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国际纸业（IP）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是国际纸业的3.8倍（$22.9B vs $6.0B），冬海集团净利率更高（7.0% vs 1.0%，领先6.0%），冬海集团同比增速更快（363.4% vs -0.6%），过去两年冬海集团的营收复合增速更高（147.8% vs 12.3%）
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
IP vs SE — 直观对比
营收规模更大
SE
是对方的3.8倍
$6.0B
营收增速更快
SE
高出363.9%
-0.6%
净利率更高
SE
高出6.0%
1.0%
两年增速更快
SE
近两年复合增速
12.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $22.9B |
| 净利润 | $60.0M | $1.6B |
| 毛利率 | — | 44.7% |
| 营业利润率 | — | 8.7% |
| 净利率 | 1.0% | 7.0% |
| 营收同比 | -0.6% | 363.4% |
| 净利润同比 | 157.1% | — |
| 每股收益（稀释后） | $0.14 | $2.52 |
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IPSE
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $22.9B | ||
| Q3 25 | $6.2B | $6.0B | ||
| Q2 25 | $6.8B | $5.3B | ||
| Q1 25 | $5.9B | $4.8B | ||
| Q4 24 | $4.6B | $5.0B | ||
| Q3 24 | $4.7B | $4.3B | ||
| Q2 24 | $4.7B | $3.8B |
净利润IPSE
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $1.6B | ||
| Q3 25 | $-1.1B | $375.0M | ||
| Q2 25 | $75.0M | $414.2M | ||
| Q1 25 | $-105.0M | $-7.8M | ||
| Q4 24 | $-147.0M | — | ||
| Q3 24 | $150.0M | — | ||
| Q2 24 | $498.0M | — |
毛利率IPSE
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | 44.7% | ||
| Q3 25 | 31.1% | 43.4% | ||
| Q2 25 | 27.9% | 45.8% | ||
| Q1 25 | 27.8% | 46.2% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.0% | — |
营业利润率IPSE
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | 8.7% | ||
| Q3 25 | -10.8% | 8.0% | ||
| Q2 25 | 1.7% | 9.3% | ||
| Q1 25 | -2.3% | 9.4% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 6.8% | — |
净利率IPSE
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | 7.0% | ||
| Q3 25 | -17.7% | 6.3% | ||
| Q2 25 | 1.1% | 7.9% | ||
| Q1 25 | -1.8% | -0.2% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 10.5% | — |
每股收益（稀释后）IPSE
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $2.52 | ||
| Q3 25 | $-2.09 | $0.59 | ||
| Q2 25 | $0.14 | $0.65 | ||
| Q1 25 | $-0.24 | $0.65 | ||
| Q4 24 | $-0.42 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $1.41 | — |
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 | — | $10.6B |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $14.8B | $12.6B |
| 总资产 | $36.4B | $29.4B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资IPSE
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $10.6B | ||
| Q3 25 | $995.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $8.6B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.0B | — |
总债务IPSE
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPSE
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $12.6B | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | $18.6B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $8.2B | $8.4B | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $8.6B | — |
总资产IPSE
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $29.4B | ||
| Q3 25 | $40.6B | — | ||
| Q2 25 | $42.4B | — | ||
| Q1 25 | $41.2B | — | ||
| Q4 24 | $22.8B | $22.6B | ||
| Q3 24 | $23.2B | — | ||
| Q2 24 | $23.1B | — |
负债/权益比IPSE
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $94.0M | — |
| 自由现金流率自由现金流/营收 | 1.6% | — |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | — | 3.12× |
| 过去12个月自由现金流最近4个季度 | $553.0M | — |
8季度趋势，按日历期对齐
经营现金流IPSE
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $5.0B | ||
| Q3 25 | $605.0M | $3.5B | ||
| Q2 25 | $476.0M | $2.4B | ||
| Q1 25 | $-288.0M | $756.9M | ||
| Q4 24 | $397.0M | — | ||
| Q3 24 | $521.0M | — | ||
| Q2 24 | $365.0M | — |
自由现金流IPSE
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | — | ||
| Q3 25 | $150.0M | — | ||
| Q2 25 | $54.0M | — | ||
| Q1 25 | $-618.0M | — | ||
| Q4 24 | $137.0M | — | ||
| Q3 24 | $309.0M | — | ||
| Q2 24 | $167.0M | — |
自由现金流率IPSE
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | -10.5% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 3.5% | — |
资本支出强度IPSE
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.2% | — |
现金转化率IPSE
| Q1 26 | — | — | ||
| Q4 25 | — | 3.12× | ||
| Q3 25 | — | 9.46× | ||
| Q2 25 | 6.35× | 5.73× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | — |
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
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
SE
暂无分部数据
