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Apellis Pharmaceuticals, Inc.（APLS）与BEL FUSE INC（BELFA）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BEL FUSE INC的1.1倍（$199.9M vs $178.5M），BEL FUSE INC净利率更高（8.4% vs -29.5%，领先37.9%），BEL FUSE INC同比增速更快（17.2% vs -5.9%），过去两年BEL FUSE INC的营收复合增速更高（15.8% 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。
Bel Fuse Inc.是一家全球化电子元器件制造商，主营互连解决方案、磁元件及电路保护产品，服务汽车、数据通信、航空航天、工业、消费电子等领域的原始设备制造商和合同制造商，业务覆盖北美、欧洲、亚洲多地。
APLS vs BELFA — 直观对比
营收规模更大
APLS
是对方的1.1倍
$178.5M
营收增速更快
BELFA
高出23.2%
-5.9%
净利率更高
BELFA
高出37.9%
-29.5%
两年增速更快
BELFA
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $178.5M |
| 净利润 | $-59.0M | $15.0M |
| 毛利率 | — | 39.0% |
| 营业利润率 | -25.6% | 13.3% |
| 净利率 | -29.5% | 8.4% |
| 营收同比 | -5.9% | 17.2% |
| 净利润同比 | -62.2% | -18.2% |
| 每股收益（稀释后） | $-0.40 | — |
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APLSBELFA
| Q1 26 | — | $178.5M | ||
| Q4 25 | $199.9M | $175.9M | ||
| Q3 25 | $458.6M | $179.0M | ||
| Q2 25 | $178.5M | $168.3M | ||
| Q1 25 | $166.8M | $152.2M | ||
| Q4 24 | $212.5M | $149.9M | ||
| Q3 24 | $196.8M | $123.6M | ||
| Q2 24 | $199.7M | $133.2M |
净利润APLSBELFA
| Q1 26 | — | $15.0M | ||
| Q4 25 | $-59.0M | $6.4M | ||
| Q3 25 | $215.7M | $22.6M | ||
| Q2 25 | $-42.2M | $26.8M | ||
| Q1 25 | $-92.2M | $17.9M | ||
| Q4 24 | $-36.4M | $6.4M | ||
| Q3 24 | $-57.4M | $8.1M | ||
| Q2 24 | $-37.7M | $18.8M |
毛利率APLSBELFA
| Q1 26 | — | 39.0% | ||
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 38.7% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | — | 36.1% | ||
| Q2 24 | — | 40.1% |
营业利润率APLSBELFA
| Q1 26 | — | 13.3% | ||
| Q4 25 | -25.6% | 14.7% | ||
| Q3 25 | 48.7% | 16.9% | ||
| Q2 25 | -18.6% | 17.7% | ||
| Q1 25 | -50.0% | 16.4% | ||
| Q4 24 | -12.3% | 8.3% | ||
| Q3 24 | -24.0% | 9.3% | ||
| Q2 24 | -14.7% | 17.0% |
净利率APLSBELFA
| Q1 26 | — | 8.4% | ||
| Q4 25 | -29.5% | 3.7% | ||
| Q3 25 | 47.0% | 12.6% | ||
| Q2 25 | -23.6% | 15.9% | ||
| Q1 25 | -55.3% | 11.7% | ||
| Q4 24 | -17.1% | 4.3% | ||
| Q3 24 | -29.2% | 6.5% | ||
| Q2 24 | -18.9% | 14.1% |
每股收益（稀释后）APLSBELFA
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.74 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | — | ||
| Q2 24 | $-0.30 | — |
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 | $59.4M |
| 总债务越低越好 | — | $204.5M |
| 股东权益账面价值 | $370.1M | $438.9M |
| 总资产 | $1.1B | $951.9M |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资APLSBELFA
| Q1 26 | — | $59.4M | ||
| Q4 25 | $466.2M | $57.8M | ||
| Q3 25 | $479.2M | $57.7M | ||
| Q2 25 | $370.0M | $59.3M | ||
| Q1 25 | $358.4M | $65.9M | ||
| Q4 24 | $411.3M | $68.3M | ||
| Q3 24 | $396.9M | $134.3M | ||
| Q2 24 | $360.1M | $85.0M |
总债务APLSBELFA
| Q1 26 | — | $204.5M | ||
| Q4 25 | — | $197.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $287.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSBELFA
| Q1 26 | — | $438.9M | ||
| Q4 25 | $370.1M | $425.5M | ||
| Q3 25 | $401.2M | $427.8M | ||
| Q2 25 | $156.3M | $404.7M | ||
| Q1 25 | $164.2M | $376.9M | ||
| Q4 24 | $228.5M | $360.6M | ||
| Q3 24 | $237.1M | $367.4M | ||
| Q2 24 | $264.3M | $356.4M |
总资产APLSBELFA
| Q1 26 | — | $951.9M | ||
| Q4 25 | $1.1B | $935.2M | ||
| Q3 25 | $1.1B | $952.8M | ||
| Q2 25 | $821.4M | $950.6M | ||
| Q1 25 | $807.3M | $940.5M | ||
| Q4 24 | $885.1M | $949.8M | ||
| Q3 24 | $901.9M | $584.4M | ||
| Q2 24 | $904.5M | $567.6M |
负债/权益比APLSBELFA
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 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 | $-14.2M | $13.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | — | 0.92× |
| 过去12个月自由现金流最近4个季度 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSBELFA
| Q1 26 | — | $13.8M | ||
| Q4 25 | $-14.2M | $29.6M | ||
| Q3 25 | $108.5M | $22.2M | ||
| Q2 25 | $4.4M | $20.7M | ||
| Q1 25 | $-53.4M | $8.1M | ||
| Q4 24 | $19.4M | $8.3M | ||
| Q3 24 | $34.1M | $27.4M | ||
| Q2 24 | $-8.3M | $32.2M |
自由现金流APLSBELFA
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $26.1M | ||
| Q3 25 | $108.3M | $20.3M | ||
| Q2 25 | $4.4M | $16.8M | ||
| Q1 25 | $-53.4M | $5.4M | ||
| Q4 24 | $19.3M | $2.1M | ||
| Q3 24 | — | $23.7M | ||
| Q2 24 | $-8.4M | $30.8M |
自由现金流率APLSBELFA
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 14.9% | ||
| Q3 25 | 23.6% | 11.4% | ||
| Q2 25 | 2.5% | 10.0% | ||
| Q1 25 | -32.0% | 3.5% | ||
| Q4 24 | 9.1% | 1.4% | ||
| Q3 24 | — | 19.2% | ||
| Q2 24 | -4.2% | 23.2% |
资本支出强度APLSBELFA
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.9% | ||
| Q3 25 | 0.0% | 1.0% | ||
| Q2 25 | 0.0% | 2.3% | ||
| Q1 25 | 0.0% | 1.8% | ||
| Q4 24 | 0.0% | 4.1% | ||
| Q3 24 | 0.0% | 2.9% | ||
| Q2 24 | 0.0% | 1.0% |
现金转化率APLSBELFA
| Q1 26 | — | 0.92× | ||
| Q4 25 | — | 4.59× | ||
| Q3 25 | 0.50× | 0.98× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 3.39× | ||
| Q2 24 | — | 1.71× |
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% |
BELFA
暂无分部数据
