vs
Apellis Pharmaceuticals, Inc.（APLS）与冠群电脑（MANH）财务数据对比。点击上方公司名可切换其他公司
冠群电脑的季度营收约是Apellis Pharmaceuticals, Inc.的1.4倍（$282.2M vs $199.9M），冠群电脑净利率更高（17.5% vs -29.5%，领先47.0%），冠群电脑同比增速更快（6.0% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 3.1%）
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。
原冠群电脑国际有限公司，后更名为CA科技，是1976年至2018年存续的美国跨国企业软件开发商与发行商。作为全球顶尖独立软件企业之一，曾位列行业第二，旗下系统软件适配IBM大型机、分布式计算、虚拟机及云计算环境。
APLS vs MANH — 直观对比
营收规模更大
MANH
是对方的1.4倍
$199.9M
营收增速更快
MANH
高出11.9%
-5.9%
净利率更高
MANH
高出47.0%
-29.5%
两年增速更快
APLS
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $282.2M |
| 净利润 | $-59.0M | $49.3M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 23.0% |
| 净利率 | -29.5% | 17.5% |
| 营收同比 | -5.9% | 6.0% |
| 净利润同比 | -62.2% | -6.3% |
| 每股收益（稀释后） | $-0.40 | $0.82 |
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APLSMANH
| Q1 26 | — | $282.2M | ||
| Q4 25 | $199.9M | $270.4M | ||
| Q3 25 | $458.6M | $275.8M | ||
| Q2 25 | $178.5M | $272.4M | ||
| Q1 25 | $166.8M | $262.8M | ||
| Q4 24 | $212.5M | $255.8M | ||
| Q3 24 | $196.8M | $266.7M | ||
| Q2 24 | $199.7M | $265.3M |
净利润APLSMANH
| Q1 26 | — | $49.3M | ||
| Q4 25 | $-59.0M | $52.0M | ||
| Q3 25 | $215.7M | $58.6M | ||
| Q2 25 | $-42.2M | $56.8M | ||
| Q1 25 | $-92.2M | $52.6M | ||
| Q4 24 | $-36.4M | $48.0M | ||
| Q3 24 | $-57.4M | $63.8M | ||
| Q2 24 | $-37.7M | $52.8M |
毛利率APLSMANH
| Q1 26 | — | — | ||
| Q4 25 | — | 55.0% | ||
| Q3 25 | — | 56.6% | ||
| Q2 25 | — | 57.3% | ||
| Q1 25 | — | 56.4% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 55.5% | ||
| Q2 24 | — | 54.8% |
营业利润率APLSMANH
| Q1 26 | — | 23.0% | ||
| Q4 25 | -25.6% | 24.8% | ||
| Q3 25 | 48.7% | 27.5% | ||
| Q2 25 | -18.6% | 27.1% | ||
| Q1 25 | -50.0% | 24.0% | ||
| Q4 24 | -12.3% | 23.7% | ||
| Q3 24 | -24.0% | 28.2% | ||
| Q2 24 | -14.7% | 25.7% |
净利率APLSMANH
| Q1 26 | — | 17.5% | ||
| Q4 25 | -29.5% | 19.2% | ||
| Q3 25 | 47.0% | 21.3% | ||
| Q2 25 | -23.6% | 20.8% | ||
| Q1 25 | -55.3% | 20.0% | ||
| Q4 24 | -17.1% | 18.8% | ||
| Q3 24 | -29.2% | 23.9% | ||
| Q2 24 | -18.9% | 19.9% |
每股收益（稀释后）APLSMANH
| Q1 26 | — | $0.82 | ||
| Q4 25 | $-0.40 | $0.86 | ||
| Q3 25 | $1.67 | $0.96 | ||
| Q2 25 | $-0.33 | $0.93 | ||
| Q1 25 | $-0.74 | $0.85 | ||
| Q4 24 | $-0.30 | $0.77 | ||
| Q3 24 | $-0.46 | $1.03 | ||
| Q2 24 | $-0.30 | $0.85 |
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 | $226.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $205.2M |
| 总资产 | $1.1B | $740.5M |
| 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APLSMANH
| Q1 26 | — | $226.1M | ||
| Q4 25 | $466.2M | $328.7M | ||
| Q3 25 | $479.2M | $263.6M | ||
| Q2 25 | $370.0M | $230.6M | ||
| Q1 25 | $358.4M | $205.9M | ||
| Q4 24 | $411.3M | $266.2M | ||
| Q3 24 | $396.9M | $215.0M | ||
| Q2 24 | $360.1M | $202.7M |
股东权益APLSMANH
| Q1 26 | — | $205.2M | ||
| Q4 25 | $370.1M | $314.8M | ||
| Q3 25 | $401.2M | $309.2M | ||
| Q2 25 | $156.3M | $278.8M | ||
| Q1 25 | $164.2M | $245.1M | ||
| Q4 24 | $228.5M | $299.1M | ||
| Q3 24 | $237.1M | $278.0M | ||
| Q2 24 | $264.3M | $240.6M |
总资产APLSMANH
| Q1 26 | — | $740.5M | ||
| Q4 25 | $1.1B | $839.4M | ||
| Q3 25 | $1.1B | $768.8M | ||
| Q2 25 | $821.4M | $744.7M | ||
| Q1 25 | $807.3M | $708.2M | ||
| Q4 24 | $885.1M | $757.6M | ||
| Q3 24 | $901.9M | $698.1M | ||
| Q2 24 | $904.5M | $665.3M |
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 | $84.0M |
| 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% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.70× |
| 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APLSMANH
| Q1 26 | — | $84.0M | ||
| Q4 25 | $-14.2M | $147.1M | ||
| Q3 25 | $108.5M | $93.1M | ||
| Q2 25 | $4.4M | $74.0M | ||
| Q1 25 | $-53.4M | $75.3M | ||
| Q4 24 | $19.4M | $104.7M | ||
| Q3 24 | $34.1M | $62.3M | ||
| Q2 24 | $-8.3M | $73.3M |
自由现金流APLSMANH
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | $142.4M | ||
| Q3 25 | $108.3M | $87.2M | ||
| Q2 25 | $4.4M | $70.1M | ||
| Q1 25 | $-53.4M | $74.4M | ||
| Q4 24 | $19.3M | $101.6M | ||
| Q3 24 | — | $61.3M | ||
| Q2 24 | $-8.4M | $71.0M |
自由现金流率APLSMANH
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | 52.7% | ||
| Q3 25 | 23.6% | 31.6% | ||
| Q2 25 | 2.5% | 25.7% | ||
| Q1 25 | -32.0% | 28.3% | ||
| Q4 24 | 9.1% | 39.7% | ||
| Q3 24 | — | 23.0% | ||
| Q2 24 | -4.2% | 26.8% |
资本支出强度APLSMANH
| Q1 26 | — | 0.3% | ||
| Q4 25 | 0.1% | 1.7% | ||
| Q3 25 | 0.0% | 2.1% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 0.3% | ||
| Q4 24 | 0.0% | 1.2% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 0.8% |
现金转化率APLSMANH
| Q1 26 | — | 1.70× | ||
| Q4 25 | — | 2.83× | ||
| Q3 25 | 0.50× | 1.59× | ||
| Q2 25 | — | 1.30× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | — | 0.98× | ||
| Q2 24 | — | 1.39× |
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% |
MANH
| Services | $125.7M | 45% |
| Cloud subscriptions | $117.1M | 42% |
| Maintenance | $30.6M | 11% |
| Hardware | $6.5M | 2% |
| Software license | $2.2M | 1% |
