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网易（NTES）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是网易的1.1倍（$4.5B vs $4.0B），网易净利率更高（31.0% vs 21.3%，领先9.7%），过去两年网易的营收复合增速更高（9.7% vs 4.1%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
NTES vs RCL — 直观对比
营收规模更大
RCL
是对方的1.1倍
$4.0B
净利率更高
NTES
高出9.7%
21.3%
两年增速更快
NTES
近两年复合增速
4.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.5B |
| 净利润 | $1.2B | $950.0M |
| 毛利率 | 64.1% | — |
| 营业利润率 | 28.3% | 26.1% |
| 净利率 | 31.0% | 21.3% |
| 营收同比 | — | 11.3% |
| 净利润同比 | — | 29.1% |
| 每股收益（稀释后） | — | $3.48 |
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NTESRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $4.0B | $5.1B | ||
| Q2 25 | $3.9B | $4.5B | ||
| Q1 25 | $4.0B | $4.0B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $3.5B | $4.1B |
净利润NTESRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | — | $753.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.5B | $730.0M | ||
| Q4 24 | — | $552.0M | ||
| Q3 24 | $955.7M | $1.1B | ||
| Q2 24 | $939.6M | $854.0M |
毛利率NTESRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | 64.1% | 51.8% | ||
| Q2 25 | 64.7% | 49.7% | ||
| Q1 25 | 64.1% | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | 62.9% | 51.1% | ||
| Q2 24 | 62.9% | 47.6% |
营业利润率NTESRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | 28.3% | 33.1% | ||
| Q2 25 | 32.5% | 29.3% | ||
| Q1 25 | 36.2% | 23.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 27.3% | 33.4% | ||
| Q2 24 | 27.4% | 26.7% |
净利率NTESRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | — | 17.7% | ||
| Q3 25 | 31.0% | 30.6% | ||
| Q2 25 | 32.6% | 26.7% | ||
| Q1 25 | 36.6% | 18.3% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 25.6% | 22.7% | ||
| Q2 24 | 26.8% | 20.8% |
每股收益（稀释后）NTESRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
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 | $31.3B | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | $160.8B | $10.0B |
| 总资产 | $214.5B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资NTESRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | $31.3B | $432.0M | ||
| Q2 25 | $54.4B | $735.0M | ||
| Q1 25 | $41.7B | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | $20.2B | $418.0M | ||
| Q2 24 | $19.0B | $391.0M |
总债务NTESRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益NTESRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | — | $10.0B | ||
| Q3 25 | $160.8B | $10.1B | ||
| Q2 25 | $154.0B | $9.2B | ||
| Q1 25 | $147.8B | $8.0B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | $135.6B | $7.0B | ||
| Q2 24 | $134.2B | $6.0B |
总资产NTESRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | — | $41.6B | ||
| Q3 25 | $214.5B | $40.1B | ||
| Q2 25 | $208.5B | $38.5B | ||
| Q1 25 | $200.9B | $37.5B | ||
| Q4 24 | — | $37.1B | ||
| Q3 24 | $184.9B | $37.1B | ||
| Q2 24 | $183.3B | $37.0B |
负债/权益比NTESRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $1.8B | — |
| 自由现金流率自由现金流/营收 | 44.7% | — |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 现金转化率经营现金流/净利润 | 1.47× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $6.3B | — |
8季度趋势，按日历期对齐
经营现金流NTESRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.5B | $897.0M | ||
| Q2 24 | $898.8M | $1.6B |
自由现金流NTESRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | $1.8B | $-989.0M | ||
| Q2 25 | $1.5B | $910.0M | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | $1.5B | $563.0M | ||
| Q2 24 | $875.6M | $-567.0M |
自由现金流率NTESRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | 44.7% | -19.2% | ||
| Q2 25 | 38.3% | 20.1% | ||
| Q1 25 | 40.4% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 38.9% | 11.5% | ||
| Q2 24 | 25.0% | -13.8% |
资本支出强度NTESRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 1.0% | 47.8% | ||
| Q2 25 | 0.7% | 18.4% | ||
| Q1 25 | 1.6% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 1.4% | 6.8% | ||
| Q2 24 | 0.7% | 52.1% |
现金转化率NTESRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | 1.47× | 0.93× | ||
| Q2 25 | 1.20× | 1.44× | ||
| Q1 25 | 1.15× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.58× | 0.81× | ||
| Q2 24 | 0.96× | 1.84× |
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
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
