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哔哩哔哩（BILI）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.0倍（$1.3B vs $1.2B），哔哩哔哩同比增速更快（26.2% vs -2.2%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
BILI vs TNET — 直观对比
营收规模更大
BILI
是对方的1.0倍
$1.2B
营收增速更快
BILI
高出28.4%
-2.2%
两年增速更快
BILI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $75.7M | — |
| 毛利率 | 37.0% | — |
| 营业利润率 | 5.8% | 0.1% |
| 净利率 | 6.0% | — |
| 营收同比 | 26.2% | -2.2% |
| 净利润同比 | 143.0% | — |
| 每股收益（稀释后） | $1.14 | $0.02 |
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BILITNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $965.1M | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $843.1M | $1.2B | ||
| Q1 24 | $784.5M | $1.3B |
净利润BILITNET
| Q4 25 | $75.7M | — | ||
| Q3 25 | $65.9M | $34.0M | ||
| Q2 25 | $30.5M | $37.0M | ||
| Q1 25 | $-1.5M | $85.0M | ||
| Q4 24 | $-176.0M | — | ||
| Q3 24 | $11.4M | $45.0M | ||
| Q2 24 | $83.7M | $60.0M | ||
| Q1 24 | $-105.9M | $91.0M |
毛利率BILITNET
| 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BILITNET
| Q4 25 | 5.8% | 0.1% | ||
| Q3 25 | 4.6% | 4.1% | ||
| Q2 25 | 3.4% | 4.1% | ||
| Q1 25 | 0.2% | 8.9% | ||
| Q4 24 | -16.0% | -2.9% | ||
| Q3 24 | 0.9% | 4.7% | ||
| Q2 24 | 9.5% | 6.5% | ||
| Q1 24 | -14.5% | 9.7% |
净利率BILITNET
| Q4 25 | 6.0% | — | ||
| Q3 25 | 6.1% | 2.8% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | -0.2% | 6.6% | ||
| Q4 24 | -17.5% | — | ||
| Q3 24 | 1.1% | 3.6% | ||
| Q2 24 | 9.9% | 4.9% | ||
| Q1 24 | -13.5% | 7.2% |
每股收益（稀释后）BILITNET
| Q4 25 | $1.14 | $0.02 | ||
| Q3 25 | $1.05 | $0.70 | ||
| Q2 25 | $0.51 | $0.77 | ||
| Q1 25 | $0.00 | $1.71 | ||
| Q4 24 | $0.21 | $-0.44 | ||
| Q3 24 | $-0.03 | $0.89 | ||
| Q2 24 | $-0.20 | $1.20 | ||
| Q1 24 | $-1.80 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $2.2B | $54.0M |
| 总资产 | $5.9B | $3.8B |
| 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BILITNET
| Q4 25 | $2.7B | $287.0M | ||
| Q3 25 | $2.4B | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | $1.9B | $349.0M | ||
| Q4 24 | $1.8B | $360.0M | ||
| Q3 24 | $11.7B | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | $1.1B | $383.0M |
总债务BILITNET
| 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BILITNET
| Q4 25 | $2.2B | $54.0M | ||
| Q3 25 | $2.1B | $110.0M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | $2.0B | $63.0M | ||
| Q4 24 | $1.9B | $69.0M | ||
| Q3 24 | $13.7B | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | $1.9B | $143.0M |
总资产BILITNET
| Q4 25 | $5.9B | $3.8B | ||
| Q3 25 | $5.6B | $3.4B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | $4.6B | $3.8B | ||
| Q4 24 | $4.5B | $4.1B | ||
| Q3 24 | $32.0B | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | $4.2B | $4.0B |
负债/权益比BILITNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流BILITNET
| Q4 25 | $263.1M | $61.0M | ||
| Q3 25 | $283.2M | $72.0M | ||
| Q2 25 | $277.7M | $75.0M | ||
| Q1 25 | $179.4M | $95.0M | ||
| Q4 24 | $191.9M | $65.0M | ||
| Q3 24 | $2.2B | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | $88.3M | $91.0M |
自由现金流BILITNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $174.5M | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率BILITNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | 18.1% | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度BILITNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 0.5% | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率BILITNET
| Q4 25 | 3.47× | — | ||
| Q3 25 | 4.30× | 2.12× | ||
| Q2 25 | 9.11× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
