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贝壳控股（BEKE）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是贝壳控股的7.1倍（$22.9B vs $3.2B），冬海集团净利率更高（7.0% vs 3.2%，领先3.8%），过去两年冬海集团的营收复合增速更高（147.8% 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。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
BEKE vs SE — 直观对比
营收规模更大
SE
是对方的7.1倍
$3.2B
净利率更高
SE
高出3.8%
3.2%
两年增速更快
SE
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $22.9B |
| 净利润 | $104.9M | $1.6B |
| 毛利率 | 21.4% | 44.7% |
| 营业利润率 | 2.6% | 8.7% |
| 净利率 | 3.2% | 7.0% |
| 营收同比 | — | 363.4% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $2.52 |
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BEKESE
| Q4 25 | $3.2B | $22.9B | ||
| Q3 25 | $3.6B | $6.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | $3.2B | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $3.2B | $3.8B | ||
| Q1 24 | $2.3B | $3.7B |
净利润BEKESE
| Q4 25 | $104.9M | $1.6B | ||
| Q3 25 | $182.4M | $375.0M | ||
| Q2 25 | — | $414.2M | ||
| Q1 25 | $117.9M | $-7.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $166.5M | — | ||
| Q2 24 | $261.5M | — | ||
| Q1 24 | $59.8M | $-23.0M |
毛利率BEKESE
| Q4 25 | 21.4% | 44.7% | ||
| Q3 25 | 21.9% | 43.4% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | 20.7% | 46.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | 41.6% |
营业利润率BEKESE
| Q4 25 | 2.6% | 8.7% | ||
| Q3 25 | 4.1% | 8.0% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | 2.5% | 9.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 0.1% | 1.9% |
净利率BEKESE
| Q4 25 | 3.2% | 7.0% | ||
| Q3 25 | 5.0% | 6.3% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | 3.7% | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 8.1% | — | ||
| Q1 24 | 2.6% | -0.6% |
每股收益（稀释后）BEKESE
| Q4 25 | — | $2.52 | ||
| Q3 25 | — | $0.59 | ||
| Q2 25 | — | $0.65 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $12.6B |
| 总资产 | $16.8B | $29.4B |
| 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BEKESE
| Q4 25 | $1.3B | $10.6B | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | — |
股东权益BEKESE
| Q4 25 | — | $12.6B | ||
| Q3 25 | $9.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.5B | — | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $10.1B | — | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $9.6B | — |
总资产BEKESE
| Q4 25 | $16.8B | $29.4B | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | — | $22.6B | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $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 | — | $5.0B |
| 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 | — | 3.12× |
| 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BEKESE
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | $-546.4M | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $468.5M |
现金转化率BEKESE
| Q4 25 | — | 3.12× | ||
| Q3 25 | — | 9.46× | ||
| Q2 25 | — | 5.73× | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| 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% |
SE
暂无分部数据
