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虎牙（HUYA）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
虎牙的季度营收约是Ultragenyx Pharmaceutical Inc.的1.1倍（$237.1M vs $207.3M），虎牙净利率更高（0.6% vs -62.0%，领先62.6%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 2.5%）
虎牙公司是中国领先的互动直播平台，核心业务为游戏直播，同时覆盖电竞赛事、娱乐综艺、生活方式、知识科普等多元内容领域，面向国内年轻互联网用户提供高互动性的数字娱乐内容服务。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
HUYA vs RARE — 直观对比
营收规模更大
HUYA
是对方的1.1倍
$207.3M
净利率更高
HUYA
高出62.6%
-62.0%
两年增速更快
RARE
近两年复合增速
2.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $237.1M | $207.3M |
| 净利润 | $1.3M | $-128.6M |
| 毛利率 | 13.4% | — |
| 营业利润率 | -0.8% | -54.7% |
| 净利率 | 0.6% | -62.0% |
| 营收同比 | — | 25.9% |
| 净利润同比 | — | 3.5% |
| 每股收益（稀释后） | — | $-1.28 |
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HUYARARE
| Q4 25 | — | $207.3M | ||
| Q3 25 | $237.1M | $159.9M | ||
| Q2 25 | $218.8M | $166.5M | ||
| Q1 25 | $207.9M | $139.3M | ||
| Q4 24 | — | $164.6M | ||
| Q3 24 | $219.1M | $139.5M | ||
| Q2 24 | $212.1M | $147.0M | ||
| Q1 24 | $208.3M | $108.8M |
净利润HUYARARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $1.3M | $-180.4M | ||
| Q2 25 | $-766.0K | $-115.0M | ||
| Q1 25 | $128.0K | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $3.4M | $-133.5M | ||
| Q2 24 | $4.1M | $-131.6M | ||
| Q1 24 | $9.8M | $-170.7M |
毛利率HUYARARE
| Q4 25 | — | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 13.2% | — | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 14.7% | — |
营业利润率HUYARARE
| Q4 25 | — | -54.7% | ||
| Q3 25 | -0.8% | -106.9% | ||
| Q2 25 | -1.5% | -64.8% | ||
| Q1 25 | -4.0% | -102.6% | ||
| Q4 24 | — | -74.3% | ||
| Q3 24 | -2.1% | -94.6% | ||
| Q2 24 | -1.7% | -79.1% | ||
| Q1 24 | -2.6% | -151.9% |
净利率HUYARARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | 0.6% | -112.8% | ||
| Q2 25 | -0.4% | -69.0% | ||
| Q1 25 | 0.1% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | 1.5% | -95.7% | ||
| Q2 24 | 1.9% | -89.5% | ||
| Q1 24 | 4.7% | -156.8% |
每股收益（稀释后）HUYARARE
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | — | $-1.52 | ||
| Q1 24 | — | $-2.03 |
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 | $102.0M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $709.9M | $-80.0M |
| 总资产 | $960.3M | $1.5B |
| 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HUYARARE
| Q4 25 | — | $421.0M | ||
| Q3 25 | $102.0M | $202.5M | ||
| Q2 25 | $69.7M | $176.3M | ||
| Q1 25 | $40.9M | $127.1M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | $156.1M | $150.6M | ||
| Q2 24 | $138.4M | $480.7M | ||
| Q1 24 | $75.1M | $112.3M |
股东权益HUYARARE
| Q4 25 | — | $-80.0M | ||
| Q3 25 | $709.9M | $9.2M | ||
| Q2 25 | $704.3M | $151.3M | ||
| Q1 25 | $711.2M | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | $1.3B | $432.4M | ||
| Q1 24 | $1.3B | $140.3M |
总资产HUYARARE
| Q4 25 | — | $1.5B | ||
| Q3 25 | $960.3M | $1.2B | ||
| Q2 25 | $928.0M | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $1.7B | $1.3B |
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 | — | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 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 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流HUYARARE
| Q4 25 | — | $-99.8M | ||
| Q3 25 | — | $-91.4M | ||
| Q2 25 | — | $-108.3M | ||
| Q1 25 | — | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | — | $-67.0M | ||
| Q2 24 | — | $-77.0M | ||
| Q1 24 | — | $-190.7M |
自由现金流HUYARARE
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
自由现金流率HUYARARE
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
资本支出强度HUYARARE
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
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
HUYA
| Live streaming | $162.5M | 69% |
| Game-related services, advertising and others | $74.7M | 31% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
