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欢聚集团（JOYY）与TKO Group Holdings（TKO）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TKO Group Holdings的1.5倍（$1.5B vs $1.0B），欢聚集团净利率更高（10.4% vs -0.2%，领先10.6%），过去两年TKO Group Holdings的营收复合增速更高（28.4% 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。
TKO Group Holdings是美国体育及体育娱乐上市企业，成立于2023年9月12日，由奋进集团（Endeavor）子公司、终极格斗冠军赛（UFC）母公司Zuffa与职业摔跤品牌世界摔角娱乐（WWE）合并组建，主营综合格斗、职业摔跤赛事运营及相关娱乐内容业务。
JOYY vs TKO — 直观对比
营收规模更大
JOYY
是对方的1.5倍
$1.0B
净利率更高
JOYY
高出10.6%
-0.2%
两年增速更快
TKO
近两年复合增速
16.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.0B |
| 净利润 | $160.1M | $-2.4M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 2.4% | 5.5% |
| 净利率 | 10.4% | -0.2% |
| 营收同比 | — | 61.6% |
| 净利润同比 | — | -107.7% |
| 每股收益（稀释后） | — | $-0.07 |
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JOYYTKO
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $494.4M | $1.3B | ||
| Q4 24 | — | $642.2M | ||
| Q3 24 | $1.7B | $681.3M | ||
| Q2 24 | $1.1B | $851.2M | ||
| Q1 24 | $564.6M | $629.7M |
净利润JOYYTKO
| Q4 25 | — | $-2.4M | ||
| Q3 25 | $160.1M | $41.0M | ||
| Q2 25 | $100.9M | $98.4M | ||
| Q1 25 | $42.9M | $58.4M | ||
| Q4 24 | — | $31.0M | ||
| Q3 24 | $143.9M | $23.1M | ||
| Q2 24 | $87.9M | $59.1M | ||
| Q1 24 | $40.2M | $-103.8M |
毛利率JOYYTKO
| 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JOYYTKO
| Q4 25 | — | 5.5% | ||
| Q3 25 | 2.4% | 15.4% | ||
| Q2 25 | 1.8% | 28.1% | ||
| Q1 25 | 2.5% | 18.7% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | 1.3% | 20.0% | ||
| Q2 24 | 0.5% | 30.0% | ||
| Q1 24 | 0.6% | -33.4% |
净利率JOYYTKO
| Q4 25 | — | -0.2% | ||
| Q3 25 | 10.4% | 3.7% | ||
| Q2 25 | 10.1% | 7.5% | ||
| Q1 25 | 8.7% | 4.6% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | 8.5% | 3.4% | ||
| Q2 24 | 7.8% | 6.9% | ||
| Q1 24 | 7.1% | -16.5% |
每股收益（稀释后）JOYYTKO
| Q4 25 | — | $-0.07 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $1.17 | ||
| Q1 25 | — | $0.69 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.72 | ||
| Q1 24 | — | $-1.26 |
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 | $831.1M |
| 总债务越低越好 | — | $3.8B |
| 股东权益账面价值 | $6.6B | $3.7B |
| 总资产 | $7.5B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资JOYYTKO
| Q4 25 | — | $831.1M | ||
| Q3 25 | $383.8M | $861.4M | ||
| Q2 25 | $401.0M | $535.1M | ||
| Q1 25 | $801.5M | $470.9M | ||
| Q4 24 | — | $525.6M | ||
| Q3 24 | $481.8M | $457.4M | ||
| Q2 24 | $607.1M | $277.5M | ||
| Q1 24 | $728.2M | $245.8M |
总债务JOYYTKO
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益JOYYTKO
| Q4 25 | — | $3.7B | ||
| Q3 25 | $6.6B | $3.8B | ||
| Q2 25 | $6.6B | $4.3B | ||
| Q1 25 | $6.6B | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $5.3B | $4.0B | ||
| Q2 24 | $5.3B | $4.0B | ||
| Q1 24 | $5.3B | $4.0B |
总资产JOYYTKO
| Q4 25 | — | $15.5B | ||
| Q3 25 | $7.5B | $15.5B | ||
| Q2 25 | $7.5B | $15.3B | ||
| Q1 25 | $7.6B | $15.0B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $8.1B | $12.8B | ||
| Q2 24 | $8.1B | $12.7B | ||
| Q1 24 | $8.6B | $12.7B |
负债/权益比JOYYTKO
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.68× |
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 | — | $309.9M |
| 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 | — | — |
| 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JOYYTKO
| Q4 25 | — | $309.9M | ||
| Q3 25 | — | $416.8M | ||
| Q2 25 | — | $396.2M | ||
| Q1 25 | — | $162.8M | ||
| Q4 24 | — | $56.8M | ||
| Q3 24 | — | $236.5M | ||
| Q2 24 | — | $230.7M | ||
| Q1 24 | — | $59.3M |
现金转化率JOYYTKO
| Q4 25 | — | — | ||
| Q3 25 | — | 10.16× | ||
| Q2 25 | — | 4.03× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | — | 10.22× | ||
| Q2 24 | — | 3.90× | ||
| 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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
