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世邦魏理仕（CBRE）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是世邦魏理仕的1.3倍（$15.2B vs $11.5B），拼多多净利率更高（27.1% vs 3.6%，领先23.5%），过去两年拼多多的营收复合增速更高（74.6% vs 21.1%）
世邦魏理仕（CBRE Group）是全球领先的跨国商业地产服务与投资企业，业务涵盖物业顾问、交易撮合、资产管理、项目开发咨询等范畴，为全球各类企业及机构客户提供全链条不动产相关解决方案，服务网络覆盖全球各大主要城市。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
CBRE vs PDD — 直观对比
营收规模更大
PDD
是对方的1.3倍
$11.5B
净利率更高
PDD
高出23.5%
3.6%
两年增速更快
PDD
近两年复合增速
21.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $11.5B | $15.2B |
| 净利润 | $416.0M | $4.1B |
| 毛利率 | 17.3% | 56.7% |
| 营业利润率 | 5.4% | 23.1% |
| 净利率 | 3.6% | 27.1% |
| 营收同比 | 12.3% | — |
| 净利润同比 | -14.6% | — |
| 每股收益（稀释后） | $1.38 | — |
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CBREPDD
| Q4 25 | $11.5B | — | ||
| Q3 25 | $10.1B | $15.2B | ||
| Q2 25 | $9.6B | $14.5B | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $10.2B | — | ||
| Q3 24 | $8.8B | $14.2B | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.8B | $12.0B |
净利润CBREPDD
| Q4 25 | $416.0M | — | ||
| Q3 25 | $363.0M | $4.1B | ||
| Q2 25 | $215.0M | $4.3B | ||
| Q1 25 | $163.0M | — | ||
| Q4 24 | $487.0M | — | ||
| Q3 24 | $225.0M | $3.6B | ||
| Q2 24 | $130.0M | — | ||
| Q1 24 | $126.0M | $3.9B |
毛利率CBREPDD
| Q4 25 | 17.3% | — | ||
| Q3 25 | 17.7% | 56.7% | ||
| Q2 25 | 17.1% | 55.9% | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 18.1% | 60.0% | ||
| Q2 24 | 17.6% | — | ||
| Q1 24 | 17.1% | 62.3% |
营业利润率CBREPDD
| Q4 25 | 5.4% | — | ||
| Q3 25 | 4.8% | 23.1% | ||
| Q2 25 | 3.9% | 24.8% | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 4.2% | 24.5% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 2.6% | 29.9% |
净利率CBREPDD
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.6% | 27.1% | ||
| Q2 25 | 2.2% | 29.6% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 2.5% | 25.1% | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 1.6% | 32.3% |
每股收益（稀释后）CBREPDD
| Q4 25 | $1.38 | — | ||
| Q3 25 | $1.21 | — | ||
| Q2 25 | $0.72 | — | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $1.58 | — | ||
| Q3 24 | $0.73 | — | ||
| Q2 24 | $0.42 | — | ||
| Q1 24 | $0.41 | — |
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 | $1.9B | $13.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.9B | $55.0B |
| 总资产 | $30.9B | $86.2B |
| 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CBREPDD
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $13.0B | ||
| Q2 25 | $1.4B | $8.8B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | $9.3B | ||
| Q2 24 | $928.0M | — | ||
| Q1 24 | $1.0B | $7.7B |
股东权益CBREPDD
| Q4 25 | $8.9B | — | ||
| Q3 25 | $8.5B | $55.0B | ||
| Q2 25 | $8.3B | $50.5B | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.7B | $39.7B | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.3B | $30.3B |
总资产CBREPDD
| Q4 25 | $30.9B | — | ||
| Q3 25 | $28.6B | $86.2B | ||
| Q2 25 | $27.7B | $79.2B | ||
| Q1 25 | $26.4B | — | ||
| Q4 24 | $24.4B | — | ||
| Q3 24 | $24.8B | $66.5B | ||
| Q2 24 | $23.5B | — | ||
| Q1 24 | $23.0B | $52.3B |
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 | $1.2B | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 9.4% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 2.94× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流CBREPDD
| Q4 25 | $1.2B | — | ||
| Q3 25 | $827.0M | $6.4B | ||
| Q2 25 | $57.0M | $3.0B | ||
| Q1 25 | $-546.0M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $573.0M | $3.9B | ||
| Q2 24 | $287.0M | — | ||
| Q1 24 | $-492.0M | $2.9B |
自由现金流CBREPDD
| Q4 25 | $1.1B | — | ||
| Q3 25 | $743.0M | — | ||
| Q2 25 | $-17.0M | — | ||
| Q1 25 | $-610.0M | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $494.0M | — | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $-560.0M | — |
自由现金流率CBREPDD
| Q4 25 | 9.4% | — | ||
| Q3 25 | 7.4% | — | ||
| Q2 25 | -0.2% | — | ||
| Q1 25 | -7.0% | — | ||
| Q4 24 | 12.2% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | -7.2% | — |
资本支出强度CBREPDD
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 0.9% | — |
现金转化率CBREPDD
| Q4 25 | 2.94× | — | ||
| Q3 25 | 2.28× | 1.56× | ||
| Q2 25 | 0.27× | 0.70× | ||
| Q1 25 | -3.35× | — | ||
| Q4 24 | 2.75× | — | ||
| Q3 24 | 2.55× | 1.10× | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | -3.90× | 0.75× |
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
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
PDD
暂无分部数据
