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贝壳控股（BEKE）与eXp World Holdings, Inc.（EXPI）财务数据对比。点击上方公司名可切换其他公司
贝壳控股的季度营收约是eXp World Holdings, Inc.的2.7倍（$3.2B vs $1.2B）。贝壳控股净利率更高（3.2% vs -1.1%，领先4.3%）。过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% 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。
eXp World Holdings是全球云原生房地产服务提供商，运营eXp Realty经纪网络，依托沉浸式3D虚拟园区支持代理人协作与日常运营，业务覆盖全球20余个国家的住宅及商业地产市场，同时提供按揭贷款、产权保险、从业者职业培训等配套服务。
BEKE vs EXPI — 直观对比
营收规模更大
BEKE
是对方的2.7倍
$1.2B
净利率更高
BEKE
高出4.3%
-1.1%
两年增速更快
EXPI
近两年复合增速
9.8%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.2B |
| 净利润 | $104.9M | $-12.9M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | -1.1% |
| 净利率 | 3.2% | -1.1% |
| 营收同比 | — | 8.5% |
| 净利润同比 | — | -35.7% |
| 每股收益（稀释后） | — | $-0.08 |
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BEKEEXPI
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.6B | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $3.2B | $954.9M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.2B | $1.3B | ||
| Q1 24 | $2.3B | $943.1M |
净利润BEKEEXPI
| Q4 25 | $104.9M | $-12.9M | ||
| Q3 25 | $182.4M | $3.5M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $117.9M | $-11.0M | ||
| Q4 24 | — | $-9.5M | ||
| Q3 24 | $166.5M | $-8.5M | ||
| Q2 24 | $261.5M | $12.4M | ||
| Q1 24 | $59.8M | $-15.6M |
毛利率BEKEEXPI
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | 99.9% | ||
| Q2 24 | 27.9% | 99.9% | ||
| Q1 24 | 25.2% | — |
营业利润率BEKEEXPI
| Q4 25 | 2.6% | -1.1% | ||
| Q3 25 | 4.1% | 0.3% | ||
| Q2 25 | — | -0.2% | ||
| Q1 25 | 2.5% | -1.1% | ||
| Q4 24 | — | -1.0% | ||
| Q3 24 | 3.2% | -0.7% | ||
| Q2 24 | 8.6% | 1.4% | ||
| Q1 24 | 0.1% | -1.9% |
净利率BEKEEXPI
| Q4 25 | 3.2% | -1.1% | ||
| Q3 25 | 5.0% | 0.3% | ||
| Q2 25 | — | -0.2% | ||
| Q1 25 | 3.7% | -1.2% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | 5.2% | -0.7% | ||
| Q2 24 | 8.1% | 1.0% | ||
| Q1 24 | 2.6% | -1.7% |
每股收益（稀释后）BEKEEXPI
| Q4 25 | — | $-0.08 | ||
| Q3 25 | — | $0.02 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | — | $-0.10 |
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 | $124.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $242.8M |
| 总资产 | $16.8B | $442.5M |
| 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BEKEEXPI
| Q4 25 | $1.3B | $124.2M | ||
| Q3 25 | $1.6B | $112.8M | ||
| Q2 25 | — | $94.6M | ||
| Q1 25 | $1.8B | $115.7M | ||
| Q4 24 | — | $113.6M | ||
| Q3 24 | $1.4B | $130.4M | ||
| Q2 24 | $1.3B | $108.4M | ||
| Q1 24 | $2.5B | $109.2M |
股东权益BEKEEXPI
| Q4 25 | — | $242.8M | ||
| Q3 25 | $9.6B | $235.3M | ||
| Q2 25 | — | $218.4M | ||
| Q1 25 | $9.5B | $212.0M | ||
| Q4 24 | — | $204.9M | ||
| Q3 24 | $10.1B | $211.1M | ||
| Q2 24 | $9.7B | $220.3M | ||
| Q1 24 | $9.6B | $222.4M |
总资产BEKEEXPI
| Q4 25 | $16.8B | $442.5M | ||
| Q3 25 | $17.3B | $458.7M | ||
| Q2 25 | — | $481.2M | ||
| Q1 25 | $18.0B | $435.8M | ||
| Q4 24 | — | $390.7M | ||
| Q3 24 | $17.5B | $432.6M | ||
| Q2 24 | $16.9B | $457.4M | ||
| Q1 24 | $16.5B | $426.7M |
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 | — | $13.8M |
| 自由现金流经营现金流 - 资本支出 | — | $11.9M |
| 自由现金流率自由现金流/营收 | — | 1.0% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 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 | — | $109.0M |
8季度趋势，按日历期对齐
经营现金流BEKEEXPI
| Q4 25 | — | $13.8M | ||
| Q3 25 | — | $28.9M | ||
| Q2 25 | — | $36.1M | ||
| Q1 25 | $-546.4M | $39.8M | ||
| Q4 24 | — | $13.7M | ||
| Q3 24 | $64.0M | $46.0M | ||
| Q2 24 | — | $71.1M | ||
| Q1 24 | — | $60.7M |
自由现金流BEKEEXPI
| Q4 25 | — | $11.9M | ||
| Q3 25 | — | $26.6M | ||
| Q2 25 | — | $33.3M | ||
| Q1 25 | — | $37.3M | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $44.4M | ||
| Q2 24 | — | $69.7M | ||
| Q1 24 | — | $59.3M |
自由现金流率BEKEEXPI
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | — | 6.3% |
资本支出强度BEKEEXPI
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
现金转化率BEKEEXPI
| Q4 25 | — | — | ||
| Q3 25 | — | 8.26× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | 5.75× | ||
| 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% |
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
