vs
SunPower Inc.（SPWR）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SunPower Inc.的1.6倍（$127.1M vs $79.7M），再鼎医药同比增速更快（17.1% vs -10.1%），过去两年SunPower Inc.的营收复合增速更高（118.7% vs 20.8%）
SunPower是一家美国光伏太阳能发电系统与储能电池产品供应商，主要服务住宅客户。公司由斯坦福大学电气工程教授理查德·斯旺森于1985年创立，总部位于加利福尼亚州圣何塞。赛普拉斯半导体2002年收购该公司多数股权后推动其快速发展，SunPower最终于2005年完成上市，目前是全球光伏领域知名企业。
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。
SPWR vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.6倍
$79.7M
营收增速更快
ZLAB
高出27.2%
-10.1%
两年增速更快
SPWR
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $79.7M | $127.1M |
| 净利润 | $-14.2M | — |
| 毛利率 | 35.5% | 51.0% |
| 营业利润率 | -27.4% | -54.6% |
| 净利率 | -17.8% | — |
| 营收同比 | -10.1% | 17.1% |
| 净利润同比 | -130.1% | — |
| 每股收益（稀释后） | $-0.05 | $-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SPWRZLAB
| Q4 25 | $79.7M | $127.1M | ||
| Q3 25 | $22.0M | $115.4M | ||
| Q2 25 | $67.5M | $109.1M | ||
| Q1 25 | $82.7M | $105.7M | ||
| Q4 24 | $88.7M | $108.5M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $100.1M | ||
| Q1 24 | — | $87.1M |
净利润SPWRZLAB
| Q4 25 | $-14.2M | — | ||
| Q3 25 | $-16.9M | $-36.0M | ||
| Q2 25 | $-22.4M | $-40.7M | ||
| Q1 25 | $8.1M | $-48.4M | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | — | $-41.7M | ||
| Q2 24 | — | $-80.3M | ||
| Q1 24 | — | $-53.5M |
毛利率SPWRZLAB
| Q4 25 | 35.5% | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | 42.6% | 60.6% | ||
| Q1 25 | 48.5% | 63.6% | ||
| Q4 24 | 46.5% | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率SPWRZLAB
| Q4 25 | -27.4% | -54.6% | ||
| Q3 25 | -15.7% | -42.3% | ||
| Q2 25 | -4.0% | -50.3% | ||
| Q1 25 | 1.3% | -53.3% | ||
| Q4 24 | -24.2% | -62.6% | ||
| Q3 24 | — | -66.6% | ||
| Q2 24 | — | -76.0% | ||
| Q1 24 | — | -80.7% |
净利率SPWRZLAB
| Q4 25 | -17.8% | — | ||
| Q3 25 | -76.9% | -31.2% | ||
| Q2 25 | -33.2% | -37.3% | ||
| Q1 25 | 9.8% | -45.8% | ||
| Q4 24 | 53.0% | — | ||
| Q3 24 | — | -40.9% | ||
| Q2 24 | — | -80.2% | ||
| Q1 24 | — | -61.4% |
每股收益（稀释后）SPWRZLAB
| Q4 25 | $-0.05 | $-0.05 | ||
| Q3 25 | $-0.19 | $-0.03 | ||
| Q2 25 | $-0.28 | $-0.04 | ||
| Q1 25 | $0.00 | $-0.04 | ||
| Q4 24 | $0.27 | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | — | $-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 | $9.6M | $689.6M |
| 总债务越低越好 | $164.8M | — |
| 股东权益账面价值 | $-90.1M | $715.5M |
| 总资产 | $241.2M | $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SPWRZLAB
| Q4 25 | $9.6M | $689.6M | ||
| Q3 25 | $5.1M | $717.2M | ||
| Q2 25 | $11.1M | $732.2M | ||
| Q1 25 | $10.6M | $757.3M | ||
| Q4 24 | $13.4M | $779.7M | ||
| Q3 24 | — | $616.1M | ||
| Q2 24 | — | $630.0M | ||
| Q1 24 | — | $650.8M |
总债务SPWRZLAB
| Q4 25 | $164.8M | — | ||
| Q3 25 | $204.3M | — | ||
| Q2 25 | $152.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $147.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SPWRZLAB
| Q4 25 | $-90.1M | $715.5M | ||
| Q3 25 | $-112.3M | $759.9M | ||
| Q2 25 | $-107.2M | $791.7M | ||
| Q1 25 | $-89.0M | $810.8M | ||
| Q4 24 | $-97.5M | $840.9M | ||
| Q3 24 | — | $667.7M | ||
| Q2 24 | — | $704.2M | ||
| Q1 24 | — | $762.2M |
总资产SPWRZLAB
| Q4 25 | $241.2M | $1.2B | ||
| Q3 25 | $208.3M | $1.2B | ||
| Q2 25 | $163.1M | $1.2B | ||
| Q1 25 | $147.8M | $1.2B | ||
| Q4 24 | $144.5M | $1.2B | ||
| Q3 24 | — | $985.3M | ||
| Q2 24 | — | $987.4M | ||
| Q1 24 | — | $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 | $-1.9M | $-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 | — | — |
| 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SPWRZLAB
| Q4 25 | $-1.9M | $-26.0M | ||
| Q3 25 | $-6.4M | $-32.0M | ||
| Q2 25 | $-4.4M | $-31.0M | ||
| Q1 25 | $-2.6M | $-61.7M | ||
| Q4 24 | $-25.6M | $-55.8M | ||
| Q3 24 | — | $-26.8M | ||
| Q2 24 | — | $-42.2M | ||
| Q1 24 | — | $-90.1M |
自由现金流SPWRZLAB
| 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SPWRZLAB
| 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SPWRZLAB
| 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SPWRZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.32× | — | ||
| Q4 24 | -0.54× | — | ||
| 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
SPWR
| Residential Solar Installation | $46.9M | 59% |
| New Homes Business | $22.7M | 29% |
| Other | $10.1M | 13% |
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% |
