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和黄医药（HCM）与Rocket Lab Corp（RKLB）财务数据对比。点击上方公司名可切换其他公司
和黄医药的季度营收约是Rocket Lab Corp的1.5倍（$270.8M vs $179.7M），和黄医药净利率更高（0.7% vs -29.5%，领先30.2%），Rocket Lab Corp同比增速更快（35.7% vs -16.5%），和黄医药自由现金流更多（$3.4M vs $-114.2M）
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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
HCM vs RKLB — 直观对比
营收规模更大
HCM
是对方的1.5倍
$179.7M
营收增速更快
RKLB
高出52.2%
-16.5%
净利率更高
HCM
高出30.2%
-29.5%
自由现金流更多
HCM
多$117.5M
$-114.2M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.8M | $179.7M |
| 净利润 | $2.0M | $-52.9M |
| 毛利率 | 37.7% | 38.0% |
| 营业利润率 | -13.2% | -28.4% |
| 净利率 | 0.7% | -29.5% |
| 营收同比 | -16.5% | 35.7% |
| 净利润同比 | -83.6% | -1.1% |
| 每股收益（稀释后） | $0.00 | $-0.09 |
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HCMRKLB
| Q4 25 | $270.8M | $179.7M | ||
| Q3 25 | — | $155.1M | ||
| Q2 25 | $277.7M | $144.5M | ||
| Q1 25 | $324.5M | $122.6M | ||
| Q4 24 | — | $132.4M | ||
| Q3 24 | — | $104.8M | ||
| Q2 24 | $305.7M | $106.3M | ||
| Q1 24 | — | $92.8M |
净利润HCMRKLB
| Q4 25 | $2.0M | $-52.9M | ||
| Q3 25 | — | $-18.3M | ||
| Q2 25 | $455.0M | $-66.4M | ||
| Q1 25 | $11.9M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | — | $-51.9M | ||
| Q2 24 | $25.8M | $-41.6M | ||
| Q1 24 | — | $-44.3M |
毛利率HCMRKLB
| Q4 25 | 37.7% | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | 0.1% | 32.1% | ||
| Q1 25 | 48.0% | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | 41.1% | 25.6% | ||
| Q1 24 | — | 26.1% |
营业利润率HCMRKLB
| Q4 25 | -13.2% | -28.4% | ||
| Q3 25 | — | -38.0% | ||
| Q2 25 | -1.3% | -41.3% | ||
| Q1 25 | -5.0% | -48.3% | ||
| Q4 24 | — | -38.9% | ||
| Q3 24 | — | -49.5% | ||
| Q2 24 | -9.0% | -40.7% | ||
| Q1 24 | — | -46.4% |
净利率HCMRKLB
| Q4 25 | 0.7% | -29.5% | ||
| Q3 25 | — | -11.8% | ||
| Q2 25 | 163.8% | -46.0% | ||
| Q1 25 | 3.7% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | — | -49.6% | ||
| Q2 24 | 8.4% | -39.2% | ||
| Q1 24 | — | -47.7% |
每股收益（稀释后）HCMRKLB
| Q4 25 | $0.00 | $-0.09 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | $0.52 | $-0.13 | ||
| Q1 25 | $0.01 | $-0.12 | ||
| Q4 24 | — | $-0.11 | ||
| Q3 24 | — | $-0.10 | ||
| Q2 24 | $0.03 | $-0.08 | ||
| Q1 24 | — | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | $93.2M | $152.4M |
| 股东权益账面价值 | $1.2B | $1.7B |
| 总资产 | $1.8B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资HCMRKLB
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | — | $976.7M | ||
| Q2 25 | $1.4B | $688.1M | ||
| Q1 25 | $836.1M | $428.4M | ||
| Q4 24 | — | $419.0M | ||
| Q3 24 | — | $442.4M | ||
| Q2 24 | $802.5M | $496.8M | ||
| Q1 24 | — | $492.5M |
总债务HCMRKLB
| Q4 25 | $93.2M | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | $93.4M | $346.5M | ||
| Q1 25 | $82.8M | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | $82.1M | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益HCMRKLB
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $1.2B | $688.5M | ||
| Q1 25 | $759.9M | $431.3M | ||
| Q4 24 | — | $382.5M | ||
| Q3 24 | — | $419.8M | ||
| Q2 24 | $740.1M | $455.2M | ||
| Q1 24 | — | $478.9M |
总资产HCMRKLB
| Q4 25 | $1.8B | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | — | $1.2B |
负债/权益比HCMRKLB
| Q4 25 | 0.08× | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | 0.08× | 0.50× | ||
| Q1 25 | 0.11× | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | 0.11× | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $3.4M | $-114.2M |
| 自由现金流率自由现金流/营收 | 1.2% | -63.6% |
| 资本支出强度资本支出/营收 | 1.8% | 27.6% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-96.2M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流HCMRKLB
| Q4 25 | $8.2M | $-64.5M | ||
| Q3 25 | — | $-23.5M | ||
| Q2 25 | $-72.9M | $-23.2M | ||
| Q1 25 | $40.3M | $-54.2M | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | — | $-30.9M | ||
| Q2 24 | $-39.8M | $-13.0M | ||
| Q1 24 | — | $-2.6M |
自由现金流HCMRKLB
| Q4 25 | $3.4M | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | $-82.2M | $-55.3M | ||
| Q1 25 | $32.5M | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | $-49.9M | $-28.3M | ||
| Q1 24 | — | $-21.8M |
自由现金流率HCMRKLB
| Q4 25 | 1.2% | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | -29.6% | -38.3% | ||
| Q1 25 | 10.0% | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | -16.3% | -26.7% | ||
| Q1 24 | — | -23.5% |
资本支出强度HCMRKLB
| Q4 25 | 1.8% | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | 3.3% | 22.2% | ||
| Q1 25 | 2.4% | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | 3.3% | 14.4% | ||
| Q1 24 | — | 20.7% |
现金转化率HCMRKLB
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.16× | — | ||
| Q1 25 | 3.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | — | ||
| Q1 24 | — | — |
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
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
