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A.O.史密斯（AOS）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是A.O.史密斯的25.1倍（$22.9B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 7.0%，领先6.7%）。冬海集团同比增速更快（363.4% vs 0.0%）。过去两年冬海集团的营收复合增速更高（147.8% vs -3.4%）
A.O.史密斯是美国知名的家用及商用热水器、锅炉生产商，也是北美规模最大的热水器制造销售商，在亚洲市场还供应水处理和净化产品。公司在全球共有27个站点，包括北美5座生产基地，以及位于印度班加罗尔、中国南京、荷兰费尔德霍芬的工厂。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
AOS vs SE — 直观对比
营收规模更大
SE
是对方的25.1倍
$912.5M
营收增速更快
SE
高出363.4%
0.0%
净利率更高
AOS
高出6.7%
7.0%
两年增速更快
SE
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $22.9B |
| 净利润 | $125.4M | $1.6B |
| 毛利率 | 38.4% | 44.7% |
| 营业利润率 | 17.9% | 8.7% |
| 净利率 | 13.7% | 7.0% |
| 营收同比 | 0.0% | 363.4% |
| 净利润同比 | 14.3% | — |
| 每股收益（稀释后） | $0.89 | $2.52 |
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AOSSE
| Q4 25 | $912.5M | $22.9B | ||
| Q3 25 | $942.5M | $6.0B | ||
| Q2 25 | $1.0B | $5.3B | ||
| Q1 25 | $963.9M | $4.8B | ||
| Q4 24 | $912.4M | $5.0B | ||
| Q3 24 | $902.6M | $4.3B | ||
| Q2 24 | $1.0B | $3.8B | ||
| Q1 24 | $978.8M | $3.7B |
净利润AOSSE
| Q4 25 | $125.4M | $1.6B | ||
| Q3 25 | $132.0M | $375.0M | ||
| Q2 25 | $152.2M | $414.2M | ||
| Q1 25 | $136.6M | $-7.8M | ||
| Q4 24 | $109.7M | — | ||
| Q3 24 | $120.1M | — | ||
| Q2 24 | $156.2M | — | ||
| Q1 24 | $147.6M | $-23.0M |
毛利率AOSSE
| Q4 25 | 38.4% | 44.7% | ||
| Q3 25 | 38.7% | 43.4% | ||
| Q2 25 | 39.3% | 45.8% | ||
| Q1 25 | 38.9% | 46.2% | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 39.3% | 41.6% |
营业利润率AOSSE
| Q4 25 | 17.9% | 8.7% | ||
| Q3 25 | 18.6% | 8.0% | ||
| Q2 25 | 20.4% | 9.3% | ||
| Q1 25 | 19.1% | 9.4% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 21.9% | — | ||
| Q1 24 | 22.0% | 1.9% |
净利率AOSSE
| Q4 25 | 13.7% | 7.0% | ||
| Q3 25 | 14.0% | 6.3% | ||
| Q2 25 | 15.0% | 7.9% | ||
| Q1 25 | 14.2% | -0.2% | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 15.2% | — | ||
| Q1 24 | 15.1% | -0.6% |
每股收益（稀释后）AOSSE
| Q4 25 | $0.89 | $2.52 | ||
| Q3 25 | $0.94 | $0.59 | ||
| Q2 25 | $1.07 | $0.65 | ||
| Q1 25 | $0.95 | $0.65 | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.82 | — | ||
| Q2 24 | $1.06 | — | ||
| Q1 24 | $1.00 | — |
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 | $193.2M | $10.6B |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $12.6B |
| 总资产 | $3.1B | $29.4B |
| 负债/权益比越低杠杆越低 | 0.08× | — |
8季度趋势，按日历期对齐
现金及短期投资AOSSE
| Q4 25 | $193.2M | $10.6B | ||
| Q3 25 | $172.8M | — | ||
| Q2 25 | $177.9M | — | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | $8.6B | ||
| Q3 24 | $255.6M | — | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $303.1M | — |
总债务AOSSE
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSSE
| Q4 25 | $1.9B | $12.6B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $8.4B | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产AOSSE
| Q4 25 | $3.1B | $29.4B | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.2B | $22.6B | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.2B | — |
负债/权益比AOSSE
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| 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 | $183.1M | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $165.5M | — |
| 自由现金流率自由现金流/营收 | 18.1% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 1.46× | 3.12× |
| 过去12个月自由现金流最近4个季度 | $546.0M | — |
8季度趋势，按日历期对齐
经营现金流AOSSE
| Q4 25 | $183.1M | $5.0B | ||
| Q3 25 | $255.4M | $3.5B | ||
| Q2 25 | $139.6M | $2.4B | ||
| Q1 25 | $38.7M | $756.9M | ||
| Q4 24 | $221.9M | — | ||
| Q3 24 | $195.9M | — | ||
| Q2 24 | $57.4M | — | ||
| Q1 24 | $106.6M | $468.5M |
自由现金流AOSSE
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | — | ||
| Q3 24 | $163.4M | — | ||
| Q2 24 | $34.5M | — | ||
| Q1 24 | $84.6M | — |
自由现金流率AOSSE
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | — | ||
| Q3 24 | 18.1% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 8.6% | — |
资本支出强度AOSSE
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 2.2% | — |
现金转化率AOSSE
| Q4 25 | 1.46× | 3.12× | ||
| Q3 25 | 1.93× | 9.46× | ||
| Q2 25 | 0.92× | 5.73× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | — |
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
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
SE
暂无分部数据
