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A.O.史密斯（AOS）与华米科技（ZEPP）财务数据对比。点击上方公司名可切换其他公司
A.O.史密斯的季度营收约是华米科技的87.2倍（$912.5M vs $10.5M）。A.O.史密斯净利率更高（13.7% vs -2.1%，领先15.9%）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -7.9%）
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。
华米科技（Zepp Health）是全球知名的智能可穿戴设备与数字健康解决方案提供商，核心产品包括智能手表、运动手环、AI健康监测工具，面向个人消费者、体育机构及医疗合作伙伴，提供健康追踪、远程健康管理等服务。
AOS vs ZEPP — 直观对比
营收规模更大
AOS
是对方的87.2倍
$10.5M
净利率更高
AOS
高出15.9%
-2.1%
两年增速更快
AOS
近两年复合增速
-7.9%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $10.5M |
| 净利润 | $125.4M | $-223.0K |
| 毛利率 | 38.4% | 38.2% |
| 营业利润率 | 17.9% | -1.2% |
| 净利率 | 13.7% | -2.1% |
| 营收同比 | 0.0% | — |
| 净利润同比 | 14.3% | — |
| 每股收益（稀释后） | $0.89 | $-0.01 |
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AOSZEPP
| Q4 25 | $912.5M | — | ||
| Q3 25 | $942.5M | $10.5M | ||
| Q2 25 | $1.0B | $8.2M | ||
| Q1 25 | $963.9M | $5.3M | ||
| Q4 24 | $912.4M | — | ||
| Q3 24 | $902.6M | $5.9M | ||
| Q2 24 | $1.0B | $5.6M | ||
| Q1 24 | $978.8M | $5.5M |
净利润AOSZEPP
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $-223.0K | ||
| Q2 25 | $152.2M | $-1.1M | ||
| Q1 25 | $136.6M | $-2.7M | ||
| Q4 24 | $109.7M | — | ||
| Q3 24 | $120.1M | $-1.8M | ||
| Q2 24 | $156.2M | $-1.5M | ||
| Q1 24 | $147.6M | $-2.0M |
毛利率AOSZEPP
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | 38.2% | ||
| Q2 25 | 39.3% | 36.2% | ||
| Q1 25 | 38.9% | 37.3% | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | 40.6% | ||
| Q2 24 | 38.7% | 40.3% | ||
| Q1 24 | 39.3% | 36.8% |
营业利润率AOSZEPP
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.6% | -1.2% | ||
| Q2 25 | 20.4% | -10.3% | ||
| Q1 25 | 19.1% | -47.7% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 19.5% | -29.5% | ||
| Q2 24 | 21.9% | -24.3% | ||
| Q1 24 | 22.0% | -39.6% |
净利率AOSZEPP
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | -2.1% | ||
| Q2 25 | 15.0% | -13.0% | ||
| Q1 25 | 14.2% | -51.2% | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 13.3% | -31.2% | ||
| Q2 24 | 15.2% | -26.7% | ||
| Q1 24 | 15.1% | -36.8% |
每股收益（稀释后）AOSZEPP
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | $-0.01 | ||
| Q2 25 | $1.07 | $-0.07 | ||
| Q1 25 | $0.95 | $-0.17 | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.82 | $-0.01 | ||
| Q2 24 | $1.06 | $-0.01 | ||
| Q1 24 | $1.00 | $-0.01 |
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 | $8.7M |
| 总债务越低越好 | $155.0M | $9.6M |
| 股东权益账面价值 | $1.9B | $31.2M |
| 总资产 | $3.1B | $80.9M |
| 负债/权益比越低杠杆越低 | 0.08× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资AOSZEPP
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | $8.7M | ||
| Q2 25 | $177.9M | $7.8M | ||
| Q1 25 | $200.2M | $10.7M | ||
| Q4 24 | $276.1M | — | ||
| Q3 24 | $255.6M | $16.4M | ||
| Q2 24 | $233.3M | $17.0M | ||
| Q1 24 | $303.1M | $17.9M |
总债务AOSZEPP
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | $9.6M | ||
| Q2 25 | — | $9.7M | ||
| Q1 25 | — | $9.6M | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | $7.3M | ||
| Q1 24 | — | $11.2M |
股东权益AOSZEPP
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $31.2M | ||
| Q2 25 | $1.8B | $31.1M | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | $44.6M | ||
| Q1 24 | $1.9B | — |
总资产AOSZEPP
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $80.9M | ||
| Q2 25 | $3.2B | $75.8M | ||
| Q1 25 | $3.3B | $71.6M | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.2B | $81.3M | ||
| Q2 24 | $3.2B | $79.7M | ||
| Q1 24 | $3.2B | $80.5M |
负债/权益比AOSZEPP
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.16× | ||
| 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 | — |
| 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× | — |
| 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AOSZEPP
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | — | ||
| Q2 25 | $139.6M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $221.9M | — | ||
| Q3 24 | $195.9M | — | ||
| Q2 24 | $57.4M | — | ||
| Q1 24 | $106.6M | — |
自由现金流AOSZEPP
| 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AOSZEPP
| 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AOSZEPP
| 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AOSZEPP
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| 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% |
ZEPP
暂无分部数据
