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eXp World Holdings, Inc.（EXPI）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
欢聚集团的季度营收约是eXp World Holdings, Inc.的1.3倍（$1.5B vs $1.2B），欢聚集团净利率更高（10.4% vs -1.1%，领先11.5%），过去两年欢聚集团的营收复合增速更高（16.8% vs 12.4%）
eXp World Holdings是全球云原生房地产服务提供商，运营eXp Realty经纪网络，依托沉浸式3D虚拟园区支持代理人协作与日常运营，业务覆盖全球20余个国家的住宅及商业地产市场，同时提供按揭贷款、产权保险、从业者职业培训等配套服务。
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。
EXPI vs JOYY — 直观对比
营收规模更大
JOYY
是对方的1.3倍
$1.2B
净利率更高
JOYY
高出11.5%
-1.1%
两年增速更快
JOYY
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $-12.9M | $160.1M |
| 毛利率 | — | 36.1% |
| 营业利润率 | -1.1% | 2.4% |
| 净利率 | -1.1% | 10.4% |
| 营收同比 | 8.5% | — |
| 净利润同比 | -35.7% | — |
| 每股收益（稀释后） | $-0.08 | — |
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EXPIJOYY
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $954.9M | $494.4M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $943.1M | $564.6M |
净利润EXPIJOYY
| Q4 25 | $-12.9M | — | ||
| Q3 25 | $3.5M | $160.1M | ||
| Q2 25 | $-2.3M | $100.9M | ||
| Q1 25 | $-11.0M | $42.9M | ||
| Q4 24 | $-9.5M | — | ||
| Q3 24 | $-8.5M | $143.9M | ||
| Q2 24 | $12.4M | $87.9M | ||
| Q1 24 | $-15.6M | $40.2M |
毛利率EXPIJOYY
| Q4 25 | — | — | ||
| Q3 25 | — | 36.1% | ||
| Q2 25 | — | 36.3% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | 35.7% | ||
| Q2 24 | 99.9% | 34.9% | ||
| Q1 24 | — | 34.6% |
营业利润率EXPIJOYY
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | -0.2% | 1.8% | ||
| Q1 25 | -1.1% | 2.5% | ||
| Q4 24 | -1.0% | — | ||
| Q3 24 | -0.7% | 1.3% | ||
| Q2 24 | 1.4% | 0.5% | ||
| Q1 24 | -1.9% | 0.6% |
净利率EXPIJOYY
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | 10.4% | ||
| Q2 25 | -0.2% | 10.1% | ||
| Q1 25 | -1.2% | 8.7% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -0.7% | 8.5% | ||
| Q2 24 | 1.0% | 7.8% | ||
| Q1 24 | -1.7% | 7.1% |
每股收益（稀释后）EXPIJOYY
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $-0.10 | — |
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 | $124.2M | $383.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $6.6B |
| 总资产 | $442.5M | $7.5B |
| 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EXPIJOYY
| Q4 25 | $124.2M | — | ||
| Q3 25 | $112.8M | $383.8M | ||
| Q2 25 | $94.6M | $401.0M | ||
| Q1 25 | $115.7M | $801.5M | ||
| Q4 24 | $113.6M | — | ||
| Q3 24 | $130.4M | $481.8M | ||
| Q2 24 | $108.4M | $607.1M | ||
| Q1 24 | $109.2M | $728.2M |
股东权益EXPIJOYY
| Q4 25 | $242.8M | — | ||
| Q3 25 | $235.3M | $6.6B | ||
| Q2 25 | $218.4M | $6.6B | ||
| Q1 25 | $212.0M | $6.6B | ||
| Q4 24 | $204.9M | — | ||
| Q3 24 | $211.1M | $5.3B | ||
| Q2 24 | $220.3M | $5.3B | ||
| Q1 24 | $222.4M | $5.3B |
总资产EXPIJOYY
| Q4 25 | $442.5M | — | ||
| Q3 25 | $458.7M | $7.5B | ||
| Q2 25 | $481.2M | $7.5B | ||
| Q1 25 | $435.8M | $7.6B | ||
| Q4 24 | $390.7M | — | ||
| Q3 24 | $432.6M | $8.1B | ||
| Q2 24 | $457.4M | $8.1B | ||
| Q1 24 | $426.7M | $8.6B |
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 | $13.8M | — |
| 自由现金流经营现金流 - 资本支出 | $11.9M | — |
| 自由现金流率自由现金流/营收 | 1.0% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 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 | $109.0M | — |
8季度趋势，按日历期对齐
经营现金流EXPIJOYY
| Q4 25 | $13.8M | — | ||
| Q3 25 | $28.9M | — | ||
| Q2 25 | $36.1M | — | ||
| Q1 25 | $39.8M | — | ||
| Q4 24 | $13.7M | — | ||
| Q3 24 | $46.0M | — | ||
| Q2 24 | $71.1M | — | ||
| Q1 24 | $60.7M | — |
自由现金流EXPIJOYY
| Q4 25 | $11.9M | — | ||
| Q3 25 | $26.6M | — | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $37.3M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $44.4M | — | ||
| Q2 24 | $69.7M | — | ||
| Q1 24 | $59.3M | — |
自由现金流率EXPIJOYY
| Q4 25 | 1.0% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
资本支出强度EXPIJOYY
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
现金转化率EXPIJOYY
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | — | ||
| 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
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
