vs
Perella Weinberg Partners（PWP）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
Perella Weinberg Partners的季度营收约是再鼎医药的1.7倍（$219.2M vs $127.1M），再鼎医药同比增速更快（17.1% vs -2.9%），Perella Weinberg Partners自由现金流更多（$30.5M vs $-26.7M），过去两年Perella Weinberg Partners的营收复合增速更高（46.5% vs 20.8%）
佩雷拉温伯格合伙公司是一家聚焦咨询业务的全球投资银行，核心为客户提供战略与财务领域的专业咨询服务，凭借深厚的行业经验和全球化资源网络，为各类企业的重要商业决策提供专业支持。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
PWP vs ZLAB — 直观对比
营收规模更大
PWP
是对方的1.7倍
$127.1M
营收增速更快
ZLAB
高出20.0%
-2.9%
自由现金流更多
PWP
多$57.2M
$-26.7M
两年增速更快
PWP
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $219.2M | $127.1M |
| 净利润 | $13.8M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 8.5% | -54.6% |
| 净利率 | 6.3% | — |
| 营收同比 | -2.9% | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.11 | $-0.05 |
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PWPZLAB
| Q4 25 | $219.2M | $127.1M | ||
| Q3 25 | $164.6M | $115.4M | ||
| Q2 25 | $155.3M | $109.1M | ||
| Q1 25 | $211.8M | $105.7M | ||
| Q4 24 | $225.7M | $108.5M | ||
| Q3 24 | $278.2M | $101.8M | ||
| Q2 24 | $272.0M | $100.1M | ||
| Q1 24 | $102.1M | $87.1M |
净利润PWPZLAB
| Q4 25 | $13.8M | — | ||
| Q3 25 | $6.0M | $-36.0M | ||
| Q2 25 | $2.7M | $-40.7M | ||
| Q1 25 | $17.3M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $16.4M | $-41.7M | ||
| Q2 24 | $-66.0M | $-80.3M | ||
| Q1 24 | $-35.8M | $-53.5M |
毛利率PWPZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率PWPZLAB
| Q4 25 | 8.5% | -54.6% | ||
| Q3 25 | 5.4% | -42.3% | ||
| Q2 25 | 5.8% | -50.3% | ||
| Q1 25 | 5.5% | -53.3% | ||
| Q4 24 | — | -62.6% | ||
| Q3 24 | 12.9% | -66.6% | ||
| Q2 24 | -30.2% | -76.0% | ||
| Q1 24 | -52.4% | -80.7% |
净利率PWPZLAB
| Q4 25 | 6.3% | — | ||
| Q3 25 | 3.6% | -31.2% | ||
| Q2 25 | 1.8% | -37.3% | ||
| Q1 25 | 8.2% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.9% | -40.9% | ||
| Q2 24 | -24.3% | -80.2% | ||
| Q1 24 | -35.1% | -61.4% |
每股收益（稀释后）PWPZLAB
| Q4 25 | $0.11 | $-0.05 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.04 | $-0.04 | ||
| Q1 25 | $0.24 | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | $0.24 | $-0.04 | ||
| Q2 24 | $-1.21 | $-0.08 | ||
| Q1 24 | $-0.91 | $-0.05 |
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 | $255.9M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-127.4M | $715.5M |
| 总资产 | $797.6M | $1.2B |
| 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PWPZLAB
| Q4 25 | $255.9M | $689.6M | ||
| Q3 25 | $185.5M | $717.2M | ||
| Q2 25 | $145.0M | $732.2M | ||
| Q1 25 | $111.2M | $757.3M | ||
| Q4 24 | $407.4M | $779.7M | ||
| Q3 24 | $335.1M | $616.1M | ||
| Q2 24 | $185.3M | $630.0M | ||
| Q1 24 | $156.7M | $650.8M |
股东权益PWPZLAB
| Q4 25 | $-127.4M | $715.5M | ||
| Q3 25 | $-302.4M | $759.9M | ||
| Q2 25 | $-318.4M | $791.7M | ||
| Q1 25 | $-323.1M | $810.8M | ||
| Q4 24 | $-421.4M | $840.9M | ||
| Q3 24 | $-360.8M | $667.7M | ||
| Q2 24 | $-283.0M | $704.2M | ||
| Q1 24 | $161.9M | $762.2M |
总资产PWPZLAB
| Q4 25 | $797.6M | $1.2B | ||
| Q3 25 | $650.2M | $1.2B | ||
| Q2 25 | $606.7M | $1.2B | ||
| Q1 25 | $570.5M | $1.2B | ||
| Q4 24 | $876.8M | $1.2B | ||
| Q3 24 | $810.9M | $985.3M | ||
| Q2 24 | $645.5M | $987.4M | ||
| Q1 24 | $583.6M | $988.4M |
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 | $34.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $30.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 13.9% | -21.0% |
| 资本支出强度资本支出/营收 | 2.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.52× | — |
| 过去12个月自由现金流最近4个季度 | $-34.1M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流PWPZLAB
| Q4 25 | $34.8M | $-26.0M | ||
| Q3 25 | $59.2M | $-32.0M | ||
| Q2 25 | $56.1M | $-31.0M | ||
| Q1 25 | $-176.5M | $-61.7M | ||
| Q4 24 | $223.4M | $-55.8M | ||
| Q3 24 | $200.3M | $-26.8M | ||
| Q2 24 | $90.0M | $-42.2M | ||
| Q1 24 | $-206.3M | $-90.1M |
自由现金流PWPZLAB
| Q4 25 | $30.5M | $-26.7M | ||
| Q3 25 | $57.6M | $-35.0M | ||
| Q2 25 | $55.3M | $-33.9M | ||
| Q1 25 | $-177.6M | $-63.2M | ||
| Q4 24 | $207.0M | $-58.4M | ||
| Q3 24 | $199.3M | $-28.2M | ||
| Q2 24 | $83.7M | $-42.9M | ||
| Q1 24 | $-214.8M | $-91.1M |
自由现金流率PWPZLAB
| Q4 25 | 13.9% | -21.0% | ||
| Q3 25 | 35.0% | -30.4% | ||
| Q2 25 | 35.6% | -31.1% | ||
| Q1 25 | -83.8% | -59.9% | ||
| Q4 24 | 91.7% | -53.8% | ||
| Q3 24 | 71.6% | -27.7% | ||
| Q2 24 | 30.8% | -42.9% | ||
| Q1 24 | -210.3% | -104.5% |
资本支出强度PWPZLAB
| Q4 25 | 2.0% | 0.5% | ||
| Q3 25 | 0.9% | 2.6% | ||
| Q2 25 | 0.5% | 2.6% | ||
| Q1 25 | 0.5% | 1.5% | ||
| Q4 24 | 7.3% | 2.4% | ||
| Q3 24 | 0.4% | 1.3% | ||
| Q2 24 | 2.3% | 0.7% | ||
| Q1 24 | 8.3% | 1.1% |
现金转化率PWPZLAB
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | — | ||
| Q2 25 | 20.50× | — | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
PWP
暂无分部数据
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
