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拼多多（PDD）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的12.6倍（$15.2B vs $1.2B）。拼多多净利率更高（27.1% vs 9.1%，领先18.0%）。过去两年拼多多的营收复合增速更高（74.6% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
PDD vs RBA — 直观对比
营收规模更大
PDD
是对方的12.6倍
$1.2B
净利率更高
PDD
高出18.0%
9.1%
两年增速更快
PDD
近两年复合增速
6.3%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $1.2B |
| 净利润 | $4.1B | $109.7M |
| 毛利率 | 56.7% | — |
| 营业利润率 | 23.1% | 14.7% |
| 净利率 | 27.1% | 9.1% |
| 营收同比 | — | 5.4% |
| 净利润同比 | — | -7.4% |
| 每股收益（稀释后） | — | $0.53 |
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PDDRBA
| Q4 25 | — | $1.2B | ||
| Q3 25 | $15.2B | $1.1B | ||
| Q2 25 | $14.5B | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $14.2B | $981.8M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $12.0B | $1.1B |
净利润PDDRBA
| Q4 25 | — | $109.7M | ||
| Q3 25 | $4.1B | $95.5M | ||
| Q2 25 | $4.3B | $109.8M | ||
| Q1 25 | — | $113.4M | ||
| Q4 24 | — | $118.5M | ||
| Q3 24 | $3.6B | $76.1M | ||
| Q2 24 | — | $111.1M | ||
| Q1 24 | $3.9B | $107.4M |
毛利率PDDRBA
| Q4 25 | — | — | ||
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.3% | — |
营业利润率PDDRBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | 23.1% | 14.5% | ||
| Q2 25 | 24.8% | 15.9% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | 24.5% | 15.6% | ||
| Q2 24 | — | 18.4% | ||
| Q1 24 | 29.9% | 18.7% |
净利率PDDRBA
| Q4 25 | — | 9.1% | ||
| Q3 25 | 27.1% | 8.7% | ||
| Q2 25 | 29.6% | 9.3% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | 25.1% | 7.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | 32.3% | 10.1% |
每股收益（稀释后）PDDRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $55.0B | $5.6B |
| 总资产 | $86.2B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资PDDRBA
| Q4 25 | — | $531.5M | ||
| Q3 25 | $13.0B | $674.7M | ||
| Q2 25 | $8.8B | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | $9.3B | $650.7M | ||
| Q2 24 | — | $599.5M | ||
| Q1 24 | $7.7B | $462.8M |
总债务PDDRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益PDDRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | $55.0B | $5.5B | ||
| Q2 25 | $50.5B | $5.5B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | $39.7B | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | $30.3B | $5.1B |
总资产PDDRBA
| Q4 25 | — | $12.1B | ||
| Q3 25 | $86.2B | $12.2B | ||
| Q2 25 | $79.2B | $12.2B | ||
| Q1 25 | — | $11.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | $66.5B | $11.9B | ||
| Q2 24 | — | $12.1B | ||
| Q1 24 | $52.3B | $12.0B |
负债/权益比PDDRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 1.56× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流PDDRBA
| Q4 25 | — | $255.2M | ||
| Q3 25 | $6.4B | $239.7M | ||
| Q2 25 | $3.0B | $326.5M | ||
| Q1 25 | — | $156.8M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | $3.9B | $285.4M | ||
| Q2 24 | — | $337.3M | ||
| Q1 24 | $2.9B | $124.8M |
自由现金流PDDRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率PDDRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度PDDRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率PDDRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 1.56× | 2.51× | ||
| Q2 25 | 0.70× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 1.10× | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | 0.75× | 1.16× |
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
PDD
暂无分部数据
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
