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孩之宝（HAS）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孩之宝的1.1倍（$1.5B vs $1.4B），孩之宝净利率更高（13.9% vs 10.4%，领先3.6%），过去两年孩之宝的营收复合增速更高（38.2% vs 16.8%）
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。
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。
HAS vs JOYY — 直观对比
营收规模更大
JOYY
是对方的1.1倍
$1.4B
净利率更高
HAS
高出3.6%
10.4%
两年增速更快
HAS
近两年复合增速
16.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.5B |
| 净利润 | $201.6M | $160.1M |
| 毛利率 | 68.7% | 36.1% |
| 营业利润率 | 20.6% | 2.4% |
| 净利率 | 13.9% | 10.4% |
| 营收同比 | 31.3% | — |
| 净利润同比 | 687.8% | — |
| 每股收益（稀释后） | $1.46 | — |
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HASJOYY
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $980.8M | $1.0B | ||
| Q1 25 | $887.1M | $494.4M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $995.3M | $1.1B | ||
| Q1 24 | $757.3M | $564.6M |
净利润HASJOYY
| Q4 25 | $201.6M | — | ||
| Q3 25 | $233.2M | $160.1M | ||
| Q2 25 | $-855.8M | $100.9M | ||
| Q1 25 | $98.6M | $42.9M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $223.2M | $143.9M | ||
| Q2 24 | $138.5M | $87.9M | ||
| Q1 24 | $58.2M | $40.2M |
毛利率HASJOYY
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | 36.1% | ||
| Q2 25 | 77.0% | 36.3% | ||
| Q1 25 | 76.9% | 36.1% | ||
| Q4 24 | 67.4% | — | ||
| Q3 24 | 70.4% | 35.7% | ||
| Q2 24 | 76.1% | 34.9% | ||
| Q1 24 | 73.0% | 34.6% |
营业利润率HASJOYY
| Q4 25 | 20.6% | — | ||
| Q3 25 | 24.6% | 2.4% | ||
| Q2 25 | -81.4% | 1.8% | ||
| Q1 25 | 19.2% | 2.5% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 23.6% | 1.3% | ||
| Q2 24 | 21.3% | 0.5% | ||
| Q1 24 | 15.3% | 0.6% |
净利率HASJOYY
| Q4 25 | 13.9% | — | ||
| Q3 25 | 16.8% | 10.4% | ||
| Q2 25 | -87.3% | 10.1% | ||
| Q1 25 | 11.1% | 8.7% | ||
| Q4 24 | -3.1% | — | ||
| Q3 24 | 17.4% | 8.5% | ||
| Q2 24 | 13.9% | 7.8% | ||
| Q1 24 | 7.7% | 7.1% |
每股收益（稀释后）HASJOYY
| Q4 25 | $1.46 | — | ||
| Q3 25 | $1.64 | — | ||
| Q2 25 | $-6.10 | — | ||
| Q1 25 | $0.70 | — | ||
| Q4 24 | $-0.25 | — | ||
| Q3 24 | $1.59 | — | ||
| Q2 24 | $0.99 | — | ||
| Q1 24 | $0.42 | — |
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 | $565.5M | $6.6B |
| 总资产 | $5.6B | $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HASJOYY
| 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HASJOYY
| Q4 25 | $565.5M | — | ||
| Q3 25 | $433.8M | $6.6B | ||
| Q2 25 | $269.7M | $6.6B | ||
| Q1 25 | $1.2B | $6.6B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.2B | $5.3B | ||
| Q1 24 | $1.0B | $5.3B |
总资产HASJOYY
| Q4 25 | $5.6B | — | ||
| Q3 25 | $5.5B | $7.5B | ||
| Q2 25 | $5.2B | $7.5B | ||
| Q1 25 | $6.0B | $7.6B | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.2B | $8.1B | ||
| Q2 24 | $6.9B | $8.1B | ||
| Q1 24 | $6.2B | $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 | $403.2M | — |
| 自由现金流经营现金流 - 资本支出 | $389.5M | — |
| 自由现金流率自由现金流/营收 | 26.9% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 2.00× | — |
| 过去12个月自由现金流最近4个季度 | $829.9M | — |
8季度趋势，按日历期对齐
经营现金流HASJOYY
| Q4 25 | $403.2M | — | ||
| Q3 25 | $280.6M | — | ||
| Q2 25 | $71.3M | — | ||
| Q1 25 | $138.1M | — | ||
| Q4 24 | $259.8M | — | ||
| Q3 24 | $222.5M | — | ||
| Q2 24 | $187.3M | — | ||
| Q1 24 | $177.8M | — |
自由现金流HASJOYY
| Q4 25 | $389.5M | — | ||
| Q3 25 | $260.9M | — | ||
| Q2 25 | $55.2M | — | ||
| Q1 25 | $124.3M | — | ||
| Q4 24 | $200.8M | — | ||
| Q3 24 | $174.0M | — | ||
| Q2 24 | $135.4M | — | ||
| Q1 24 | $132.0M | — |
自由现金流率HASJOYY
| Q4 25 | 26.9% | — | ||
| Q3 25 | 18.8% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 17.4% | — |
资本支出强度HASJOYY
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 3.8% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 6.0% | — |
现金转化率HASJOYY
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.40× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 1.35× | — | ||
| Q1 24 | 3.05× | — |
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% |
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
