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塞拉尼斯（CE）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
塞拉尼斯的季度营收约是孩之宝的1.5倍（$2.2B vs $1.4B），孩之宝净利率更高（13.9% vs 0.6%，领先13.3%），孩之宝同比增速更快（31.3% vs -7.0%），孩之宝自由现金流更多（$389.5M vs $168.0M），过去两年孩之宝的营收复合增速更高（38.2% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
CE vs HAS — 直观对比
营收规模更大
CE
是对方的1.5倍
$1.4B
营收增速更快
HAS
高出38.3%
-7.0%
净利率更高
HAS
高出13.3%
0.6%
自由现金流更多
HAS
多$221.5M
$168.0M
两年增速更快
HAS
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.0M | $201.6M |
| 毛利率 | 19.1% | 68.7% |
| 营业利润率 | 4.0% | 20.6% |
| 净利率 | 0.6% | 13.9% |
| 营收同比 | -7.0% | 31.3% |
| 净利润同比 | 100.7% | 687.8% |
| 每股收益（稀释后） | $0.13 | $1.46 |
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CEHAS
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.4B | $1.4B | ||
| Q2 25 | $2.5B | $980.8M | ||
| Q1 25 | $2.4B | $887.1M | ||
| Q4 24 | $2.4B | $1.1B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.7B | $995.3M | ||
| Q1 24 | $2.6B | $757.3M |
净利润CEHAS
| Q4 25 | $14.0M | $201.6M | ||
| Q3 25 | $-1.4B | $233.2M | ||
| Q2 25 | $199.0M | $-855.8M | ||
| Q1 25 | $-21.0M | $98.6M | ||
| Q4 24 | $-1.9B | $-34.3M | ||
| Q3 24 | $116.0M | $223.2M | ||
| Q2 24 | $155.0M | $138.5M | ||
| Q1 24 | $121.0M | $58.2M |
毛利率CEHAS
| Q4 25 | 19.1% | 68.7% | ||
| Q3 25 | 21.5% | 70.1% | ||
| Q2 25 | 21.1% | 77.0% | ||
| Q1 25 | 19.9% | 76.9% | ||
| Q4 24 | 22.7% | 67.4% | ||
| Q3 24 | 23.5% | 70.4% | ||
| Q2 24 | 24.2% | 76.1% | ||
| Q1 24 | 21.2% | 73.0% |
营业利润率CEHAS
| Q4 25 | 4.0% | 20.6% | ||
| Q3 25 | -52.7% | 24.6% | ||
| Q2 25 | 9.2% | -81.4% | ||
| Q1 25 | 7.0% | 19.2% | ||
| Q4 24 | -59.3% | 5.4% | ||
| Q3 24 | 9.4% | 23.6% | ||
| Q2 24 | 9.4% | 21.3% | ||
| Q1 24 | 8.0% | 15.3% |
净利率CEHAS
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | -56.1% | 16.8% | ||
| Q2 25 | 7.9% | -87.3% | ||
| Q1 25 | -0.9% | 11.1% | ||
| Q4 24 | -80.8% | -3.1% | ||
| Q3 24 | 4.4% | 17.4% | ||
| Q2 24 | 5.8% | 13.9% | ||
| Q1 24 | 4.6% | 7.7% |
每股收益（稀释后）CEHAS
| Q4 25 | $0.13 | $1.46 | ||
| Q3 25 | $-12.39 | $1.64 | ||
| Q2 25 | $1.81 | $-6.10 | ||
| Q1 25 | $-0.19 | $0.70 | ||
| Q4 24 | $-17.50 | $-0.25 | ||
| Q3 24 | $1.06 | $1.59 | ||
| Q2 24 | $1.41 | $0.99 | ||
| Q1 24 | $1.10 | $0.42 |
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 | — | — |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $565.5M |
| 总资产 | $21.7B | $5.6B |
| 负债/权益比越低杠杆越低 | 2.81× | — |
8季度趋势，按日历期对齐
总债务CEHAS
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CEHAS
| Q4 25 | $4.0B | $565.5M | ||
| Q3 25 | $4.0B | $433.8M | ||
| Q2 25 | $5.3B | $269.7M | ||
| Q1 25 | $5.2B | $1.2B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $7.3B | $1.3B | ||
| Q2 24 | $7.2B | $1.2B | ||
| Q1 24 | $7.1B | $1.0B |
总资产CEHAS
| Q4 25 | $21.7B | $5.6B | ||
| Q3 25 | $22.2B | $5.5B | ||
| Q2 25 | $23.7B | $5.2B | ||
| Q1 25 | $23.2B | $6.0B | ||
| Q4 24 | $22.9B | $6.3B | ||
| Q3 24 | $25.9B | $7.2B | ||
| Q2 24 | $25.8B | $6.9B | ||
| Q1 24 | $26.0B | $6.2B |
负债/权益比CEHAS
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 7.6% | 26.9% |
| 资本支出强度资本支出/营收 | 3.8% | 0.9% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $829.9M |
8季度趋势，按日历期对齐
经营现金流CEHAS
| Q4 25 | $252.0M | $403.2M | ||
| Q3 25 | $447.0M | $280.6M | ||
| Q2 25 | $410.0M | $71.3M | ||
| Q1 25 | $37.0M | $138.1M | ||
| Q4 24 | $494.0M | $259.8M | ||
| Q3 24 | $79.0M | $222.5M | ||
| Q2 24 | $292.0M | $187.3M | ||
| Q1 24 | $101.0M | $177.8M |
自由现金流CEHAS
| Q4 25 | $168.0M | $389.5M | ||
| Q3 25 | $383.0M | $260.9M | ||
| Q2 25 | $317.0M | $55.2M | ||
| Q1 25 | $-65.0M | $124.3M | ||
| Q4 24 | $389.0M | $200.8M | ||
| Q3 24 | $-9.0M | $174.0M | ||
| Q2 24 | $187.0M | $135.4M | ||
| Q1 24 | $-36.0M | $132.0M |
自由现金流率CEHAS
| Q4 25 | 7.6% | 26.9% | ||
| Q3 25 | 15.8% | 18.8% | ||
| Q2 25 | 12.5% | 5.6% | ||
| Q1 25 | -2.7% | 14.0% | ||
| Q4 24 | 16.4% | 18.2% | ||
| Q3 24 | -0.3% | 13.6% | ||
| Q2 24 | 7.1% | 13.6% | ||
| Q1 24 | -1.4% | 17.4% |
资本支出强度CEHAS
| Q4 25 | 3.8% | 0.9% | ||
| Q3 25 | 2.6% | 1.4% | ||
| Q2 25 | 3.7% | 1.6% | ||
| Q1 25 | 4.3% | 1.6% | ||
| Q4 24 | 4.4% | 5.4% | ||
| Q3 24 | 3.3% | 3.8% | ||
| Q2 24 | 4.0% | 5.2% | ||
| Q1 24 | 5.2% | 6.0% |
现金转化率CEHAS
| Q4 25 | 18.00× | 2.00× | ||
| Q3 25 | — | 1.20× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | 1.00× | ||
| Q2 24 | 1.88× | 1.35× | ||
| Q1 24 | 0.83× | 3.05× |
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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
