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HA Sustainable Infrastructure Capital, Inc.（HASI）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
再鼎医药的季度营收约是HA Sustainable Infrastructure Capital, Inc.的1.1倍（$127.1M vs $114.8M），再鼎医药同比增速更快（17.1% vs 13.3%），过去两年再鼎医药的营收复合增速更高（20.8% vs 4.2%）
HA可持续基础设施资本公司（HASI）是一家聚焦可持续基础设施领域的专业投资机构，业务覆盖可再生能源、能效提升、可持续地产及低碳公用事业板块，主要在北美市场运营，为合格绿色项目提供长期资本支持，为投资者创造稳定的经风险调整后回报。
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。
HASI vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$114.8M
营收增速更快
ZLAB
高出3.8%
13.3%
两年增速更快
ZLAB
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $114.8M | $127.1M |
| 净利润 | $-53.8M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | -57.4% | -54.6% |
| 净利率 | -46.8% | — |
| 营收同比 | 13.3% | 17.1% |
| 净利润同比 | -176.7% | — |
| 每股收益（稀释后） | $-0.38 | $-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HASIZLAB
| Q4 25 | $114.8M | $127.1M | ||
| Q3 25 | $103.1M | $115.4M | ||
| Q2 25 | $85.7M | $109.1M | ||
| Q1 25 | $96.9M | $105.7M | ||
| Q4 24 | $101.3M | $108.5M | ||
| Q3 24 | $82.0M | $101.8M | ||
| Q2 24 | $94.5M | $100.1M | ||
| Q1 24 | $105.8M | $87.1M |
净利润HASIZLAB
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-36.0M | ||
| Q2 25 | $98.4M | $-40.7M | ||
| Q1 25 | $56.6M | $-48.4M | ||
| Q4 24 | $70.1M | — | ||
| Q3 24 | $-19.6M | $-41.7M | ||
| Q2 24 | $26.5M | $-80.3M | ||
| Q1 24 | $123.0M | $-53.5M |
毛利率HASIZLAB
| 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HASIZLAB
| Q4 25 | -57.4% | -54.6% | ||
| Q3 25 | — | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | 84.7% | -53.3% | ||
| Q4 24 | 90.9% | -62.6% | ||
| Q3 24 | -32.1% | -66.6% | ||
| Q2 24 | 39.5% | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率HASIZLAB
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -31.2% | ||
| Q2 25 | 114.9% | -37.3% | ||
| Q1 25 | 58.4% | -45.8% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -23.9% | -40.9% | ||
| Q2 24 | 28.1% | -80.2% | ||
| Q1 24 | 116.3% | -61.4% |
每股收益（稀释后）HASIZLAB
| Q4 25 | $-0.38 | $-0.05 | ||
| Q3 25 | $0.61 | $-0.03 | ||
| Q2 25 | $0.74 | $-0.04 | ||
| Q1 25 | $0.44 | $-0.04 | ||
| Q4 24 | $0.58 | $-0.09 | ||
| Q3 24 | $-0.17 | $-0.04 | ||
| Q2 24 | $0.23 | $-0.08 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.7B | $715.5M |
| 总资产 | $8.2B | $1.2B |
| 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HASIZLAB
| Q4 25 | $110.2M | $689.6M | ||
| Q3 25 | $301.8M | $717.2M | ||
| Q2 25 | $86.5M | $732.2M | ||
| Q1 25 | $67.4M | $757.3M | ||
| Q4 24 | $129.8M | $779.7M | ||
| Q3 24 | $44.1M | $616.1M | ||
| Q2 24 | $145.7M | $630.0M | ||
| Q1 24 | $61.4M | $650.8M |
股东权益HASIZLAB
| Q4 25 | $2.7B | $715.5M | ||
| Q3 25 | $2.7B | $759.9M | ||
| Q2 25 | $2.6B | $791.7M | ||
| Q1 25 | $2.5B | $810.8M | ||
| Q4 24 | $2.4B | $840.9M | ||
| Q3 24 | $2.3B | $667.7M | ||
| Q2 24 | $2.3B | $704.2M | ||
| Q1 24 | $2.3B | $762.2M |
总资产HASIZLAB
| Q4 25 | $8.2B | $1.2B | ||
| Q3 25 | $8.2B | $1.2B | ||
| Q2 25 | $7.6B | $1.2B | ||
| Q1 25 | $7.5B | $1.2B | ||
| Q4 24 | $7.1B | $1.2B | ||
| Q3 24 | $6.7B | $985.3M | ||
| Q2 24 | $6.7B | $987.4M | ||
| Q1 24 | $6.7B | $988.4M |
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 | $167.3M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 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 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流HASIZLAB
| Q4 25 | $167.3M | $-26.0M | ||
| Q3 25 | $-121.8M | $-32.0M | ||
| Q2 25 | $79.6M | $-31.0M | ||
| Q1 25 | $-37.1M | $-61.7M | ||
| Q4 24 | $5.9M | $-55.8M | ||
| Q3 24 | $21.9M | $-26.8M | ||
| Q2 24 | $-24.8M | $-42.2M | ||
| Q1 24 | $20.9M | $-90.1M |
自由现金流HASIZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率HASIZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度HASIZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率HASIZLAB
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
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
HASI
暂无分部数据
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% |
