vs
拼多多（PDD）与携程集团（TCOM）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携程集团的49.9倍（$15.2B vs $304.6M）。携程集团净利率更高（27.8% vs 27.1%，领先0.7%）
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。
携程集团是总部位于中国上海的跨国旅行服务企业，为全球最大的在线旅行服务提供商，业务覆盖机票预订、酒店预订、度假产品、商旅管理等领域，面向全球用户提供一站式旅行综合服务。
PDD vs TCOM — 直观对比
营收规模更大
PDD
是对方的49.9倍
$304.6M
净利率更高
TCOM
高出0.7%
27.1%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $304.6M |
| 净利润 | $4.1B | $84.6M |
| 毛利率 | 56.7% | 78.8% |
| 营业利润率 | 23.1% | 16.5% |
| 净利率 | 27.1% | 27.8% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 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PDDTCOM
| Q4 25 | — | $304.6M | ||
| Q3 25 | $15.2B | — | ||
| Q2 25 | $14.5B | — | ||
| Q3 24 | $14.2B | — | ||
| Q2 24 | — | $242.7M | ||
| Q1 24 | $12.0B | — | ||
| Q3 23 | $9.4B | — | ||
| Q2 23 | $7.2B | $214.5M |
净利润PDDTCOM
| Q4 25 | — | $84.6M | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.3B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | — | $73.8M | ||
| Q1 24 | $3.9B | — | ||
| Q3 23 | $2.1B | — | ||
| Q2 23 | $1.8B | $12.6M |
毛利率PDDTCOM
| Q4 25 | — | 78.8% | ||
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | 81.8% | ||
| Q1 24 | 62.3% | — | ||
| Q3 23 | 61.0% | — | ||
| Q2 23 | 64.3% | 82.0% |
营业利润率PDDTCOM
| Q4 25 | — | 16.5% | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 24.8% | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | — | 27.8% | ||
| Q1 24 | 29.9% | — | ||
| Q3 23 | 24.2% | — | ||
| Q2 23 | 24.3% | 26.4% |
净利率PDDTCOM
| Q4 25 | — | 27.8% | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 29.6% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | 32.3% | — | ||
| Q3 23 | 22.6% | — | ||
| Q2 23 | 25.1% | 5.9% |
每股收益（稀释后）PDDTCOM
| Q4 25 | — | $0.12 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | $0.02 |
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 | $10.8B |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $55.0B | $23.8B |
| 总资产 | $86.2B | $36.9B |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资PDDTCOM
| Q4 25 | — | $10.8B | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $8.8B | — | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | $12.4B | ||
| Q1 24 | $7.7B | — | ||
| Q3 23 | $7.5B | — | ||
| Q2 23 | $4.3B | $7.6B |
总债务PDDTCOM
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $8.2B | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | $7.2B |
股东权益PDDTCOM
| Q4 25 | — | $23.8B | ||
| Q3 25 | $55.0B | — | ||
| Q2 25 | $50.5B | — | ||
| Q3 24 | $39.7B | — | ||
| Q2 24 | — | $18.1B | ||
| Q1 24 | $30.3B | — | ||
| Q3 23 | $22.2B | — | ||
| Q2 23 | $20.0B | $16.3B |
总资产PDDTCOM
| Q4 25 | — | $36.9B | ||
| Q3 25 | $86.2B | — | ||
| Q2 25 | $79.2B | — | ||
| Q3 24 | $66.5B | — | ||
| Q2 24 | — | $34.2B | ||
| Q1 24 | $52.3B | — | ||
| Q3 23 | $43.1B | — | ||
| Q2 23 | $37.8B | $30.1B |
负债/权益比PDDTCOM
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | 0.44× |
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 | — |
| 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× | — |
| 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PDDTCOM
| Q4 25 | — | — | ||
| Q3 25 | $6.4B | — | ||
| Q2 25 | $3.0B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $2.9B | — | ||
| Q3 23 | $4.5B | — | ||
| Q2 23 | $3.2B | — |
现金转化率PDDTCOM
| Q4 25 | — | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | 0.70× | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.75× | — | ||
| Q3 23 | 2.09× | — | ||
| Q2 23 | 1.78× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
