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TheRealReal, Inc.（REAL）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
TheRealReal, Inc.的季度营收约是再鼎医药的1.5倍（$194.1M vs $127.1M），TheRealReal, Inc.同比增速更快（18.3% vs 17.1%），TheRealReal, Inc.自由现金流更多（$45.8M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 16.2%）
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
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。
REAL vs ZLAB — 直观对比
营收规模更大
REAL
是对方的1.5倍
$127.1M
营收增速更快
REAL
高出1.2%
17.1%
自由现金流更多
REAL
多$72.5M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.1M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 74.8% | 51.0% |
| 营业利润率 | 3.2% | -54.6% |
| 净利率 | — | — |
| 营收同比 | 18.3% | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.06 | $-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REALZLAB
| Q4 25 | $194.1M | $127.1M | ||
| Q3 25 | $173.6M | $115.4M | ||
| Q2 25 | $165.2M | $109.1M | ||
| Q1 25 | $160.0M | $105.7M | ||
| Q4 24 | $164.0M | $108.5M | ||
| Q3 24 | $147.8M | $101.8M | ||
| Q2 24 | $144.9M | $100.1M | ||
| Q1 24 | $143.8M | $87.1M |
净利润REALZLAB
| Q4 25 | — | — | ||
| Q3 25 | $-54.1M | $-36.0M | ||
| Q2 25 | $-11.4M | $-40.7M | ||
| Q1 25 | $62.4M | $-48.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-17.9M | $-41.7M | ||
| Q2 24 | $-16.7M | $-80.3M | ||
| Q1 24 | $-31.1M | $-53.5M |
毛利率REALZLAB
| Q4 25 | 74.8% | 51.0% | ||
| Q3 25 | 74.3% | 59.5% | ||
| Q2 25 | 74.3% | 60.6% | ||
| Q1 25 | 75.0% | 63.6% | ||
| Q4 24 | 74.4% | 61.5% | ||
| Q3 24 | 74.9% | 64.1% | ||
| Q2 24 | 74.1% | 64.9% | ||
| Q1 24 | 74.6% | 61.4% |
营业利润率REALZLAB
| Q4 25 | 3.2% | -54.6% | ||
| Q3 25 | -4.3% | -42.3% | ||
| Q2 25 | -6.0% | -50.3% | ||
| Q1 25 | -8.0% | -53.3% | ||
| Q4 24 | -3.1% | -62.6% | ||
| Q3 24 | -9.9% | -66.6% | ||
| Q2 24 | -13.0% | -76.0% | ||
| Q1 24 | -12.5% | -80.7% |
净利率REALZLAB
| Q4 25 | — | — | ||
| Q3 25 | -31.1% | -31.2% | ||
| Q2 25 | -6.9% | -37.3% | ||
| Q1 25 | 39.0% | -45.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -12.1% | -40.9% | ||
| Q2 24 | -11.5% | -80.2% | ||
| Q1 24 | -21.6% | -61.4% |
每股收益（稀释后）REALZLAB
| Q4 25 | $0.06 | $-0.05 | ||
| Q3 25 | $-0.49 | $-0.03 | ||
| Q2 25 | $-0.13 | $-0.04 | ||
| Q1 25 | $-0.14 | $-0.04 | ||
| Q4 24 | $-0.57 | $-0.09 | ||
| Q3 24 | $-0.17 | $-0.04 | ||
| Q2 24 | $-0.20 | $-0.08 | ||
| Q1 24 | $-0.30 | $-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 | $151.2M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-415.5M | $715.5M |
| 总资产 | $409.0M | $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REALZLAB
| Q4 25 | $151.2M | $689.6M | ||
| Q3 25 | $108.4M | $717.2M | ||
| Q2 25 | $94.3M | $732.2M | ||
| Q1 25 | $139.6M | $757.3M | ||
| Q4 24 | $172.2M | $779.7M | ||
| Q3 24 | $153.2M | $616.1M | ||
| Q2 24 | $150.7M | $630.0M | ||
| Q1 24 | $166.0M | $650.8M |
股东权益REALZLAB
| Q4 25 | $-415.5M | $715.5M | ||
| Q3 25 | $-385.1M | $759.9M | ||
| Q2 25 | $-338.2M | $791.7M | ||
| Q1 25 | $-336.1M | $810.8M | ||
| Q4 24 | $-407.4M | $840.9M | ||
| Q3 24 | $-345.4M | $667.7M | ||
| Q2 24 | $-335.3M | $704.2M | ||
| Q1 24 | $-327.1M | $762.2M |
总资产REALZLAB
| Q4 25 | $409.0M | $1.2B | ||
| Q3 25 | $366.2M | $1.2B | ||
| Q2 25 | $349.4M | $1.2B | ||
| Q1 25 | $400.4M | $1.2B | ||
| Q4 24 | $423.1M | $1.2B | ||
| Q3 24 | $406.3M | $985.3M | ||
| Q2 24 | $407.4M | $987.4M | ||
| Q1 24 | $431.6M | $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 | $49.5M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $45.8M | $-26.7M |
| 自由现金流率自由现金流/营收 | 23.6% | -21.0% |
| 资本支出强度资本支出/营收 | 1.9% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $18.4M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流REALZLAB
| Q4 25 | $49.5M | $-26.0M | ||
| Q3 25 | $19.3M | $-32.0M | ||
| Q2 25 | $-3.6M | $-31.0M | ||
| Q1 25 | $-28.3M | $-61.7M | ||
| Q4 24 | $28.0M | $-55.8M | ||
| Q3 24 | $9.1M | $-26.8M | ||
| Q2 24 | $-6.8M | $-42.2M | ||
| Q1 24 | $-3.5M | $-90.1M |
自由现金流REALZLAB
| Q4 25 | $45.8M | $-26.7M | ||
| Q3 25 | $16.9M | $-35.0M | ||
| Q2 25 | $-11.4M | $-33.9M | ||
| Q1 25 | $-33.0M | $-63.2M | ||
| Q4 24 | $22.9M | $-58.4M | ||
| Q3 24 | $5.0M | $-28.2M | ||
| Q2 24 | $-9.8M | $-42.9M | ||
| Q1 24 | $-5.6M | $-91.1M |
自由现金流率REALZLAB
| Q4 25 | 23.6% | -21.0% | ||
| Q3 25 | 9.7% | -30.4% | ||
| Q2 25 | -6.9% | -31.1% | ||
| Q1 25 | -20.6% | -59.9% | ||
| Q4 24 | 14.0% | -53.8% | ||
| Q3 24 | 3.4% | -27.7% | ||
| Q2 24 | -6.7% | -42.9% | ||
| Q1 24 | -3.9% | -104.5% |
资本支出强度REALZLAB
| Q4 25 | 1.9% | 0.5% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 4.7% | 2.6% | ||
| Q1 25 | 2.9% | 1.5% | ||
| Q4 24 | 3.1% | 2.4% | ||
| Q3 24 | 2.7% | 1.3% | ||
| Q2 24 | 2.1% | 0.7% | ||
| Q1 24 | 1.5% | 1.1% |
现金转化率REALZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.45× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
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% |
