vs
网易（NTES）与冬海集团（SE）财务数据对比。点击上方公司名可切换其他公司
冬海集团的季度营收约是网易的5.8倍（$22.9B vs $4.0B），网易净利率更高（31.0% vs 7.0%，领先24.0%），过去两年冬海集团的营收复合增速更高（147.8% vs 9.7%）
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。
冬海集团（Sea Ltd）是总部位于新加坡的科技综合集团，于纽约证券交易所上市，2024年营收达168亿美元。旗下拥有游戏品牌Garena、数字金融服务品牌Monee，以及东南亚规模最大的电商平台Shopee，业务覆盖数字娱乐、金融科技、电子商务三大核心领域。
NTES vs SE — 直观对比
营收规模更大
SE
是对方的5.8倍
$4.0B
净利率更高
NTES
高出24.0%
7.0%
两年增速更快
SE
近两年复合增速
9.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $22.9B |
| 净利润 | $1.2B | $1.6B |
| 毛利率 | 64.1% | 44.7% |
| 营业利润率 | 28.3% | 8.7% |
| 净利率 | 31.0% | 7.0% |
| 营收同比 | — | 363.4% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $2.52 |
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NTESSE
| Q4 25 | — | $22.9B | ||
| Q3 25 | $4.0B | $6.0B | ||
| Q2 25 | $3.9B | $5.3B | ||
| Q1 25 | $4.0B | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $3.7B | $4.3B | ||
| Q2 24 | $3.5B | $3.8B | ||
| Q1 24 | $3.7B | $3.7B |
净利润NTESSE
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.2B | $375.0M | ||
| Q2 25 | $1.3B | $414.2M | ||
| Q1 25 | $1.5B | $-7.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $955.7M | — | ||
| Q2 24 | $939.6M | — | ||
| Q1 24 | $1.1B | $-23.0M |
毛利率NTESSE
| Q4 25 | — | 44.7% | ||
| Q3 25 | 64.1% | 43.4% | ||
| Q2 25 | 64.7% | 45.8% | ||
| Q1 25 | 64.1% | 46.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 62.9% | — | ||
| Q2 24 | 62.9% | — | ||
| Q1 24 | 63.4% | 41.6% |
营业利润率NTESSE
| Q4 25 | — | 8.7% | ||
| Q3 25 | 28.3% | 8.0% | ||
| Q2 25 | 32.5% | 9.3% | ||
| Q1 25 | 36.2% | 9.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 27.4% | — | ||
| Q1 24 | 28.4% | 1.9% |
净利率NTESSE
| Q4 25 | — | 7.0% | ||
| Q3 25 | 31.0% | 6.3% | ||
| Q2 25 | 32.6% | 7.9% | ||
| Q1 25 | 36.6% | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 25.6% | — | ||
| Q2 24 | 26.8% | — | ||
| Q1 24 | 29.1% | -0.6% |
每股收益（稀释后）NTESSE
| Q4 25 | — | $2.52 | ||
| Q3 25 | — | $0.59 | ||
| Q2 25 | — | $0.65 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $12.6B |
| 总资产 | $214.5B | $29.4B |
| 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NTESSE
| Q4 25 | — | $10.6B | ||
| Q3 25 | $31.3B | — | ||
| Q2 25 | $54.4B | — | ||
| Q1 25 | $41.7B | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $19.0B | — | ||
| Q1 24 | $43.0B | — |
股东权益NTESSE
| Q4 25 | — | $12.6B | ||
| Q3 25 | $160.8B | — | ||
| Q2 25 | $154.0B | — | ||
| Q1 25 | $147.8B | — | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $135.6B | — | ||
| Q2 24 | $134.2B | — | ||
| Q1 24 | $130.5B | — |
总资产NTESSE
| Q4 25 | — | $29.4B | ||
| Q3 25 | $214.5B | — | ||
| Q2 25 | $208.5B | — | ||
| Q1 25 | $200.9B | — | ||
| Q4 24 | — | $22.6B | ||
| Q3 24 | $184.9B | — | ||
| Q2 24 | $183.3B | — | ||
| Q1 24 | $195.1B | — |
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 | $5.0B |
| 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× | 3.12× |
| 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NTESSE
| Q4 25 | — | $5.0B | ||
| Q3 25 | $1.8B | $3.5B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $1.7B | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $898.8M | — | ||
| Q1 24 | $1.3B | $468.5M |
自由现金流NTESSE
| Q4 25 | — | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $875.6M | — | ||
| Q1 24 | $1.3B | — |
自由现金流率NTESSE
| Q4 25 | — | — | ||
| Q3 25 | 44.7% | — | ||
| Q2 25 | 38.3% | — | ||
| Q1 25 | 40.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.9% | — | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 34.0% | — |
资本支出强度NTESSE
| Q4 25 | — | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.5% | — |
现金转化率NTESSE
| Q4 25 | — | 3.12× | ||
| Q3 25 | 1.47× | 9.46× | ||
| Q2 25 | 1.20× | 5.73× | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — |
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% |
SE
暂无分部数据
