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六旗（FUN）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
六旗的季度营收约是世纪互联的1.8倍（$650.1M vs $362.7M），世纪互联净利率更高（-10.7% vs -14.2%，领先3.5%），六旗自由现金流更多（$-109.3M vs $-193.1M）
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
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。
FUN vs VNET — 直观对比
营收规模更大
FUN
是对方的1.8倍
$362.7M
净利率更高
VNET
高出3.5%
-14.2%
自由现金流更多
FUN
多$83.8M
$-193.1M
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $362.7M |
| 净利润 | $-92.4M | $-38.7M |
| 毛利率 | 91.4% | 20.9% |
| 营业利润率 | -3.8% | 0.5% |
| 净利率 | -14.2% | -10.7% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.93 | — |
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FUNVNET
| Q4 25 | $650.1M | — | ||
| Q3 25 | $1.3B | $362.7M | ||
| Q2 25 | $930.4M | — | ||
| Q1 25 | $202.1M | $309.5M | ||
| Q3 24 | $1.3B | $302.2M | ||
| Q2 24 | $571.6M | $274.4M | ||
| Q1 24 | — | $262.9M | ||
| Q3 23 | — | $258.6M |
净利润FUNVNET
| Q4 25 | $-92.4M | — | ||
| Q3 25 | $-1.2B | $-38.7M | ||
| Q2 25 | $-99.6M | — | ||
| Q1 25 | $-219.7M | $-2.4M | ||
| Q3 24 | $111.0M | $-2.1M | ||
| Q2 24 | $55.6M | $-1.1M | ||
| Q1 24 | — | $-22.0M | ||
| Q3 23 | — | $-5.5M |
毛利率FUNVNET
| Q4 25 | 91.4% | — | ||
| Q3 25 | 91.6% | 20.9% | ||
| Q2 25 | 91.3% | — | ||
| Q1 25 | 89.3% | 25.2% | ||
| Q3 24 | 91.9% | 23.2% | ||
| Q2 24 | 90.7% | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q3 23 | — | 16.2% |
营业利润率FUNVNET
| Q4 25 | -3.8% | — | ||
| Q3 25 | -83.7% | 0.5% | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | -158.9% | 0.1% | ||
| Q3 24 | 19.5% | 24.5% | ||
| Q2 24 | 21.6% | 0.2% | ||
| Q1 24 | — | 0.2% | ||
| Q3 23 | — | 1.7% |
净利率FUNVNET
| Q4 25 | -14.2% | — | ||
| Q3 25 | -90.1% | -10.7% | ||
| Q2 25 | -10.7% | — | ||
| Q1 25 | -108.7% | -0.8% | ||
| Q3 24 | 8.2% | -0.7% | ||
| Q2 24 | 9.7% | -0.4% | ||
| Q1 24 | — | -8.4% | ||
| Q3 23 | — | -2.1% |
每股收益（稀释后）FUNVNET
| Q4 25 | $-0.93 | — | ||
| Q3 25 | $-11.77 | — | ||
| Q2 25 | $-0.99 | — | ||
| Q1 25 | $-2.20 | — | ||
| Q3 24 | $1.10 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 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 | $91.1M | $492.1M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $890.8M |
| 总资产 | $7.8B | $6.1B |
| 负债/权益比越低杠杆越低 | 9.40× | — |
8季度趋势，按日历期对齐
现金及短期投资FUNVNET
| Q4 25 | $91.1M | — | ||
| Q3 25 | $70.7M | $492.1M | ||
| Q2 25 | $107.4M | — | ||
| Q1 25 | $61.5M | $544.3M | ||
| Q3 24 | $89.7M | $219.5M | ||
| Q2 24 | $52.9M | $247.2M | ||
| Q1 24 | — | $246.9M | ||
| Q3 23 | — | $370.4M |
总债务FUNVNET
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q3 24 | $4.6B | $1.2B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
股东权益FUNVNET
| Q4 25 | $549.8M | — | ||
| Q3 25 | $614.3M | $890.8M | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | $927.8M | ||
| Q3 24 | $2.3B | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M | ||
| Q3 23 | — | $942.7M |
总资产FUNVNET
| Q4 25 | $7.8B | — | ||
| Q3 25 | $7.9B | $6.1B | ||
| Q2 25 | $9.5B | — | ||
| Q1 25 | $9.2B | $5.4B | ||
| Q3 24 | $9.4B | $4.3B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $4.1B |
负债/权益比FUNVNET
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q3 24 | 1.95× | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 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 | $-37.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $-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 | 11.0% | 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 | $-152.2M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流FUNVNET
| Q4 25 | $-37.7M | — | ||
| Q3 25 | $356.2M | $113.8M | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $-178.0M | $27.0M | ||
| Q3 24 | $337.4M | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | — | $37.1M | ||
| Q3 23 | — | $62.3M |
自由现金流FUNVNET
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | $-193.1M | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | $-220.0M | ||
| Q3 24 | $227.7M | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M | ||
| Q3 23 | — | $-67.5M |
自由现金流率FUNVNET
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | -53.2% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | -71.1% | ||
| Q3 24 | 16.9% | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% | ||
| Q3 23 | — | -26.1% |
资本支出强度FUNVNET
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | 84.6% | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | 79.8% | ||
| Q3 24 | 8.1% | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% | ||
| Q3 23 | — | 50.2% |
现金转化率FUNVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
VNET
暂无分部数据
