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微宏控股（MVST）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
再鼎医药的季度营收约是微宏控股的1.3倍（$127.1M vs $96.4M），再鼎医药同比增速更快（17.1% vs -15.0%），微宏控股自由现金流更多（$15.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 8.9%）
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
MVST vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$96.4M
营收增速更快
ZLAB
高出32.1%
-15.0%
自由现金流更多
MVST
多$42.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $96.4M | $127.1M |
| 净利润 | $16.5M | — |
| 毛利率 | 1.0% | 51.0% |
| 营业利润率 | -42.7% | -54.6% |
| 净利率 | 17.2% | — |
| 营收同比 | -15.0% | 17.1% |
| 净利润同比 | 120.1% | — |
| 每股收益（稀释后） | $0.19 | $-0.05 |
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MVSTZLAB
| Q4 25 | $96.4M | $127.1M | ||
| Q3 25 | $123.3M | $115.4M | ||
| Q2 25 | $91.3M | $109.1M | ||
| Q1 25 | $116.5M | $105.7M | ||
| Q4 24 | $113.4M | $108.5M | ||
| Q3 24 | $101.4M | $101.8M | ||
| Q2 24 | $83.7M | $100.1M | ||
| Q1 24 | $81.4M | $87.1M |
净利润MVSTZLAB
| Q4 25 | $16.5M | — | ||
| Q3 25 | $-1.5M | $-36.0M | ||
| Q2 25 | $-106.1M | $-40.7M | ||
| Q1 25 | $61.8M | $-48.4M | ||
| Q4 24 | $-82.3M | — | ||
| Q3 24 | $13.2M | $-41.7M | ||
| Q2 24 | $-101.6M | $-80.3M | ||
| Q1 24 | $-24.8M | $-53.5M |
毛利率MVSTZLAB
| Q4 25 | 1.0% | 51.0% | ||
| Q3 25 | 37.6% | 59.5% | ||
| Q2 25 | 34.7% | 60.6% | ||
| Q1 25 | 36.9% | 63.6% | ||
| Q4 24 | 36.6% | 61.5% | ||
| Q3 24 | 33.2% | 64.1% | ||
| Q2 24 | 32.5% | 64.9% | ||
| Q1 24 | 21.2% | 61.4% |
营业利润率MVSTZLAB
| Q4 25 | -42.7% | -54.6% | ||
| Q3 25 | 10.5% | -42.3% | ||
| Q2 25 | 17.8% | -50.3% | ||
| Q1 25 | 16.3% | -53.3% | ||
| Q4 24 | -1.2% | -62.6% | ||
| Q3 24 | 7.1% | -66.6% | ||
| Q2 24 | -118.0% | -76.0% | ||
| Q1 24 | -28.4% | -80.7% |
净利率MVSTZLAB
| Q4 25 | 17.2% | — | ||
| Q3 25 | -1.2% | -31.2% | ||
| Q2 25 | -116.1% | -37.3% | ||
| Q1 25 | 53.0% | -45.8% | ||
| Q4 24 | -72.6% | — | ||
| Q3 24 | 13.1% | -40.9% | ||
| Q2 24 | -121.4% | -80.2% | ||
| Q1 24 | -30.5% | -61.4% |
每股收益（稀释后）MVSTZLAB
| Q4 25 | $0.19 | $-0.05 | ||
| Q3 25 | $0.00 | $-0.03 | ||
| Q2 25 | $-0.33 | $-0.04 | ||
| Q1 25 | $0.05 | $-0.04 | ||
| Q4 24 | $-0.24 | $-0.09 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $-0.32 | $-0.08 | ||
| Q1 24 | $-0.08 | $-0.05 |
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 | $105.0M | $689.6M |
| 总债务越低越好 | $13.2M | — |
| 股东权益账面价值 | $410.5M | $715.5M |
| 总资产 | $1.0B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.03× | — |
8季度趋势，按日历期对齐
现金及短期投资MVSTZLAB
| Q4 25 | $105.0M | $689.6M | ||
| Q3 25 | $90.7M | $717.2M | ||
| Q2 25 | $99.7M | $732.2M | ||
| Q1 25 | $90.9M | $757.3M | ||
| Q4 24 | $73.0M | $779.7M | ||
| Q3 24 | $63.6M | $616.1M | ||
| Q2 24 | $68.2M | $630.0M | ||
| Q1 24 | $39.5M | $650.8M |
总债务MVSTZLAB
| Q4 25 | $13.2M | — | ||
| Q3 25 | $34.4M | — | ||
| Q2 25 | $34.2M | — | ||
| Q1 25 | $41.3M | — | ||
| Q4 24 | $41.1M | — | ||
| Q3 24 | $53.4M | — | ||
| Q2 24 | $34.2M | — | ||
| Q1 24 | $43.0M | — |
股东权益MVSTZLAB
| Q4 25 | $410.5M | $715.5M | ||
| Q3 25 | $358.1M | $759.9M | ||
| Q2 25 | $356.1M | $791.7M | ||
| Q1 25 | $454.2M | $810.8M | ||
| Q4 24 | $387.9M | $840.9M | ||
| Q3 24 | $486.1M | $667.7M | ||
| Q2 24 | $455.0M | $704.2M | ||
| Q1 24 | $546.1M | $762.2M |
总资产MVSTZLAB
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $982.9M | $1.2B | ||
| Q4 24 | $951.9M | $1.2B | ||
| Q3 24 | $997.9M | $985.3M | ||
| Q2 24 | $961.4M | $987.4M | ||
| Q1 24 | $1.0B | $988.4M |
负债/权益比MVSTZLAB
| Q4 25 | 0.03× | — | ||
| Q3 25 | 0.10× | — | ||
| Q2 25 | 0.10× | — | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | 0.11× | — | ||
| Q3 24 | 0.11× | — | ||
| Q2 24 | 0.08× | — | ||
| Q1 24 | 0.08× | — |
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 | $16.4M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $15.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 16.4% | -21.0% |
| 资本支出强度资本支出/营收 | 0.7% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.99× | — |
| 过去12个月自由现金流最近4个季度 | $56.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MVSTZLAB
| Q4 25 | $16.4M | $-26.0M | ||
| Q3 25 | $15.2M | $-32.0M | ||
| Q2 25 | $37.2M | $-31.0M | ||
| Q1 25 | $7.2M | $-61.7M | ||
| Q4 24 | $6.1M | $-55.8M | ||
| Q3 24 | $-5.4M | $-26.8M | ||
| Q2 24 | $111.0K | $-42.2M | ||
| Q1 24 | $2.0M | $-90.1M |
自由现金流MVSTZLAB
| Q4 25 | $15.8M | $-26.7M | ||
| Q3 25 | $1.2M | $-35.0M | ||
| Q2 25 | $34.3M | $-33.9M | ||
| Q1 25 | $4.8M | $-63.2M | ||
| Q4 24 | $5.7M | $-58.4M | ||
| Q3 24 | $-19.6M | $-28.2M | ||
| Q2 24 | $-2.8M | $-42.9M | ||
| Q1 24 | $-8.2M | $-91.1M |
自由现金流率MVSTZLAB
| Q4 25 | 16.4% | -21.0% | ||
| Q3 25 | 1.0% | -30.4% | ||
| Q2 25 | 37.5% | -31.1% | ||
| Q1 25 | 4.1% | -59.9% | ||
| Q4 24 | 5.1% | -53.8% | ||
| Q3 24 | -19.3% | -27.7% | ||
| Q2 24 | -3.4% | -42.9% | ||
| Q1 24 | -10.1% | -104.5% |
资本支出强度MVSTZLAB
| Q4 25 | 0.7% | 0.5% | ||
| Q3 25 | 11.3% | 2.6% | ||
| Q2 25 | 3.1% | 2.6% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 0.3% | 2.4% | ||
| Q3 24 | 14.0% | 1.3% | ||
| Q2 24 | 3.5% | 0.7% | ||
| Q1 24 | 12.6% | 1.1% |
现金转化率MVSTZLAB
| Q4 25 | 0.99× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.41× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
