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超威半导体（AMD）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是超威半导体的1.5倍（$15.2B vs $10.3B），拼多多净利率更高（27.1% vs 14.7%，领先12.4%），过去两年拼多多的营收复合增速更高（74.6% vs 37.0%）
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
AMD vs PDD — 直观对比
营收规模更大
PDD
是对方的1.5倍
$10.3B
净利率更高
PDD
高出12.4%
14.7%
两年增速更快
PDD
近两年复合增速
37.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $15.2B |
| 净利润 | $1.5B | $4.1B |
| 毛利率 | 54.3% | 56.7% |
| 营业利润率 | 17.1% | 23.1% |
| 净利率 | 14.7% | 27.1% |
| 营收同比 | 34.1% | — |
| 净利润同比 | 213.5% | — |
| 每股收益（稀释后） | $0.92 | — |
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AMDPDD
| Q4 25 | $10.3B | — | ||
| Q3 25 | $9.2B | $15.2B | ||
| Q2 25 | $7.7B | $14.5B | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.7B | — | ||
| Q3 24 | $6.8B | $14.2B | ||
| Q2 24 | $5.8B | — | ||
| Q1 24 | $5.5B | $12.0B |
净利润AMDPDD
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.2B | $4.1B | ||
| Q2 25 | $872.0M | $4.3B | ||
| Q1 25 | $709.0M | — | ||
| Q4 24 | $482.0M | — | ||
| Q3 24 | $771.0M | $3.6B | ||
| Q2 24 | $265.0M | — | ||
| Q1 24 | $123.0M | $3.9B |
毛利率AMDPDD
| Q4 25 | 54.3% | — | ||
| Q3 25 | 51.7% | 56.7% | ||
| Q2 25 | 39.8% | 55.9% | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 50.1% | 60.0% | ||
| Q2 24 | 49.1% | — | ||
| Q1 24 | 46.8% | 62.3% |
营业利润率AMDPDD
| Q4 25 | 17.1% | — | ||
| Q3 25 | 13.7% | 23.1% | ||
| Q2 25 | -1.7% | 24.8% | ||
| Q1 25 | 10.8% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 10.6% | 24.5% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 0.7% | 29.9% |
净利率AMDPDD
| Q4 25 | 14.7% | — | ||
| Q3 25 | 13.4% | 27.1% | ||
| Q2 25 | 11.3% | 29.6% | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 11.3% | 25.1% | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 2.2% | 32.3% |
每股收益（稀释后）AMDPDD
| Q4 25 | $0.92 | — | ||
| Q3 25 | $0.75 | — | ||
| Q2 25 | $0.54 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $0.47 | — | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $0.07 | — |
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 | $10.6B | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $63.0B | $55.0B |
| 总资产 | $76.9B | $86.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AMDPDD
| Q4 25 | $10.6B | — | ||
| Q3 25 | $7.2B | $13.0B | ||
| Q2 25 | $5.9B | $8.8B | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $4.5B | $9.3B | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $6.0B | $7.7B |
股东权益AMDPDD
| Q4 25 | $63.0B | — | ||
| Q3 25 | $60.8B | $55.0B | ||
| Q2 25 | $59.7B | $50.5B | ||
| Q1 25 | $57.9B | — | ||
| Q4 24 | $57.6B | — | ||
| Q3 24 | $57.0B | $39.7B | ||
| Q2 24 | $56.5B | — | ||
| Q1 24 | $56.2B | $30.3B |
总资产AMDPDD
| Q4 25 | $76.9B | — | ||
| Q3 25 | $76.9B | $86.2B | ||
| Q2 25 | $74.8B | $79.2B | ||
| Q1 25 | $71.5B | — | ||
| Q4 24 | $69.2B | — | ||
| Q3 24 | $69.6B | $66.5B | ||
| Q2 24 | $67.9B | — | ||
| Q1 24 | $67.9B | $52.3B |
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 | $2.6B | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | — |
| 自由现金流率自由现金流/营收 | 23.2% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.72× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $6.7B | — |
8季度趋势，按日历期对齐
经营现金流AMDPDD
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.2B | $6.4B | ||
| Q2 25 | $2.0B | $3.0B | ||
| Q1 25 | $939.0M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $628.0M | $3.9B | ||
| Q2 24 | $593.0M | — | ||
| Q1 24 | $521.0M | $2.9B |
自由现金流AMDPDD
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $727.0M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $496.0M | — | ||
| Q2 24 | $439.0M | — | ||
| Q1 24 | $379.0M | — |
自由现金流率AMDPDD
| Q4 25 | 23.2% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | 22.5% | — | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | 6.9% | — |
资本支出强度AMDPDD
| Q4 25 | 2.2% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 2.6% | — |
现金转化率AMDPDD
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.74× | 1.56× | ||
| Q2 25 | 2.31× | 0.70× | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 2.70× | — | ||
| Q3 24 | 0.81× | 1.10× | ||
| Q2 24 | 2.24× | — | ||
| Q1 24 | 4.24× | 0.75× |
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
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
PDD
暂无分部数据
