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网易（NTES）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是网易的1.9倍（$7.7B vs $4.0B），网易净利率更高（31.0% vs 0.8%，领先30.2%），过去两年Smurfit Westrock的营收复合增速更高（61.2% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
NTES vs SW — 直观对比
营收规模更大
SW
是对方的1.9倍
$4.0B
净利率更高
NTES
高出30.2%
0.8%
两年增速更快
SW
近两年复合增速
9.7%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $7.7B |
| 净利润 | $1.2B | $63.0M |
| 毛利率 | 64.1% | 16.4% |
| 营业利润率 | 28.3% | 3.3% |
| 净利率 | 31.0% | 0.8% |
| 营收同比 | — | 0.7% |
| 净利润同比 | — | 0.0% |
| 每股收益（稀释后） | — | $0.12 |
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NTESSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | — | $7.6B | ||
| Q3 25 | $4.0B | $8.0B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | $4.0B | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $3.7B | $7.7B | ||
| Q2 24 | $3.5B | $3.0B |
净利润NTESSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | — | $97.0M | ||
| Q3 25 | $1.2B | $246.0M | ||
| Q2 25 | $1.3B | $-28.0M | ||
| Q1 25 | $1.5B | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | $955.7M | $-150.0M | ||
| Q2 24 | $939.6M | $132.0M |
毛利率NTESSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 64.1% | 19.6% | ||
| Q2 25 | 64.7% | 19.1% | ||
| Q1 25 | 64.1% | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 62.9% | 17.6% | ||
| Q2 24 | 62.9% | 23.3% |
营业利润率NTESSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | 28.3% | 6.6% | ||
| Q2 25 | 32.5% | 3.2% | ||
| Q1 25 | 36.2% | 7.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 27.3% | 0.7% | ||
| Q2 24 | 27.4% | 8.2% |
净利率NTESSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | 31.0% | 3.1% | ||
| Q2 25 | 32.6% | -0.4% | ||
| Q1 25 | 36.6% | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 25.6% | -2.0% | ||
| Q2 24 | 26.8% | 4.4% |
每股收益（稀释后）NTESSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 |
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 | — |
| 总债务越低越好 | — | $980.0M |
| 股东权益账面价值 | $160.8B | $18.1B |
| 总资产 | $214.5B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资NTESSW
| Q1 26 | — | — | ||
| Q4 25 | — | $892.0M | ||
| Q3 25 | $31.3B | $851.0M | ||
| Q2 25 | $54.4B | $778.0M | ||
| Q1 25 | $41.7B | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $19.0B | $26.8K |
总债务NTESSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
股东权益NTESSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | — | $18.3B | ||
| Q3 25 | $160.8B | $18.4B | ||
| Q2 25 | $154.0B | $18.3B | ||
| Q1 25 | $147.8B | $17.9B | ||
| Q4 24 | — | $17.4B | ||
| Q3 24 | $135.6B | $18.0B | ||
| Q2 24 | $134.2B | $14.5K |
总资产NTESSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | — | $45.2B | ||
| Q3 25 | $214.5B | $45.6B | ||
| Q2 25 | $208.5B | $45.7B | ||
| Q1 25 | $200.9B | $44.6B | ||
| Q4 24 | — | $43.8B | ||
| Q3 24 | $184.9B | $45.0B | ||
| Q2 24 | $183.3B | $26.8K |
负债/权益比NTESSW
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — |
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 | $204.0M |
| 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× | 3.24× |
| 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NTESSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.5B | $829.0M | ||
| Q1 25 | $1.7B | $235.0M | ||
| Q4 24 | — | $781.0M | ||
| Q3 24 | $1.5B | $320.0M | ||
| Q2 24 | $898.8M | $340.0M |
自由现金流NTESSW
| Q1 26 | — | — | ||
| Q4 25 | — | $612.0M | ||
| Q3 25 | $1.8B | $523.0M | ||
| Q2 25 | $1.5B | $307.0M | ||
| Q1 25 | $1.6B | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | $1.5B | $-192.0M | ||
| Q2 24 | $875.6M | $163.0M |
自由现金流率NTESSW
| Q1 26 | — | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | 44.7% | 6.5% | ||
| Q2 25 | 38.3% | 3.9% | ||
| Q1 25 | 40.4% | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 38.9% | -2.5% | ||
| Q2 24 | 25.0% | 5.5% |
资本支出强度NTESSW
| Q1 26 | — | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | 1.0% | 7.6% | ||
| Q2 25 | 0.7% | 6.6% | ||
| Q1 25 | 1.6% | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | 1.4% | 6.7% | ||
| Q2 24 | 0.7% | 6.0% |
现金转化率NTESSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.47× | 4.61× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | 2.58× |
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% |
SW
暂无分部数据
