vs
宝尊电商（BZUN）与酷澎（CPNG）财务数据对比。点击上方公司名可切换其他公司
酷澎的季度营收约是宝尊电商的104.9倍（$8.8B vs $84.2M）。酷澎净利率更高（-0.3% vs -2.0%，领先1.7%）
宝尊是中国领先的品牌电商服务商，为全球及本土消费品牌提供店铺运营、数字营销、物流履约、客户服务、技术支持等全链路电商解决方案，覆盖时尚、美妆、快消、消费电子等多个核心零售领域。
酷澎（Coupang, Inc.）是2010年由金范锡创立的科技与线上零售企业，注册地为美国特拉华州，总部设于华盛顿州西雅图。公司核心业务覆盖电商零售、食品配送及OTT流媒体服务，业务布局及办公网点遍及韩国、中国台湾、美国、印度、日本、新加坡等多个国家和地区。
BZUN vs CPNG — 直观对比
营收规模更大
CPNG
是对方的104.9倍
$84.2M
净利率更高
CPNG
高出1.7%
-2.0%
损益表 — Q2 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $84.2M | $8.8B |
| 净利润 | $-1.7M | $-26.0M |
| 毛利率 | — | 28.8% |
| 营业利润率 | -1.7% | 0.1% |
| 净利率 | -2.0% | -0.3% |
| 营收同比 | — | 10.9% |
| 净利润同比 | — | -116.7% |
| 每股收益（稀释后） | — | $-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BZUNCPNG
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.3B | ||
| Q2 25 | $84.2M | $8.5B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | $83.0K | $7.3B | ||
| Q1 24 | — | $7.1B |
净利润BZUNCPNG
| Q4 25 | — | $-26.0M | ||
| Q3 25 | — | $95.0M | ||
| Q2 25 | $-1.7M | $32.0M | ||
| Q1 25 | — | $107.0M | ||
| Q4 24 | — | $156.0M | ||
| Q3 24 | — | $70.0M | ||
| Q2 24 | $-1.7K | $-77.0M | ||
| Q1 24 | — | $5.0M |
毛利率BZUNCPNG
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 29.4% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 29.3% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | — | 28.8% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 27.1% |
营业利润率BZUNCPNG
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | -1.7% | 1.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | -1.7% | -0.3% | ||
| Q1 24 | — | 0.6% |
净利率BZUNCPNG
| Q4 25 | — | -0.3% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | -2.0% | 0.4% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | -2.0% | -1.1% | ||
| Q1 24 | — | 0.1% |
每股收益（稀释后）BZUNCPNG
| Q4 25 | — | $-0.02 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $0.06 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $0.00 |
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 | $6.9M | $6.3B |
| 总债务越低越好 | — | $648.0M |
| 股东权益账面价值 | $10.7M | $4.6B |
| 总资产 | $25.9M | $17.8B |
| 负债/权益比越低杠杆越低 | — | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资BZUNCPNG
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | $6.9M | $6.8B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | $49.6K | $5.5B | ||
| Q1 24 | — | $5.2B |
总债务BZUNCPNG
| Q4 25 | — | $648.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BZUNCPNG
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | $10.7M | $4.7B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | $80.2K | $3.9B | ||
| Q1 24 | — | $4.1B |
总资产BZUNCPNG
| Q4 25 | — | $17.8B | ||
| Q3 25 | — | $18.7B | ||
| Q2 25 | $25.9M | $17.8B | ||
| Q1 25 | — | $16.0B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | — | $16.3B | ||
| Q2 24 | $188.8K | $15.2B | ||
| Q1 24 | — | $14.9B |
负债/权益比BZUNCPNG
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $82.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-278.0M |
| 自由现金流率自由现金流/营收 | — | -3.1% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $522.0M |
8季度趋势，按日历期对齐
经营现金流BZUNCPNG
| Q4 25 | — | $82.0M | ||
| Q3 25 | — | $792.0M | ||
| Q2 25 | — | $545.0M | ||
| Q1 25 | — | $354.0M | ||
| Q4 24 | — | $676.0M | ||
| Q3 24 | — | $334.0M | ||
| Q2 24 | $-1.7K | $664.0M | ||
| Q1 24 | — | $212.0M |
自由现金流BZUNCPNG
| Q4 25 | — | $-278.0M | ||
| Q3 25 | — | $439.0M | ||
| Q2 25 | — | $246.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $462.0M | ||
| Q3 24 | — | $-46.0M | ||
| Q2 24 | $-2.8K | $486.0M | ||
| Q1 24 | — | $105.0M |
自由现金流率BZUNCPNG
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | -3.3% | 6.6% | ||
| Q1 24 | — | 1.5% |
资本支出强度BZUNCPNG
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | — | 1.5% |
现金转化率BZUNCPNG
| Q4 25 | — | — | ||
| Q3 25 | — | 8.34× | ||
| Q2 25 | — | 17.03× | ||
| Q1 25 | — | 3.31× | ||
| Q4 24 | — | 4.33× | ||
| Q3 24 | — | 4.77× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 42.40× |
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
BZUN
暂无分部数据
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
