vs
Turning Point Brands, Inc.（TPB）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Turning Point Brands, Inc.的1.1倍（$127.1M vs $121.0M），Turning Point Brands, Inc.同比增速更快（29.2% vs 17.1%），Turning Point Brands, Inc.自由现金流更多（$21.5M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 20.7%）
Turning Point Australia（TPAUS）是一家位于澳大利亚的保守派游说团体，隶属于美国转折点组织但保持独立运营，由乔尔·贾马尔创立并于2023年完成注册。该团体目前正积极行动，试图影响2026年3月举行的南澳大利亚州选举结果。
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。
TPB vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.1倍
$121.0M
营收增速更快
TPB
高出12.1%
17.1%
自由现金流更多
TPB
多$48.2M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
20.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $121.0M | $127.1M |
| 净利润 | $8.2M | — |
| 毛利率 | 55.9% | 51.0% |
| 营业利润率 | 16.5% | -54.6% |
| 净利率 | 6.8% | — |
| 营收同比 | 29.2% | 17.1% |
| 净利润同比 | 239.8% | — |
| 每股收益（稀释后） | $0.40 | $-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TPBZLAB
| Q4 25 | $121.0M | $127.1M | ||
| Q3 25 | $119.0M | $115.4M | ||
| Q2 25 | $116.6M | $109.1M | ||
| Q1 25 | $106.4M | $105.7M | ||
| Q4 24 | $93.7M | $108.5M | ||
| Q3 24 | $90.7M | $101.8M | ||
| Q2 24 | $93.2M | $100.1M | ||
| Q1 24 | $83.1M | $87.1M |
净利润TPBZLAB
| Q4 25 | $8.2M | — | ||
| Q3 25 | $21.1M | $-36.0M | ||
| Q2 25 | $14.5M | $-40.7M | ||
| Q1 25 | $14.4M | $-48.4M | ||
| Q4 24 | $2.4M | — | ||
| Q3 24 | $12.4M | $-41.7M | ||
| Q2 24 | $13.0M | $-80.3M | ||
| Q1 24 | $12.0M | $-53.5M |
毛利率TPBZLAB
| Q4 25 | 55.9% | 51.0% | ||
| Q3 25 | 59.2% | 59.5% | ||
| Q2 25 | 57.1% | 60.6% | ||
| Q1 25 | 56.0% | 63.6% | ||
| Q4 24 | 56.0% | 61.5% | ||
| Q3 24 | 55.6% | 64.1% | ||
| Q2 24 | 54.1% | 64.9% | ||
| Q1 24 | 58.2% | 61.4% |
营业利润率TPBZLAB
| Q4 25 | 16.5% | -54.6% | ||
| Q3 25 | 21.8% | -42.3% | ||
| Q2 25 | 22.6% | -50.3% | ||
| Q1 25 | 21.8% | -53.3% | ||
| Q4 24 | 19.1% | -62.6% | ||
| Q3 24 | 22.9% | -66.6% | ||
| Q2 24 | 24.5% | -76.0% | ||
| Q1 24 | 23.2% | -80.7% |
净利率TPBZLAB
| Q4 25 | 6.8% | — | ||
| Q3 25 | 17.7% | -31.2% | ||
| Q2 25 | 12.4% | -37.3% | ||
| Q1 25 | 13.5% | -45.8% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 13.6% | -40.9% | ||
| Q2 24 | 14.0% | -80.2% | ||
| Q1 24 | 14.5% | -61.4% |
每股收益（稀释后）TPBZLAB
| Q4 25 | $0.40 | $-0.05 | ||
| Q3 25 | $1.13 | $-0.03 | ||
| Q2 25 | $0.79 | $-0.04 | ||
| Q1 25 | $0.79 | $-0.04 | ||
| Q4 24 | $0.15 | $-0.09 | ||
| Q3 24 | $0.68 | $-0.04 | ||
| Q2 24 | $0.68 | $-0.08 | ||
| Q1 24 | $0.63 | $-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 | $222.8M | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $372.0M | $715.5M |
| 总资产 | $763.8M | $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TPBZLAB
| Q4 25 | $222.8M | $689.6M | ||
| Q3 25 | $201.2M | $717.2M | ||
| Q2 25 | $109.9M | $732.2M | ||
| Q1 25 | $99.6M | $757.3M | ||
| Q4 24 | $48.9M | $779.7M | ||
| Q3 24 | $33.6M | $616.1M | ||
| Q2 24 | $142.2M | $630.0M | ||
| Q1 24 | $130.9M | $650.8M |
股东权益TPBZLAB
| Q4 25 | $372.0M | $715.5M | ||
| Q3 25 | $358.2M | $759.9M | ||
| Q2 25 | $224.8M | $791.7M | ||
| Q1 25 | $203.4M | $810.8M | ||
| Q4 24 | $190.4M | $840.9M | ||
| Q3 24 | $185.7M | $667.7M | ||
| Q2 24 | $172.8M | $704.2M | ||
| Q1 24 | $160.0M | $762.2M |
总资产TPBZLAB
| Q4 25 | $763.8M | $1.2B | ||
| Q3 25 | $742.8M | $1.2B | ||
| Q2 25 | $595.8M | $1.2B | ||
| Q1 25 | $564.6M | $1.2B | ||
| Q4 24 | $493.4M | $1.2B | ||
| Q3 24 | $488.0M | $985.3M | ||
| Q2 24 | $591.6M | $987.4M | ||
| Q1 24 | $586.3M | $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 | $24.9M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 17.8% | -21.0% |
| 资本支出强度资本支出/营收 | 2.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.03× | — |
| 过去12个月自由现金流最近4个季度 | $43.8M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流TPBZLAB
| Q4 25 | $24.9M | $-26.0M | ||
| Q3 25 | $3.3M | $-32.0M | ||
| Q2 25 | $11.8M | $-31.0M | ||
| Q1 25 | $17.4M | $-61.7M | ||
| Q4 24 | $17.7M | $-55.8M | ||
| Q3 24 | $13.2M | $-26.8M | ||
| Q2 24 | $13.4M | $-42.2M | ||
| Q1 24 | $22.6M | $-90.1M |
自由现金流TPBZLAB
| Q4 25 | $21.5M | $-26.7M | ||
| Q3 25 | $-721.0K | $-35.0M | ||
| Q2 25 | $7.8M | $-33.9M | ||
| Q1 25 | $15.2M | $-63.2M | ||
| Q4 24 | $16.6M | $-58.4M | ||
| Q3 24 | $12.6M | $-28.2M | ||
| Q2 24 | $10.9M | $-42.9M | ||
| Q1 24 | $22.3M | $-91.1M |
自由现金流率TPBZLAB
| Q4 25 | 17.8% | -21.0% | ||
| Q3 25 | -0.6% | -30.4% | ||
| Q2 25 | 6.7% | -31.1% | ||
| Q1 25 | 14.3% | -59.9% | ||
| Q4 24 | 17.8% | -53.8% | ||
| Q3 24 | 13.9% | -27.7% | ||
| Q2 24 | 11.7% | -42.9% | ||
| Q1 24 | 26.8% | -104.5% |
资本支出强度TPBZLAB
| Q4 25 | 2.8% | 0.5% | ||
| Q3 25 | 3.4% | 2.6% | ||
| Q2 25 | 3.4% | 2.6% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 1.2% | 2.4% | ||
| Q3 24 | 0.7% | 1.3% | ||
| Q2 24 | 2.7% | 0.7% | ||
| Q1 24 | 0.4% | 1.1% |
现金转化率TPBZLAB
| Q4 25 | 3.03× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.82× | — | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 7.34× | — | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.03× | — | ||
| Q1 24 | 1.89× | — |
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
TPB
| US | $111.5M | 92% |
| Non Us | $9.6M | 8% |
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% |
