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GCM Grosvenor Inc.（GCMG）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
GCM Grosvenor Inc.的季度营收约是再鼎医药的1.4倍（$177.1M vs $127.1M），再鼎医药同比增速更快（17.1% vs 7.2%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $-26.7M），过去两年GCM Grosvenor Inc.的营收复合增速更高（27.5% vs 20.8%）
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
GCMG vs ZLAB — 直观对比
营收规模更大
GCMG
是对方的1.4倍
$127.1M
营收增速更快
ZLAB
高出10.0%
7.2%
自由现金流更多
GCMG
多$201.7M
$-26.7M
两年增速更快
GCMG
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $177.1M | $127.1M |
| 净利润 | $58.2M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 30.9% | -54.6% |
| 净利率 | 32.8% | — |
| 营收同比 | 7.2% | 17.1% |
| 净利润同比 | 149.2% | — |
| 每股收益（稀释后） | $0.23 | $-0.05 |
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GCMGZLAB
| Q4 25 | $177.1M | $127.1M | ||
| Q3 25 | $135.0M | $115.4M | ||
| Q2 25 | $119.7M | $109.1M | ||
| Q1 25 | $125.8M | $105.7M | ||
| Q4 24 | $165.3M | $108.5M | ||
| Q3 24 | $122.9M | $101.8M | ||
| Q2 24 | $117.0M | $100.1M | ||
| Q1 24 | $108.9M | $87.1M |
净利润GCMGZLAB
| Q4 25 | $58.2M | — | ||
| Q3 25 | $10.5M | $-36.0M | ||
| Q2 25 | $15.4M | $-40.7M | ||
| Q1 25 | $463.0K | $-48.4M | ||
| Q4 24 | $7.6M | — | ||
| Q3 24 | $4.2M | $-41.7M | ||
| Q2 24 | $4.8M | $-80.3M | ||
| Q1 24 | $2.1M | $-53.5M |
毛利率GCMGZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率GCMGZLAB
| Q4 25 | 30.9% | -54.6% | ||
| Q3 25 | 32.7% | -42.3% | ||
| Q2 25 | 16.1% | -50.3% | ||
| Q1 25 | 12.2% | -53.3% | ||
| Q4 24 | 26.4% | -62.6% | ||
| Q3 24 | 20.3% | -66.6% | ||
| Q2 24 | 17.8% | -76.0% | ||
| Q1 24 | -14.7% | -80.7% |
净利率GCMGZLAB
| Q4 25 | 32.8% | — | ||
| Q3 25 | 7.8% | -31.2% | ||
| Q2 25 | 12.9% | -37.3% | ||
| Q1 25 | 0.4% | -45.8% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 3.4% | -40.9% | ||
| Q2 24 | 4.1% | -80.2% | ||
| Q1 24 | 2.0% | -61.4% |
每股收益（稀释后）GCMGZLAB
| Q4 25 | $0.23 | $-0.05 | ||
| Q3 25 | $0.16 | $-0.03 | ||
| Q2 25 | $0.05 | $-0.04 | ||
| Q1 25 | $-0.02 | $-0.04 | ||
| Q4 24 | $0.09 | $-0.09 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $0.04 | $-0.08 | ||
| Q1 24 | $-0.13 | $-0.05 |
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 | $242.1M | $689.6M |
| 总债务越低越好 | $428.4M | — |
| 股东权益账面价值 | $27.0M | $715.5M |
| 总资产 | $813.8M | $1.2B |
| 负债/权益比越低杠杆越低 | 15.87× | — |
8季度趋势，按日历期对齐
现金及短期投资GCMGZLAB
| Q4 25 | $242.1M | $689.6M | ||
| Q3 25 | $182.7M | $717.2M | ||
| Q2 25 | $136.3M | $732.2M | ||
| Q1 25 | $94.5M | $757.3M | ||
| Q4 24 | $89.5M | $779.7M | ||
| Q3 24 | $98.4M | $616.1M | ||
| Q2 24 | $73.9M | $630.0M | ||
| Q1 24 | $41.9M | $650.8M |
总债务GCMGZLAB
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — | ||
| Q1 24 | $384.0M | — |
股东权益GCMGZLAB
| Q4 25 | $27.0M | $715.5M | ||
| Q3 25 | $-7.4M | $759.9M | ||
| Q2 25 | $-12.3M | $791.7M | ||
| Q1 25 | $-28.3M | $810.8M | ||
| Q4 24 | $-27.6M | $840.9M | ||
| Q3 24 | $-31.9M | $667.7M | ||
| Q2 24 | $-28.5M | $704.2M | ||
| Q1 24 | $-26.4M | $762.2M |
总资产GCMGZLAB
| Q4 25 | $813.8M | $1.2B | ||
| Q3 25 | $685.9M | $1.2B | ||
| Q2 25 | $636.9M | $1.2B | ||
| Q1 25 | $579.8M | $1.2B | ||
| Q4 24 | $612.7M | $1.2B | ||
| Q3 24 | $575.0M | $985.3M | ||
| Q2 24 | $543.9M | $987.4M | ||
| Q1 24 | $497.3M | $988.4M |
负债/权益比GCMGZLAB
| Q4 25 | 15.87× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 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 | $183.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $175.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | 98.8% | -21.0% |
| 资本支出强度资本支出/营收 | 4.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.16× | — |
| 过去12个月自由现金流最近4个季度 | $326.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流GCMGZLAB
| Q4 25 | $183.5M | $-26.0M | ||
| Q3 25 | $79.8M | $-32.0M | ||
| Q2 25 | $42.0M | $-31.0M | ||
| Q1 25 | $33.3M | $-61.7M | ||
| Q4 24 | $148.8M | $-55.8M | ||
| Q3 24 | $69.0M | $-26.8M | ||
| Q2 24 | $17.5M | $-42.2M | ||
| Q1 24 | $24.2M | $-90.1M |
自由现金流GCMGZLAB
| Q4 25 | $175.0M | $-26.7M | ||
| Q3 25 | $78.3M | $-35.0M | ||
| Q2 25 | $40.8M | $-33.9M | ||
| Q1 25 | $32.1M | $-63.2M | ||
| Q4 24 | $132.0M | $-58.4M | ||
| Q3 24 | $62.2M | $-28.2M | ||
| Q2 24 | $12.8M | $-42.9M | ||
| Q1 24 | $20.0M | $-91.1M |
自由现金流率GCMGZLAB
| Q4 25 | 98.8% | -21.0% | ||
| Q3 25 | 58.0% | -30.4% | ||
| Q2 25 | 34.1% | -31.1% | ||
| Q1 25 | 25.5% | -59.9% | ||
| Q4 24 | 79.9% | -53.8% | ||
| Q3 24 | 50.6% | -27.7% | ||
| Q2 24 | 10.9% | -42.9% | ||
| Q1 24 | 18.4% | -104.5% |
资本支出强度GCMGZLAB
| Q4 25 | 4.8% | 0.5% | ||
| Q3 25 | 1.1% | 2.6% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 0.9% | 1.5% | ||
| Q4 24 | 10.1% | 2.4% | ||
| Q3 24 | 5.5% | 1.3% | ||
| Q2 24 | 4.0% | 0.7% | ||
| Q1 24 | 3.9% | 1.1% |
现金转化率GCMGZLAB
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | — | ||
| Q1 24 | 11.40× | — |
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
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
