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欢聚集团（JOYY）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是欢聚集团的1.9倍（$2.9B vs $1.5B），韦莱韬悦净利率更高（25.5% vs 10.4%，领先15.1%），过去两年欢聚集团的营收复合增速更高（16.8% vs 12.0%）
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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
JOYY vs WTW — 直观对比
营收规模更大
WTW
是对方的1.9倍
$1.5B
净利率更高
WTW
高出15.1%
10.4%
两年增速更快
JOYY
近两年复合增速
12.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $160.1M | $735.0M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 2.4% | 35.3% |
| 净利率 | 10.4% | 25.5% |
| 营收同比 | — | -3.5% |
| 净利润同比 | — | -41.0% |
| 每股收益（稀释后） | — | $7.50 |
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JOYYWTW
| Q4 25 | — | $2.9B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.0B | $2.2B | ||
| Q1 25 | $494.4M | $2.2B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.1B | $2.2B | ||
| Q1 24 | $564.6M | $2.3B |
净利润JOYYWTW
| Q4 25 | — | $735.0M | ||
| Q3 25 | $160.1M | $304.0M | ||
| Q2 25 | $100.9M | $331.0M | ||
| Q1 25 | $42.9M | $235.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $143.9M | $-1.7B | ||
| Q2 24 | $87.9M | $141.0M | ||
| Q1 24 | $40.2M | $190.0M |
毛利率JOYYWTW
| 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JOYYWTW
| Q4 25 | — | 35.3% | ||
| Q3 25 | 2.4% | 18.7% | ||
| Q2 25 | 1.8% | 16.6% | ||
| Q1 25 | 2.5% | 19.8% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | 1.3% | -34.2% | ||
| Q2 24 | 0.5% | 9.6% | ||
| Q1 24 | 0.6% | 12.2% |
净利率JOYYWTW
| Q4 25 | — | 25.5% | ||
| Q3 25 | 10.4% | 13.6% | ||
| Q2 25 | 10.1% | 14.9% | ||
| Q1 25 | 8.7% | 10.8% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | 8.5% | -74.8% | ||
| Q2 24 | 7.8% | 6.4% | ||
| Q1 24 | 7.1% | 8.3% |
每股收益（稀释后）JOYYWTW
| Q4 25 | — | $7.50 | ||
| Q3 25 | — | $3.11 | ||
| Q2 25 | — | $3.32 | ||
| Q1 25 | — | $2.33 | ||
| Q4 24 | — | $12.29 | ||
| Q3 24 | — | $-16.44 | ||
| Q2 24 | — | $1.36 | ||
| Q1 24 | — | $1.83 |
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 | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $6.6B | $8.0B |
| 总资产 | $7.5B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资JOYYWTW
| Q4 25 | — | $3.2B | ||
| Q3 25 | $383.8M | $1.9B | ||
| Q2 25 | $401.0M | $2.0B | ||
| Q1 25 | $801.5M | $1.5B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $481.8M | $1.4B | ||
| Q2 24 | $607.1M | $1.2B | ||
| Q1 24 | $728.2M | $1.9B |
总债务JOYYWTW
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益JOYYWTW
| Q4 25 | — | $8.0B | ||
| Q3 25 | $6.6B | $7.7B | ||
| Q2 25 | $6.6B | $8.1B | ||
| Q1 25 | $6.6B | $8.1B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | $5.3B | $7.5B | ||
| Q2 24 | $5.3B | $9.3B | ||
| Q1 24 | $5.3B | $9.5B |
总资产JOYYWTW
| Q4 25 | — | $29.5B | ||
| Q3 25 | $7.5B | $27.4B | ||
| Q2 25 | $7.5B | $28.5B | ||
| Q1 25 | $7.6B | $28.1B | ||
| Q4 24 | — | $27.7B | ||
| Q3 24 | $8.1B | $27.2B | ||
| Q2 24 | $8.1B | $29.6B | ||
| Q1 24 | $8.6B | $30.2B |
负债/权益比JOYYWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | — | $771.0M |
| 自由现金流经营现金流 - 资本支出 | — | $708.0M |
| 自由现金流率自由现金流/营收 | — | 24.6% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流JOYYWTW
| Q4 25 | — | $771.0M | ||
| Q3 25 | — | $678.0M | ||
| Q2 25 | — | $361.0M | ||
| Q1 25 | — | $-35.0M | ||
| Q4 24 | — | $599.0M | ||
| Q3 24 | — | $482.0M | ||
| Q2 24 | — | $407.0M | ||
| Q1 24 | — | $24.0M |
自由现金流JOYYWTW
| Q4 25 | — | $708.0M | ||
| Q3 25 | — | $621.0M | ||
| Q2 25 | — | $303.0M | ||
| Q1 25 | — | $-86.0M | ||
| Q4 24 | — | $543.0M | ||
| Q3 24 | — | $419.0M | ||
| Q2 24 | — | $341.0M | ||
| Q1 24 | — | $-36.0M |
自由现金流率JOYYWTW
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 27.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 18.7% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | -1.6% |
资本支出强度JOYYWTW
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 2.6% |
现金转化率JOYYWTW
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | — | 1.09× | ||
| Q1 25 | — | -0.15× | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.89× | ||
| Q1 24 | — | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
