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KKR & Co.（KKR）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
KKR & Co.的季度营收约是网易的1.4倍（$5.7B vs $4.0B），网易净利率更高（31.0% vs 20.0%，领先11.0%），过去两年网易的营收复合增速更高（9.7% vs -22.9%）
KKR（全称Kohlberg Kravis Roberts & Co.）是源自美国的全球知名私募股权投资机构，截至2024年12月31日，已累计完成770笔私募股权投资，对应总企业价值约7900亿美元，资产管理规模达5530亿美元，其中付费资产管理规模为4460亿美元。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
KKR vs NTES — 直观对比
营收规模更大
KKR
是对方的1.4倍
$4.0B
净利率更高
NTES
高出11.0%
20.0%
两年增速更快
NTES
近两年复合增速
-22.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $4.0B |
| 净利润 | $1.1B | $1.2B |
| 毛利率 | — | 64.1% |
| 营业利润率 | 45.3% | 28.3% |
| 净利率 | 20.0% | 31.0% |
| 营收同比 | 76.1% | — |
| 净利润同比 | 1.8% | — |
| 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KKRNTES
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $4.0B | ||
| Q2 25 | $5.1B | $3.9B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $4.8B | $3.7B | ||
| Q2 24 | $4.2B | $3.5B | ||
| Q1 24 | $9.7B | $3.7B |
净利润KKRNTES
| Q4 25 | $1.1B | — | ||
| Q3 25 | $900.4M | $1.2B | ||
| Q2 25 | $510.1M | $1.3B | ||
| Q1 25 | $-185.9M | $1.5B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $600.5M | $955.7M | ||
| Q2 24 | $667.9M | $939.6M | ||
| Q1 24 | $682.2M | $1.1B |
毛利率KKRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
营业利润率KKRNTES
| Q4 25 | 45.3% | — | ||
| Q3 25 | 39.8% | 28.3% | ||
| Q2 25 | 30.0% | 32.5% | ||
| Q1 25 | 24.8% | 36.2% | ||
| Q4 24 | 50.4% | — | ||
| Q3 24 | 34.3% | 27.3% | ||
| Q2 24 | 29.0% | 27.4% | ||
| Q1 24 | 14.1% | 28.4% |
净利率KKRNTES
| Q4 25 | 20.0% | — | ||
| Q3 25 | 16.3% | 31.0% | ||
| Q2 25 | 10.0% | 32.6% | ||
| Q1 25 | -6.0% | 36.6% | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | 12.5% | 25.6% | ||
| Q2 24 | 16.0% | 26.8% | ||
| Q1 24 | 7.1% | 29.1% |
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 | — | $31.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.9B | $160.8B |
| 总资产 | $410.1B | $214.5B |
| 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KKRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | — | $41.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.0B | ||
| Q1 24 | — | $43.0B |
股东权益KKRNTES
| Q4 25 | $30.9B | — | ||
| Q3 25 | $29.7B | $160.8B | ||
| Q2 25 | $28.2B | $154.0B | ||
| Q1 25 | $27.5B | $147.8B | ||
| Q4 24 | $23.7B | — | ||
| Q3 24 | $24.1B | $135.6B | ||
| Q2 24 | $21.7B | $134.2B | ||
| Q1 24 | $21.4B | $130.5B |
总资产KKRNTES
| Q4 25 | $410.1B | — | ||
| Q3 25 | $398.5B | $214.5B | ||
| Q2 25 | $380.9B | $208.5B | ||
| Q1 25 | $372.4B | $200.9B | ||
| Q4 24 | $360.1B | — | ||
| Q3 24 | $360.7B | $184.9B | ||
| Q2 24 | $348.5B | $183.3B | ||
| Q1 24 | $339.8B | $195.1B |
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 | $-4.9B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | $1.8B |
| 自由现金流率自由现金流/营收 | — | 44.7% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | -4.28× | 1.47× |
| 过去12个月自由现金流最近4个季度 | — | $6.3B |
8季度趋势，按日历期对齐
经营现金流KKRNTES
| Q4 25 | $-4.9B | — | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $438.8M | $1.5B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $-111.7M | — | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $3.4B | $898.8M | ||
| Q1 24 | $1.5B | $1.3B |
自由现金流KKRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B |
自由现金流率KKRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% |
资本支出强度KKRNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% |
现金转化率KKRNTES
| Q4 25 | -4.28× | — | ||
| Q3 25 | 2.65× | 1.47× | ||
| Q2 25 | 0.86× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | -0.10× | — | ||
| Q3 24 | 3.12× | 1.58× | ||
| Q2 24 | 5.03× | 0.96× | ||
| Q1 24 | 2.24× | 1.22× |
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
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
