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Alexandria Real Estate Equities（ARE）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
Alexandria Real Estate Equities的季度营收约是世纪互联的1.9倍（$671.0M vs $362.7M），Alexandria Real Estate Equities净利率更高（59.4% vs -10.7%，领先70.0%），过去两年世纪互联的营收复合增速更高（17.4% vs -6.4%）
Alexandria Real Estate Equities（NYSE:ARE）是标普500成分股中的城市办公类房地产投资信托，作为业内首创、运营经验最丰富的先行企业，专注于在顶级创新集群区域开发、运营生命科学、科技及农业科技协作型产业园区。截至2020年12月末，公司总市值达319亿美元，北美地区资产总面积达4970万平方英尺。
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。
ARE vs VNET — 直观对比
营收规模更大
ARE
是对方的1.9倍
$362.7M
净利率更高
ARE
高出70.0%
-10.7%
两年增速更快
VNET
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $362.7M |
| 净利润 | $398.4M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | 59.4% | -10.7% |
| 营收同比 | -11.5% | — |
| 净利润同比 | 740.6% | — |
| 每股收益（稀释后） | $2.10 | — |
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AREVNET
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | — | ||
| Q3 25 | $751.9M | $362.7M | ||
| Q2 25 | $762.0M | — | ||
| Q1 25 | $758.2M | $309.5M | ||
| Q4 24 | $788.9M | — | ||
| Q3 24 | $791.6M | $302.2M | ||
| Q2 24 | $766.7M | $274.4M |
净利润AREVNET
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-232.8M | $-38.7M | ||
| Q2 25 | $-107.0M | — | ||
| Q1 25 | $-8.9M | $-2.4M | ||
| Q4 24 | $-62.2M | — | ||
| Q3 24 | $167.9M | $-2.1M | ||
| Q2 24 | $46.7M | $-1.1M |
毛利率AREVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% |
营业利润率AREVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% |
净利率AREVNET
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | — | ||
| Q3 25 | -31.0% | -10.7% | ||
| Q2 25 | -14.0% | — | ||
| Q1 25 | -1.2% | -0.8% | ||
| Q4 24 | -7.9% | — | ||
| Q3 24 | 21.2% | -0.7% | ||
| Q2 24 | 6.1% | -0.4% |
每股收益（稀释后）AREVNET
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | — | ||
| Q3 25 | $-1.38 | — | ||
| Q2 25 | $-0.64 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.38 | — | ||
| Q3 24 | $0.96 | — | ||
| Q2 24 | $0.25 | — |
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 | $418.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.4B | $890.8M |
| 总资产 | $34.2B | $6.1B |
| 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AREVNET
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | — | ||
| Q3 25 | $579.5M | $492.1M | ||
| Q2 25 | $520.5M | — | ||
| Q1 25 | $476.4M | $544.3M | ||
| Q4 24 | $552.1M | — | ||
| Q3 24 | $562.6M | $219.5M | ||
| Q2 24 | $561.0M | $247.2M |
总债务AREVNET
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | $1.2B | ||
| Q2 24 | $12.4B | — |
股东权益AREVNET
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | — | ||
| Q3 25 | $16.6B | $890.8M | ||
| Q2 25 | $17.2B | — | ||
| Q1 25 | $17.5B | $927.8M | ||
| Q4 24 | $17.9B | — | ||
| Q3 24 | $18.2B | $902.9M | ||
| Q2 24 | $18.3B | $900.6M |
总资产AREVNET
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | — | ||
| Q3 25 | $37.4B | $6.1B | ||
| Q2 25 | $37.6B | — | ||
| Q1 25 | $37.6B | $5.4B | ||
| Q4 24 | $37.5B | — | ||
| Q3 24 | $38.5B | $4.3B | ||
| Q2 24 | $37.8B | $4.0B |
负债/权益比AREVNET
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | 1.28× | ||
| Q2 24 | 0.68× | — |
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 | $475.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | 76.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 过去12个月自由现金流最近4个季度 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流AREVNET
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | — | ||
| Q3 25 | $433.5M | $113.8M | ||
| Q2 25 | $460.2M | — | ||
| Q1 25 | $207.9M | $27.0M | ||
| Q4 24 | $274.2M | — | ||
| Q3 24 | $477.4M | $108.3M | ||
| Q2 24 | $411.8M | $55.8M |
自由现金流AREVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M |
自由现金流率AREVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% |
资本支出强度AREVNET
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% |
现金转化率AREVNET
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | — |
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
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
VNET
暂无分部数据
