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盛美半导体（ACMR）与Apellis Pharmaceuticals, Inc.（APLS）财务数据对比。点击上方公司名可切换其他公司
盛美半导体的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$244.4M vs $199.9M），盛美半导体净利率更高（3.3% vs -29.5%，领先32.8%），盛美半导体同比增速更快（9.4% vs -5.9%），盛美半导体自由现金流更多（$20.1M vs $-14.3M），过去两年盛美半导体的营收复合增速更高（26.7% vs 7.7%）
盛美半导体（ACM Research, Inc.）是全球领先的半导体制造设备供应商，专注于研发、生产及销售晶圆湿法处理相关设备，覆盖清洗、电镀、刻蚀等品类，产品广泛应用于逻辑、存储、功率等各类先进芯片的生产流程，服务全球多地区芯片制造企业。
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
ACMR vs APLS — 直观对比
营收规模更大
ACMR
是对方的1.2倍
$199.9M
营收增速更快
ACMR
高出15.3%
-5.9%
净利率更高
ACMR
高出32.8%
-29.5%
自由现金流更多
ACMR
多$34.4M
$-14.3M
两年增速更快
ACMR
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $199.9M |
| 净利润 | $8.0M | $-59.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 9.4% | -25.6% |
| 净利率 | 3.3% | -29.5% |
| 营收同比 | 9.4% | -5.9% |
| 净利润同比 | -74.1% | -62.2% |
| 每股收益（稀释后） | $0.11 | $-0.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACMRAPLS
| Q4 25 | $244.4M | $199.9M | ||
| Q3 25 | $269.2M | $458.6M | ||
| Q2 25 | $215.4M | $178.5M | ||
| Q1 25 | $172.3M | $166.8M | ||
| Q4 24 | $223.5M | $212.5M | ||
| Q3 24 | $204.0M | $196.8M | ||
| Q2 24 | $202.5M | $199.7M | ||
| Q1 24 | $152.2M | $172.3M |
净利润ACMRAPLS
| Q4 25 | $8.0M | $-59.0M | ||
| Q3 25 | $35.9M | $215.7M | ||
| Q2 25 | $29.8M | $-42.2M | ||
| Q1 25 | $20.4M | $-92.2M | ||
| Q4 24 | $31.1M | $-36.4M | ||
| Q3 24 | $30.9M | $-57.4M | ||
| Q2 24 | $24.2M | $-37.7M | ||
| Q1 24 | $17.4M | $-66.4M |
毛利率ACMRAPLS
| Q4 25 | 40.9% | — | ||
| Q3 25 | 42.0% | — | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 47.9% | — | ||
| Q4 24 | 49.6% | — | ||
| Q3 24 | 51.4% | — | ||
| Q2 24 | 47.8% | — | ||
| Q1 24 | 52.0% | — |
营业利润率ACMRAPLS
| Q4 25 | 9.4% | -25.6% | ||
| Q3 25 | 10.7% | 48.7% | ||
| Q2 25 | 14.7% | -18.6% | ||
| Q1 25 | 15.0% | -50.0% | ||
| Q4 24 | 19.7% | -12.3% | ||
| Q3 24 | 21.7% | -24.0% | ||
| Q2 24 | 18.6% | -14.7% | ||
| Q1 24 | 16.6% | -36.0% |
净利率ACMRAPLS
| Q4 25 | 3.3% | -29.5% | ||
| Q3 25 | 13.3% | 47.0% | ||
| Q2 25 | 13.8% | -23.6% | ||
| Q1 25 | 11.8% | -55.3% | ||
| Q4 24 | 13.9% | -17.1% | ||
| Q3 24 | 15.2% | -29.2% | ||
| Q2 24 | 12.0% | -18.9% | ||
| Q1 24 | 11.5% | -38.5% |
每股收益（稀释后）ACMRAPLS
| Q4 25 | $0.11 | $-0.40 | ||
| Q3 25 | $0.52 | $1.67 | ||
| Q2 25 | $0.44 | $-0.33 | ||
| Q1 25 | $0.30 | $-0.74 | ||
| Q4 24 | $0.47 | $-0.30 | ||
| Q3 24 | $0.45 | $-0.46 | ||
| Q2 24 | $0.35 | $-0.30 | ||
| Q1 24 | $0.26 | $-0.54 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $792.9M | $466.2M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $370.1M |
| 总资产 | $2.9B | $1.1B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资ACMRAPLS
| Q4 25 | $792.9M | $466.2M | ||
| Q3 25 | $1.1B | $479.2M | ||
| Q2 25 | $463.2M | $370.0M | ||
| Q1 25 | $475.6M | $358.4M | ||
| Q4 24 | $426.8M | $411.3M | ||
| Q3 24 | $353.8M | $396.9M | ||
| Q2 24 | $343.6M | $360.1M | ||
| Q1 24 | $230.0M | $325.9M |
总债务ACMRAPLS
| Q4 25 | $214.0M | — | ||
| Q3 25 | $242.0M | — | ||
| Q2 25 | $225.1M | — | ||
| Q1 25 | $202.5M | — | ||
| Q4 24 | $150.0M | — | ||
| Q3 24 | $150.0M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $60.0M | $93.1M |
股东权益ACMRAPLS
| Q4 25 | $1.5B | $370.1M | ||
| Q3 25 | $1.4B | $401.2M | ||
| Q2 25 | $986.5M | $156.3M | ||
| Q1 25 | $949.1M | $164.2M | ||
| Q4 24 | $904.6M | $228.5M | ||
| Q3 24 | $888.2M | $237.1M | ||
| Q2 24 | $833.2M | $264.3M | ||
| Q1 24 | $796.2M | $266.7M |
总资产ACMRAPLS
| Q4 25 | $2.9B | $1.1B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.0B | $821.4M | ||
| Q1 25 | $1.9B | $807.3M | ||
| Q4 24 | $1.9B | $885.1M | ||
| Q3 24 | $1.8B | $901.9M | ||
| Q2 24 | $1.7B | $904.5M | ||
| Q1 24 | $1.6B | $831.9M |
负债/权益比ACMRAPLS
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.17× | — | ||
| Q2 24 | 0.11× | — | ||
| Q1 24 | 0.08× | 0.35× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $33.9M | $-14.2M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-14.3M |
| 自由现金流率自由现金流/营收 | 8.2% | -7.1% |
| 资本支出强度资本支出/营收 | 5.6% | 0.1% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $45.0M |
8季度趋势，按日历期对齐
经营现金流ACMRAPLS
| Q4 25 | $33.9M | $-14.2M | ||
| Q3 25 | $-4.6M | $108.5M | ||
| Q2 25 | $-44.9M | $4.4M | ||
| Q1 25 | $5.3M | $-53.4M | ||
| Q4 24 | $88.6M | $19.4M | ||
| Q3 24 | $11.9M | $34.1M | ||
| Q2 24 | $61.6M | $-8.3M | ||
| Q1 24 | $-9.6M | $-133.0M |
自由现金流ACMRAPLS
| Q4 25 | $20.1M | $-14.3M | ||
| Q3 25 | $-15.6M | $108.3M | ||
| Q2 25 | $-59.6M | $4.4M | ||
| Q1 25 | $-11.4M | $-53.4M | ||
| Q4 24 | $77.2M | $19.3M | ||
| Q3 24 | $-20.6M | — | ||
| Q2 24 | $48.5M | $-8.4M | ||
| Q1 24 | $-35.1M | $-133.3M |
自由现金流率ACMRAPLS
| Q4 25 | 8.2% | -7.1% | ||
| Q3 25 | -5.8% | 23.6% | ||
| Q2 25 | -27.7% | 2.5% | ||
| Q1 25 | -6.6% | -32.0% | ||
| Q4 24 | 34.5% | 9.1% | ||
| Q3 24 | -10.1% | — | ||
| Q2 24 | 24.0% | -4.2% | ||
| Q1 24 | -23.0% | -77.3% |
资本支出强度ACMRAPLS
| Q4 25 | 5.6% | 0.1% | ||
| Q3 25 | 4.1% | 0.0% | ||
| Q2 25 | 6.8% | 0.0% | ||
| Q1 25 | 9.7% | 0.0% | ||
| Q4 24 | 5.1% | 0.0% | ||
| Q3 24 | 16.0% | 0.0% | ||
| Q2 24 | 6.5% | 0.0% | ||
| Q1 24 | 16.7% | 0.2% |
现金转化率ACMRAPLS
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | 0.50× | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | -0.55× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACMR
| Total Single Wafer And Semi Critical Cleaning Equipment | $159.9M | 65% |
| ECP Front End And Packaging Furnace And Other Technologies | $64.1M | 26% |
| Advanced Packaging Exclude ECP Services Spares | $20.5M | 8% |
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
