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和黄医药（HCM）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是和黄医药的1.4倍（$375.3M vs $270.8M），ROYAL GOLD INC净利率更高（24.9% vs 0.7%，领先24.2%），ROYAL GOLD INC同比增速更快（85.3% vs -16.5%）
和黄医药是一家国际化生物制药企业，专注于肿瘤、免疫类疾病的靶向疗法与免疫疗法的研发、生产及商业化，核心市场覆盖中国及全球多个国家地区，已有多款肿瘤治疗药物上市，后期临床管线储备丰富。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
HCM vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.4倍
$270.8M
营收增速更快
RGLD
高出101.8%
-16.5%
净利率更高
RGLD
高出24.2%
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.8M | $375.3M |
| 净利润 | $2.0M | $93.6M |
| 毛利率 | 37.7% | 64.6% |
| 营业利润率 | -13.2% | 56.2% |
| 净利率 | 0.7% | 24.9% |
| 营收同比 | -16.5% | 85.3% |
| 净利润同比 | -83.6% | -12.8% |
| 每股收益（稀释后） | $0.00 | $1.04 |
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HCMRGLD
| Q4 25 | $270.8M | $375.3M | ||
| Q3 25 | — | $252.1M | ||
| Q2 25 | $277.7M | $209.6M | ||
| Q1 25 | $324.5M | $193.4M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $193.8M | ||
| Q2 24 | $305.7M | $174.1M | ||
| Q1 24 | — | $148.9M |
净利润HCMRGLD
| Q4 25 | $2.0M | $93.6M | ||
| Q3 25 | — | $126.8M | ||
| Q2 25 | $455.0M | $132.3M | ||
| Q1 25 | $11.9M | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | — | $96.2M | ||
| Q2 24 | $25.8M | $81.2M | ||
| Q1 24 | — | $47.2M |
毛利率HCMRGLD
| Q4 25 | 37.7% | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | 0.1% | 72.6% | ||
| Q1 25 | 48.0% | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | 41.1% | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率HCMRGLD
| Q4 25 | -13.2% | 56.2% | ||
| Q3 25 | — | 64.4% | ||
| Q2 25 | -1.3% | 67.7% | ||
| Q1 25 | -5.0% | 63.6% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 61.3% | ||
| Q2 24 | -9.0% | 58.6% | ||
| Q1 24 | — | 50.7% |
净利率HCMRGLD
| Q4 25 | 0.7% | 24.9% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | 163.8% | 63.1% | ||
| Q1 25 | 3.7% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | — | 49.7% | ||
| Q2 24 | 8.4% | 46.6% | ||
| Q1 24 | — | 31.7% |
每股收益（稀释后）HCMRGLD
| Q4 25 | $0.00 | $1.04 | ||
| Q3 25 | — | $1.92 | ||
| Q2 25 | $0.52 | $2.01 | ||
| Q1 25 | $0.01 | $1.72 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | $0.03 | $1.23 | ||
| Q1 24 | — | $0.72 |
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 | $1.4B | $233.7M |
| 总债务越低越好 | $93.2M | — |
| 股东权益账面价值 | $1.2B | $7.2B |
| 总资产 | $1.8B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.08× | — |
8季度趋势，按日历期对齐
现金及短期投资HCMRGLD
| Q4 25 | $1.4B | $233.7M | ||
| Q3 25 | — | $172.8M | ||
| Q2 25 | $1.4B | $248.2M | ||
| Q1 25 | $836.1M | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | — | $127.9M | ||
| Q2 24 | $802.5M | $74.2M | ||
| Q1 24 | — | $137.9M |
总债务HCMRGLD
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | $82.1M | $50.0M | ||
| Q1 24 | — | — |
股东权益HCMRGLD
| Q4 25 | $1.2B | $7.2B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | $1.2B | $3.3B | ||
| Q1 25 | $759.9M | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | $740.1M | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产HCMRGLD
| Q4 25 | $1.8B | $9.5B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | $1.8B | $3.6B | ||
| Q1 25 | $1.3B | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $1.3B | $3.3B | ||
| Q1 24 | — | $3.3B |
负债/权益比HCMRGLD
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 0.11× | 0.02× | ||
| Q1 24 | — | — |
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 | $8.2M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $3.4M | — |
| 自由现金流率自由现金流/营收 | 1.2% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 现金转化率经营现金流/净利润 | 4.21× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-96.2M | — |
8季度趋势，按日历期对齐
经营现金流HCMRGLD
| Q4 25 | $8.2M | $241.7M | ||
| Q3 25 | — | $174.0M | ||
| Q2 25 | $-72.9M | $152.8M | ||
| Q1 25 | $40.3M | $136.4M | ||
| Q4 24 | — | $141.1M | ||
| Q3 24 | — | $136.7M | ||
| Q2 24 | $-39.8M | $113.5M | ||
| Q1 24 | — | $138.3M |
自由现金流HCMRGLD
| Q4 25 | $3.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-82.2M | — | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-49.9M | — | ||
| Q1 24 | — | — |
自由现金流率HCMRGLD
| Q4 25 | 1.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -29.6% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -16.3% | — | ||
| Q1 24 | — | — |
资本支出强度HCMRGLD
| Q4 25 | 1.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | — | — |
现金转化率HCMRGLD
| Q4 25 | 4.21× | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | -0.16× | 1.15× | ||
| Q1 25 | 3.38× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | -1.54× | 1.40× | ||
| Q1 24 | — | 2.93× |
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
HCM
暂无分部数据
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
