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阿里巴巴集团控股有限公司（BABA）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
阿里巴巴集团控股有限公司的季度营收约是世纪互联的106.9倍（$38.8B vs $362.7M），阿里巴巴集团控股有限公司净利率更高（5.8% vs -10.7%，领先16.4%）
阿里巴巴集团控股有限公司是1999年6月28日于浙江杭州创立的中国跨国科技企业，核心业务覆盖电商、零售、互联网及科技领域，运营面向中国及全球市场的C2C、B2C、B2B交易平台，同时提供本地生活服务、数字媒体娱乐、物流、云计算等多元服务，服务全球海量消费者与企业客户。
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。
BABA vs VNET — 直观对比
营收规模更大
BABA
是对方的106.9倍
$362.7M
净利率更高
BABA
高出16.4%
-10.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $362.7M |
| 净利润 | $2.2B | $-38.7M |
| 毛利率 | 40.2% | 20.9% |
| 营业利润率 | 6.6% | 0.5% |
| 净利率 | 5.8% | -10.7% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $6.64 | — |
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BABAVNET
| Q4 25 | $38.8B | — | ||
| Q3 25 | $34.2B | $362.7M | ||
| Q2 25 | $32.6B | — | ||
| Q1 25 | — | $309.5M | ||
| Q4 24 | $38.7B | — | ||
| Q3 24 | — | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | — | $262.9M |
净利润BABAVNET
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.9B | $-38.7M | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | — | $-22.0M |
毛利率BABAVNET
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.2% | 20.9% | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | 42.0% | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率BABAVNET
| Q4 25 | 6.6% | — | ||
| Q3 25 | 2.2% | 0.5% | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
净利率BABAVNET
| Q4 25 | 5.8% | — | ||
| Q3 25 | 8.5% | -10.7% | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | — | -8.4% |
每股收益（稀释后）BABAVNET
| Q4 25 | $6.64 | — | ||
| Q3 25 | $8.72 | — | ||
| Q2 25 | $5.20 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $20.40 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $18.3B | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $148.7B | $890.8M |
| 总资产 | $268.6B | $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BABAVNET
| Q4 25 | $18.3B | — | ||
| Q3 25 | $19.0B | $492.1M | ||
| Q2 25 | $20.0B | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | $22.3B | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务BABAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BABAVNET
| Q4 25 | $148.7B | — | ||
| Q3 25 | $145.0B | $890.8M | ||
| Q2 25 | $139.2B | — | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | $137.2B | — | ||
| Q3 24 | — | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M |
总资产BABAVNET
| Q4 25 | $268.6B | — | ||
| Q3 25 | $264.6B | $6.1B | ||
| Q2 25 | $248.6B | — | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | $254.1B | — | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.9B |
负债/权益比BABAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $5.2B | $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 | — | 84.6% |
| 现金转化率经营现金流/净利润 | 2.31× | — |
| 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BABAVNET
| Q4 25 | $5.2B | — | ||
| Q3 25 | $1.4B | $113.8M | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | — | $27.0M | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | — | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | — | $37.1M |
自由现金流BABAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率BABAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度BABAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率BABAVNET
| Q4 25 | 2.31× | — | ||
| Q3 25 | 0.49× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BABA
| Alibaba China E-commerce Group | $22.8B | 59% |
| All others | $9.6B | 25% |
| Cloud Intelligence Group | $6.2B | 16% |
VNET
暂无分部数据
