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哔哩哔哩（BILI）与Sunrun Inc.（RUN）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Sunrun Inc.的1.1倍（$1.3B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 6.0%，领先3.0%），Sunrun Inc.同比增速更快（123.5% vs 26.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
BILI vs RUN — 直观对比
营收规模更大
BILI
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出97.3%
26.2%
净利率更高
RUN
高出3.0%
6.0%
两年增速更快
RUN
近两年复合增速
27.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $75.7M | $103.6M |
| 毛利率 | 37.0% | — |
| 营业利润率 | 5.8% | 8.4% |
| 净利率 | 6.0% | 8.9% |
| 营收同比 | 26.2% | 123.5% |
| 净利润同比 | 143.0% | 103.7% |
| 每股收益（稀释后） | $1.14 | $0.38 |
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BILIRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $965.1M | $504.3M | ||
| Q4 24 | $1.0B | $518.5M | ||
| Q3 24 | $1.0B | $537.2M | ||
| Q2 24 | $843.1M | $523.9M | ||
| Q1 24 | $784.5M | $458.2M |
净利润BILIRUN
| Q4 25 | $75.7M | $103.6M | ||
| Q3 25 | $65.9M | $16.6M | ||
| Q2 25 | $30.5M | $279.8M | ||
| Q1 25 | $-1.5M | $50.0M | ||
| Q4 24 | $-176.0M | $-2.8B | ||
| Q3 24 | $11.4M | $-83.8M | ||
| Q2 24 | $83.7M | $139.1M | ||
| Q1 24 | $-105.9M | $-87.8M |
毛利率BILIRUN
| Q4 25 | 37.0% | — | ||
| Q3 25 | 36.7% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 36.3% | — | ||
| Q4 24 | 36.2% | — | ||
| Q3 24 | 34.9% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | 28.3% | — |
营业利润率BILIRUN
| Q4 25 | 5.8% | 8.4% | ||
| Q3 25 | 4.6% | 0.5% | ||
| Q2 25 | 3.4% | -19.7% | ||
| Q1 25 | 0.2% | -22.8% | ||
| Q4 24 | -16.0% | -628.0% | ||
| Q3 24 | 0.9% | -23.8% | ||
| Q2 24 | 9.5% | -24.4% | ||
| Q1 24 | -14.5% | -40.0% |
净利率BILIRUN
| Q4 25 | 6.0% | 8.9% | ||
| Q3 25 | 6.1% | 2.3% | ||
| Q2 25 | 3.0% | 49.1% | ||
| Q1 25 | -0.2% | 9.9% | ||
| Q4 24 | -17.5% | -542.7% | ||
| Q3 24 | 1.1% | -15.6% | ||
| Q2 24 | 9.9% | 26.5% | ||
| Q1 24 | -13.5% | -19.2% |
每股收益（稀释后）BILIRUN
| Q4 25 | $1.14 | $0.38 | ||
| Q3 25 | $1.05 | $0.06 | ||
| Q2 25 | $0.51 | $1.07 | ||
| Q1 25 | $0.00 | $0.20 | ||
| Q4 24 | $0.21 | $-12.59 | ||
| Q3 24 | $-0.03 | $-0.37 | ||
| Q2 24 | $-0.20 | $0.55 | ||
| Q1 24 | $-1.80 | $-0.40 |
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 | $14.7B |
| 股东权益账面价值 | $2.2B | $3.1B |
| 总资产 | $5.9B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.62× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资BILIRUN
| 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BILIRUN
| Q4 25 | $1.4B | $14.7B | ||
| Q3 25 | $1.4B | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | $700.3M | $13.6B | ||
| Q4 24 | $662.5M | $12.9B | ||
| Q3 24 | $4.3B | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | $684.5M | $11.1B |
股东权益BILIRUN
| Q4 25 | $2.2B | $3.1B | ||
| Q3 25 | $2.1B | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $1.9B | $2.6B | ||
| Q3 24 | $13.7B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | $1.9B | $5.2B |
总资产BILIRUN
| Q4 25 | $5.9B | $22.6B | ||
| Q3 25 | $5.6B | $22.2B | ||
| Q2 25 | — | $21.2B | ||
| Q1 25 | $4.6B | $20.4B | ||
| Q4 24 | $4.5B | $19.9B | ||
| Q3 24 | $32.0B | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | $4.2B | $20.8B |
负债/权益比BILIRUN
| Q4 25 | 0.62× | 4.69× | ||
| Q3 25 | 0.65× | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | 0.35× | 5.19× | ||
| Q4 24 | 0.34× | 5.05× | ||
| Q3 24 | 0.31× | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | 0.36× | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.47× | 0.94× |
| 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BILIRUN
| Q4 25 | $263.1M | $96.9M | ||
| Q3 25 | $283.2M | $-121.5M | ||
| Q2 25 | $277.7M | $-292.7M | ||
| Q1 25 | $179.4M | $-104.2M | ||
| Q4 24 | $191.9M | $-258.4M | ||
| Q3 24 | $2.2B | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | $88.3M | $-143.1M |
自由现金流BILIRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $174.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率BILIRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度BILIRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率BILIRUN
| Q4 25 | 3.47× | 0.94× | ||
| Q3 25 | 4.30× | -7.33× | ||
| Q2 25 | 9.11× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
