vs
格林豪泰（GHG）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是格林豪泰的6.2倍（$1.8B vs $286.9M）。凯悦酒店集团自由现金流更多（$236.0M vs $16.2M）
格林豪泰酒店管理集团是专注于特许经营模式的酒店运营商，总部位于中国上海，旗下多数酒店采用特许经营加管理的运营模式。据中国饭店协会统计，2017年按客房数量计算，格林豪泰是中国第四大中经济型酒店集团。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
GHG vs H — 直观对比
营收规模更大
H
是对方的6.2倍
$286.9M
自由现金流更多
H
多$219.8M
$16.2M
损益表 — Q3 2024 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $286.9M | $1.8B |
| 净利润 | — | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 0.4% |
| 净利率 | — | -1.1% |
| 营收同比 | — | 11.7% |
| 净利润同比 | — | 64.3% |
| 每股收益（稀释后） | — | $-0.20 |
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GHGH
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $286.9M | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
净利润GHGH
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-49.0M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | — | $20.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | — | $471.0M | ||
| Q2 24 | — | $359.0M | ||
| Q1 24 | — | $522.0M |
营业利润率GHGH
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | -3.0% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 31.6% |
净利率GHGH
| Q4 25 | — | -1.1% | ||
| Q3 25 | — | -2.7% | ||
| Q2 25 | — | -0.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 28.9% | ||
| Q2 24 | — | 21.1% | ||
| Q1 24 | — | 30.5% |
每股收益（稀释后）GHGH
| Q4 25 | — | $-0.20 | ||
| Q3 25 | — | $-0.51 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $-0.37 | ||
| Q3 24 | — | $4.63 | ||
| Q2 24 | — | $3.46 | ||
| Q1 24 | — | $4.93 |
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 | — | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.3B |
| 总资产 | — | $14.0B |
| 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GHGH
| Q4 25 | — | $813.0M | ||
| Q3 25 | — | $749.0M | ||
| Q2 25 | — | $912.0M | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $794.0M |
总债务GHGH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益GHGH
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.7B |
总资产GHGH
| Q4 25 | — | $14.0B | ||
| Q3 25 | — | $15.7B | ||
| Q2 25 | — | $15.9B | ||
| Q1 25 | — | $14.0B | ||
| Q4 24 | — | $13.3B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
负债/权益比GHGH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $20.3M | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $16.2M | $236.0M |
| 自由现金流率自由现金流/营收 | 5.6% | 13.2% |
| 资本支出强度资本支出/营收 | 1.4% | 4.3% |
| 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 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流GHGH
| Q4 25 | — | $313.0M | ||
| Q3 25 | — | $-20.0M | ||
| Q2 25 | — | $-67.0M | ||
| Q1 25 | — | $153.0M | ||
| Q4 24 | — | $235.0M | ||
| Q3 24 | $20.3M | $-21.0M | ||
| Q2 24 | — | $177.0M | ||
| Q1 24 | — | $242.0M |
自由现金流GHGH
| Q4 25 | — | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | — | $-111.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | $16.2M | $-64.0M | ||
| Q2 24 | — | $135.0M | ||
| Q1 24 | — | $208.0M |
自由现金流率GHGH
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | 5.6% | -3.9% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 12.1% |
资本支出强度GHGH
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 1.4% | 2.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.0% |
现金转化率GHGH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.04× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.46× |
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
GHG
暂无分部数据
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
