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百通（BDC）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
百通的季度营收约是世纪互联的2.0倍（$720.1M vs $362.7M），百通净利率更高（9.4% vs -10.7%，领先20.1%），百通自由现金流更多（$121.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 15.9%）
百通公司是美国上市跨国企业，专注于端到端网络、安全及连接产品的设计、生产与销售，业务覆盖工业自动化解决方案、智能建筑、宽带及5G三大核心领域，为各行业客户提供可靠的通信连接相关产品与服务。
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。
BDC vs VNET — 直观对比
营收规模更大
BDC
是对方的2.0倍
$362.7M
净利率更高
BDC
高出20.1%
-10.7%
自由现金流更多
BDC
多$314.3M
$-193.1M
两年增速更快
VNET
近两年复合增速
15.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $720.1M | $362.7M |
| 净利润 | $67.9M | $-38.7M |
| 毛利率 | 36.6% | 20.9% |
| 营业利润率 | 12.2% | 0.5% |
| 净利率 | 9.4% | -10.7% |
| 营收同比 | 8.1% | — |
| 净利润同比 | 16.3% | — |
| 每股收益（稀释后） | $1.70 | — |
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BDCVNET
| Q4 25 | $720.1M | — | ||
| Q3 25 | $698.2M | $362.7M | ||
| Q2 25 | $672.0M | — | ||
| Q1 25 | $624.9M | $309.5M | ||
| Q4 24 | $666.0M | — | ||
| Q3 24 | $654.9M | $302.2M | ||
| Q2 24 | $604.3M | $274.4M | ||
| Q1 24 | $535.7M | $262.9M |
净利润BDCVNET
| Q4 25 | $67.9M | — | ||
| Q3 25 | $56.7M | $-38.7M | ||
| Q2 25 | $61.0M | — | ||
| Q1 25 | $51.9M | $-2.4M | ||
| Q4 24 | $58.4M | — | ||
| Q3 24 | $53.7M | $-2.1M | ||
| Q2 24 | $49.0M | $-1.1M | ||
| Q1 24 | $37.3M | $-22.0M |
毛利率BDCVNET
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | 20.9% | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | 25.2% | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | 23.2% | ||
| Q2 24 | 37.5% | 21.3% | ||
| Q1 24 | 37.6% | 21.6% |
营业利润率BDCVNET
| Q4 25 | 12.2% | — | ||
| Q3 25 | 10.9% | 0.5% | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 11.6% | 0.1% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 11.5% | 24.5% | ||
| Q2 24 | 11.4% | 0.2% | ||
| Q1 24 | 9.9% | 0.2% |
净利率BDCVNET
| Q4 25 | 9.4% | — | ||
| Q3 25 | 8.1% | -10.7% | ||
| Q2 25 | 9.1% | — | ||
| Q1 25 | 8.3% | -0.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 8.2% | -0.7% | ||
| Q2 24 | 8.1% | -0.4% | ||
| Q1 24 | 7.0% | -8.4% |
每股收益（稀释后）BDCVNET
| Q4 25 | $1.70 | — | ||
| Q3 25 | $1.41 | — | ||
| Q2 25 | $1.53 | — | ||
| Q1 25 | $1.27 | — | ||
| Q4 24 | $1.41 | — | ||
| Q3 24 | $1.30 | — | ||
| Q2 24 | $1.19 | — | ||
| Q1 24 | $0.90 | — |
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 | $389.9M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $890.8M |
| 总资产 | $3.5B | $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BDCVNET
| Q4 25 | $389.9M | — | ||
| Q3 25 | $314.3M | $492.1M | ||
| Q2 25 | $301.5M | — | ||
| Q1 25 | $259.0M | $544.3M | ||
| Q4 24 | $370.3M | — | ||
| Q3 24 | $323.0M | $219.5M | ||
| Q2 24 | $564.8M | $247.2M | ||
| Q1 24 | $506.8M | $246.9M |
总债务BDCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BDCVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $890.8M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $927.8M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $902.9M | ||
| Q2 24 | $1.2B | $900.6M | ||
| Q1 24 | $1.2B | $895.1M |
总资产BDCVNET
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.4B | $6.1B | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.3B | $5.4B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.5B | $4.0B | ||
| Q1 24 | $3.1B | $3.9B |
负债/权益比BDCVNET
| 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 | $160.4M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $121.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | 16.8% | -53.2% |
| 资本支出强度资本支出/营收 | 5.4% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.36× | — |
| 过去12个月自由现金流最近4个季度 | $218.7M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流BDCVNET
| Q4 25 | $160.4M | — | ||
| Q3 25 | $105.0M | $113.8M | ||
| Q2 25 | $82.0M | — | ||
| Q1 25 | $7.4M | $27.0M | ||
| Q4 24 | $174.7M | — | ||
| Q3 24 | $91.7M | $108.3M | ||
| Q2 24 | $83.0M | $55.8M | ||
| Q1 24 | $2.7M | $37.1M |
自由现金流BDCVNET
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | $-193.1M | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | $-220.0M | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $67.2M | $-95.0M | ||
| Q2 24 | $61.0M | $-81.6M | ||
| Q1 24 | $-21.5M | $-102.2M |
自由现金流率BDCVNET
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | -53.2% | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | -71.1% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | -31.4% | ||
| Q2 24 | 10.1% | -29.8% | ||
| Q1 24 | -4.0% | -38.9% |
资本支出强度BDCVNET
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | 84.6% | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 5.2% | 79.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 3.7% | 67.3% | ||
| Q2 24 | 3.6% | 50.1% | ||
| Q1 24 | 4.5% | 53.0% |
现金转化率BDCVNET
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — | ||
| Q1 24 | 0.07× | — |
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
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
VNET
暂无分部数据
