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黑莓（BB）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
黑莓的季度营收约是再鼎医药的1.1倍（$141.8M vs $127.1M），再鼎医药同比增速更快（17.1% vs -0.8%），黑莓自由现金流更多（$17.4M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 17.8%）
黑莓有限公司（前身为动态研究公司，简称RIM）是加拿大专注于安全通信与物联网领域的软件企业，成立于1984年。早年曾推出黑莓品牌双向寻呼机、智能手机及平板电脑产品，后续转型提供软件与服务，拥有多项核心软件应用专利。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
BB vs ZLAB — 直观对比
营收规模更大
BB
是对方的1.1倍
$127.1M
营收增速更快
ZLAB
高出18.0%
-0.8%
自由现金流更多
BB
多$44.1M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
17.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $141.8M | $127.1M |
| 净利润 | $13.7M | — |
| 毛利率 | 77.5% | 51.0% |
| 营业利润率 | 8.4% | -54.6% |
| 净利率 | 9.7% | — |
| 营收同比 | -0.8% | 17.1% |
| 净利润同比 | 224.5% | — |
| 每股收益（稀释后） | $0.02 | $-0.05 |
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BBZLAB
| Q4 25 | $141.8M | $127.1M | ||
| Q3 25 | $129.6M | $115.4M | ||
| Q2 25 | $121.7M | $109.1M | ||
| Q1 25 | $141.7M | $105.7M | ||
| Q4 24 | $143.6M | $108.5M | ||
| Q3 24 | $126.2M | $101.8M | ||
| Q2 24 | $123.4M | $100.1M | ||
| Q1 24 | $102.1M | $87.1M |
净利润BBZLAB
| Q4 25 | $13.7M | — | ||
| Q3 25 | $13.3M | $-36.0M | ||
| Q2 25 | $1.9M | $-40.7M | ||
| Q1 25 | $-7.4M | $-48.4M | ||
| Q4 24 | $-10.5M | — | ||
| Q3 24 | $-19.7M | $-41.7M | ||
| Q2 24 | $-41.4M | $-80.3M | ||
| Q1 24 | $-56.2M | $-53.5M |
毛利率BBZLAB
| Q4 25 | 77.5% | 51.0% | ||
| Q3 25 | 74.5% | 59.5% | ||
| Q2 25 | 74.2% | 60.6% | ||
| Q1 25 | 73.5% | 63.6% | ||
| Q4 24 | 78.1% | 61.5% | ||
| Q3 24 | 70.2% | 64.1% | ||
| Q2 24 | 72.9% | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率BBZLAB
| Q4 25 | 8.4% | -54.6% | ||
| Q3 25 | 8.9% | -42.3% | ||
| Q2 25 | 1.6% | -50.3% | ||
| Q1 25 | -5.6% | -53.3% | ||
| Q4 24 | 13.6% | -62.6% | ||
| Q3 24 | 1.7% | -66.6% | ||
| Q2 24 | -10.5% | -76.0% | ||
| Q1 24 | 50.0% | -80.7% |
净利率BBZLAB
| Q4 25 | 9.7% | — | ||
| Q3 25 | 10.3% | -31.2% | ||
| Q2 25 | 1.6% | -37.3% | ||
| Q1 25 | -5.2% | -45.8% | ||
| Q4 24 | -7.3% | — | ||
| Q3 24 | -15.6% | -40.9% | ||
| Q2 24 | -33.5% | -80.2% | ||
| Q1 24 | -55.0% | -61.4% |
每股收益（稀释后）BBZLAB
| Q4 25 | $0.02 | $-0.05 | ||
| Q3 25 | $0.02 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.04 | ||
| Q1 25 | $-0.01 | $-0.04 | ||
| Q4 24 | $-0.02 | $-0.09 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $-0.07 | $-0.08 | ||
| Q1 24 | $-0.08 | $-0.05 |
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 | $304.2M | $689.6M |
| 总债务越低越好 | $196.2M | — |
| 股东权益账面价值 | $741.1M | $715.5M |
| 总资产 | $1.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.26× | — |
8季度趋势，按日历期对齐
现金及短期投资BBZLAB
| Q4 25 | $304.2M | $689.6M | ||
| Q3 25 | $290.5M | $717.2M | ||
| Q2 25 | $306.6M | $732.2M | ||
| Q1 25 | $337.8M | $757.3M | ||
| Q4 24 | $220.0M | $779.7M | ||
| Q3 24 | $211.0M | $616.1M | ||
| Q2 24 | $229.0M | $630.0M | ||
| Q1 24 | $237.1M | $650.8M |
总债务BBZLAB
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
股东权益BBZLAB
| Q4 25 | $741.1M | $715.5M | ||
| Q3 25 | $725.1M | $759.9M | ||
| Q2 25 | $725.1M | $791.7M | ||
| Q1 25 | $719.9M | $810.8M | ||
| Q4 24 | $725.2M | $840.9M | ||
| Q3 24 | $732.1M | $667.7M | ||
| Q2 24 | $742.6M | $704.2M | ||
| Q1 24 | $775.1M | $762.2M |
总资产BBZLAB
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $985.3M | ||
| Q2 24 | $1.3B | $987.4M | ||
| Q1 24 | $1.4B | $988.4M |
负债/权益比BBZLAB
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $17.4M | $-26.7M |
| 自由现金流率自由现金流/营收 | 12.3% | -21.0% |
| 资本支出强度资本支出/营收 | 0.6% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $42.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流BBZLAB
| Q4 25 | $18.3M | $-26.0M | ||
| Q3 25 | $3.9M | $-32.0M | ||
| Q2 25 | $-18.0M | $-31.0M | ||
| Q1 25 | $41.6M | $-61.7M | ||
| Q4 24 | $6.0M | $-55.8M | ||
| Q3 24 | $-16.0M | $-26.8M | ||
| Q2 24 | $-15.1M | $-42.2M | ||
| Q1 24 | $-15.5M | $-90.1M |
自由现金流BBZLAB
| Q4 25 | $17.4M | $-26.7M | ||
| Q3 25 | $3.1M | $-35.0M | ||
| Q2 25 | $-18.9M | $-33.9M | ||
| Q1 25 | $41.2M | $-63.2M | ||
| Q4 24 | $5.2M | $-58.4M | ||
| Q3 24 | $-16.5M | $-28.2M | ||
| Q2 24 | $-16.5M | $-42.9M | ||
| Q1 24 | $-17.6M | $-91.1M |
自由现金流率BBZLAB
| Q4 25 | 12.3% | -21.0% | ||
| Q3 25 | 2.4% | -30.4% | ||
| Q2 25 | -15.5% | -31.1% | ||
| Q1 25 | 29.1% | -59.9% | ||
| Q4 24 | 3.6% | -53.8% | ||
| Q3 24 | -13.1% | -27.7% | ||
| Q2 24 | -13.4% | -42.9% | ||
| Q1 24 | -17.2% | -104.5% |
资本支出强度BBZLAB
| Q4 25 | 0.6% | 0.5% | ||
| Q3 25 | 0.6% | 2.6% | ||
| Q2 25 | 0.7% | 2.6% | ||
| Q1 25 | 0.3% | 1.5% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.4% | 1.3% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 2.1% | 1.1% |
现金转化率BBZLAB
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
