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欢聚集团（JOYY）与RXO, Inc.（RXO）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RXO, Inc.的1.0倍（$1.5B vs $1.5B），欢聚集团净利率更高（10.4% vs -3.1%，领先13.5%），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
JOYY vs RXO — 直观对比
营收规模更大
JOYY
是对方的1.0倍
$1.5B
净利率更高
JOYY
高出13.5%
-3.1%
两年增速更快
RXO
近两年复合增速
16.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.5B |
| 净利润 | $160.1M | $-46.0M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 2.4% | -2.9% |
| 净利率 | 10.4% | -3.1% |
| 营收同比 | — | -11.9% |
| 净利润同比 | — | -84.0% |
| 每股收益（稀释后） | — | $-0.28 |
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JOYYRXO
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $494.4M | $1.4B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.1B | $930.0M | ||
| Q1 24 | $564.6M | $913.0M |
净利润JOYYRXO
| Q4 25 | — | $-46.0M | ||
| Q3 25 | $160.1M | $-14.0M | ||
| Q2 25 | $100.9M | $-9.0M | ||
| Q1 25 | $42.9M | $-31.0M | ||
| Q4 24 | — | $-25.0M | ||
| Q3 24 | $143.9M | $-243.0M | ||
| Q2 24 | $87.9M | $-7.0M | ||
| Q1 24 | $40.2M | $-15.0M |
毛利率JOYYRXO
| Q4 25 | — | — | ||
| Q3 25 | 36.1% | — | ||
| Q2 25 | 36.3% | — | ||
| Q1 25 | 36.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 35.7% | — | ||
| Q2 24 | 34.9% | — | ||
| Q1 24 | 34.6% | — |
营业利润率JOYYRXO
| Q4 25 | — | -2.9% | ||
| Q3 25 | 2.4% | -0.5% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.5% | -2.1% | ||
| Q4 24 | — | -1.4% | ||
| Q3 24 | 1.3% | -1.9% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.6% | -1.3% |
净利率JOYYRXO
| Q4 25 | — | -3.1% | ||
| Q3 25 | 10.4% | -1.0% | ||
| Q2 25 | 10.1% | -0.6% | ||
| Q1 25 | 8.7% | -2.2% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | 8.5% | -23.4% | ||
| Q2 24 | 7.8% | -0.8% | ||
| Q1 24 | 7.1% | -1.6% |
每股收益（稀释后）JOYYRXO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $6.6B | $1.5B |
| 总资产 | $7.5B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资JOYYRXO
| Q4 25 | — | $17.0M | ||
| Q3 25 | $383.8M | $25.0M | ||
| Q2 25 | $401.0M | $18.0M | ||
| Q1 25 | $801.5M | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | $481.8M | $55.0M | ||
| Q2 24 | $607.1M | $7.0M | ||
| Q1 24 | $728.2M | $7.0M |
总债务JOYYRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益JOYYRXO
| Q4 25 | — | $1.5B | ||
| Q3 25 | $6.6B | $1.6B | ||
| Q2 25 | $6.6B | $1.6B | ||
| Q1 25 | $6.6B | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $5.3B | $1.7B | ||
| Q2 24 | $5.3B | $579.0M | ||
| Q1 24 | $5.3B | $582.0M |
总资产JOYYRXO
| Q4 25 | — | $3.3B | ||
| Q3 25 | $7.5B | $3.2B | ||
| Q2 25 | $7.5B | $3.2B | ||
| Q1 25 | $7.6B | $3.3B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $8.1B | $3.4B | ||
| Q2 24 | $8.1B | $1.8B | ||
| Q1 24 | $8.6B | $1.8B |
负债/权益比JOYYRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | — | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 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 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流JOYYRXO
| Q4 25 | — | $7.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $-2.0M | ||
| Q4 24 | — | $-7.0M | ||
| Q3 24 | — | $-7.0M | ||
| Q2 24 | — | $-5.0M | ||
| Q1 24 | — | $7.0M |
自由现金流JOYYRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率JOYYRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度JOYYRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
