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奥飞娱乐（MAX）与美客多（MELI）财务数据对比。点击上方公司名可切换其他公司
美客多的季度营收约是奥飞娱乐的21.1倍（$6.1B vs $291.2M）。奥飞娱乐净利率更高（10.8% vs 9.1%，领先1.7%）。美客多同比增速更快（40.2% vs -3.2%）。美客多自由现金流更多（$4.8B vs $-7.5M）。过去两年奥飞娱乐的营收复合增速更高（51.6% vs 40.7%）
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
美客多（Mercado Libre）是起源于阿根廷、在美国特拉华州注册的互联网企业，核心业务涵盖电商平台运营及在线拍卖服务，是拉丁美洲头部电商平台。截至2016年，其在拉美地区拥有1.742亿用户，是当地访问量最高的电商站点。
MAX vs MELI — 直观对比
营收规模更大
MELI
是对方的21.1倍
$291.2M
营收增速更快
MELI
高出43.3%
-3.2%
净利率更高
MAX
高出1.7%
9.1%
自由现金流更多
MELI
多$4.8B
$-7.5M
两年增速更快
MAX
近两年复合增速
40.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $291.2M | $6.1B |
| 净利润 | $31.4M | $559.0M |
| 毛利率 | 15.4% | 61.7% |
| 营业利润率 | 7.7% | 14.5% |
| 净利率 | 10.8% | 9.1% |
| 营收同比 | -3.2% | 40.2% |
| 净利润同比 | 576.9% | -12.5% |
| 每股收益（稀释后） | $0.50 | $11.03 |
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MAXMELI
| Q4 25 | $291.2M | $6.1B | ||
| Q3 25 | $306.5M | $5.2B | ||
| Q2 25 | $251.6M | $4.8B | ||
| Q1 25 | $264.3M | $4.2B | ||
| Q4 24 | $300.6M | $4.4B | ||
| Q3 24 | $259.1M | $3.9B | ||
| Q2 24 | $178.3M | $3.8B | ||
| Q1 24 | $126.6M | $3.1B |
净利润MAXMELI
| Q4 25 | $31.4M | $559.0M | ||
| Q3 25 | $14.9M | $421.0M | ||
| Q2 25 | $-18.7M | $523.0M | ||
| Q1 25 | $-1.9M | $494.0M | ||
| Q4 24 | $4.6M | $639.0M | ||
| Q3 24 | $9.5M | $397.0M | ||
| Q2 24 | $3.6M | $531.0M | ||
| Q1 24 | $-1.1M | $344.0M |
毛利率MAXMELI
| Q4 25 | 15.4% | 61.7% | ||
| Q3 25 | 14.2% | 61.7% | ||
| Q2 25 | 15.0% | 64.4% | ||
| Q1 25 | 15.8% | 66.1% | ||
| Q4 24 | 16.3% | 62.8% | ||
| Q3 24 | 15.1% | 62.6% | ||
| Q2 24 | 17.8% | 62.8% | ||
| Q1 24 | 18.7% | 65.3% |
营业利润率MAXMELI
| Q4 25 | 7.7% | 14.5% | ||
| Q3 25 | 6.4% | 13.9% | ||
| Q2 25 | -8.0% | 17.2% | ||
| Q1 25 | 0.0% | 18.2% | ||
| Q4 24 | 6.1% | 18.7% | ||
| Q3 24 | 6.0% | 14.3% | ||
| Q2 24 | 3.6% | 19.3% | ||
| Q1 24 | 1.9% | 17.0% |
净利率MAXMELI
| Q4 25 | 10.8% | 9.1% | ||
| Q3 25 | 4.9% | 8.1% | ||
| Q2 25 | -7.4% | 10.9% | ||
| Q1 25 | -0.7% | 11.8% | ||
| Q4 24 | 1.5% | 14.6% | ||
| Q3 24 | 3.7% | 10.2% | ||
| Q2 24 | 2.0% | 14.1% | ||
| Q1 24 | -0.9% | 11.1% |
每股收益（稀释后）MAXMELI
| Q4 25 | $0.50 | $11.03 | ||
| Q3 25 | $0.26 | $8.32 | ||
| Q2 25 | $-0.33 | $10.31 | ||
| Q1 25 | $-0.04 | $9.74 | ||
| Q4 24 | $0.09 | $12.60 | ||
| Q3 24 | $0.17 | $7.83 | ||
| Q2 24 | $0.07 | $10.48 | ||
| Q1 24 | $-0.02 | $6.78 |
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 | $46.9M | $6.3B |
| 总债务越低越好 | $153.4M | $4.6B |
| 股东权益账面价值 | $4.2M | $6.7B |
| 总资产 | $383.8M | $42.7B |
| 负债/权益比越低杠杆越低 | 36.88× | 0.68× |
8季度趋势，按日历期对齐
现金及短期投资MAXMELI
| Q4 25 | $46.9M | $6.3B | ||
| Q3 25 | $38.8M | $6.3B | ||
| Q2 25 | $85.4M | $7.6B | ||
| Q1 25 | $63.6M | $8.1B | ||
| Q4 24 | $43.3M | $7.1B | ||
| Q3 24 | $32.3M | $6.7B | ||
| Q2 24 | $28.7M | $6.9B | ||
| Q1 24 | $14.5M | $6.3B |
总债务MAXMELI
| Q4 25 | $153.4M | $4.6B | ||
| Q3 25 | $155.7M | $3.4B | ||
| Q2 25 | $158.0M | $3.5B | ||
| Q1 25 | $160.2M | $2.9B | ||
| Q4 24 | $162.4M | $2.9B | ||
| Q3 24 | $164.7M | $3.1B | ||
| Q2 24 | $166.9M | $2.4B | ||
| Q1 24 | $172.1M | $2.2B |
股东权益MAXMELI
| Q4 25 | $4.2M | $6.7B | ||
| Q3 25 | $-29.8M | $6.2B | ||
| Q2 25 | $-3.8M | $5.7B | ||
| Q1 25 | $7.9M | $5.0B | ||
| Q4 24 | $2.4M | $4.4B | ||
| Q3 24 | $-8.4M | $4.0B | ||
| Q2 24 | $-24.4M | $3.7B | ||
| Q1 24 | $-19.1M | $3.4B |
总资产MAXMELI
| Q4 25 | $383.8M | $42.7B | ||
| Q3 25 | $266.2M | $36.7B | ||
| Q2 25 | $249.4M | $32.9B | ||
| Q1 25 | $240.0M | $27.7B | ||
| Q4 24 | $262.4M | $25.2B | ||
| Q3 24 | $236.1M | $22.6B | ||
| Q2 24 | $198.2M | $20.0B | ||
| Q1 24 | $153.0M | $19.1B |
负债/权益比MAXMELI
| Q4 25 | 36.88× | 0.68× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | 20.23× | 0.57× | ||
| Q4 24 | 68.31× | 0.66× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.67× | ||
| Q1 24 | — | 0.66× |
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 | $-7.4M | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $-7.5M | $4.8B |
| 自由现金流率自由现金流/营收 | -2.6% | 77.9% |
| 资本支出强度资本支出/营收 | 0.0% | 7.0% |
| 现金转化率经营现金流/净利润 | -0.24× | 9.32× |
| 过去12个月自由现金流最近4个季度 | $65.3M | $10.8B |
8季度趋势，按日历期对齐
经营现金流MAXMELI
| Q4 25 | $-7.4M | $5.2B | ||
| Q3 25 | $23.6M | $3.0B | ||
| Q2 25 | $25.7M | $2.9B | ||
| Q1 25 | $23.7M | $1.0B | ||
| Q4 24 | $14.5M | $2.9B | ||
| Q3 24 | $8.1M | $1.6B | ||
| Q2 24 | $21.6M | $1.9B | ||
| Q1 24 | $1.7M | $1.5B |
自由现金流MAXMELI
| Q4 25 | $-7.5M | $4.8B | ||
| Q3 25 | $23.6M | $2.6B | ||
| Q2 25 | $25.5M | $2.6B | ||
| Q1 25 | $23.6M | $759.0M | ||
| Q4 24 | $14.5M | $2.6B | ||
| Q3 24 | $8.0M | $1.4B | ||
| Q2 24 | $21.5M | $1.7B | ||
| Q1 24 | $1.6M | $1.4B |
自由现金流率MAXMELI
| Q4 25 | -2.6% | 77.9% | ||
| Q3 25 | 7.7% | 50.0% | ||
| Q2 25 | 10.2% | 54.8% | ||
| Q1 25 | 8.9% | 18.1% | ||
| Q4 24 | 4.8% | 59.8% | ||
| Q3 24 | 3.1% | 35.4% | ||
| Q2 24 | 12.0% | 45.1% | ||
| Q1 24 | 1.3% | 44.1% |
资本支出强度MAXMELI
| Q4 25 | 0.0% | 7.0% | ||
| Q3 25 | 0.0% | 6.9% | ||
| Q2 25 | 0.1% | 6.0% | ||
| Q1 25 | 0.0% | 6.5% | ||
| Q4 24 | 0.0% | 7.0% | ||
| Q3 24 | 0.0% | 5.7% | ||
| Q2 24 | 0.1% | 4.9% | ||
| Q1 24 | 0.0% | 4.7% |
现金转化率MAXMELI
| Q4 25 | -0.24× | 9.32× | ||
| Q3 25 | 1.58× | 7.03× | ||
| Q2 25 | — | 5.58× | ||
| Q1 25 | — | 2.09× | ||
| Q4 24 | 3.13× | 4.58× | ||
| Q3 24 | 0.85× | 4.03× | ||
| Q2 24 | 5.97× | 3.54× | ||
| Q1 24 | — | 4.40× |
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
MAX
| Property And Casualty Insurance | $264.8M | 91% |
| Health Insurance | $20.8M | 7% |
| Sales Channel Through Intermediary | $7.2M | 2% |
MELI
| Commerce | $2.8B | 45% |
| Argentina Segment | $1.6B | 26% |
| Products | $1.2B | 20% |
| Other Countries Segment | $414.0M | 7% |
