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CBAK Energy Technology, Inc.（CBAT）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是CBAK Energy Technology, Inc.的19.7倍（$1.2B vs $58.8M）。Sunrun Inc.净利率更高（8.9% vs -12.5%，领先21.5%）。CBAK Energy Technology, Inc.同比增速更快（131.8% vs 123.5%）。过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -0.0%）
CBAK能源科技是一家专业从事锂离子电池研发、生产与销售的企业，产品涵盖高性能电芯、模组及电池包，主要服务新能源汽车、储能系统、消费电子等核心领域，业务覆盖中国及全球多个市场。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CBAT vs RUN — 直观对比
营收规模更大
RUN
是对方的19.7倍
$58.8M
营收增速更快
CBAT
高出8.3%
123.5%
净利率更高
RUN
高出21.5%
-12.5%
两年增速更快
RUN
近两年复合增速
-0.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $58.8M | $1.2B |
| 净利润 | $-7.4M | $103.6M |
| 毛利率 | 7.3% | — |
| 营业利润率 | -13.6% | 8.4% |
| 净利率 | -12.5% | 8.9% |
| 营收同比 | 131.8% | 123.5% |
| 净利润同比 | -63.6% | 103.7% |
| 每股收益（稀释后） | $-0.08 | $0.38 |
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CBATRUN
| Q4 25 | $58.8M | $1.2B | ||
| Q3 25 | $60.9M | $724.6M | ||
| Q2 25 | $40.5M | $569.3M | ||
| Q1 25 | $34.9M | $504.3M | ||
| Q4 24 | $25.4M | $518.5M | ||
| Q3 24 | $44.6M | $537.2M | ||
| Q2 24 | $47.8M | $523.9M | ||
| Q1 24 | $58.8M | $458.2M |
净利润CBATRUN
| Q4 25 | $-7.4M | $103.6M | ||
| Q3 25 | $2.7M | $16.6M | ||
| Q2 25 | $-3.1M | $279.8M | ||
| Q1 25 | $-1.6M | $50.0M | ||
| Q4 24 | $-4.5M | $-2.8B | ||
| Q3 24 | $17.6K | $-83.8M | ||
| Q2 24 | $6.4M | $139.1M | ||
| Q1 24 | $9.8M | $-87.8M |
毛利率CBATRUN
| Q4 25 | 7.3% | — | ||
| Q3 25 | 8.0% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 13.7% | — | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 15.6% | — | ||
| Q2 24 | 26.6% | — | ||
| Q1 24 | 31.9% | — |
营业利润率CBATRUN
| Q4 25 | -13.6% | 8.4% | ||
| Q3 25 | -6.6% | 0.5% | ||
| Q2 25 | -8.7% | -19.7% | ||
| Q1 25 | -8.2% | -22.8% | ||
| Q4 24 | -26.0% | -628.0% | ||
| Q3 24 | -1.9% | -23.8% | ||
| Q2 24 | 12.4% | -24.4% | ||
| Q1 24 | 17.4% | -40.0% |
净利率CBATRUN
| Q4 25 | -12.5% | 8.9% | ||
| Q3 25 | 4.4% | 2.3% | ||
| Q2 25 | -7.6% | 49.1% | ||
| Q1 25 | -4.5% | 9.9% | ||
| Q4 24 | -17.8% | -542.7% | ||
| Q3 24 | 0.0% | -15.6% | ||
| Q2 24 | 13.5% | 26.5% | ||
| Q1 24 | 16.7% | -19.2% |
每股收益（稀释后）CBATRUN
| Q4 25 | $-0.08 | $0.38 | ||
| Q3 25 | $0.03 | $0.06 | ||
| Q2 25 | $-0.03 | $1.07 | ||
| Q1 25 | $-0.02 | $0.20 | ||
| Q4 24 | $-0.05 | $-12.59 | ||
| Q3 24 | $0.00 | $-0.37 | ||
| Q2 24 | $0.07 | $0.55 | ||
| Q1 24 | $0.11 | $-0.40 |
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 | $8.3M | — |
| 总债务越低越好 | $4.1M | $14.7B |
| 股东权益账面价值 | $112.7M | $3.1B |
| 总资产 | $426.2M | $22.6B |
| 负债/权益比越低杠杆越低 | 0.04× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CBATRUN
| Q4 25 | $8.3M | — | ||
| Q3 25 | $10.5M | — | ||
| Q2 25 | $45.7M | — | ||
| Q1 25 | $9.6M | — | ||
| Q4 24 | $11.0M | — | ||
| Q3 24 | $24.2M | — | ||
| Q2 24 | $44.1M | — | ||
| Q1 24 | $23.8M | — |
总债务CBATRUN
| Q4 25 | $4.1M | $14.7B | ||
| Q3 25 | $4.8M | $14.6B | ||
| Q2 25 | $4.9M | $14.0B | ||
| Q1 25 | $4.1M | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CBATRUN
| Q4 25 | $112.7M | $3.1B | ||
| Q3 25 | $121.4M | $3.0B | ||
| Q2 25 | $118.2M | $2.9B | ||
| Q1 25 | $120.8M | $2.6B | ||
| Q4 24 | $121.7M | $2.6B | ||
| Q3 24 | $131.2M | $5.3B | ||
| Q2 24 | $126.6M | $5.4B | ||
| Q1 24 | $120.9M | $5.2B |
总资产CBATRUN
| Q4 25 | $426.2M | $22.6B | ||
| Q3 25 | $363.9M | $22.2B | ||
| Q2 25 | $333.1M | $21.2B | ||
| Q1 25 | $311.5M | $20.4B | ||
| Q4 24 | $302.2M | $19.9B | ||
| Q3 24 | $293.5M | $22.1B | ||
| Q2 24 | $279.6M | $21.4B | ||
| Q1 24 | $286.5M | $20.8B |
负债/权益比CBATRUN
| Q4 25 | 0.04× | 4.69× | ||
| Q3 25 | 0.04× | 4.90× | ||
| Q2 25 | 0.04× | 4.80× | ||
| Q1 25 | 0.03× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $29.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $16.1M | — |
| 自由现金流率自由现金流/营收 | 27.3% | — |
| 资本支出强度资本支出/营收 | 23.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $3.9M | — |
8季度趋势，按日历期对齐
经营现金流CBATRUN
| Q4 25 | $29.8M | $96.9M | ||
| Q3 25 | $14.6M | $-121.5M | ||
| Q2 25 | $13.8M | $-292.7M | ||
| Q1 25 | $-9.6M | $-104.2M | ||
| Q4 24 | $9.6M | $-258.4M | ||
| Q3 24 | $19.7M | $-156.2M | ||
| Q2 24 | $2.9M | $-208.5M | ||
| Q1 24 | $7.4M | $-143.1M |
自由现金流CBATRUN
| Q4 25 | $16.1M | — | ||
| Q3 25 | $6.0M | — | ||
| Q2 25 | $4.1M | — | ||
| Q1 25 | $-22.3M | — | ||
| Q4 24 | $3.9M | — | ||
| Q3 24 | $16.5M | $-156.4M | ||
| Q2 24 | $2.5M | — | ||
| Q1 24 | $-454.0K | — |
自由现金流率CBATRUN
| Q4 25 | 27.3% | — | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | -63.9% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | 37.1% | -29.1% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度CBATRUN
| Q4 25 | 23.4% | — | ||
| Q3 25 | 14.1% | — | ||
| Q2 25 | 23.8% | — | ||
| Q1 25 | 36.3% | — | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 7.0% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 13.4% | — |
现金转化率CBATRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 5.51× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1115.72× | — | ||
| Q2 24 | 0.46× | -1.50× | ||
| Q1 24 | 0.76× | — |
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
CBAT
| Manufacturing Lithium Batteries | $28.0M | 48% |
| Residential Energy Supply And Uninterruptable Supplies | $17.8M | 30% |
| Light Electric Vehicles | $12.9M | 22% |
| Precursor | $108.0K | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
