vs
六旗（FUN）与奥飞娱乐（MAX）财务数据对比。点击上方公司名可切换其他公司
奥飞娱乐的季度营收约是六旗的1.4倍（$310.0M vs $225.6M），奥飞娱乐净利率更高（4.5% vs -119.0%，领先123.6%），奥飞娱乐同比增速更快（17.3% vs 11.7%）
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
FUN vs MAX — 直观对比
营收规模更大
MAX
是对方的1.4倍
$225.6M
营收增速更快
MAX
高出5.6%
11.7%
净利率更高
MAX
高出123.6%
-119.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $310.0M |
| 净利润 | $-268.6M | $14.0M |
| 毛利率 | — | 15.1% |
| 营业利润率 | — | 7.2% |
| 净利率 | -119.0% | 4.5% |
| 营收同比 | 11.7% | 17.3% |
| 净利润同比 | -22.2% | 701.8% |
| 每股收益（稀释后） | — | — |
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FUNMAX
| Q1 26 | $225.6M | $310.0M | ||
| Q4 25 | $650.1M | $291.2M | ||
| Q3 25 | $1.3B | $306.5M | ||
| Q2 25 | $930.4M | $251.6M | ||
| Q1 25 | $202.1M | $264.3M | ||
| Q4 24 | — | $300.6M | ||
| Q3 24 | $1.3B | $259.1M | ||
| Q2 24 | $571.6M | $178.3M |
净利润FUNMAX
| Q1 26 | $-268.6M | $14.0M | ||
| Q4 25 | $-92.4M | $31.4M | ||
| Q3 25 | $-1.2B | $14.9M | ||
| Q2 25 | $-99.6M | $-18.7M | ||
| Q1 25 | $-219.7M | $-1.9M | ||
| Q4 24 | — | $4.6M | ||
| Q3 24 | $111.0M | $9.5M | ||
| Q2 24 | $55.6M | $3.6M |
毛利率FUNMAX
| Q1 26 | — | 15.1% | ||
| Q4 25 | 91.4% | 15.4% | ||
| Q3 25 | 91.6% | 14.2% | ||
| Q2 25 | 91.3% | 15.0% | ||
| Q1 25 | 89.3% | 15.8% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | 91.9% | 15.1% | ||
| Q2 24 | 90.7% | 17.8% |
营业利润率FUNMAX
| Q1 26 | — | 7.2% | ||
| Q4 25 | -3.8% | 7.7% | ||
| Q3 25 | -83.7% | 6.4% | ||
| Q2 25 | 8.0% | -8.0% | ||
| Q1 25 | -158.9% | 0.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 19.5% | 6.0% | ||
| Q2 24 | 21.6% | 3.6% |
净利率FUNMAX
| Q1 26 | -119.0% | 4.5% | ||
| Q4 25 | -14.2% | 10.8% | ||
| Q3 25 | -90.1% | 4.9% | ||
| Q2 25 | -10.7% | -7.4% | ||
| Q1 25 | -108.7% | -0.7% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | 8.2% | 3.7% | ||
| Q2 24 | 9.7% | 2.0% |
每股收益（稀释后）FUNMAX
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.50 | ||
| Q3 25 | $-11.77 | $0.26 | ||
| Q2 25 | $-0.99 | $-0.33 | ||
| Q1 25 | $-2.20 | $-0.04 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $1.10 | $0.17 | ||
| Q2 24 | — | $0.07 |
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 | $116.5M | $26.1M |
| 总债务越低越好 | — | $163.5M |
| 股东权益账面价值 | $279.2M | — |
| 总资产 | $7.7B | $367.7M |
| 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FUNMAX
| Q1 26 | $116.5M | $26.1M | ||
| Q4 25 | $91.1M | $46.9M | ||
| Q3 25 | $70.7M | $38.8M | ||
| Q2 25 | $107.4M | $85.4M | ||
| Q1 25 | $61.5M | $63.6M | ||
| Q4 24 | — | $43.3M | ||
| Q3 24 | $89.7M | $32.3M | ||
| Q2 24 | $52.9M | $28.7M |
总债务FUNMAX
| Q1 26 | — | $163.5M | ||
| Q4 25 | $5.2B | $153.4M | ||
| Q3 25 | $5.0B | $155.7M | ||
| Q2 25 | $5.3B | $158.0M | ||
| Q1 25 | $5.0B | $160.2M | ||
| Q4 24 | — | $162.4M | ||
| Q3 24 | $4.6B | $164.7M | ||
| Q2 24 | $2.3B | $166.9M |
股东权益FUNMAX
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $4.2M | ||
| Q3 25 | $614.3M | $-29.8M | ||
| Q2 25 | $1.8B | $-3.8M | ||
| Q1 25 | $1.8B | $7.9M | ||
| Q4 24 | — | $2.4M | ||
| Q3 24 | $2.3B | $-8.4M | ||
| Q2 24 | — | $-24.4M |
总资产FUNMAX
| Q1 26 | $7.7B | $367.7M | ||
| Q4 25 | $7.8B | $383.8M | ||
| Q3 25 | $7.9B | $266.2M | ||
| Q2 25 | $9.5B | $249.4M | ||
| Q1 25 | $9.2B | $240.0M | ||
| Q4 24 | — | $262.4M | ||
| Q3 24 | $9.4B | $236.1M | ||
| Q2 24 | $2.3B | $198.2M |
负债/权益比FUNMAX
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 36.88× | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | 20.23× | ||
| Q4 24 | — | 68.31× | ||
| Q3 24 | 1.95× | — | ||
| Q2 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
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
MAX
暂无分部数据
