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Apellis Pharmaceuticals, Inc.（APLS）与环球音乐集团（ULH）财务数据对比。点击上方公司名可切换其他公司
环球音乐集团的季度营收约是Apellis Pharmaceuticals, Inc.的1.9倍（$385.4M vs $199.9M），环球音乐集团净利率更高（1.0% vs -29.5%，领先30.5%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -17.1%），环球音乐集团自由现金流更多（$14.3M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs -11.5%）
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。
环球音乐集团是依据荷兰法律成立的跨国音乐企业集团，企业总部设在荷兰希尔弗瑟姆，运营总部位于美国加利福尼亚州圣莫尼卡。作为全球规模最大的音乐公司，它与索尼音乐娱乐、华纳音乐集团并称为三大唱片巨头。2020年腾讯斥资30亿欧元收购了其百分之二十的股份。
APLS vs ULH — 直观对比
营收规模更大
ULH
是对方的1.9倍
$199.9M
营收增速更快
APLS
高出11.2%
-17.1%
净利率更高
ULH
高出30.5%
-29.5%
自由现金流更多
ULH
多$28.6M
$-14.3M
两年增速更快
APLS
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $385.4M |
| 净利润 | $-59.0M | $3.7M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 4.5% |
| 净利率 | -29.5% | 1.0% |
| 营收同比 | -5.9% | -17.1% |
| 净利润同比 | -62.2% | -81.5% |
| 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APLSULH
| Q4 25 | $199.9M | $385.4M | ||
| Q3 25 | $458.6M | $396.8M | ||
| Q2 25 | $178.5M | $393.8M | ||
| Q1 25 | $166.8M | $382.4M | ||
| Q4 24 | $212.5M | $465.1M | ||
| Q3 24 | $196.8M | $426.8M | ||
| Q2 24 | $199.7M | $462.2M | ||
| Q1 24 | $172.3M | $491.9M |
净利润APLSULH
| Q4 25 | $-59.0M | $3.7M | ||
| Q3 25 | $215.7M | $-117.9M | ||
| Q2 25 | $-42.2M | $8.3M | ||
| Q1 25 | $-92.2M | $6.0M | ||
| Q4 24 | $-36.4M | $20.2M | ||
| Q3 24 | $-57.4M | $26.5M | ||
| Q2 24 | $-37.7M | $30.7M | ||
| Q1 24 | $-66.4M | $52.5M |
营业利润率APLSULH
| Q4 25 | -25.6% | 4.5% | ||
| Q3 25 | 48.7% | -29.6% | ||
| Q2 25 | -18.6% | 5.1% | ||
| Q1 25 | -50.0% | 4.1% | ||
| Q4 24 | -12.3% | 8.2% | ||
| Q3 24 | -24.0% | 10.0% | ||
| Q2 24 | -14.7% | 10.2% | ||
| Q1 24 | -36.0% | 15.3% |
净利率APLSULH
| Q4 25 | -29.5% | 1.0% | ||
| Q3 25 | 47.0% | -29.7% | ||
| Q2 25 | -23.6% | 2.1% | ||
| Q1 25 | -55.3% | 1.6% | ||
| Q4 24 | -17.1% | 4.3% | ||
| Q3 24 | -29.2% | 6.2% | ||
| Q2 24 | -18.9% | 6.7% | ||
| Q1 24 | -38.5% | 10.7% |
每股收益（稀释后）APLSULH
| Q4 25 | $-0.40 | $0.14 | ||
| Q3 25 | $1.67 | $-4.48 | ||
| Q2 25 | $-0.33 | $0.32 | ||
| Q1 25 | $-0.74 | $0.23 | ||
| Q4 24 | $-0.30 | $0.76 | ||
| Q3 24 | $-0.46 | $1.01 | ||
| Q2 24 | $-0.30 | $1.17 | ||
| Q1 24 | $-0.54 | $1.99 |
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 | $26.8M |
| 总债务越低越好 | — | $797.6M |
| 股东权益账面价值 | $370.1M | $540.4M |
| 总资产 | $1.1B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 1.48× |
8季度趋势，按日历期对齐
现金及短期投资APLSULH
| Q4 25 | $466.2M | $26.8M | ||
| Q3 25 | $479.2M | $27.4M | ||
| Q2 25 | $370.0M | $24.3M | ||
| Q1 25 | $358.4M | $20.6M | ||
| Q4 24 | $411.3M | $19.4M | ||
| Q3 24 | $396.9M | $11.8M | ||
| Q2 24 | $360.1M | $7.5M | ||
| Q1 24 | $325.9M | $11.1M |
总债务APLSULH
| Q4 25 | — | $797.6M | ||
| Q3 25 | — | $824.2M | ||
| Q2 25 | — | $795.5M | ||
| Q1 25 | — | $736.7M | ||
| Q4 24 | — | $759.1M | ||
| Q3 24 | — | $557.4M | ||
| Q2 24 | — | $483.8M | ||
| Q1 24 | $93.1M | $414.1M |
股东权益APLSULH
| Q4 25 | $370.1M | $540.4M | ||
| Q3 25 | $401.2M | $534.9M | ||
| Q2 25 | $156.3M | $653.7M | ||
| Q1 25 | $164.2M | $646.4M | ||
| Q4 24 | $228.5M | $647.0M | ||
| Q3 24 | $237.1M | $631.0M | ||
| Q2 24 | $264.3M | $608.9M | ||
| Q1 24 | $266.7M | $583.9M |
总资产APLSULH
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $821.4M | $1.9B | ||
| Q1 25 | $807.3M | $1.8B | ||
| Q4 24 | $885.1M | $1.8B | ||
| Q3 24 | $901.9M | $1.6B | ||
| Q2 24 | $904.5M | $1.5B | ||
| Q1 24 | $831.9M | $1.4B |
负债/权益比APLSULH
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.54× | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | — | 1.14× | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | 0.35× | 0.71× |
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 | $47.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $14.3M |
| 自由现金流率自由现金流/营收 | -7.1% | 3.7% |
| 资本支出强度资本支出/营收 | 0.1% | 8.5% |
| 现金转化率经营现金流/净利润 | — | 12.62× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-41.1M |
8季度趋势，按日历期对齐
经营现金流APLSULH
| Q4 25 | $-14.2M | $47.1M | ||
| Q3 25 | $108.5M | $25.9M | ||
| Q2 25 | $4.4M | $25.7M | ||
| Q1 25 | $-53.4M | $84.3M | ||
| Q4 24 | $19.4M | $59.7M | ||
| Q3 24 | $34.1M | $6.2M | ||
| Q2 24 | $-8.3M | $9.6M | ||
| Q1 24 | $-133.0M | $36.9M |
自由现金流APLSULH
| Q4 25 | $-14.3M | $14.3M | ||
| Q3 25 | $108.3M | $-28.6M | ||
| Q2 25 | $4.4M | $-58.5M | ||
| Q1 25 | $-53.4M | $31.7M | ||
| Q4 24 | $19.3M | $18.9M | ||
| Q3 24 | — | $-58.9M | ||
| Q2 24 | $-8.4M | $-67.6M | ||
| Q1 24 | $-133.3M | $-31.7M |
自由现金流率APLSULH
| Q4 25 | -7.1% | 3.7% | ||
| Q3 25 | 23.6% | -7.2% | ||
| Q2 25 | 2.5% | -14.9% | ||
| Q1 25 | -32.0% | 8.3% | ||
| Q4 24 | 9.1% | 4.1% | ||
| Q3 24 | — | -13.8% | ||
| Q2 24 | -4.2% | -14.6% | ||
| Q1 24 | -77.3% | -6.4% |
资本支出强度APLSULH
| Q4 25 | 0.1% | 8.5% | ||
| Q3 25 | 0.0% | 13.7% | ||
| Q2 25 | 0.0% | 21.4% | ||
| Q1 25 | 0.0% | 13.7% | ||
| Q4 24 | 0.0% | 8.8% | ||
| Q3 24 | 0.0% | 15.3% | ||
| Q2 24 | 0.0% | 16.7% | ||
| Q1 24 | 0.2% | 13.9% |
现金转化率APLSULH
| Q4 25 | — | 12.62× | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 3.09× | ||
| Q1 25 | — | 14.02× | ||
| Q4 24 | — | 2.96× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.70× |
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% |
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
