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Apellis Pharmaceuticals, Inc.（APLS）与黑莓（BB）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是黑莓的1.4倍（$199.9M vs $141.8M），黑莓净利率更高（9.7% vs -29.5%，领先39.1%），黑莓同比增速更快（-0.8% vs -5.9%），黑莓自由现金流更多（$17.4M vs $-14.3M），过去两年黑莓的营收复合增速更高（17.8% vs 7.7%）
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
黑莓有限公司（前身为动态研究公司，简称RIM）是加拿大专注于安全通信与物联网领域的软件企业，成立于1984年。早年曾推出黑莓品牌双向寻呼机、智能手机及平板电脑产品，后续转型提供软件与服务，拥有多项核心软件应用专利。
APLS vs BB — 直观对比
营收规模更大
APLS
是对方的1.4倍
$141.8M
营收增速更快
BB
高出5.1%
-5.9%
净利率更高
BB
高出39.1%
-29.5%
自由现金流更多
BB
多$31.7M
$-14.3M
两年增速更快
BB
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $141.8M |
| 净利润 | $-59.0M | $13.7M |
| 毛利率 | — | 77.5% |
| 营业利润率 | -25.6% | 8.4% |
| 净利率 | -29.5% | 9.7% |
| 营收同比 | -5.9% | -0.8% |
| 净利润同比 | -62.2% | 224.5% |
| 每股收益（稀释后） | $-0.40 | $0.02 |
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APLSBB
| Q4 25 | $199.9M | $141.8M | ||
| Q3 25 | $458.6M | $129.6M | ||
| Q2 25 | $178.5M | $121.7M | ||
| Q1 25 | $166.8M | $141.7M | ||
| Q4 24 | $212.5M | $143.6M | ||
| Q3 24 | $196.8M | $126.2M | ||
| Q2 24 | $199.7M | $123.4M | ||
| Q1 24 | $172.3M | $102.1M |
净利润APLSBB
| Q4 25 | $-59.0M | $13.7M | ||
| Q3 25 | $215.7M | $13.3M | ||
| Q2 25 | $-42.2M | $1.9M | ||
| Q1 25 | $-92.2M | $-7.4M | ||
| Q4 24 | $-36.4M | $-10.5M | ||
| Q3 24 | $-57.4M | $-19.7M | ||
| Q2 24 | $-37.7M | $-41.4M | ||
| Q1 24 | $-66.4M | $-56.2M |
毛利率APLSBB
| Q4 25 | — | 77.5% | ||
| Q3 25 | — | 74.5% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 78.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.9% | ||
| Q1 24 | — | — |
营业利润率APLSBB
| Q4 25 | -25.6% | 8.4% | ||
| Q3 25 | 48.7% | 8.9% | ||
| Q2 25 | -18.6% | 1.6% | ||
| Q1 25 | -50.0% | -5.6% | ||
| Q4 24 | -12.3% | 13.6% | ||
| Q3 24 | -24.0% | 1.7% | ||
| Q2 24 | -14.7% | -10.5% | ||
| Q1 24 | -36.0% | 50.0% |
净利率APLSBB
| Q4 25 | -29.5% | 9.7% | ||
| Q3 25 | 47.0% | 10.3% | ||
| Q2 25 | -23.6% | 1.6% | ||
| Q1 25 | -55.3% | -5.2% | ||
| Q4 24 | -17.1% | -7.3% | ||
| Q3 24 | -29.2% | -15.6% | ||
| Q2 24 | -18.9% | -33.5% | ||
| Q1 24 | -38.5% | -55.0% |
每股收益（稀释后）APLSBB
| Q4 25 | $-0.40 | $0.02 | ||
| Q3 25 | $1.67 | $0.02 | ||
| Q2 25 | $-0.33 | $0.00 | ||
| Q1 25 | $-0.74 | $-0.01 | ||
| Q4 24 | $-0.30 | $-0.02 | ||
| Q3 24 | $-0.46 | $-0.03 | ||
| Q2 24 | $-0.30 | $-0.07 | ||
| Q1 24 | $-0.54 | $-0.08 |
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 | $466.2M | $304.2M |
| 总债务越低越好 | — | $196.2M |
| 股东权益账面价值 | $370.1M | $741.1M |
| 总资产 | $1.1B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资APLSBB
| Q4 25 | $466.2M | $304.2M | ||
| Q3 25 | $479.2M | $290.5M | ||
| Q2 25 | $370.0M | $306.6M | ||
| Q1 25 | $358.4M | $337.8M | ||
| Q4 24 | $411.3M | $220.0M | ||
| Q3 24 | $396.9M | $211.0M | ||
| Q2 24 | $360.1M | $229.0M | ||
| Q1 24 | $325.9M | $237.1M |
总债务APLSBB
| Q4 25 | — | $196.2M | ||
| Q3 25 | — | $195.9M | ||
| Q2 25 | — | $195.6M | ||
| Q1 25 | — | $195.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | $194.1M |
股东权益APLSBB
| Q4 25 | $370.1M | $741.1M | ||
| Q3 25 | $401.2M | $725.1M | ||
| Q2 25 | $156.3M | $725.1M | ||
| Q1 25 | $164.2M | $719.9M | ||
| Q4 24 | $228.5M | $725.2M | ||
| Q3 24 | $237.1M | $732.1M | ||
| Q2 24 | $264.3M | $742.6M | ||
| Q1 24 | $266.7M | $775.1M |
总资产APLSBB
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.2B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.3B | ||
| Q3 24 | $901.9M | $1.3B | ||
| Q2 24 | $904.5M | $1.3B | ||
| Q1 24 | $831.9M | $1.4B |
负债/权益比APLSBB
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.35× | 0.25× |
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 | $-14.2M | $18.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $17.4M |
| 自由现金流率自由现金流/营收 | -7.1% | 12.3% |
| 资本支出强度资本支出/营收 | 0.1% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 1.34× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $42.8M |
8季度趋势，按日历期对齐
经营现金流APLSBB
| Q4 25 | $-14.2M | $18.3M | ||
| Q3 25 | $108.5M | $3.9M | ||
| Q2 25 | $4.4M | $-18.0M | ||
| Q1 25 | $-53.4M | $41.6M | ||
| Q4 24 | $19.4M | $6.0M | ||
| Q3 24 | $34.1M | $-16.0M | ||
| Q2 24 | $-8.3M | $-15.1M | ||
| Q1 24 | $-133.0M | $-15.5M |
自由现金流APLSBB
| Q4 25 | $-14.3M | $17.4M | ||
| Q3 25 | $108.3M | $3.1M | ||
| Q2 25 | $4.4M | $-18.9M | ||
| Q1 25 | $-53.4M | $41.2M | ||
| Q4 24 | $19.3M | $5.2M | ||
| Q3 24 | — | $-16.5M | ||
| Q2 24 | $-8.4M | $-16.5M | ||
| Q1 24 | $-133.3M | $-17.6M |
自由现金流率APLSBB
| Q4 25 | -7.1% | 12.3% | ||
| Q3 25 | 23.6% | 2.4% | ||
| Q2 25 | 2.5% | -15.5% | ||
| Q1 25 | -32.0% | 29.1% | ||
| Q4 24 | 9.1% | 3.6% | ||
| Q3 24 | — | -13.1% | ||
| Q2 24 | -4.2% | -13.4% | ||
| Q1 24 | -77.3% | -17.2% |
资本支出强度APLSBB
| Q4 25 | 0.1% | 0.6% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.0% | 0.7% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 1.1% | ||
| Q1 24 | 0.2% | 2.1% |
现金转化率APLSBB
| Q4 25 | — | 1.34× | ||
| Q3 25 | 0.50× | 0.29× | ||
| Q2 25 | — | -9.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
