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哔哩哔哩（BILI）与Brown & Brown（BRO）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是哔哩哔哩的1.3倍（$1.6B vs $1.3B），Brown & Brown净利率更高（16.5% vs 6.0%，领先10.5%），Brown & Brown同比增速更快（35.8% vs 26.2%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 13.0%）
哔哩哔哩（常被网友称为“B站”）是总部位于上海的中国知名在线视频平台，用户可在平台上传、观看各类视频内容，还能发送实时弹幕与其他观众互动，是国内深受年轻群体喜爱的文化社区。
Brown & Brown是总部位于美国佛罗里达州代托纳比奇的保险经纪公司，是美国规模最大的独立保险中介机构之一，面向企业、政府机构、专业组织、行业协会及个人客户提供风险管理解决方案、保险产品及相关服务。
BILI vs BRO — 直观对比
营收规模更大
BRO
是对方的1.3倍
$1.3B
营收增速更快
BRO
高出9.7%
26.2%
净利率更高
BRO
高出10.5%
6.0%
两年增速更快
BILI
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.6B |
| 净利润 | $75.7M | $265.0M |
| 毛利率 | 37.0% | — |
| 营业利润率 | 5.8% | — |
| 净利率 | 6.0% | 16.5% |
| 营收同比 | 26.2% | 35.8% |
| 净利润同比 | 143.0% | 26.8% |
| 每股收益（稀释后） | $1.14 | $0.55 |
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BILIBRO
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $965.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $843.1M | $1.2B | ||
| Q1 24 | $784.5M | $1.3B |
净利润BILIBRO
| Q4 25 | $75.7M | $265.0M | ||
| Q3 25 | $65.9M | $227.0M | ||
| Q2 25 | $30.5M | $231.0M | ||
| Q1 25 | $-1.5M | $331.0M | ||
| Q4 24 | $-176.0M | $209.0M | ||
| Q3 24 | $11.4M | $234.0M | ||
| Q2 24 | $83.7M | $257.0M | ||
| Q1 24 | $-105.9M | $293.0M |
毛利率BILIBRO
| Q4 25 | 37.0% | — | ||
| Q3 25 | 36.7% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 36.3% | — | ||
| Q4 24 | 36.2% | — | ||
| Q3 24 | 34.9% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | 28.3% | — |
营业利润率BILIBRO
| Q4 25 | 5.8% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | -16.0% | 23.3% | ||
| Q3 24 | 0.9% | 26.7% | ||
| Q2 24 | 9.5% | 29.4% | ||
| Q1 24 | -14.5% | 28.9% |
净利率BILIBRO
| Q4 25 | 6.0% | 16.5% | ||
| Q3 25 | 6.1% | 14.1% | ||
| Q2 25 | 3.0% | 18.0% | ||
| Q1 25 | -0.2% | 23.6% | ||
| Q4 24 | -17.5% | 17.7% | ||
| Q3 24 | 1.1% | 19.7% | ||
| Q2 24 | 9.9% | 21.8% | ||
| Q1 24 | -13.5% | 23.3% |
每股收益（稀释后）BILIBRO
| Q4 25 | $1.14 | $0.55 | ||
| Q3 25 | $1.05 | $0.68 | ||
| Q2 25 | $0.51 | $0.78 | ||
| Q1 25 | $0.00 | $1.15 | ||
| Q4 24 | $0.21 | $0.73 | ||
| Q3 24 | $-0.03 | $0.81 | ||
| Q2 24 | $-0.20 | $0.90 | ||
| Q1 24 | $-1.80 | $1.02 |
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 | $2.7B | $1.1B |
| 总债务越低越好 | $1.4B | $7.6B |
| 股东权益账面价值 | $2.2B | $12.6B |
| 总资产 | $5.9B | $30.0B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资BILIBRO
| Q4 25 | $2.7B | $1.1B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | $1.9B | $669.0M | ||
| Q4 24 | $1.8B | $685.0M | ||
| Q3 24 | $11.7B | $968.0M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $1.1B | $591.0M |
总债务BILIBRO
| Q4 25 | $1.4B | $7.6B | ||
| Q3 25 | $1.4B | $7.7B | ||
| Q2 25 | — | $7.5B | ||
| Q1 25 | $700.3M | $3.8B | ||
| Q4 24 | $662.5M | $3.8B | ||
| Q3 24 | $4.3B | $3.6B | ||
| Q2 24 | — | $4.1B | ||
| Q1 24 | $684.5M | $3.9B |
股东权益BILIBRO
| Q4 25 | $2.2B | $12.6B | ||
| Q3 25 | $2.1B | $12.4B | ||
| Q2 25 | — | $11.6B | ||
| Q1 25 | $2.0B | $6.8B | ||
| Q4 24 | $1.9B | $6.4B | ||
| Q3 24 | $13.7B | $6.5B | ||
| Q2 24 | — | $6.0B | ||
| Q1 24 | $1.9B | $5.8B |
总资产BILIBRO
| Q4 25 | $5.9B | $30.0B | ||
| Q3 25 | $5.6B | $29.4B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | $4.6B | $16.8B | ||
| Q4 24 | $4.5B | $17.6B | ||
| Q3 24 | $32.0B | $17.5B | ||
| Q2 24 | — | $15.9B | ||
| Q1 24 | $4.2B | $14.8B |
负债/权益比BILIBRO
| Q4 25 | 0.62× | 0.61× | ||
| Q3 25 | 0.65× | 0.62× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | 0.35× | 0.56× | ||
| Q4 24 | 0.34× | 0.59× | ||
| Q3 24 | 0.31× | 0.55× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 0.36× | 0.67× |
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 | $263.1M | $444.0M |
| 自由现金流经营现金流 - 资本支出 | — | $424.0M |
| 自由现金流率自由现金流/营收 | — | 26.4% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 3.47× | 1.68× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流BILIBRO
| Q4 25 | $263.1M | $444.0M | ||
| Q3 25 | $283.2M | $468.0M | ||
| Q2 25 | $277.7M | $325.0M | ||
| Q1 25 | $179.4M | $213.0M | ||
| Q4 24 | $191.9M | $361.0M | ||
| Q3 24 | $2.2B | $440.0M | ||
| Q2 24 | — | $360.0M | ||
| Q1 24 | $88.3M | $13.0M |
自由现金流BILIBRO
| Q4 25 | — | $424.0M | ||
| Q3 25 | — | $452.0M | ||
| Q2 25 | — | $310.0M | ||
| Q1 25 | $174.5M | $196.0M | ||
| Q4 24 | — | $341.0M | ||
| Q3 24 | — | $417.0M | ||
| Q2 24 | — | $334.0M | ||
| Q1 24 | — | $0 |
自由现金流率BILIBRO
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 28.1% | ||
| Q2 25 | — | 24.1% | ||
| Q1 25 | 18.1% | 14.0% | ||
| Q4 24 | — | 28.8% | ||
| Q3 24 | — | 35.2% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 0.0% |
资本支出强度BILIBRO
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | 0.5% | 1.2% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.0% |
现金转化率BILIBRO
| Q4 25 | 3.47× | 1.68× | ||
| Q3 25 | 4.30× | 2.06× | ||
| Q2 25 | 9.11× | 1.41× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | 195.23× | 1.88× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 0.04× |
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
BILI
| Value-added services (VAS) | $466.4M | 37% |
| Advertising | $435.0M | 34% |
| Mobile games | $220.3M | 17% |
| Other | $80.8M | 6% |
| IP derivatives and others | $68.2M | 5% |
BRO
| US | $1.4B | 87% |
| GB | $147.0M | 9% |
| Profit Sharing Contingent Commission Revenue | $33.0M | 2% |
| Other Supplemental Commissions Revenue | $25.0M | 2% |
