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酷澎（CPNG）与GigaCloud Technology Inc（GCT）财务数据对比。点击上方公司名可切换其他公司
酷澎的季度营收约是GigaCloud Technology Inc的26.6倍（$8.8B vs $332.6M）。GigaCloud Technology Inc净利率更高（11.2% vs -0.3%，领先11.5%）。酷澎同比增速更快（10.9% vs 9.7%）。GigaCloud Technology Inc自由现金流更多（$77.1M vs $-278.0M）。过去两年GigaCloud Technology Inc的营收复合增速更高（36.6% vs 11.4%）
酷澎（Coupang, Inc.）是2010年由金范锡创立的科技与线上零售企业，注册地为美国特拉华州，总部设于华盛顿州西雅图。公司核心业务覆盖电商零售、食品配送及OTT流媒体服务，业务布局及办公网点遍及韩国、中国台湾、美国、印度、日本、新加坡等多个国家和地区。
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
CPNG vs GCT — 直观对比
营收规模更大
CPNG
是对方的26.6倍
$332.6M
营收增速更快
CPNG
高出1.3%
9.7%
净利率更高
GCT
高出11.5%
-0.3%
自由现金流更多
GCT
多$355.1M
$-278.0M
两年增速更快
GCT
近两年复合增速
11.4%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $332.6M |
| 净利润 | $-26.0M | $37.2M |
| 毛利率 | 28.8% | 23.2% |
| 营业利润率 | 0.1% | 12.2% |
| 净利率 | -0.3% | 11.2% |
| 营收同比 | 10.9% | 9.7% |
| 净利润同比 | -116.7% | -8.6% |
| 每股收益（稀释后） | $-0.02 | $0.99 |
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CPNGGCT
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.3B | $332.6M | ||
| Q2 25 | $8.5B | $322.6M | ||
| Q1 25 | $7.9B | $271.9M | ||
| Q4 24 | $8.0B | $295.8M | ||
| Q3 24 | $7.9B | $303.3M | ||
| Q2 24 | $7.3B | $310.9M | ||
| Q1 24 | $7.1B | $251.1M |
净利润CPNGGCT
| Q4 25 | $-26.0M | — | ||
| Q3 25 | $95.0M | $37.2M | ||
| Q2 25 | $32.0M | $34.6M | ||
| Q1 25 | $107.0M | $27.1M | ||
| Q4 24 | $156.0M | $31.0M | ||
| Q3 24 | $70.0M | $40.7M | ||
| Q2 24 | $-77.0M | $27.0M | ||
| Q1 24 | $5.0M | $27.2M |
毛利率CPNGGCT
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | 23.2% | ||
| Q2 25 | 30.0% | 23.9% | ||
| Q1 25 | 29.3% | 23.4% | ||
| Q4 24 | 31.3% | 22.0% | ||
| Q3 24 | 28.8% | 25.5% | ||
| Q2 24 | 29.3% | 24.6% | ||
| Q1 24 | 27.1% | 26.5% |
营业利润率CPNGGCT
| Q4 25 | 0.1% | — | ||
| Q3 25 | 1.7% | 12.2% | ||
| Q2 25 | 1.7% | 11.1% | ||
| Q1 25 | 1.9% | 10.4% | ||
| Q4 24 | 3.9% | 9.3% | ||
| Q3 24 | 1.4% | 13.4% | ||
| Q2 24 | -0.3% | 8.8% | ||
| Q1 24 | 0.6% | 13.9% |
净利率CPNGGCT
| Q4 25 | -0.3% | — | ||
| Q3 25 | 1.0% | 11.2% | ||
| Q2 25 | 0.4% | 10.7% | ||
| Q1 25 | 1.4% | 10.0% | ||
| Q4 24 | 2.0% | 10.5% | ||
| Q3 24 | 0.9% | 13.4% | ||
| Q2 24 | -1.1% | 8.7% | ||
| Q1 24 | 0.1% | 10.8% |
每股收益（稀释后）CPNGGCT
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.05 | $0.99 | ||
| Q2 25 | $0.02 | $0.91 | ||
| Q1 25 | $0.06 | $0.68 | ||
| Q4 24 | $0.08 | $0.76 | ||
| Q3 24 | $0.04 | $0.98 | ||
| Q2 24 | $-0.04 | $0.65 | ||
| Q1 24 | $0.00 | $0.66 |
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 | $6.3B | $365.9M |
| 总债务越低越好 | $648.0M | — |
| 股东权益账面价值 | $4.6B | $457.3M |
| 总资产 | $17.8B | $1.1B |
| 负债/权益比越低杠杆越低 | 0.14× | — |
8季度趋势，按日历期对齐
现金及短期投资CPNGGCT
| Q4 25 | $6.3B | — | ||
| Q3 25 | $7.2B | $365.9M | ||
| Q2 25 | $6.8B | $303.0M | ||
| Q1 25 | $6.1B | $286.8M | ||
| Q4 24 | $5.9B | $302.4M | ||
| Q3 24 | $5.8B | $259.8M | ||
| Q2 24 | $5.5B | $207.8M | ||
| Q1 24 | $5.2B | $195.3M |
总债务CPNGGCT
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CPNGGCT
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.7B | $457.3M | ||
| Q2 25 | $4.7B | $431.4M | ||
| Q1 25 | $4.4B | $412.9M | ||
| Q4 24 | $4.1B | $405.2M | ||
| Q3 24 | $4.2B | $400.4M | ||
| Q2 24 | $3.9B | $358.4M | ||
| Q1 24 | $4.1B | $317.8M |
总资产CPNGGCT
| Q4 25 | $17.8B | — | ||
| Q3 25 | $18.7B | $1.1B | ||
| Q2 25 | $17.8B | $1.1B | ||
| Q1 25 | $16.0B | $1.1B | ||
| Q4 24 | $15.3B | $1.1B | ||
| Q3 24 | $16.3B | $1.1B | ||
| Q2 24 | $15.2B | $1.1B | ||
| Q1 24 | $14.9B | $977.6M |
负债/权益比CPNGGCT
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $82.0M | $78.3M |
| 自由现金流经营现金流 - 资本支出 | $-278.0M | $77.1M |
| 自由现金流率自由现金流/营收 | -3.1% | 23.2% |
| 资本支出强度资本支出/营收 | 4.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 2.10× |
| 过去12个月自由现金流最近4个季度 | $522.0M | $188.1M |
8季度趋势，按日历期对齐
经营现金流CPNGGCT
| Q4 25 | $82.0M | — | ||
| Q3 25 | $792.0M | $78.3M | ||
| Q2 25 | $545.0M | $38.6M | ||
| Q1 25 | $354.0M | $9.4M | ||
| Q4 24 | $676.0M | $68.4M | ||
| Q3 24 | $334.0M | $55.2M | ||
| Q2 24 | $664.0M | $19.1M | ||
| Q1 24 | $212.0M | $15.3M |
自由现金流CPNGGCT
| Q4 25 | $-278.0M | — | ||
| Q3 25 | $439.0M | $77.1M | ||
| Q2 25 | $246.0M | $37.0M | ||
| Q1 25 | $115.0M | $7.0M | ||
| Q4 24 | $462.0M | $66.9M | ||
| Q3 24 | $-46.0M | $51.4M | ||
| Q2 24 | $486.0M | $12.9M | ||
| Q1 24 | $105.0M | $11.3M |
自由现金流率CPNGGCT
| Q4 25 | -3.1% | — | ||
| Q3 25 | 4.7% | 23.2% | ||
| Q2 25 | 2.9% | 11.5% | ||
| Q1 25 | 1.5% | 2.6% | ||
| Q4 24 | 5.8% | 22.6% | ||
| Q3 24 | -0.6% | 16.9% | ||
| Q2 24 | 6.6% | 4.2% | ||
| Q1 24 | 1.5% | 4.5% |
资本支出强度CPNGGCT
| Q4 25 | 4.1% | — | ||
| Q3 25 | 3.8% | 0.4% | ||
| Q2 25 | 3.5% | 0.5% | ||
| Q1 25 | 3.0% | 0.9% | ||
| Q4 24 | 2.7% | 0.5% | ||
| Q3 24 | 4.8% | 1.3% | ||
| Q2 24 | 2.4% | 2.0% | ||
| Q1 24 | 1.5% | 1.6% |
现金转化率CPNGGCT
| Q4 25 | — | — | ||
| Q3 25 | 8.34× | 2.10× | ||
| Q2 25 | 17.03× | 1.12× | ||
| Q1 25 | 3.31× | 0.35× | ||
| Q4 24 | 4.33× | 2.21× | ||
| Q3 24 | 4.77× | 1.36× | ||
| Q2 24 | — | 0.71× | ||
| Q1 24 | 42.40× | 0.56× |
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
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
