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孩之宝（HAS）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是孩之宝的1.5倍（$2.1B vs $1.4B），孩之宝净利率更高（13.9% vs 5.8%，领先8.1%），孩之宝同比增速更快（31.3% vs -4.8%），孩之宝自由现金流更多（$389.5M vs $153.6M），过去两年孩之宝的营收复合增速更高（38.2% vs -9.1%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
HAS vs IPG — 直观对比
营收规模更大
IPG
是对方的1.5倍
$1.4B
营收增速更快
HAS
高出36.0%
-4.8%
净利率更高
HAS
高出8.1%
5.8%
自由现金流更多
HAS
多$235.9M
$153.6M
两年增速更快
HAS
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.1B |
| 净利润 | $201.6M | $124.2M |
| 毛利率 | 68.7% | — |
| 营业利润率 | 20.6% | 10.3% |
| 净利率 | 13.9% | 5.8% |
| 营收同比 | 31.3% | -4.8% |
| 净利润同比 | 687.8% | 517.9% |
| 每股收益（稀释后） | $1.46 | $0.34 |
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HASIPG
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $980.8M | $2.2B | ||
| Q1 25 | $887.1M | $2.0B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $995.3M | $2.3B | ||
| Q1 24 | $757.3M | $2.2B |
净利润HASIPG
| Q4 25 | $201.6M | — | ||
| Q3 25 | $233.2M | $124.2M | ||
| Q2 25 | $-855.8M | $162.5M | ||
| Q1 25 | $98.6M | $-85.4M | ||
| Q4 24 | $-34.3M | $344.5M | ||
| Q3 24 | $223.2M | $20.1M | ||
| Q2 24 | $138.5M | $214.5M | ||
| Q1 24 | $58.2M | $110.4M |
毛利率HASIPG
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 76.9% | -3.2% | ||
| Q4 24 | 67.4% | 10.1% | ||
| Q3 24 | 70.4% | 2.9% | ||
| Q2 24 | 76.1% | 1.2% | ||
| Q1 24 | 73.0% | -1.1% |
营业利润率HASIPG
| Q4 25 | 20.6% | — | ||
| Q3 25 | 24.6% | 10.3% | ||
| Q2 25 | -81.4% | 11.2% | ||
| Q1 25 | 19.2% | -2.1% | ||
| Q4 24 | 5.4% | 23.3% | ||
| Q3 24 | 23.6% | 5.9% | ||
| Q2 24 | 21.3% | 13.7% | ||
| Q1 24 | 15.3% | 8.4% |
净利率HASIPG
| Q4 25 | 13.9% | — | ||
| Q3 25 | 16.8% | 5.8% | ||
| Q2 25 | -87.3% | 7.5% | ||
| Q1 25 | 11.1% | -4.3% | ||
| Q4 24 | -3.1% | 14.1% | ||
| Q3 24 | 17.4% | 0.9% | ||
| Q2 24 | 13.9% | 9.2% | ||
| Q1 24 | 7.7% | 5.1% |
每股收益（稀释后）HASIPG
| Q4 25 | $1.46 | — | ||
| Q3 25 | $1.64 | $0.34 | ||
| Q2 25 | $-6.10 | $0.44 | ||
| Q1 25 | $0.70 | $-0.23 | ||
| Q4 24 | $-0.25 | $0.92 | ||
| Q3 24 | $1.59 | $0.05 | ||
| Q2 24 | $0.99 | $0.57 | ||
| Q1 24 | $0.42 | $0.29 |
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 | — | $1.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $565.5M | $3.7B |
| 总资产 | $5.6B | $17.0B |
| 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HASIPG
| Q4 25 | — | — | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.9B |
股东权益HASIPG
| Q4 25 | $565.5M | — | ||
| Q3 25 | $433.8M | $3.7B | ||
| Q2 25 | $269.7M | $3.7B | ||
| Q1 25 | $1.2B | $3.6B | ||
| Q4 24 | $1.2B | $3.8B | ||
| Q3 24 | $1.3B | $3.7B | ||
| Q2 24 | $1.2B | $3.8B | ||
| Q1 24 | $1.0B | $3.8B |
总资产HASIPG
| Q4 25 | $5.6B | — | ||
| Q3 25 | $5.5B | $17.0B | ||
| Q2 25 | $5.2B | $17.0B | ||
| Q1 25 | $6.0B | $17.1B | ||
| Q4 24 | $6.3B | $18.3B | ||
| Q3 24 | $7.2B | $17.1B | ||
| Q2 24 | $6.9B | $17.0B | ||
| Q1 24 | $6.2B | $17.3B |
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 | $403.2M | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $153.6M |
| 自由现金流率自由现金流/营收 | 26.9% | 7.2% |
| 资本支出强度资本支出/营收 | 0.9% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.00× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $806.8M |
8季度趋势，按日历期对齐
经营现金流HASIPG
| Q4 25 | $403.2M | — | ||
| Q3 25 | $280.6M | $180.1M | ||
| Q2 25 | $71.3M | $-96.0M | ||
| Q1 25 | $138.1M | $-37.0M | ||
| Q4 24 | $259.8M | $868.1M | ||
| Q3 24 | $222.5M | $223.8M | ||
| Q2 24 | $187.3M | $120.7M | ||
| Q1 24 | $177.8M | $-157.4M |
自由现金流HASIPG
| Q4 25 | $389.5M | — | ||
| Q3 25 | $260.9M | $153.6M | ||
| Q2 25 | $55.2M | $-121.8M | ||
| Q1 25 | $124.3M | $-58.5M | ||
| Q4 24 | $200.8M | $833.5M | ||
| Q3 24 | $174.0M | $186.5M | ||
| Q2 24 | $135.4M | $85.9M | ||
| Q1 24 | $132.0M | $-192.5M |
自由现金流率HASIPG
| Q4 25 | 26.9% | — | ||
| Q3 25 | 18.8% | 7.2% | ||
| Q2 25 | 5.6% | -5.6% | ||
| Q1 25 | 14.0% | -2.9% | ||
| Q4 24 | 18.2% | 34.2% | ||
| Q3 24 | 13.6% | 8.3% | ||
| Q2 24 | 13.6% | 3.7% | ||
| Q1 24 | 17.4% | -8.8% |
资本支出强度HASIPG
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.6% | 1.2% | ||
| Q1 25 | 1.6% | 1.1% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 3.8% | 1.7% | ||
| Q2 24 | 5.2% | 1.5% | ||
| Q1 24 | 6.0% | 1.6% |
现金转化率HASIPG
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.20× | 1.45× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | 1.40× | — | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | 1.00× | 11.13× | ||
| Q2 24 | 1.35× | 0.56× | ||
| Q1 24 | 3.05× | -1.43× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
