vs
鲍德温（BWIN）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鲍德温的1.0倍（$362.7M vs $347.3M），鲍德温净利率更高（-7.5% vs -10.7%，领先3.2%），鲍德温自由现金流更多（$-68.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.4%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
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。
BWIN vs VNET — 直观对比
营收规模更大
VNET
是对方的1.0倍
$347.3M
净利率更高
BWIN
高出3.2%
-10.7%
自由现金流更多
BWIN
多$124.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $362.7M |
| 净利润 | $-25.9M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -3.8% | 0.5% |
| 净利率 | -7.5% | -10.7% |
| 营收同比 | 5.3% | — |
| 净利润同比 | -28.3% | — |
| 每股收益（稀释后） | $-0.38 | — |
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BWINVNET
| Q4 25 | $347.3M | — | ||
| Q3 25 | $365.4M | $362.7M | ||
| Q2 25 | $378.8M | — | ||
| Q1 25 | $413.4M | $309.5M | ||
| Q4 24 | $329.9M | — | ||
| Q3 24 | $338.9M | $302.2M | ||
| Q2 24 | $339.8M | $274.4M | ||
| Q1 24 | $380.4M | $262.9M |
净利润BWINVNET
| Q4 25 | $-25.9M | — | ||
| Q3 25 | $-18.7M | $-38.7M | ||
| Q2 25 | $-3.2M | — | ||
| Q1 25 | $13.9M | $-2.4M | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | $-2.1M | ||
| Q2 24 | $-17.6M | $-1.1M | ||
| Q1 24 | $21.6M | $-22.0M |
毛利率BWINVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率BWINVNET
| Q4 25 | -3.8% | — | ||
| Q3 25 | 0.9% | 0.5% | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 13.6% | 0.1% | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | 4.5% | 24.5% | ||
| Q2 24 | 4.8% | 0.2% | ||
| Q1 24 | 9.0% | 0.2% |
净利率BWINVNET
| Q4 25 | -7.5% | — | ||
| Q3 25 | -5.1% | -10.7% | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | 3.4% | -0.8% | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | -0.7% | ||
| Q2 24 | -5.2% | -0.4% | ||
| Q1 24 | 5.7% | -8.4% |
每股收益（稀释后）BWINVNET
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $-0.31 | — | ||
| Q3 24 | $-0.13 | — | ||
| Q2 24 | $-0.28 | — | ||
| Q1 24 | $0.33 | — |
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 | $123.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $890.8M |
| 总资产 | $3.9B | $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BWINVNET
| Q4 25 | $123.7M | — | ||
| Q3 25 | $89.7M | $492.1M | ||
| Q2 25 | $105.7M | — | ||
| Q1 25 | $81.8M | $544.3M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | $219.5M | ||
| Q2 24 | $208.3M | $247.2M | ||
| Q1 24 | $112.1M | $246.9M |
总债务BWINVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BWINVNET
| Q4 25 | $600.2M | — | ||
| Q3 25 | $619.7M | $890.8M | ||
| Q2 25 | $630.8M | — | ||
| Q1 25 | $619.6M | $927.8M | ||
| Q4 24 | $583.2M | — | ||
| Q3 24 | $595.4M | $902.9M | ||
| Q2 24 | $590.9M | $900.6M | ||
| Q1 24 | $597.9M | $895.1M |
总资产BWINVNET
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $6.1B | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.5B | $5.4B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | $4.3B | ||
| Q2 24 | $3.7B | $4.0B | ||
| Q1 24 | $3.5B | $3.9B |
负债/权益比BWINVNET
| 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 | $-29.4M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | -19.9% | -53.2% |
| 资本支出强度资本支出/营收 | 11.4% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-137.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流BWINVNET
| Q4 25 | $-29.4M | — | ||
| Q3 25 | $41.0M | $113.8M | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-64.0M | $27.0M | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | $32.4M | $108.3M | ||
| Q2 24 | $18.3M | $55.8M | ||
| Q1 24 | $3.0M | $37.1M |
自由现金流BWINVNET
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | $-193.1M | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | $-220.0M | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | $-95.0M | ||
| Q2 24 | $7.8M | $-81.6M | ||
| Q1 24 | $-5.1M | $-102.2M |
自由现金流率BWINVNET
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | -53.2% | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | -71.1% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | -31.4% | ||
| Q2 24 | 2.3% | -29.8% | ||
| Q1 24 | -1.4% | -38.9% |
资本支出强度BWINVNET
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | 84.6% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | 79.8% | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | 67.3% | ||
| Q2 24 | 3.1% | 50.1% | ||
| Q1 24 | 2.1% | 53.0% |
现金转化率BWINVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
VNET
暂无分部数据
