vs
盛美半导体（ACMR）与再鼎医药（ZLAB）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再鼎医药的1.9倍（$244.4M vs $127.1M），再鼎医药同比增速更快（17.1% vs 9.4%），盛美半导体自由现金流更多（$20.1M vs $-26.7M），过去两年盛美半导体的营收复合增速更高（26.7% vs 20.8%）
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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
ACMR vs ZLAB — 直观对比
营收规模更大
ACMR
是对方的1.9倍
$127.1M
营收增速更快
ZLAB
高出7.7%
9.4%
自由现金流更多
ACMR
多$46.8M
$-26.7M
两年增速更快
ACMR
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $127.1M |
| 净利润 | $8.0M | — |
| 毛利率 | 40.9% | 51.0% |
| 营业利润率 | 9.4% | -54.6% |
| 净利率 | 3.3% | — |
| 营收同比 | 9.4% | 17.1% |
| 净利润同比 | -74.1% | — |
| 每股收益（稀释后） | $0.11 | $-0.05 |
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ACMRZLAB
| Q4 25 | $244.4M | $127.1M | ||
| Q3 25 | $269.2M | $115.4M | ||
| Q2 25 | $215.4M | $109.1M | ||
| Q1 25 | $172.3M | $105.7M | ||
| Q4 24 | $223.5M | $108.5M | ||
| Q3 24 | $204.0M | $101.8M | ||
| Q2 24 | $202.5M | $100.1M | ||
| Q1 24 | $152.2M | $87.1M |
净利润ACMRZLAB
| Q4 25 | $8.0M | — | ||
| Q3 25 | $35.9M | $-36.0M | ||
| Q2 25 | $29.8M | $-40.7M | ||
| Q1 25 | $20.4M | $-48.4M | ||
| Q4 24 | $31.1M | — | ||
| Q3 24 | $30.9M | $-41.7M | ||
| Q2 24 | $24.2M | $-80.3M | ||
| Q1 24 | $17.4M | $-53.5M |
毛利率ACMRZLAB
| Q4 25 | 40.9% | 51.0% | ||
| Q3 25 | 42.0% | 59.5% | ||
| Q2 25 | 48.5% | 60.6% | ||
| Q1 25 | 47.9% | 63.6% | ||
| Q4 24 | 49.6% | 61.5% | ||
| Q3 24 | 51.4% | 64.1% | ||
| Q2 24 | 47.8% | 64.9% | ||
| Q1 24 | 52.0% | 61.4% |
营业利润率ACMRZLAB
| Q4 25 | 9.4% | -54.6% | ||
| Q3 25 | 10.7% | -42.3% | ||
| Q2 25 | 14.7% | -50.3% | ||
| Q1 25 | 15.0% | -53.3% | ||
| Q4 24 | 19.7% | -62.6% | ||
| Q3 24 | 21.7% | -66.6% | ||
| Q2 24 | 18.6% | -76.0% | ||
| Q1 24 | 16.6% | -80.7% |
净利率ACMRZLAB
| Q4 25 | 3.3% | — | ||
| Q3 25 | 13.3% | -31.2% | ||
| Q2 25 | 13.8% | -37.3% | ||
| Q1 25 | 11.8% | -45.8% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.2% | -40.9% | ||
| Q2 24 | 12.0% | -80.2% | ||
| Q1 24 | 11.5% | -61.4% |
每股收益（稀释后）ACMRZLAB
| Q4 25 | $0.11 | $-0.05 | ||
| Q3 25 | $0.52 | $-0.03 | ||
| Q2 25 | $0.44 | $-0.04 | ||
| Q1 25 | $0.30 | $-0.04 | ||
| Q4 24 | $0.47 | $-0.09 | ||
| Q3 24 | $0.45 | $-0.04 | ||
| Q2 24 | $0.35 | $-0.08 | ||
| Q1 24 | $0.26 | $-0.05 |
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 | $689.6M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $715.5M |
| 总资产 | $2.9B | $1.2B |
| 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ACMRZLAB
| Q4 25 | $792.9M | $689.6M | ||
| Q3 25 | $1.1B | $717.2M | ||
| Q2 25 | $463.2M | $732.2M | ||
| Q1 25 | $475.6M | $757.3M | ||
| Q4 24 | $426.8M | $779.7M | ||
| Q3 24 | $353.8M | $616.1M | ||
| Q2 24 | $343.6M | $630.0M | ||
| Q1 24 | $230.0M | $650.8M |
总债务ACMRZLAB
| 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 | — |
股东权益ACMRZLAB
| Q4 25 | $1.5B | $715.5M | ||
| Q3 25 | $1.4B | $759.9M | ||
| Q2 25 | $986.5M | $791.7M | ||
| Q1 25 | $949.1M | $810.8M | ||
| Q4 24 | $904.6M | $840.9M | ||
| Q3 24 | $888.2M | $667.7M | ||
| Q2 24 | $833.2M | $704.2M | ||
| Q1 24 | $796.2M | $762.2M |
总资产ACMRZLAB
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.8B | $985.3M | ||
| Q2 24 | $1.7B | $987.4M | ||
| Q1 24 | $1.6B | $988.4M |
负债/权益比ACMRZLAB
| 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× | — |
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 | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-26.7M |
| 自由现金流率自由现金流/营收 | 8.2% | -21.0% |
| 资本支出强度资本支出/营收 | 5.6% | 0.5% |
| 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 | $-158.9M |
8季度趋势，按日历期对齐
经营现金流ACMRZLAB
| Q4 25 | $33.9M | $-26.0M | ||
| Q3 25 | $-4.6M | $-32.0M | ||
| Q2 25 | $-44.9M | $-31.0M | ||
| Q1 25 | $5.3M | $-61.7M | ||
| Q4 24 | $88.6M | $-55.8M | ||
| Q3 24 | $11.9M | $-26.8M | ||
| Q2 24 | $61.6M | $-42.2M | ||
| Q1 24 | $-9.6M | $-90.1M |
自由现金流ACMRZLAB
| Q4 25 | $20.1M | $-26.7M | ||
| Q3 25 | $-15.6M | $-35.0M | ||
| Q2 25 | $-59.6M | $-33.9M | ||
| Q1 25 | $-11.4M | $-63.2M | ||
| Q4 24 | $77.2M | $-58.4M | ||
| Q3 24 | $-20.6M | $-28.2M | ||
| Q2 24 | $48.5M | $-42.9M | ||
| Q1 24 | $-35.1M | $-91.1M |
自由现金流率ACMRZLAB
| Q4 25 | 8.2% | -21.0% | ||
| Q3 25 | -5.8% | -30.4% | ||
| Q2 25 | -27.7% | -31.1% | ||
| Q1 25 | -6.6% | -59.9% | ||
| Q4 24 | 34.5% | -53.8% | ||
| Q3 24 | -10.1% | -27.7% | ||
| Q2 24 | 24.0% | -42.9% | ||
| Q1 24 | -23.0% | -104.5% |
资本支出强度ACMRZLAB
| Q4 25 | 5.6% | 0.5% | ||
| Q3 25 | 4.1% | 2.6% | ||
| Q2 25 | 6.8% | 2.6% | ||
| Q1 25 | 9.7% | 1.5% | ||
| Q4 24 | 5.1% | 2.4% | ||
| Q3 24 | 16.0% | 1.3% | ||
| Q2 24 | 6.5% | 0.7% | ||
| Q1 24 | 16.7% | 1.1% |
现金转化率ACMRZLAB
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | — | ||
| 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% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
