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Apellis Pharmaceuticals, Inc.（APLS）与GigaCloud Technology Inc（GCT）财务数据对比。点击上方公司名可切换其他公司
GigaCloud Technology Inc的季度营收约是Apellis Pharmaceuticals, Inc.的1.7倍（$332.6M vs $199.9M），GigaCloud Technology Inc净利率更高（11.2% vs -29.5%，领先40.7%），GigaCloud Technology Inc同比增速更快（9.7% vs -5.9%），GigaCloud Technology Inc自由现金流更多（$77.1M vs $-14.3M），过去两年GigaCloud Technology Inc的营收复合增速更高（36.6% 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。
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
APLS vs GCT — 直观对比
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $332.6M |
| 净利润 | $-59.0M | $37.2M |
| 毛利率 | — | 23.2% |
| 营业利润率 | -25.6% | 12.2% |
| 净利率 | -29.5% | 11.2% |
| 营收同比 | -5.9% | 9.7% |
| 净利润同比 | -62.2% | -8.6% |
| 每股收益（稀释后） | $-0.40 | $0.99 |
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
| Q4 25 | $199.9M | — | ||
| Q3 25 | $458.6M | $332.6M | ||
| Q2 25 | $178.5M | $322.6M | ||
| Q1 25 | $166.8M | $271.9M | ||
| Q4 24 | $212.5M | $295.8M | ||
| Q3 24 | $196.8M | $303.3M | ||
| Q2 24 | $199.7M | $310.9M | ||
| Q1 24 | $172.3M | $251.1M |
| Q4 25 | $-59.0M | — | ||
| Q3 25 | $215.7M | $37.2M | ||
| Q2 25 | $-42.2M | $34.6M | ||
| Q1 25 | $-92.2M | $27.1M | ||
| Q4 24 | $-36.4M | $31.0M | ||
| Q3 24 | $-57.4M | $40.7M | ||
| Q2 24 | $-37.7M | $27.0M | ||
| Q1 24 | $-66.4M | $27.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 25.5% | ||
| Q2 24 | — | 24.6% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | -25.6% | — | ||
| Q3 25 | 48.7% | 12.2% | ||
| Q2 25 | -18.6% | 11.1% | ||
| Q1 25 | -50.0% | 10.4% | ||
| Q4 24 | -12.3% | 9.3% | ||
| Q3 24 | -24.0% | 13.4% | ||
| Q2 24 | -14.7% | 8.8% | ||
| Q1 24 | -36.0% | 13.9% |
| Q4 25 | -29.5% | — | ||
| Q3 25 | 47.0% | 11.2% | ||
| Q2 25 | -23.6% | 10.7% | ||
| Q1 25 | -55.3% | 10.0% | ||
| Q4 24 | -17.1% | 10.5% | ||
| Q3 24 | -29.2% | 13.4% | ||
| Q2 24 | -18.9% | 8.7% | ||
| Q1 24 | -38.5% | 10.8% |
| Q4 25 | $-0.40 | — | ||
| Q3 25 | $1.67 | $0.99 | ||
| Q2 25 | $-0.33 | $0.91 | ||
| Q1 25 | $-0.74 | $0.68 | ||
| Q4 24 | $-0.30 | $0.76 | ||
| Q3 24 | $-0.46 | $0.98 | ||
| Q2 24 | $-0.30 | $0.65 | ||
| Q1 24 | $-0.54 | $0.66 |
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 | $365.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $457.3M |
| 总资产 | $1.1B | $1.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | — | ||
| Q3 25 | $479.2M | $365.9M | ||
| Q2 25 | $370.0M | $303.0M | ||
| Q1 25 | $358.4M | $286.8M | ||
| Q4 24 | $411.3M | $302.4M | ||
| Q3 24 | $396.9M | $259.8M | ||
| Q2 24 | $360.1M | $207.8M | ||
| Q1 24 | $325.9M | $195.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
| Q4 25 | $370.1M | — | ||
| Q3 25 | $401.2M | $457.3M | ||
| Q2 25 | $156.3M | $431.4M | ||
| Q1 25 | $164.2M | $412.9M | ||
| Q4 24 | $228.5M | $405.2M | ||
| Q3 24 | $237.1M | $400.4M | ||
| Q2 24 | $264.3M | $358.4M | ||
| Q1 24 | $266.7M | $317.8M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $821.4M | $1.1B | ||
| Q1 25 | $807.3M | $1.1B | ||
| Q4 24 | $885.1M | $1.1B | ||
| Q3 24 | $901.9M | $1.1B | ||
| Q2 24 | $904.5M | $1.1B | ||
| Q1 24 | $831.9M | $977.6M |
| 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 | $78.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $77.1M |
| 自由现金流率自由现金流/营收 | -7.1% | 23.2% |
| 资本支出强度资本支出/营收 | 0.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 2.10× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $188.1M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $108.5M | $78.3M | ||
| Q2 25 | $4.4M | $38.6M | ||
| Q1 25 | $-53.4M | $9.4M | ||
| Q4 24 | $19.4M | $68.4M | ||
| Q3 24 | $34.1M | $55.2M | ||
| Q2 24 | $-8.3M | $19.1M | ||
| Q1 24 | $-133.0M | $15.3M |
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | $77.1M | ||
| Q2 25 | $4.4M | $37.0M | ||
| Q1 25 | $-53.4M | $7.0M | ||
| Q4 24 | $19.3M | $66.9M | ||
| Q3 24 | — | $51.4M | ||
| Q2 24 | $-8.4M | $12.9M | ||
| Q1 24 | $-133.3M | $11.3M |
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | 23.2% | ||
| Q2 25 | 2.5% | 11.5% | ||
| Q1 25 | -32.0% | 2.6% | ||
| Q4 24 | 9.1% | 22.6% | ||
| Q3 24 | — | 16.9% | ||
| Q2 24 | -4.2% | 4.2% | ||
| Q1 24 | -77.3% | 4.5% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 0.4% | ||
| Q2 25 | 0.0% | 0.5% | ||
| Q1 25 | 0.0% | 0.9% | ||
| Q4 24 | 0.0% | 0.5% | ||
| Q3 24 | 0.0% | 1.3% | ||
| Q2 24 | 0.0% | 2.0% | ||
| Q1 24 | 0.2% | 1.6% |
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | 2.10× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 2.21× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | — | 0.56× |
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% |
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
