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CHEESECAKE FACTORY INC（CAKE）与百胜中国（YUMC）财务数据对比。点击上方公司名可切换其他公司
百胜中国的季度营收约是CHEESECAKE FACTORY INC的3.1倍（$2.8B vs $907.2M）。百胜中国净利率更高（5.0% vs 3.5%，领先1.4%）。百胜中国同比增速更快（8.8% vs 0.4%）。CHEESECAKE FACTORY INC自由现金流更多（$69.2M vs $-116.0M）。过去两年CHEESECAKE FACTORY INC的营收复合增速更高（2.3% vs -2.3%）
芝士蛋糕工厂（The Cheesecake Factory）是美国知名的餐饮连锁及芝士蛋糕分销企业，目前在全球运营370家全服务餐厅，其中218家为芝士蛋糕工厂品牌门店，47家为North Italia品牌门店，其余105家为其他品牌门店。此外公司在加利福尼亚州卡拉巴萨斯及北卡罗来纳州落基山城设有两座烘焙生产基地。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
CAKE vs YUMC — 直观对比
营收规模更大
YUMC
是对方的3.1倍
$907.2M
营收增速更快
YUMC
高出8.4%
0.4%
净利率更高
YUMC
高出1.4%
3.5%
自由现金流更多
CAKE
多$185.2M
$-116.0M
两年增速更快
CAKE
近两年复合增速
-2.3%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $907.2M | $2.8B |
| 净利润 | $31.9M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.1% | 6.6% |
| 净利率 | 3.5% | 5.0% |
| 营收同比 | 0.4% | 8.8% |
| 净利润同比 | -39.2% | 21.7% |
| 每股收益（稀释后） | $0.66 | $0.40 |
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CAKEYUMC
| Q4 25 | — | $2.8B | ||
| Q3 25 | $907.2M | $3.2B | ||
| Q2 25 | $927.2M | $2.8B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $865.5M | $2.6B | ||
| Q3 24 | $904.0M | $3.1B | ||
| Q2 24 | $891.2M | $2.7B | ||
| Q1 24 | $877.0M | $3.0B |
净利润CAKEYUMC
| Q4 25 | — | $140.0M | ||
| Q3 25 | $31.9M | $282.0M | ||
| Q2 25 | $32.9M | $215.0M | ||
| Q1 25 | — | $292.0M | ||
| Q4 24 | $30.0M | $115.0M | ||
| Q3 24 | $52.4M | $297.0M | ||
| Q2 24 | $33.2M | $212.0M | ||
| Q1 24 | $12.7M | $287.0M |
营业利润率CAKEYUMC
| Q4 25 | — | 6.6% | ||
| Q3 25 | 4.1% | 12.5% | ||
| Q2 25 | 5.6% | 10.9% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | 3.9% | 5.8% | ||
| Q3 24 | 6.5% | 12.1% | ||
| Q2 24 | 4.4% | 9.9% | ||
| Q1 24 | 0.9% | 12.6% |
净利率CAKEYUMC
| Q4 25 | — | 5.0% | ||
| Q3 25 | 3.5% | 8.8% | ||
| Q2 25 | 3.6% | 7.7% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | 3.5% | 4.4% | ||
| Q3 24 | 5.8% | 9.7% | ||
| Q2 24 | 3.7% | 7.9% | ||
| Q1 24 | 1.4% | 9.7% |
每股收益（稀释后）CAKEYUMC
| Q4 25 | — | $0.40 | ||
| Q3 25 | $0.66 | $0.76 | ||
| Q2 25 | $0.67 | $0.58 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | $0.61 | $0.30 | ||
| Q3 24 | $1.08 | $0.77 | ||
| Q2 24 | $0.68 | $0.55 | ||
| Q1 24 | $0.27 | $0.71 |
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 | $190.0M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $425.3M | $5.4B |
| 总资产 | $3.2B | $10.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CAKEYUMC
| Q4 25 | — | $1.4B | ||
| Q3 25 | $190.0M | $2.1B | ||
| Q2 25 | $135.4M | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $52.2M | $1.8B | ||
| Q3 24 | $40.7M | $2.5B | ||
| Q2 24 | $60.2M | $2.5B | ||
| Q1 24 | $56.3M | $2.4B |
股东权益CAKEYUMC
| Q4 25 | — | $5.4B | ||
| Q3 25 | $425.3M | $5.7B | ||
| Q2 25 | $339.4M | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | $396.4M | $5.7B | ||
| Q3 24 | $374.0M | $6.0B | ||
| Q2 24 | $332.4M | $5.8B | ||
| Q1 24 | $318.1M | $5.9B |
总资产CAKEYUMC
| Q4 25 | — | $10.8B | ||
| Q3 25 | $3.2B | $11.0B | ||
| Q2 25 | $3.1B | $11.0B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $2.9B | $11.1B | ||
| Q3 24 | $2.9B | $11.8B | ||
| Q2 24 | $2.8B | $11.6B | ||
| Q1 24 | $2.8B | $11.3B |
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 | $147.5M | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $69.2M | $-116.0M |
| 自由现金流率自由现金流/营收 | 7.6% | -4.1% |
| 资本支出强度资本支出/营收 | 8.6% | 8.5% |
| 现金转化率经营现金流/净利润 | 4.62× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $129.5M | $840.0M |
8季度趋势，按日历期对齐
经营现金流CAKEYUMC
| Q4 25 | — | $125.0M | ||
| Q3 25 | $147.5M | $477.0M | ||
| Q2 25 | $78.9M | $412.0M | ||
| Q1 25 | — | $452.0M | ||
| Q4 24 | $79.9M | $167.0M | ||
| Q3 24 | $27.7M | $409.0M | ||
| Q2 24 | $66.7M | $401.0M | ||
| Q1 24 | $67.9M | $442.0M |
自由现金流CAKEYUMC
| Q4 25 | — | $-116.0M | ||
| Q3 25 | $69.2M | $351.0M | ||
| Q2 25 | $36.1M | $290.0M | ||
| Q1 25 | — | $315.0M | ||
| Q4 24 | $25.7M | $-15.0M | ||
| Q3 24 | $-1.5M | $244.0M | ||
| Q2 24 | $29.6M | $232.0M | ||
| Q1 24 | $16.2M | $253.0M |
自由现金流率CAKEYUMC
| Q4 25 | — | -4.1% | ||
| Q3 25 | 7.6% | 10.9% | ||
| Q2 25 | 3.9% | 10.4% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | 3.0% | -0.6% | ||
| Q3 24 | -0.2% | 7.9% | ||
| Q2 24 | 3.3% | 8.7% | ||
| Q1 24 | 1.8% | 8.6% |
资本支出强度CAKEYUMC
| Q4 25 | — | 8.5% | ||
| Q3 25 | 8.6% | 3.9% | ||
| Q2 25 | 4.6% | 4.4% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | 6.3% | 7.0% | ||
| Q3 24 | 3.2% | 5.4% | ||
| Q2 24 | 4.2% | 6.3% | ||
| Q1 24 | 5.9% | 6.4% |
现金转化率CAKEYUMC
| Q4 25 | — | 0.89× | ||
| Q3 25 | 4.62× | 1.69× | ||
| Q2 25 | 2.40× | 1.92× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | 2.66× | 1.45× | ||
| Q3 24 | 0.53× | 1.38× | ||
| Q2 24 | 2.01× | 1.89× | ||
| Q1 24 | 5.35× | 1.54× |
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
CAKE
| The Cheesecake Factory | $651.4M | 72% |
| Other | $94.4M | 10% |
| North Italia | $83.5M | 9% |
| Other Fox Restaurant Concepts Llc | $78.0M | 9% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
