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贝壳控股（BEKE）与缤客控股（BKNG）财务数据对比。点击上方公司名可切换其他公司
缤客控股的季度营收约是贝壳控股的2.0倍（$6.3B vs $3.2B），过去两年缤客控股的营收复合增速更高（19.9% vs 9.8%）
贝壳控股是中国领先的线上线下一体化居住服务平台，旗下运营贝壳找房等品牌，业务覆盖二手房交易经纪、新房代理销售、房屋租赁、家装改造及居住相关金融咨询服务，可满足消费者全周期居住需求。
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
BEKE vs BKNG — 直观对比
营收规模更大
BKNG
是对方的2.0倍
$3.2B
两年增速更快
BKNG
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $6.3B |
| 净利润 | $104.9M | — |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 32.0% |
| 净利率 | 3.2% | — |
| 营收同比 | — | 16.0% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $43.66 |
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BEKEBKNG
| Q4 25 | $3.2B | $6.3B | ||
| Q3 25 | $3.6B | $9.0B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | $3.2B | $4.8B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $3.2B | $8.0B | ||
| Q2 24 | $3.2B | $5.9B | ||
| Q1 24 | $2.3B | $4.4B |
净利润BEKEBKNG
| Q4 25 | $104.9M | — | ||
| Q3 25 | $182.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $117.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $166.5M | — | ||
| Q2 24 | $261.5M | — | ||
| Q1 24 | $59.8M | — |
毛利率BEKEBKNG
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | — |
营业利润率BEKEBKNG
| Q4 25 | 2.6% | 32.0% | ||
| Q3 25 | 4.1% | 38.7% | ||
| Q2 25 | — | 33.1% | ||
| Q1 25 | 2.5% | 22.3% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | 3.2% | 39.8% | ||
| Q2 24 | 8.6% | 31.7% | ||
| Q1 24 | 0.1% | 17.9% |
净利率BEKEBKNG
| Q4 25 | 3.2% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 8.1% | — | ||
| Q1 24 | 2.6% | — |
每股收益（稀释后）BEKEBKNG
| Q4 25 | — | $43.66 | ||
| Q3 25 | — | $84.41 | ||
| Q2 25 | — | $27.43 | ||
| Q1 25 | — | $10.07 | ||
| Q4 24 | — | $31.60 | ||
| Q3 24 | — | $74.34 | ||
| Q2 24 | — | $44.38 | ||
| Q1 24 | — | $22.37 |
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 | $1.3B | $17.2B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | — | $-5.6B |
| 总资产 | $16.8B | $29.3B |
| 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BEKEBKNG
| Q4 25 | $1.3B | $17.2B | ||
| Q3 25 | $1.6B | $16.5B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | $1.8B | $15.6B | ||
| Q4 24 | — | $16.2B | ||
| Q3 24 | $1.4B | $15.8B | ||
| Q2 24 | $1.3B | $16.3B | ||
| Q1 24 | $2.5B | $16.0B |
总债务BEKEBKNG
| Q4 25 | — | $18.7B | ||
| Q3 25 | — | $17.0B | ||
| Q2 25 | — | $18.5B | ||
| Q1 25 | — | $16.0B | ||
| Q4 24 | — | $16.6B | ||
| Q3 24 | — | $16.2B | ||
| Q2 24 | — | $16.8B | ||
| Q1 24 | — | $16.9B |
股东权益BEKEBKNG
| Q4 25 | — | $-5.6B | ||
| Q3 25 | $9.6B | $-4.7B | ||
| Q2 25 | — | $-6.7B | ||
| Q1 25 | $9.5B | $-6.1B | ||
| Q4 24 | — | $-4.0B | ||
| Q3 24 | $10.1B | $-3.7B | ||
| Q2 24 | $9.7B | $-4.3B | ||
| Q1 24 | $9.6B | $-4.1B |
总资产BEKEBKNG
| Q4 25 | $16.8B | $29.3B | ||
| Q3 25 | $17.3B | $28.8B | ||
| Q2 25 | — | $30.7B | ||
| Q1 25 | $18.0B | $27.2B | ||
| Q4 24 | — | $27.7B | ||
| Q3 24 | $17.5B | $28.0B | ||
| Q2 24 | $16.9B | $28.5B | ||
| Q1 24 | $16.5B | $27.7B |
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 | — | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $1.4B |
| 自由现金流率自由现金流/营收 | — | 22.3% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $9.1B |
8季度趋势，按日历期对齐
经营现金流BEKEBKNG
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $-546.4M | $3.3B | ||
| Q4 24 | — | $721.0M | ||
| Q3 24 | $64.0M | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
自由现金流BEKEBKNG
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $645.0M | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.6B |
自由现金流率BEKEBKNG
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 66.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 40.6% | ||
| Q1 24 | — | 58.3% |
资本支出强度BEKEBKNG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.9% |
现金转化率BEKEBKNG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| 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
BEKE
| New home transaction services | $932.6M | 29% |
| Existing home transaction services | $841.5M | 26% |
| Home rental services | $804.4M | 25% |
| Home renovation and furnishing | $604.0M | 19% |
| Emerging and other services | $55.6M | 2% |
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
