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FIRST HORIZON CORP（FHN）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FIRST HORIZON CORP的1.7倍（$1.5B vs $888.0M），FIRST HORIZON CORP净利率更高（29.4% vs 10.4%，领先19.0%），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs 16.8%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs JOYY — 直观对比
营收规模更大
JOYY
是对方的1.7倍
$888.0M
净利率更高
FHN
高出19.0%
10.4%
两年增速更快
FHN
近两年复合增速
16.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $1.5B |
| 净利润 | $261.0M | $160.1M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 38.5% | 2.4% |
| 净利率 | 29.4% | 10.4% |
| 营收同比 | 21.8% | — |
| 净利润同比 | 57.2% | — |
| 每股收益（稀释后） | $0.51 | — |
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FHNJOYY
| Q4 25 | $888.0M | — | ||
| Q3 25 | $889.0M | $1.5B | ||
| Q2 25 | $830.0M | $1.0B | ||
| Q1 25 | $812.0M | $494.4M | ||
| Q4 24 | $729.0M | — | ||
| Q3 24 | $827.0M | $1.7B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $819.0M | $564.6M |
净利润FHNJOYY
| Q4 25 | $261.0M | — | ||
| Q3 25 | $262.0M | $160.1M | ||
| Q2 25 | $241.0M | $100.9M | ||
| Q1 25 | $218.0M | $42.9M | ||
| Q4 24 | $166.0M | — | ||
| Q3 24 | $218.0M | $143.9M | ||
| Q2 24 | — | $87.9M | ||
| Q1 24 | $192.0M | $40.2M |
毛利率FHNJOYY
| 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FHNJOYY
| Q4 25 | 38.5% | — | ||
| Q3 25 | 38.7% | 2.4% | ||
| Q2 25 | 37.2% | 1.8% | ||
| Q1 25 | 35.1% | 2.5% | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 34.0% | 1.3% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | 31.0% | 0.6% |
净利率FHNJOYY
| Q4 25 | 29.4% | — | ||
| Q3 25 | 29.5% | 10.4% | ||
| Q2 25 | 29.0% | 10.1% | ||
| Q1 25 | 26.8% | 8.7% | ||
| Q4 24 | 22.8% | — | ||
| Q3 24 | 26.4% | 8.5% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | 23.4% | 7.1% |
每股收益（稀释后）FHNJOYY
| Q4 25 | $0.51 | — | ||
| Q3 25 | $0.50 | — | ||
| Q2 25 | $0.45 | — | ||
| Q1 25 | $0.41 | — | ||
| Q4 24 | $0.29 | — | ||
| Q3 24 | $0.40 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $0.33 | — |
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 | — | $383.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.8B | $6.6B |
| 总资产 | $83.9B | $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FHNJOYY
| Q4 25 | — | — | ||
| Q3 25 | — | $383.8M | ||
| Q2 25 | — | $401.0M | ||
| Q1 25 | — | $801.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $481.8M | ||
| Q2 24 | — | $607.1M | ||
| Q1 24 | — | $728.2M |
股东权益FHNJOYY
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.9B | $6.6B | ||
| Q2 25 | $9.0B | $6.6B | ||
| Q1 25 | $8.7B | $6.6B | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | $9.0B | $5.3B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | $8.9B | $5.3B |
总资产FHNJOYY
| Q4 25 | $83.9B | — | ||
| Q3 25 | $83.2B | $7.5B | ||
| Q2 25 | $82.1B | $7.5B | ||
| Q1 25 | $81.5B | $7.6B | ||
| Q4 24 | $82.2B | — | ||
| Q3 24 | $82.6B | $8.1B | ||
| Q2 24 | — | $8.1B | ||
| Q1 24 | $81.8B | $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 | $396.0M | — |
| 自由现金流经营现金流 - 资本支出 | $389.0M | — |
| 自由现金流率自由现金流/营收 | 43.8% | — |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 1.52× | — |
| 过去12个月自由现金流最近4个季度 | $595.0M | — |
8季度趋势，按日历期对齐
经营现金流FHNJOYY
| Q4 25 | $396.0M | — | ||
| Q3 25 | $-200.0M | — | ||
| Q2 25 | $83.0M | — | ||
| Q1 25 | $349.0M | — | ||
| Q4 24 | $191.0M | — | ||
| Q3 24 | $389.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $838.0M | — |
自由现金流FHNJOYY
| Q4 25 | $389.0M | — | ||
| Q3 25 | $-208.0M | — | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | — | ||
| Q4 24 | $174.0M | — | ||
| Q3 24 | $383.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $828.0M | — |
自由现金流率FHNJOYY
| Q4 25 | 43.8% | — | ||
| Q3 25 | -23.4% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 101.1% | — |
资本支出强度FHNJOYY
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.2% | — |
现金转化率FHNJOYY
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | — |
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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
