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怡安集团（AON）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是网易的1.1倍（$4.3B vs $4.0B），怡安集团净利率更高（39.4% vs 31.0%，领先8.4%），网易自由现金流更多（$1.8B vs $1.3B），过去两年网易的营收复合增速更高（9.7% vs 2.8%）
怡安集团（Aon plc）是一家英美背景的专业服务企业，下设两大业务板块：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块提供健康保险、退休及养老金计划、人才咨询等相关服务。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
AON vs NTES — 直观对比
营收规模更大
AON
是对方的1.1倍
$4.0B
净利率更高
AON
高出8.4%
31.0%
自由现金流更多
NTES
多$455.9M
$1.3B
两年增速更快
NTES
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.0B |
| 净利润 | $1.7B | $1.2B |
| 毛利率 | — | 64.1% |
| 营业利润率 | 28.1% | 28.3% |
| 净利率 | 39.4% | 31.0% |
| 营收同比 | 3.7% | — |
| 净利润同比 | 136.5% | — |
| 每股收益（稀释后） | $7.82 | — |
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AONNTES
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.0B | $4.0B | ||
| Q2 25 | $4.2B | $3.9B | ||
| Q1 25 | $4.7B | $4.0B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $3.8B | $3.5B | ||
| Q1 24 | $4.1B | $3.7B |
净利润AONNTES
| Q4 25 | $1.7B | — | ||
| Q3 25 | $458.0M | $1.2B | ||
| Q2 25 | $579.0M | $1.3B | ||
| Q1 25 | $965.0M | $1.5B | ||
| Q4 24 | $716.0M | — | ||
| Q3 24 | $343.0M | $955.7M | ||
| Q2 24 | $524.0M | $939.6M | ||
| Q1 24 | $1.1B | $1.1B |
毛利率AONNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
营业利润率AONNTES
| Q4 25 | 28.1% | — | ||
| Q3 25 | 20.4% | 28.3% | ||
| Q2 25 | 20.7% | 32.5% | ||
| Q1 25 | 30.9% | 36.2% | ||
| Q4 24 | 26.3% | — | ||
| Q3 24 | 16.7% | 27.3% | ||
| Q2 24 | 17.4% | 27.4% | ||
| Q1 24 | 36.0% | 28.4% |
净利率AONNTES
| Q4 25 | 39.4% | — | ||
| Q3 25 | 11.5% | 31.0% | ||
| Q2 25 | 13.9% | 32.6% | ||
| Q1 25 | 20.4% | 36.6% | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 9.2% | 25.6% | ||
| Q2 24 | 13.9% | 26.8% | ||
| Q1 24 | 26.3% | 29.1% |
每股收益（稀释后）AONNTES
| Q4 25 | $7.82 | — | ||
| Q3 25 | $2.11 | — | ||
| Q2 25 | $2.66 | — | ||
| Q1 25 | $4.43 | — | ||
| Q4 24 | $3.11 | — | ||
| Q3 24 | $1.57 | — | ||
| Q2 24 | $2.46 | — | ||
| Q1 24 | $5.35 | — |
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 | $2.8B | $31.3B |
| 总债务越低越好 | $15.2B | — |
| 股东权益账面价值 | $9.4B | $160.8B |
| 总资产 | $50.8B | $214.5B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AONNTES
| Q4 25 | $2.8B | — | ||
| Q3 25 | $1.3B | $31.3B | ||
| Q2 25 | $1.4B | $54.4B | ||
| Q1 25 | $1.3B | $41.7B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $20.2B | ||
| Q2 24 | $1.2B | $19.0B | ||
| Q1 24 | $6.4B | $43.0B |
总债务AONNTES
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONNTES
| Q4 25 | $9.4B | — | ||
| Q3 25 | $7.9B | $160.8B | ||
| Q2 25 | $7.8B | $154.0B | ||
| Q1 25 | $7.0B | $147.8B | ||
| Q4 24 | $6.1B | — | ||
| Q3 24 | $6.2B | $135.6B | ||
| Q2 24 | $5.9B | $134.2B | ||
| Q1 24 | $-133.0M | $130.5B |
总资产AONNTES
| Q4 25 | $50.8B | — | ||
| Q3 25 | $51.6B | $214.5B | ||
| Q2 25 | $54.0B | $208.5B | ||
| Q1 25 | $50.3B | $200.9B | ||
| Q4 24 | $49.0B | — | ||
| Q3 24 | $49.9B | $184.9B | ||
| Q2 24 | $51.5B | $183.3B | ||
| Q1 24 | $40.8B | $195.1B |
负债/权益比AONNTES
| Q4 25 | 1.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.4B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $1.8B |
| 自由现金流率自由现金流/营收 | 30.8% | 44.7% |
| 资本支出强度资本支出/营收 | 1.7% | 1.0% |
| 现金转化率经营现金流/净利润 | 0.83× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $6.3B |
8季度趋势，按日历期对齐
经营现金流AONNTES
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $796.0M | $1.5B | ||
| Q1 25 | $140.0M | $1.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $513.0M | $898.8M | ||
| Q1 24 | $309.0M | $1.3B |
自由现金流AONNTES
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $732.0M | $1.5B | ||
| Q1 25 | $84.0M | $1.6B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $951.0M | $1.5B | ||
| Q2 24 | $460.0M | $875.6M | ||
| Q1 24 | $261.0M | $1.3B |
自由现金流率AONNTES
| Q4 25 | 30.8% | — | ||
| Q3 25 | 27.0% | 44.7% | ||
| Q2 25 | 17.6% | 38.3% | ||
| Q1 25 | 1.8% | 40.4% | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 25.6% | 38.9% | ||
| Q2 24 | 12.2% | 25.0% | ||
| Q1 24 | 6.4% | 34.0% |
资本支出强度AONNTES
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.7% | 1.0% | ||
| Q2 25 | 1.5% | 0.7% | ||
| Q1 25 | 1.2% | 1.6% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.7% | 1.4% | ||
| Q2 24 | 1.4% | 0.7% | ||
| Q1 24 | 1.2% | 1.5% |
现金转化率AONNTES
| Q4 25 | 0.83× | — | ||
| Q3 25 | 2.51× | 1.47× | ||
| Q2 25 | 1.37× | 1.20× | ||
| Q1 25 | 0.15× | 1.15× | ||
| Q4 24 | 1.68× | — | ||
| Q3 24 | 2.95× | 1.58× | ||
| Q2 24 | 0.98× | 0.96× | ||
| Q1 24 | 0.29× | 1.22× |
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
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
