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IPG PHOTONICS CORP（IPGP）与奥飞娱乐（MAX）财务数据对比。点击上方公司名可切换其他公司
奥飞娱乐的季度营收约是IPG PHOTONICS CORP的1.1倍（$310.0M vs $274.5M），IPG PHOTONICS CORP净利率更高（4.8% vs 4.5%，领先0.3%），奥飞娱乐同比增速更快（17.3% vs 17.1%），过去两年奥飞娱乐的营收复合增速更高（31.9% vs 4.4%）
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
IPGP vs MAX — 直观对比
营收规模更大
MAX
是对方的1.1倍
$274.5M
营收增速更快
MAX
高出0.2%
17.1%
净利率更高
IPGP
高出0.3%
4.5%
两年增速更快
MAX
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $310.0M |
| 净利润 | $13.3M | $14.0M |
| 毛利率 | 36.1% | 15.1% |
| 营业利润率 | 1.2% | 7.2% |
| 净利率 | 4.8% | 4.5% |
| 营收同比 | 17.1% | 17.3% |
| 净利润同比 | 69.8% | 701.8% |
| 每股收益（稀释后） | $0.30 | — |
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IPGPMAX
| Q1 26 | — | $310.0M | ||
| Q4 25 | $274.5M | $291.2M | ||
| Q3 25 | $250.8M | $306.5M | ||
| Q2 25 | $250.7M | $251.6M | ||
| Q1 25 | $227.8M | $264.3M | ||
| Q4 24 | $234.3M | $300.6M | ||
| Q3 24 | $233.1M | $259.1M | ||
| Q2 24 | $257.6M | $178.3M |
净利润IPGPMAX
| Q1 26 | — | $14.0M | ||
| Q4 25 | $13.3M | $31.4M | ||
| Q3 25 | $7.5M | $14.9M | ||
| Q2 25 | $6.6M | $-18.7M | ||
| Q1 25 | $3.8M | $-1.9M | ||
| Q4 24 | $7.8M | $4.6M | ||
| Q3 24 | $-233.6M | $9.5M | ||
| Q2 24 | $20.2M | $3.6M |
毛利率IPGPMAX
| Q1 26 | — | 15.1% | ||
| Q4 25 | 36.1% | 15.4% | ||
| Q3 25 | 39.5% | 14.2% | ||
| Q2 25 | 37.3% | 15.0% | ||
| Q1 25 | 39.4% | 15.8% | ||
| Q4 24 | 38.6% | 16.3% | ||
| Q3 24 | 23.2% | 15.1% | ||
| Q2 24 | 37.3% | 17.8% |
营业利润率IPGPMAX
| Q1 26 | — | 7.2% | ||
| Q4 25 | 1.2% | 7.7% | ||
| Q3 25 | 3.1% | 6.4% | ||
| Q2 25 | 0.0% | -8.0% | ||
| Q1 25 | 0.8% | 0.0% | ||
| Q4 24 | 6.0% | 6.1% | ||
| Q3 24 | -108.7% | 6.0% | ||
| Q2 24 | 4.7% | 3.6% |
净利率IPGPMAX
| Q1 26 | — | 4.5% | ||
| Q4 25 | 4.8% | 10.8% | ||
| Q3 25 | 3.0% | 4.9% | ||
| Q2 25 | 2.6% | -7.4% | ||
| Q1 25 | 1.6% | -0.7% | ||
| Q4 24 | 3.3% | 1.5% | ||
| Q3 24 | -100.2% | 3.7% | ||
| Q2 24 | 7.8% | 2.0% |
每股收益（稀释后）IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $0.50 | ||
| Q3 25 | $0.18 | $0.26 | ||
| Q2 25 | $0.16 | $-0.33 | ||
| Q1 25 | $0.09 | $-0.04 | ||
| Q4 24 | $0.27 | $0.09 | ||
| Q3 24 | $-5.33 | $0.17 | ||
| Q2 24 | $0.45 | $0.07 |
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 | $839.3M | $26.1M |
| 总债务越低越好 | — | $163.5M |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $2.4B | $367.7M |
| 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IPGPMAX
| Q1 26 | — | $26.1M | ||
| Q4 25 | $839.3M | $46.9M | ||
| Q3 25 | $870.4M | $38.8M | ||
| Q2 25 | $899.6M | $85.4M | ||
| Q1 25 | $926.9M | $63.6M | ||
| Q4 24 | $930.2M | $43.3M | ||
| Q3 24 | $1.0B | $32.3M | ||
| Q2 24 | $1.1B | $28.7M |
总债务IPGPMAX
| Q1 26 | — | $163.5M | ||
| Q4 25 | — | $153.4M | ||
| Q3 25 | — | $155.7M | ||
| Q2 25 | — | $158.0M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | — | $162.4M | ||
| Q3 24 | — | $164.7M | ||
| Q2 24 | — | $166.9M |
股东权益IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $4.2M | ||
| Q3 25 | $2.1B | $-29.8M | ||
| Q2 25 | $2.1B | $-3.8M | ||
| Q1 25 | $2.1B | $7.9M | ||
| Q4 24 | $2.0B | $2.4M | ||
| Q3 24 | $2.1B | $-8.4M | ||
| Q2 24 | $2.3B | $-24.4M |
总资产IPGPMAX
| Q1 26 | — | $367.7M | ||
| Q4 25 | $2.4B | $383.8M | ||
| Q3 25 | $2.4B | $266.2M | ||
| Q2 25 | $2.4B | $249.4M | ||
| Q1 25 | $2.3B | $240.0M | ||
| Q4 24 | $2.3B | $262.4M | ||
| Q3 24 | $2.4B | $236.1M | ||
| Q2 24 | $2.5B | $198.2M |
负债/权益比IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | — | 36.88× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 20.23× | ||
| Q4 24 | — | 68.31× | ||
| 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 | $28.8M | — |
| 自由现金流经营现金流 - 资本支出 | $10.9M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 6.5% | — |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $-3.5M | — |
8季度趋势，按日历期对齐
经营现金流IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | $28.8M | $-7.4M | ||
| Q3 25 | $35.3M | $23.6M | ||
| Q2 25 | $-2.2M | $25.7M | ||
| Q1 25 | $13.4M | $23.7M | ||
| Q4 24 | $73.8M | $14.5M | ||
| Q3 24 | $66.1M | $8.1M | ||
| Q2 24 | $53.5M | $21.6M |
自由现金流IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | $10.9M | $-7.5M | ||
| Q3 25 | $14.6M | $23.6M | ||
| Q2 25 | $-17.6M | $25.5M | ||
| Q1 25 | $-11.4M | $23.6M | ||
| Q4 24 | $50.6M | $14.5M | ||
| Q3 24 | $43.0M | $8.0M | ||
| Q2 24 | $29.2M | $21.5M |
自由现金流率IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | -2.6% | ||
| Q3 25 | 5.8% | 7.7% | ||
| Q2 25 | -7.0% | 10.2% | ||
| Q1 25 | -5.0% | 8.9% | ||
| Q4 24 | 21.6% | 4.8% | ||
| Q3 24 | 18.4% | 3.1% | ||
| Q2 24 | 11.3% | 12.0% |
资本支出强度IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 0.0% | ||
| Q3 25 | 8.3% | 0.0% | ||
| Q2 25 | 6.1% | 0.1% | ||
| Q1 25 | 10.9% | 0.0% | ||
| Q4 24 | 9.9% | 0.0% | ||
| Q3 24 | 9.9% | 0.0% | ||
| Q2 24 | 9.4% | 0.1% |
现金转化率IPGPMAX
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | -0.24× | ||
| Q3 25 | 4.73× | 1.58× | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 3.13× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | 2.65× | 5.97× |
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
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
MAX
暂无分部数据
