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哔哩哔哩（BILI）与美泰（MAT）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美泰的1.5倍（$1.3B vs $862.2M），美泰净利率更高（7.1% vs 6.0%，领先1.1%），哔哩哔哩同比增速更快（26.2% vs 4.3%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
BILI vs MAT — 直观对比
营收规模更大
BILI
是对方的1.5倍
$862.2M
营收增速更快
BILI
高出21.8%
4.3%
净利率更高
MAT
高出1.1%
6.0%
两年增速更快
BILI
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $862.2M |
| 净利润 | $75.7M | $61.0M |
| 毛利率 | 37.0% | 44.9% |
| 营业利润率 | 5.8% | — |
| 净利率 | 6.0% | 7.1% |
| 营收同比 | 26.2% | 4.3% |
| 净利润同比 | 143.0% | 251.4% |
| 每股收益（稀释后） | $1.14 | $0.20 |
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BILIMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $965.1M | $826.6M | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $843.1M | $1.1B |
净利润BILIMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $75.7M | $106.2M | ||
| Q3 25 | $65.9M | $278.4M | ||
| Q2 25 | $30.5M | $53.4M | ||
| Q1 25 | $-1.5M | $-40.3M | ||
| Q4 24 | $-176.0M | $140.9M | ||
| Q3 24 | $11.4M | $372.4M | ||
| Q2 24 | $83.7M | $56.9M |
毛利率BILIMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 37.0% | 45.9% | ||
| Q3 25 | 36.7% | 50.0% | ||
| Q2 25 | 36.5% | 50.9% | ||
| Q1 25 | 36.3% | 49.4% | ||
| Q4 24 | 36.2% | 50.7% | ||
| Q3 24 | 34.9% | 53.1% | ||
| Q2 24 | 29.9% | 49.2% |
营业利润率BILIMAT
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 8.0% | ||
| Q3 25 | 4.6% | 21.9% | ||
| Q2 25 | 3.4% | 7.7% | ||
| Q1 25 | 0.2% | -6.4% | ||
| Q4 24 | -16.0% | 9.6% | ||
| Q3 24 | 0.9% | 26.5% | ||
| Q2 24 | 9.5% | 7.7% |
净利率BILIMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | 6.0% | 6.0% | ||
| Q3 25 | 6.1% | 16.0% | ||
| Q2 25 | 3.0% | 5.2% | ||
| Q1 25 | -0.2% | -4.9% | ||
| Q4 24 | -17.5% | 8.6% | ||
| Q3 24 | 1.1% | 20.2% | ||
| Q2 24 | 9.9% | 5.3% |
每股收益（稀释后）BILIMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $1.14 | $0.32 | ||
| Q3 25 | $1.05 | $0.88 | ||
| Q2 25 | $0.51 | $0.16 | ||
| Q1 25 | $0.00 | $-0.12 | ||
| Q4 24 | $0.21 | $0.40 | ||
| Q3 24 | $-0.03 | $1.09 | ||
| Q2 24 | $-0.20 | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $1.4B | $2.3B |
| 股东权益账面价值 | $2.2B | $2.1B |
| 总资产 | $5.9B | $6.3B |
| 负债/权益比越低杠杆越低 | 0.62× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资BILIMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $2.7B | $1.2B | ||
| Q3 25 | $2.4B | $691.9M | ||
| Q2 25 | — | $870.5M | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $11.7B | $723.5M | ||
| Q2 24 | — | $722.4M |
总债务BILIMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.4B | $2.3B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | $700.3M | $2.3B | ||
| Q4 24 | $662.5M | $2.3B | ||
| Q3 24 | $4.3B | $2.3B | ||
| Q2 24 | — | $2.3B |
股东权益BILIMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.1B | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $13.7B | $2.3B | ||
| Q2 24 | — | $2.0B |
总资产BILIMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $5.9B | $6.6B | ||
| Q3 25 | $5.6B | $6.6B | ||
| Q2 25 | — | $6.2B | ||
| Q1 25 | $4.6B | $6.2B | ||
| Q4 24 | $4.5B | $6.5B | ||
| Q3 24 | $32.0B | $6.5B | ||
| Q2 24 | — | $5.9B |
负债/权益比BILIMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | 0.62× | 1.04× | ||
| Q3 25 | 0.65× | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | 0.35× | 1.10× | ||
| Q4 24 | 0.34× | 1.03× | ||
| Q3 24 | 0.31× | 1.01× | ||
| Q2 24 | — | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $-88.1M |
| 自由现金流率自由现金流/营收 | — | -10.2% |
| 资本支出强度资本支出/营收 | — | 7.6% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流BILIMAT
| Q1 26 | — | — | ||
| Q4 25 | $263.1M | $796.6M | ||
| Q3 25 | $283.2M | $72.0M | ||
| Q2 25 | $277.7M | $-300.1M | ||
| Q1 25 | $179.4M | $24.8M | ||
| Q4 24 | $191.9M | $862.1M | ||
| Q3 24 | $2.2B | $155.8M | ||
| Q2 24 | — | $-252.9M |
自由现金流BILIMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $174.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率BILIMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
资本支出强度BILIMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率BILIMAT
| Q1 26 | — | — | ||
| Q4 25 | 3.47× | 7.50× | ||
| Q3 25 | 4.30× | 0.26× | ||
| Q2 25 | 9.11× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | 195.23× | 0.42× | ||
| Q2 24 | — | -4.45× |
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% |
MAT
暂无分部数据
