vs
贝壳控股（BEKE）与徕博科（LH）财务数据对比。点击上方公司名可切换其他公司
徕博科的季度营收约是贝壳控股的1.1倍（$3.5B vs $3.2B），徕博科净利率更高（4.7% vs 3.2%，领先1.4%），过去两年贝壳控股的营收复合增速更高（9.8% vs 5.2%）
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。
徕博科（Labcorp）是全球领先的生命科学与诊断检测企业，面向医疗机构、制药企业和个人患者提供全面的临床检验服务、药物研发支持及医疗检测解决方案，依托先进科研经验与创新技术输出准确可落地的健康洞察，助力临床决策、加快新药研发，提升全球患者健康水平。
BEKE vs LH — 直观对比
营收规模更大
LH
是对方的1.1倍
$3.2B
净利率更高
LH
高出1.4%
3.2%
两年增速更快
BEKE
近两年复合增速
5.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.5B |
| 净利润 | $104.9M | $164.7M |
| 毛利率 | 21.4% | 28.2% |
| 营业利润率 | 2.6% | 7.6% |
| 净利率 | 3.2% | 4.7% |
| 营收同比 | — | 5.6% |
| 净利润同比 | — | 14.9% |
| 每股收益（稀释后） | — | $1.98 |
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BEKELH
| Q4 25 | $3.2B | $3.5B | ||
| Q3 25 | $3.6B | $3.6B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | $3.2B | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $3.2B | $3.3B | ||
| Q2 24 | $3.2B | $3.2B | ||
| Q1 24 | $2.3B | $3.2B |
净利润BEKELH
| Q4 25 | $104.9M | $164.7M | ||
| Q3 25 | $182.4M | $261.1M | ||
| Q2 25 | — | $237.9M | ||
| Q1 25 | $117.9M | $212.8M | ||
| Q4 24 | — | $143.4M | ||
| Q3 24 | $166.5M | $169.3M | ||
| Q2 24 | $261.5M | $205.3M | ||
| Q1 24 | $59.8M | $228.0M |
毛利率BEKELH
| Q4 25 | 21.4% | 28.2% | ||
| Q3 25 | 21.9% | 28.8% | ||
| Q2 25 | — | 29.7% | ||
| Q1 25 | 20.7% | 28.3% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | 22.7% | 27.6% | ||
| Q2 24 | 27.9% | 28.8% | ||
| Q1 24 | 25.2% | 28.2% |
营业利润率BEKELH
| Q4 25 | 2.6% | 7.6% | ||
| Q3 25 | 4.1% | 11.1% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | 2.5% | 9.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | 3.2% | 7.7% | ||
| Q2 24 | 8.6% | 9.2% | ||
| Q1 24 | 0.1% | 10.1% |
净利率BEKELH
| Q4 25 | 3.2% | 4.7% | ||
| Q3 25 | 5.0% | 7.3% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | 3.7% | 6.4% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | 5.2% | 5.2% | ||
| Q2 24 | 8.1% | 6.4% | ||
| Q1 24 | 2.6% | 7.2% |
每股收益（稀释后）BEKELH
| Q4 25 | — | $1.98 | ||
| Q3 25 | — | $3.12 | ||
| Q2 25 | — | $2.84 | ||
| Q1 25 | — | $2.52 | ||
| Q4 24 | — | $1.72 | ||
| Q3 24 | — | $2.00 | ||
| Q2 24 | — | $2.43 | ||
| Q1 24 | — | $2.69 |
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 | $532.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $8.6B |
| 总资产 | $16.8B | $18.4B |
| 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BEKELH
| Q4 25 | $1.3B | $532.3M | ||
| Q3 25 | $1.6B | $598.1M | ||
| Q2 25 | — | $647.3M | ||
| Q1 25 | $1.8B | $369.4M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.3B | $265.1M | ||
| Q1 24 | $2.5B | $99.3M |
股东权益BEKELH
| Q4 25 | — | $8.6B | ||
| Q3 25 | $9.6B | $8.7B | ||
| Q2 25 | — | $8.5B | ||
| Q1 25 | $9.5B | $8.3B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | $10.1B | $8.2B | ||
| Q2 24 | $9.7B | $8.0B | ||
| Q1 24 | $9.6B | $8.0B |
总资产BEKELH
| Q4 25 | $16.8B | $18.4B | ||
| Q3 25 | $17.3B | $18.3B | ||
| Q2 25 | — | $18.1B | ||
| Q1 25 | $18.0B | $17.6B | ||
| Q4 24 | — | $18.4B | ||
| Q3 24 | $17.5B | $18.6B | ||
| Q2 24 | $16.9B | $16.7B | ||
| Q1 24 | $16.5B | $16.5B |
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 | — | $614.2M |
| 自由现金流经营现金流 - 资本支出 | — | $490.3M |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | 3.73× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流BEKELH
| Q4 25 | — | $614.2M | ||
| Q3 25 | — | $387.2M | ||
| Q2 25 | — | $620.6M | ||
| Q1 25 | $-546.4M | $18.5M | ||
| Q4 24 | — | $777.2M | ||
| Q3 24 | $64.0M | $277.3M | ||
| Q2 24 | — | $561.1M | ||
| Q1 24 | — | $-29.8M |
自由现金流BEKELH
| Q4 25 | — | $490.3M | ||
| Q3 25 | — | $280.5M | ||
| Q2 25 | — | $542.7M | ||
| Q1 25 | — | $-107.5M | ||
| Q4 24 | — | $665.1M | ||
| Q3 24 | — | $161.5M | ||
| Q2 24 | — | $432.9M | ||
| Q1 24 | — | $-163.6M |
自由现金流率BEKELH
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | 13.4% | ||
| Q1 24 | — | -5.2% |
资本支出强度BEKELH
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | — | 4.2% |
现金转化率BEKELH
| Q4 25 | — | 3.73× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | — | 2.61× | ||
| Q1 25 | -4.64× | 0.09× | ||
| Q4 24 | — | 5.42× | ||
| Q3 24 | 0.38× | 1.64× | ||
| Q2 24 | — | 2.73× | ||
| Q1 24 | — | -0.13× |
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% |
LH
| Diagnostics | $2.7B | 78% |
| Biopharma Laboratory Services | $793.0M | 23% |
