vs
贝壳控股（BEKE）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是贝壳控股的1.2倍（$4.0B vs $3.2B），网易净利率更高（31.0% vs 3.2%，领先27.8%），过去两年贝壳控股的营收复合增速更高（9.8% vs 9.7%）
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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
BEKE vs NTES — 直观对比
营收规模更大
NTES
是对方的1.2倍
$3.2B
净利率更高
NTES
高出27.8%
3.2%
两年增速更快
BEKE
近两年复合增速
9.7%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.0B |
| 净利润 | $104.9M | $1.2B |
| 毛利率 | 21.4% | 64.1% |
| 营业利润率 | 2.6% | 28.3% |
| 净利率 | 3.2% | 31.0% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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BEKENTES
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.6B | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | $3.2B | $4.0B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.2B | $3.5B | ||
| Q1 24 | $2.3B | $3.7B | ||
| Q3 23 | $2.4B | $3.7B |
净利润BEKENTES
| Q4 25 | $104.9M | — | ||
| Q3 25 | $182.4M | $1.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $117.9M | $1.5B | ||
| Q3 24 | $166.5M | $955.7M | ||
| Q2 24 | $261.5M | $939.6M | ||
| Q1 24 | $59.8M | $1.1B | ||
| Q3 23 | $160.4M | $1.1B |
毛利率BEKENTES
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | 20.7% | 64.1% | ||
| Q3 24 | 22.7% | 62.9% | ||
| Q2 24 | 27.9% | 62.9% | ||
| Q1 24 | 25.2% | 63.4% | ||
| Q3 23 | 27.4% | 62.2% |
营业利润率BEKENTES
| Q4 25 | 2.6% | — | ||
| Q3 25 | 4.1% | 28.3% | ||
| Q2 25 | — | 32.5% | ||
| Q1 25 | 2.5% | 36.2% | ||
| Q3 24 | 3.2% | 27.3% | ||
| Q2 24 | 8.6% | 27.4% | ||
| Q1 24 | 0.1% | 28.4% | ||
| Q3 23 | 5.1% | 27.7% |
净利率BEKENTES
| Q4 25 | 3.2% | — | ||
| Q3 25 | 5.0% | 31.0% | ||
| Q2 25 | — | 32.6% | ||
| Q1 25 | 3.7% | 36.6% | ||
| Q3 24 | 5.2% | 25.6% | ||
| Q2 24 | 8.1% | 26.8% | ||
| Q1 24 | 2.6% | 29.1% | ||
| Q3 23 | 6.6% | 28.6% |
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 | $31.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $160.8B |
| 总资产 | $16.8B | $214.5B |
| 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BEKENTES
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.6B | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | $1.8B | $41.7B | ||
| Q3 24 | $1.4B | $20.2B | ||
| Q2 24 | $1.3B | $19.0B | ||
| Q1 24 | $2.5B | $43.0B | ||
| Q3 23 | $2.2B | $15.1B |
股东权益BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | $9.6B | $160.8B | ||
| Q2 25 | — | $154.0B | ||
| Q1 25 | $9.5B | $147.8B | ||
| Q3 24 | $10.1B | $135.6B | ||
| Q2 24 | $9.7B | $134.2B | ||
| Q1 24 | $9.6B | $130.5B | ||
| Q3 23 | $9.9B | $123.8B |
总资产BEKENTES
| Q4 25 | $16.8B | — | ||
| Q3 25 | $17.3B | $214.5B | ||
| Q2 25 | — | $208.5B | ||
| Q1 25 | $18.0B | $200.9B | ||
| Q3 24 | $17.5B | $184.9B | ||
| Q2 24 | $16.9B | $183.3B | ||
| Q1 24 | $16.5B | $195.1B | ||
| Q3 23 | $16.2B | $171.6B |
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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | $1.8B |
| 自由现金流率自由现金流/营收 | — | 44.7% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.47× |
| 过去12个月自由现金流最近4个季度 | — | $6.3B |
8季度趋势，按日历期对齐
经营现金流BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $-546.4M | $1.7B | ||
| Q3 24 | $64.0M | $1.5B | ||
| Q2 24 | — | $898.8M | ||
| Q1 24 | — | $1.3B | ||
| Q3 23 | $268.2M | $1.3B |
自由现金流BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B | ||
| Q3 23 | — | $1.3B |
自由现金流率BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% | ||
| Q3 23 | — | 33.7% |
资本支出强度BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% | ||
| Q3 23 | — | 2.4% |
现金转化率BEKENTES
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | -4.64× | 1.15× | ||
| Q3 24 | 0.38× | 1.58× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.22× | ||
| Q3 23 | 1.67× | 1.26× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
