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AlTi Global, Inc.（ALTI）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
再鼎医药的季度营收约是AlTi Global, Inc.的1.5倍（$127.1M vs $86.6M），AlTi Global, Inc.同比增速更快（87.0% vs 17.1%），再鼎医药自由现金流更多（$-26.7M vs $-52.2M），过去两年AlTi Global, Inc.的营收复合增速更高（30.6% vs 20.8%）
该公司原名Cristal Global，是全球第二大二氧化钛生产商，同时也是钛化学品的龙头供应商，由原国家二氧化钛有限公司与 Millennium Chemicals 合并组建而成，总部设于沙特阿拉伯吉达。该公司是全球第五大二氧化钛原料生产商Bemax的重要股东。
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。
ALTI vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.5倍
$86.6M
营收增速更快
ALTI
高出69.9%
17.1%
自由现金流更多
ZLAB
多$25.5M
$-52.2M
两年增速更快
ALTI
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $86.6M | $127.1M |
| 净利润 | $-13.1M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -2.1% | -54.6% |
| 净利率 | -15.1% | — |
| 营收同比 | 87.0% | 17.1% |
| 净利润同比 | 75.6% | — |
| 每股收益（稀释后） | — | $-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ALTIZLAB
| Q4 25 | $86.6M | $127.1M | ||
| Q3 25 | $57.2M | $115.4M | ||
| Q2 25 | $53.1M | $109.1M | ||
| Q1 25 | $58.0M | $105.7M | ||
| Q4 24 | $46.3M | $108.5M | ||
| Q3 24 | $51.8M | $101.8M | ||
| Q2 24 | $49.5M | $100.1M | ||
| Q1 24 | $50.8M | $87.1M |
净利润ALTIZLAB
| Q4 25 | $-13.1M | — | ||
| Q3 25 | $-84.1M | $-36.0M | ||
| Q2 25 | $-24.4M | $-40.7M | ||
| Q1 25 | $1.9M | $-48.4M | ||
| Q4 24 | $-53.8M | — | ||
| Q3 24 | $-72.5M | $-41.7M | ||
| Q2 24 | $-6.4M | $-80.3M | ||
| Q1 24 | $29.7M | $-53.5M |
毛利率ALTIZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率ALTIZLAB
| Q4 25 | -2.1% | -54.6% | ||
| Q3 25 | -49.8% | -42.3% | ||
| Q2 25 | -56.7% | -50.3% | ||
| Q1 25 | -23.3% | -53.3% | ||
| Q4 24 | -42.7% | -62.6% | ||
| Q3 24 | -18.4% | -66.6% | ||
| Q2 24 | -30.2% | -76.0% | ||
| Q1 24 | -28.9% | -80.7% |
净利率ALTIZLAB
| Q4 25 | -15.1% | — | ||
| Q3 25 | -147.0% | -31.2% | ||
| Q2 25 | -45.9% | -37.3% | ||
| Q1 25 | 3.3% | -45.8% | ||
| Q4 24 | -116.1% | — | ||
| Q3 24 | -140.0% | -40.9% | ||
| Q2 24 | -12.9% | -80.2% | ||
| Q1 24 | 58.4% | -61.4% |
每股收益（稀释后）ALTIZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | $-0.33 | $-0.04 | ||
| Q1 25 | $-0.04 | $-0.04 | ||
| Q4 24 | $-0.71 | $-0.09 | ||
| Q3 24 | $-0.88 | $-0.04 | ||
| Q2 24 | $-0.18 | $-0.08 | ||
| Q1 24 | $0.18 | $-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 | $41.2M | $689.6M |
| 总债务越低越好 | $883.0K | — |
| 股东权益账面价值 | $600.1M | $715.5M |
| 总资产 | $1.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资ALTIZLAB
| Q4 25 | $41.2M | $689.6M | ||
| Q3 25 | $35.8M | $717.2M | ||
| Q2 25 | $42.4M | $732.2M | ||
| Q1 25 | $52.8M | $757.3M | ||
| Q4 24 | $64.4M | $779.7M | ||
| Q3 24 | $220.6M | $616.1M | ||
| Q2 24 | $60.0M | $630.0M | ||
| Q1 24 | $134.2M | $650.8M |
总债务ALTIZLAB
| Q4 25 | $883.0K | — | ||
| Q3 25 | $586.0K | — | ||
| Q2 25 | $673.0K | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $128.4M | — | ||
| Q2 24 | $164.0M | — | ||
| Q1 24 | $183.7M | — |
股东权益ALTIZLAB
| Q4 25 | $600.1M | $715.5M | ||
| Q3 25 | $607.2M | $759.9M | ||
| Q2 25 | $685.4M | $791.7M | ||
| Q1 25 | $665.2M | $810.8M | ||
| Q4 24 | $658.4M | $840.9M | ||
| Q3 24 | $707.0M | $667.7M | ||
| Q2 24 | $540.2M | $704.2M | ||
| Q1 24 | $510.9M | $762.2M |
总资产ALTIZLAB
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.4B | $985.3M | ||
| Q2 24 | $1.3B | $987.4M | ||
| Q1 24 | $1.3B | $988.4M |
负债/权益比ALTIZLAB
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.30× | — | ||
| Q1 24 | 0.36× | — |
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 | $-51.4M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-52.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | -60.3% | -21.0% |
| 资本支出强度资本支出/营收 | 0.9% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流ALTIZLAB
| Q4 25 | $-51.4M | $-26.0M | ||
| Q3 25 | $-53.5M | $-32.0M | ||
| Q2 25 | $-19.9M | $-31.0M | ||
| Q1 25 | $-30.2M | $-61.7M | ||
| Q4 24 | $-50.7M | $-55.8M | ||
| Q3 24 | $-4.9M | $-26.8M | ||
| Q2 24 | $-30.2M | $-42.2M | ||
| Q1 24 | $-15.5M | $-90.1M |
自由现金流ALTIZLAB
| Q4 25 | $-52.2M | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | $-20.0M | $-33.9M | ||
| Q1 25 | $-31.0M | $-63.2M | ||
| Q4 24 | $-58.2M | $-58.4M | ||
| Q3 24 | $-9.4M | $-28.2M | ||
| Q2 24 | $-31.2M | $-42.9M | ||
| Q1 24 | $-15.7M | $-91.1M |
自由现金流率ALTIZLAB
| Q4 25 | -60.3% | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | -37.6% | -31.1% | ||
| Q1 25 | -53.4% | -59.9% | ||
| Q4 24 | -125.7% | -53.8% | ||
| Q3 24 | -18.2% | -27.7% | ||
| Q2 24 | -63.2% | -42.9% | ||
| Q1 24 | -30.9% | -104.5% |
资本支出强度ALTIZLAB
| Q4 25 | 0.9% | 0.5% | ||
| Q3 25 | 0.0% | 2.6% | ||
| Q2 25 | 0.0% | 2.6% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 16.3% | 2.4% | ||
| Q3 24 | 8.7% | 1.3% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 0.4% | 1.1% |
现金转化率ALTIZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -15.80× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.52× | — |
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
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
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% |
