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盛美半导体（ACMR）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
世纪互联的季度营收约是盛美半导体的1.5倍（$362.7M vs $244.4M），盛美半导体净利率更高（3.3% vs -10.7%，领先14.0%），盛美半导体自由现金流更多（$20.1M vs $-193.1M），过去两年盛美半导体的营收复合增速更高（26.7% vs 17.4%）
盛美半导体（ACM Research, Inc.）是全球领先的半导体制造设备供应商，专注于研发、生产及销售晶圆湿法处理相关设备，覆盖清洗、电镀、刻蚀等品类，产品广泛应用于逻辑、存储、功率等各类先进芯片的生产流程，服务全球多地区芯片制造企业。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
ACMR vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$244.4M
净利率更高
ACMR
高出14.0%
-10.7%
自由现金流更多
ACMR
多$213.2M
$-193.1M
两年增速更快
ACMR
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $362.7M |
| 净利润 | $8.0M | $-38.7M |
| 毛利率 | 40.9% | 20.9% |
| 营业利润率 | 9.4% | 0.5% |
| 净利率 | 3.3% | -10.7% |
| 营收同比 | 9.4% | — |
| 净利润同比 | -74.1% | — |
| 每股收益（稀释后） | $0.11 | — |
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ACMRVNET
| Q4 25 | $244.4M | — | ||
| Q3 25 | $269.2M | $362.7M | ||
| Q2 25 | $215.4M | — | ||
| Q1 25 | $172.3M | $309.5M | ||
| Q4 24 | $223.5M | — | ||
| Q3 24 | $204.0M | $302.2M | ||
| Q2 24 | $202.5M | $274.4M | ||
| Q1 24 | $152.2M | $262.9M |
净利润ACMRVNET
| Q4 25 | $8.0M | — | ||
| Q3 25 | $35.9M | $-38.7M | ||
| Q2 25 | $29.8M | — | ||
| Q1 25 | $20.4M | $-2.4M | ||
| Q4 24 | $31.1M | — | ||
| Q3 24 | $30.9M | $-2.1M | ||
| Q2 24 | $24.2M | $-1.1M | ||
| Q1 24 | $17.4M | $-22.0M |
毛利率ACMRVNET
| Q4 25 | 40.9% | — | ||
| Q3 25 | 42.0% | 20.9% | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 47.9% | 25.2% | ||
| Q4 24 | 49.6% | — | ||
| Q3 24 | 51.4% | 23.2% | ||
| Q2 24 | 47.8% | 21.3% | ||
| Q1 24 | 52.0% | 21.6% |
营业利润率ACMRVNET
| Q4 25 | 9.4% | — | ||
| Q3 25 | 10.7% | 0.5% | ||
| Q2 25 | 14.7% | — | ||
| Q1 25 | 15.0% | 0.1% | ||
| Q4 24 | 19.7% | — | ||
| Q3 24 | 21.7% | 24.5% | ||
| Q2 24 | 18.6% | 0.2% | ||
| Q1 24 | 16.6% | 0.2% |
净利率ACMRVNET
| Q4 25 | 3.3% | — | ||
| Q3 25 | 13.3% | -10.7% | ||
| Q2 25 | 13.8% | — | ||
| Q1 25 | 11.8% | -0.8% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.2% | -0.7% | ||
| Q2 24 | 12.0% | -0.4% | ||
| Q1 24 | 11.5% | -8.4% |
每股收益（稀释后）ACMRVNET
| Q4 25 | $0.11 | — | ||
| Q3 25 | $0.52 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.47 | — | ||
| Q3 24 | $0.45 | — | ||
| Q2 24 | $0.35 | — | ||
| Q1 24 | $0.26 | — |
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 | $792.9M | $492.1M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $890.8M |
| 总资产 | $2.9B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资ACMRVNET
| Q4 25 | $792.9M | — | ||
| Q3 25 | $1.1B | $492.1M | ||
| Q2 25 | $463.2M | — | ||
| Q1 25 | $475.6M | $544.3M | ||
| Q4 24 | $426.8M | — | ||
| Q3 24 | $353.8M | $219.5M | ||
| Q2 24 | $343.6M | $247.2M | ||
| Q1 24 | $230.0M | $246.9M |
总债务ACMRVNET
| Q4 25 | $214.0M | — | ||
| Q3 25 | $242.0M | — | ||
| Q2 25 | $225.1M | — | ||
| Q1 25 | $202.5M | — | ||
| Q4 24 | $150.0M | — | ||
| Q3 24 | $150.0M | $1.2B | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $60.0M | — |
股东权益ACMRVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $890.8M | ||
| Q2 25 | $986.5M | — | ||
| Q1 25 | $949.1M | $927.8M | ||
| Q4 24 | $904.6M | — | ||
| Q3 24 | $888.2M | $902.9M | ||
| Q2 24 | $833.2M | $900.6M | ||
| Q1 24 | $796.2M | $895.1M |
总资产ACMRVNET
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.8B | $6.1B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.9B | $5.4B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.7B | $4.0B | ||
| Q1 24 | $1.6B | $3.9B |
负债/权益比ACMRVNET
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.17× | 1.28× | ||
| Q2 24 | 0.11× | — | ||
| Q1 24 | 0.08× | — |
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 | $33.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-193.1M |
| 自由现金流率自由现金流/营收 | 8.2% | -53.2% |
| 资本支出强度资本支出/营收 | 5.6% | 84.6% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ACMRVNET
| Q4 25 | $33.9M | — | ||
| Q3 25 | $-4.6M | $113.8M | ||
| Q2 25 | $-44.9M | — | ||
| Q1 25 | $5.3M | $27.0M | ||
| Q4 24 | $88.6M | — | ||
| Q3 24 | $11.9M | $108.3M | ||
| Q2 24 | $61.6M | $55.8M | ||
| Q1 24 | $-9.6M | $37.1M |
自由现金流ACMRVNET
| Q4 25 | $20.1M | — | ||
| Q3 25 | $-15.6M | $-193.1M | ||
| Q2 25 | $-59.6M | — | ||
| Q1 25 | $-11.4M | $-220.0M | ||
| Q4 24 | $77.2M | — | ||
| Q3 24 | $-20.6M | $-95.0M | ||
| Q2 24 | $48.5M | $-81.6M | ||
| Q1 24 | $-35.1M | $-102.2M |
自由现金流率ACMRVNET
| Q4 25 | 8.2% | — | ||
| Q3 25 | -5.8% | -53.2% | ||
| Q2 25 | -27.7% | — | ||
| Q1 25 | -6.6% | -71.1% | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | -10.1% | -31.4% | ||
| Q2 24 | 24.0% | -29.8% | ||
| Q1 24 | -23.0% | -38.9% |
资本支出强度ACMRVNET
| Q4 25 | 5.6% | — | ||
| Q3 25 | 4.1% | 84.6% | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 9.7% | 79.8% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 16.0% | 67.3% | ||
| Q2 24 | 6.5% | 50.1% | ||
| Q1 24 | 16.7% | 53.0% |
现金转化率ACMRVNET
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | — | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | -0.55× | — |
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
ACMR
| Total Single Wafer And Semi Critical Cleaning Equipment | $159.9M | 65% |
| ECP Front End And Packaging Furnace And Other Technologies | $64.1M | 26% |
| Advanced Packaging Exclude ECP Services Spares | $20.5M | 8% |
VNET
暂无分部数据
