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）
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 70.0 | 117.6 | 214.6 | 245.8 | 315.4 | 538.2 | 814.6 | 967.7 | 976.9 | 948.3 |
年度利润（亿美元）
营业利润净利润
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | -6.7 | -16.3 | -3.9 | -0.7 | 19.9 | 65.2 | 136.6 | 88.9 | 70.8 | 43.5 |
| 净利润 | -6.7 | -19.6 | -9.8 | -8.6 | 7.2 | 56.4 | 125.9 | 149.7 | 71.5 | 38.5 |
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）
查看数据表
| FY22 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|
| 表观市盈率（账面口径） | 126.8x | 106.6x | 223.1x | 414.0x | 486.8x |
| 实际市盈率（主业口径） | 127.4x | 179.5x | 283.5x | 501.8x | 591.8x |
最新滚动 12 个月（FY2025Q4–FY2026Q3）：总市值 15,960.8 亿美元；账面净利润 32.8 亿美元 → 表观市盈率 486.8x；剔除税后非主业净收益 5.8 亿美元（投资/股权及利息等营业外收支税前 7.5 亿，有效税率 22.2%）后，实际主业盈利 27.0 亿美元 → 实际市盈率 591.8x（表观市盈率被非主业收益拉低 105.0x）。
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
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | -6.7 | -19.6 | -9.8 | -8.6 | 7.2 | 56.4 | 125.9 | 149.7 | 71.5 | 38.5 | 32.8 |
| 实际主业盈利 | -5.7 | -13.5 | -3.0 | -1.6 | 13.5 | 58.0 | 125.3 | 88.9 | 56.3 | 31.8 | 27.0 |
年度利润率
毛利率营业利润率税后营业利润率净利率
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 22.8% | 18.9% | 18.8% | 16.6% | 21.0% | 25.3% | 25.6% | 18.2% | 17.9% | 18.0% |
| 营业利润率 | -9.5% | -13.9% | -1.8% | -0.3% | 6.3% | 12.1% | 16.8% | 9.2% | 7.2% | 4.6% |
| 税后营业利润率 | 4.7% | 10.8% | 15.4% | 5.8% | 3.4% | |||||
| 净利率 | -9.6% | -16.7% | -4.5% | -3.5% | 2.3% | 10.5% | 15.5% | 15.5% | 7.3% | 4.1% |
净利率受营业外收支影响大（营业外收支占税前利润：FY20 -72.8%），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
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 12.8 | 34.1 | 21.0 | 13.3 | 31.6 | 64.8 | 71.6 | 89.0 | 113.4 | 85.3 |
| 自由现金流 | -14.0 | -34.8 | -0.0 | 10.8 | 27.9 | 50.1 | 75.7 | 43.6 | 35.8 | 62.2 |
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -23.1% | -43.6% | -21.3% | -14.9% | 5.0% | 21.5% | 33.6% | 27.9% | 10.6% | 5.0% |
| ROIC | -9.5% | -17.1% | -4.3% | -0.7% | 13.2% | 34.4% | 42.5% | 27.3% | 9.0% | 4.4% |
| 三年增量 ROIC | -9.2% | -18.9% | 4.1% | 17.5% | 86.1% | 67.3% | 31.5% | -0.4% | -21.9% |
FY2025 ROIC 4.4% = 税后营业利润（NOPAT）31.8 亿美元 ÷ 投入资本 722.1 亿美元（杜邦拆解：税后营业利润率 3.4% × 投入资本周转率 1.31x）；三年增量 ROIC -21.9%。
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
查看数据表
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | -6.9 | -16.6 | -4.1 | -0.8 | 14.9 | 58.0 | 125.3 | 133.5 | 56.3 | 31.8 |
| 投入资本 | 72.5 | 97.0 | 96.5 | 107.5 | 113.0 | 168.7 | 294.8 | 489.2 | 623.1 | 722.1 |
| 科目 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 70.0 | 117.6 | 214.6 | 245.8 | 315.4 | 538.2 | 814.6 | 967.7 | 976.9 | 948.3 |
| 营业成本IS_COGS | 54.0 | 95.4 | 174.2 | 205.1 | 249.1 | 402.2 | 606.1 | 791.1 | 802.4 | 777.3 |
| 毛利IS_GROSS_PROFIT | 16.0 | 22.2 | 40.4 | 40.7 | 66.3 | 136.1 | 208.5 | 176.6 | 174.5 | 170.9 |
| 研发费用IS_RND | 8.3 | 13.8 | 14.6 | 13.4 | 14.9 | 25.9 | 30.8 | 39.7 | 45.4 | 64.1 |
| 销售及管理费用IS_SGA | 14.3 | 24.8 | 28.4 | 26.5 | 31.4 | 45.2 | 39.5 | 48.0 | 51.5 | 58.3 |
| 营业费用IS_OPEX | 22.7 | 38.6 | 44.3 | 41.4 | 46.4 | 70.8 | 72.0 | 87.7 | 103.7 | 127.4 |
| 营业利润IS_OPERATING_PROFIT | -6.7 | -16.3 | -3.9 | -0.7 | 19.9 | 65.2 | 136.6 | 88.9 | 70.8 | 43.6 |
| 税前利润IS_PRETAX_PROFIT | -7.5 | -22.1 | -10.0 | -6.6 | 11.5 | 63.4 | 137.2 | 99.7 | 89.9 | 52.8 |
| 所得税IS_TAX | 0.3 | 0.3 | 0.6 | 1.1 | 2.9 | 7.0 | 11.3 | -50.0 | 18.4 | 14.2 |
| 净利润IS_NET_PROFIT | -6.7 | -19.6 | -9.8 | -8.6 | 7.2 | 56.4 | 125.9 | 149.7 | 71.5 | 38.6 |
| 基本每股收益IS_EPS_BASIC | -4.68 | -11.83 | -1.14 | -0.98 | 0.25 | 1.87 | 4.02 | 4.73 | 2.23 | 1.18 |
| 摊薄每股收益IS_EPS_DILUTED | -4.68 | -11.83 | -1.14 | -0.98 | 0.21 | 1.63 | 3.62 | 4.30 | 2.04 | 1.08 |
| 基本加权股数IS_SHARES_BASIC | 1.44 | 1.66 | 8.53 | 8.87 | 27.98 | 29.59 | 31.30 | 31.74 | 31.97 | 32.25 |
| 摊薄加权股数IS_SHARES_DILUTED | 1.44 | 1.66 | 8.53 | 8.87 | 32.49 | 33.86 | 34.75 | 34.85 | 34.98 | 35.28 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 226.6 | 286.6 | 297.4 | 343.1 | 521.5 | 621.3 | 823.4 | 1,066.2 | 1,220.7 | 1,378.1 |
| 流动资产BS_CURRENT_ASSETS | 62.6 | 65.7 | 83.1 | 121.0 | 267.2 | 271.0 | 409.2 | 496.2 | 583.6 | 686.4 |
| 现金及等价物BS_CASH | 33.9 | 33.7 | 36.9 | 62.7 | 193.8 | 175.8 | 162.5 | 164.0 | 161.4 | 165.1 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 1.3 | 59.3 | 127.0 | 204.2 | 275.5 | |||||
| 应收账款BS_AR | 5.0 | 5.2 | 9.5 | 13.2 | 18.9 | 19.1 | 29.5 | 35.1 | 44.2 | 45.8 |
| 存货BS_INVENTORY | 20.7 | 22.6 | 31.1 | 35.5 | 41.0 | 57.6 | 128.4 | 136.3 | 120.2 | 123.9 |
| 固定资产净值BS_PPE_NET | 59.8 | 100.3 | 113.3 | 104.0 | 127.5 | 188.8 | 235.5 | 297.2 | 358.4 | 406.4 |
| 总负债BS_TOTAL_LIABILITIES | 167.5 | 230.2 | 234.3 | 262.0 | 284.2 | 305.5 | 364.4 | 430.1 | 483.9 | 549.4 |
| 流动负债BS_CURRENT_LIABILITIES | 58.3 | 76.7 | 99.9 | 106.7 | 142.5 | 197.0 | 267.1 | 287.5 | 288.2 | 317.1 |
| 一年内到期借款BS_ST_DEBT | 11.1 | 8.0 | 22.2 | 14.0 | 17.6 | 10.9 | 10.2 | 19.8 | 23.4 | 15.7 |
| 应付账款BS_AP | 18.6 | 23.9 | 34.0 | 37.7 | 60.5 | 100.2 | 152.6 | 144.3 | 124.7 | 133.7 |
| 合同负债BS_CONTRACT_LIAB | 7.6 | 10.2 | 6.3 | 11.6 | 14.6 | 14.5 | 17.5 | 28.6 | 31.7 | 34.2 |
| 长期借款BS_LT_DEBT | 58.9 | 88.3 | 84.1 | 104.0 | 84.6 | 42.5 | 10.3 | 26.8 | 55.4 | 65.8 |
| 股东权益BS_TOTAL_EQUITY | 47.5 | 42.4 | 49.2 | 66.2 | 222.2 | 301.9 | 447.0 | 626.3 | 729.1 | 821.4 |
| 剩余履约义务（RPO）BS_RPO | 34.3 | 71.8 | 104.2 | |||||||
| 夹层权益BS_MEZZANINE_EQUITY | 0.1 | 0.0 | 6.0 | 5.7 | 4.1 | 2.4 | 0.6 | 0.6 | ||
| 少数股东权益BS_MINORITY_INTEREST | 7.9 | 10.0 | 8.3 | 8.5 | 8.5 | 8.3 | 7.8 | 7.3 | 7.0 | 6.7 |
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | -1.2 | -0.6 | 21.0 | 24.0 | 59.4 | 115.0 | 147.2 | 132.6 | 149.2 | 147.5 |
| 折旧摊销CF_DEPRECIATION | 4.8 | 7.7 | 11.1 | 13.7 | 15.7 | 19.1 | 24.2 | 33.3 | 41.2 | 50.3 |
| 股权激励费用CF_SBC | 3.3 | 4.7 | 7.5 | 9.0 | 17.3 | 21.2 | 15.6 | 18.1 | 20.0 | 28.2 |
| 投资活动现金流CF_INVESTING | -10.8 | -42.0 | -23.4 | -14.4 | -31.3 | -78.7 | -119.7 | -155.8 | -187.9 | -154.8 |
| 资本开支CF_CAPEX | 12.8 | 34.2 | 21.0 | 13.3 | 31.6 | 64.8 | 71.6 | 89.0 | 113.4 | 85.3 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 6.2 | 1.9 | 4.9 | 0.6 | 0.1 | 1.4 | 0.0 | |||
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 2.0 | 5.5 | 8.2 | 10.6 | 21.7 | 18.1 | 16.4 | |||
| 筹资活动现金流CF_FINANCING | 37.4 | 44.2 | 5.7 | 15.3 | 99.7 | -52.0 | -35.3 | 25.9 | 38.5 | 11.4 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 1.0 | 1.8 | 3.2 | 3.4 | 4.4 | 5.0 | 4.6 | 3.8 | 1.0 | |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 22.8% | 18.9% | 18.8% | 16.6% | 21.0% | 25.3% | 25.6% | 18.2% | 17.9% | 18.0% |
| 营业利润率OPERATING_MARGIN | -9.5% | -13.9% | -1.8% | -0.3% | 6.3% | 12.1% | 16.8% | 9.2% | 7.2% | 4.6% |
| 净利率NET_MARGIN | -9.6% | -16.7% | -4.5% | -3.5% | 2.3% | 10.5% | 15.5% | 15.5% | 7.3% | 4.1% |
| 税后营业利润NOPAT | -6.9 | -16.6 | -4.1 | -0.8 | 14.9 | 58.0 | 125.3 | 133.5 | 56.3 | 31.8 |
| 税后营业利润率NOPAT_MARGIN | 4.7% | 10.8% | 15.4% | 5.8% | 3.4% | |||||
| 投入资本INVESTED_CAPITAL | 72.5 | 97.0 | 96.5 | 107.5 | 113.0 | 168.7 | 294.8 | 489.2 | 623.1 | 722.1 |
| 投入资本周转率CAPITAL_TURNOVER | 0.97 | 1.21 | 2.22 | 2.29 | 2.79 | 3.19 | 2.76 | 1.98 | 1.57 | 1.31 |
| ROEROE | -23.1% | -43.6% | -21.3% | -14.9% | 5.0% | 21.5% | 33.6% | 27.9% | 10.6% | 5.0% |
| ROICROIC | -9.5% | -17.1% | -4.3% | -0.7% | 13.2% | 34.4% | 42.5% | 27.3% | 9.0% | 4.4% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | -9.2% | -18.9% | 4.1% | 17.5% | 86.1% | 67.3% | 31.5% | -0.4% | -21.9% | |
| 资产负债率DEBT_RATIO | 73.9% | 80.3% | 78.8% | 76.4% | 54.5% | 49.2% | 44.3% | 40.3% | 39.6% | 39.9% |
| 经营现金流/净利润OCF_TO_PROFIT | 18.3% | 3.1% | -215.0% | -279.0% | 824.3% | 203.7% | 117.0% | 88.5% | 208.6% | 382.5% |
| 应计比率ACCRUAL_RATIO | -2.4% | -6.6% | -10.3% | -9.5% | -10.0% | -9.4% | -2.6% | 1.6% | -6.4% | -7.9% |
| 营业外收支/税前利润NONOP_TO_PRETAX | -72.8% | -2.8% | 0.5% | 10.8% | 21.3% | 17.5% | ||||
| 自由现金流FCF | -14.0 | -34.8 | -0.0 | 10.8 | 27.9 | 50.2 | 75.7 | 43.6 | 35.8 | 62.2 |
| 自由现金流利润率FCF_MARGIN | -20.1% | -29.6% | -0.0% | 4.4% | 8.8% | 9.3% | 9.3% | 4.5% | 3.7% | 6.6% |
| 股权激励/营收SBC_TO_REVENUE | 4.8% | 4.0% | 3.5% | 3.7% | 5.5% | 3.9% | 1.9% | 1.9% | 2.0% | 3.0% |
| 扣股权激励自由现金流FCF_AFTER_SBC | -17.4 | -39.4 | -7.5 | 1.8 | 10.5 | 28.9 | 60.1 | 25.4 | 15.8 | 34.0 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | -35.8 | -1.8 | 7.6 | 24.5 | 45.8 | 70.6 | 38.9 | 32.0 | 61.2 | |
| 资本开支/折旧摊销CAPEX_TO_DA | 2.68 | 4.44 | 1.89 | 0.97 | 2.01 | 3.39 | 2.96 | 2.67 | 2.75 | 1.70 |
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 19.4 | 33.4 | 69.7 | 72.2 | 89.1 | 114.9 | 85.3 | |||
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 1.42 | 2.13 | 3.65 | 2.98 | 2.68 | 2.79 | 1.70 | |||
| 固定资产周转率PPE_TURNOVER | 1.17 | 1.17 | 1.89 | 2.36 | 2.47 | 2.85 | 3.46 | 3.26 | 2.73 | 2.33 |
| 总资产周转率ASSET_TURNOVER | 0.46 | 0.46 | 0.74 | 0.77 | 0.73 | 0.94 | 1.13 | 1.02 | 0.85 | 0.73 |
| 权益乘数EQUITY_MULTIPLIER | 5.27 | 5.71 | 6.37 | 5.55 | 3.00 | 2.18 | 1.93 | 1.76 | 1.69 | 1.68 |
| 应收周转天数DSO | 26.0 | 16.0 | 16.1 | 19.7 | 21.8 | 13.0 | 13.2 | 13.2 | 16.5 | 17.6 |
| 存货周转天数DIO | 139.7 | 86.6 | 65.2 | 63.2 | 60.1 | 52.2 | 77.3 | 62.9 | 54.7 | 58.2 |
| 应付周转天数DPO | 125.7 | 91.5 | 71.3 | 67.1 | 88.7 | 91.0 | 91.9 | 66.6 | 56.7 | 62.8 |
| 现金转换周期CCC | 40.0 | 11.1 | 10.0 | 15.8 | -6.7 | -25.8 | -1.3 | 9.5 | 14.4 | 13.0 |
| 合同负债同比CONTRACT_LIAB_YOY | 80.0% | 33.0% | -37.9% | 84.6% | 25.4% | -0.8% | 20.7% | 63.9% | 10.6% | 8.1% |
| RPO 同比RPO_YOY | 109.3% | 45.1% | ||||||||
| 所有者盈余OWNER_EARNINGS | -6.0 | -8.3 | 9.9 | 10.4 | 43.7 | 95.9 | 123.0 | 99.3 | 108.0 | 97.2 |
| 稀释率DILUTION_RATE | 0.0% | 0.0% | 0.0% | 0.0% | 16.1% | 14.4% | 11.0% | 9.8% | 9.4% | 9.4% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | 12.5% | 15.1% | 413.9% | 4.0% | 266.3% | 4.2% | 2.6% | 0.3% | 0.4% | 0.9% |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | 676.2% | 122.1% | 18.8% | -52.6% | -47.1% | |||||
勾稽校验（所示期间）：10 项，
4 项未通过
· FY2016 BS_BALANCE：期望 223.0，实际 226.6，差 3.7 亿
· FY2017 BS_BALANCE：期望 282.6，实际 286.6，差 4.0 亿
· FY2018 BS_BALANCE：期望 291.8，实际 297.4，差 5.6 亿
· FY2019 BS_BALANCE：期望 336.7，实际 343.1，差 6.4 亿
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 | 251.7 | 213.0 | 255.0 | 251.8 | 257.1 | 193.3 | 225.0 | 280.9 | 249.0 | 223.9 | 282.4 | 280.5 |
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 | 20.6 | 11.7 | 16.1 | 27.2 | 15.8 | 4.0 | 9.2 | 16.2 | 14.1 | 9.4 | 4.0 | 7.2 |
| 净利润 | 79.0 | 13.9 | 14.0 | 21.7 | 21.9 | 4.1 | 11.7 | 13.7 | 9.0 | 4.8 | 11.1 | 7.9 |
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） | 223.1x | 258.6x | 268.5x | 310.3x | 414.0x | 406.9x | 413.0x | 486.8x |
| 实际市盈率（TTM） | 283.5x | 315.5x | 355.9x | 453.5x | 501.8x | 451.8x | 492.7x | 591.8x |
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 | 79.0 | 13.9 | 14.0 | 21.7 | 21.9 | 4.1 | 11.7 | 13.7 | 9.0 | 4.8 | 11.1 | 7.9 |
| 实际主业盈利 | 20.3 | 8.6 | 12.6 | 21.1 | 13.9 | 2.7 | 6.9 | 11.4 | 10.7 | 6.0 | 3.2 | 5.9 |
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 | 17.6% | 17.4% | 18.0% | 19.8% | 16.3% | 16.3% | 17.2% | 18.0% | 20.1% | 21.1% | 16.8% | 19.6% |
| 营业利润率 | 8.2% | 5.5% | 6.3% | 10.8% | 6.2% | 2.1% | 4.1% | 5.8% | 5.7% | 4.2% | 1.4% | 2.6% |
| 税后营业利润率 | 4.1% | 5.0% | 8.5% | 5.2% | 1.5% | 3.2% | 4.1% | 4.1% | 2.8% | 1.2% | 2.2% | |
| 净利率 | 31.4% | 6.5% | 5.5% | 8.6% | 8.5% | 2.1% | 5.2% | 4.9% | 3.6% | 2.1% | 3.9% | 2.8% |
净利率受营业外收支影响大（营业外收支占税前利润：24Q1 38.0%、24Q4 37.3%、25Q1 32.3%、25Q2 40.4%、26Q1 -25.8%、26Q2 70.1%），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 | 23.1 | 27.8 | 22.7 | 35.1 | 27.8 | 14.9 | 23.9 | 22.5 | 23.9 | 24.9 | 57.9 | 47.3 |
| 自由现金流 | 20.6 | -25.4 | 13.4 | 27.4 | 20.3 | 6.6 | 1.5 | 39.9 | 14.2 | 14.4 | -10.9 | 15.3 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.6% | 2.2% | 2.1% | 3.1% | 3.0% | 0.5% | 1.5% | 1.7% | 1.1% | 0.6% | 1.3% | 0.9% |
| ROIC | 15.3% | 1.6% | 2.2% | 3.7% | 2.2% | 0.4% | 1.1% | 1.7% | 1.4% | 0.8% | 0.4% | 0.8% |
FY2026Q3 ROIC 0.8% = 税后营业利润（NOPAT）6.0 亿美元 ÷ 投入资本 793.9 亿美元（杜邦拆解：税后营业利润率 2.2% × 投入资本周转率 1.41x）。
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） | 74.8 | 8.7 | 12.7 | 21.3 | 13.4 | 2.8 | 7.1 | 11.5 | 10.2 | 6.2 | 3.4 | 6.0 |
| 投入资本 | 489.2 | 553.1 | 571.7 | 571.0 | 623.1 | 633.8 | 667.2 | 672.9 | 722.1 | 751.6 | 793.6 | 793.9 |
| 科目 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 251.7 | 213.0 | 255.0 | 251.8 | 257.1 | 193.4 | 225.0 | 281.0 | 249.0 | 223.9 | 282.4 | 280.5 |
| 营业成本IS_COGS | 207.3 | 176.0 | 209.2 | 201.8 | 215.3 | 161.8 | 186.2 | 230.4 | 198.9 | 176.7 | 234.8 | 225.5 |
| 毛利IS_GROSS_PROFIT | 44.4 | 37.0 | 45.8 | 50.0 | 41.8 | 31.5 | 38.8 | 50.5 | 50.1 | 47.2 | 47.5 | 54.9 |
| 研发费用IS_RND | 10.9 | 11.5 | 10.7 | 10.4 | 12.8 | 14.1 | 15.9 | 16.3 | 17.8 | 19.5 | 23.7 | 27.6 |
| 销售及管理费用IS_SGA | 12.8 | 13.7 | 12.8 | 11.9 | 13.1 | 12.5 | 13.7 | 15.6 | 16.6 | 18.3 | 19.8 | 20.2 |
| 营业费用IS_OPEX | 23.7 | 25.2 | 29.7 | 22.8 | 26.0 | 27.5 | 29.6 | 34.3 | 36.0 | 37.8 | 43.5 | 47.8 |
| 营业利润IS_OPERATING_PROFIT | 20.6 | 11.7 | 16.0 | 27.2 | 15.8 | 4.0 | 9.2 | 16.2 | 14.1 | 9.4 | 4.0 | 7.2 |
| 税前利润IS_PRETAX_PROFIT | 21.9 | 18.9 | 17.9 | 27.9 | 25.2 | 5.9 | 15.5 | 19.6 | 11.8 | 7.5 | 13.3 | 9.6 |
| 所得税IS_TAX | -57.5 | 4.8 | 3.7 | 6.0 | 3.8 | 1.7 | 3.6 | 5.7 | 3.2 | 2.6 | 2.0 | 1.5 |
| 净利润IS_NET_PROFIT | 79.0 | 13.9 | 14.0 | 21.7 | 21.9 | 4.1 | 11.7 | 13.7 | 9.0 | 4.8 | 11.1 | 7.9 |
| 基本每股收益IS_EPS_BASIC | 0.45 | 0.44 | 0.68 | 0.13 | 0.36 | 0.43 | 0.15 | 0.34 | 0.24 | |||
| 摊薄每股收益IS_EPS_DILUTED | 0.41 | 0.40 | 0.62 | 0.12 | 0.33 | 0.39 | 0.13 | 0.32 | 0.22 | |||
| 基本加权股数IS_SHARES_BASIC | 31.86 | 31.91 | 31.98 | 32.18 | 32.23 | 32.27 | 32.34 | 32.37 | 32.40 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 34.84 | 34.81 | 34.97 | 35.21 | 35.19 | 35.26 | 35.38 | 35.40 | 35.41 | |||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 1,066.2 | 1,092.3 | 1,128.3 | 1,198.5 | 1,220.7 | 1,251.1 | 1,285.7 | 1,337.4 | 1,378.1 | 1,437.2 | 1,485.2 | 1,575.2 |
| 流动资产BS_CURRENT_ASSETS | 496.2 | 505.4 | 529.8 | 563.8 | 583.6 | 593.9 | 611.3 | 646.5 | 686.4 | 697.5 | 687.6 | 704.0 |
| 现金及等价物BS_CASH | 164.0 | 118.0 | 146.4 | 181.1 | 161.4 | 163.5 | 155.9 | 182.9 | 165.1 | 166.0 | 152.2 | 178.5 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 127.0 | 150.6 | 160.8 | 155.4 | 204.2 | 206.4 | 212.0 | 233.6 | 275.5 | 281.4 | 283.0 | 275.9 |
| 应收账款BS_AR | 35.1 | 38.9 | 37.4 | 33.1 | 44.2 | 37.8 | 38.4 | 47.0 | 45.8 | 39.6 | 40.9 | 46.4 |
| 存货BS_INVENTORY | 136.3 | 160.3 | 142.0 | 145.3 | 120.2 | 137.1 | 145.7 | 122.8 | 123.9 | 144.3 | 137.5 | 140.9 |
| 固定资产净值BS_PPE_NET | 297.2 | 314.4 | 329.0 | 361.2 | 358.4 | 370.9 | 385.7 | 394.1 | 406.4 | 432.1 | 472.6 | 505.9 |
| 总负债BS_TOTAL_LIABILITIES | 430.1 | 440.5 | 455.7 | 491.4 | 483.9 | 496.9 | 505.0 | 530.2 | 549.4 | 589.2 | 610.0 | 676.3 |
| 流动负债BS_CURRENT_LIABILITIES | 287.5 | 294.5 | 277.3 | 305.8 | 288.2 | 297.5 | 300.1 | 312.9 | 317.1 | 341.4 | 354.2 | 404.9 |
| 一年内到期借款BS_ST_DEBT | 19.8 | 21.4 | 20.2 | 21.2 | 23.4 | 21.6 | 19.6 | 18.5 | 15.7 | 13.7 | 13.4 | 13.1 |
| 应付账款BS_AP | 144.3 | 147.2 | 130.6 | 146.5 | 124.7 | 134.7 | 132.1 | 128.2 | 133.7 | 147.0 | 153.2 | 172.4 |
| 合同负债BS_CONTRACT_LIAB | 28.6 | 30.2 | 27.9 | 30.3 | 31.7 | 32.4 | 32.4 | 37.6 | 34.2 | 34.4 | 34.3 | 46.6 |
| 长期借款BS_LT_DEBT | 26.8 | 27.4 | 53.4 | 52.8 | 55.4 | 50.8 | 49.9 | 56.1 | 65.8 | 76.4 | 77.2 | 79.6 |
| 股东权益BS_TOTAL_EQUITY | 626.3 | 643.8 | 664.7 | 699.3 | 729.1 | 746.5 | 773.1 | 799.7 | 821.4 | 841.2 | 868.6 | 892.9 |
| 剩余履约义务（RPO）BS_RPO | 34.3 | 38.6 | 57.1 | 66.1 | 71.8 | 99.5 | 103.8 | 97.1 | 104.2 | 101.5 | 100.5 | 107.3 |
| 夹层权益BS_MEZZANINE_EQUITY | 2.4 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 |
| 少数股东权益BS_MINORITY_INTEREST | 7.3 | 7.3 | 7.2 | 7.1 | 7.0 | 7.0 | 7.0 | 6.9 | 6.7 | 6.3 | 6.1 | 5.5 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 43.7 | 2.4 | 36.1 | 62.6 | 48.1 | 21.6 | 25.4 | 62.4 | 38.1 | 39.4 | 47.0 | 62.6 |
| 折旧摊销CF_DEPRECIATION | 8.9 | 9.3 | 9.8 | 10.5 | 11.6 | 11.5 | 11.5 | 13.5 | 13.8 | 13.4 | 13.7 | 15.8 |
| 股权激励费用CF_SBC | 4.8 | 5.2 | 4.4 | 4.6 | 5.8 | 5.7 | 6.4 | 6.6 | 9.5 | 10.3 | 11.5 | 11.6 |
| 投资活动现金流CF_INVESTING | -48.0 | -50.8 | -32.2 | -28.8 | -76.0 | -16.5 | -29.4 | -43.6 | -65.3 | -50.2 | -59.3 | -39.8 |
| 资本开支CF_CAPEX | 23.1 | 27.8 | 22.7 | 35.1 | 27.8 | 14.9 | 23.9 | 22.5 | 23.9 | 24.9 | 57.9 | 47.3 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 0.1 | 0.2 | 0.1 | 0.0 | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.9 | 0.0 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 6.2 | 4.1 | 3.9 | 4.4 | 5.8 | 3.4 | 4.4 | 3.9 | 4.7 | 5.6 | 3.2 | 4.2 |
| 筹资活动现金流CF_FINANCING | 8.9 | 2.0 | 25.4 | 1.3 | 9.8 | -3.3 | -2.2 | 9.8 | 7.1 | 11.7 | 0.4 | 3.3 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 1.2 | 1.1 | 1.0 | 0.8 | 0.9 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 17.6% | 17.4% | 18.0% | 19.8% | 16.3% | 16.3% | 17.2% | 18.0% | 20.1% | 21.1% | 16.8% | 19.6% |
| 营业利润率OPERATING_MARGIN | 8.2% | 5.5% | 6.3% | 10.8% | 6.2% | 2.1% | 4.1% | 5.8% | 5.7% | 4.2% | 1.4% | 2.6% |
| 净利率NET_MARGIN | 31.4% | 6.5% | 5.5% | 8.6% | 8.5% | 2.1% | 5.2% | 4.9% | 3.6% | 2.1% | 3.9% | 2.8% |
| 税后营业利润NOPAT | 74.8 | 8.7 | 12.7 | 21.3 | 13.4 | 2.8 | 7.1 | 11.5 | 10.2 | 6.2 | 3.4 | 6.0 |
| 税后营业利润率NOPAT_MARGIN | 4.1% | 5.0% | 8.5% | 5.2% | 1.5% | 3.2% | 4.1% | 4.1% | 2.8% | 1.2% | 2.2% | |
| 投入资本INVESTED_CAPITAL | 489.2 | 553.1 | 571.7 | 571.0 | 623.1 | 633.8 | 667.2 | 672.9 | 722.1 | 751.6 | 793.6 | 793.9 |
| 投入资本周转率CAPITAL_TURNOVER | 2.06 | 1.54 | 1.78 | 1.76 | 1.65 | 1.22 | 1.35 | 1.67 | 1.38 | 1.19 | 1.42 | 1.41 |
| ROEROE | 12.6% | 2.2% | 2.1% | 3.1% | 3.0% | 0.5% | 1.5% | 1.7% | 1.1% | 0.6% | 1.3% | 0.9% |
| ROICROIC | 15.3% | 1.6% | 2.2% | 3.7% | 2.2% | 0.4% | 1.1% | 1.7% | 1.4% | 0.8% | 0.4% | 0.8% |
| 资产负债率DEBT_RATIO | 40.3% | 40.3% | 40.4% | 41.0% | 39.6% | 39.7% | 39.3% | 39.6% | 39.9% | 41.0% | 41.1% | 42.9% |
| 经营现金流/净利润OCF_TO_PROFIT | 55.3% | 17.4% | 258.0% | 287.9% | 219.8% | 527.1% | 216.7% | 454.3% | 423.2% | 825.4% | 421.6% | 795.8% |
| 应计比率ACCRUAL_RATIO | 3.3% | 1.1% | -2.0% | -3.4% | -2.1% | -1.4% | -1.1% | -3.6% | -2.1% | -2.4% | -2.4% | -3.5% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 5.8% | 38.0% | 10.2% | 2.7% | 37.3% | 32.3% | 40.4% | 17.1% | -19.3% | -25.8% | 70.1% | 24.9% |
| 自由现金流FCF | 20.6 | -25.4 | 13.4 | 27.4 | 20.3 | 6.6 | 1.5 | 39.9 | 14.2 | 14.4 | -10.9 | 15.3 |
| 自由现金流利润率FCF_MARGIN | 8.2% | -11.9% | 5.3% | 10.9% | 7.9% | 3.4% | 0.6% | 14.2% | 5.7% | 6.5% | -3.9% | 5.5% |
| 股权激励/营收SBC_TO_REVENUE | 1.9% | 2.5% | 1.7% | 1.8% | 2.3% | 3.0% | 2.8% | 2.4% | 3.8% | 4.6% | 4.1% | 4.2% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 15.8 | -30.6 | 9.0 | 22.8 | 14.6 | 0.9 | -4.9 | 33.3 | 4.7 | 4.1 | -22.4 | 3.7 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | 19.4 | -26.4 | 12.4 | 26.6 | 19.4 | 6.2 | 1.3 | 39.7 | 14.0 | 14.3 | -11.1 | 15.0 |
| 资本开支/折旧摊销CAPEX_TO_DA | 2.59 | 2.99 | 2.32 | 3.35 | 2.40 | 1.30 | 2.08 | 1.67 | 1.73 | 1.86 | 4.23 | 2.99 |
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 23.2 | 28.0 | 22.8 | 35.2 | 28.9 | 14.9 | 23.9 | 22.5 | 23.9 | 25.0 | 58.8 | 47.3 |
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 2.60 | 3.01 | 2.32 | 3.35 | 2.49 | 1.30 | 2.08 | 1.67 | 1.73 | 1.86 | 4.29 | 3.00 |
| 固定资产周转率PPE_TURNOVER | 3.39 | 2.71 | 3.10 | 2.79 | 2.87 | 2.09 | 2.33 | 2.85 | 2.45 | 2.07 | 2.39 | 2.22 |
| 应收周转天数DSO | 12.7 | 16.7 | 13.4 | 12.0 | 15.7 | 17.8 | 15.6 | 15.3 | 16.8 | 16.1 | 13.2 | 15.1 |
| 存货周转天数DIO | 60.0 | 83.1 | 61.9 | 65.7 | 50.9 | 77.3 | 71.4 | 48.6 | 56.8 | 74.6 | 53.4 | 57.0 |
| 应付周转天数DPO | 63.5 | 76.3 | 56.9 | 66.2 | 52.9 | 76.0 | 64.8 | 50.8 | 61.3 | 75.9 | 59.5 | 69.8 |
| 现金转换周期CCC | 9.2 | 23.4 | 18.3 | 11.4 | 13.7 | 19.2 | 22.2 | 13.1 | 12.3 | 14.8 | 7.1 | 2.4 |
| 合同负债同比CONTRACT_LIAB_YOY | 63.9% | 72.8% | 28.4% | 37.4% | 10.6% | 7.2% | 15.9% | 23.9% | 8.1% | 6.1% | 5.9% | 24.1% |
| RPO 同比RPO_YOY | 1746.9% | 601.5% | 246.1% | 109.3% | 157.8% | 81.8% | 46.9% | 45.1% | 2.0% | -3.2% | 10.5% | |
| 稀释率DILUTION_RATE | 9.4% | 9.1% | 9.3% | 9.4% | 9.2% | 9.3% | 9.4% | 9.4% | 9.3% | |||
勾稽校验（所示期间）：12 项， 全部通过