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和黄医药（HCM）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是和黄医药的1.7倍（$461.6M vs $270.8M），BOSTON BEER CO INC同比增速更快（-4.1% 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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
HCM vs SAM — 直观对比
营收规模更大
SAM
是对方的1.7倍
$270.8M
营收增速更快
SAM
高出12.4%
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $270.8M | $461.6M |
| 净利润 | $2.0M | — |
| 毛利率 | 37.7% | 46.4% |
| 营业利润率 | -13.2% | 12.4% |
| 净利率 | 0.7% | — |
| 营收同比 | -16.5% | -4.1% |
| 净利润同比 | -83.6% | — |
| 每股收益（稀释后） | $0.00 | $2.16 |
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HCMSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $270.8M | $385.7M | ||
| Q3 25 | — | $537.5M | ||
| Q2 25 | $277.7M | $587.9M | ||
| Q1 25 | $324.5M | $453.9M | ||
| Q4 24 | — | $402.3M | ||
| Q3 24 | — | $605.5M | ||
| Q2 24 | $305.7M | $579.1M |
净利润HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | $2.0M | $-22.5M | ||
| Q3 25 | — | $46.2M | ||
| Q2 25 | $455.0M | $60.4M | ||
| Q1 25 | $11.9M | $24.4M | ||
| Q4 24 | — | $-38.8M | ||
| Q3 24 | — | $33.5M | ||
| Q2 24 | $25.8M | $52.3M |
毛利率HCMSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | 37.7% | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | 0.1% | 49.8% | ||
| Q1 25 | 48.0% | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | 41.1% | 46.0% |
营业利润率HCMSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -13.2% | -8.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | -1.3% | 14.0% | ||
| Q1 25 | -5.0% | 7.4% | ||
| Q4 24 | — | -13.9% | ||
| Q3 24 | — | 7.6% | ||
| Q2 24 | -9.0% | 12.2% |
净利率HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | -5.8% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | 163.8% | 10.3% | ||
| Q1 25 | 3.7% | 5.4% | ||
| Q4 24 | — | -9.6% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | 8.4% | 9.0% |
每股收益（稀释后）HCMSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $0.00 | $-1.97 | ||
| Q3 25 | — | $4.25 | ||
| Q2 25 | $0.52 | $5.45 | ||
| Q1 25 | $0.01 | $2.16 | ||
| Q4 24 | — | $-3.23 | ||
| Q3 24 | — | $2.86 | ||
| Q2 24 | $0.03 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $93.2M | — |
| 股东权益账面价值 | $1.2B | $682.6M |
| 总资产 | $1.8B | $1.2B |
| 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HCMSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $1.4B | $223.4M | ||
| Q3 25 | — | $250.5M | ||
| Q2 25 | $1.4B | $212.4M | ||
| Q1 25 | $836.1M | $152.5M | ||
| Q4 24 | — | $211.8M | ||
| Q3 24 | — | $255.6M | ||
| Q2 24 | $802.5M | $219.3M |
总债务HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — |
股东权益HCMSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $1.2B | $846.3M | ||
| Q3 25 | — | $911.0M | ||
| Q2 25 | $1.2B | $912.3M | ||
| Q1 25 | $759.9M | $897.0M | ||
| Q4 24 | — | $916.2M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $740.1M | $1.0B |
总资产HCMSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.3B | $1.4B |
负债/权益比HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — |
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 | — |
| 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× | — |
| 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HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | $8.2M | $39.9M | ||
| Q3 25 | — | $101.8M | ||
| Q2 25 | $-72.9M | $126.5M | ||
| Q1 25 | $40.3M | $1.9M | ||
| Q4 24 | — | $41.9M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | $-39.8M | $96.0M |
自由现金流HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | $3.4M | $22.1M | ||
| Q3 25 | — | $89.2M | ||
| Q2 25 | $-82.2M | $112.2M | ||
| Q1 25 | $32.5M | $-8.0M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | — | $99.2M | ||
| Q2 24 | $-49.9M | $75.6M |
自由现金流率HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 5.7% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | -29.6% | 19.1% | ||
| Q1 25 | 10.0% | -1.8% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | -16.3% | 13.1% |
资本支出强度HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 4.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | 3.3% | 2.4% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | 3.3% | 3.5% |
现金转化率HCMSAM
| Q1 26 | — | — | ||
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | -0.16× | 2.09× | ||
| Q1 25 | 3.38× | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | -1.54× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
