vs
哔哩哔哩（BILI）与亨斯迈（HUN）财务数据对比。点击上方公司名可切换其他公司
亨斯迈的季度营收约是哔哩哔哩的1.1倍（$1.4B vs $1.3B），哔哩哔哩净利率更高（6.0% vs -7.1%，领先13.0%），哔哩哔哩同比增速更快（26.2% vs -6.7%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs -4.0%）
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。
亨斯迈公司是总部位于美国得克萨斯州伍德兰兹的全球化化工巨头，面向消费端与工业客户生产、销售各类化工产品，主营聚氨酯、高性能材料及胶粘剂，客户覆盖宝马、通用电气、雪佛龙、宝洁、联合利华等知名品牌。目前公司在全球25个国家设有60余处生产、研发及运营基地，员工约7000人。
BILI vs HUN — 直观对比
营收规模更大
HUN
是对方的1.1倍
$1.3B
营收增速更快
BILI
高出32.8%
-6.7%
净利率更高
BILI
高出13.0%
-7.1%
两年增速更快
BILI
近两年复合增速
-4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $75.7M | $-96.0M |
| 毛利率 | 37.0% | 12.1% |
| 营业利润率 | 5.8% | -4.4% |
| 净利率 | 6.0% | -7.1% |
| 营收同比 | 26.2% | -6.7% |
| 净利润同比 | 143.0% | 31.9% |
| 每股收益（稀释后） | $1.14 | $-0.56 |
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BILIHUN
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $965.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $843.1M | $1.6B | ||
| Q1 24 | $784.5M | $1.5B |
净利润BILIHUN
| Q4 25 | $75.7M | $-96.0M | ||
| Q3 25 | $65.9M | $-25.0M | ||
| Q2 25 | $30.5M | $-158.0M | ||
| Q1 25 | $-1.5M | $-5.0M | ||
| Q4 24 | $-176.0M | $-141.0M | ||
| Q3 24 | $11.4M | $-33.0M | ||
| Q2 24 | $83.7M | $22.0M | ||
| Q1 24 | $-105.9M | $-37.0M |
毛利率BILIHUN
| Q4 25 | 37.0% | 12.1% | ||
| Q3 25 | 36.7% | 14.0% | ||
| Q2 25 | 36.5% | 12.5% | ||
| Q1 25 | 36.3% | 14.3% | ||
| Q4 24 | 36.2% | 12.9% | ||
| Q3 24 | 34.9% | 15.2% | ||
| Q2 24 | 29.9% | 15.4% | ||
| Q1 24 | 28.3% | 13.7% |
营业利润率BILIHUN
| Q4 25 | 5.8% | -4.4% | ||
| Q3 25 | 4.6% | 0.4% | ||
| Q2 25 | 3.4% | -8.2% | ||
| Q1 25 | 0.2% | 3.0% | ||
| Q4 24 | -16.0% | -4.3% | ||
| Q3 24 | 0.9% | 2.7% | ||
| Q2 24 | 9.5% | 2.2% | ||
| Q1 24 | -14.5% | -2.6% |
净利率BILIHUN
| Q4 25 | 6.0% | -7.1% | ||
| Q3 25 | 6.1% | -1.7% | ||
| Q2 25 | 3.0% | -10.8% | ||
| Q1 25 | -0.2% | -0.4% | ||
| Q4 24 | -17.5% | -9.7% | ||
| Q3 24 | 1.1% | -2.1% | ||
| Q2 24 | 9.9% | 1.4% | ||
| Q1 24 | -13.5% | -2.5% |
每股收益（稀释后）BILIHUN
| Q4 25 | $1.14 | $-0.56 | ||
| Q3 25 | $1.05 | $-0.14 | ||
| Q2 25 | $0.51 | $-0.92 | ||
| Q1 25 | $0.00 | $-0.03 | ||
| Q4 24 | $0.21 | $-0.82 | ||
| Q3 24 | $-0.03 | $-0.19 | ||
| Q2 24 | $-0.20 | $0.13 | ||
| Q1 24 | $-1.80 | $-0.22 |
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 | $429.0M |
| 总债务越低越好 | $1.4B | $2.0B |
| 股东权益账面价值 | $2.2B | $2.8B |
| 总资产 | $5.9B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资BILIHUN
| Q4 25 | $2.7B | $429.0M | ||
| Q3 25 | $2.4B | $468.0M | ||
| Q2 25 | — | $399.0M | ||
| Q1 25 | $1.9B | $334.0M | ||
| Q4 24 | $1.8B | $340.0M | ||
| Q3 24 | $11.7B | $330.0M | ||
| Q2 24 | — | $335.0M | ||
| Q1 24 | $1.1B | $552.0M |
总债务BILIHUN
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | $700.3M | $2.0B | ||
| Q4 24 | $662.5M | $1.8B | ||
| Q3 24 | $4.3B | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | $684.5M | $2.1B |
股东权益BILIHUN
| Q4 25 | $2.2B | $2.8B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | $2.0B | $3.0B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $13.7B | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $1.9B | $3.2B |
总资产BILIHUN
| Q4 25 | $5.9B | $7.0B | ||
| Q3 25 | $5.6B | $7.1B | ||
| Q2 25 | — | $7.1B | ||
| Q1 25 | $4.6B | $7.2B | ||
| Q4 24 | $4.5B | $7.1B | ||
| Q3 24 | $32.0B | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | $4.2B | $7.6B |
负债/权益比BILIHUN
| Q4 25 | 0.62× | 0.73× | ||
| Q3 25 | 0.65× | 0.73× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | 0.35× | 0.66× | ||
| Q4 24 | 0.34× | 0.62× | ||
| Q3 24 | 0.31× | 0.60× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | 0.36× | 0.65× |
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 | $76.0M |
| 自由现金流经营现金流 - 资本支出 | — | $19.0M |
| 自由现金流率自由现金流/营收 | — | 1.4% |
| 资本支出强度资本支出/营收 | — | 4.2% |
| 现金转化率经营现金流/净利润 | 3.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $116.0M |
8季度趋势，按日历期对齐
经营现金流BILIHUN
| Q4 25 | $263.1M | $76.0M | ||
| Q3 25 | $283.2M | $196.0M | ||
| Q2 25 | $277.7M | $91.0M | ||
| Q1 25 | $179.4M | $-74.0M | ||
| Q4 24 | $191.9M | $153.0M | ||
| Q3 24 | $2.2B | $129.0M | ||
| Q2 24 | — | $46.0M | ||
| Q1 24 | $88.3M | $-65.0M |
自由现金流BILIHUN
| Q4 25 | — | $19.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | $174.5M | $-110.0M | ||
| Q4 24 | — | $102.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $-107.0M |
自由现金流率BILIHUN
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | 18.1% | -7.8% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | -0.3% | ||
| Q1 24 | — | -7.3% |
资本支出强度BILIHUN
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | 0.5% | 2.6% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.9% |
现金转化率BILIHUN
| Q4 25 | 3.47× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 9.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | 2.09× | ||
| 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% |
HUN
| Diversified | $897.0M | 66% |
| Specialty | $231.0M | 17% |
| Performance Products | $113.0M | 8% |
| Advanced Materials | $61.0M | 5% |
| Related Party Customers | $19.0M | 1% |
| Other | $12.0M | 1% |
