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哔哩哔哩（BILI）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.7倍（$1.3B vs $737.8M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs 6.0%，领先4.1%），哔哩哔哩同比增速更快（26.2% vs 13.9%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 18.2%）
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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
BILI vs RHP — 直观对比
营收规模更大
BILI
是对方的1.7倍
$737.8M
营收增速更快
BILI
高出12.2%
13.9%
净利率更高
RHP
高出4.1%
6.0%
两年增速更快
BILI
近两年复合增速
18.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $737.8M |
| 净利润 | $75.7M | $74.5M |
| 毛利率 | 37.0% | 41.4% |
| 营业利润率 | 5.8% | 19.4% |
| 净利率 | 6.0% | 10.1% |
| 营收同比 | 26.2% | 13.9% |
| 净利润同比 | 143.0% | 3.0% |
| 每股收益（稀释后） | $1.14 | $1.12 |
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BILIRHP
| Q4 25 | $1.3B | $737.8M | ||
| Q3 25 | $1.1B | $592.5M | ||
| Q2 25 | $1.0B | $659.5M | ||
| Q1 25 | $965.1M | $587.3M | ||
| Q4 24 | $1.0B | $647.6M | ||
| Q3 24 | $1.0B | $550.0M | ||
| Q2 24 | $843.1M | $613.3M | ||
| Q1 24 | $784.5M | $528.3M |
净利润BILIRHP
| Q4 25 | $75.7M | $74.5M | ||
| Q3 25 | $65.9M | $34.9M | ||
| Q2 25 | $30.5M | $71.8M | ||
| Q1 25 | $-1.5M | $63.0M | ||
| Q4 24 | $-176.0M | $72.3M | ||
| Q3 24 | $11.4M | $59.0M | ||
| Q2 24 | $83.7M | $100.8M | ||
| Q1 24 | $-105.9M | $42.8M |
毛利率BILIRHP
| Q4 25 | 37.0% | 41.4% | ||
| Q3 25 | 36.7% | 40.9% | ||
| Q2 25 | 36.5% | 49.7% | ||
| Q1 25 | 36.3% | 44.4% | ||
| Q4 24 | 36.2% | 40.4% | ||
| Q3 24 | 34.9% | 43.1% | ||
| Q2 24 | 29.9% | 48.4% | ||
| Q1 24 | 28.3% | 41.5% |
营业利润率BILIRHP
| Q4 25 | 5.8% | 19.4% | ||
| Q3 25 | 4.6% | 15.0% | ||
| Q2 25 | 3.4% | 21.1% | ||
| Q1 25 | 0.2% | 19.8% | ||
| Q4 24 | -16.0% | 18.6% | ||
| Q3 24 | 0.9% | 19.3% | ||
| Q2 24 | 9.5% | 27.4% | ||
| Q1 24 | -14.5% | 18.2% |
净利率BILIRHP
| Q4 25 | 6.0% | 10.1% | ||
| Q3 25 | 6.1% | 5.9% | ||
| Q2 25 | 3.0% | 10.9% | ||
| Q1 25 | -0.2% | 10.7% | ||
| Q4 24 | -17.5% | 11.2% | ||
| Q3 24 | 1.1% | 10.7% | ||
| Q2 24 | 9.9% | 16.4% | ||
| Q1 24 | -13.5% | 8.1% |
每股收益（稀释后）BILIRHP
| Q4 25 | $1.14 | $1.12 | ||
| Q3 25 | $1.05 | $0.53 | ||
| Q2 25 | $0.51 | $1.12 | ||
| Q1 25 | $0.00 | $1.00 | ||
| Q4 24 | $0.21 | $1.12 | ||
| Q3 24 | $-0.03 | $0.94 | ||
| Q2 24 | $-0.20 | $1.65 | ||
| Q1 24 | $-1.80 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $2.2B | $750.2M |
| 总资产 | $5.9B | $6.2B |
| 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BILIRHP
| Q4 25 | $2.7B | $471.4M | ||
| Q3 25 | $2.4B | $483.3M | ||
| Q2 25 | — | $420.6M | ||
| Q1 25 | $1.9B | $413.9M | ||
| Q4 24 | $1.8B | $477.7M | ||
| Q3 24 | $11.7B | $534.9M | ||
| Q2 24 | — | $498.4M | ||
| Q1 24 | $1.1B | $465.3M |
总债务BILIRHP
| 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BILIRHP
| Q4 25 | $2.2B | $750.2M | ||
| Q3 25 | $2.1B | $758.5M | ||
| Q2 25 | — | $800.4M | ||
| Q1 25 | $2.0B | $531.5M | ||
| Q4 24 | $1.9B | $549.0M | ||
| Q3 24 | $13.7B | $551.9M | ||
| Q2 24 | — | $562.6M | ||
| Q1 24 | $1.9B | $529.9M |
总资产BILIRHP
| Q4 25 | $5.9B | $6.2B | ||
| Q3 25 | $5.6B | $6.2B | ||
| Q2 25 | — | $6.1B | ||
| Q1 25 | $4.6B | $5.2B | ||
| Q4 24 | $4.5B | $5.2B | ||
| Q3 24 | $32.0B | $5.2B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | $4.2B | $5.1B |
负债/权益比BILIRHP
| 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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | — | $58.5M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | — | 14.4% |
| 现金转化率经营现金流/净利润 | 3.47× | 2.21× |
| 过去12个月自由现金流最近4个季度 | — | $232.4M |
8季度趋势，按日历期对齐
经营现金流BILIRHP
| Q4 25 | $263.1M | $164.7M | ||
| Q3 25 | $283.2M | $205.2M | ||
| Q2 25 | $277.7M | $122.5M | ||
| Q1 25 | $179.4M | $98.2M | ||
| Q4 24 | $191.9M | $166.6M | ||
| Q3 24 | $2.2B | $218.1M | ||
| Q2 24 | — | $184.3M | ||
| Q1 24 | $88.3M | $7.5M |
自由现金流BILIRHP
| Q4 25 | — | $58.5M | ||
| Q3 25 | — | $135.4M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | $174.5M | $-14.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | — | $85.7M | ||
| Q2 24 | — | $78.8M | ||
| Q1 24 | — | $-72.0M |
自由现金流率BILIRHP
| Q4 25 | — | 7.9% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | 18.1% | -2.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | -13.6% |
资本支出强度BILIRHP
| Q4 25 | — | 14.4% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | 0.5% | 19.2% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | — | 24.1% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 15.0% |
现金转化率BILIRHP
| Q4 25 | 3.47× | 2.21× | ||
| Q3 25 | 4.30× | 5.88× | ||
| Q2 25 | 9.11× | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 195.23× | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
