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欢聚集团（JOYY）与微博公司（WB）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微博公司的1.2倍（$1.5B vs $1.3B），微博公司净利率更高（35.7% vs 10.4%，领先25.3%），过去两年微博公司的营收复合增速更高（22.6% 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。
微博公司是中国知名的社交网络企业，旗下运营的新浪微博是国内极具影响力的微博客平台，公司总部位于中国北京，为数以亿计的用户提供社交互动、资讯传播、内容创作等多元互联网服务。
JOYY vs WB — 直观对比
营收规模更大
JOYY
是对方的1.2倍
$1.3B
净利率更高
WB
高出25.3%
10.4%
两年增速更快
WB
近两年复合增速
16.8%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.3B |
| 净利润 | $160.1M | $458.3M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 2.4% | 29.1% |
| 净利率 | 10.4% | 35.7% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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JOYYWB
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.0B | $841.7M | ||
| Q1 25 | $494.4M | $396.9M | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $1.1B | $833.4M | ||
| Q1 24 | $564.6M | $395.5M | ||
| Q3 23 | $1.7B | $1.3B | ||
| Q2 23 | $1.1B | $854.0M |
净利润JOYYWB
| Q3 25 | $160.1M | $458.3M | ||
| Q2 25 | $100.9M | $234.8M | ||
| Q1 25 | $42.9M | $108.1M | ||
| Q3 24 | $143.9M | $297.4M | ||
| Q2 24 | $87.9M | $164.6M | ||
| Q1 24 | $40.2M | $51.1M | ||
| Q3 23 | $232.3M | $268.8M | ||
| Q2 23 | $167.2M | $188.6M |
毛利率JOYYWB
| Q3 25 | 36.1% | — | ||
| Q2 25 | 36.3% | — | ||
| Q1 25 | 36.1% | — | ||
| Q3 24 | 35.7% | — | ||
| Q2 24 | 34.9% | — | ||
| Q1 24 | 34.6% | — | ||
| Q3 23 | 36.0% | — | ||
| Q2 23 | 35.6% | — |
营业利润率JOYYWB
| Q3 25 | 2.4% | 29.1% | ||
| Q2 25 | 1.8% | 30.4% | ||
| Q1 25 | 2.5% | 27.8% | ||
| Q3 24 | 1.3% | 29.0% | ||
| Q2 24 | 0.5% | 28.2% | ||
| Q1 24 | 0.6% | 25.2% | ||
| Q3 23 | 1.4% | 27.3% | ||
| Q2 23 | 1.1% | 25.8% |
净利率JOYYWB
| Q3 25 | 10.4% | 35.7% | ||
| Q2 25 | 10.1% | 27.9% | ||
| Q1 25 | 8.7% | 27.2% | ||
| Q3 24 | 8.5% | 22.9% | ||
| Q2 24 | 7.8% | 19.8% | ||
| Q1 24 | 7.1% | 12.9% | ||
| Q3 23 | 13.7% | 20.7% | ||
| Q2 23 | 14.8% | 22.1% |
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 | $1.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.6B | $3.9B |
| 总资产 | $7.5B | $6.9B |
| 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JOYYWB
| Q3 25 | $383.8M | $1.1B | ||
| Q2 25 | $401.0M | $1.2B | ||
| Q1 25 | $801.5M | $1.2B | ||
| Q3 24 | $481.8M | — | ||
| Q2 24 | $607.1M | $1.9B | ||
| Q1 24 | $728.2M | $2.1B | ||
| Q3 23 | $1.2B | $2.8B | ||
| Q2 23 | — | $2.4B |
股东权益JOYYWB
| Q3 25 | $6.6B | $3.9B | ||
| Q2 25 | $6.6B | $3.6B | ||
| Q1 25 | $6.6B | $3.5B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | $3.4B | ||
| Q1 24 | $5.3B | $3.3B | ||
| Q3 23 | $5.3B | $3.2B | ||
| Q2 23 | $5.2B | $3.1B |
总资产JOYYWB
| Q3 25 | $7.5B | $6.9B | ||
| Q2 25 | $7.5B | $6.5B | ||
| Q1 25 | $7.6B | $6.7B | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.1B | $7.1B | ||
| Q1 24 | $8.6B | $7.3B | ||
| Q3 23 | $8.4B | $6.7B | ||
| Q2 23 | — | $6.9B |
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% |
WB
| Income from operations | $373.2M | 29% |
| Shares used in computing diluted net income per share attributable to Weibos shareholders | $268.1M | 21% |
| Shares used in computing basic net income per share attributable to Weibos shareholders | $238.6M | 19% |
| Value-added services | $186.1M | 14% |
| Less: Income tax expenses | $113.2M | 9% |
| Investment related income, net | $45.0M | 4% |
| Product development | $16.7M | 1% |
| General and administrative | $10.6M | 1% |
| Sales and marketing | $7.1M | 1% |
| Accretion to redeemable non-controlling interests | $3.0M | 0% |
