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亚玛芬体育（AS）与Global Business Travel Group, Inc.（GBTG）财务数据对比。点击上方公司名可切换其他公司
亚玛芬体育的季度营收约是Global Business Travel Group, Inc.的1.3倍（$1.1B vs $792.0M），Global Business Travel Group, Inc.净利率更高（10.5% vs 1.8%，领先8.7%），亚玛芬体育自由现金流更多（$92.2M vs $13.0M）
亚玛芬体育是芬兰跨国运动装备企业，总部位于赫尔辛基，成立于1950年。早年为涉足烟草贸易、航运、出版等领域的多元化工业集团，后逐步转型专注于体育用品的生产与营销，现有员工超9700人，2018年起成为中国安踏体育旗下子公司。
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
AS vs GBTG — 直观对比
营收规模更大
AS
是对方的1.3倍
$792.0M
净利率更高
GBTG
高出8.7%
1.8%
自由现金流更多
AS
多$79.2M
$13.0M
损益表 — Q1 FY2024 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $792.0M |
| 净利润 | $19.0M | $83.0M |
| 毛利率 | 52.8% | — |
| 营业利润率 | 12.4% | 3.7% |
| 净利率 | 1.8% | 10.5% |
| 营收同比 | — | 34.0% |
| 净利润同比 | — | 692.9% |
| 每股收益（稀释后） | $0.05 | $0.16 |
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ASGBTG
| Q4 25 | — | $792.0M | ||
| Q3 25 | — | $674.0M | ||
| Q2 25 | — | $631.0M | ||
| Q1 25 | — | $621.0M | ||
| Q4 24 | — | $591.0M | ||
| Q3 24 | — | $597.0M | ||
| Q2 24 | — | $625.0M | ||
| Q1 24 | $1.1B | $610.0M |
净利润ASGBTG
| Q4 25 | — | $83.0M | ||
| Q3 25 | — | $-62.0M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | — | $75.0M | ||
| Q4 24 | — | $-14.0M | ||
| Q3 24 | — | $-128.0M | ||
| Q2 24 | — | $27.0M | ||
| Q1 24 | $19.0M | $-19.0M |
毛利率ASGBTG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 52.8% | — |
营业利润率ASGBTG
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | 12.4% | 2.6% |
净利率ASGBTG
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | -9.2% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | -21.4% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | 1.8% | -3.1% |
每股收益（稀释后）ASGBTG
| Q4 25 | — | $0.16 | ||
| Q3 25 | — | $-0.13 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | $0.05 | $-0.04 |
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 | — | $434.0M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | — | $1.6B |
| 总资产 | — | $4.9B |
| 负债/权益比越低杠杆越低 | — | 0.88× |
8季度趋势，按日历期对齐
现金及短期投资ASGBTG
| Q4 25 | — | $434.0M | ||
| Q3 25 | — | $427.0M | ||
| Q2 25 | — | $601.0M | ||
| Q1 25 | — | $552.0M | ||
| Q4 24 | — | $536.0M | ||
| Q3 24 | — | $524.0M | ||
| Q2 24 | — | $515.0M | ||
| Q1 24 | — | $475.0M |
总债务ASGBTG
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ASGBTG
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
总资产ASGBTG
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.8B |
负债/权益比ASGBTG
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | — | ||
| Q1 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 | $114.3M | $52.0M |
| 自由现金流经营现金流 - 资本支出 | $92.2M | $13.0M |
| 自由现金流率自由现金流/营收 | 8.8% | 1.6% |
| 资本支出强度资本支出/营收 | 2.1% | 4.9% |
| 现金转化率经营现金流/净利润 | 6.02× | 0.63× |
| 过去12个月自由现金流最近4个季度 | — | $104.0M |
8季度趋势，按日历期对齐
经营现金流ASGBTG
| Q4 25 | — | $52.0M | ||
| Q3 25 | — | $71.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $53.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | — | $85.0M | ||
| Q2 24 | — | $73.0M | ||
| Q1 24 | $114.3M | $49.0M |
自由现金流ASGBTG
| Q4 25 | — | $13.0M | ||
| Q3 25 | — | $38.0M | ||
| Q2 25 | — | $27.0M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | $92.2M | $24.0M |
自由现金流率ASGBTG
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | 8.8% | 3.9% |
资本支出强度ASGBTG
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | 2.1% | 4.1% |
现金转化率ASGBTG
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.70× | ||
| Q1 24 | 6.02× | — |
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
AS
| Americas2 | $409.6M | 39% |
| EMEA1 | $356.9M | 34% |
| Greater China3 | $205.6M | 20% |
| Asia Pacific4 | $78.2M | 7% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
