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Howard Hughes Holdings Inc.（HHH）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
Howard Hughes Holdings Inc.的季度营收约是再鼎医药的1.9倍（$235.9M vs $127.1M），Howard Hughes Holdings Inc.同比增速更快（18.4% vs 17.1%），过去两年再鼎医药的营收复合增速更高（20.8% vs -13.8%）
霍华德·休斯控股有限公司是总部位于美国得克萨斯州伍德兰兹的房地产开发与管理企业，前身为霍华德·休斯公司，2010年从通用增长物业（GGP）分拆独立成立，核心资产集中于多个整体规划社区项目，公司名称源自最初的霍华德·休斯公司，后者曾开发内华达州萨姆林规划社区，后成为GGP子公司。
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。
HHH vs ZLAB — 直观对比
营收规模更大
HHH
是对方的1.9倍
$127.1M
营收增速更快
HHH
高出1.2%
17.1%
两年增速更快
ZLAB
近两年复合增速
-13.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $235.9M | $127.1M |
| 净利润 | $8.1M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 121.6% | -54.6% |
| 净利率 | 3.4% | — |
| 营收同比 | 18.4% | 17.1% |
| 净利润同比 | -25.6% | — |
| 每股收益（稀释后） | $0.14 | $-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HHHZLAB
| Q1 26 | $235.9M | — | ||
| Q4 25 | $624.4M | $127.1M | ||
| Q3 25 | $390.2M | $115.4M | ||
| Q2 25 | $260.9M | $109.1M | ||
| Q1 25 | $199.3M | $105.7M | ||
| Q4 24 | $935.0M | $108.5M | ||
| Q3 24 | $327.1M | $101.8M | ||
| Q2 24 | $317.4M | $100.1M |
净利润HHHZLAB
| Q1 26 | $8.1M | — | ||
| Q4 25 | $6.0M | — | ||
| Q3 25 | $119.5M | $-36.0M | ||
| Q2 25 | $-12.1M | $-40.7M | ||
| Q1 25 | $10.5M | $-48.4M | ||
| Q4 24 | $156.3M | — | ||
| Q3 24 | $72.8M | $-41.7M | ||
| Q2 24 | $21.1M | $-80.3M |
毛利率HHHZLAB
| Q1 26 | — | — | ||
| 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% |
营业利润率HHHZLAB
| Q1 26 | 121.6% | — | ||
| Q4 25 | 4.2% | -54.6% | ||
| Q3 25 | 48.6% | -42.3% | ||
| Q2 25 | 26.0% | -50.3% | ||
| Q1 25 | 24.0% | -53.3% | ||
| Q4 24 | 33.5% | -62.6% | ||
| Q3 24 | 60.6% | -66.6% | ||
| Q2 24 | 20.4% | -76.0% |
净利率HHHZLAB
| Q1 26 | 3.4% | — | ||
| Q4 25 | 1.0% | — | ||
| Q3 25 | 30.6% | -31.2% | ||
| Q2 25 | -4.7% | -37.3% | ||
| Q1 25 | 5.3% | -45.8% | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 22.2% | -40.9% | ||
| Q2 24 | 6.6% | -80.2% |
每股收益（稀释后）HHHZLAB
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.20 | $-0.05 | ||
| Q3 25 | $2.02 | $-0.03 | ||
| Q2 25 | $-0.22 | $-0.04 | ||
| Q1 25 | $0.21 | $-0.04 | ||
| Q4 24 | $3.14 | $-0.09 | ||
| Q3 24 | $1.46 | $-0.04 | ||
| Q2 24 | $0.42 | $-0.08 |
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 | $1.8B | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $715.5M |
| 总资产 | $11.2B | $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HHHZLAB
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.5B | $689.6M | ||
| Q3 25 | $1.5B | $717.2M | ||
| Q2 25 | $1.4B | $732.2M | ||
| Q1 25 | $493.7M | $757.3M | ||
| Q4 24 | $596.1M | $779.7M | ||
| Q3 24 | $400.7M | $616.1M | ||
| Q2 24 | $436.8M | $630.0M |
总债务HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益HHHZLAB
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.8B | $715.5M | ||
| Q3 25 | $3.8B | $759.9M | ||
| Q2 25 | $3.6B | $791.7M | ||
| Q1 25 | $2.8B | $810.8M | ||
| Q4 24 | $2.8B | $840.9M | ||
| Q3 24 | $2.6B | $667.7M | ||
| Q2 24 | $3.0B | $704.2M |
总资产HHHZLAB
| Q1 26 | $11.2B | — | ||
| Q4 25 | $10.6B | $1.2B | ||
| Q3 25 | $10.7B | $1.2B | ||
| Q2 25 | $10.3B | $1.2B | ||
| Q1 25 | $9.3B | $1.2B | ||
| Q4 24 | $9.2B | $1.2B | ||
| Q3 24 | $9.4B | $985.3M | ||
| Q2 24 | $9.9B | $987.4M |
负债/权益比HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-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HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $360.3M | $-26.0M | ||
| Q3 25 | $149.8M | $-32.0M | ||
| Q2 25 | $177.3M | $-31.0M | ||
| Q1 25 | $-224.9M | $-61.7M | ||
| Q4 24 | $337.1M | $-55.8M | ||
| Q3 24 | $248.3M | $-26.8M | ||
| Q2 24 | $-17.5M | $-42.2M |
自由现金流HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | $348.6M | $-26.7M | ||
| Q3 25 | $137.7M | $-35.0M | ||
| Q2 25 | $169.7M | $-33.9M | ||
| Q1 25 | $-238.4M | $-63.2M | ||
| Q4 24 | $317.1M | $-58.4M | ||
| Q3 24 | $238.7M | $-28.2M | ||
| Q2 24 | $-25.1M | $-42.9M |
自由现金流率HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 55.8% | -21.0% | ||
| Q3 25 | 35.3% | -30.4% | ||
| Q2 25 | 65.1% | -31.1% | ||
| Q1 25 | -119.6% | -59.9% | ||
| Q4 24 | 33.9% | -53.8% | ||
| Q3 24 | 73.0% | -27.7% | ||
| Q2 24 | -7.9% | -42.9% |
资本支出强度HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 0.5% | ||
| Q3 25 | 3.1% | 2.6% | ||
| Q2 25 | 2.9% | 2.6% | ||
| Q1 25 | 6.8% | 1.5% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 2.9% | 1.3% | ||
| Q2 24 | 2.4% | 0.7% |
现金转化率HHHZLAB
| Q1 26 | — | — | ||
| Q4 25 | 60.04× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.35× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | — |
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
HHH
| Rental revenue | $113.5M | 48% |
| Master Planned Communities land sales | $99.6M | 42% |
| Other revenues | $11.0M | 5% |
| Builder price participation | $8.7M | 4% |
| Condominium rights and unit sales | $3.1M | 1% |
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% |
