vs
Safehold Inc.（SAFE）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
再鼎医药的季度营收约是Safehold Inc.的1.3倍（$127.1M vs $97.9M），再鼎医药同比增速更快（17.1% vs 6.5%），过去两年再鼎医药的营收复合增速更高（20.8% vs 2.5%）
SAFE投资有限公司是一家位于中国香港的中国主权财富基金，主要承担主权财富相关的投资运营职能，依托香港的国际金融中心优势开展相关投资业务。
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。
SAFE vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.3倍
$97.9M
营收增速更快
ZLAB
高出10.6%
6.5%
两年增速更快
ZLAB
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $97.9M | $127.1M |
| 净利润 | $27.9M | — |
| 毛利率 | 98.6% | 51.0% |
| 营业利润率 | 27.4% | -54.6% |
| 净利率 | 28.5% | — |
| 营收同比 | 6.5% | 17.1% |
| 净利润同比 | 7.1% | — |
| 每股收益（稀释后） | $0.38 | $-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SAFEZLAB
| Q4 25 | $97.9M | $127.1M | ||
| Q3 25 | $96.2M | $115.4M | ||
| Q2 25 | $93.8M | $109.1M | ||
| Q1 25 | $97.7M | $105.7M | ||
| Q4 24 | $91.9M | $108.5M | ||
| Q3 24 | $90.7M | $101.8M | ||
| Q2 24 | $89.9M | $100.1M | ||
| Q1 24 | $93.2M | $87.1M |
净利润SAFEZLAB
| Q4 25 | $27.9M | — | ||
| Q3 25 | $29.3M | $-36.0M | ||
| Q2 25 | $27.9M | $-40.7M | ||
| Q1 25 | $29.4M | $-48.4M | ||
| Q4 24 | $26.0M | — | ||
| Q3 24 | $19.3M | $-41.7M | ||
| Q2 24 | $29.7M | $-80.3M | ||
| Q1 24 | $30.7M | $-53.5M |
毛利率SAFEZLAB
| Q4 25 | 98.6% | 51.0% | ||
| Q3 25 | 98.5% | 59.5% | ||
| Q2 25 | 99.1% | 60.6% | ||
| Q1 25 | 98.8% | 63.6% | ||
| Q4 24 | 98.8% | 61.5% | ||
| Q3 24 | 98.8% | 64.1% | ||
| Q2 24 | 98.8% | 64.9% | ||
| Q1 24 | 98.8% | 61.4% |
营业利润率SAFEZLAB
| Q4 25 | 27.4% | -54.6% | ||
| Q3 25 | 25.9% | -42.3% | ||
| Q2 25 | 25.5% | -50.3% | ||
| Q1 25 | 25.9% | -53.3% | ||
| Q4 24 | 24.6% | -62.6% | ||
| Q3 24 | 17.5% | -66.6% | ||
| Q2 24 | 26.7% | -76.0% | ||
| Q1 24 | 26.4% | -80.7% |
净利率SAFEZLAB
| Q4 25 | 28.5% | — | ||
| Q3 25 | 30.5% | -31.2% | ||
| Q2 25 | 29.8% | -37.3% | ||
| Q1 25 | 30.1% | -45.8% | ||
| Q4 24 | 28.3% | — | ||
| Q3 24 | 21.3% | -40.9% | ||
| Q2 24 | 33.0% | -80.2% | ||
| Q1 24 | 33.0% | -61.4% |
每股收益（稀释后）SAFEZLAB
| Q4 25 | $0.38 | $-0.05 | ||
| Q3 25 | $0.41 | $-0.03 | ||
| Q2 25 | $0.39 | $-0.04 | ||
| Q1 25 | $0.41 | $-0.04 | ||
| Q4 24 | $0.36 | $-0.09 | ||
| Q3 24 | $0.27 | $-0.04 | ||
| Q2 24 | $0.42 | $-0.08 | ||
| Q1 24 | $0.43 | $-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 | $21.7M | $689.6M |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $2.4B | $715.5M |
| 总资产 | $7.2B | $1.2B |
| 负债/权益比越低杠杆越低 | 1.90× | — |
8季度趋势，按日历期对齐
现金及短期投资SAFEZLAB
| Q4 25 | $21.7M | $689.6M | ||
| Q3 25 | $12.1M | $717.2M | ||
| Q2 25 | $13.9M | $732.2M | ||
| Q1 25 | $17.3M | $757.3M | ||
| Q4 24 | $8.3M | $779.7M | ||
| Q3 24 | $15.6M | $616.1M | ||
| Q2 24 | $13.4M | $630.0M | ||
| Q1 24 | $11.3M | $650.8M |
总债务SAFEZLAB
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.1B | — |
股东权益SAFEZLAB
| Q4 25 | $2.4B | $715.5M | ||
| Q3 25 | $2.4B | $759.9M | ||
| Q2 25 | $2.4B | $791.7M | ||
| Q1 25 | $2.4B | $810.8M | ||
| Q4 24 | $2.3B | $840.9M | ||
| Q3 24 | $2.3B | $667.7M | ||
| Q2 24 | $2.3B | $704.2M | ||
| Q1 24 | $2.3B | $762.2M |
总资产SAFEZLAB
| Q4 25 | $7.2B | $1.2B | ||
| Q3 25 | $7.1B | $1.2B | ||
| Q2 25 | $7.1B | $1.2B | ||
| Q1 25 | $6.9B | $1.2B | ||
| Q4 24 | $6.9B | $1.2B | ||
| Q3 24 | $6.8B | $985.3M | ||
| Q2 24 | $6.8B | $987.4M | ||
| Q1 24 | $6.7B | $988.4M |
负债/权益比SAFEZLAB
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.81× | — |
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 | $47.8M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-26.7M |
| 自由现金流率自由现金流/营收 | — | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 1.72× | — |
| 过去12个月自由现金流最近4个季度 | — | $-158.9M |
8季度趋势，按日历期对齐
经营现金流SAFEZLAB
| Q4 25 | $47.8M | $-26.0M | ||
| Q3 25 | $-1.4M | $-32.0M | ||
| Q2 25 | $28.0M | $-31.0M | ||
| Q1 25 | $8.9M | $-61.7M | ||
| Q4 24 | $37.9M | $-55.8M | ||
| Q3 24 | $8.3M | $-26.8M | ||
| Q2 24 | $24.8M | $-42.2M | ||
| Q1 24 | $-3.1M | $-90.1M |
自由现金流SAFEZLAB
| Q4 25 | — | $-26.7M | ||
| Q3 25 | — | $-35.0M | ||
| Q2 25 | — | $-33.9M | ||
| Q1 25 | — | $-63.2M | ||
| Q4 24 | — | $-58.4M | ||
| Q3 24 | — | $-28.2M | ||
| Q2 24 | — | $-42.9M | ||
| Q1 24 | — | $-91.1M |
自由现金流率SAFEZLAB
| Q4 25 | — | -21.0% | ||
| Q3 25 | — | -30.4% | ||
| Q2 25 | — | -31.1% | ||
| Q1 25 | — | -59.9% | ||
| Q4 24 | — | -53.8% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -42.9% | ||
| Q1 24 | — | -104.5% |
资本支出强度SAFEZLAB
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
现金转化率SAFEZLAB
| Q4 25 | 1.72× | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | -0.10× | — |
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
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
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% |
