vs
哔哩哔哩（BILI）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
罗布乐思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 -22.3%，领先28.3%），罗布乐思同比增速更快（43.2% vs 26.2%），过去两年罗布乐思的营收复合增速更高（32.9% vs 27.3%）
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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
BILI vs RBLX — 直观对比
营收规模更大
RBLX
是对方的1.1倍
$1.3B
营收增速更快
RBLX
高出17.0%
26.2%
净利率更高
BILI
高出28.3%
-22.3%
两年增速更快
RBLX
近两年复合增速
27.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.4B |
| 净利润 | $75.7M | $-316.0M |
| 毛利率 | 37.0% | 77.7% |
| 营业利润率 | 5.8% | -25.3% |
| 净利率 | 6.0% | -22.3% |
| 营收同比 | 26.2% | 43.2% |
| 净利润同比 | 143.0% | -43.9% |
| 每股收益（稀释后） | $1.14 | $-0.44 |
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BILIRBLX
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $965.1M | $1.0B | ||
| Q4 24 | $1.0B | $988.2M | ||
| Q3 24 | $1.0B | $919.0M | ||
| Q2 24 | $843.1M | $893.5M | ||
| Q1 24 | $784.5M | $801.3M |
净利润BILIRBLX
| Q4 25 | $75.7M | $-316.0M | ||
| Q3 25 | $65.9M | $-255.6M | ||
| Q2 25 | $30.5M | $-278.4M | ||
| Q1 25 | $-1.5M | $-215.1M | ||
| Q4 24 | $-176.0M | $-219.6M | ||
| Q3 24 | $11.4M | $-239.3M | ||
| Q2 24 | $83.7M | $-205.9M | ||
| Q1 24 | $-105.9M | $-270.6M |
毛利率BILIRBLX
| Q4 25 | 37.0% | 77.7% | ||
| Q3 25 | 36.7% | 78.2% | ||
| Q2 25 | 36.5% | 78.2% | ||
| Q1 25 | 36.3% | 78.3% | ||
| Q4 24 | 36.2% | 77.9% | ||
| Q3 24 | 34.9% | 77.7% | ||
| Q2 24 | 29.9% | 77.8% | ||
| Q1 24 | 28.3% | 77.7% |
营业利润率BILIRBLX
| Q4 25 | 5.8% | -25.3% | ||
| Q3 25 | 4.6% | -21.8% | ||
| Q2 25 | 3.4% | -29.8% | ||
| Q1 25 | 0.2% | -24.6% | ||
| Q4 24 | -16.0% | -24.7% | ||
| Q3 24 | 0.9% | -30.4% | ||
| Q2 24 | 9.5% | -26.6% | ||
| Q1 24 | -14.5% | -37.7% |
净利率BILIRBLX
| Q4 25 | 6.0% | -22.3% | ||
| Q3 25 | 6.1% | -18.8% | ||
| Q2 25 | 3.0% | -25.8% | ||
| Q1 25 | -0.2% | -20.8% | ||
| Q4 24 | -17.5% | -22.2% | ||
| Q3 24 | 1.1% | -26.0% | ||
| Q2 24 | 9.9% | -23.0% | ||
| Q1 24 | -13.5% | -33.8% |
每股收益（稀释后）BILIRBLX
| Q4 25 | $1.14 | $-0.44 | ||
| Q3 25 | $1.05 | $-0.37 | ||
| Q2 25 | $0.51 | $-0.41 | ||
| Q1 25 | $0.00 | $-0.32 | ||
| Q4 24 | $0.21 | $-0.32 | ||
| Q3 24 | $-0.03 | $-0.37 | ||
| Q2 24 | $-0.20 | $-0.32 | ||
| Q1 24 | $-1.80 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | $1.4B | $1.2B |
| 股东权益账面价值 | $2.2B | $394.5M |
| 总资产 | $5.9B | $9.6B |
| 负债/权益比越低杠杆越低 | 0.62× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资BILIRBLX
| Q4 25 | $2.7B | $3.1B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | $1.9B | $2.7B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $11.7B | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | $1.1B | $2.4B |
总债务BILIRBLX
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | $1.2B | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $684.5M | — |
股东权益BILIRBLX
| Q4 25 | $2.2B | $394.5M | ||
| Q3 25 | $2.1B | $407.6M | ||
| Q2 25 | — | $353.2M | ||
| Q1 25 | $2.0B | $310.7M | ||
| Q4 24 | $1.9B | $221.4M | ||
| Q3 24 | $13.7B | $189.9M | ||
| Q2 24 | — | $121.5M | ||
| Q1 24 | $1.9B | $71.6M |
总资产BILIRBLX
| Q4 25 | $5.9B | $9.6B | ||
| Q3 25 | $5.6B | $8.6B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | $4.6B | $7.5B | ||
| Q4 24 | $4.5B | $7.2B | ||
| Q3 24 | $32.0B | $6.7B | ||
| Q2 24 | — | $6.5B | ||
| Q1 24 | $4.2B | $6.3B |
负债/权益比BILIRBLX
| Q4 25 | 0.62× | 2.98× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | 5.48× | ||
| 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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | — | $308.6M |
| 自由现金流率自由现金流/营收 | — | 21.8% |
| 资本支出强度资本支出/营收 | — | 21.1% |
| 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 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流BILIRBLX
| Q4 25 | $263.1M | $607.0M | ||
| Q3 25 | $283.2M | $546.2M | ||
| Q2 25 | $277.7M | $199.3M | ||
| Q1 25 | $179.4M | $443.9M | ||
| Q4 24 | $191.9M | $184.5M | ||
| Q3 24 | $2.2B | $247.4M | ||
| Q2 24 | — | $151.4M | ||
| Q1 24 | $88.3M | $238.9M |
自由现金流BILIRBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | — | $443.6M | ||
| Q2 25 | — | $176.7M | ||
| Q1 25 | $174.5M | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | — | $218.0M | ||
| Q2 24 | — | $111.7M | ||
| Q1 24 | — | $192.3M |
自由现金流率BILIRBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 32.6% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | 18.1% | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 23.7% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 24.0% |
资本支出强度BILIRBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 5.8% |
现金转化率BILIRBLX
| Q4 25 | 3.47× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 9.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | — | ||
| 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% |
RBLX
暂无分部数据
