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贝壳控股（BEKE）与露露乐蒙（LULU）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露露乐蒙的1.3倍（$3.2B vs $2.6B），露露乐蒙净利率更高（12.0% vs 3.2%，领先8.7%），过去两年贝壳控股的营收复合增速更高（9.8% vs -10.5%）
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。
露露乐蒙是源自美国和加拿大的跨国运动服饰零售商，1998年成立初期主打瑜伽裤及其他瑜伽服饰，目前已拓展业务至运动装备、休闲服饰、配件及个护产品，总部位于加拿大不列颠哥伦比亚省温哥华，共拥有767家线下门店，同时开设官方网站提供线上销售服务。
BEKE vs LULU — 直观对比
营收规模更大
BEKE
是对方的1.3倍
$2.6B
净利率更高
LULU
高出8.7%
3.2%
两年增速更快
BEKE
近两年复合增速
-10.5%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.6B |
| 净利润 | $104.9M | $306.8M |
| 毛利率 | 21.4% | 55.6% |
| 营业利润率 | 2.6% | 17.0% |
| 净利率 | 3.2% | 12.0% |
| 营收同比 | — | 7.1% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | — | $2.59 |
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BEKELULU
| Q4 25 | $3.2B | $2.6B | ||
| Q3 25 | $3.6B | $2.5B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | $3.2B | $3.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $3.2B | $2.2B | ||
| Q1 24 | $2.3B | $3.2B |
净利润BEKELULU
| Q4 25 | $104.9M | $306.8M | ||
| Q3 25 | $182.4M | $370.9M | ||
| Q2 25 | — | $314.6M | ||
| Q1 25 | $117.9M | $748.4M | ||
| Q4 24 | — | $351.9M | ||
| Q3 24 | $166.5M | $392.9M | ||
| Q2 24 | $261.5M | $321.4M | ||
| Q1 24 | $59.8M | $669.5M |
毛利率BEKELULU
| Q4 25 | 21.4% | 55.6% | ||
| Q3 25 | 21.9% | 58.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | 20.7% | 60.4% | ||
| Q4 24 | — | 58.5% | ||
| Q3 24 | 22.7% | 59.6% | ||
| Q2 24 | 27.9% | 57.7% | ||
| Q1 24 | 25.2% | 59.4% |
营业利润率BEKELULU
| Q4 25 | 2.6% | 17.0% | ||
| Q3 25 | 4.1% | 20.7% | ||
| Q2 25 | — | 18.5% | ||
| Q1 25 | 2.5% | 28.9% | ||
| Q4 24 | — | 20.5% | ||
| Q3 24 | 3.2% | 22.8% | ||
| Q2 24 | 8.6% | 19.6% | ||
| Q1 24 | 0.1% | 28.5% |
净利率BEKELULU
| Q4 25 | 3.2% | 12.0% | ||
| Q3 25 | 5.0% | 14.7% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | 3.7% | 20.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 5.2% | 16.6% | ||
| Q2 24 | 8.1% | 14.6% | ||
| Q1 24 | 2.6% | 20.9% |
每股收益（稀释后）BEKELULU
| Q4 25 | — | $2.59 | ||
| Q3 25 | — | $3.10 | ||
| Q2 25 | — | $2.60 | ||
| Q1 25 | — | $6.08 | ||
| Q4 24 | — | $2.87 | ||
| Q3 24 | — | $3.15 | ||
| Q2 24 | — | $2.54 | ||
| Q1 24 | — | $5.28 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $4.5B |
| 总资产 | $16.8B | $8.0B |
| 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BEKELULU
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | — |
股东权益BEKELULU
| Q4 25 | — | $4.5B | ||
| Q3 25 | $9.6B | $4.4B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $9.5B | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $10.1B | $4.0B | ||
| Q2 24 | $9.7B | $4.2B | ||
| Q1 24 | $9.6B | $4.2B |
总资产BEKELULU
| Q4 25 | $16.8B | $8.0B | ||
| Q3 25 | $17.3B | $7.5B | ||
| Q2 25 | — | $7.4B | ||
| Q1 25 | $18.0B | $7.6B | ||
| Q4 24 | — | $7.1B | ||
| Q3 24 | $17.5B | $6.7B | ||
| Q2 24 | $16.9B | $6.8B | ||
| Q1 24 | $16.5B | $7.1B |
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 | — | $249.9M |
| 自由现金流经营现金流 - 资本支出 | — | $82.4M |
| 自由现金流率自由现金流/营收 | — | 3.2% |
| 资本支出强度资本支出/营收 | — | 6.5% |
| 现金转化率经营现金流/净利润 | — | 0.81× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流BEKELULU
| Q4 25 | — | $249.9M | ||
| Q3 25 | — | $328.7M | ||
| Q2 25 | — | $-119.0M | ||
| Q1 25 | $-546.4M | $1.4B | ||
| Q4 24 | — | $300.7M | ||
| Q3 24 | $64.0M | $443.1M | ||
| Q2 24 | — | $127.5M | ||
| Q1 24 | — | $1.4B |
自由现金流BEKELULU
| Q4 25 | — | $82.4M | ||
| Q3 25 | — | $150.8M | ||
| Q2 25 | — | $-271.2M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $122.2M | ||
| Q3 24 | — | $298.1M | ||
| Q2 24 | — | $-3.2M | ||
| Q1 24 | — | $1.2B |
自由现金流率BEKELULU
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -11.4% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | -0.1% | ||
| Q1 24 | — | 36.7% |
资本支出强度BEKELULU
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 6.5% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 6.1% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 6.4% |
现金转化率BEKELULU
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.89× | ||
| Q2 25 | — | -0.38× | ||
| Q1 25 | -4.64× | 1.87× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | 0.38× | 1.13× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 2.07× |
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% |
LULU
| Womens Apparel | $1.6B | 64% |
| Mens Apparel | $596.2M | 23% |
| Accessories And Other Categories | $324.7M | 13% |
