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贝壳控股（BEKE）与RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的45.5倍（$3.2B vs $71.1M）。贝壳控股净利率更高（3.2% vs 2.0%，领先1.2%）。过去两年贝壳控股的营收复合增速更高（9.8% vs -4.7%）
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。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
BEKE vs RMAX — 直观对比
营收规模更大
BEKE
是对方的45.5倍
$71.1M
净利率更高
BEKE
高出1.2%
2.0%
两年增速更快
BEKE
近两年复合增速
-4.7%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $71.1M |
| 净利润 | $104.9M | $1.4M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 13.1% |
| 净利率 | 3.2% | 2.0% |
| 营收同比 | — | -1.8% |
| 净利润同比 | — | -75.2% |
| 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BEKERMAX
| Q4 25 | $3.2B | $71.1M | ||
| Q3 25 | $3.6B | $73.2M | ||
| Q2 25 | — | $72.8M | ||
| Q1 25 | $3.2B | $74.5M | ||
| Q4 24 | — | $72.5M | ||
| Q3 24 | $3.2B | $78.5M | ||
| Q2 24 | $3.2B | $78.5M | ||
| Q1 24 | $2.3B | $78.3M |
净利润BEKERMAX
| Q4 25 | $104.9M | $1.4M | ||
| Q3 25 | $182.4M | $4.0M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | $117.9M | $-2.0M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $166.5M | $966.0K | ||
| Q2 24 | $261.5M | $3.7M | ||
| Q1 24 | $59.8M | $-3.4M |
毛利率BEKERMAX
| 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BEKERMAX
| Q4 25 | 2.6% | 13.1% | ||
| Q3 25 | 4.1% | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | 2.5% | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | 3.2% | 19.4% | ||
| Q2 24 | 8.6% | 20.6% | ||
| Q1 24 | 0.1% | 5.8% |
净利率BEKERMAX
| Q4 25 | 3.2% | 2.0% | ||
| Q3 25 | 5.0% | 5.4% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 3.7% | -2.6% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | 5.2% | 1.2% | ||
| Q2 24 | 8.1% | 4.7% | ||
| Q1 24 | 2.6% | -4.3% |
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 | $118.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $452.4M |
| 总资产 | $16.8B | $582.5M |
| 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BEKERMAX
| Q4 25 | $1.3B | $118.7M | ||
| Q3 25 | $1.6B | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | $1.8B | $89.1M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | $1.4B | $83.8M | ||
| Q2 24 | $1.3B | $66.1M | ||
| Q1 24 | $2.5B | $82.1M |
股东权益BEKERMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | $9.6B | $448.1M | ||
| Q2 25 | — | $442.4M | ||
| Q1 25 | $9.5B | $433.5M | ||
| Q4 24 | — | $429.5M | ||
| Q3 24 | $10.1B | $423.1M | ||
| Q2 24 | $9.7B | $418.4M | ||
| Q1 24 | $9.6B | $412.0M |
总资产BEKERMAX
| Q4 25 | $16.8B | $582.5M | ||
| Q3 25 | $17.3B | $582.2M | ||
| Q2 25 | — | $574.8M | ||
| Q1 25 | $18.0B | $571.4M | ||
| Q4 24 | — | $581.6M | ||
| Q3 24 | $17.5B | $578.6M | ||
| Q2 24 | $16.9B | $571.4M | ||
| Q1 24 | $16.5B | $566.7M |
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 | — | $12.9M |
| 自由现金流经营现金流 - 资本支出 | — | $10.2M |
| 自由现金流率自由现金流/营收 | — | 14.3% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | — | 8.97× |
| 过去12个月自由现金流最近4个季度 | — | $33.5M |
8季度趋势，按日历期对齐
经营现金流BEKERMAX
| Q4 25 | — | $12.9M | ||
| Q3 25 | — | $17.7M | ||
| Q2 25 | — | $4.6M | ||
| Q1 25 | $-546.4M | $5.7M | ||
| Q4 24 | — | $16.8M | ||
| Q3 24 | $64.0M | $17.6M | ||
| Q2 24 | — | $15.9M | ||
| Q1 24 | — | $9.4M |
自由现金流BEKERMAX
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
自由现金流率BEKERMAX
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
资本支出强度BEKERMAX
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
现金转化率BEKERMAX
| Q4 25 | — | 8.97× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | 0.38× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | — | — |
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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
