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欢聚集团（JOYY）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
欢聚集团的季度营收约是Reddit, Inc.的2.1倍（$1.5B vs $725.6M）。Reddit, Inc.净利率更高（34.7% vs 10.4%，领先24.3%）。过去两年Reddit, Inc.的营收复合增速更高（72.8% vs 16.8%）
欢聚集团是全球化社交媒体科技企业，主营直播、短视频、社交互动类数字娱乐服务，核心产品覆盖东南亚、中东、拉美等多个新兴市场，为全球用户提供丰富的沉浸式互动内容体验。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
JOYY vs RDDT — 直观对比
营收规模更大
JOYY
是对方的2.1倍
$725.6M
净利率更高
RDDT
高出24.3%
10.4%
两年增速更快
RDDT
近两年复合增速
16.8%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $725.6M |
| 净利润 | $160.1M | $251.6M |
| 毛利率 | 36.1% | 91.9% |
| 营业利润率 | 2.4% | 31.9% |
| 净利率 | 10.4% | 34.7% |
| 营收同比 | — | 69.7% |
| 净利润同比 | — | 254.2% |
| 每股收益（稀释后） | — | $1.24 |
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JOYYRDDT
| Q4 25 | — | $725.6M | ||
| Q3 25 | $1.5B | $584.9M | ||
| Q2 25 | $1.0B | $499.6M | ||
| Q1 25 | $494.4M | $392.4M | ||
| Q4 24 | — | $427.7M | ||
| Q3 24 | $1.7B | $348.4M | ||
| Q2 24 | $1.1B | $281.2M | ||
| Q1 24 | $564.6M | $243.0M |
净利润JOYYRDDT
| Q4 25 | — | $251.6M | ||
| Q3 25 | $160.1M | $162.7M | ||
| Q2 25 | $100.9M | $89.3M | ||
| Q1 25 | $42.9M | $26.2M | ||
| Q4 24 | — | $71.0M | ||
| Q3 24 | $143.9M | $29.9M | ||
| Q2 24 | $87.9M | $-10.1M | ||
| Q1 24 | $40.2M | $-575.1M |
毛利率JOYYRDDT
| Q4 25 | — | 91.9% | ||
| Q3 25 | 36.1% | 91.0% | ||
| Q2 25 | 36.3% | 90.8% | ||
| Q1 25 | 36.1% | 90.5% | ||
| Q4 24 | — | 92.6% | ||
| Q3 24 | 35.7% | 90.1% | ||
| Q2 24 | 34.9% | 89.5% | ||
| Q1 24 | 34.6% | 88.6% |
营业利润率JOYYRDDT
| Q4 25 | — | 31.9% | ||
| Q3 25 | 2.4% | 23.7% | ||
| Q2 25 | 1.8% | 13.6% | ||
| Q1 25 | 2.5% | 1.0% | ||
| Q4 24 | — | 12.4% | ||
| Q3 24 | 1.3% | 2.0% | ||
| Q2 24 | 0.5% | -11.0% | ||
| Q1 24 | 0.6% | -242.5% |
净利率JOYYRDDT
| Q4 25 | — | 34.7% | ||
| Q3 25 | 10.4% | 27.8% | ||
| Q2 25 | 10.1% | 17.9% | ||
| Q1 25 | 8.7% | 6.7% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 8.5% | 8.6% | ||
| Q2 24 | 7.8% | -3.6% | ||
| Q1 24 | 7.1% | -236.7% |
每股收益（稀释后）JOYYRDDT
| Q4 25 | — | $1.24 | ||
| Q3 25 | — | $0.80 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.13 | ||
| Q4 24 | — | $4.76 | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-8.19 |
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 | $383.8M | $953.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.6B | $2.9B |
| 总资产 | $7.5B | $3.2B |
| 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JOYYRDDT
| Q4 25 | — | $953.6M | ||
| Q3 25 | $383.8M | $911.7M | ||
| Q2 25 | $401.0M | $734.1M | ||
| Q1 25 | $801.5M | $635.7M | ||
| Q4 24 | — | $562.1M | ||
| Q3 24 | $481.8M | $515.9M | ||
| Q2 24 | $607.1M | $468.0M | ||
| Q1 24 | $728.2M | $968.5M |
股东权益JOYYRDDT
| Q4 25 | — | $2.9B | ||
| Q3 25 | $6.6B | $2.6B | ||
| Q2 25 | $6.6B | $2.4B | ||
| Q1 25 | $6.6B | $2.2B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $5.3B | $2.0B | ||
| Q2 24 | $5.3B | $1.9B | ||
| Q1 24 | $5.3B | $1.8B |
总资产JOYYRDDT
| Q4 25 | — | $3.2B | ||
| Q3 25 | $7.5B | $2.9B | ||
| Q2 25 | $7.5B | $2.6B | ||
| Q1 25 | $7.6B | $2.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $8.1B | $2.2B | ||
| Q2 24 | $8.1B | $2.1B | ||
| Q1 24 | $8.6B | $2.0B |
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 | — | $266.8M |
| 自由现金流经营现金流 - 资本支出 | — | $263.6M |
| 自由现金流率自由现金流/营收 | — | 36.3% |
| 资本支出强度资本支出/营收 | — | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.06× |
| 过去12个月自由现金流最近4个季度 | — | $684.2M |
8季度趋势，按日历期对齐
经营现金流JOYYRDDT
| Q4 25 | — | $266.8M | ||
| Q3 25 | — | $185.2M | ||
| Q2 25 | — | $111.3M | ||
| Q1 25 | — | $127.6M | ||
| Q4 24 | — | $90.0M | ||
| Q3 24 | — | $71.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $32.1M |
自由现金流JOYYRDDT
| Q4 25 | — | $263.6M | ||
| Q3 25 | — | $183.1M | ||
| Q2 25 | — | $110.8M | ||
| Q1 25 | — | $126.6M | ||
| Q4 24 | — | $89.2M | ||
| Q3 24 | — | $70.3M | ||
| Q2 24 | — | $27.2M | ||
| Q1 24 | — | $29.2M |
自由现金流率JOYYRDDT
| Q4 25 | — | 36.3% | ||
| Q3 25 | — | 31.3% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | 20.2% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 12.0% |
资本支出强度JOYYRDDT
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.2% |
现金转化率JOYYRDDT
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 4.88× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 2.40× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
JOYY
| Live streaming | $1.1B | 74% |
| Advertising | $297.3M | 19% |
| Others | $109.8M | 7% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
