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贝壳控股（BEKE）与仲量联行（JLL）财务数据对比。点击上方公司名可切换其他公司
仲量联行的季度营收约是贝壳控股的2.3倍（$7.6B vs $3.2B）。仲量联行净利率更高（5.3% vs 3.2%，领先2.0%）。过去两年仲量联行的营收复合增速更高（21.9% 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。
仲量联行（JLL）是总部位于美国芝加哥的全球知名房地产服务企业，位列《财富》世界500强第188位，在80个国家设有办事处，面向机构投资者、散户投资者及高净值人群提供全球投资管理服务，同时通过JLL Technologies推出科技产品，旗下PropTech基金JLL Spark主营地产科技领域风险投资。
BEKE vs JLL — 直观对比
营收规模更大
JLL
是对方的2.3倍
$3.2B
净利率更高
JLL
高出2.0%
3.2%
两年增速更快
JLL
近两年复合增速
9.8%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $7.6B |
| 净利润 | $104.9M | $401.8M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 6.7% |
| 净利率 | 3.2% | 5.3% |
| 营收同比 | — | 11.7% |
| 净利润同比 | — | 66.6% |
| 每股收益（稀释后） | — | $8.33 |
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BEKEJLL
| Q4 25 | $3.2B | $7.6B | ||
| Q3 25 | $3.6B | $6.5B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | $3.2B | $5.7B | ||
| Q4 24 | — | $6.8B | ||
| Q3 24 | $3.2B | $5.9B | ||
| Q2 24 | $3.2B | $5.6B | ||
| Q1 24 | $2.3B | $5.1B |
净利润BEKEJLL
| Q4 25 | $104.9M | $401.8M | ||
| Q3 25 | $182.4M | $222.4M | ||
| Q2 25 | — | $110.5M | ||
| Q1 25 | $117.9M | $57.5M | ||
| Q4 24 | — | $241.2M | ||
| Q3 24 | $166.5M | $155.1M | ||
| Q2 24 | $261.5M | $84.4M | ||
| Q1 24 | $59.8M | $66.1M |
毛利率BEKEJLL
| 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BEKEJLL
| Q4 25 | 2.6% | 6.7% | ||
| Q3 25 | 4.1% | 4.2% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | 2.5% | 2.1% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 3.2% | 3.9% | ||
| Q2 24 | 8.6% | 2.7% | ||
| Q1 24 | 0.1% | 2.2% |
净利率BEKEJLL
| Q4 25 | 3.2% | 5.3% | ||
| Q3 25 | 5.0% | 3.4% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | 3.7% | 1.0% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | 5.2% | 2.6% | ||
| Q2 24 | 8.1% | 1.5% | ||
| Q1 24 | 2.6% | 1.3% |
每股收益（稀释后）BEKEJLL
| Q4 25 | — | $8.33 | ||
| Q3 25 | — | $4.61 | ||
| Q2 25 | — | $2.32 | ||
| Q1 25 | — | $1.14 | ||
| Q4 24 | — | $4.98 | ||
| Q3 24 | — | $3.20 | ||
| Q2 24 | — | $1.75 | ||
| Q1 24 | — | $1.37 |
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 | $599.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $7.5B |
| 总资产 | $16.8B | $17.8B |
| 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BEKEJLL
| Q4 25 | $1.3B | $599.1M | ||
| Q3 25 | $1.6B | $428.9M | ||
| Q2 25 | — | $401.4M | ||
| Q1 25 | $1.8B | $432.4M | ||
| Q4 24 | — | $416.3M | ||
| Q3 24 | $1.4B | $437.8M | ||
| Q2 24 | $1.3B | $424.4M | ||
| Q1 24 | $2.5B | $396.7M |
股东权益BEKEJLL
| Q4 25 | — | $7.5B | ||
| Q3 25 | $9.6B | $7.2B | ||
| Q2 25 | — | $7.0B | ||
| Q1 25 | $9.5B | $6.8B | ||
| Q4 24 | — | $6.8B | ||
| Q3 24 | $10.1B | $6.6B | ||
| Q2 24 | $9.7B | $6.4B | ||
| Q1 24 | $9.6B | $6.3B |
总资产BEKEJLL
| Q4 25 | $16.8B | $17.8B | ||
| Q3 25 | $17.3B | $17.2B | ||
| Q2 25 | — | $17.3B | ||
| Q1 25 | $18.0B | $16.6B | ||
| Q4 24 | — | $16.8B | ||
| Q3 24 | $17.5B | $17.8B | ||
| Q2 24 | $16.9B | $15.9B | ||
| Q1 24 | $16.5B | $15.5B |
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 | — | $1.0B |
| 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 | — | 2.52× |
| 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BEKEJLL
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $617.1M | ||
| Q2 25 | — | $332.8M | ||
| Q1 25 | $-546.4M | $-767.6M | ||
| Q4 24 | — | $927.3M | ||
| Q3 24 | $64.0M | $261.6M | ||
| Q2 24 | — | $273.9M | ||
| Q1 24 | — | $-677.5M |
现金转化率BEKEJLL
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 2.77× | ||
| Q2 25 | — | 3.01× | ||
| Q1 25 | -4.64× | -13.35× | ||
| Q4 24 | — | 3.84× | ||
| Q3 24 | 0.38× | 1.69× | ||
| Q2 24 | — | 3.25× | ||
| Q1 24 | — | -10.25× |
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% |
JLL
| Workplace Management | $3.8B | 50% |
| Project Management | $1.1B | 15% |
| Leasing Advisory | $1.0B | 13% |
| Leasing | $964.9M | 13% |
| Property Management | $480.2M | 6% |
| Portfolio Services And Other | $152.1M | 2% |
| Advisory Fees | $98.1M | 1% |
| Loan Servicing | $42.2M | 1% |
| Transaction Fees Other | $16.4M | 0% |
