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哔哩哔哩（BILI）与Healthpeak Properties（DOC）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Healthpeak Properties的1.8倍（$1.3B vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 6.0%，领先67.2%），哔哩哔哩同比增速更快（26.2% vs 3.1%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 8.9%）
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。
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
BILI vs DOC — 直观对比
营收规模更大
BILI
是对方的1.8倍
$719.4M
营收增速更快
BILI
高出23.1%
3.1%
净利率更高
DOC
高出67.2%
6.0%
两年增速更快
BILI
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $719.4M |
| 净利润 | $75.7M | $114.0M |
| 毛利率 | 37.0% | — |
| 营业利润率 | 5.8% | 17.4% |
| 净利率 | 6.0% | 73.2% |
| 营收同比 | 26.2% | 3.1% |
| 净利润同比 | 143.0% | 2406.4% |
| 每股收益（稀释后） | $1.14 | $0.16 |
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BILIDOC
| Q4 25 | $1.3B | $719.4M | ||
| Q3 25 | $1.1B | $705.9M | ||
| Q2 25 | $1.0B | $694.3M | ||
| Q1 25 | $965.1M | $702.9M | ||
| Q4 24 | $1.0B | $698.0M | ||
| Q3 24 | $1.0B | $700.4M | ||
| Q2 24 | $843.1M | $695.5M | ||
| Q1 24 | $784.5M | $606.6M |
净利润BILIDOC
| Q4 25 | $75.7M | $114.0M | ||
| Q3 25 | $65.9M | $-117.1M | ||
| Q2 25 | $30.5M | $31.7M | ||
| Q1 25 | $-1.5M | $42.8M | ||
| Q4 24 | $-176.0M | $4.5M | ||
| Q3 24 | $11.4M | $85.9M | ||
| Q2 24 | $83.7M | $146.0M | ||
| Q1 24 | $-105.9M | $6.7M |
毛利率BILIDOC
| Q4 25 | 37.0% | — | ||
| Q3 25 | 36.7% | 58.6% | ||
| Q2 25 | 36.5% | 60.2% | ||
| Q1 25 | 36.3% | 61.1% | ||
| Q4 24 | 36.2% | 60.3% | ||
| Q3 24 | 34.9% | 60.0% | ||
| Q2 24 | 29.9% | 60.6% | ||
| Q1 24 | 28.3% | 59.8% |
营业利润率BILIDOC
| Q4 25 | 5.8% | 17.4% | ||
| Q3 25 | 4.6% | 9.2% | ||
| Q2 25 | 3.4% | 5.7% | ||
| Q1 25 | 0.2% | 7.7% | ||
| Q4 24 | -16.0% | -2.2% | ||
| Q3 24 | 0.9% | 14.1% | ||
| Q2 24 | 9.5% | 22.3% | ||
| Q1 24 | -14.5% | 3.7% |
净利率BILIDOC
| Q4 25 | 6.0% | 73.2% | ||
| Q3 25 | 6.1% | -16.6% | ||
| Q2 25 | 3.0% | 4.6% | ||
| Q1 25 | -0.2% | 6.1% | ||
| Q4 24 | -17.5% | 0.7% | ||
| Q3 24 | 1.1% | 12.3% | ||
| Q2 24 | 9.9% | 21.0% | ||
| Q1 24 | -13.5% | 1.1% |
每股收益（稀释后）BILIDOC
| Q4 25 | $1.14 | $0.16 | ||
| Q3 25 | $1.05 | $-0.17 | ||
| Q2 25 | $0.51 | $0.05 | ||
| Q1 25 | $0.00 | $0.06 | ||
| Q4 24 | $0.21 | $0.02 | ||
| Q3 24 | $-0.03 | $0.12 | ||
| Q2 24 | $-0.20 | $0.21 | ||
| Q1 24 | $-1.80 | $0.01 |
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 | $467.5M |
| 总债务越低越好 | $1.4B | $9.8B |
| 股东权益账面价值 | $2.2B | $7.5B |
| 总资产 | $5.9B | $20.3B |
| 负债/权益比越低杠杆越低 | 0.62× | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资BILIDOC
| Q4 25 | $2.7B | $467.5M | ||
| Q3 25 | $2.4B | $91.0M | ||
| Q2 25 | — | $89.4M | ||
| Q1 25 | $1.9B | $70.6M | ||
| Q4 24 | $1.8B | $119.8M | ||
| Q3 24 | $11.7B | $180.4M | ||
| Q2 24 | — | $106.9M | ||
| Q1 24 | $1.1B | $101.8M |
总债务BILIDOC
| Q4 25 | $1.4B | $9.8B | ||
| Q3 25 | $1.4B | $9.1B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | $700.3M | $8.9B | ||
| Q4 24 | $662.5M | $8.7B | ||
| Q3 24 | $4.3B | $8.6B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | $684.5M | $8.8B |
股东权益BILIDOC
| Q4 25 | $2.2B | $7.5B | ||
| Q3 25 | $2.1B | $7.6B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | $2.0B | $8.2B | ||
| Q4 24 | $1.9B | $8.4B | ||
| Q3 24 | $13.7B | $8.6B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | $1.9B | $8.9B |
总资产BILIDOC
| Q4 25 | $5.9B | $20.3B | ||
| Q3 25 | $5.6B | $19.6B | ||
| Q2 25 | — | $19.8B | ||
| Q1 25 | $4.6B | $19.8B | ||
| Q4 24 | $4.5B | $19.9B | ||
| Q3 24 | $32.0B | $20.0B | ||
| Q2 24 | — | $20.2B | ||
| Q1 24 | $4.2B | $20.5B |
负债/权益比BILIDOC
| Q4 25 | 0.62× | 1.31× | ||
| Q3 25 | 0.65× | 1.20× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | 0.35× | 1.08× | ||
| Q4 24 | 0.34× | 1.04× | ||
| Q3 24 | 0.31× | 1.00× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | 0.36× | 0.99× |
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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $357.0M |
| 自由现金流率自由现金流/营收 | — | 49.6% |
| 资本支出强度资本支出/营收 | — | 124.4% |
| 现金转化率经营现金流/净利润 | 3.47× | 10.99× |
| 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BILIDOC
| Q4 25 | $263.1M | $1.3B | ||
| Q3 25 | $283.2M | $315.0M | ||
| Q2 25 | $277.7M | $363.5M | ||
| Q1 25 | $179.4M | $279.4M | ||
| Q4 24 | $191.9M | $1.1B | ||
| Q3 24 | $2.2B | $318.2M | ||
| Q2 24 | — | $316.2M | ||
| Q1 24 | $88.3M | $152.6M |
自由现金流BILIDOC
| Q4 25 | — | $357.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $174.5M | — | ||
| Q4 24 | — | $333.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率BILIDOC
| Q4 25 | — | 49.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | — | 47.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度BILIDOC
| Q4 25 | — | 124.4% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | — | 105.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率BILIDOC
| Q4 25 | 3.47× | 10.99× | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 9.11× | 11.48× | ||
| Q1 25 | — | 6.52× | ||
| Q4 24 | — | 235.43× | ||
| Q3 24 | 195.23× | 3.71× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 22.85× |
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% |
DOC
暂无分部数据
