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哔哩哔哩（BILI）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是哔哩哔哩的1.7倍（$2.2B vs $1.3B），哔哩哔哩净利率更高（6.0% vs 1.1%，领先4.8%），哔哩哔哩同比增速更快（26.2% vs 7.0%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 0.2%）
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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
BILI vs GLP — 直观对比
营收规模更大
GLP
是对方的1.7倍
$1.3B
营收增速更快
BILI
高出19.2%
7.0%
净利率更高
BILI
高出4.8%
1.1%
两年增速更快
BILI
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.2B |
| 净利润 | $75.7M | $25.1M |
| 毛利率 | 37.0% | 11.9% |
| 营业利润率 | 5.8% | 2.6% |
| 净利率 | 6.0% | 1.1% |
| 营收同比 | 26.2% | 7.0% |
| 净利润同比 | 143.0% | 5.0% |
| 每股收益（稀释后） | $1.14 | — |
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BILIGLP
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $965.1M | $2.2B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $843.1M | $2.3B | ||
| Q1 24 | $784.5M | $2.2B |
净利润BILIGLP
| Q4 25 | $75.7M | $25.1M | ||
| Q3 25 | $65.9M | $29.0M | ||
| Q2 25 | $30.5M | $25.2M | ||
| Q1 25 | $-1.5M | $18.7M | ||
| Q4 24 | $-176.0M | $23.9M | ||
| Q3 24 | $11.4M | $45.9M | ||
| Q2 24 | $83.7M | $46.1M | ||
| Q1 24 | $-105.9M | $-5.6M |
毛利率BILIGLP
| Q4 25 | 37.0% | 11.9% | ||
| Q3 25 | 36.7% | 12.1% | ||
| Q2 25 | 36.5% | 13.1% | ||
| Q1 25 | 36.3% | 11.7% | ||
| Q4 24 | 36.2% | 13.0% | ||
| Q3 24 | 34.9% | 13.4% | ||
| Q2 24 | 29.9% | 12.6% | ||
| Q1 24 | 28.3% | 9.8% |
营业利润率BILIGLP
| Q4 25 | 5.8% | 2.6% | ||
| Q3 25 | 4.6% | 2.7% | ||
| Q2 25 | 3.4% | 2.9% | ||
| Q1 25 | 0.2% | 2.6% | ||
| Q4 24 | -16.0% | 2.8% | ||
| Q3 24 | 0.9% | 3.9% | ||
| Q2 24 | 9.5% | 3.7% | ||
| Q1 24 | -14.5% | 1.2% |
净利率BILIGLP
| Q4 25 | 6.0% | 1.1% | ||
| Q3 25 | 6.1% | 1.3% | ||
| Q2 25 | 3.0% | 1.2% | ||
| Q1 25 | -0.2% | 0.9% | ||
| Q4 24 | -17.5% | 1.2% | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 9.9% | 2.0% | ||
| Q1 24 | -13.5% | -0.3% |
每股收益（稀释后）BILIGLP
| Q4 25 | $1.14 | — | ||
| Q3 25 | $1.05 | — | ||
| Q2 25 | $0.51 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.21 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.20 | — | ||
| Q1 24 | $-1.80 | — |
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 | — |
| 股东权益账面价值 | $2.2B | — |
| 总资产 | $5.9B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.62× | — |
8季度趋势，按日历期对齐
现金及短期投资BILIGLP
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $11.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.1B | — |
总债务BILIGLP
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $684.5M | — |
股东权益BILIGLP
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $13.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.9B | — |
总资产BILIGLP
| Q4 25 | $5.9B | $3.9B | ||
| Q3 25 | $5.6B | $3.7B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | $4.6B | $3.8B | ||
| Q4 24 | $4.5B | $3.8B | ||
| Q3 24 | $32.0B | $3.7B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | $4.2B | $3.5B |
负债/权益比BILIGLP
| Q4 25 | 0.62× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.36× | — |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | — | $62.2M |
| 自由现金流率自由现金流/营收 | — | 2.8% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | 3.47× | 4.03× |
| 过去12个月自由现金流最近4个季度 | — | $193.3M |
8季度趋势，按日历期对齐
经营现金流BILIGLP
| Q4 25 | $263.1M | $101.0M | ||
| Q3 25 | $283.2M | $19.0M | ||
| Q2 25 | $277.7M | $216.3M | ||
| Q1 25 | $179.4M | $-51.6M | ||
| Q4 24 | $191.9M | $67.2M | ||
| Q3 24 | $2.2B | $122.7M | ||
| Q2 24 | — | $24.3M | ||
| Q1 24 | $88.3M | $-182.7M |
自由现金流BILIGLP
| Q4 25 | — | $62.2M | ||
| Q3 25 | — | $-678.0K | ||
| Q2 25 | — | $201.3M | ||
| Q1 25 | $174.5M | $-69.5M | ||
| Q4 24 | — | $20.4M | ||
| Q3 24 | — | $98.4M | ||
| Q2 24 | — | $8.7M | ||
| Q1 24 | — | $-199.3M |
自由现金流率BILIGLP
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | -0.0% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | 18.1% | -3.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -9.0% |
资本支出强度BILIGLP
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 0.5% | 0.8% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
现金转化率BILIGLP
| Q4 25 | 3.47× | 4.03× | ||
| Q3 25 | 4.30× | 0.66× | ||
| Q2 25 | 9.11× | 8.58× | ||
| Q1 25 | — | -2.76× | ||
| Q4 24 | — | 2.82× | ||
| Q3 24 | 195.23× | 2.67× | ||
| Q2 24 | — | 0.53× | ||
| 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
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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
