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贝壳控股（BEKE）与荷美尔食品（HRL）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荷美尔食品的1.0倍（$3.2B vs $3.2B），贝壳控股净利率更高（3.2% vs -1.8%，领先5.0%），过去两年贝壳控股的营收复合增速更高（9.8% vs 3.1%）
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。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
BEKE vs HRL — 直观对比
营收规模更大
BEKE
是对方的1.0倍
$3.2B
净利率更高
BEKE
高出5.0%
-1.8%
两年增速更快
BEKE
近两年复合增速
3.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.2B |
| 净利润 | $104.9M | $-56.1M |
| 毛利率 | 21.4% | 14.0% |
| 营业利润率 | 2.6% | 0.1% |
| 净利率 | 3.2% | -1.8% |
| 营收同比 | — | 1.5% |
| 净利润同比 | — | -125.5% |
| 每股收益（稀释后） | — | $-0.10 |
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BEKEHRL
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.6B | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $2.3B | $3.0B |
净利润BEKEHRL
| Q4 25 | $104.9M | $-56.1M | ||
| Q3 25 | $182.4M | $183.7M | ||
| Q2 25 | — | $180.0M | ||
| Q1 25 | $117.9M | $170.6M | ||
| Q4 24 | — | $220.2M | ||
| Q3 24 | $166.5M | $176.7M | ||
| Q2 24 | $261.5M | $189.3M | ||
| Q1 24 | $59.8M | $218.9M |
毛利率BEKEHRL
| Q4 25 | 21.4% | 14.0% | ||
| Q3 25 | 21.9% | 16.1% | ||
| Q2 25 | — | 16.7% | ||
| Q1 25 | 20.7% | 15.9% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 22.7% | 16.8% | ||
| Q2 24 | 27.9% | 17.4% | ||
| Q1 24 | 25.2% | 17.0% |
营业利润率BEKEHRL
| Q4 25 | 2.6% | 0.1% | ||
| Q3 25 | 4.1% | 7.9% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 2.5% | 7.6% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 3.2% | 8.2% | ||
| Q2 24 | 8.6% | 8.7% | ||
| Q1 24 | 0.1% | 9.5% |
净利率BEKEHRL
| Q4 25 | 3.2% | -1.8% | ||
| Q3 25 | 5.0% | 6.1% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | 3.7% | 5.7% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | 5.2% | 6.1% | ||
| Q2 24 | 8.1% | 6.6% | ||
| Q1 24 | 2.6% | 7.3% |
每股收益（稀释后）BEKEHRL
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | $0.33 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $0.41 | ||
| Q3 24 | — | $0.32 | ||
| Q2 24 | — | $0.34 | ||
| Q1 24 | — | $0.40 |
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 | $703.6M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | — | $7.9B |
| 总资产 | $16.8B | $13.4B |
| 负债/权益比越低杠杆越低 | — | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资BEKEHRL
| Q4 25 | $1.3B | $703.6M | ||
| Q3 25 | $1.6B | $630.7M | ||
| Q2 25 | — | $699.0M | ||
| Q1 25 | $1.8B | $866.4M | ||
| Q4 24 | — | $766.6M | ||
| Q3 24 | $1.4B | $561.9M | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $2.5B | $981.9M |
总债务BEKEHRL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.4B |
股东权益BEKEHRL
| Q4 25 | — | $7.9B | ||
| Q3 25 | $9.6B | $8.1B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | $9.5B | $8.0B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | $10.1B | $7.9B | ||
| Q2 24 | $9.7B | $7.9B | ||
| Q1 24 | $9.6B | $7.8B |
总资产BEKEHRL
| Q4 25 | $16.8B | $13.4B | ||
| Q3 25 | $17.3B | $13.5B | ||
| Q2 25 | — | $13.4B | ||
| Q1 25 | $18.0B | $13.4B | ||
| Q4 24 | — | $13.4B | ||
| Q3 24 | $17.5B | $13.1B | ||
| Q2 24 | $16.9B | $14.1B | ||
| Q1 24 | $16.5B | $13.5B |
负债/权益比BEKEHRL
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.36× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.30× |
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 | — | $322.9M |
| 自由现金流经营现金流 - 资本支出 | — | $231.4M |
| 自由现金流率自由现金流/营收 | — | 7.3% |
| 资本支出强度资本支出/营收 | — | 2.9% |
| 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 | — | $534.3M |
8季度趋势，按日历期对齐
经营现金流BEKEHRL
| Q4 25 | — | $322.9M | ||
| Q3 25 | — | $156.7M | ||
| Q2 25 | — | $56.4M | ||
| Q1 25 | $-546.4M | $309.2M | ||
| Q4 24 | — | $408.6M | ||
| Q3 24 | $64.0M | $218.0M | ||
| Q2 24 | — | $236.1M | ||
| Q1 24 | — | $404.0M |
自由现金流BEKEHRL
| Q4 25 | — | $231.4M | ||
| Q3 25 | — | $84.5M | ||
| Q2 25 | — | $-18.6M | ||
| Q1 25 | — | $237.0M | ||
| Q4 24 | — | $324.8M | ||
| Q3 24 | — | $152.5M | ||
| Q2 24 | — | $176.2M | ||
| Q1 24 | — | $356.8M |
自由现金流率BEKEHRL
| Q4 25 | — | 7.3% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 6.1% | ||
| Q1 24 | — | 11.9% |
资本支出强度BEKEHRL
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.6% |
现金转化率BEKEHRL
| Q4 25 | — | — | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | -4.64× | 1.81× | ||
| Q4 24 | — | 1.86× | ||
| Q3 24 | 0.38× | 1.23× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | — | 1.85× |
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% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
