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美商海盗船（CRSR）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
美商海盗船的季度营收约是世纪互联的1.2倍（$436.9M vs $362.7M），美商海盗船净利率更高（5.9% vs -10.7%，领先16.6%），美商海盗船自由现金流更多（$32.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 13.8%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
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。
CRSR vs VNET — 直观对比
营收规模更大
CRSR
是对方的1.2倍
$362.7M
净利率更高
CRSR
高出16.6%
-10.7%
自由现金流更多
CRSR
多$226.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $362.7M |
| 净利润 | $25.8M | $-38.7M |
| 毛利率 | 33.1% | 20.9% |
| 营业利润率 | 6.2% | 0.5% |
| 净利率 | 5.9% | -10.7% |
| 营收同比 | 5.6% | — |
| 净利润同比 | 1028.2% | — |
| 每股收益（稀释后） | $0.23 | — |
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CRSRVNET
| Q4 25 | $436.9M | — | ||
| Q3 25 | $345.8M | $362.7M | ||
| Q2 25 | $320.1M | — | ||
| Q1 25 | $369.8M | $309.5M | ||
| Q4 24 | $413.6M | — | ||
| Q3 24 | $304.2M | $302.2M | ||
| Q2 24 | $261.3M | $274.4M | ||
| Q1 24 | $337.3M | $262.9M |
净利润CRSRVNET
| Q4 25 | $25.8M | — | ||
| Q3 25 | $-10.6M | $-38.7M | ||
| Q2 25 | $-20.9M | — | ||
| Q1 25 | $-10.5M | $-2.4M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $-51.7M | $-2.1M | ||
| Q2 24 | $-24.2M | $-1.1M | ||
| Q1 24 | $-11.6M | $-22.0M |
毛利率CRSRVNET
| Q4 25 | 33.1% | — | ||
| Q3 25 | 26.9% | 20.9% | ||
| Q2 25 | 26.8% | — | ||
| Q1 25 | 27.7% | 25.2% | ||
| Q4 24 | 26.2% | — | ||
| Q3 24 | 22.9% | 23.2% | ||
| Q2 24 | 24.1% | 21.3% | ||
| Q1 24 | 25.7% | 21.6% |
营业利润率CRSRVNET
| Q4 25 | 6.2% | — | ||
| Q3 25 | -1.6% | 0.5% | ||
| Q2 25 | -5.3% | — | ||
| Q1 25 | -0.6% | 0.1% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | -6.9% | 24.5% | ||
| Q2 24 | -9.5% | 0.2% | ||
| Q1 24 | -3.0% | 0.2% |
净利率CRSRVNET
| Q4 25 | 5.9% | — | ||
| Q3 25 | -3.1% | -10.7% | ||
| Q2 25 | -6.5% | — | ||
| Q1 25 | -2.8% | -0.8% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | -17.0% | -0.7% | ||
| Q2 24 | -9.3% | -0.4% | ||
| Q1 24 | -3.4% | -8.4% |
每股收益（稀释后）CRSRVNET
| Q4 25 | $0.23 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.10 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $-0.56 | — | ||
| Q2 24 | $-0.28 | — | ||
| Q1 24 | $-0.12 | — |
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 | — | $492.1M |
| 总债务越低越好 | $121.3M | — |
| 股东权益账面价值 | $633.6M | $890.8M |
| 总资产 | $1.3B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务CRSRVNET
| Q4 25 | $121.3M | — | ||
| Q3 25 | $122.9M | — | ||
| Q2 25 | $124.4M | — | ||
| Q1 25 | $148.7M | — | ||
| Q4 24 | $173.5M | — | ||
| Q3 24 | $177.2M | $1.2B | ||
| Q2 24 | $180.3M | — | ||
| Q1 24 | $183.3M | — |
股东权益CRSRVNET
| Q4 25 | $633.6M | — | ||
| Q3 25 | $600.2M | $890.8M | ||
| Q2 25 | $603.9M | — | ||
| Q1 25 | $608.8M | $927.8M | ||
| Q4 24 | $604.3M | — | ||
| Q3 24 | $598.5M | $902.9M | ||
| Q2 24 | $642.7M | $900.6M | ||
| Q1 24 | $663.5M | $895.1M |
总资产CRSRVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.2B | $4.0B | ||
| Q1 24 | $1.3B | $3.9B |
负债/权益比CRSRVNET
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | 1.28× | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
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 | $38.2M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 7.5% | -53.2% |
| 资本支出强度资本支出/营收 | 1.2% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.48× | — |
| 过去12个月自由现金流最近4个季度 | $34.7M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CRSRVNET
| Q4 25 | $38.2M | — | ||
| Q3 25 | $-37.0M | $113.8M | ||
| Q2 25 | $30.2M | — | ||
| Q1 25 | $18.8M | $27.0M | ||
| Q4 24 | $55.6M | — | ||
| Q3 24 | $25.1M | $108.3M | ||
| Q2 24 | $-18.5M | $55.8M | ||
| Q1 24 | $-26.3M | $37.1M |
自由现金流CRSRVNET
| Q4 25 | $32.9M | — | ||
| Q3 25 | $-41.3M | $-193.1M | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $15.7M | $-220.0M | ||
| Q4 24 | $54.1M | — | ||
| Q3 24 | $21.8M | $-95.0M | ||
| Q2 24 | $-21.0M | $-81.6M | ||
| Q1 24 | $-28.8M | $-102.2M |
自由现金流率CRSRVNET
| Q4 25 | 7.5% | — | ||
| Q3 25 | -12.0% | -53.2% | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 4.2% | -71.1% | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 7.2% | -31.4% | ||
| Q2 24 | -8.0% | -29.8% | ||
| Q1 24 | -8.6% | -38.9% |
资本支出强度CRSRVNET
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.3% | 84.6% | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.8% | 79.8% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 1.1% | 67.3% | ||
| Q2 24 | 1.0% | 50.1% | ||
| Q1 24 | 0.7% | 53.0% |
现金转化率CRSRVNET
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 24.30× | — | ||
| 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
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
VNET
暂无分部数据
