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Applied Digital Corp.（APLD）与欢聚集团（JOYY）财务数据对比。点击上方公司名可切换其他公司
欢聚集团的季度营收约是Applied Digital Corp.的12.2倍（$1.5B vs $126.6M）。欢聚集团净利率更高（10.4% vs -11.4%，领先21.8%）。过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 16.8%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
欢聚集团是全球化社交媒体科技企业，主营直播、短视频、社交互动类数字娱乐服务，核心产品覆盖东南亚、中东、拉美等多个新兴市场，为全球用户提供丰富的沉浸式互动内容体验。
APLD vs JOYY — 直观对比
营收规模更大
JOYY
是对方的12.2倍
$126.6M
净利率更高
JOYY
高出21.8%
-11.4%
两年增速更快
APLD
近两年复合增速
16.8%
损益表 — Q2 2026 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $1.5B |
| 净利润 | $-14.4M | $160.1M |
| 毛利率 | 20.6% | 36.1% |
| 营业利润率 | -24.5% | 2.4% |
| 净利率 | -11.4% | 10.4% |
| 营收同比 | 98.2% | — |
| 净利润同比 | 89.6% | — |
| 每股收益（稀释后） | $-0.07 | — |
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APLDJOYY
| Q4 25 | $126.6M | — | ||
| Q3 25 | $64.2M | $1.5B | ||
| Q2 25 | $-33.3M | $1.0B | ||
| Q1 25 | $52.9M | $494.4M | ||
| Q4 24 | $63.9M | — | ||
| Q3 24 | $60.7M | $1.7B | ||
| Q2 24 | $43.7M | $1.1B | ||
| Q1 24 | $43.3M | $564.6M |
净利润APLDJOYY
| Q4 25 | $-14.4M | — | ||
| Q3 25 | $-16.9M | $160.1M | ||
| Q2 25 | $-52.5M | $100.9M | ||
| Q1 25 | $-35.6M | $42.9M | ||
| Q4 24 | $-138.7M | — | ||
| Q3 24 | $-4.2M | $143.9M | ||
| Q2 24 | $-64.5M | $87.9M | ||
| Q1 24 | $-62.8M | $40.2M |
毛利率APLDJOYY
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | 36.1% | ||
| Q2 25 | — | 36.3% | ||
| Q1 25 | 7.1% | 36.1% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | 35.7% | ||
| Q2 24 | -9.1% | 34.9% | ||
| Q1 24 | -8.6% | 34.6% |
营业利润率APLDJOYY
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | 2.4% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | -35.8% | 2.5% | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | 15.6% | 1.3% | ||
| Q2 24 | -68.4% | 0.5% | ||
| Q1 24 | -128.8% | 0.6% |
净利率APLDJOYY
| Q4 25 | -11.4% | — | ||
| Q3 25 | -26.4% | 10.4% | ||
| Q2 25 | 157.8% | 10.1% | ||
| Q1 25 | -67.2% | 8.7% | ||
| Q4 24 | -217.2% | — | ||
| Q3 24 | -7.0% | 8.5% | ||
| Q2 24 | -147.5% | 7.8% | ||
| Q1 24 | -145.0% | 7.1% |
每股收益（稀释后）APLDJOYY
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-0.52 | — |
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 | $1.9B | $383.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $6.6B |
| 总资产 | $5.2B | $7.5B |
| 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APLDJOYY
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | $383.8M | ||
| Q2 25 | $41.6M | $401.0M | ||
| Q1 25 | $68.7M | $801.5M | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | $481.8M | ||
| Q2 24 | $3.3M | $607.1M | ||
| Q1 24 | $4.4M | $728.2M |
股东权益APLDJOYY
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.0B | $6.6B | ||
| Q2 25 | $497.7M | $6.6B | ||
| Q1 25 | $454.6M | $6.6B | ||
| Q4 24 | $434.6M | — | ||
| Q3 24 | $241.8M | $5.3B | ||
| Q2 24 | $124.8M | $5.3B | ||
| Q1 24 | $118.5M | $5.3B |
总资产APLDJOYY
| Q4 25 | $5.2B | — | ||
| Q3 25 | $2.4B | $7.5B | ||
| Q2 25 | $1.9B | $7.5B | ||
| Q1 25 | $1.7B | $7.6B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $937.7M | $8.1B | ||
| Q2 24 | $762.9M | $8.1B | ||
| Q1 24 | $643.2M | $8.6B |
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 | $-15.8M | — |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | — |
| 自由现金流率自由现金流/营收 | -448.6% | — |
| 资本支出强度资本支出/营收 | 436.1% | — |
| 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 | $-1.3B | — |
8季度趋势，按日历期对齐
经营现金流APLDJOYY
| Q4 25 | $-15.8M | — | ||
| Q3 25 | $-82.0M | — | ||
| Q2 25 | $6.9M | — | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $-52.3M | — | ||
| Q3 24 | $-75.9M | — | ||
| Q2 24 | $-34.1M | — | ||
| Q1 24 | $38.8M | — |
自由现金流APLDJOYY
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | — | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
自由现金流率APLDJOYY
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | — | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
资本支出强度APLDJOYY
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | — | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
