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拼多多（PDD）与奇富科技（QFIN）财务数据对比。点击上方公司名可切换其他公司
拼多多的季度营收约是奇富科技的20.8倍（$15.2B vs $731.2M），奇富科技净利率更高（27.5% vs 27.1%，领先0.4%），过去两年拼多多的营收复合增速更高（74.6% vs 16.4%）
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
奇富科技（原360数科）是中国头部金融科技企业，主要为持牌金融机构提供智能风控、信贷技术解决方案，服务广大个人消费者及中小微企业，依托大数据、人工智能技术提升金融服务的普惠性与运营效率。
PDD vs QFIN — 直观对比
营收规模更大
PDD
是对方的20.8倍
$731.2M
净利率更高
QFIN
高出0.4%
27.1%
两年增速更快
PDD
近两年复合增速
16.4%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $731.2M |
| 净利润 | $4.1B | $201.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | 32.7% |
| 净利率 | 27.1% | 27.5% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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PDDQFIN
| Q3 25 | $15.2B | $731.2M | ||
| Q2 25 | $14.5B | $728.1M | ||
| Q1 25 | — | $646.4M | ||
| Q3 24 | $14.2B | $622.7M | ||
| Q2 24 | — | $572.4M | ||
| Q1 24 | $12.0B | $575.2M | ||
| Q3 23 | $9.4B | $586.8M | ||
| Q2 23 | $7.2B | $539.8M |
净利润PDDQFIN
| Q3 25 | $4.1B | $201.2M | ||
| Q2 25 | $4.3B | $241.6M | ||
| Q1 25 | — | $247.6M | ||
| Q3 24 | $3.6B | $256.3M | ||
| Q2 24 | — | $189.4M | ||
| Q1 24 | $3.9B | $160.7M | ||
| Q3 23 | $2.1B | $155.9M | ||
| Q2 23 | $1.8B | $150.8M |
毛利率PDDQFIN
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.3% | — | ||
| Q3 23 | 61.0% | — | ||
| Q2 23 | 64.3% | — |
营业利润率PDDQFIN
| Q3 25 | 23.1% | 32.7% | ||
| Q2 25 | 24.8% | 41.0% | ||
| Q1 25 | — | 42.1% | ||
| Q3 24 | 24.5% | 52.4% | ||
| Q2 24 | — | 47.7% | ||
| Q1 24 | 29.9% | 32.8% | ||
| Q3 23 | 24.2% | 32.4% | ||
| Q2 23 | 24.3% | 30.2% |
净利率PDDQFIN
| Q3 25 | 27.1% | 27.5% | ||
| Q2 25 | 29.6% | 33.2% | ||
| Q1 25 | — | 38.3% | ||
| Q3 24 | 25.1% | 41.2% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | 32.3% | 27.9% | ||
| Q3 23 | 22.6% | 26.6% | ||
| Q2 23 | 25.1% | 27.9% |
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 | $13.0B | $6.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $55.0B | $24.3B |
| 总资产 | $86.2B | $61.4B |
| 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PDDQFIN
| Q3 25 | $13.0B | $6.5B | ||
| Q2 25 | $8.8B | $5.3B | ||
| Q1 25 | — | $8.6B | ||
| Q3 24 | $9.3B | $4.3B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | $7.7B | $5.3B | ||
| Q3 23 | $7.5B | $4.9B | ||
| Q2 23 | $4.3B | $5.3B |
股东权益PDDQFIN
| Q3 25 | $55.0B | $24.3B | ||
| Q2 25 | $50.5B | $24.1B | ||
| Q1 25 | — | $23.1B | ||
| Q3 24 | $39.7B | $22.9B | ||
| Q2 24 | — | $22.6B | ||
| Q1 24 | $30.3B | $22.1B | ||
| Q3 23 | $22.2B | $21.1B | ||
| Q2 23 | $20.0B | $20.9B |
总资产PDDQFIN
| Q3 25 | $86.2B | $61.4B | ||
| Q2 25 | $79.2B | $59.8B | ||
| Q1 25 | — | $55.6B | ||
| Q3 24 | $66.5B | $47.0B | ||
| Q2 24 | — | $47.0B | ||
| Q1 24 | $52.3B | $47.4B | ||
| Q3 23 | $43.1B | $46.0B | ||
| Q2 23 | $37.8B | $43.4B |
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 | $6.4B | $351.4M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.56× | 1.75× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PDDQFIN
| Q3 25 | $6.4B | $351.4M | ||
| Q2 25 | $3.0B | $366.0M | ||
| Q1 25 | — | $386.6M | ||
| Q3 24 | $3.9B | $338.0M | ||
| Q2 24 | — | $269.9M | ||
| Q1 24 | $2.9B | $271.2M | ||
| Q3 23 | $4.5B | $170.5M | ||
| Q2 23 | $3.2B | $242.9M |
现金转化率PDDQFIN
| Q3 25 | 1.56× | 1.75× | ||
| Q2 25 | 0.70× | 1.52× | ||
| Q1 25 | — | 1.56× | ||
| Q3 24 | 1.10× | 1.32× | ||
| Q2 24 | — | 1.43× | ||
| Q1 24 | 0.75× | 1.69× | ||
| Q3 23 | 2.09× | 1.09× | ||
| Q2 23 | 1.78× | 1.61× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
