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Apellis Pharmaceuticals, Inc.（APLS）与精工集团（CRDO）财务数据对比。点击上方公司名可切换其他公司
精工集团的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$268.0M vs $199.9M），精工集团净利率更高（30.8% vs -29.5%，领先60.3%），精工集团同比增速更快（272.1% vs -5.9%），精工集团自由现金流更多（$38.5M vs $-14.3M），过去两年精工集团的营收复合增速更高（124.8% 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。
精工集团是由精工集团株式会社及其子公司、关联企业组成的企业集团。该集团原由精工控股株式会社、精工仪器株式会社和精工爱普生株式会社三家核心企业构成，三家企业均以钟表技术为核心联结。目前爱普生仍为精工集团开发生产腕表，但爱普生及其子公司已不属于精工集团旗下成员。
APLS vs CRDO — 直观对比
营收规模更大
CRDO
是对方的1.3倍
$199.9M
营收增速更快
CRDO
高出278.0%
-5.9%
净利率更高
CRDO
高出60.3%
-29.5%
自由现金流更多
CRDO
多$52.8M
$-14.3M
两年增速更快
CRDO
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $268.0M |
| 净利润 | $-59.0M | $82.6M |
| 毛利率 | — | 67.5% |
| 营业利润率 | -25.6% | 29.4% |
| 净利率 | -29.5% | 30.8% |
| 营收同比 | -5.9% | 272.1% |
| 净利润同比 | -62.2% | 2055.9% |
| 每股收益（稀释后） | $-0.40 | $0.44 |
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APLSCRDO
| Q4 25 | $199.9M | $268.0M | ||
| Q3 25 | $458.6M | $223.1M | ||
| Q2 25 | $178.5M | $170.0M | ||
| Q1 25 | $166.8M | $135.0M | ||
| Q4 24 | $212.5M | $72.0M | ||
| Q3 24 | $196.8M | $59.7M | ||
| Q2 24 | $199.7M | $60.8M | ||
| Q1 24 | $172.3M | $53.1M |
净利润APLSCRDO
| Q4 25 | $-59.0M | $82.6M | ||
| Q3 25 | $215.7M | $63.4M | ||
| Q2 25 | $-42.2M | $36.6M | ||
| Q1 25 | $-92.2M | $29.4M | ||
| Q4 24 | $-36.4M | $-4.2M | ||
| Q3 24 | $-57.4M | $-9.5M | ||
| Q2 24 | $-37.7M | $-10.5M | ||
| Q1 24 | $-66.4M | $428.0K |
毛利率APLSCRDO
| Q4 25 | — | 67.5% | ||
| Q3 25 | — | 67.4% | ||
| Q2 25 | — | 67.2% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 63.2% | ||
| Q3 24 | — | 62.4% | ||
| Q2 24 | — | 65.8% | ||
| Q1 24 | — | 61.4% |
营业利润率APLSCRDO
| Q4 25 | -25.6% | 29.4% | ||
| Q3 25 | 48.7% | 27.2% | ||
| Q2 25 | -18.6% | 19.9% | ||
| Q1 25 | -50.0% | 19.4% | ||
| Q4 24 | -12.3% | -11.7% | ||
| Q3 24 | -24.0% | -24.2% | ||
| Q2 24 | -14.7% | -13.0% | ||
| Q1 24 | -36.0% | -11.1% |
净利率APLSCRDO
| Q4 25 | -29.5% | 30.8% | ||
| Q3 25 | 47.0% | 28.4% | ||
| Q2 25 | -23.6% | 21.5% | ||
| Q1 25 | -55.3% | 21.7% | ||
| Q4 24 | -17.1% | -5.9% | ||
| Q3 24 | -29.2% | -16.0% | ||
| Q2 24 | -18.9% | -17.2% | ||
| Q1 24 | -38.5% | 0.8% |
每股收益（稀释后）APLSCRDO
| Q4 25 | $-0.40 | $0.44 | ||
| Q3 25 | $1.67 | $0.34 | ||
| Q2 25 | $-0.33 | $0.22 | ||
| Q1 25 | $-0.74 | $0.16 | ||
| Q4 24 | $-0.30 | $-0.03 | ||
| Q3 24 | $-0.46 | $-0.06 | ||
| Q2 24 | $-0.30 | $-0.06 | ||
| Q1 24 | $-0.54 | $0.00 |
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 | $466.2M | $813.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $1.3B |
| 总资产 | $1.1B | $1.4B |
| 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APLSCRDO
| Q4 25 | $466.2M | $813.6M | ||
| Q3 25 | $479.2M | $479.6M | ||
| Q2 25 | $370.0M | $431.3M | ||
| Q1 25 | $358.4M | $379.2M | ||
| Q4 24 | $411.3M | $383.0M | ||
| Q3 24 | $396.9M | $398.6M | ||
| Q2 24 | $360.1M | $410.0M | ||
| Q1 24 | $325.9M | $409.1M |
总债务APLSCRDO
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSCRDO
| Q4 25 | $370.1M | $1.3B | ||
| Q3 25 | $401.2M | $781.4M | ||
| Q2 25 | $156.3M | $681.6M | ||
| Q1 25 | $164.2M | $618.2M | ||
| Q4 24 | $228.5M | $567.9M | ||
| Q3 24 | $237.1M | $553.1M | ||
| Q2 24 | $264.3M | $540.2M | ||
| Q1 24 | $266.7M | $534.0M |
总资产APLSCRDO
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $905.2M | ||
| Q2 25 | $821.4M | $809.3M | ||
| Q1 25 | $807.3M | $719.9M | ||
| Q4 24 | $885.1M | $638.6M | ||
| Q3 24 | $901.9M | $644.9M | ||
| Q2 24 | $904.5M | $601.9M | ||
| Q1 24 | $831.9M | $592.5M |
负债/权益比APLSCRDO
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.35× | — |
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 | $61.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $38.5M |
| 自由现金流率自由现金流/营收 | -7.1% | 14.4% |
| 资本支出强度资本支出/营收 | 0.1% | 8.7% |
| 现金转化率经营现金流/净利润 | — | 0.75× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $143.6M |
8季度趋势，按日历期对齐
经营现金流APLSCRDO
| Q4 25 | $-14.2M | $61.7M | ||
| Q3 25 | $108.5M | $54.2M | ||
| Q2 25 | $4.4M | $57.8M | ||
| Q1 25 | $-53.4M | $4.2M | ||
| Q4 24 | $19.4M | $10.3M | ||
| Q3 24 | $34.1M | $-7.2M | ||
| Q2 24 | $-8.3M | $4.2M | ||
| Q1 24 | $-133.0M | $-1.0M |
自由现金流APLSCRDO
| Q4 25 | $-14.3M | $38.5M | ||
| Q3 25 | $108.3M | $51.3M | ||
| Q2 25 | $4.4M | $54.2M | ||
| Q1 25 | $-53.4M | $-383.0K | ||
| Q4 24 | $19.3M | $-11.7M | ||
| Q3 24 | — | $-13.1M | ||
| Q2 24 | $-8.4M | $962.0K | ||
| Q1 24 | $-133.3M | $-6.1M |
自由现金流率APLSCRDO
| Q4 25 | -7.1% | 14.4% | ||
| Q3 25 | 23.6% | 23.0% | ||
| Q2 25 | 2.5% | 31.9% | ||
| Q1 25 | -32.0% | -0.3% | ||
| Q4 24 | 9.1% | -16.2% | ||
| Q3 24 | — | -21.9% | ||
| Q2 24 | -4.2% | 1.6% | ||
| Q1 24 | -77.3% | -11.6% |
资本支出强度APLSCRDO
| Q4 25 | 0.1% | 8.7% | ||
| Q3 25 | 0.0% | 1.3% | ||
| Q2 25 | 0.0% | 2.1% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.0% | 30.5% | ||
| Q3 24 | 0.0% | 9.8% | ||
| Q2 24 | 0.0% | 5.3% | ||
| Q1 24 | 0.2% | 9.6% |
现金转化率APLSCRDO
| Q4 25 | — | 0.75× | ||
| Q3 25 | 0.50× | 0.85× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -2.42× |
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% |
CRDO
| Other | $132.1M | 49% |
| HK | $104.4M | 39% |
| RESTOFTHEWORLD | $31.5M | 12% |
