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网易（NTES）与RENAISSANCERE HOLDINGS LTD（RNR）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是RENAISSANCERE HOLDINGS LTD的1.8倍（$4.0B vs $2.2B），网易净利率更高（31.0% vs 23.5%，领先7.5%），过去两年网易的营收复合增速更高（9.7% vs -11.9%）
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。
RenaissanceRe Holdings Ltd是总部位于百慕大的保险及相关商业服务提供商，核心业务覆盖再保险、常规保险两大板块，同时运营风险相关创新投资业务，为全球客户提供专业的风险对冲与保险解决方案。
NTES vs RNR — 直观对比
营收规模更大
NTES
是对方的1.8倍
$2.2B
净利率更高
NTES
高出7.5%
23.5%
两年增速更快
NTES
近两年复合增速
-11.9%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.2B |
| 净利润 | $1.2B | $515.8M |
| 毛利率 | 64.1% | — |
| 营业利润率 | 28.3% | — |
| 净利率 | 31.0% | 23.5% |
| 营收同比 | — | -36.8% |
| 净利润同比 | — | 72.6% |
| 每股收益（稀释后） | — | $6.57 |
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NTESRNR
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $4.0B | $3.5B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $3.5B | $2.8B |
净利润NTESRNR
| Q1 26 | — | $515.8M | ||
| Q4 25 | — | $760.5M | ||
| Q3 25 | $1.2B | $916.5M | ||
| Q2 25 | $1.3B | $835.4M | ||
| Q1 25 | $1.5B | $170.0M | ||
| Q4 24 | — | $-189.7M | ||
| Q3 24 | $955.7M | $1.2B | ||
| Q2 24 | $939.6M | $503.9M |
毛利率NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 64.1% | — | ||
| Q2 25 | 64.7% | — | ||
| Q1 25 | 64.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 62.9% | — | ||
| Q2 24 | 62.9% | — |
营业利润率NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | 42.5% | ||
| Q3 25 | 28.3% | 46.3% | ||
| Q2 25 | 32.5% | 41.8% | ||
| Q1 25 | 36.2% | -2.0% | ||
| Q4 24 | — | -3.6% | ||
| Q3 24 | 27.3% | 43.7% | ||
| Q2 24 | 27.4% | 25.0% |
净利率NTESRNR
| Q1 26 | — | 23.5% | ||
| Q4 25 | — | 25.6% | ||
| Q3 25 | 31.0% | 28.7% | ||
| Q2 25 | 32.6% | 26.1% | ||
| Q1 25 | 36.6% | 4.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | 25.6% | 29.8% | ||
| Q2 24 | 26.8% | 17.8% |
每股收益（稀释后）NTESRNR
| Q1 26 | — | $6.57 | ||
| Q4 25 | — | $16.16 | ||
| Q3 25 | — | $19.40 | ||
| Q2 25 | — | $17.20 | ||
| Q1 25 | — | $3.27 | ||
| Q4 24 | — | $-3.76 | ||
| Q3 24 | — | $22.62 | ||
| Q2 24 | — | $9.41 |
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 | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $4.3B |
| 总资产 | $214.5B | $53.7B |
| 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NTESRNR
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $31.3B | $1.7B | ||
| Q2 25 | $54.4B | $1.4B | ||
| Q1 25 | $41.7B | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $20.2B | $1.6B | ||
| Q2 24 | $19.0B | $1.6B |
总债务NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B |
股东权益NTESRNR
| Q1 26 | — | $4.3B | ||
| Q4 25 | — | $11.6B | ||
| Q3 25 | $160.8B | $11.5B | ||
| Q2 25 | $154.0B | $10.8B | ||
| Q1 25 | $147.8B | $10.3B | ||
| Q4 24 | — | $10.6B | ||
| Q3 24 | $135.6B | $11.2B | ||
| Q2 24 | $134.2B | $10.2B |
总资产NTESRNR
| Q1 26 | — | $53.7B | ||
| Q4 25 | — | $53.8B | ||
| Q3 25 | $214.5B | $54.5B | ||
| Q2 25 | $208.5B | $54.7B | ||
| Q1 25 | $200.9B | $53.6B | ||
| Q4 24 | — | $50.7B | ||
| Q3 24 | $184.9B | $52.8B | ||
| Q2 24 | $183.3B | $51.6B |
负债/权益比NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× |
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 | — |
| 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× | — |
| 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NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | $483.0M | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.7B | $157.8M | ||
| Q4 24 | — | $778.9M | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $898.8M | $1.2B |
自由现金流NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $875.6M | — |
自由现金流率NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 44.7% | — | ||
| Q2 25 | 38.3% | — | ||
| Q1 25 | 40.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.9% | — | ||
| Q2 24 | 25.0% | — |
资本支出强度NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 0.7% | — |
现金转化率NTESRNR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | 1.47× | 1.73× | ||
| Q2 25 | 1.20× | 1.76× | ||
| Q1 25 | 1.15× | 0.93× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | 1.26× | ||
| Q2 24 | 0.96× | 2.41× |
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% |
RNR
暂无分部数据
