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奥飞娱乐（MAX）与拼多多（PDD）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是奥飞娱乐的52.2倍（$15.2B vs $291.2M）。拼多多净利率更高（27.1% vs 10.8%，领先16.3%）。过去两年拼多多的营收复合增速更高（74.6% vs 51.6%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MAX vs PDD — 直观对比
营收规模更大
PDD
是对方的52.2倍
$291.2M
净利率更高
PDD
高出16.3%
10.8%
两年增速更快
PDD
近两年复合增速
51.6%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $291.2M | $15.2B |
| 净利润 | $31.4M | $4.1B |
| 毛利率 | 15.4% | 56.7% |
| 营业利润率 | 7.7% | 23.1% |
| 净利率 | 10.8% | 27.1% |
| 营收同比 | -3.2% | — |
| 净利润同比 | 576.9% | — |
| 每股收益（稀释后） | $0.50 | — |
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MAXPDD
| Q4 25 | $291.2M | — | ||
| Q3 25 | $306.5M | $15.2B | ||
| Q2 25 | $251.6M | $14.5B | ||
| Q1 25 | $264.3M | — | ||
| Q4 24 | $300.6M | — | ||
| Q3 24 | $259.1M | $14.2B | ||
| Q2 24 | $178.3M | — | ||
| Q1 24 | $126.6M | $12.0B |
净利润MAXPDD
| Q4 25 | $31.4M | — | ||
| Q3 25 | $14.9M | $4.1B | ||
| Q2 25 | $-18.7M | $4.3B | ||
| Q1 25 | $-1.9M | — | ||
| Q4 24 | $4.6M | — | ||
| Q3 24 | $9.5M | $3.6B | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $-1.1M | $3.9B |
毛利率MAXPDD
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.2% | 56.7% | ||
| Q2 25 | 15.0% | 55.9% | ||
| Q1 25 | 15.8% | — | ||
| Q4 24 | 16.3% | — | ||
| Q3 24 | 15.1% | 60.0% | ||
| Q2 24 | 17.8% | — | ||
| Q1 24 | 18.7% | 62.3% |
营业利润率MAXPDD
| Q4 25 | 7.7% | — | ||
| Q3 25 | 6.4% | 23.1% | ||
| Q2 25 | -8.0% | 24.8% | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 6.0% | 24.5% | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 1.9% | 29.9% |
净利率MAXPDD
| Q4 25 | 10.8% | — | ||
| Q3 25 | 4.9% | 27.1% | ||
| Q2 25 | -7.4% | 29.6% | ||
| Q1 25 | -0.7% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 3.7% | 25.1% | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | -0.9% | 32.3% |
每股收益（稀释后）MAXPDD
| Q4 25 | $0.50 | — | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.17 | — | ||
| Q2 24 | $0.07 | — | ||
| Q1 24 | $-0.02 | — |
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 | $13.0B |
| 总债务越低越好 | $153.4M | — |
| 股东权益账面价值 | $4.2M | $55.0B |
| 总资产 | $383.8M | $86.2B |
| 负债/权益比越低杠杆越低 | 36.88× | — |
8季度趋势，按日历期对齐
现金及短期投资MAXPDD
| Q4 25 | $46.9M | — | ||
| Q3 25 | $38.8M | $13.0B | ||
| Q2 25 | $85.4M | $8.8B | ||
| Q1 25 | $63.6M | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | $32.3M | $9.3B | ||
| Q2 24 | $28.7M | — | ||
| Q1 24 | $14.5M | $7.7B |
总债务MAXPDD
| Q4 25 | $153.4M | — | ||
| Q3 25 | $155.7M | — | ||
| Q2 25 | $158.0M | — | ||
| Q1 25 | $160.2M | — | ||
| Q4 24 | $162.4M | — | ||
| Q3 24 | $164.7M | — | ||
| Q2 24 | $166.9M | — | ||
| Q1 24 | $172.1M | — |
股东权益MAXPDD
| Q4 25 | $4.2M | — | ||
| Q3 25 | $-29.8M | $55.0B | ||
| Q2 25 | $-3.8M | $50.5B | ||
| Q1 25 | $7.9M | — | ||
| Q4 24 | $2.4M | — | ||
| Q3 24 | $-8.4M | $39.7B | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-19.1M | $30.3B |
总资产MAXPDD
| Q4 25 | $383.8M | — | ||
| Q3 25 | $266.2M | $86.2B | ||
| Q2 25 | $249.4M | $79.2B | ||
| Q1 25 | $240.0M | — | ||
| Q4 24 | $262.4M | — | ||
| Q3 24 | $236.1M | $66.5B | ||
| Q2 24 | $198.2M | — | ||
| Q1 24 | $153.0M | $52.3B |
负债/权益比MAXPDD
| Q4 25 | 36.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.23× | — | ||
| Q4 24 | 68.31× | — | ||
| 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 | $-7.4M | $6.4B |
| 自由现金流经营现金流 - 资本支出 | $-7.5M | — |
| 自由现金流率自由现金流/营收 | -2.6% | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | -0.24× | 1.56× |
| 过去12个月自由现金流最近4个季度 | $65.3M | — |
8季度趋势，按日历期对齐
经营现金流MAXPDD
| Q4 25 | $-7.4M | — | ||
| Q3 25 | $23.6M | $6.4B | ||
| Q2 25 | $25.7M | $3.0B | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $14.5M | — | ||
| Q3 24 | $8.1M | $3.9B | ||
| Q2 24 | $21.6M | — | ||
| Q1 24 | $1.7M | $2.9B |
自由现金流MAXPDD
| Q4 25 | $-7.5M | — | ||
| Q3 25 | $23.6M | — | ||
| Q2 25 | $25.5M | — | ||
| Q1 25 | $23.6M | — | ||
| Q4 24 | $14.5M | — | ||
| Q3 24 | $8.0M | — | ||
| Q2 24 | $21.5M | — | ||
| Q1 24 | $1.6M | — |
自由现金流率MAXPDD
| Q4 25 | -2.6% | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | 12.0% | — | ||
| Q1 24 | 1.3% | — |
资本支出强度MAXPDD
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
现金转化率MAXPDD
| Q4 25 | -0.24× | — | ||
| Q3 25 | 1.58× | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.13× | — | ||
| Q3 24 | 0.85× | 1.10× | ||
| Q2 24 | 5.97× | — | ||
| Q1 24 | — | 0.75× |
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% |
PDD
暂无分部数据
