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哔哩哔哩（BILI）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的1.7倍（$1.3B vs $766.5M），哔哩哔哩净利率更高（6.0% vs 2.2%，领先3.8%），哔哩哔哩同比增速更快（26.2% vs 2.5%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
BILI vs SCSC — 直观对比
营收规模更大
BILI
是对方的1.7倍
$766.5M
营收增速更快
BILI
高出23.6%
2.5%
净利率更高
BILI
高出3.8%
2.2%
两年增速更快
BILI
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $766.5M |
| 净利润 | $75.7M | $16.5M |
| 毛利率 | 37.0% | 13.4% |
| 营业利润率 | 5.8% | 2.3% |
| 净利率 | 6.0% | 2.2% |
| 营收同比 | 26.2% | 2.5% |
| 净利润同比 | 143.0% | -3.3% |
| 每股收益（稀释后） | $1.14 | $0.75 |
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BILISCSC
| Q4 25 | $1.3B | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.0B | $812.9M | ||
| Q1 25 | $965.1M | $704.8M | ||
| Q4 24 | $1.0B | $747.5M | ||
| Q3 24 | $1.0B | $775.6M | ||
| Q2 24 | $843.1M | $746.1M | ||
| Q1 24 | $784.5M | $752.6M |
净利润BILISCSC
| Q4 25 | $75.7M | $16.5M | ||
| Q3 25 | $65.9M | $19.9M | ||
| Q2 25 | $30.5M | $20.1M | ||
| Q1 25 | $-1.5M | $17.4M | ||
| Q4 24 | $-176.0M | $17.1M | ||
| Q3 24 | $11.4M | $17.0M | ||
| Q2 24 | $83.7M | $16.1M | ||
| Q1 24 | $-105.9M | $12.8M |
毛利率BILISCSC
| Q4 25 | 37.0% | 13.4% | ||
| Q3 25 | 36.7% | 14.5% | ||
| Q2 25 | 36.5% | 12.9% | ||
| Q1 25 | 36.3% | 14.2% | ||
| Q4 24 | 36.2% | 13.6% | ||
| Q3 24 | 34.9% | 13.1% | ||
| Q2 24 | 29.9% | 13.0% | ||
| Q1 24 | 28.3% | 12.6% |
营业利润率BILISCSC
| Q4 25 | 5.8% | 2.3% | ||
| Q3 25 | 4.6% | 3.5% | ||
| Q2 25 | 3.4% | 3.3% | ||
| Q1 25 | 0.2% | 3.2% | ||
| Q4 24 | -16.0% | 2.5% | ||
| Q3 24 | 0.9% | 2.3% | ||
| Q2 24 | 9.5% | 2.9% | ||
| Q1 24 | -14.5% | 2.3% |
净利率BILISCSC
| Q4 25 | 6.0% | 2.2% | ||
| Q3 25 | 6.1% | 2.7% | ||
| Q2 25 | 3.0% | 2.5% | ||
| Q1 25 | -0.2% | 2.5% | ||
| Q4 24 | -17.5% | 2.3% | ||
| Q3 24 | 1.1% | 2.2% | ||
| Q2 24 | 9.9% | 2.2% | ||
| Q1 24 | -13.5% | 1.7% |
每股收益（稀释后）BILISCSC
| Q4 25 | $1.14 | $0.75 | ||
| Q3 25 | $1.05 | $0.89 | ||
| Q2 25 | $0.51 | $0.87 | ||
| Q1 25 | $0.00 | $0.74 | ||
| Q4 24 | $0.21 | $0.70 | ||
| Q3 24 | $-0.03 | $0.69 | ||
| Q2 24 | $-0.20 | $0.66 | ||
| Q1 24 | $-1.80 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $2.2B | $910.9M |
| 总资产 | $5.9B | $1.7B |
| 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BILISCSC
| Q4 25 | $2.7B | $83.5M | ||
| Q3 25 | $2.4B | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | $1.9B | $146.3M | ||
| Q4 24 | $1.8B | $110.5M | ||
| Q3 24 | $11.7B | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | $1.1B | $159.1M |
总债务BILISCSC
| 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BILISCSC
| Q4 25 | $2.2B | $910.9M | ||
| Q3 25 | $2.1B | $914.0M | ||
| Q2 25 | — | $906.4M | ||
| Q1 25 | $2.0B | $901.7M | ||
| Q4 24 | $1.9B | $900.7M | ||
| Q3 24 | $13.7B | $920.9M | ||
| Q2 24 | — | $924.3M | ||
| Q1 24 | $1.9B | $944.1M |
总资产BILISCSC
| Q4 25 | $5.9B | $1.7B | ||
| Q3 25 | $5.6B | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $4.6B | $1.7B | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | $32.0B | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $4.2B | $1.8B |
负债/权益比BILISCSC
| 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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 3.47× | 1.87× |
| 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BILISCSC
| Q4 25 | $263.1M | $30.8M | ||
| Q3 25 | $283.2M | $23.2M | ||
| Q2 25 | $277.7M | — | ||
| Q1 25 | $179.4M | $66.1M | ||
| Q4 24 | $191.9M | $-6.2M | ||
| Q3 24 | $2.2B | $44.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | $88.3M | $160.2M |
自由现金流BILISCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | — | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | $174.5M | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率BILISCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | 18.1% | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度BILISCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率BILISCSC
| Q4 25 | 3.47× | 1.87× | ||
| Q3 25 | 4.30× | 1.17× | ||
| Q2 25 | 9.11× | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | 195.23× | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
