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Apellis Pharmaceuticals, Inc.（APLS）与IPG PHOTONICS CORP（IPGP）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$274.5M vs $199.9M），IPG PHOTONICS CORP净利率更高（4.8% vs -29.5%，领先34.3%），IPG PHOTONICS CORP同比增速更快（17.1% vs -5.9%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 4.4%）
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。
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
APLS vs IPGP — 直观对比
营收规模更大
IPGP
是对方的1.4倍
$199.9M
营收增速更快
IPGP
高出23.1%
-5.9%
净利率更高
IPGP
高出34.3%
-29.5%
自由现金流更多
IPGP
多$25.2M
$-14.3M
两年增速更快
APLS
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $274.5M |
| 净利润 | $-59.0M | $13.3M |
| 毛利率 | — | 36.1% |
| 营业利润率 | -25.6% | 1.2% |
| 净利率 | -29.5% | 4.8% |
| 营收同比 | -5.9% | 17.1% |
| 净利润同比 | -62.2% | 69.8% |
| 每股收益（稀释后） | $-0.40 | $0.30 |
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APLSIPGP
| Q4 25 | $199.9M | $274.5M | ||
| Q3 25 | $458.6M | $250.8M | ||
| Q2 25 | $178.5M | $250.7M | ||
| Q1 25 | $166.8M | $227.8M | ||
| Q4 24 | $212.5M | $234.3M | ||
| Q3 24 | $196.8M | $233.1M | ||
| Q2 24 | $199.7M | $257.6M | ||
| Q1 24 | $172.3M | $252.0M |
净利润APLSIPGP
| Q4 25 | $-59.0M | $13.3M | ||
| Q3 25 | $215.7M | $7.5M | ||
| Q2 25 | $-42.2M | $6.6M | ||
| Q1 25 | $-92.2M | $3.8M | ||
| Q4 24 | $-36.4M | $7.8M | ||
| Q3 24 | $-57.4M | $-233.6M | ||
| Q2 24 | $-37.7M | $20.2M | ||
| Q1 24 | $-66.4M | $24.1M |
毛利率APLSIPGP
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
营业利润率APLSIPGP
| Q4 25 | -25.6% | 1.2% | ||
| Q3 25 | 48.7% | 3.1% | ||
| Q2 25 | -18.6% | 0.0% | ||
| Q1 25 | -50.0% | 0.8% | ||
| Q4 24 | -12.3% | 6.0% | ||
| Q3 24 | -24.0% | -108.7% | ||
| Q2 24 | -14.7% | 4.7% | ||
| Q1 24 | -36.0% | 7.6% |
净利率APLSIPGP
| Q4 25 | -29.5% | 4.8% | ||
| Q3 25 | 47.0% | 3.0% | ||
| Q2 25 | -23.6% | 2.6% | ||
| Q1 25 | -55.3% | 1.6% | ||
| Q4 24 | -17.1% | 3.3% | ||
| Q3 24 | -29.2% | -100.2% | ||
| Q2 24 | -18.9% | 7.8% | ||
| Q1 24 | -38.5% | 9.6% |
每股收益（稀释后）APLSIPGP
| Q4 25 | $-0.40 | $0.30 | ||
| Q3 25 | $1.67 | $0.18 | ||
| Q2 25 | $-0.33 | $0.16 | ||
| Q1 25 | $-0.74 | $0.09 | ||
| Q4 24 | $-0.30 | $0.27 | ||
| Q3 24 | $-0.46 | $-5.33 | ||
| Q2 24 | $-0.30 | $0.45 | ||
| Q1 24 | $-0.54 | $0.52 |
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 | $839.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $2.1B |
| 总资产 | $1.1B | $2.4B |
| 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APLSIPGP
| Q4 25 | $466.2M | $839.3M | ||
| Q3 25 | $479.2M | $870.4M | ||
| Q2 25 | $370.0M | $899.6M | ||
| Q1 25 | $358.4M | $926.9M | ||
| Q4 24 | $411.3M | $930.2M | ||
| Q3 24 | $396.9M | $1.0B | ||
| Q2 24 | $360.1M | $1.1B | ||
| Q1 24 | $325.9M | $1.1B |
总债务APLSIPGP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSIPGP
| Q4 25 | $370.1M | $2.1B | ||
| Q3 25 | $401.2M | $2.1B | ||
| Q2 25 | $156.3M | $2.1B | ||
| Q1 25 | $164.2M | $2.1B | ||
| Q4 24 | $228.5M | $2.0B | ||
| Q3 24 | $237.1M | $2.1B | ||
| Q2 24 | $264.3M | $2.3B | ||
| Q1 24 | $266.7M | $2.3B |
总资产APLSIPGP
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $821.4M | $2.4B | ||
| Q1 25 | $807.3M | $2.3B | ||
| Q4 24 | $885.1M | $2.3B | ||
| Q3 24 | $901.9M | $2.4B | ||
| Q2 24 | $904.5M | $2.5B | ||
| Q1 24 | $831.9M | $2.6B |
负债/权益比APLSIPGP
| 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 | $28.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $10.9M |
| 自由现金流率自由现金流/营收 | -7.1% | 4.0% |
| 资本支出强度资本支出/营收 | 0.1% | 6.5% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-3.5M |
8季度趋势，按日历期对齐
经营现金流APLSIPGP
| Q4 25 | $-14.2M | $28.8M | ||
| Q3 25 | $108.5M | $35.3M | ||
| Q2 25 | $4.4M | $-2.2M | ||
| Q1 25 | $-53.4M | $13.4M | ||
| Q4 24 | $19.4M | $73.8M | ||
| Q3 24 | $34.1M | $66.1M | ||
| Q2 24 | $-8.3M | $53.5M | ||
| Q1 24 | $-133.0M | $54.6M |
自由现金流APLSIPGP
| Q4 25 | $-14.3M | $10.9M | ||
| Q3 25 | $108.3M | $14.6M | ||
| Q2 25 | $4.4M | $-17.6M | ||
| Q1 25 | $-53.4M | $-11.4M | ||
| Q4 24 | $19.3M | $50.6M | ||
| Q3 24 | — | $43.0M | ||
| Q2 24 | $-8.4M | $29.2M | ||
| Q1 24 | $-133.3M | $26.5M |
自由现金流率APLSIPGP
| Q4 25 | -7.1% | 4.0% | ||
| Q3 25 | 23.6% | 5.8% | ||
| Q2 25 | 2.5% | -7.0% | ||
| Q1 25 | -32.0% | -5.0% | ||
| Q4 24 | 9.1% | 21.6% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | -4.2% | 11.3% | ||
| Q1 24 | -77.3% | 10.5% |
资本支出强度APLSIPGP
| Q4 25 | 0.1% | 6.5% | ||
| Q3 25 | 0.0% | 8.3% | ||
| Q2 25 | 0.0% | 6.1% | ||
| Q1 25 | 0.0% | 10.9% | ||
| Q4 24 | 0.0% | 9.9% | ||
| Q3 24 | 0.0% | 9.9% | ||
| Q2 24 | 0.0% | 9.4% | ||
| Q1 24 | 0.2% | 11.1% |
现金转化率APLSIPGP
| Q4 25 | — | 2.17× | ||
| Q3 25 | 0.50× | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | — | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
