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HCI Group, Inc.（HCI）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
HCI Group, Inc.的季度营收约是再鼎医药的1.9倍（$246.2M vs $127.1M），HCI Group, Inc.同比增速更快（52.1% vs 17.1%），HCI Group, Inc.自由现金流更多（$440.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 9.2%）
HCI集团是一家总部位于美国华盛顿特区的私募股权投资公司，在伊利诺伊州芝加哥设有分支机构，专注于股权投资相关业务，为合作企业提供资本支持与运营赋能，助力企业实现长期发展目标。
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。
HCI vs ZLAB — 直观对比
营收规模更大
HCI
是对方的1.9倍
$127.1M
营收增速更快
HCI
高出35.0%
17.1%
自由现金流更多
HCI
多$467.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
9.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $246.2M | $127.1M |
| 净利润 | $97.7M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 58.5% | -54.6% |
| 净利率 | 39.7% | — |
| 营收同比 | 52.1% | 17.1% |
| 净利润同比 | 3679.2% | — |
| 每股收益（稀释后） | $7.29 | $-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HCIZLAB
| Q4 25 | $246.2M | $127.1M | ||
| Q3 25 | $216.3M | $115.4M | ||
| Q2 25 | $221.9M | $109.1M | ||
| Q1 25 | $216.4M | $105.7M | ||
| Q4 24 | $161.9M | $108.5M | ||
| Q3 24 | $175.3M | $101.8M | ||
| Q2 24 | $206.2M | $100.1M | ||
| Q1 24 | $206.6M | $87.1M |
净利润HCIZLAB
| Q4 25 | $97.7M | — | ||
| Q3 25 | $65.5M | $-36.0M | ||
| Q2 25 | $66.2M | $-40.7M | ||
| Q1 25 | $69.7M | $-48.4M | ||
| Q4 24 | $2.6M | — | ||
| Q3 24 | $5.7M | $-41.7M | ||
| Q2 24 | $54.1M | $-80.3M | ||
| Q1 24 | $47.6M | $-53.5M |
毛利率HCIZLAB
| 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HCIZLAB
| Q4 25 | 58.5% | -54.6% | ||
| Q3 25 | 41.9% | -42.3% | ||
| Q2 25 | 42.5% | -50.3% | ||
| Q1 25 | 46.4% | -53.3% | ||
| Q4 24 | 3.6% | -62.6% | ||
| Q3 24 | 8.0% | -66.6% | ||
| Q2 24 | 36.9% | -76.0% | ||
| Q1 24 | 37.5% | -80.7% |
净利率HCIZLAB
| Q4 25 | 39.7% | — | ||
| Q3 25 | 30.3% | -31.2% | ||
| Q2 25 | 29.8% | -37.3% | ||
| Q1 25 | 32.2% | -45.8% | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 3.2% | -40.9% | ||
| Q2 24 | 26.2% | -80.2% | ||
| Q1 24 | 23.0% | -61.4% |
每股收益（稀释后）HCIZLAB
| Q4 25 | $7.29 | $-0.05 | ||
| Q3 25 | $4.90 | $-0.03 | ||
| Q2 25 | $5.18 | $-0.04 | ||
| Q1 25 | $5.35 | $-0.04 | ||
| Q4 24 | $0.32 | $-0.09 | ||
| Q3 24 | $0.52 | $-0.04 | ||
| Q2 24 | $4.24 | $-0.08 | ||
| Q1 24 | $3.81 | $-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 | $1.2B | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.0B | $715.5M |
| 总资产 | $2.5B | $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HCIZLAB
| Q4 25 | $1.2B | $689.6M | ||
| Q3 25 | $987.9M | $717.2M | ||
| Q2 25 | $947.2M | $732.2M | ||
| Q1 25 | $754.5M | $757.3M | ||
| Q4 24 | $532.5M | $779.7M | ||
| Q3 24 | $518.8M | $616.1M | ||
| Q2 24 | $445.8M | $630.0M | ||
| Q1 24 | $655.4M | $650.8M |
股东权益HCIZLAB
| Q4 25 | $1.0B | $715.5M | ||
| Q3 25 | $821.8M | $759.9M | ||
| Q2 25 | $758.6M | $791.7M | ||
| Q1 25 | $522.7M | $810.8M | ||
| Q4 24 | $453.3M | $840.9M | ||
| Q3 24 | $455.3M | $667.7M | ||
| Q2 24 | $447.3M | $704.2M | ||
| Q1 24 | $395.7M | $762.2M |
总资产HCIZLAB
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.2B | $1.2B | ||
| Q3 24 | $2.0B | $985.3M | ||
| Q2 24 | $1.9B | $987.4M | ||
| Q1 24 | $1.8B | $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 | $444.4M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $440.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 179.0% | -21.0% |
| 资本支出强度资本支出/营收 | 1.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 4.55× | — |
| 过去12个月自由现金流最近4个季度 | $771.4M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流HCIZLAB
| Q4 25 | $444.4M | $-26.0M | ||
| Q3 25 | $26.7M | $-32.0M | ||
| Q2 25 | $145.0M | $-31.0M | ||
| Q1 25 | $162.0M | $-61.7M | ||
| Q4 24 | $331.8M | $-55.8M | ||
| Q3 24 | $104.1M | $-26.8M | ||
| Q2 24 | $-29.0M | $-42.2M | ||
| Q1 24 | $182.0M | $-90.1M |
自由现金流HCIZLAB
| Q4 25 | $440.8M | $-26.7M | ||
| Q3 25 | $25.9M | $-35.0M | ||
| Q2 25 | $144.5M | $-33.9M | ||
| Q1 25 | $160.3M | $-63.2M | ||
| Q4 24 | $327.8M | $-58.4M | ||
| Q3 24 | $103.2M | $-28.2M | ||
| Q2 24 | $-30.1M | $-42.9M | ||
| Q1 24 | $181.0M | $-91.1M |
自由现金流率HCIZLAB
| Q4 25 | 179.0% | -21.0% | ||
| Q3 25 | 12.0% | -30.4% | ||
| Q2 25 | 65.1% | -31.1% | ||
| Q1 25 | 74.1% | -59.9% | ||
| Q4 24 | 202.5% | -53.8% | ||
| Q3 24 | 58.9% | -27.7% | ||
| Q2 24 | -14.6% | -42.9% | ||
| Q1 24 | 87.6% | -104.5% |
资本支出强度HCIZLAB
| Q4 25 | 1.5% | 0.5% | ||
| Q3 25 | 0.4% | 2.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.8% | 1.5% | ||
| Q4 24 | 2.5% | 2.4% | ||
| Q3 24 | 0.5% | 1.3% | ||
| Q2 24 | 0.5% | 0.7% | ||
| Q1 24 | 0.5% | 1.1% |
现金转化率HCIZLAB
| Q4 25 | 4.55× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | — | ||
| Q1 24 | 3.82× | — |
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
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
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% |
