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Apellis Pharmaceuticals, Inc.（APLS）与Howard Hughes Holdings Inc.（HHH）财务数据对比。点击上方公司名可切换其他公司
Howard Hughes Holdings Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.2倍（$235.9M vs $199.9M），Howard Hughes Holdings Inc.净利率更高（3.4% vs -29.5%，领先32.9%），Howard Hughes Holdings Inc.同比增速更快（18.4% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -13.8%）
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。
霍华德·休斯控股有限公司是总部位于美国得克萨斯州伍德兰兹的房地产开发与管理企业，前身为霍华德·休斯公司，2010年从通用增长物业（GGP）分拆独立成立，核心资产集中于多个整体规划社区项目，公司名称源自最初的霍华德·休斯公司，后者曾开发内华达州萨姆林规划社区，后成为GGP子公司。
APLS vs HHH — 直观对比
营收规模更大
HHH
是对方的1.2倍
$199.9M
营收增速更快
HHH
高出24.3%
-5.9%
净利率更高
HHH
高出32.9%
-29.5%
两年增速更快
APLS
近两年复合增速
-13.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $235.9M |
| 净利润 | $-59.0M | $8.1M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 121.6% |
| 净利率 | -29.5% | 3.4% |
| 营收同比 | -5.9% | 18.4% |
| 净利润同比 | -62.2% | -25.6% |
| 每股收益（稀释后） | $-0.40 | $0.14 |
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APLSHHH
| Q1 26 | — | $235.9M | ||
| Q4 25 | $199.9M | $624.4M | ||
| Q3 25 | $458.6M | $390.2M | ||
| Q2 25 | $178.5M | $260.9M | ||
| Q1 25 | $166.8M | $199.3M | ||
| Q4 24 | $212.5M | $935.0M | ||
| Q3 24 | $196.8M | $327.1M | ||
| Q2 24 | $199.7M | $317.4M |
净利润APLSHHH
| Q1 26 | — | $8.1M | ||
| Q4 25 | $-59.0M | $6.0M | ||
| Q3 25 | $215.7M | $119.5M | ||
| Q2 25 | $-42.2M | $-12.1M | ||
| Q1 25 | $-92.2M | $10.5M | ||
| Q4 24 | $-36.4M | $156.3M | ||
| Q3 24 | $-57.4M | $72.8M | ||
| Q2 24 | $-37.7M | $21.1M |
营业利润率APLSHHH
| Q1 26 | — | 121.6% | ||
| Q4 25 | -25.6% | 4.2% | ||
| Q3 25 | 48.7% | 48.6% | ||
| Q2 25 | -18.6% | 26.0% | ||
| Q1 25 | -50.0% | 24.0% | ||
| Q4 24 | -12.3% | 33.5% | ||
| Q3 24 | -24.0% | 60.6% | ||
| Q2 24 | -14.7% | 20.4% |
净利率APLSHHH
| Q1 26 | — | 3.4% | ||
| Q4 25 | -29.5% | 1.0% | ||
| Q3 25 | 47.0% | 30.6% | ||
| Q2 25 | -23.6% | -4.7% | ||
| Q1 25 | -55.3% | 5.3% | ||
| Q4 24 | -17.1% | 16.7% | ||
| Q3 24 | -29.2% | 22.2% | ||
| Q2 24 | -18.9% | 6.6% |
每股收益（稀释后）APLSHHH
| Q1 26 | — | $0.14 | ||
| Q4 25 | $-0.40 | $0.20 | ||
| Q3 25 | $1.67 | $2.02 | ||
| Q2 25 | $-0.33 | $-0.22 | ||
| Q1 25 | $-0.74 | $0.21 | ||
| Q4 24 | $-0.30 | $3.14 | ||
| Q3 24 | $-0.46 | $1.46 | ||
| Q2 24 | $-0.30 | $0.42 |
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 | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $3.8B |
| 总资产 | $1.1B | $11.2B |
| 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APLSHHH
| Q1 26 | — | $1.8B | ||
| Q4 25 | $466.2M | $1.5B | ||
| Q3 25 | $479.2M | $1.5B | ||
| Q2 25 | $370.0M | $1.4B | ||
| Q1 25 | $358.4M | $493.7M | ||
| Q4 24 | $411.3M | $596.1M | ||
| Q3 24 | $396.9M | $400.7M | ||
| Q2 24 | $360.1M | $436.8M |
总债务APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益APLSHHH
| Q1 26 | — | $3.8B | ||
| Q4 25 | $370.1M | $3.8B | ||
| Q3 25 | $401.2M | $3.8B | ||
| Q2 25 | $156.3M | $3.6B | ||
| Q1 25 | $164.2M | $2.8B | ||
| Q4 24 | $228.5M | $2.8B | ||
| Q3 24 | $237.1M | $2.6B | ||
| Q2 24 | $264.3M | $3.0B |
总资产APLSHHH
| Q1 26 | — | $11.2B | ||
| Q4 25 | $1.1B | $10.6B | ||
| Q3 25 | $1.1B | $10.7B | ||
| Q2 25 | $821.4M | $10.3B | ||
| Q1 25 | $807.3M | $9.3B | ||
| Q4 24 | $885.1M | $9.2B | ||
| Q3 24 | $901.9M | $9.4B | ||
| Q2 24 | $904.5M | $9.9B |
负债/权益比APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| 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 | — |
| 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APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $360.3M | ||
| Q3 25 | $108.5M | $149.8M | ||
| Q2 25 | $4.4M | $177.3M | ||
| Q1 25 | $-53.4M | $-224.9M | ||
| Q4 24 | $19.4M | $337.1M | ||
| Q3 24 | $34.1M | $248.3M | ||
| Q2 24 | $-8.3M | $-17.5M |
自由现金流APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $348.6M | ||
| Q3 25 | $108.3M | $137.7M | ||
| Q2 25 | $4.4M | $169.7M | ||
| Q1 25 | $-53.4M | $-238.4M | ||
| Q4 24 | $19.3M | $317.1M | ||
| Q3 24 | — | $238.7M | ||
| Q2 24 | $-8.4M | $-25.1M |
自由现金流率APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 55.8% | ||
| Q3 25 | 23.6% | 35.3% | ||
| Q2 25 | 2.5% | 65.1% | ||
| Q1 25 | -32.0% | -119.6% | ||
| Q4 24 | 9.1% | 33.9% | ||
| Q3 24 | — | 73.0% | ||
| Q2 24 | -4.2% | -7.9% |
资本支出强度APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.9% | ||
| Q3 25 | 0.0% | 3.1% | ||
| Q2 25 | 0.0% | 2.9% | ||
| Q1 25 | 0.0% | 6.8% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.0% | 2.9% | ||
| Q2 24 | 0.0% | 2.4% |
现金转化率APLSHHH
| Q1 26 | — | — | ||
| Q4 25 | — | 60.04× | ||
| Q3 25 | 0.50× | 1.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 3.41× | ||
| Q2 24 | — | -0.83× |
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% |
HHH
| Rental revenue | $113.5M | 48% |
| Master Planned Communities land sales | $99.6M | 42% |
| Other revenues | $11.0M | 5% |
| Builder price participation | $8.7M | 4% |
| Condominium rights and unit sales | $3.1M | 1% |
