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奥飞娱乐（MAX）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
奥飞娱乐的季度营收约是Ultragenyx Pharmaceutical Inc.的1.5倍（$310.0M vs $207.3M），奥飞娱乐净利率更高（4.5% vs -62.0%，领先66.6%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 17.3%），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% vs 31.9%）
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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
MAX vs RARE — 直观对比
营收规模更大
MAX
是对方的1.5倍
$207.3M
营收增速更快
RARE
高出8.6%
17.3%
净利率更高
MAX
高出66.6%
-62.0%
两年增速更快
RARE
近两年复合增速
31.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $207.3M |
| 净利润 | $14.0M | $-128.6M |
| 毛利率 | 15.1% | — |
| 营业利润率 | 7.2% | -54.7% |
| 净利率 | 4.5% | -62.0% |
| 营收同比 | 17.3% | 25.9% |
| 净利润同比 | 701.8% | 3.5% |
| 每股收益（稀释后） | — | $-1.28 |
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MAXRARE
| Q1 26 | $310.0M | — | ||
| Q4 25 | $291.2M | $207.3M | ||
| Q3 25 | $306.5M | $159.9M | ||
| Q2 25 | $251.6M | $166.5M | ||
| Q1 25 | $264.3M | $139.3M | ||
| Q4 24 | $300.6M | $164.6M | ||
| Q3 24 | $259.1M | $139.5M | ||
| Q2 24 | $178.3M | $147.0M |
净利润MAXRARE
| Q1 26 | $14.0M | — | ||
| Q4 25 | $31.4M | $-128.6M | ||
| Q3 25 | $14.9M | $-180.4M | ||
| Q2 25 | $-18.7M | $-115.0M | ||
| Q1 25 | $-1.9M | $-151.1M | ||
| Q4 24 | $4.6M | $-133.2M | ||
| Q3 24 | $9.5M | $-133.5M | ||
| Q2 24 | $3.6M | $-131.6M |
毛利率MAXRARE
| Q1 26 | 15.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.2% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 15.8% | — | ||
| Q4 24 | 16.3% | — | ||
| Q3 24 | 15.1% | — | ||
| Q2 24 | 17.8% | — |
营业利润率MAXRARE
| Q1 26 | 7.2% | — | ||
| Q4 25 | 7.7% | -54.7% | ||
| Q3 25 | 6.4% | -106.9% | ||
| Q2 25 | -8.0% | -64.8% | ||
| Q1 25 | 0.0% | -102.6% | ||
| Q4 24 | 6.1% | -74.3% | ||
| Q3 24 | 6.0% | -94.6% | ||
| Q2 24 | 3.6% | -79.1% |
净利率MAXRARE
| Q1 26 | 4.5% | — | ||
| Q4 25 | 10.8% | -62.0% | ||
| Q3 25 | 4.9% | -112.8% | ||
| Q2 25 | -7.4% | -69.0% | ||
| Q1 25 | -0.7% | -108.5% | ||
| Q4 24 | 1.5% | -80.9% | ||
| Q3 24 | 3.7% | -95.7% | ||
| Q2 24 | 2.0% | -89.5% |
每股收益（稀释后）MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | $0.50 | $-1.28 | ||
| Q3 25 | $0.26 | $-1.81 | ||
| Q2 25 | $-0.33 | $-1.17 | ||
| Q1 25 | $-0.04 | $-1.57 | ||
| Q4 24 | $0.09 | $-1.34 | ||
| Q3 24 | $0.17 | $-1.40 | ||
| Q2 24 | $0.07 | $-1.52 |
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 | $26.1M | $421.0M |
| 总债务越低越好 | $163.5M | — |
| 股东权益账面价值 | — | $-80.0M |
| 总资产 | $367.7M | $1.5B |
| 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MAXRARE
| Q1 26 | $26.1M | — | ||
| Q4 25 | $46.9M | $421.0M | ||
| Q3 25 | $38.8M | $202.5M | ||
| Q2 25 | $85.4M | $176.3M | ||
| Q1 25 | $63.6M | $127.1M | ||
| Q4 24 | $43.3M | $174.0M | ||
| Q3 24 | $32.3M | $150.6M | ||
| Q2 24 | $28.7M | $480.7M |
总债务MAXRARE
| Q1 26 | $163.5M | — | ||
| 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 | — |
股东权益MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | $4.2M | $-80.0M | ||
| Q3 25 | $-29.8M | $9.2M | ||
| Q2 25 | $-3.8M | $151.3M | ||
| Q1 25 | $7.9M | $144.2M | ||
| Q4 24 | $2.4M | $255.0M | ||
| Q3 24 | $-8.4M | $346.8M | ||
| Q2 24 | $-24.4M | $432.4M |
总资产MAXRARE
| Q1 26 | $367.7M | — | ||
| Q4 25 | $383.8M | $1.5B | ||
| Q3 25 | $266.2M | $1.2B | ||
| Q2 25 | $249.4M | $1.3B | ||
| Q1 25 | $240.0M | $1.3B | ||
| Q4 24 | $262.4M | $1.5B | ||
| Q3 24 | $236.1M | $1.5B | ||
| Q2 24 | $198.2M | $1.6B |
负债/权益比MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | 36.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.23× | — | ||
| Q4 24 | 68.31× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | $-7.4M | $-99.8M | ||
| Q3 25 | $23.6M | $-91.4M | ||
| Q2 25 | $25.7M | $-108.3M | ||
| Q1 25 | $23.7M | $-166.5M | ||
| Q4 24 | $14.5M | $-79.3M | ||
| Q3 24 | $8.1M | $-67.0M | ||
| Q2 24 | $21.6M | $-77.0M |
自由现金流MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | $-7.5M | $-100.8M | ||
| Q3 25 | $23.6M | $-92.7M | ||
| Q2 25 | $25.5M | $-110.7M | ||
| Q1 25 | $23.6M | $-167.8M | ||
| Q4 24 | $14.5M | $-79.5M | ||
| Q3 24 | $8.0M | $-68.6M | ||
| Q2 24 | $21.5M | $-79.0M |
自由现金流率MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | -48.6% | ||
| Q3 25 | 7.7% | -58.0% | ||
| Q2 25 | 10.2% | -66.5% | ||
| Q1 25 | 8.9% | -120.5% | ||
| Q4 24 | 4.8% | -48.3% | ||
| Q3 24 | 3.1% | -49.2% | ||
| Q2 24 | 12.0% | -53.7% |
资本支出强度MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.1% | 1.5% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.1% | 1.4% |
现金转化率MAXRARE
| Q1 26 | — | — | ||
| Q4 25 | -0.24× | — | ||
| Q3 25 | 1.58× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.13× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 5.97× | — |
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
暂无分部数据
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
