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Apellis Pharmaceuticals, Inc.（APLS）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
六旗的季度营收约是Apellis Pharmaceuticals, Inc.的1.1倍（$225.6M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -119.0%，领先89.6%），六旗同比增速更快（11.7% vs -5.9%）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
APLS vs FUN — 直观对比
营收规模更大
FUN
是对方的1.1倍
$199.9M
营收增速更快
FUN
高出17.6%
-5.9%
净利率更高
APLS
高出89.6%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $225.6M |
| 净利润 | $-59.0M | $-268.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | — |
| 净利率 | -29.5% | -119.0% |
| 营收同比 | -5.9% | 11.7% |
| 净利润同比 | -62.2% | -22.2% |
| 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APLSFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $199.9M | $650.1M | ||
| Q3 25 | $458.6M | $1.3B | ||
| Q2 25 | $178.5M | $930.4M | ||
| Q1 25 | $166.8M | $202.1M | ||
| Q4 24 | $212.5M | — | ||
| Q3 24 | $196.8M | $1.3B | ||
| Q2 24 | $199.7M | $571.6M |
净利润APLSFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $-59.0M | $-92.4M | ||
| Q3 25 | $215.7M | $-1.2B | ||
| Q2 25 | $-42.2M | $-99.6M | ||
| Q1 25 | $-92.2M | $-219.7M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-57.4M | $111.0M | ||
| Q2 24 | $-37.7M | $55.6M |
毛利率APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 91.9% | ||
| Q2 24 | — | 90.7% |
营业利润率APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | -25.6% | -3.8% | ||
| Q3 25 | 48.7% | -83.7% | ||
| Q2 25 | -18.6% | 8.0% | ||
| Q1 25 | -50.0% | -158.9% | ||
| Q4 24 | -12.3% | — | ||
| Q3 24 | -24.0% | 19.5% | ||
| Q2 24 | -14.7% | 21.6% |
净利率APLSFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | -29.5% | -14.2% | ||
| Q3 25 | 47.0% | -90.1% | ||
| Q2 25 | -23.6% | -10.7% | ||
| Q1 25 | -55.3% | -108.7% | ||
| Q4 24 | -17.1% | — | ||
| Q3 24 | -29.2% | 8.2% | ||
| Q2 24 | -18.9% | 9.7% |
每股收益（稀释后）APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | $-0.40 | $-0.93 | ||
| Q3 25 | $1.67 | $-11.77 | ||
| Q2 25 | $-0.33 | $-0.99 | ||
| Q1 25 | $-0.74 | $-2.20 | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.46 | $1.10 | ||
| 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 | $116.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $279.2M |
| 总资产 | $1.1B | $7.7B |
| 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APLSFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $466.2M | $91.1M | ||
| Q3 25 | $479.2M | $70.7M | ||
| Q2 25 | $370.0M | $107.4M | ||
| Q1 25 | $358.4M | $61.5M | ||
| Q4 24 | $411.3M | — | ||
| Q3 24 | $396.9M | $89.7M | ||
| Q2 24 | $360.1M | $52.9M |
总债务APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益APLSFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $370.1M | $549.8M | ||
| Q3 25 | $401.2M | $614.3M | ||
| Q2 25 | $156.3M | $1.8B | ||
| Q1 25 | $164.2M | $1.8B | ||
| Q4 24 | $228.5M | — | ||
| Q3 24 | $237.1M | $2.3B | ||
| Q2 24 | $264.3M | — |
总资产APLSFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $1.1B | $7.8B | ||
| Q3 25 | $1.1B | $7.9B | ||
| Q2 25 | $821.4M | $9.5B | ||
| Q1 25 | $807.3M | $9.2B | ||
| Q4 24 | $885.1M | — | ||
| Q3 24 | $901.9M | $9.4B | ||
| Q2 24 | $904.5M | $2.3B |
负债/权益比APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| 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 | — |
| 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 | — | — |
| 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APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $-37.7M | ||
| Q3 25 | $108.5M | $356.2M | ||
| Q2 25 | $4.4M | $187.0M | ||
| Q1 25 | $-53.4M | $-178.0M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $34.1M | $337.4M | ||
| Q2 24 | $-8.3M | — |
自由现金流APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $-109.3M | ||
| Q3 25 | $108.3M | $256.2M | ||
| Q2 25 | $4.4M | $18.8M | ||
| Q1 25 | $-53.4M | $-318.0M | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | $227.7M | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | -16.8% | ||
| Q3 25 | 23.6% | 19.4% | ||
| Q2 25 | 2.5% | 2.0% | ||
| Q1 25 | -32.0% | -157.4% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | 16.9% | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 11.0% | ||
| Q3 25 | 0.0% | 7.6% | ||
| Q2 25 | 0.0% | 18.1% | ||
| Q1 25 | 0.0% | 69.3% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 8.1% | ||
| Q2 24 | 0.0% | — |
现金转化率APLSFUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.04× | ||
| Q2 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% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
