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阿里巴巴集团控股有限公司（BABA）与拼多多（PDD）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拼多多的2.5倍（$38.8B vs $15.2B）。拼多多净利率更高（27.1% vs 5.8%，领先21.3%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
BABA vs PDD — 直观对比
营收规模更大
BABA
是对方的2.5倍
$15.2B
净利率更高
PDD
高出21.3%
5.8%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $15.2B |
| 净利润 | $2.2B | $4.1B |
| 毛利率 | 40.2% | 56.7% |
| 营业利润率 | 6.6% | 23.1% |
| 净利率 | 5.8% | 27.1% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $6.64 | — |
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BABAPDD
| Q4 25 | $38.8B | — | ||
| Q3 25 | $34.2B | $15.2B | ||
| Q2 25 | $32.6B | $14.5B | ||
| Q4 24 | $38.7B | — | ||
| Q3 24 | — | $14.2B | ||
| Q1 24 | — | $12.0B | ||
| Q3 23 | — | $9.4B | ||
| Q2 23 | — | $7.2B |
净利润BABAPDD
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.9B | $4.1B | ||
| Q2 25 | $1.7B | $4.3B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | — | $3.6B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $2.1B | ||
| Q2 23 | — | $1.8B |
毛利率BABAPDD
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.2% | 56.7% | ||
| Q2 25 | 38.4% | 55.9% | ||
| Q4 24 | 42.0% | — | ||
| Q3 24 | — | 60.0% | ||
| Q1 24 | — | 62.3% | ||
| Q3 23 | — | 61.0% | ||
| Q2 23 | — | 64.3% |
营业利润率BABAPDD
| Q4 25 | 6.6% | — | ||
| Q3 25 | 2.2% | 23.1% | ||
| Q2 25 | 12.0% | 24.8% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | — | 24.5% | ||
| Q1 24 | — | 29.9% | ||
| Q3 23 | — | 24.2% | ||
| Q2 23 | — | 24.3% |
净利率BABAPDD
| Q4 25 | 5.8% | — | ||
| Q3 25 | 8.5% | 27.1% | ||
| Q2 25 | 5.3% | 29.6% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | — | 25.1% | ||
| Q1 24 | — | 32.3% | ||
| Q3 23 | — | 22.6% | ||
| Q2 23 | — | 25.1% |
每股收益（稀释后）BABAPDD
| Q4 25 | $6.64 | — | ||
| Q3 25 | $8.72 | — | ||
| Q2 25 | $5.20 | — | ||
| Q4 24 | $20.40 | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
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 | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $148.7B | $55.0B |
| 总资产 | $268.6B | $86.2B |
| 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BABAPDD
| Q4 25 | $18.3B | — | ||
| Q3 25 | $19.0B | $13.0B | ||
| Q2 25 | $20.0B | $8.8B | ||
| Q4 24 | $22.3B | — | ||
| Q3 24 | — | $9.3B | ||
| Q1 24 | — | $7.7B | ||
| Q3 23 | — | $7.5B | ||
| Q2 23 | — | $4.3B |
股东权益BABAPDD
| Q4 25 | $148.7B | — | ||
| Q3 25 | $145.0B | $55.0B | ||
| Q2 25 | $139.2B | $50.5B | ||
| Q4 24 | $137.2B | — | ||
| Q3 24 | — | $39.7B | ||
| Q1 24 | — | $30.3B | ||
| Q3 23 | — | $22.2B | ||
| Q2 23 | — | $20.0B |
总资产BABAPDD
| Q4 25 | $268.6B | — | ||
| Q3 25 | $264.6B | $86.2B | ||
| Q2 25 | $248.6B | $79.2B | ||
| Q4 24 | $254.1B | — | ||
| Q3 24 | — | $66.5B | ||
| Q1 24 | — | $52.3B | ||
| Q3 23 | — | $43.1B | ||
| Q2 23 | — | $37.8B |
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 | $6.4B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 2.31× | 1.56× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BABAPDD
| Q4 25 | $5.2B | — | ||
| Q3 25 | $1.4B | $6.4B | ||
| Q2 25 | $3.8B | $3.0B | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | — | $3.9B | ||
| Q1 24 | — | $2.9B | ||
| Q3 23 | — | $4.5B | ||
| Q2 23 | — | $3.2B |
现金转化率BABAPDD
| Q4 25 | 2.31× | — | ||
| Q3 25 | 0.49× | 1.56× | ||
| Q2 25 | 2.19× | 0.70× | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | — | 1.10× | ||
| Q1 24 | — | 0.75× | ||
| Q3 23 | — | 2.09× | ||
| Q2 23 | — | 1.78× |
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% |
PDD
暂无分部数据
