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蔚来（NIO）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
蔚来的季度营收约是QVC Group, Inc.的1.8倍（$4.7B vs $2.7B），蔚来净利率更高（0.8% vs -1.4%，领先2.2%），QVC Group, Inc.自由现金流更多（$191.0M vs $-439.4M）
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
NIO vs QVCGA — 直观对比
营收规模更大
NIO
是对方的1.8倍
$2.7B
净利率更高
NIO
高出2.2%
-1.4%
自由现金流更多
QVCGA
多$630.4M
$-439.4M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.7B |
| 净利润 | $38.7M | $-37.0M |
| 毛利率 | 17.5% | 32.9% |
| 营业利润率 | 1.5% | 3.7% |
| 净利率 | 0.8% | -1.4% |
| 营收同比 | — | -9.1% |
| 净利润同比 | — | 97.1% |
| 每股收益（稀释后） | $0.05 | $-17.37 |
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NIOQVCGA
| Q1 26 | $4.7B | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $2.6B | $2.2B | ||
| Q1 25 | $2.7B | $2.1B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B |
净利润NIOQVCGA
| Q1 26 | $38.7M | — | ||
| Q4 25 | — | $-37.0M | ||
| Q3 25 | $-505.2M | $-80.0M | ||
| Q2 25 | $-709.5M | $-2.2B | ||
| Q1 25 | $-984.2M | $-100.0M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $20.0M |
毛利率NIOQVCGA
| Q1 26 | 17.5% | — | ||
| Q4 25 | — | 32.9% | ||
| Q3 25 | 13.9% | 34.0% | ||
| Q2 25 | 10.0% | 36.4% | ||
| Q1 25 | 11.7% | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 36.4% |
营业利润率NIOQVCGA
| Q1 26 | 1.5% | — | ||
| Q4 25 | — | 3.7% | ||
| Q3 25 | -16.2% | 2.7% | ||
| Q2 25 | -25.8% | -101.6% | ||
| Q1 25 | -30.6% | 0.7% | ||
| Q4 24 | — | -43.2% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 6.9% |
净利率NIOQVCGA
| Q1 26 | 0.8% | — | ||
| Q4 25 | — | -1.4% | ||
| Q3 25 | -16.8% | -3.6% | ||
| Q2 25 | -27.0% | -99.4% | ||
| Q1 25 | -36.2% | -4.8% | ||
| Q4 24 | — | -43.7% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | — | 0.8% |
每股收益（稀释后）NIOQVCGA
| Q1 26 | $0.05 | — | ||
| Q4 25 | — | $-17.37 | ||
| Q3 25 | $-1.51 | $-9.89 | ||
| Q2 25 | $-2.31 | $-275.46 | ||
| Q1 25 | $-3.47 | $-0.25 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $2.57 |
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 | $4.4B | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $594.8M | $-3.1B |
| 总资产 | $17.8B | $7.6B |
| 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NIOQVCGA
| Q1 26 | $4.4B | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $2.5B | $897.0M | ||
| Q1 25 | $4.6B | $833.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $873.0M | ||
| Q2 24 | — | $1.2B |
总债务NIOQVCGA
| Q1 26 | — | — | ||
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B |
股东权益NIOQVCGA
| Q1 26 | $594.8M | — | ||
| Q4 25 | — | $-3.1B | ||
| Q3 25 | — | $-3.1B | ||
| Q2 25 | $-168.3M | $-3.0B | ||
| Q1 25 | $817.5M | $-981.0M | ||
| Q4 24 | — | $-971.0M | ||
| Q3 24 | — | $397.0M | ||
| Q2 24 | — | $328.0M |
总资产NIOQVCGA
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $7.6B | ||
| Q3 25 | — | $7.6B | ||
| Q2 25 | $14.0B | $6.7B | ||
| Q1 25 | $14.7B | $9.0B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | — | $10.8B | ||
| Q2 24 | — | $10.9B |
负债/权益比NIOQVCGA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× |
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 | $427.9M | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | $191.0M |
| 自由现金流率自由现金流/营收 | -9.3% | 7.1% |
| 资本支出强度资本支出/营收 | 18.4% | 2.0% |
| 现金转化率经营现金流/净利润 | 11.07× | — |
| 过去12个月自由现金流最近4个季度 | — | $118.0M |
8季度趋势，按日历期对齐
经营现金流NIOQVCGA
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $244.0M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | — | $86.0M | ||
| Q1 25 | $-1.1B | $-60.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $20.0M | ||
| Q2 24 | — | $267.0M |
自由现金流NIOQVCGA
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | $191.0M | ||
| Q3 25 | — | $-27.0M | ||
| Q2 25 | — | $48.0M | ||
| Q1 25 | $-2.3B | $-94.0M | ||
| Q4 24 | — | $150.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $213.0M |
自由现金流率NIOQVCGA
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | -85.6% | -4.5% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | — | 8.8% |
资本支出强度NIOQVCGA
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | 46.1% | 1.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.2% |
现金转化率NIOQVCGA
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.35× |
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
NIO
暂无分部数据
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
