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哔哩哔哩（BILI）与惠好（WY）财务数据对比。点击上方公司名可切换其他公司
惠好的季度营收约是哔哩哔哩的1.2倍（$1.5B vs $1.3B），哔哩哔哩净利率更高（6.0% vs 4.8%，领先1.2%），哔哩哔哩同比增速更快（26.2% vs -9.8%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs -7.4%）
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。
惠好是美国知名林地运营企业，在美国本土持有约1040万英亩林地，同时通过长期许可协议在加拿大管理额外1400万英亩林地。企业拥有逾百年木制品生产历史，目前以房地产投资信托（REIT）模式运营。
BILI vs WY — 直观对比
营收规模更大
WY
是对方的1.2倍
$1.3B
营收增速更快
BILI
高出35.9%
-9.8%
净利率更高
BILI
高出1.2%
4.8%
两年增速更快
BILI
近两年复合增速
-7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $75.7M | $74.0M |
| 毛利率 | 37.0% | 10.4% |
| 营业利润率 | 5.8% | 16.3% |
| 净利率 | 6.0% | 4.8% |
| 营收同比 | 26.2% | -9.8% |
| 净利润同比 | 143.0% | -8.6% |
| 每股收益（稀释后） | $1.14 | $0.11 |
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BILIWY
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $965.1M | $1.8B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $843.1M | $1.9B | ||
| Q1 24 | $784.5M | $1.8B |
净利润BILIWY
| Q4 25 | $75.7M | $74.0M | ||
| Q3 25 | $65.9M | $80.0M | ||
| Q2 25 | $30.5M | $87.0M | ||
| Q1 25 | $-1.5M | $83.0M | ||
| Q4 24 | $-176.0M | $81.0M | ||
| Q3 24 | $11.4M | $28.0M | ||
| Q2 24 | $83.7M | $173.0M | ||
| Q1 24 | $-105.9M | $114.0M |
毛利率BILIWY
| Q4 25 | 37.0% | 10.4% | ||
| Q3 25 | 36.7% | 11.9% | ||
| Q2 25 | 36.5% | 17.3% | ||
| Q1 25 | 36.3% | 19.0% | ||
| Q4 24 | 36.2% | 17.8% | ||
| Q3 24 | 34.9% | 14.9% | ||
| Q2 24 | 29.9% | 20.8% | ||
| Q1 24 | 28.3% | 19.8% |
营业利润率BILIWY
| Q4 25 | 5.8% | 16.3% | ||
| Q3 25 | 4.6% | 7.2% | ||
| Q2 25 | 3.4% | 9.4% | ||
| Q1 25 | 0.2% | 10.2% | ||
| Q4 24 | -16.0% | 8.3% | ||
| Q3 24 | 0.9% | 4.6% | ||
| Q2 24 | 9.5% | 13.9% | ||
| Q1 24 | -14.5% | 10.9% |
净利率BILIWY
| Q4 25 | 6.0% | 4.8% | ||
| Q3 25 | 6.1% | 4.7% | ||
| Q2 25 | 3.0% | 4.6% | ||
| Q1 25 | -0.2% | 4.7% | ||
| Q4 24 | -17.5% | 4.7% | ||
| Q3 24 | 1.1% | 1.7% | ||
| Q2 24 | 9.9% | 8.9% | ||
| Q1 24 | -13.5% | 6.3% |
每股收益（稀释后）BILIWY
| Q4 25 | $1.14 | $0.11 | ||
| Q3 25 | $1.05 | $0.11 | ||
| Q2 25 | $0.51 | $0.12 | ||
| Q1 25 | $0.00 | $0.11 | ||
| Q4 24 | $0.21 | $0.10 | ||
| Q3 24 | $-0.03 | $0.04 | ||
| Q2 24 | $-0.20 | $0.24 | ||
| Q1 24 | $-1.80 | $0.16 |
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 | $464.0M |
| 总债务越低越好 | $1.4B | $5.6B |
| 股东权益账面价值 | $2.2B | $9.4B |
| 总资产 | $5.9B | $16.6B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资BILIWY
| Q4 25 | $2.7B | $464.0M | ||
| Q3 25 | $2.4B | $401.0M | ||
| Q2 25 | — | $592.0M | ||
| Q1 25 | $1.9B | $560.0M | ||
| Q4 24 | $1.8B | $684.0M | ||
| Q3 24 | $11.7B | $877.0M | ||
| Q2 24 | — | $997.0M | ||
| Q1 24 | $1.1B | $871.0M |
总债务BILIWY
| Q4 25 | $1.4B | $5.6B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $700.3M | — | ||
| Q4 24 | $662.5M | $5.1B | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $684.5M | — |
股东权益BILIWY
| Q4 25 | $2.2B | $9.4B | ||
| Q3 25 | $2.1B | $9.4B | ||
| Q2 25 | — | $9.5B | ||
| Q1 25 | $2.0B | $9.6B | ||
| Q4 24 | $1.9B | $9.7B | ||
| Q3 24 | $13.7B | $9.9B | ||
| Q2 24 | — | $10.0B | ||
| Q1 24 | $1.9B | $10.1B |
总资产BILIWY
| Q4 25 | $5.9B | $16.6B | ||
| Q3 25 | $5.6B | $16.7B | ||
| Q2 25 | — | $16.5B | ||
| Q1 25 | $4.6B | $16.5B | ||
| Q4 24 | $4.5B | $16.5B | ||
| Q3 24 | $32.0B | $16.7B | ||
| Q2 24 | — | $16.8B | ||
| Q1 24 | $4.2B | $16.8B |
负债/权益比BILIWY
| Q4 25 | 0.62× | 0.59× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.34× | 0.52× | ||
| 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 | $-114.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-128.0M |
| 自由现金流率自由现金流/营收 | — | -8.3% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | 3.47× | -1.54× |
| 过去12个月自由现金流最近4个季度 | — | $511.0M |
8季度趋势，按日历期对齐
经营现金流BILIWY
| Q4 25 | $263.1M | $-114.0M | ||
| Q3 25 | $283.2M | $210.0M | ||
| Q2 25 | $277.7M | $396.0M | ||
| Q1 25 | $179.4M | $70.0M | ||
| Q4 24 | $191.9M | $218.0M | ||
| Q3 24 | $2.2B | $234.0M | ||
| Q2 24 | — | $432.0M | ||
| Q1 24 | $88.3M | $124.0M |
自由现金流BILIWY
| Q4 25 | — | $-128.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $388.0M | ||
| Q1 25 | $174.5M | $48.0M | ||
| Q4 24 | — | $205.0M | ||
| Q3 24 | — | $226.0M | ||
| Q2 24 | — | $423.0M | ||
| Q1 24 | — | $102.0M |
自由现金流率BILIWY
| Q4 25 | — | -8.3% | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 20.6% | ||
| Q1 25 | 18.1% | 2.7% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 5.7% |
资本支出强度BILIWY
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | 0.5% | 1.2% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 1.2% |
现金转化率BILIWY
| Q4 25 | 3.47× | -1.54× | ||
| Q3 25 | 4.30× | 2.63× | ||
| Q2 25 | 9.11× | 4.55× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | 195.23× | 8.36× | ||
| Q2 24 | — | 2.50× | ||
| Q1 24 | — | 1.09× |
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% |
WY
暂无分部数据
