财务数据
金额单位：亿美元；每股数据：美元；股数：亿股。* 为推导值（如第四季度 = 全年 − 前三季度；半年报公司的下半年 = 全年 − 上半年），悬停任一数字可查看来源（XBRL 标签 / PDF 页码 / 计算公式）。
年度营收（亿美元）
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 43.2 | 52.5 | 64.8 | 67.3 | 97.6 | 164.3 | 236.0 | 226.8 | 257.9 | 346.4 |
年度利润（亿美元）
营业利润净利润
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | -3.7 | 1.3 | 4.5 | 6.3 | 13.7 | 36.5 | 12.6 | 4.0 | 19.0 | 36.9 |
| 净利润 | -5.0 | -0.3 | 3.4 | 3.4 | 24.9 | 31.6 | 13.2 | 8.5 | 16.4 | 43.4 |
市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（账面口径）实际市盈率（主业口径）
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| FY22 | FY24 | FY25 | TTM | |
|---|---|---|---|---|
| 表观市盈率（账面口径） | 571.8x | 460.0x | 174.1x | 117.3x |
| 实际市盈率（主业口径） | 597.2x | 489.5x | 200.8x | 137.0x |
最新滚动 12 个月（FY2025Q3–FY2026Q2）：总市值 7,548.3 亿美元；账面净利润 64.3 亿美元 → 表观市盈率 117.3x；剔除税后非主业净收益 9.3 亿美元（投资/股权及利息等营业外收支税前 10.8 亿，有效税率 14.5%）后，实际主业盈利 55.1 亿美元 → 实际市盈率 137.0x（表观市盈率被非主业收益拉低 19.7x）。
年度账面盈利 vs 实际主业盈利（亿美元，含 TTM）
账面净利润实际主业盈利
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | -5.0 | -0.3 | 3.4 | 3.4 | 24.9 | 31.6 | 13.2 | 8.5 | 16.4 | 43.4 | 64.3 |
| 实际主业盈利 | -3.7 | 1.3 | 4.5 | 5.8 | 13.7 | 31.4 | 12.6 | 4.0 | 15.4 | 37.6 | 55.1 |
年度利润率
毛利率营业利润率税后营业利润率净利率
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 23.2% | 34.0% | 37.8% | 42.6% | 44.5% | 48.2% | 44.9% | 46.1% | 49.4% | 49.5% |
| 营业利润率 | -8.6% | 2.4% | 7.0% | 9.4% | 14.0% | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| 税后营业利润率 | 8.6% | 19.1% | 6.0% | |||||||
| 净利率 | -11.5% | -0.6% | 5.2% | 5.1% | 25.5% | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
净利率受营业外收支影响大（营业外收支占税前利润：FY18 -37.5%、FY19 -69.6%），这部分（投资收益、公允价值变动、利息等）不反映主业；看经营盈利用税后营业利润率（营业利润按当期有效税率扣税后 ÷ 营收）。
资本开支与自由现金流（亿美元）
资本开支自由现金流
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 0.8 | 1.1 | 1.6 | 2.2 | 2.9 | 3.0 | 4.5 | 5.5 | 6.4 | 9.7 |
| 自由现金流 | 0.0 | -1.0 | -1.3 | 2.8 | 7.8 | 32.2 | 31.1 | 11.2 | 24.1 | 67.3 |
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -784.3% | -6.2% | 36.2% | 16.7% | 57.5% | 47.4% | 4.2% | 1.5% | 2.9% | 7.2% |
| ROIC | -62.5% | 38.0% | 35.6% | 31.3% | 58.2% | 63.2% | 2.7% | 1.3% | 2.8% | 6.3% |
| 三年增量 ROIC | 222.0% | 82.0% | 62.1% | 73.1% | 1.6% | -4.1% | -3.2% |
FY2025 ROIC 6.3% = 税后营业利润（NOPAT）37.9 亿美元 ÷ 投入资本 598.1 亿美元。
年度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | -4.0 | 2.8 | 4.6 | 5.8 | 26.6 | 31.4 | 13.9 | 6.7 | 15.4 | 37.9 |
| 投入资本 | 6.5 | 7.4 | 13.0 | 18.5 | 45.7 | 49.6 | 523.8 | 536.8 | 555.0 | 598.1 |
| 科目 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 43.2 | 52.5 | 64.8 | 67.3 | 97.6 | 164.3 | 236.0 | 226.8 | 257.8 | 346.4 |
| 营业成本IS_COGS | 33.2 | 34.7 | 40.3 | 38.6 | 54.2 | 85.0 | 130.0 | 122.2 | 130.6 | 174.9 |
| 毛利IS_GROSS_PROFIT | 10.0 | 17.9 | 24.5 | 28.7 | 43.5 | 79.3 | 106.0 | 104.6 | 127.2 | 171.5 |
| 研发费用IS_RND | 10.1 | 12.0 | 14.3 | 15.5 | 19.8 | 28.4 | 50.0 | 58.7 | 64.6 | 80.9 |
| 销售及管理费用IS_SGA | 4.7 | 5.2 | 5.6 | 7.5 | 10.0 | 14.5 | 23.4 | 23.2 | 27.4 | 41.4 |
| 营业费用IS_OPEX | 100.6 | 108.2 | 134.6 | |||||||
| 营业利润IS_OPERATING_PROFIT | -3.7 | 1.3 | 4.5 | 6.3 | 13.7 | 36.5 | 12.6 | 4.0 | 19.0 | 36.9 |
| 税前利润IS_PRETAX_PROFIT | -4.6 | -0.2 | 3.3 | 3.7 | 12.8 | 36.8 | 12.0 | 5.1 | 20.2 | 41.7 |
| 所得税IS_TAX | 0.4 | 0.2 | -0.1 | 0.3 | -12.1 | 5.1 | -1.2 | -3.5 | 3.8 | -1.0 |
| 净利润IS_NET_PROFIT | -5.0 | -0.3 | 3.4 | 3.4 | 24.9 | 31.6 | 13.2 | 8.5 | 16.4 | 43.4 |
| 基本每股收益IS_EPS_BASIC | -0.60 | -0.03 | 0.34 | 0.31 | 2.10 | 2.61 | 0.85 | 0.53 | 1.01 | 2.67 |
| 摊薄每股收益IS_EPS_DILUTED | -0.60 | -0.03 | 0.32 | 0.30 | 2.06 | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 |
| 基本加权股数IS_SHARES_BASIC | 8.35 | 9.52 | 9.82 | 10.91 | 11.84 | 12.13 | 15.61 | 16.14 | 16.20 | 16.24 |
| 摊薄加权股数IS_SHARES_DILUTED | 8.35 | 9.52 | 10.64 | 11.20 | 12.07 | 12.29 | 15.71 | 16.25 | 16.37 | 16.36 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 33.2 | 35.5 | 45.6 | 60.3 | 89.6 | 124.2 | 675.8 | 678.8 | 692.3 | 769.3 |
| 流动资产BS_CURRENT_ASSETS | 25.3 | 26.3 | 35.4 | 46.0 | 61.4 | 85.8 | 150.2 | 167.7 | 190.5 | 269.5 |
| 现金及等价物BS_CASH | 12.6 | 11.8 | 10.8 | 14.7 | 16.0 | 25.4 | 48.4 | 39.3 | 37.9 | 55.4 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 0.0 | 0.0 | 0.8 | 0.4 | 7.0 | 10.7 | 10.2 | 18.4 | 13.4 | 50.1 |
| 应收账款BS_AR | 3.7 | 4.5 | 12.4 | 18.6 | 20.7 | 27.1 | 41.3 | 43.2 | 61.9 | 63.2 |
| 存货BS_INVENTORY | 6.9 | 6.9 | 8.4 | 9.8 | 14.0 | 19.6 | 37.7 | 43.5 | 57.3 | 79.2 |
| 固定资产净值BS_PPE_NET | 1.6 | 2.6 | 3.5 | 5.0 | 6.4 | 7.0 | 15.1 | 15.9 | 18.0 | 23.1 |
| 在建工程BS_CIP | 0.2 | 0.6 | 0.8 | 1.1 | 1.4 | 1.0 | 1.4 | 2.1 | 3.2 | 5.1 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 2.2 | 2.5 | 4.7 | 12.8 |
| 流动负债BS_CURRENT_LIABILITIES | 13.5 | 15.1 | 19.8 | 23.6 | 24.2 | 42.4 | 63.7 | 66.9 | 72.8 | 94.6 |
| 一年内到期借款BS_ST_DEBT | 0.0 | 0.7 | 1.4 | 0.0 | 0.0 | 3.1 | 0.0 | 15.0 | 0.0 | 8.7 |
| 应付账款BS_AP | 4.4 | 3.8 | 8.3 | 9.9 | 4.7 | 13.2 | 24.9 | 20.6 | 24.7 | 29.3 |
| 合同负债BS_CONTRACT_LIAB | 0.0 | 0.8 | 0.1 | 0.0 | ||||||
| 长期借款BS_LT_DEBT | 14.4 | 13.2 | 11.1 | 4.9 | 3.3 | 0.0 | 24.7 | 17.2 | 17.2 | 23.5 |
| 股东权益BS_TOTAL_EQUITY | 4.8 | 6.0 | 12.7 | 28.3 | 58.4 | 75.0 | 547.5 | 558.9 | 575.7 | 630.0 |
| 剩余履约义务（RPO）BS_RPO | 1.0 | 4.6 | 3.4 | 2.0 | 2.5 | 1.4 | 0.8 | 3.2 | ||
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 0.8 | 0.1 | 0.3 | 4.9 | 10.7 | 35.2 | 35.6 | 16.7 | 30.4 | 77.1 |
| 折旧摊销CF_DEPRECIATION | 1.3 | 1.4 | 1.7 | 2.2 | 2.2 | 3.0 | 4.4 | 4.4 | 4.5 | 5.2 |
| 股权激励费用CF_SBC | 0.9 | 1.0 | 1.4 | 2.0 | 2.7 | 3.8 | 10.8 | 13.8 | 14.1 | 16.4 |
| 投资活动现金流CF_INVESTING | 2.8 | -0.5 | -1.7 | -1.5 | -9.5 | 6.9 | 20.0 | -14.2 | -11.0 | -55.3 |
| 资本开支CF_CAPEX | 0.8 | 1.1 | 1.6 | 2.2 | 2.9 | 3.0 | 4.5 | 5.5 | 6.4 | 9.7 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 0.0 | 0.2 | 0.4 | 2.3 | 1.2 | 2.7 | 1.0 | 2.8 | ||
| 筹资活动现金流CF_FINANCING | 1.2 | -0.3 | 0.3 | 0.4 | 0.1 | 19.0 | -32.6 | -11.5 | -20.6 | -4.3 |
| 回购CF_BUYBACK | 0.0 | 0.0 | 17.6 | 37.0 | 9.8 | 8.6 | 13.2 | |||
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 23.2% | 34.0% | 37.8% | 42.6% | 44.5% | 48.2% | 44.9% | 46.1% | 49.4% | 49.5% |
| 营业利润率OPERATING_MARGIN | -8.6% | 2.4% | 7.0% | 9.4% | 14.0% | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| 净利率NET_MARGIN | -11.5% | -0.6% | 5.2% | 5.1% | 25.5% | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
| 税后营业利润NOPAT | -4.0 | 2.8 | 4.6 | 5.8 | 26.6 | 31.4 | 13.9 | 6.7 | 15.4 | 37.9 |
| 税后营业利润率NOPAT_MARGIN | 8.6% | 19.1% | 6.0% | |||||||
| 投入资本INVESTED_CAPITAL | 6.5 | 7.4 | 13.0 | 18.5 | 45.7 | 49.6 | 523.8 | 536.8 | 555.0 | 598.1 |
| 投入资本周转率CAPITAL_TURNOVER | 6.67 | 7.14 | 4.97 | 3.64 | 2.14 | 3.31 | 0.45 | 0.42 | 0.46 | 0.58 |
| ROEROE | -784.3% | -6.2% | 36.2% | 16.7% | 57.5% | 47.4% | 4.2% | 1.5% | 2.9% | 7.2% |
| ROICROIC | -62.5% | 38.0% | 35.6% | 31.3% | 58.2% | 63.2% | 2.7% | 1.3% | 2.8% | 6.3% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | 222.0% | 82.0% | 62.1% | 73.1% | 1.6% | -4.1% | -3.2% | |||
| 经营现金流/净利润OCF_TO_PROFIT | -16.3% | -36.4% | 10.1% | 144.6% | 43.0% | 111.4% | 270.1% | 195.2% | 185.3% | 177.8% |
| 应计比率ACCRUAL_RATIO | -17.4% | -1.3% | 6.7% | -2.5% | 15.8% | -2.9% | -3.3% | -1.2% | -2.0% | -4.4% |
| 营业外收支/税前利润NONOP_TO_PRETAX | -37.5% | -69.6% | -7.0% | 0.7% | -5.5% | 21.1% | 6.0% | 11.3% | ||
| 自由现金流FCF | 0.0 | -1.0 | -1.3 | 2.8 | 7.8 | 32.2 | 31.2 | 11.2 | 24.0 | 67.4 |
| 自由现金流利润率FCF_MARGIN | 0.1% | -1.9% | -2.0% | 4.1% | 8.0% | 19.6% | 13.2% | 4.9% | 9.3% | 19.4% |
| 股权激励/营收SBC_TO_REVENUE | 2.0% | 1.8% | 2.1% | 2.9% | 2.8% | 2.3% | 4.6% | 6.1% | 5.5% | 4.7% |
| 扣股权激励自由现金流FCF_AFTER_SBC | -0.8 | -2.0 | -2.7 | 0.8 | 5.0 | 28.4 | 20.3 | -2.6 | 10.0 | 51.0 |
| 资本开支/折旧摊销CAPEX_TO_DA | 0.58 | 0.78 | 0.96 | 0.98 | 1.35 | 1.02 | 1.03 | 1.24 | 1.40 | 1.87 |
| 在建工程/固定资产净值CIP_TO_PPE | 11.6% | 21.5% | 22.4% | 22.8% | 21.2% | 13.7% | 9.5% | 13.2% | 18.0% | 22.0% |
| 固定资产周转率PPE_TURNOVER | 26.34 | 20.13 | 18.61 | 13.46 | 15.23 | 23.41 | 15.60 | 14.27 | 14.31 | 14.98 |
| 总资产周转率ASSET_TURNOVER | 1.35 | 1.53 | 1.60 | 1.27 | 1.30 | 1.54 | 0.59 | 0.33 | 0.38 | 0.47 |
| 权益乘数EQUITY_MULTIPLIER | 50.43 | 6.41 | 4.35 | 2.59 | 1.73 | 1.60 | 1.29 | 1.22 | 1.21 | 1.21 |
| 应收周转天数DSO | 31.4 | 31.5 | 69.6 | 100.8 | 77.2 | 60.1 | 63.8 | 69.6 | 87.7 | 66.5 |
| 存货周转天数DIO | 76.1 | 73.1 | 76.6 | 92.8 | 94.3 | 83.9 | 105.9 | 130.0 | 160.3 | 165.3 |
| 应付周转天数DPO | 48.4 | 40.4 | 75.6 | 93.4 | 31.5 | 56.7 | 70.0 | 61.4 | 68.9 | 61.1 |
| 现金转换周期CCC | 59.1 | 64.2 | 70.6 | 100.2 | 140.0 | 87.3 | 99.7 | 138.2 | 179.0 | 170.7 |
| 合同负债同比CONTRACT_LIAB_YOY | -100.0% | -87.1% | -81.8% | |||||||
| RPO 同比RPO_YOY | 380.0% | -26.1% | -41.5% | 25.4% | -44.5% | -38.0% | 270.6% | |||
| 所有者盈余OWNER_EARNINGS | -0.5 | -1.3 | -1.4 | 2.7 | 8.5 | 32.2 | 31.3 | 12.3 | 25.9 | 71.9 |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 0.0 | 0.0 | 17.6 | 37.0 | 9.8 | 8.6 | 13.2 | |||
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 0.0% | 0.0% | 54.7% | 118.8% | 87.9% | 35.8% | 19.5% | |||
| 稀释率DILUTION_RATE | 0.0% | 0.0% | 8.4% | 2.7% | 1.9% | 1.3% | 0.6% | 0.7% | 1.0% | 0.7% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | 6.6% | 14.0% | 11.8% | 5.3% | 7.8% | 1.8% | 27.8% | 3.4% | 0.7% | -0.1% |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | -6.2% | 586.7% | 24.8% | -67.3% | -36.9% | 88.7% | 165.0% | |||
勾稽校验（所示期间）：0 项， 全部通过
季度营收（亿美元）
查看数据表
| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 58.0 | 61.7 | 54.7 | 58.4 | 68.2 | 76.6 | 74.4 | 76.8 | 92.5 | 102.7 | 102.5 | 115.4 |
季度利润（亿美元）
营业利润净利润
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| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 2.2 | 3.4 | 0.4 | 2.7 | 7.2 | 8.7 | 8.1 | -1.3 | 12.7 | 17.5 | 14.8 | 19.9 |
| 净利润 | 3.0 | 6.7 | 1.2 | 2.6 | 7.7 | 4.8 | 7.1 | 8.7 | 12.4 | 15.1 | 13.8 | 23.0 |
滚动 TTM 市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（TTM）实际市盈率（TTM）
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| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|
| 表观市盈率（TTM） | 413.4x | 460.0x | 338.9x | 266.3x | 228.3x | 174.1x | 150.7x | 117.3x |
| 实际市盈率（TTM） | 546.2x | 489.5x | 353.3x | 318.2x | 252.3x | 200.8x | 170.4x | 137.0x |
季度账面盈利 vs 实际主业盈利（亿美元）
账面净利润实际主业盈利
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| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 3.0 | 6.7 | 1.2 | 2.6 | 7.7 | 4.8 | 7.1 | 8.7 | 12.4 | 15.1 | 13.8 | 23.0 |
| 实际主业盈利 | 2.3 | 3.3 | 0.4 | 2.4 | 7.3 | 4.5 | 6.9 | -0.2 | 12.0 | 12.4 | 12.7 | 17.9 |
季度利润率
毛利率营业利润率税后营业利润率净利率
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| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 47.4% | 47.2% | 46.8% | 49.1% | 50.1% | 50.7% | 50.2% | 39.8% | 51.7% | 54.3% | 52.8% | 53.8% |
| 营业利润率 | 3.9% | 5.5% | 0.7% | 4.6% | 10.6% | 11.4% | 10.8% | -1.7% | 13.7% | 17.1% | 14.4% | 17.3% |
| 税后营业利润率 | 4.0% | 6.2% | 9.2% | 12.1% | 13.4% | 12.3% | 15.5% | |||||
| 净利率 | 5.2% | 10.8% | 2.2% | 4.5% | 11.3% | 6.3% | 9.5% | 11.3% | 13.4% | 14.7% | 13.5% | 19.9% |
净利率受营业外收支影响大（营业外收支占税前利润：24Q1 43.8%），这部分（投资收益、公允价值变动、利息等）不反映主业；看经营盈利用税后营业利润率（营业利润按当期有效税率扣税后 ÷ 营收）。
资本开支与自由现金流（亿美元）
资本开支自由现金流
查看数据表
| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 1.2 | 1.4 | 1.4 | 1.5 | 1.3 | 2.1 | 2.1 | 2.8 | 2.6 | 2.2 | 3.9 | 8.1 |
| 自由现金流 | 3.0 | 2.4 | 3.8 | 4.4 | 5.0 | 10.9 | 7.3 | 17.3 | 19.0 | 23.8 | 25.7 | 15.6 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 1.2% | 0.2% | 0.5% | 1.4% | 0.8% | 1.2% | 1.5% | 2.0% | 2.4% | 2.1% | 3.4% |
| ROIC | 0.5% | 1.1% | 0.1% | 0.4% | 1.4% | 0.9% | 1.2% | 2.4% | 1.9% | 2.3% | 2.1% | 2.8% |
FY2026Q2 ROIC 2.8% = 税后营业利润（NOPAT）17.9 亿美元 ÷ 投入资本 644.9 亿美元（杜邦拆解：税后营业利润率 15.5% × 投入资本周转率 0.72x）。
季度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
查看数据表
| 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 2.6 | 6.1 | 0.7 | 2.3 | 7.5 | 4.8 | 6.9 | 13.8 | 11.2 | 13.7 | 12.6 | 17.9 |
| 投入资本 | 531.2 | 536.8 | 537.3 | 541.4 | 548.1 | 555.0 | 550.5 | 584.4 | 583.3 | 598.1 | 612.3 | 644.9 |
| 科目 | 23Q3 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 58.0 | 61.7 | 54.7 | 58.4 | 68.2 | 76.6 | 74.4 | 76.8 | 92.5 | 102.7 | 102.5 | 115.4 |
| 营业成本IS_COGS | 30.5 | 32.6 | 29.1 | 29.7 | 34.0 | 37.8 | 37.0 | 46.3 | 44.7 | 46.9 | 48.4 | 53.3 |
| 毛利IS_GROSS_PROFIT | 27.5 | 29.1 | 25.6 | 28.6 | 34.2 | 38.8 | 37.4 | 30.6 | 47.8 | 55.8 | 54.2 | 62.0 |
| 研发费用IS_RND | 15.1 | 15.1 | 15.2 | 15.8 | 16.4 | 17.1 | 17.3 | 18.9 | 21.4 | 23.3 | 24.0 | 25.3 |
| 销售及管理费用IS_SGA | 5.8 | 6.1 | 6.1 | 6.4 | 7.1 | 7.8 | 8.9 | 9.9 | 10.7 | 12.0 | 12.5 | 14.0 |
| 营业费用IS_OPEX | 25.2 | 26.0 | 27.0 | 30.1 | 29.3 | 31.9 | 35.1 | 38.2 | 39.4 | 42.1 | ||
| 营业利润IS_OPERATING_PROFIT | 2.2 | 3.4 | 0.4 | 2.7 | 7.2 | 8.7 | 8.1 | -1.3 | 12.7 | 17.5 | 14.8 | 19.9 |
| 税前利润IS_PRETAX_PROFIT | 2.6 | 3.8 | 0.6 | 3.0 | 7.4 | 9.2 | 8.2 | -0.7 | 13.2 | 21.0 | 16.0 | 25.5 |
| 所得税IS_TAX | -0.4 | -3.0 | -0.5 | 0.4 | -0.3 | 4.2 | 1.2 | -8.3 | 1.5 | 4.6 | 2.4 | 2.5 |
| 净利润IS_NET_PROFIT | 3.0 | 6.7 | 1.2 | 2.6 | 7.7 | 4.8 | 7.1 | 8.7 | 12.4 | 15.1 | 13.8 | 23.0 |
| 基本每股收益IS_EPS_BASIC | 0.18 | 0.08 | 0.16 | 0.48 | 0.44 | 0.54 | 0.76 | 0.85 | 1.40 | |||
| 摊薄每股收益IS_EPS_DILUTED | 0.18 | 0.07 | 0.16 | 0.47 | 0.44 | 0.54 | 0.75 | 0.84 | 1.38 | |||
| 基本加权股数IS_SHARES_BASIC | 16.16 | 16.17 | 16.18 | 16.20 | 16.20 | 16.23 | 16.26 | 16.31 | 16.32 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 16.29 | 16.39 | 16.37 | 16.36 | 16.26 | 16.30 | 16.41 | 16.50 | 16.59 | |||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 676.3 | 678.8 | 679.0 | 678.9 | 696.4 | 692.3 | 715.5 | 748.2 | 768.9 | 769.3 | 796.4 | 844.6 |
| 流动资产BS_CURRENT_ASSETS | 166.9 | 167.7 | 170.8 | 174.6 | 187.4 | 190.5 | 216.0 | 245.2 | 270.0 | 269.5 | 286.3 | 315.2 |
| 现金及等价物BS_CASH | 35.6 | 39.3 | 41.9 | 41.1 | 39.0 | 37.9 | 60.5 | 44.4 | 48.1 | 55.4 | 55.8 | 50.9 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 22.2 | 18.4 | 18.4 | 12.3 | 6.5 | 13.4 | 12.6 | 14.2 | 24.4 | 50.1 | 67.6 | 80.2 |
| 应收账款BS_AR | 50.5 | 43.2 | 50.4 | 57.5 | 72.4 | 61.9 | 54.4 | 51.2 | 62.0 | 63.2 | 60.4 | 72.8 |
| 存货BS_INVENTORY | 44.4 | 43.5 | 46.5 | 49.9 | 53.7 | 57.3 | 64.2 | 66.8 | 73.1 | 79.2 | 80.4 | 84.7 |
| 固定资产净值BS_PPE_NET | 15.7 | 15.9 | 16.2 | 16.7 | 16.7 | 18.0 | 19.2 | 21.3 | 22.0 | 23.1 | 27.2 | 34.4 |
| 在建工程BS_CIP | 2.0 | 2.1 | 2.2 | 2.2 | 2.3 | 3.2 | 4.4 | 5.8 | 5.9 | 5.1 | 6.5 | 11.5 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 2.4 | 2.5 | 2.6 | 3.6 | 3.9 | 4.7 | 8.1 | 9.2 | 10.7 | 12.8 | 19.8 | 20.0 |
| 流动负债BS_CURRENT_LIABILITIES | 76.3 | 66.9 | 64.7 | 62.0 | 75.0 | 72.8 | 77.0 | 98.4 | 117.0 | 94.6 | 105.1 | 120.8 |
| 一年内到期借款BS_ST_DEBT | 15.0 | 15.0 | 15.0 | 0.0 | 0.0 | 0.0 | 9.5 | 8.7 | 8.7 | 8.7 | 8.8 | |
| 应付账款BS_AP | 22.4 | 20.6 | 14.2 | 17.0 | 25.3 | 24.7 | 22.1 | 30.8 | 34.8 | 29.3 | 30.0 | 53.6 |
| 长期借款BS_LT_DEBT | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 | 32.2 | 32.2 | 23.5 | 23.5 | 23.5 | 23.5 |
| 股东权益BS_TOTAL_EQUITY | 549.7 | 558.9 | 562.0 | 565.4 | 569.8 | 575.7 | 578.8 | 596.6 | 607.9 | 630.0 | 644.6 | 672.2 |
| 剩余履约义务（RPO）BS_RPO | 1.9 | 1.4 | 1.1 | 0.8 | 0.9 | 0.8 | 0.7 | 2.2 | 2.8 | 3.2 | 2.6 | 2.2 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 4.2 | 3.8 | 5.2 | 5.9 | 6.3 | 13.0 | 9.4 | 20.1 | 21.6 | 26.0 | 29.6 | 23.7 |
| 折旧摊销CF_DEPRECIATION | -22.1 | |||||||||||
| 股权激励费用CF_SBC | 3.5 | 3.7 | 3.7 | 3.5 | 3.5 | 3.4 | 3.6 | 3.7 | 4.2 | 4.9 | 4.9 | 5.0 |
| 投资活动现金流CF_INVESTING | 1.0 | 1.5 | -1.4 | 3.9 | -1.4 | -12.1 | -3.6 | -23.0 | -13.4 | -15.4 | -25.6 | -28.5 |
| 资本开支CF_CAPEX | 1.2 | 1.4 | 1.4 | 1.5 | 1.3 | 2.1 | 2.1 | 2.8 | 2.6 | 2.2 | 3.9 | 8.1 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 0.7 | 1.5 | 0.2 | 0.3 | 0.4 | 0.1 | ||||||
| 筹资活动现金流CF_FINANCING | -8.0 | -1.6 | -1.3 | -10.6 | -7.1 | -1.7 | 16.7 | -13.2 | -4.5 | -3.3 | -3.5 | -0.2 |
| 回购CF_BUYBACK | 5.1 | 2.3 | 0.0 | 3.5 | 2.5 | 2.6 | 7.5 | 4.8 | 0.9 | 0.0 | 2.2 | 0.0 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 47.4% | 47.2% | 46.8% | 49.1% | 50.1% | 50.7% | 50.2% | 39.8% | 51.7% | 54.3% | 52.8% | 53.8% |
| 营业利润率OPERATING_MARGIN | 3.9% | 5.5% | 0.7% | 4.6% | 10.6% | 11.4% | 10.8% | -1.7% | 13.7% | 17.1% | 14.4% | 17.3% |
| 净利率NET_MARGIN | 5.2% | 10.8% | 2.2% | 4.5% | 11.3% | 6.3% | 9.5% | 11.3% | 13.4% | 14.7% | 13.5% | 19.9% |
| 税后营业利润NOPAT | 2.6 | 6.1 | 0.7 | 2.3 | 7.5 | 4.8 | 6.9 | 13.8 | 11.2 | 13.7 | 12.6 | 17.9 |
| 税后营业利润率NOPAT_MARGIN | 4.0% | 6.2% | 9.2% | 12.1% | 13.4% | 12.3% | 15.5% | |||||
| 投入资本INVESTED_CAPITAL | 531.2 | 536.8 | 537.3 | 541.4 | 548.1 | 555.0 | 550.5 | 584.4 | 583.3 | 598.1 | 612.3 | 644.9 |
| 投入资本周转率CAPITAL_TURNOVER | 0.44 | 0.46 | 0.41 | 0.43 | 0.50 | 0.55 | 0.54 | 0.53 | 0.63 | 0.69 | 0.67 | 0.72 |
| ROEROE | 0.5% | 1.2% | 0.2% | 0.5% | 1.4% | 0.8% | 1.2% | 1.5% | 2.0% | 2.4% | 2.1% | 3.4% |
| ROICROIC | 0.5% | 1.1% | 0.1% | 0.4% | 1.4% | 0.9% | 1.2% | 2.4% | 1.9% | 2.3% | 2.1% | 2.8% |
| 经营现金流/净利润OCF_TO_PROFIT | 140.8% | 57.1% | 423.6% | 223.8% | 81.5% | 269.5% | 132.4% | 230.6% | 173.7% | 172.1% | 213.7% | 103.0% |
| 应计比率ACCRUAL_RATIO | -0.2% | 0.4% | -0.6% | -0.5% | 0.2% | -1.2% | -0.3% | -1.5% | -1.2% | -1.4% | -2.0% | -0.1% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 12.8% | 10.0% | 43.8% | 10.0% | 1.8% | 5.5% | 2.3% | 3.4% | 16.6% | 8.0% | 22.0% | |
| 自由现金流FCF | 3.0 | 2.4 | 3.8 | 4.4 | 5.0 | 10.9 | 7.3 | 17.3 | 19.0 | 23.8 | 25.7 | 15.6 |
| 自由现金流利润率FCF_MARGIN | 5.1% | 3.9% | 6.9% | 7.5% | 7.3% | 14.2% | 9.8% | 22.5% | 20.6% | 23.2% | 25.0% | 13.5% |
| 股权激励/营收SBC_TO_REVENUE | 6.1% | 6.1% | 6.8% | 5.9% | 5.1% | 4.4% | 4.9% | 4.8% | 4.5% | 4.7% | 4.7% | 4.4% |
| 扣股权激励自由现金流FCF_AFTER_SBC | -0.6 | -1.3 | 0.1 | 0.9 | 1.4 | 7.5 | 3.6 | 13.6 | 14.8 | 18.9 | 20.8 | 10.6 |
| 在建工程/固定资产净值CIP_TO_PPE | 12.8% | 13.2% | 13.7% | 13.0% | 13.7% | 18.0% | 23.2% | 27.0% | 26.8% | 22.0% | 23.7% | 33.4% |
| 固定资产周转率PPE_TURNOVER | 14.81 | 15.53 | 13.48 | 14.01 | 16.34 | 17.00 | 15.49 | 14.45 | 16.77 | 17.77 | 15.06 | 13.42 |
| 应收周转天数DSO | 79.5 | 64.0 | 84.0 | 89.9 | 96.9 | 73.8 | 66.8 | 60.7 | 61.2 | 56.1 | 53.7 | 57.6 |
| 存货周转天数DIO | 132.9 | 121.9 | 145.7 | 153.3 | 144.2 | 138.6 | 158.1 | 131.7 | 149.4 | 154.0 | 151.8 | 144.9 |
| 应付周转天数DPO | 67.1 | 57.6 | 44.4 | 52.2 | 67.9 | 59.6 | 54.4 | 60.8 | 71.2 | 57.0 | 56.5 | 91.7 |
| 现金转换周期CCC | 145.3 | 128.3 | 185.3 | 191.0 | 173.2 | 152.8 | 170.5 | 131.7 | 139.5 | 153.2 | 148.9 | 110.8 |
| RPO 同比RPO_YOY | -36.4% | -44.5% | -67.3% | -72.3% | -55.2% | -38.0% | -34.5% | 186.8% | 224.4% | 270.6% | 256.8% | 1.8% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 5.1 | 2.3 | 0.0 | 3.5 | 2.5 | 2.6 | 7.5 | 4.8 | 0.9 | 0.0 | 2.2 | 0.0 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 172.1% | 96.3% | 1.1% | 80.2% | 50.4% | 23.5% | 103.0% | 27.6% | 4.7% | 0.0% | 8.6% | 0.0% |
| 稀释率DILUTION_RATE | 0.8% | 1.4% | 1.2% | 1.0% | 0.4% | 0.4% | 0.9% | 1.2% | 1.7% | |||
勾稽校验（所示期间）：0 项， 全部通过