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亚朵集团（ATAT）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
亚朵集团的季度营收约是世纪互联的2.2倍（$789.6M vs $362.7M），亚朵集团净利率更高（17.6% vs -10.7%，领先28.3%），亚朵集团自由现金流更多（$210.7M vs $-193.1M）
亚朵生活控股是中国领先的文旅生活服务企业，主营中高端连锁酒店运营业务，面向商旅及休闲出行人群提供高品质住宿服务，同时配套布局生活文创零售、场景体验等多元业务，覆盖国内核心城市及部分海外市场。
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。
ATAT vs VNET — 直观对比
营收规模更大
ATAT
是对方的2.2倍
$362.7M
净利率更高
ATAT
高出28.3%
-10.7%
自由现金流更多
ATAT
多$403.7M
$-193.1M
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $789.6M | $362.7M |
| 净利润 | $139.1M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 22.5% | 0.5% |
| 净利率 | 17.6% | -10.7% |
| 营收同比 | 252.5% | — |
| 净利润同比 | 322.2% | — |
| 每股收益（稀释后） | $0.33 | — |
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ATATVNET
| Q3 25 | $789.6M | $362.7M | ||
| Q1 25 | — | $309.5M | ||
| Q3 24 | $224.0M | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | $203.4M | $262.9M | ||
| Q3 23 | — | $258.6M | ||
| Q2 23 | — | $251.2M | ||
| Q1 23 | $106.8M | $262.9M |
净利润ATATVNET
| Q3 25 | $139.1M | $-38.7M | ||
| Q1 25 | — | $-2.4M | ||
| Q3 24 | $33.0M | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | $35.6M | $-22.0M | ||
| Q3 23 | — | $-5.5M | ||
| Q2 23 | — | — | ||
| Q1 23 | $2.5M | $15.1M |
毛利率ATATVNET
| Q3 25 | — | 20.9% | ||
| Q1 25 | — | 25.2% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q3 23 | — | 16.2% | ||
| Q2 23 | — | 18.8% | ||
| Q1 23 | — | 19.5% |
营业利润率ATATVNET
| Q3 25 | 22.5% | 0.5% | ||
| Q1 25 | — | 0.1% | ||
| Q3 24 | 14.7% | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 22.1% | 0.2% | ||
| Q3 23 | — | 1.7% | ||
| Q2 23 | — | 5.1% | ||
| Q1 23 | 8.0% | 1.8% |
净利率ATATVNET
| Q3 25 | 17.6% | -10.7% | ||
| Q1 25 | — | -0.8% | ||
| Q3 24 | 14.7% | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | 17.5% | -8.4% | ||
| Q3 23 | — | -2.1% | ||
| Q2 23 | — | — | ||
| Q1 23 | 2.3% | 5.7% |
每股收益（稀释后）ATATVNET
| Q3 25 | $0.33 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $0.08 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $0.09 | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
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 | $669.2M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $405.0M | $890.8M |
| 总资产 | $1.1B | $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ATATVNET
| Q3 25 | $669.2M | $492.1M | ||
| Q1 25 | — | $544.3M | ||
| Q3 24 | $506.0M | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | $520.7M | $246.9M | ||
| Q3 23 | — | $370.4M | ||
| Q2 23 | — | $325.9M | ||
| Q1 23 | $272.5M | $424.6M |
总债务ATATVNET
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | $277.0K | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
股东权益ATATVNET
| Q3 25 | $405.0M | $890.8M | ||
| Q1 25 | — | $927.8M | ||
| Q3 24 | $291.3M | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | $323.5M | $895.1M | ||
| Q3 23 | — | $942.7M | ||
| Q2 23 | — | $952.6M | ||
| Q1 23 | $185.5M | $1.0B |
总资产ATATVNET
| Q3 25 | $1.1B | $6.1B | ||
| Q1 25 | — | $5.4B | ||
| Q3 24 | $927.8M | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | $936.3M | $3.9B | ||
| Q3 23 | — | $4.1B | ||
| Q2 23 | — | $4.0B | ||
| Q1 23 | — | $4.2B |
负债/权益比ATATVNET
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.00× | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
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 | $216.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $210.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 26.7% | -53.2% |
| 资本支出强度资本支出/营收 | 0.8% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.56× | — |
| 过去12个月自由现金流最近4个季度 | $359.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ATATVNET
| Q3 25 | $216.6M | $113.8M | ||
| Q1 25 | — | $27.0M | ||
| Q3 24 | $84.8M | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | $19.8M | $37.1M | ||
| Q3 23 | — | $62.3M | ||
| Q2 23 | — | $58.4M | ||
| Q1 23 | $49.9M | $66.3M |
自由现金流ATATVNET
| Q3 25 | $210.7M | $-193.1M | ||
| Q1 25 | — | $-220.0M | ||
| Q3 24 | $83.3M | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | $18.1M | $-102.2M | ||
| Q3 23 | — | $-67.5M | ||
| Q2 23 | — | $4.0M | ||
| Q1 23 | $47.5M | $-22.4M |
自由现金流率ATATVNET
| Q3 25 | 26.7% | -53.2% | ||
| Q1 25 | — | -71.1% | ||
| Q3 24 | 37.2% | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | 8.9% | -38.9% | ||
| Q3 23 | — | -26.1% | ||
| Q2 23 | — | 1.6% | ||
| Q1 23 | 44.5% | -8.5% |
资本支出强度ATATVNET
| Q3 25 | 0.8% | 84.6% | ||
| Q1 25 | — | 79.8% | ||
| Q3 24 | 0.7% | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | 0.9% | 53.0% | ||
| Q3 23 | — | 50.2% | ||
| Q2 23 | — | 21.7% | ||
| Q1 23 | 2.3% | 33.7% |
现金转化率ATATVNET
| Q3 25 | 1.56× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.56× | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | 20.23× | 4.39× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
