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CBL & ASSOCIATES PROPERTIES INC（CBL）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
CBL & ASSOCIATES PROPERTIES INC的季度营收约是再鼎医药的1.2倍（$156.4M vs $127.1M），CBL & ASSOCIATES PROPERTIES INC同比增速更快（18.8% vs 17.1%），过去两年再鼎医药的营收复合增速更高（20.8% vs 10.1%）
CBL联合地产是一家美国房地产投资信托企业，核心投资布局为购物中心与商业摩尔，业务主要集中在美国东南部与中西部地区。公司在特拉华州注册，总部设于田纳西州查塔努加，该城市也是其最大的布局市场，公司名称取自创始人查尔斯·B·勒博维茨的姓名首字母。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
CBL vs ZLAB — 直观对比
营收规模更大
CBL
是对方的1.2倍
$127.1M
营收增速更快
CBL
高出1.7%
17.1%
两年增速更快
ZLAB
近两年复合增速
10.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $156.4M | $127.1M |
| 净利润 | $49.0M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | — | -54.6% |
| 净利率 | 31.3% | — |
| 营收同比 | 18.8% | 17.1% |
| 净利润同比 | 29.0% | — |
| 每股收益（稀释后） | $1.61 | $-0.05 |
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CBLZLAB
| Q4 25 | $156.4M | $127.1M | ||
| Q3 25 | $139.3M | $115.4M | ||
| Q2 25 | $140.9M | $109.1M | ||
| Q1 25 | $141.8M | $105.7M | ||
| Q4 24 | $131.7M | $108.5M | ||
| Q3 24 | $125.1M | $101.8M | ||
| Q2 24 | $129.7M | $100.1M | ||
| Q1 24 | $129.1M | $87.1M |
净利润CBLZLAB
| Q4 25 | $49.0M | — | ||
| Q3 25 | $75.4M | $-36.0M | ||
| Q2 25 | $2.8M | $-40.7M | ||
| Q1 25 | $8.8M | $-48.4M | ||
| Q4 24 | $38.0M | — | ||
| Q3 24 | $16.2M | $-41.7M | ||
| Q2 24 | $4.7M | $-80.3M | ||
| Q1 24 | $50.0K | $-53.5M |
毛利率CBLZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率CBLZLAB
| Q4 25 | — | -54.6% | ||
| Q3 25 | — | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | — | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | — | -66.6% | ||
| Q2 24 | — | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率CBLZLAB
| Q4 25 | 31.3% | — | ||
| Q3 25 | 54.2% | -31.2% | ||
| Q2 25 | 2.0% | -37.3% | ||
| Q1 25 | 6.2% | -45.8% | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 12.9% | -40.9% | ||
| Q2 24 | 3.7% | -80.2% | ||
| Q1 24 | 0.0% | -61.4% |
每股收益（稀释后）CBLZLAB
| Q4 25 | $1.61 | $-0.05 | ||
| Q3 25 | $2.38 | $-0.03 | ||
| Q2 25 | $0.08 | $-0.04 | ||
| Q1 25 | $0.27 | $-0.04 | ||
| Q4 24 | $1.22 | $-0.09 | ||
| Q3 24 | $0.52 | $-0.04 | ||
| Q2 24 | $0.14 | $-0.08 | ||
| Q1 24 | $-0.01 | $-0.05 |
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 | $42.3M | $689.6M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $374.9M | $715.5M |
| 总资产 | $2.7B | $1.2B |
| 负债/权益比越低杠杆越低 | 5.79× | — |
8季度趋势，按日历期对齐
现金及短期投资CBLZLAB
| Q4 25 | $42.3M | $689.6M | ||
| Q3 25 | $52.6M | $717.2M | ||
| Q2 25 | $100.3M | $732.2M | ||
| Q1 25 | $100.3M | $757.3M | ||
| Q4 24 | $40.8M | $779.7M | ||
| Q3 24 | $65.1M | $616.1M | ||
| Q2 24 | $57.7M | $630.0M | ||
| Q1 24 | $57.7M | $650.8M |
总债务CBLZLAB
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益CBLZLAB
| Q4 25 | $374.9M | $715.5M | ||
| Q3 25 | $351.4M | $759.9M | ||
| Q2 25 | $289.4M | $791.7M | ||
| Q1 25 | $295.0M | $810.8M | ||
| Q4 24 | $323.5M | $840.9M | ||
| Q3 24 | $308.3M | $667.7M | ||
| Q2 24 | $308.8M | $704.2M | ||
| Q1 24 | $324.2M | $762.2M |
总资产CBLZLAB
| Q4 25 | $2.7B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.7B | $1.2B | ||
| Q3 24 | $2.2B | $985.3M | ||
| Q2 24 | $2.3B | $987.4M | ||
| Q1 24 | $2.3B | $988.4M |
负债/权益比CBLZLAB
| Q4 25 | 5.79× | — | ||
| Q3 25 | 6.21× | — | ||
| Q2 25 | 7.39× | — | ||
| Q1 25 | 7.29× | — | ||
| Q4 24 | 6.84× | — | ||
| Q3 24 | 5.76× | — | ||
| Q2 24 | 6.00× | — | ||
| Q1 24 | 5.74× | — |
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 | $249.7M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 5.10× | — |
| 过去12个月自由现金流最近4个季度 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流CBLZLAB
| Q4 25 | $249.7M | $-26.0M | ||
| Q3 25 | $69.6M | $-32.0M | ||
| Q2 25 | $68.3M | $-31.0M | ||
| Q1 25 | $31.7M | $-61.7M | ||
| Q4 24 | $202.2M | $-55.8M | ||
| Q3 24 | $61.1M | $-26.8M | ||
| Q2 24 | $64.2M | $-42.2M | ||
| Q1 24 | $30.7M | $-90.1M |
自由现金流CBLZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | $46.0M | $-28.2M | ||
| Q2 24 | $54.8M | $-42.9M | ||
| Q1 24 | $24.7M | $-91.1M |
自由现金流率CBLZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | 36.8% | -27.7% | ||
| Q2 24 | 42.2% | -42.9% | ||
| Q1 24 | 19.1% | -104.5% |
资本支出强度CBLZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 12.1% | 1.3% | ||
| Q2 24 | 7.3% | 0.7% | ||
| Q1 24 | 4.7% | 1.1% |
现金转化率CBLZLAB
| Q4 25 | 5.10× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 24.74× | — | ||
| Q1 25 | 3.60× | — | ||
| Q4 24 | 5.32× | — | ||
| Q3 24 | 3.77× | — | ||
| Q2 24 | 13.54× | — | ||
| Q1 24 | 614.76× | — |
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
CBL
暂无分部数据
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
