credit granted and on invested deposits, but its cost structure is completely different from that of a traditional bank.
Nubank charges about one dollar per month for customer service, and about five dollars for acquiring a single customer. Much of this depends on verbal recommendations. To put it in context, Nubank's Net Promoter Score is around 90.
在资金方面，它使用名为 FIDC 的证券化信托基金，约占其资金来源的35%，因此它并不依赖通过网点吸收的存款。目前，在巴西他们约有8000名员工，服务超过1亿客户，每位员工支持超过1.5万名客户，并创造近170万的年收入。
这是许多依赖网点的传统银行无法匹敌的生产率水平。正是这种结构，使 Nubank 能够有利可图地服务那些现有银行此前认为无利可图的客户。
As for funding, it uses securitized trust funds called FIDCs for about 35% of its funding, so it does not rely on deposits collected through branches. Currently, in Brazil they have about 8,000 employees serving more than 100 million customers, with each employee supporting more than 15,000 customers and generating nearly 1.7 million in annual revenue.
This is a level of productivity that many traditional branch-based banks cannot match. This is the structure that allowed Nubank to profitably serve customers that existing banks previously considered unprofitable.
此后，该公司已扩张至墨西哥和哥伦比亚，总客户数超过1.39亿，甚至还获得了巴西的全面银行牌照。今年，该公司开始进入美国市场，包括提供初始年回报率为3.5%的储蓄产品。
Since then, the company has expanded into Mexico and Colombia, exceeding 139 million total customers, and has even obtained a full Brazilian banking license. This year, the company began entering the US market, including offering savings with an initial annual return of 3.5%.
Berkshire Hathaway 自该公司2021年12月首次公开募股以来一直持有其股份。因此，Nu 实际上同时在推进两项扩张。它正在墨西哥等市场深化其牌照和产品范围，同时也在美国扩张。
与巴西不同，在美国这个市场，现有银行的定价不能被称为明显不合理。因此，Nubank 必须以困难得多的方式获得增长势头。
Berkshire Hathaway has retained a stake in the company since its initial public offering in December 2021. Therefore, Nu is effectively carrying out two expansions at once. It is deepening its licensing and product range in markets such as Mexico, and is also expanding in the United States.
This is a market, unlike Brazil, where the pricing of existing banks cannot be described as clearly unjustified. Therefore, Nubank has to gain traction in a much more difficult way.
该公司已推出人工智能工具。有一个你拥有的名为“NoFormer”的数字助手。它还计划推出一套由人工智能驱动的私人银行服务。该公司有史以来第一个投资者日定于2026年12月在纽约举行。因此，届时会有更多关于美国战略相关预期的细节。
The company has introduced artificial intelligence tools. There is a digital assistant you own called "NoFormer". It also plans to launch a suite of AI-powered private banking services.
The company’s first-ever investor day is scheduled for December 2026 in New York. Therefore, there will be more details there regarding expectations related to the US strategy.
用一些数字来说明，该公司在8月中旬公布了第二季度财报。收入达到约60亿美元，同比增长约40%。其净利润首次超过10亿美元。同比增长50%。
To put some numbers in perspective, the company announced its second-quarter earnings in mid-August. Revenues reached approximately $6 billion, an increase of approximately 40% year-on-year.
Their net income exceeded one billion dollars for the first time. That was a 50% year-on-year increase.
现在，这只股票实际上经历了一段波动期。财报公布后出现了大幅下跌。我们看到市场情绪普遍下滑。事实上，公司未来增长的最大驱动力也是风险最大的：美国市场。美国银行市场是全球最大的，因此哪怕只获得一小部分份额，相对于 NuBank 目前的规模来说也是巨大的。
Now, the stock has actually experienced a period of volatility. There was a sharp decline after the earnings announcement. We have seen a general decline in morale. In fact, the biggest driver of the company’s future growth is also the riskiest: the US market.
The US banking market is the largest in the world, so acquiring a modest share would be huge compared to NuBank's current size.
不过，在其现有客户群内部也存在风险，即向一个目前大多仍只使用一种产品的客户群销售贷款、投资和保险。就NuBank的客户数量而言，墨西哥和哥伦比亚的规模已经很大，但与巴西相比，它们仍处于扩张的早期阶段。
因此，公司在那里仍有非凡的增长机会。如今，客户数量和盈利能力是一起增长的，而不是以牺牲一方为代价换取另一方。
However, there are risks within its existing customer base, with regard to selling loans, investments and insurance to a base that still mostly uses one product today. Mexico and Colombia are already large in terms of the number of NuBank customers, but they are still in an early stage of expansion compared to Brazil.
Therefore, there is still an exceptional opportunity for the company to grow there. Now, the number of customers and profitability grow together, rather than one at the expense of the other.
我认为，当我们审视这家公司时，创纪录的业绩与低迷的股价之间存在落差。这在很大程度上源于对其增长故事的质疑。一旦他们扩张进入美国市场，这样的增速还能维持吗？拉丁美洲还存在监管不确定性。这也是我们看到影响该股的因素之一。
I think that when we look at this company, there is a gap between the record results and the low share price. Much of that stems from questioning the growth story. Can this growth rate be maintained once they expand into the US market?
There is also regulatory uncertainty in Latin America. That was also part of what we saw affecting the stock.
不过，这家公司继续取得强劲业绩和快速增长，其成本结构是许多竞争对手无法复制的。在美国的扩张至关重要，但其在拉丁美洲的增长随着时间推移正变得颇具吸引力。这无疑是一只值得关注的股票，如果你是采取买入并持有策略的长期投资者，或许甚至可以小仓位买入。
However, this company continues to achieve strong results and rapid growth with a cost structure that many of its competitors have been unable to replicate. Expansion in the United States is essential, but its growth in Latin America is proving compelling over time.
It is certainly a stock worth watching, or perhaps even taking a small position in if you are a long-term investor who adopts a buy-and-hold strategy.
这个频道对 $NU 的历次判断
The Motley Fool 在这只股票上只有这一条判断。