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阿里巴巴集团控股有限公司（BABA）与奥飞娱乐（MAX）财务数据对比。点击上方公司名可切换其他公司
阿里巴巴集团控股有限公司的季度营收约是奥飞娱乐的133.1倍（$38.8B vs $291.2M）。奥飞娱乐净利率更高（10.8% vs 5.8%，领先5.0%）
阿里巴巴集团控股有限公司是1999年6月28日于浙江杭州创立的中国跨国科技企业，核心业务覆盖电商、零售、互联网及科技领域，运营面向中国及全球市场的C2C、B2C、B2B交易平台，同时提供本地生活服务、数字媒体娱乐、物流、云计算等多元服务，服务全球海量消费者与企业客户。
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
BABA vs MAX — 直观对比
营收规模更大
BABA
是对方的133.1倍
$291.2M
净利率更高
MAX
高出5.0%
5.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $291.2M |
| 净利润 | $2.2B | $31.4M |
| 毛利率 | 40.2% | 15.4% |
| 营业利润率 | 6.6% | 7.7% |
| 净利率 | 5.8% | 10.8% |
| 营收同比 | — | -3.2% |
| 净利润同比 | — | 576.9% |
| 每股收益（稀释后） | $6.64 | $0.50 |
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BABAMAX
| Q4 25 | $38.8B | $291.2M | ||
| Q3 25 | $34.2B | $306.5M | ||
| Q2 25 | $32.6B | $251.6M | ||
| Q1 25 | — | $264.3M | ||
| Q4 24 | $38.7B | $300.6M | ||
| Q3 24 | — | $259.1M | ||
| Q2 24 | — | $178.3M | ||
| Q1 24 | — | $126.6M |
净利润BABAMAX
| Q4 25 | $2.2B | $31.4M | ||
| Q3 25 | $2.9B | $14.9M | ||
| Q2 25 | $1.7B | $-18.7M | ||
| Q1 25 | — | $-1.9M | ||
| Q4 24 | $6.8B | $4.6M | ||
| Q3 24 | — | $9.5M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $-1.1M |
毛利率BABAMAX
| Q4 25 | 40.2% | 15.4% | ||
| Q3 25 | 39.2% | 14.2% | ||
| Q2 25 | 38.4% | 15.0% | ||
| Q1 25 | — | 15.8% | ||
| Q4 24 | 42.0% | 16.3% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 18.7% |
营业利润率BABAMAX
| Q4 25 | 6.6% | 7.7% | ||
| Q3 25 | 2.2% | 6.4% | ||
| Q2 25 | 12.0% | -8.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | 14.7% | 6.1% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | — | 1.9% |
净利率BABAMAX
| Q4 25 | 5.8% | 10.8% | ||
| Q3 25 | 8.5% | 4.9% | ||
| Q2 25 | 5.3% | -7.4% | ||
| Q1 25 | — | -0.7% | ||
| Q4 24 | 17.5% | 1.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | -0.9% |
每股收益（稀释后）BABAMAX
| Q4 25 | $6.64 | $0.50 | ||
| Q3 25 | $8.72 | $0.26 | ||
| Q2 25 | $5.20 | $-0.33 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | $20.40 | $0.09 | ||
| Q3 24 | — | $0.17 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | — | $-0.02 |
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 | $18.3B | $46.9M |
| 总债务越低越好 | — | $153.4M |
| 股东权益账面价值 | $148.7B | $4.2M |
| 总资产 | $268.6B | $383.8M |
| 负债/权益比越低杠杆越低 | — | 36.88× |
8季度趋势，按日历期对齐
现金及短期投资BABAMAX
| Q4 25 | $18.3B | $46.9M | ||
| Q3 25 | $19.0B | $38.8M | ||
| Q2 25 | $20.0B | $85.4M | ||
| Q1 25 | — | $63.6M | ||
| Q4 24 | $22.3B | $43.3M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $28.7M | ||
| Q1 24 | — | $14.5M |
总债务BABAMAX
| Q4 25 | — | $153.4M | ||
| Q3 25 | — | $155.7M | ||
| Q2 25 | — | $158.0M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | — | $162.4M | ||
| Q3 24 | — | $164.7M | ||
| Q2 24 | — | $166.9M | ||
| Q1 24 | — | $172.1M |
股东权益BABAMAX
| Q4 25 | $148.7B | $4.2M | ||
| Q3 25 | $145.0B | $-29.8M | ||
| Q2 25 | $139.2B | $-3.8M | ||
| Q1 25 | — | $7.9M | ||
| Q4 24 | $137.2B | $2.4M | ||
| Q3 24 | — | $-8.4M | ||
| Q2 24 | — | $-24.4M | ||
| Q1 24 | — | $-19.1M |
总资产BABAMAX
| Q4 25 | $268.6B | $383.8M | ||
| Q3 25 | $264.6B | $266.2M | ||
| Q2 25 | $248.6B | $249.4M | ||
| Q1 25 | — | $240.0M | ||
| Q4 24 | $254.1B | $262.4M | ||
| Q3 24 | — | $236.1M | ||
| Q2 24 | — | $198.2M | ||
| Q1 24 | — | $153.0M |
负债/权益比BABAMAX
| Q4 25 | — | 36.88× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 20.23× | ||
| Q4 24 | — | 68.31× | ||
| Q3 24 | — | — | ||
| 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 | $5.2B | $-7.4M |
| 自由现金流经营现金流 - 资本支出 | — | $-7.5M |
| 自由现金流率自由现金流/营收 | — | -2.6% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 2.31× | -0.24× |
| 过去12个月自由现金流最近4个季度 | — | $65.3M |
8季度趋势，按日历期对齐
经营现金流BABAMAX
| Q4 25 | $5.2B | $-7.4M | ||
| Q3 25 | $1.4B | $23.6M | ||
| Q2 25 | $3.8B | $25.7M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $9.7B | $14.5M | ||
| Q3 24 | — | $8.1M | ||
| Q2 24 | — | $21.6M | ||
| Q1 24 | — | $1.7M |
自由现金流BABAMAX
| Q4 25 | — | $-7.5M | ||
| Q3 25 | — | $23.6M | ||
| Q2 25 | — | $25.5M | ||
| Q1 25 | — | $23.6M | ||
| Q4 24 | — | $14.5M | ||
| Q3 24 | — | $8.0M | ||
| Q2 24 | — | $21.5M | ||
| Q1 24 | — | $1.6M |
自由现金流率BABAMAX
| Q4 25 | — | -2.6% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 12.0% | ||
| Q1 24 | — | 1.3% |
资本支出强度BABAMAX
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.0% |
现金转化率BABAMAX
| Q4 25 | 2.31× | -0.24× | ||
| Q3 25 | 0.49× | 1.58× | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.43× | 3.13× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 5.97× | ||
| 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
BABA
| Alibaba China E-commerce Group | $22.8B | 59% |
| All others | $9.6B | 25% |
| Cloud Intelligence Group | $6.2B | 16% |
MAX
| Property And Casualty Insurance | $264.8M | 91% |
| Health Insurance | $20.8M | 7% |
| Sales Channel Through Intermediary | $7.2M | 2% |
