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 | 132.4 | 176.4 | 208.5 | 226.0 | 238.9 | 274.5 | 332.0 | 358.2 | 515.7 | 638.9 |
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 | -4.1 | 23.7 | 51.4 | 34.4 | 40.1 | 85.2 | 142.2 | 162.1 | 134.6 | 254.8 |
| 净利润 | -17.4 | 16.9 | 122.6 | 27.2 | 29.6 | 67.4 | 115.0 | 140.8 | 59.0 | 231.3 |
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 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|
| 表观市盈率（账面口径） | 133.3x | 108.8x | 66.3x | 40.0x | |
| 实际市盈率（主业口径） | 116.5x | 101.4x | 189.1x | 60.1x | 37.8x |
最新滚动 12 个月（FY2025Q4–FY2026Q3）：总市值 15,322.2 亿美元；账面净利润 382.6 亿美元 → 表观市盈率 40.0x；加回税后非主业净支出 22.2 亿美元（投资/股权及利息等营业外收支税前 -23.4 亿，有效税率 5.4%）后，实际主业盈利 404.8 亿美元 → 实际市盈率 37.8x（表观市盈率因非主业净支出显得偏高 2.2x）。
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 | -17.4 | 16.9 | 122.6 | 27.2 | 29.6 | 67.4 | 115.0 | 140.8 | 59.0 | 231.3 | 382.6 |
| 实际主业盈利 | -4.0 | 22.3 | 47.6 | 34.3 | 40.1 | 84.8 | 131.5 | 151.2 | 81.0 | 254.8 | 404.8 |
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 | 44.9% | 48.2% | 51.5% | 55.2% | 56.6% | 61.4% | 66.5% | 68.9% | 63.0% | 67.8% |
| 营业利润率 | -3.1% | 13.4% | 24.6% | 15.2% | 16.8% | 31.0% | 42.8% | 45.2% | 26.1% | 39.9% |
| 税后营业利润率 | 13.2% | 30.9% | 39.6% | 42.2% | 16.2% | |||||
| 净利率 | -13.1% | 9.6% | 58.8% | 12.1% | 12.4% | 24.5% | 34.6% | 39.3% | 11.4% | 36.2% |
净利率受营业外收支影响大（营业外收支占税前利润：FY17 -29.9%、FY19 -54.7%、FY20 -64.3%、FY21 -25.9%、FY24 -35.8%），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
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 7.2 | 10.7 | 6.3 | 4.3 | 4.6 | 4.4 | 4.2 | 4.5 | 5.5 | 6.2 |
| 自由现金流 | 26.9 | 54.8 | 82.5 | 92.7 | 116.0 | 133.2 | 163.1 | 176.3 | 194.1 | 269.1 |
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 | -13.1% | 8.0% | 52.2% | 10.6% | 12.1% | 27.6% | 48.2% | 60.3% | 12.9% | 31.0% |
| ROIC | 8.8% | 35.8% | 8.5% | 8.6% | 15.7% | 26.6% | 31.9% | 6.7% | 20.4% | |
| 三年增量 ROIC | 8.5% | -40.8% | -0.2% | 16.4% |
FY2025 ROIC 20.4% = 税后营业利润（NOPAT）259.3 亿美元 ÷ 投入资本 1,271.0 亿美元；三年增量 ROIC 16.4%。
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） | -6.5 | 23.3 | 142.7 | 42.3 | 48.7 | 84.8 | 131.5 | 151.2 | 83.7 | 259.3 |
| 投入资本 | 265.1 | 398.6 | 499.0 | 564.9 | 540.3 | 493.7 | 474.2 | 1,246 | 1,271 |
| 科目 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 132.4 | 176.4 | 208.5 | 226.0 | 238.9 | 274.5 | 332.0 | 358.2 | 515.7 | 638.9 |
| 营业成本IS_COGS | 73.0 | 91.3 | 101.2 | 101.1 | 103.7 | 106.1 | 111.1 | 111.3 | 190.6 | 205.9 |
| 毛利IS_GROSS_PROFIT | 59.4 | 85.1 | 107.3 | 124.8 | 135.2 | 168.4 | 221.0 | 246.9 | 325.1 | 432.9 |
| 研发费用IS_RND | 26.7 | 33.0 | 37.7 | 47.0 | 49.7 | 48.5 | 49.2 | 52.5 | 93.1 | 109.8 |
| 销售及管理费用IS_SGA | 8.1 | 7.9 | 10.6 | 17.1 | 19.4 | 13.5 | 13.8 | 15.9 | 49.6 | 42.1 |
| 营业费用IS_OPEX | 63.5 | 61.4 | 56.0 | 90.4 | 95.0 | 83.2 | 78.7 | 84.8 | 190.5 | 178.1 |
| 营业利润IS_OPERATING_PROFIT | -4.1 | 23.7 | 51.4 | 34.4 | 40.1 | 85.2 | 142.2 | 162.1 | 134.6 | 254.8 |
| 税前利润IS_PRETAX_PROFIT | -11.1 | 18.2 | 45.4 | 22.3 | 24.4 | 67.6 | 124.3 | 151.0 | 99.2 | 227.3 |
| 所得税IS_TAX | 6.4 | 0.4 | -80.8 | -5.1 | -5.2 | 0.3 | 9.4 | 10.2 | 37.5 | -4.0 |
| 净利润IS_NET_PROFIT | -17.4 | 16.9 | 122.6 | 27.2 | 29.6 | 67.4 | 115.0 | 140.8 | 59.0 | 231.3 |
| 基本每股收益IS_EPS_BASIC | -4.75 | 4.18 | 29.33 | 6.77 | 6.62 | 15.70 | 2.74 | 3.39 | 1.27 | 4.91 |
| 摊薄每股收益IS_EPS_DILUTED | -4.86 | 4.02 | 28.44 | 6.43 | 6.33 | 15.00 | 2.65 | 3.30 | 1.23 | 4.77 |
| 基本加权股数IS_SHARES_BASIC | 3.66 | 4.05 | 4.18 | 3.98 | 4.02 | 4.10 | 40.89 | 41.49 | 46.24 | 47.12 |
| 摊薄加权股数IS_SHARES_DILUTED | 3.83 | 4.21 | 4.31 | 4.19 | 4.21 | 4.29 | 42.32 | 42.72 | 47.78 | 48.53 |
| 每股宣派股息IS_DPS_DECLARED | 1.94 | 4.08 | 7.00 | 10.60 | 13.00 | 14.40 | 1.64 | 1.84 | 2.10 | 2.36 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 544.2 | 501.2 | 674.9 | 759.3 | 755.7 | 732.5 | 728.6 | 1,656.4 | 1,710.9 | |
| 流动资产BS_CURRENT_ASSETS | 158.2 | 91.1 | 99.2 | 119.0 | 165.9 | 185.0 | 208.5 | 196.0 | 315.7 | |
| 现金及等价物BS_CASH | 31.0 | 112.0 | 42.9 | 50.6 | 76.2 | 121.6 | 124.2 | 141.9 | 93.5 | 161.8 |
| 应收账款BS_AR | 24.5 | 33.2 | 32.6 | 23.0 | 20.7 | 29.6 | 31.5 | 44.2 | 71.4 | |
| 存货BS_INVENTORY | 14.5 | 11.2 | 8.7 | 10.0 | 13.0 | 19.2 | 19.0 | 17.6 | 22.7 | |
| 固定资产净值BS_PPE_NET | 26.0 | 26.4 | 25.6 | 25.1 | 23.5 | 22.2 | 21.5 | 25.2 | 25.3 | |
| 在建工程BS_CIP | 4.1 | 0.7 | 0.8 | 1.1 | 0.4 | 0.6 | 0.6 | 0.6 | 0.8 | |
| 总负债BS_TOTAL_LIABILITIES | 312.3 | 234.7 | 425.2 | 520.3 | 505.8 | 505.4 | 488.7 | 979.7 | 898.0 | |
| 流动负债BS_CURRENT_LIABILITIES | 25.3 | 23.4 | 69.0 | 63.7 | 62.8 | 70.5 | 74.0 | 167.0 | 185.1 | |
| 一年内到期借款BS_ST_DEBT | 1.2 | 0.0 | 27.9 | 8.3 | 2.6 | 4.0 | 15.6 | 12.7 | 31.5 | |
| 应付账款BS_AP | 11.0 | 8.1 | 8.6 | 8.4 | 10.9 | 10.0 | 12.1 | 16.6 | 15.6 | |
| 合同负债BS_CONTRACT_LIAB | 0.5 | 1.6 | 15.0 | 26.2 | 26.2 | 29.3 | 24.9 | 94.0 | 94.7 | |
| 长期借款BS_LT_DEBT | 174.3 | 174.9 | 300.1 | 402.4 | 412.4 | 390.8 | 376.2 | 663.0 | 619.8 | |
| 股东权益BS_TOTAL_EQUITY | 218.8 | 202.8 | 266.6 | 249.4 | 238.7 | 249.6 | 227.1 | 239.9 | 676.8 | 812.9 |
| 剩余履约义务（RPO）BS_RPO | 136.0 | 236.0 | 203.0 | 205.0 | 333.0 | |||||
| 少数股东权益BS_MINORITY_INTEREST | 29.0 | 0.0 | ||||||||
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 34.1 | 65.5 | 88.8 | 97.0 | 120.6 | 137.6 | 167.4 | 180.8 | 199.6 | 275.4 |
| 折旧摊销CF_DEPRECIATION | 4.0 | 4.5 | 5.2 | 5.7 | 5.7 | 5.4 | 5.3 | 5.0 | 5.9 | 5.7 |
| 股权激励费用CF_SBC | 6.8 | 9.2 | 12.3 | 21.8 | 19.8 | 17.0 | 15.3 | 21.7 | 57.4 | 75.7 |
| 投资活动现金流CF_INVESTING | -98.4 | -6.7 | -46.7 | -154.2 | -111.1 | -2.4 | -6.7 | -6.9 | -230.7 | -5.8 |
| 资本开支CF_CAPEX | 7.2 | 10.7 | 6.4 | 4.3 | 4.6 | 4.4 | 4.2 | 4.5 | 5.5 | 6.2 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 0.7 | 0.2 | 0.0 | 0.0 | 0.5 | |||||
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 6.8 | 0.9 | 0.2 | 0.3 | 11.6 | 2.2 | ||||
| 筹资活动现金流CF_FINANCING | 77.0 | 22.3 | -111.2 | 64.9 | 16.1 | -89.7 | -158.2 | -156.2 | -17.3 | -201.3 |
| 派息CF_DIVIDEND | 7.5 | 17.4 | 30.0 | 42.4 | 55.3 | 62.1 | 70.3 | 76.4 | 98.1 | 111.4 |
| 回购CF_BUYBACK | 0.0 | 0.0 | 72.6 | 54.4 | 0.0 | 0.0 | 70.0 | 58.2 | 71.8 | 24.5 |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 44.9% | 48.2% | 51.5% | 55.2% | 56.6% | 61.4% | 66.5% | 68.9% | 63.0% | 67.8% |
| 营业利润率OPERATING_MARGIN | -3.1% | 13.4% | 24.6% | 15.2% | 16.8% | 31.0% | 42.8% | 45.2% | 26.1% | 39.9% |
| 净利率NET_MARGIN | -13.1% | 9.6% | 58.8% | 12.1% | 12.4% | 24.5% | 34.6% | 39.3% | 11.4% | 36.2% |
| 税后营业利润NOPAT | -6.5 | 23.3 | 142.7 | 42.3 | 48.7 | 84.8 | 131.5 | 151.2 | 83.7 | 259.3 |
| 税后营业利润率NOPAT_MARGIN | 13.2% | 30.9% | 39.6% | 42.2% | 16.2% | |||||
| 投入资本INVESTED_CAPITAL | 265.1 | 398.6 | 499.0 | 564.9 | 540.3 | 493.7 | 474.2 | 1,246.2 | 1,271.0 | |
| 投入资本周转率CAPITAL_TURNOVER | 0.67 | 0.52 | 0.45 | 0.42 | 0.51 | 0.67 | 0.76 | 0.41 | 0.50 | |
| ROEROE | -13.1% | 8.0% | 52.2% | 10.6% | 12.1% | 27.6% | 48.2% | 60.3% | 12.9% | 31.0% |
| ROICROIC | 8.8% | 35.8% | 8.5% | 8.6% | 15.7% | 26.6% | 31.9% | 6.7% | 20.4% | |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | 8.5% | -40.8% | -0.2% | 16.4% | ||||||
| 资产负债率DEBT_RATIO | 57.4% | 46.8% | 63.0% | 68.5% | 66.9% | 69.0% | 67.1% | 59.1% | 52.5% | |
| 经营现金流/净利润OCF_TO_PROFIT | -196.1% | 387.2% | 72.4% | 356.0% | 407.5% | 204.3% | 145.6% | 128.4% | 338.6% | 119.1% |
| 应计比率ACCRUAL_RATIO | -8.9% | 6.7% | -10.3% | -12.0% | -9.3% | -7.2% | -5.5% | -8.5% | -2.6% | |
| 营业外收支/税前利润NONOP_TO_PRETAX | -29.9% | -13.0% | -54.7% | -64.3% | -25.9% | -14.4% | -7.4% | -35.8% | -12.1% | |
| 自由现金流FCF | 26.9 | 54.8 | 82.4 | 92.6 | 116.0 | 133.2 | 163.1 | 176.3 | 194.1 | 269.1 |
| 自由现金流利润率FCF_MARGIN | 20.3% | 31.1% | 39.5% | 41.0% | 48.6% | 48.5% | 49.1% | 49.2% | 37.6% | 42.1% |
| 股权激励/营收SBC_TO_REVENUE | 5.1% | 5.2% | 5.9% | 9.7% | 8.3% | 6.2% | 4.6% | 6.1% | 11.1% | 11.8% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 20.1 | 45.6 | 70.2 | 70.8 | 96.2 | 116.2 | 147.8 | 154.6 | 136.7 | 193.5 |
| 资本开支/折旧摊销CAPEX_TO_DA | 1.80 | 2.37 | 1.23 | 0.76 | 0.81 | 0.82 | 0.80 | 0.90 | 0.92 | 1.09 |
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 5.4 | 4.6 | 4.2 | 4.5 | 6.0 | |||||
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 0.94 | 0.85 | 0.80 | 0.90 | 1.01 | |||||
| 在建工程/固定资产净值CIP_TO_PPE | 15.8% | 2.5% | 3.3% | 4.5% | 1.6% | 2.8% | 2.9% | 2.3% | 3.1% | |
| 固定资产周转率PPE_TURNOVER | 6.79 | 7.91 | 8.81 | 9.52 | 11.69 | 14.94 | 16.63 | 20.46 | 25.25 | |
| 总资产周转率ASSET_TURNOVER | 0.32 | 0.40 | 0.38 | 0.33 | 0.36 | 0.45 | 0.49 | 0.43 | 0.38 | |
| 权益乘数EQUITY_MULTIPLIER | 2.68 | 2.23 | 2.28 | 2.94 | 3.10 | 3.12 | 3.13 | 2.60 | 2.26 | |
| 应收周转天数DSO | 50.7 | 58.2 | 52.6 | 35.1 | 27.5 | 32.5 | 32.1 | 31.3 | 40.8 | |
| 存货周转天数DIO | 57.9 | 40.6 | 31.5 | 35.3 | 44.6 | 63.3 | 62.2 | 33.7 | 40.2 | |
| 应付周转天数DPO | 44.2 | 29.3 | 30.9 | 29.4 | 37.4 | 32.8 | 39.7 | 31.8 | 27.7 | |
| 现金转换周期CCC | 64.3 | 69.5 | 53.3 | 41.0 | 34.8 | 63.0 | 54.7 | 33.1 | 53.4 | |
| 合同负债同比CONTRACT_LIAB_YOY | 221.6% | 815.2% | 74.6% | -0.0% | 11.9% | -15.1% | 277.8% | 0.8% | ||
| RPO 同比RPO_YOY | 73.5% | -14.0% | 1.0% | 62.4% | ||||||
| 所有者盈余OWNER_EARNINGS | 30.1 | 61.0 | 83.6 | 91.3 | 114.9 | 132.2 | 162.1 | 175.8 | 193.7 | 269.6 |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 7.5 | 17.4 | 102.6 | 96.7 | 55.3 | 62.1 | 140.3 | 134.7 | 169.9 | 135.9 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 27.9% | 31.8% | 124.4% | 104.4% | 47.7% | 46.6% | 86.0% | 76.4% | 87.5% | 50.5% |
| 派息率PAYOUT_RATIO | -43.1% | 103.1% | 24.5% | 155.5% | 187.0% | 92.2% | 61.2% | 54.3% | 166.5% | 48.2% |
| 稀释率DILUTION_RATE | 4.6% | 4.0% | 3.1% | 5.3% | 4.7% | 4.6% | 3.5% | 3.0% | 3.3% | 3.0% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | 9.9% | 2.4% | -2.8% | 0.5% | 1.9% | 886.5% | 0.9% | 11.8% | 1.6% | |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | 607.5% | -77.4% | -1.6% | 137.0% | -82.3% | 24.5% | -62.7% | 287.8% | ||
勾稽校验（所示期间）：9 项， 全部通过
季度营收（亿美元）
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 93.0 | 119.6 | 124.9 | 130.7 | 140.5 | 149.2 | 150.0 | 159.5 | 180.2 | 193.1 | 221.9 | 295.9 |
季度利润（亿美元）
营业利润净利润
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 42.4 | 20.8 | 29.6 | 37.9 | 46.3 | 62.6 | 58.3 | 58.9 | 75.1 | 85.6 | 107.9 | 159.6 |
| 净利润 | 35.2 | 13.2 | 21.2 | -18.8 | 43.2 | 55.0 | 49.6 | 41.4 | 85.2 | 73.5 | 93.1 | 130.9 |
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）
查看数据表
| 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|
| 表观市盈率（TTM） | 152.1x | 118.6x | 80.9x | 66.3x | 61.4x | 52.3x | 40.0x | |
| 实际市盈率（TTM） | 189.1x | 120.5x | 98.8x | 70.3x | 60.1x | 56.2x | 48.6x | 37.8x |
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
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 35.2 | 13.2 | 21.2 | -18.8 | 43.2 | 55.0 | 49.6 | 41.4 | 85.2 | 73.5 | 93.1 | 130.9 |
| 实际主业盈利 | 37.7 | 20.3 | 29.6 | 33.5 | 47.5 | 62.6 | 56.9 | 46.1 | 75.1 | 76.8 | 99.1 | 136.7 |
季度利润率
毛利率营业利润率税后营业利润率净利率
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 68.9% | 61.7% | 62.3% | 63.9% | 64.1% | 68.0% | 68.0% | 67.1% | 68.0% | 68.1% | 69.5% | 69.1% |
| 营业利润率 | 45.6% | 17.4% | 23.7% | 29.0% | 32.9% | 42.0% | 38.8% | 36.9% | 41.7% | 44.3% | 48.6% | 53.9% |
| 税后营业利润率 | 40.5% | 16.5% | 37.9% | 28.9% | 39.8% | 44.7% | 46.2% | |||||
| 净利率 | 37.9% | 11.1% | 17.0% | -14.3% | 30.8% | 36.9% | 33.1% | 26.0% | 47.3% | 38.1% | 42.0% | 44.2% |
净利率受营业外收支影响大（营业外收支占税前利润：24Q1 -55.2%、24Q2 -47.9%、24Q3 -35.0%），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
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 1.1 | 1.2 | 1.3 | 1.7 | 1.2 | 1.0 | 1.4 | 1.4 | 2.4 | 2.5 | 2.3 | 5.3 |
| 自由现金流 | 47.2 | 46.9 | 44.5 | 47.9 | 54.8 | 60.1 | 64.1 | 70.2 | 74.7 | 80.1 | 102.6 | 136.7 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.7% | 1.9% | 3.0% | -2.9% | 6.4% | 7.9% | 7.1% | 5.6% | 10.5% | 9.2% | 10.6% | 13.1% |
| ROIC | 7.9% | 1.5% | 2.4% | -1.6% | 4.1% | 5.2% | 4.7% | 3.7% | 7.3% | 5.9% | 7.6% | 10.3% |
FY2026Q3 ROIC 10.3% = 税后营业利润（NOPAT）136.7 亿美元 ÷ 投入资本 1,328.8 亿美元（杜邦拆解：税后营业利润率 46.2% × 投入资本周转率 0.89x）。
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
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 37.7 | 19.8 | 31.4 | -19.3 | 51.7 | 62.7 | 56.9 | 46.1 | 93.1 | 76.8 | 99.1 | 136.7 |
| 投入资本 | 474.2 | 1,319 | 1,317 | 1,225 | 1,246 | 1,214 | 1,219 | 1,254 | 1,271 | 1,295 | 1,307 | 1,329 |
| 科目 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 93.0 | 119.6 | 124.9 | 130.7 | 140.5 | 149.2 | 150.0 | 159.5 | 180.2 | 193.1 | 221.9 | 295.9 |
| 营业成本IS_COGS | 28.9 | 45.9 | 47.1 | 47.2 | 50.5 | 47.7 | 48.1 | 52.5 | 57.7 | 61.5 | 67.7 | 91.4 |
| 毛利IS_GROSS_PROFIT | 64.1 | 73.8 | 77.8 | 83.6 | 90.0 | 101.4 | 102.0 | 107.0 | 122.5 | 131.6 | 154.2 | 204.6 |
| 研发费用IS_RND | 13.9 | 23.1 | 24.2 | 23.5 | 22.3 | 22.5 | 26.9 | 30.5 | 29.8 | 29.6 | 30.0 | 29.0 |
| 销售及管理费用IS_SGA | 4.2 | 15.7 | 12.8 | 11.0 | 10.1 | 9.5 | 10.8 | 10.7 | 11.1 | 10.2 | 10.6 | 10.0 |
| 营业费用IS_OPEX | 21.7 | 52.9 | 48.1 | 45.7 | 43.8 | 38.8 | 43.7 | 48.2 | 47.4 | 45.9 | 46.3 | 45.0 |
| 营业利润IS_OPERATING_PROFIT | 42.4 | 20.8 | 29.6 | 37.9 | 46.3 | 62.6 | 58.3 | 58.9 | 75.1 | 85.6 | 107.9 | 159.6 |
| 税前利润IS_PRETAX_PROFIT | 39.7 | 13.4 | 20.0 | 28.1 | 37.6 | 54.9 | 50.8 | 52.8 | 68.7 | 82.0 | 101.3 | 152.8 |
| 所得税IS_TAX | 4.4 | 0.7 | -1.2 | 42.4 | -4.4 | -0.1 | 1.2 | 11.4 | -16.5 | 8.5 | 8.2 | 21.9 |
| 净利润IS_NET_PROFIT | 35.2 | 13.2 | 21.2 | -18.8 | 43.2 | 55.0 | 49.6 | 41.4 | 85.2 | 73.5 | 93.1 | 130.9 |
| 基本每股收益IS_EPS_BASIC | 0.29 | 0.46 | -0.40 | 1.17 | 1.05 | 0.88 | 1.55 | 1.96 | 2.75 | |||
| 摊薄每股收益IS_EPS_DILUTED | 0.28 | 0.44 | -0.40 | 1.14 | 1.03 | 0.85 | 1.50 | 1.91 | 2.68 | |||
| 基本加权股数IS_SHARES_BASIC | 45.17 | 46.45 | 46.63 | 46.95 | 47.07 | 47.14 | 47.41 | 47.47 | 47.66 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 46.66 | 47.99 | 46.63 | 48.36 | 48.26 | 48.60 | 48.88 | 48.76 | 48.87 | |||
| 每股宣派股息IS_DPS_DECLARED | 0.52 | 0.52 | 0.52 | 0.59 | 0.59 | 0.59 | 0.65 | 0.65 | 0.65 | |||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 728.6 | 1,778.7 | 1,752.1 | 1,679.7 | 1,656.4 | 1,653.6 | 1,646.3 | 1,656.2 | 1,710.9 | 1,699.0 | 1,791.6 | 1,881.5 |
| 流动资产BS_CURRENT_ASSETS | 208.5 | 271.9 | 253.0 | 199.5 | 196.0 | 209.9 | 221.8 | 250.0 | 315.7 | 320.6 | 422.1 | 521.7 |
| 现金及等价物BS_CASH | 141.9 | 118.6 | 98.1 | 99.5 | 93.5 | 93.1 | 94.7 | 107.2 | 161.8 | 141.7 | 196.3 | 239.8 |
| 应收账款BS_AR | 31.5 | 49.7 | 55.0 | 46.6 | 44.2 | 49.6 | 55.6 | 64.9 | 71.4 | 84.6 | 108.3 | 137.1 |
| 存货BS_INVENTORY | 19.0 | 19.2 | 18.4 | 18.9 | 17.6 | 19.1 | 20.2 | 21.8 | 22.7 | 29.6 | 43.3 | 45.2 |
| 固定资产净值BS_PPE_NET | 21.5 | 26.6 | 26.7 | 26.0 | 25.2 | 24.6 | 24.6 | 24.5 | 25.3 | 26.0 | 27.9 | 31.4 |
| 在建工程BS_CIP | 0.6 | 0.6 | 0.8 | |||||||||
| 总负债BS_TOTAL_LIABILITIES | 488.7 | 1,075.9 | 1,052.5 | 1,023.2 | 979.7 | 955.7 | 950.4 | 923.4 | 898.0 | 900.3 | 914.7 | 884.6 |
| 流动负债BS_CURRENT_LIABILITIES | 74.0 | 203.7 | 201.7 | 192.2 | 167.0 | 209.1 | 206.0 | 167.0 | 185.1 | 168.6 | 188.6 | 208.4 |
| 一年内到期借款BS_ST_DEBT | 15.6 | 23.7 | 23.7 | 31.2 | 12.7 | 56.5 | 55.3 | 14.0 | 31.5 | 22.5 | 22.5 | 22.5 |
| 应付账款BS_AP | 12.1 | 15.0 | 14.4 | 17.6 | 16.6 | 19.0 | 13.0 | 14.3 | 15.6 | 21.1 | 23.4 | 40.0 |
| 合同负债BS_CONTRACT_LIAB | 24.9 | 95.9 | 105.2 | 97.9 | 94.0 | 99.1 | 103.0 | 103.0 | 94.7 | 91.9 | 100.4 | 95.0 |
| 长期借款BS_LT_DEBT | 376.2 | 734.7 | 715.9 | 668.0 | 663.0 | 609.3 | 617.5 | 628.3 | 619.8 | 638.0 | 626.6 | 571.7 |
| 股东权益BS_TOTAL_EQUITY | 239.9 | 702.8 | 699.6 | 656.5 | 676.8 | 697.9 | 695.9 | 732.8 | 812.9 | 798.7 | 876.9 | 996.9 |
| 剩余履约义务（RPO）BS_RPO | 203.0 | 277.0 | 229.0 | 212.0 | 205.0 | 224.0 | 247.0 | 275.0 | 333.0 | 450.0 | 1,646.0 | 1,792.0 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 48.3 | 48.2 | 45.8 | 49.6 | 56.0 | 61.1 | 65.6 | 71.7 | 77.0 | 82.6 | 104.9 | 142.0 |
| 折旧摊销CF_DEPRECIATION | 1.2 | 1.4 | 1.5 | 1.5 | 1.6 | 1.4 | 1.4 | 1.4 | 1.5 | 1.5 | 1.6 | 1.7 |
| 股权激励费用CF_SBC | 6.4 | 15.8 | 14.6 | 13.9 | 13.1 | 12.8 | 17.7 | 23.2 | 22.0 | 21.8 | 20.9 | 20.2 |
| 投资活动现金流CF_INVESTING | -1.2 | -254.8 | -7.1 | 32.4 | -1.3 | -1.7 | -1.3 | 0.9 | -3.7 | -1.2 | -2.1 | -11.1 |
| 资本开支CF_CAPEX | 1.0 | 1.2 | 1.3 | 1.7 | 1.2 | 1.0 | 1.4 | 1.4 | 2.4 | 2.5 | 2.3 | 5.3 |
| 筹资活动现金流CF_FINANCING | -25.7 | 183.4 | -59.3 | -80.6 | -60.8 | -59.8 | -62.6 | -60.1 | -18.8 | -101.5 | -48.3 | -87.4 |
| 派息CF_DIVIDEND | 19.0 | 24.4 | 24.4 | 24.5 | 24.8 | 27.7 | 27.8 | 27.9 | 28.0 | 30.9 | 30.9 | 31.0 |
| 回购CF_BUYBACK | 1.2 | 71.8 | 0.0 | 0.0 | 0.0 | 0.0 | 24.5 | 0.0 | 0.0 | 78.5 | 6.0 | 0.0 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 68.9% | 61.7% | 62.3% | 63.9% | 64.1% | 68.0% | 68.0% | 67.1% | 68.0% | 68.1% | 69.5% | 69.1% |
| 营业利润率OPERATING_MARGIN | 45.6% | 17.4% | 23.7% | 29.0% | 32.9% | 42.0% | 38.8% | 36.9% | 41.7% | 44.3% | 48.6% | 53.9% |
| 净利率NET_MARGIN | 37.9% | 11.1% | 17.0% | -14.3% | 30.8% | 36.9% | 33.1% | 26.0% | 47.3% | 38.1% | 42.0% | 44.2% |
| 税后营业利润NOPAT | 37.7 | 19.8 | 31.4 | -19.3 | 51.7 | 62.7 | 56.9 | 46.1 | 93.1 | 76.8 | 99.1 | 136.7 |
| 税后营业利润率NOPAT_MARGIN | 40.5% | 16.5% | 37.9% | 28.9% | 39.8% | 44.7% | 46.2% | |||||
| 投入资本INVESTED_CAPITAL | 474.2 | 1,318.9 | 1,317.4 | 1,225.0 | 1,246.2 | 1,214.1 | 1,218.6 | 1,253.9 | 1,271.0 | 1,295.0 | 1,307.2 | 1,328.8 |
| 投入资本周转率CAPITAL_TURNOVER | 0.78 | 0.36 | 0.38 | 0.43 | 0.45 | 0.49 | 0.49 | 0.51 | 0.57 | 0.60 | 0.68 | 0.89 |
| ROEROE | 14.7% | 1.9% | 3.0% | -2.9% | 6.4% | 7.9% | 7.1% | 5.6% | 10.5% | 9.2% | 10.6% | 13.1% |
| ROICROIC | 7.9% | 1.5% | 2.4% | -1.6% | 4.1% | 5.2% | 4.7% | 3.7% | 7.3% | 5.9% | 7.6% | 10.3% |
| 资产负债率DEBT_RATIO | 67.1% | 60.5% | 60.1% | 60.9% | 59.1% | 57.8% | 57.7% | 55.8% | 52.5% | 53.0% | 51.1% | 47.0% |
| 经营现金流/净利润OCF_TO_PROFIT | 137.0% | 363.4% | 215.9% | -264.7% | 129.6% | 111.1% | 132.0% | 173.1% | 90.4% | 112.4% | 112.7% | 108.5% |
| 应计比率ACCRUAL_RATIO | -1.8% | -2.0% | -1.4% | -4.1% | -0.8% | -0.4% | -1.0% | -1.8% | 0.5% | -0.5% | -0.7% | -0.6% |
| 营业外收支/税前利润NONOP_TO_PRETAX | -6.9% | -55.2% | -47.9% | -35.0% | -23.0% | -14.0% | -14.6% | -11.4% | -9.3% | -4.5% | -6.5% | -4.5% |
| 自由现金流FCF | 47.2 | 46.9 | 44.5 | 47.9 | 54.8 | 60.1 | 64.1 | 70.2 | 74.7 | 80.1 | 102.6 | 136.6 |
| 自由现金流利润率FCF_MARGIN | 50.8% | 39.2% | 35.6% | 36.7% | 39.0% | 40.3% | 42.7% | 44.0% | 41.4% | 41.5% | 46.3% | 46.2% |
| 股权激励/营收SBC_TO_REVENUE | 6.9% | 13.2% | 11.7% | 10.6% | 9.3% | 8.6% | 11.8% | 14.6% | 12.2% | 11.3% | 9.4% | 6.8% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 40.8 | 31.1 | 29.9 | 34.0 | 41.7 | 47.3 | 46.4 | 47.0 | 52.7 | 58.3 | 81.7 | 116.5 |
| 资本开支/折旧摊销CAPEX_TO_DA | 0.85 | 0.88 | 0.89 | 1.15 | 0.78 | 0.70 | 1.01 | 1.00 | 1.60 | 1.67 | 1.42 | 3.11 |
| 在建工程/固定资产净值CIP_TO_PPE | 2.9% | 2.3% | 3.1% | |||||||||
| 固定资产周转率PPE_TURNOVER | 17.26 | 17.97 | 18.72 | 20.10 | 22.30 | 24.20 | 24.38 | 26.03 | 28.48 | 29.72 | 31.83 | 37.65 |
| 应收周转天数DSO | 31.0 | 37.9 | 40.2 | 32.6 | 28.7 | 30.3 | 33.8 | 37.1 | 36.2 | 40.0 | 44.5 | 42.3 |
| 存货周转天数DIO | 60.0 | 38.2 | 35.7 | 36.6 | 31.8 | 36.5 | 38.3 | 37.9 | 35.9 | 43.9 | 58.3 | 45.2 |
| 应付周转天数DPO | 38.2 | 29.8 | 27.9 | 34.0 | 30.0 | 36.4 | 24.6 | 24.9 | 24.7 | 31.3 | 31.5 | 40.0 |
| 现金转换周期CCC | 52.7 | 46.3 | 48.0 | 35.2 | 30.4 | 30.4 | 47.5 | 50.2 | 47.4 | 52.6 | 71.4 | 47.5 |
| 合同负债同比CONTRACT_LIAB_YOY | -15.1% | 208.6% | 206.9% | 232.8% | 277.8% | 3.3% | -2.1% | 5.3% | 0.8% | -7.3% | -2.6% | -7.8% |
| RPO 同比RPO_YOY | -14.0% | 21.5% | 7.0% | -0.9% | 1.0% | -19.1% | 7.9% | 29.7% | 62.4% | 100.9% | 566.4% | 551.6% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 20.3 | 96.1 | 24.4 | 24.5 | 24.8 | 27.7 | 52.4 | 27.9 | 28.0 | 109.4 | 36.9 | 31.0 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 42.9% | 204.8% | 54.9% | 51.2% | 45.3% | 46.1% | 81.7% | 39.7% | 37.5% | 136.5% | 36.0% | 22.7% |
| 派息率PAYOUT_RATIO | 54.0% | 183.8% | 115.2% | -130.8% | 57.4% | 50.4% | 56.1% | 67.3% | 32.8% | 42.0% | 33.2% | 23.7% |
| 稀释率DILUTION_RATE | 3.3% | 3.3% | 0.0% | 3.0% | 2.5% | 3.1% | 3.1% | 2.7% | 2.5% | |||
勾稽校验（所示期间）：12 项， 全部通过