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美商海盗船（CRSR）与虎牙（HUYA）财务数据对比。点击上方公司名可切换其他公司
美商海盗船的季度营收约是虎牙的1.8倍（$436.9M vs $237.1M），美商海盗船净利率更高（5.9% vs 0.6%，领先5.3%），过去两年美商海盗船的营收复合增速更高（13.8% vs 2.5%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
虎牙公司是中国领先的互动直播平台，核心业务为游戏直播，同时覆盖电竞赛事、娱乐综艺、生活方式、知识科普等多元内容领域，面向国内年轻互联网用户提供高互动性的数字娱乐内容服务。
CRSR vs HUYA — 直观对比
营收规模更大
CRSR
是对方的1.8倍
$237.1M
净利率更高
CRSR
高出5.3%
0.6%
两年增速更快
CRSR
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $237.1M |
| 净利润 | $25.8M | $1.3M |
| 毛利率 | 33.1% | 13.4% |
| 营业利润率 | 6.2% | -0.8% |
| 净利率 | 5.9% | 0.6% |
| 营收同比 | 5.6% | — |
| 净利润同比 | 1028.2% | — |
| 每股收益（稀释后） | $0.23 | — |
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CRSRHUYA
| Q4 25 | $436.9M | — | ||
| Q3 25 | $345.8M | $237.1M | ||
| Q2 25 | $320.1M | $218.8M | ||
| Q1 25 | $369.8M | $207.9M | ||
| Q4 24 | $413.6M | — | ||
| Q3 24 | $304.2M | $219.1M | ||
| Q2 24 | $261.3M | $212.1M | ||
| Q1 24 | $337.3M | $208.3M |
净利润CRSRHUYA
| Q4 25 | $25.8M | — | ||
| Q3 25 | $-10.6M | $1.3M | ||
| Q2 25 | $-20.9M | $-766.0K | ||
| Q1 25 | $-10.5M | $128.0K | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $-51.7M | $3.4M | ||
| Q2 24 | $-24.2M | $4.1M | ||
| Q1 24 | $-11.6M | $9.8M |
毛利率CRSRHUYA
| Q4 25 | 33.1% | — | ||
| Q3 25 | 26.9% | 13.4% | ||
| Q2 25 | 26.8% | 13.5% | ||
| Q1 25 | 27.7% | 12.5% | ||
| Q4 24 | 26.2% | — | ||
| Q3 24 | 22.9% | 13.2% | ||
| Q2 24 | 24.1% | 13.9% | ||
| Q1 24 | 25.7% | 14.7% |
营业利润率CRSRHUYA
| Q4 25 | 6.2% | — | ||
| Q3 25 | -1.6% | -0.8% | ||
| Q2 25 | -5.3% | -1.5% | ||
| Q1 25 | -0.6% | -4.0% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | -6.9% | -2.1% | ||
| Q2 24 | -9.5% | -1.7% | ||
| Q1 24 | -3.0% | -2.6% |
净利率CRSRHUYA
| Q4 25 | 5.9% | — | ||
| Q3 25 | -3.1% | 0.6% | ||
| Q2 25 | -6.5% | -0.4% | ||
| Q1 25 | -2.8% | 0.1% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | -17.0% | 1.5% | ||
| Q2 24 | -9.3% | 1.9% | ||
| Q1 24 | -3.4% | 4.7% |
每股收益（稀释后）CRSRHUYA
| Q4 25 | $0.23 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.10 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $-0.56 | — | ||
| Q2 24 | $-0.28 | — | ||
| Q1 24 | $-0.12 | — |
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 | — | $102.0M |
| 总债务越低越好 | $121.3M | — |
| 股东权益账面价值 | $633.6M | $709.9M |
| 总资产 | $1.3B | $960.3M |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRHUYA
| Q4 25 | — | — | ||
| Q3 25 | — | $102.0M | ||
| Q2 25 | — | $69.7M | ||
| Q1 25 | — | $40.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $156.1M | ||
| Q2 24 | — | $138.4M | ||
| Q1 24 | — | $75.1M |
总债务CRSRHUYA
| Q4 25 | $121.3M | — | ||
| Q3 25 | $122.9M | — | ||
| Q2 25 | $124.4M | — | ||
| Q1 25 | $148.7M | — | ||
| Q4 24 | $173.5M | — | ||
| Q3 24 | $177.2M | — | ||
| Q2 24 | $180.3M | — | ||
| Q1 24 | $183.3M | — |
股东权益CRSRHUYA
| Q4 25 | $633.6M | — | ||
| Q3 25 | $600.2M | $709.9M | ||
| Q2 25 | $603.9M | $704.3M | ||
| Q1 25 | $608.8M | $711.2M | ||
| Q4 24 | $604.3M | — | ||
| Q3 24 | $598.5M | $1.1B | ||
| Q2 24 | $642.7M | $1.3B | ||
| Q1 24 | $663.5M | $1.3B |
总资产CRSRHUYA
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $960.3M | ||
| Q2 25 | $1.2B | $928.0M | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.3B | $1.7B |
负债/权益比CRSRHUYA
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
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 | $38.2M | — |
| 自由现金流经营现金流 - 资本支出 | $32.9M | — |
| 自由现金流率自由现金流/营收 | 7.5% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 1.48× | — |
| 过去12个月自由现金流最近4个季度 | $34.7M | — |
8季度趋势，按日历期对齐
经营现金流CRSRHUYA
| Q4 25 | $38.2M | — | ||
| Q3 25 | $-37.0M | — | ||
| Q2 25 | $30.2M | — | ||
| Q1 25 | $18.8M | — | ||
| Q4 24 | $55.6M | — | ||
| Q3 24 | $25.1M | — | ||
| Q2 24 | $-18.5M | — | ||
| Q1 24 | $-26.3M | — |
自由现金流CRSRHUYA
| Q4 25 | $32.9M | — | ||
| Q3 25 | $-41.3M | — | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $54.1M | — | ||
| Q3 24 | $21.8M | — | ||
| Q2 24 | $-21.0M | — | ||
| Q1 24 | $-28.8M | — |
自由现金流率CRSRHUYA
| Q4 25 | 7.5% | — | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | -8.0% | — | ||
| Q1 24 | -8.6% | — |
资本支出强度CRSRHUYA
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 0.7% | — |
现金转化率CRSRHUYA
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 24.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
HUYA
| Live streaming | $162.5M | 69% |
| Game-related services, advertising and others | $74.7M | 31% |
