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Coinbase（COIN）与欢聚集团（JOYY）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是欢聚集团的1.2倍（$1.8B vs $1.5B），欢聚集团净利率更高（10.4% vs -37.4%，领先47.8%），过去两年欢聚集团的营收复合增速更高（16.8% vs 4.3%）
Coinbase是美国知名加密货币交易所，2012年由布莱恩·阿姆斯特朗与弗雷德·埃尔萨姆联合创立。截至2024年，平台拥有超1亿用户，业务覆盖100多个国家，是美国最大加密货币交易所、全球最大比特币托管机构，托管总资产近5160亿美元，持有约12%的流通比特币及11%的质押以太币。
欢聚集团是全球化社交媒体科技企业，主营直播、短视频、社交互动类数字娱乐服务，核心产品覆盖东南亚、中东、拉美等多个新兴市场，为全球用户提供丰富的沉浸式互动内容体验。
COIN vs JOYY — 直观对比
营收规模更大
COIN
是对方的1.2倍
$1.5B
净利率更高
JOYY
高出47.8%
-37.4%
两年增速更快
JOYY
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-666.7M | $160.1M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 15.4% | 2.4% |
| 净利率 | -37.4% | 10.4% |
| 营收同比 | -21.6% | — |
| 净利润同比 | -151.6% | — |
| 每股收益（稀释后） | $-2.43 | — |
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COINJOYY
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $2.0B | $494.4M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $564.6M |
净利润COINJOYY
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $160.1M | ||
| Q2 25 | $1.4B | $100.9M | ||
| Q1 25 | $65.6M | $42.9M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | $143.9M | ||
| Q2 24 | $36.1M | $87.9M | ||
| Q1 24 | $1.2B | $40.2M |
毛利率COINJOYY
| Q4 25 | — | — | ||
| Q3 25 | — | 36.1% | ||
| Q2 25 | — | 36.3% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 35.7% | ||
| Q2 24 | — | 34.9% | ||
| Q1 24 | — | 34.6% |
营业利润率COINJOYY
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | 2.4% | ||
| Q2 25 | -1.6% | 1.8% | ||
| Q1 25 | 34.7% | 2.5% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | 1.3% | ||
| Q2 24 | 23.7% | 0.5% | ||
| Q1 24 | 46.4% | 0.6% |
净利率COINJOYY
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | 10.4% | ||
| Q2 25 | 95.4% | 10.1% | ||
| Q1 25 | 3.2% | 8.7% | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | 8.5% | ||
| Q2 24 | 2.5% | 7.8% | ||
| Q1 24 | 71.8% | 7.1% |
每股收益（稀释后）COINJOYY
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | — | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | — | ||
| Q1 24 | $4.40 | — |
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 | $11.6B | $383.8M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $6.6B |
| 总资产 | $29.7B | $7.5B |
| 负债/权益比越低杠杆越低 | 0.49× | — |
8季度趋势，按日历期对齐
现金及短期投资COINJOYY
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | $383.8M | ||
| Q2 25 | $7.5B | $401.0M | ||
| Q1 25 | $8.1B | $801.5M | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | $481.8M | ||
| Q2 24 | $7.2B | $607.1M | ||
| Q1 24 | $6.7B | $728.2M |
总债务COINJOYY
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINJOYY
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | $6.6B | ||
| Q2 25 | $12.1B | $6.6B | ||
| Q1 25 | $10.5B | $6.6B | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | $5.3B | ||
| Q2 24 | $8.4B | $5.3B | ||
| Q1 24 | $8.1B | $5.3B |
总资产COINJOYY
| Q4 25 | $29.7B | — | ||
| Q3 25 | $31.4B | $7.5B | ||
| Q2 25 | $23.5B | $7.5B | ||
| Q1 25 | $21.7B | $7.6B | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $290.6B | $8.1B | ||
| Q2 24 | $287.0B | $8.1B | ||
| Q1 24 | $348.0B | $8.6B |
负债/权益比COINJOYY
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
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 | $3.1B | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流COINJOYY
| Q4 25 | $3.1B | — | ||
| Q3 25 | $-784.5M | — | ||
| Q2 25 | $328.5M | — | ||
| Q1 25 | $-182.7M | — | ||
| Q4 24 | $964.6M | — | ||
| Q3 24 | $696.5M | — | ||
| Q2 24 | $484.2M | — | ||
| Q1 24 | $411.5M | — |
现金转化率COINJOYY
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | — |
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
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
