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Hut 8 Corp.（HUT）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
再鼎医药的季度营收约是Hut 8 Corp.的1.4倍（$127.1M vs $88.5M），Hut 8 Corp.同比增速更快（179.2% vs 17.1%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs 20.8%）
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
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。
HUT vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.4倍
$88.5M
营收增速更快
HUT
高出162.1%
17.1%
两年增速更快
HUT
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $127.1M |
| 净利润 | $-279.7M | — |
| 毛利率 | 60.4% | 51.0% |
| 营业利润率 | -491.4% | -54.6% |
| 净利率 | -316.0% | — |
| 营收同比 | 179.2% | 17.1% |
| 净利润同比 | -283.7% | — |
| 每股收益（稀释后） | $-2.45 | $-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HUTZLAB
| Q4 25 | $88.5M | $127.1M | ||
| Q3 25 | $83.5M | $115.4M | ||
| Q2 25 | $41.3M | $109.1M | ||
| Q1 25 | $21.8M | $105.7M | ||
| Q4 24 | $31.7M | $108.5M | ||
| Q3 24 | $43.7M | $101.8M | ||
| Q2 24 | $35.2M | $100.1M | ||
| Q1 24 | $51.7M | $87.1M |
净利润HUTZLAB
| Q4 25 | $-279.7M | — | ||
| Q3 25 | $50.1M | $-36.0M | ||
| Q2 25 | $137.3M | $-40.7M | ||
| Q1 25 | $-133.9M | $-48.4M | ||
| Q4 24 | $152.2M | — | ||
| Q3 24 | $647.0K | $-41.7M | ||
| Q2 24 | $-71.9M | $-80.3M | ||
| Q1 24 | $250.9M | $-53.5M |
毛利率HUTZLAB
| Q4 25 | 60.4% | 51.0% | ||
| Q3 25 | 61.3% | 59.5% | ||
| Q2 25 | 47.3% | 60.6% | ||
| Q1 25 | 14.5% | 63.6% | ||
| Q4 24 | 35.9% | 61.5% | ||
| Q3 24 | 59.9% | 64.1% | ||
| Q2 24 | 41.4% | 64.9% | ||
| Q1 24 | 45.6% | 61.4% |
营业利润率HUTZLAB
| Q4 25 | -491.4% | -54.6% | ||
| Q3 25 | 87.0% | -42.3% | ||
| Q2 25 | — | -50.3% | ||
| Q1 25 | -676.8% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | -3.6% | -66.6% | ||
| Q2 24 | -246.2% | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率HUTZLAB
| Q4 25 | -316.0% | — | ||
| Q3 25 | 60.0% | -31.2% | ||
| Q2 25 | 332.5% | -37.3% | ||
| Q1 25 | -613.7% | -45.8% | ||
| Q4 24 | 480.3% | — | ||
| Q3 24 | 1.5% | -40.9% | ||
| Q2 24 | -204.1% | -80.2% | ||
| Q1 24 | 484.9% | -61.4% |
每股收益（稀释后）HUTZLAB
| Q4 25 | $-2.45 | $-0.05 | ||
| Q3 25 | $0.43 | $-0.03 | ||
| Q2 25 | $1.18 | $-0.04 | ||
| Q1 25 | $-1.30 | $-0.04 | ||
| Q4 24 | $1.41 | $-0.09 | ||
| Q3 24 | $0.01 | $-0.04 | ||
| Q2 24 | $-0.78 | $-0.08 | ||
| Q1 24 | $2.76 | $-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 | $44.9M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $715.5M |
| 总资产 | $2.8B | $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HUTZLAB
| Q4 25 | $44.9M | $689.6M | ||
| Q3 25 | $33.5M | $717.2M | ||
| Q2 25 | $216.3M | $732.2M | ||
| Q1 25 | $108.4M | $757.3M | ||
| Q4 24 | $85.0M | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | $11.5M | $650.8M |
总债务HUTZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $300.6M | — | ||
| Q3 24 | $297.3M | — | ||
| Q2 24 | $328.8M | — | ||
| Q1 24 | $177.6M | — |
股东权益HUTZLAB
| Q4 25 | $1.4B | $715.5M | ||
| Q3 25 | $1.4B | $759.9M | ||
| Q2 25 | $1.3B | $791.7M | ||
| Q1 25 | $960.0M | $810.8M | ||
| Q4 24 | $976.7M | $840.9M | ||
| Q3 24 | $703.9M | $667.7M | ||
| Q2 24 | $660.1M | $704.2M | ||
| Q1 24 | $732.0M | $762.2M |
总资产HUTZLAB
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.1B | $985.3M | ||
| Q2 24 | $1.1B | $987.4M | ||
| Q1 24 | $999.0M | $988.4M |
负债/权益比HUTZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.24× | — |
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 | $-139.2M | $-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HUTZLAB
| Q4 25 | $-139.2M | $-26.0M | ||
| Q3 25 | $770.0K | $-32.0M | ||
| Q2 25 | $-48.8M | $-31.0M | ||
| Q1 25 | $-33.8M | $-61.7M | ||
| Q4 24 | $-68.5M | $-55.8M | ||
| Q3 24 | $-4.2M | $-26.8M | ||
| Q2 24 | $-16.4M | $-42.2M | ||
| Q1 24 | $-26.3M | $-90.1M |
自由现金流HUTZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率HUTZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度HUTZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率HUTZLAB
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -0.36× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.45× | — | ||
| Q3 24 | -6.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.11× | — |
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
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
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% |
