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网易（NTES）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的1.1倍（$4.0B vs $3.7B）。网易净利率更高（31.0% vs 20.2%，领先10.8%）。网易自由现金流更多（$1.8B vs $715.0M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
NTES vs SHOP — 直观对比
营收规模更大
NTES
是对方的1.1倍
$3.7B
净利率更高
NTES
高出10.8%
20.2%
自由现金流更多
NTES
多$1.1B
$715.0M
两年增速更快
SHOP
近两年复合增速
9.7%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.7B |
| 净利润 | $1.2B | $743.0M |
| 毛利率 | 64.1% | 46.1% |
| 营业利润率 | 28.3% | 17.2% |
| 净利率 | 31.0% | 20.2% |
| 营收同比 | — | 30.6% |
| 净利润同比 | — | -42.5% |
| 每股收益（稀释后） | — | $0.58 |
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NTESSHOP
| Q4 25 | — | $3.7B | ||
| Q3 25 | $4.0B | $2.8B | ||
| Q2 25 | $3.9B | $2.7B | ||
| Q1 25 | $4.0B | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $3.7B | $2.2B | ||
| Q2 24 | $3.5B | $2.0B | ||
| Q1 24 | $3.7B | $1.9B |
净利润NTESSHOP
| Q4 25 | — | $743.0M | ||
| Q3 25 | $1.2B | $264.0M | ||
| Q2 25 | $1.3B | $906.0M | ||
| Q1 25 | $1.5B | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $955.7M | $828.0M | ||
| Q2 24 | $939.6M | $171.0M | ||
| Q1 24 | $1.1B | $-273.0M |
毛利率NTESSHOP
| Q4 25 | — | 46.1% | ||
| Q3 25 | 64.1% | 48.9% | ||
| Q2 25 | 64.7% | 48.6% | ||
| Q1 25 | 64.1% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 62.9% | 51.7% | ||
| Q2 24 | 62.9% | 51.1% | ||
| Q1 24 | 63.4% | 51.4% |
营业利润率NTESSHOP
| Q4 25 | — | 17.2% | ||
| Q3 25 | 28.3% | 12.1% | ||
| Q2 25 | 32.5% | 10.9% | ||
| Q1 25 | 36.2% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 27.3% | 13.1% | ||
| Q2 24 | 27.4% | 11.8% | ||
| Q1 24 | 28.4% | 4.6% |
净利率NTESSHOP
| Q4 25 | — | 20.2% | ||
| Q3 25 | 31.0% | 9.3% | ||
| Q2 25 | 32.6% | 33.8% | ||
| Q1 25 | 36.6% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | 25.6% | 38.3% | ||
| Q2 24 | 26.8% | 8.4% | ||
| Q1 24 | 29.1% | -14.7% |
每股收益（稀释后）NTESSHOP
| Q4 25 | — | $0.58 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $13.5B |
| 总资产 | $214.5B | $15.2B |
| 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NTESSHOP
| Q4 25 | — | $5.8B | ||
| Q3 25 | $31.3B | $6.3B | ||
| Q2 25 | $54.4B | $5.8B | ||
| Q1 25 | $41.7B | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $19.0B | — | ||
| Q1 24 | $43.0B | — |
股东权益NTESSHOP
| Q4 25 | — | $13.5B | ||
| Q3 25 | $160.8B | $12.5B | ||
| Q2 25 | $154.0B | $12.1B | ||
| Q1 25 | $147.8B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $135.6B | $10.1B | ||
| Q2 24 | $134.2B | $9.2B | ||
| Q1 24 | $130.5B | $8.9B |
总资产NTESSHOP
| Q4 25 | — | $15.2B | ||
| Q3 25 | $214.5B | $15.0B | ||
| Q2 25 | $208.5B | $14.6B | ||
| Q1 25 | $200.9B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $715.0M |
| 自由现金流率自由现金流/营收 | 44.7% | 19.5% |
| 资本支出强度资本支出/营收 | 1.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.47× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $2.0B |
8季度趋势，按日历期对齐
经营现金流NTESSHOP
| Q4 25 | — | $725.0M | ||
| Q3 25 | $1.8B | $513.0M | ||
| Q2 25 | $1.5B | $428.0M | ||
| Q1 25 | $1.7B | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | $1.5B | $423.0M | ||
| Q2 24 | $898.8M | $340.0M | ||
| Q1 24 | $1.3B | $238.0M |
自由现金流NTESSHOP
| Q4 25 | — | $715.0M | ||
| Q3 25 | $1.8B | $507.0M | ||
| Q2 25 | $1.5B | $422.0M | ||
| Q1 25 | $1.6B | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | $1.5B | $421.0M | ||
| Q2 24 | $875.6M | $333.0M | ||
| Q1 24 | $1.3B | $232.0M |
自由现金流率NTESSHOP
| Q4 25 | — | 19.5% | ||
| Q3 25 | 44.7% | 17.8% | ||
| Q2 25 | 38.3% | 15.7% | ||
| Q1 25 | 40.4% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | 38.9% | 19.5% | ||
| Q2 24 | 25.0% | 16.3% | ||
| Q1 24 | 34.0% | 12.5% |
资本支出强度NTESSHOP
| Q4 25 | — | 0.3% | ||
| Q3 25 | 1.0% | 0.2% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 1.6% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 1.4% | 0.1% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 1.5% | 0.3% |
现金转化率NTESSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | 1.47× | 1.94× | ||
| Q2 25 | 1.20× | 0.47× | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 1.58× | 0.51× | ||
| Q2 24 | 0.96× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
