vs
虎牙（HUYA）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是虎牙的1.6倍（$375.3M vs $237.1M），ROYAL GOLD INC净利率更高（24.9% vs 0.6%，领先24.4%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
HUYA vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.6倍
$237.1M
净利率更高
RGLD
高出24.4%
0.6%
两年增速更快
RGLD
近两年复合增速
2.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $237.1M | $375.3M |
| 净利润 | $1.3M | $93.6M |
| 毛利率 | 13.4% | 64.6% |
| 营业利润率 | -0.8% | 56.2% |
| 净利率 | 0.6% | 24.9% |
| 营收同比 | — | 85.3% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | — | $1.04 |
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HUYARGLD
| Q4 25 | — | $375.3M | ||
| Q3 25 | $237.1M | $252.1M | ||
| Q2 25 | $218.8M | $209.6M | ||
| Q1 25 | $207.9M | $193.4M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | $219.1M | $193.8M | ||
| Q2 24 | $212.1M | $174.1M | ||
| Q1 24 | $208.3M | $148.9M |
净利润HUYARGLD
| Q4 25 | — | $93.6M | ||
| Q3 25 | $1.3M | $126.8M | ||
| Q2 25 | $-766.0K | $132.3M | ||
| Q1 25 | $128.0K | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | $3.4M | $96.2M | ||
| Q2 24 | $4.1M | $81.2M | ||
| Q1 24 | $9.8M | $47.2M |
毛利率HUYARGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | 13.4% | 73.6% | ||
| Q2 25 | 13.5% | 72.6% | ||
| Q1 25 | 12.5% | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | 13.2% | 66.6% | ||
| Q2 24 | 13.9% | 64.7% | ||
| Q1 24 | 14.7% | 58.4% |
营业利润率HUYARGLD
| Q4 25 | — | 56.2% | ||
| Q3 25 | -0.8% | 64.4% | ||
| Q2 25 | -1.5% | 67.7% | ||
| Q1 25 | -4.0% | 63.6% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | -2.1% | 61.3% | ||
| Q2 24 | -1.7% | 58.6% | ||
| Q1 24 | -2.6% | 50.7% |
净利率HUYARGLD
| Q4 25 | — | 24.9% | ||
| Q3 25 | 0.6% | 50.3% | ||
| Q2 25 | -0.4% | 63.1% | ||
| Q1 25 | 0.1% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | 1.5% | 49.7% | ||
| Q2 24 | 1.9% | 46.6% | ||
| Q1 24 | 4.7% | 31.7% |
每股收益（稀释后）HUYARGLD
| Q4 25 | — | $1.04 | ||
| Q3 25 | — | $1.92 | ||
| Q2 25 | — | $2.01 | ||
| Q1 25 | — | $1.72 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $1.23 | ||
| Q1 24 | — | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $709.9M | $7.2B |
| 总资产 | $960.3M | $9.5B |
| 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HUYARGLD
| Q4 25 | — | $233.7M | ||
| Q3 25 | $102.0M | $172.8M | ||
| Q2 25 | $69.7M | $248.2M | ||
| Q1 25 | $40.9M | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | $156.1M | $127.9M | ||
| Q2 24 | $138.4M | $74.2M | ||
| Q1 24 | $75.1M | $137.9M |
总债务HUYARGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益HUYARGLD
| Q4 25 | — | $7.2B | ||
| Q3 25 | $709.9M | $3.4B | ||
| Q2 25 | $704.3M | $3.3B | ||
| Q1 25 | $711.2M | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $1.1B | $3.0B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.3B | $2.9B |
总资产HUYARGLD
| Q4 25 | — | $9.5B | ||
| Q3 25 | $960.3M | $4.5B | ||
| Q2 25 | $928.0M | $3.6B | ||
| Q1 25 | $1.3B | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $1.6B | $3.3B | ||
| Q2 24 | $1.6B | $3.3B | ||
| Q1 24 | $1.7B | $3.3B |
负债/权益比HUYARGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 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 | — | $241.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流HUYARGLD
| Q4 25 | — | $241.7M | ||
| Q3 25 | — | $174.0M | ||
| Q2 25 | — | $152.8M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | — | $141.1M | ||
| Q3 24 | — | $136.7M | ||
| Q2 24 | — | $113.5M | ||
| Q1 24 | — | $138.3M |
现金转化率HUYARGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
