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Apellis Pharmaceuticals, Inc.（APLS）与如新（NUS）财务数据对比。点击上方公司名可切换其他公司
如新的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$370.3M vs $199.9M），如新净利率更高（3.9% vs -29.5%，领先33.4%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -16.9%），如新自由现金流更多（$5.9M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -5.8%）
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。
如新企业集团是一家美国多层次直销企业，主打研发并销售个人护理产品与营养膳食补充产品，旗下拥有Nu Skin及Pharmanex两大品牌，目前已在全球54个市场开展业务，依托约120万独立销售代表的销售网络覆盖全球市场。
APLS vs NUS — 直观对比
营收规模更大
NUS
是对方的1.9倍
$199.9M
营收增速更快
APLS
高出10.9%
-16.9%
净利率更高
NUS
高出33.4%
-29.5%
自由现金流更多
NUS
多$20.1M
$-14.3M
两年增速更快
APLS
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $370.3M |
| 净利润 | $-59.0M | $14.5M |
| 毛利率 | — | 70.7% |
| 营业利润率 | -25.6% | 6.3% |
| 净利率 | -29.5% | 3.9% |
| 营收同比 | -5.9% | -16.9% |
| 净利润同比 | -62.2% | 140.1% |
| 每股收益（稀释后） | $-0.40 | $0.27 |
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APLSNUS
| Q4 25 | $199.9M | $370.3M | ||
| Q3 25 | $458.6M | $364.2M | ||
| Q2 25 | $178.5M | $386.1M | ||
| Q1 25 | $166.8M | $364.5M | ||
| Q4 24 | $212.5M | $445.6M | ||
| Q3 24 | $196.8M | $430.1M | ||
| Q2 24 | $199.7M | $439.1M | ||
| Q1 24 | $172.3M | $417.3M |
净利润APLSNUS
| Q4 25 | $-59.0M | $14.5M | ||
| Q3 25 | $215.7M | $17.1M | ||
| Q2 25 | $-42.2M | $21.1M | ||
| Q1 25 | $-92.2M | $107.5M | ||
| Q4 24 | $-36.4M | $-36.1M | ||
| Q3 24 | $-57.4M | $8.3M | ||
| Q2 24 | $-37.7M | $-118.3M | ||
| Q1 24 | $-66.4M | $-533.0K |
毛利率APLSNUS
| Q4 25 | — | 70.7% | ||
| Q3 25 | — | 70.5% | ||
| Q2 25 | — | 68.8% | ||
| Q1 25 | — | 67.8% | ||
| Q4 24 | — | 62.7% | ||
| Q3 24 | — | 70.1% | ||
| Q2 24 | — | 70.0% | ||
| Q1 24 | — | 70.5% |
营业利润率APLSNUS
| Q4 25 | -25.6% | 6.3% | ||
| Q3 25 | 48.7% | 5.9% | ||
| Q2 25 | -18.6% | 8.0% | ||
| Q1 25 | -50.0% | -2.7% | ||
| Q4 24 | -12.3% | -11.9% | ||
| Q3 24 | -24.0% | 4.2% | ||
| Q2 24 | -14.7% | -28.6% | ||
| Q1 24 | -36.0% | 2.1% |
净利率APLSNUS
| Q4 25 | -29.5% | 3.9% | ||
| Q3 25 | 47.0% | 4.7% | ||
| Q2 25 | -23.6% | 5.5% | ||
| Q1 25 | -55.3% | 29.5% | ||
| Q4 24 | -17.1% | -8.1% | ||
| Q3 24 | -29.2% | 1.9% | ||
| Q2 24 | -18.9% | -26.9% | ||
| Q1 24 | -38.5% | -0.1% |
每股收益（稀释后）APLSNUS
| Q4 25 | $-0.40 | $0.27 | ||
| Q3 25 | $1.67 | $0.34 | ||
| Q2 25 | $-0.33 | $0.43 | ||
| Q1 25 | $-0.74 | $2.14 | ||
| Q4 24 | $-0.30 | $-0.73 | ||
| Q3 24 | $-0.46 | $0.17 | ||
| Q2 24 | $-0.30 | $-2.38 | ||
| Q1 24 | $-0.54 | $-0.01 |
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 | $239.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $805.2M |
| 总资产 | $1.1B | $1.4B |
| 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APLSNUS
| Q4 25 | $466.2M | $239.8M | ||
| Q3 25 | $479.2M | $253.0M | ||
| Q2 25 | $370.0M | $265.4M | ||
| Q1 25 | $358.4M | $213.6M | ||
| Q4 24 | $411.3M | $198.0M | ||
| Q3 24 | $396.9M | $237.8M | ||
| Q2 24 | $360.1M | $232.9M | ||
| Q1 24 | $325.9M | $221.2M |
总债务APLSNUS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSNUS
| Q4 25 | $370.1M | $805.2M | ||
| Q3 25 | $401.2M | $799.8M | ||
| Q2 25 | $156.3M | $787.8M | ||
| Q1 25 | $164.2M | $754.0M | ||
| Q4 24 | $228.5M | $651.5M | ||
| Q3 24 | $237.1M | $706.9M | ||
| Q2 24 | $264.3M | $686.2M | ||
| Q1 24 | $266.7M | $810.2M |
总资产APLSNUS
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $821.4M | $1.4B | ||
| Q1 25 | $807.3M | $1.4B | ||
| Q4 24 | $885.1M | $1.5B | ||
| Q3 24 | $901.9M | $1.6B | ||
| Q2 24 | $904.5M | $1.6B | ||
| Q1 24 | $831.9M | $1.7B |
负债/权益比APLSNUS
| 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 | $16.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $5.9M |
| 自由现金流率自由现金流/营收 | -7.1% | 1.6% |
| 资本支出强度资本支出/营收 | 0.1% | 2.9% |
| 现金转化率经营现金流/净利润 | — | 1.15× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $46.0M |
8季度趋势，按日历期对齐
经营现金流APLSNUS
| Q4 25 | $-14.2M | $16.6M | ||
| Q3 25 | $108.5M | $27.5M | ||
| Q2 25 | $4.4M | $35.8M | ||
| Q1 25 | $-53.4M | $389.0K | ||
| Q4 24 | $19.4M | $25.8M | ||
| Q3 24 | $34.1M | $31.4M | ||
| Q2 24 | $-8.3M | $51.2M | ||
| Q1 24 | $-133.0M | $3.3M |
自由现金流APLSNUS
| Q4 25 | $-14.3M | $5.9M | ||
| Q3 25 | $108.3M | $17.6M | ||
| Q2 25 | $4.4M | $35.8M | ||
| Q1 25 | $-53.4M | $-13.2M | ||
| Q4 24 | $19.3M | $13.2M | ||
| Q3 24 | — | $22.8M | ||
| Q2 24 | $-8.4M | $43.1M | ||
| Q1 24 | $-133.3M | $-9.0M |
自由现金流率APLSNUS
| Q4 25 | -7.1% | 1.6% | ||
| Q3 25 | 23.6% | 4.8% | ||
| Q2 25 | 2.5% | 9.3% | ||
| Q1 25 | -32.0% | -3.6% | ||
| Q4 24 | 9.1% | 3.0% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | -4.2% | 9.8% | ||
| Q1 24 | -77.3% | -2.1% |
资本支出强度APLSNUS
| Q4 25 | 0.1% | 2.9% | ||
| Q3 25 | 0.0% | 2.7% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 3.7% | ||
| Q4 24 | 0.0% | 2.8% | ||
| Q3 24 | 0.0% | 2.0% | ||
| Q2 24 | 0.0% | 1.9% | ||
| Q1 24 | 0.2% | 2.9% |
现金转化率APLSNUS
| Q4 25 | — | 1.15× | ||
| Q3 25 | 0.50× | 1.61× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.79× | ||
| Q2 24 | — | — | ||
| Q1 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% |
NUS
| Other | $161.9M | 44% |
| Mainland China Segment | $52.0M | 14% |
| Southeast Asia Pacific Segment | $50.5M | 14% |
| Europe And Africa Segment | $41.8M | 11% |
| Hong Kong Taiwan Segment | $29.6M | 8% |
| South Korea Segment | $28.4M | 8% |
| Rhyz Other Segment | $6.1M | 2% |
