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哔哩哔哩（BILI）与柯蒂斯-莱特（CW）财务数据对比。点击上方公司名可切换其他公司
哔哩哔哩的季度营收约是柯蒂斯-莱特的1.3倍（$1.3B vs $947.0M），柯蒂斯-莱特净利率更高（14.5% vs 6.0%，领先8.5%），哔哩哔哩同比增速更快（26.2% vs 14.9%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 15.2%）
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。
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
BILI vs CW — 直观对比
营收规模更大
BILI
是对方的1.3倍
$947.0M
营收增速更快
BILI
高出11.3%
14.9%
净利率更高
CW
高出8.5%
6.0%
两年增速更快
BILI
近两年复合增速
15.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $947.0M |
| 净利润 | $75.7M | $137.0M |
| 毛利率 | 37.0% | 37.5% |
| 营业利润率 | 5.8% | 19.2% |
| 净利率 | 6.0% | 14.5% |
| 营收同比 | 26.2% | 14.9% |
| 净利润同比 | 143.0% | 16.2% |
| 每股收益（稀释后） | $1.14 | $3.69 |
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BILICW
| Q4 25 | $1.3B | $947.0M | ||
| Q3 25 | $1.1B | $869.2M | ||
| Q2 25 | $1.0B | $876.6M | ||
| Q1 25 | $965.1M | $805.6M | ||
| Q4 24 | $1.0B | $824.3M | ||
| Q3 24 | $1.0B | $798.9M | ||
| Q2 24 | $843.1M | $784.8M | ||
| Q1 24 | $784.5M | $713.2M |
净利润BILICW
| Q4 25 | $75.7M | $137.0M | ||
| Q3 25 | $65.9M | $124.8M | ||
| Q2 25 | $30.5M | $121.1M | ||
| Q1 25 | $-1.5M | $101.3M | ||
| Q4 24 | $-176.0M | $117.9M | ||
| Q3 24 | $11.4M | $111.2M | ||
| Q2 24 | $83.7M | $99.5M | ||
| Q1 24 | $-105.9M | $76.5M |
毛利率BILICW
| Q4 25 | 37.0% | 37.5% | ||
| Q3 25 | 36.7% | 37.7% | ||
| Q2 25 | 36.5% | 37.2% | ||
| Q1 25 | 36.3% | 36.3% | ||
| Q4 24 | 36.2% | 38.5% | ||
| Q3 24 | 34.9% | 37.3% | ||
| Q2 24 | 29.9% | 36.2% | ||
| Q1 24 | 28.3% | 35.6% |
营业利润率BILICW
| Q4 25 | 5.8% | 19.2% | ||
| Q3 25 | 4.6% | 19.1% | ||
| Q2 25 | 3.4% | 17.8% | ||
| Q1 25 | 0.2% | 16.0% | ||
| Q4 24 | -16.0% | 18.8% | ||
| Q3 24 | 0.9% | 18.1% | ||
| Q2 24 | 9.5% | 16.4% | ||
| Q1 24 | -14.5% | 14.0% |
净利率BILICW
| Q4 25 | 6.0% | 14.5% | ||
| Q3 25 | 6.1% | 14.4% | ||
| Q2 25 | 3.0% | 13.8% | ||
| Q1 25 | -0.2% | 12.6% | ||
| Q4 24 | -17.5% | 14.3% | ||
| Q3 24 | 1.1% | 13.9% | ||
| Q2 24 | 9.9% | 12.7% | ||
| Q1 24 | -13.5% | 10.7% |
每股收益（稀释后）BILICW
| Q4 25 | $1.14 | $3.69 | ||
| Q3 25 | $1.05 | $3.31 | ||
| Q2 25 | $0.51 | $3.19 | ||
| Q1 25 | $0.00 | $2.68 | ||
| Q4 24 | $0.21 | $3.09 | ||
| Q3 24 | $-0.03 | $2.89 | ||
| Q2 24 | $-0.20 | $2.58 | ||
| Q1 24 | $-1.80 | $1.99 |
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 | — |
| 总债务越低越好 | $1.4B | $957.9M |
| 股东权益账面价值 | $2.2B | $2.5B |
| 总资产 | $5.9B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资BILICW
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.9B | $226.5M | ||
| Q4 24 | $1.8B | $385.0M | ||
| Q3 24 | $11.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.1B | $338.0M |
总债务BILICW
| Q4 25 | $1.4B | $957.9M | ||
| Q3 25 | $1.4B | $968.6M | ||
| Q2 25 | — | $958.4M | ||
| Q1 25 | $700.3M | $958.6M | ||
| Q4 24 | $662.5M | $1.0B | ||
| Q3 24 | $4.3B | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $684.5M | $1.1B |
股东权益BILICW
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $1.9B | $2.4B | ||
| Q3 24 | $13.7B | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $1.9B | $2.4B |
总资产BILICW
| Q4 25 | $5.9B | $5.2B | ||
| Q3 25 | $5.6B | $5.1B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | $4.6B | $5.0B | ||
| Q4 24 | $4.5B | $5.0B | ||
| Q3 24 | $32.0B | $4.9B | ||
| Q2 24 | — | $4.7B | ||
| Q1 24 | $4.2B | $4.6B |
负债/权益比BILICW
| Q4 25 | 0.62× | 0.38× | ||
| Q3 25 | 0.65× | 0.38× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | 0.35× | 0.37× | ||
| Q4 24 | 0.34× | 0.43× | ||
| Q3 24 | 0.31× | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | 0.36× | 0.44× |
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 | $352.7M |
| 自由现金流经营现金流 - 资本支出 | — | $315.1M |
| 自由现金流率自由现金流/营收 | — | 33.3% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | 3.47× | 2.57× |
| 过去12个月自由现金流最近4个季度 | — | $553.7M |
8季度趋势，按日历期对齐
经营现金流BILICW
| Q4 25 | $263.1M | $352.7M | ||
| Q3 25 | $283.2M | $192.8M | ||
| Q2 25 | $277.7M | $136.6M | ||
| Q1 25 | $179.4M | $-38.8M | ||
| Q4 24 | $191.9M | $301.3M | ||
| Q3 24 | $2.2B | $177.3M | ||
| Q2 24 | — | $111.3M | ||
| Q1 24 | $88.3M | $-45.6M |
自由现金流BILICW
| Q4 25 | — | $315.1M | ||
| Q3 25 | — | $175.9M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | $174.5M | $-54.5M | ||
| Q4 24 | — | $278.0M | ||
| Q3 24 | — | $162.7M | ||
| Q2 24 | — | $100.3M | ||
| Q1 24 | — | $-57.7M |
自由现金流率BILICW
| Q4 25 | — | 33.3% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | 18.1% | -6.8% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | -8.1% |
资本支出强度BILICW
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.7% |
现金转化率BILICW
| Q4 25 | 3.47× | 2.57× | ||
| Q3 25 | 4.30× | 1.54× | ||
| Q2 25 | 9.11× | 1.13× | ||
| Q1 25 | — | -0.38× | ||
| Q4 24 | — | 2.56× | ||
| Q3 24 | 195.23× | 1.59× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | -0.60× |
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% |
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
