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Howard Hughes Holdings Inc.（HHH）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
Howard Hughes Holdings Inc.的季度营收约是世纪互联的1.7倍（$624.4M vs $362.7M），Howard Hughes Holdings Inc.净利率更高（1.0% vs -10.7%，领先11.6%），Howard Hughes Holdings Inc.自由现金流更多（$348.6M vs $-193.1M），过去两年Howard Hughes Holdings Inc.的营收复合增速更高（91.0% vs 17.4%）
霍华德·休斯控股有限公司是总部位于美国得克萨斯州伍德兰兹的房地产开发与管理企业，前身为霍华德·休斯公司，2010年从通用增长物业（GGP）分拆独立成立，核心资产集中于多个整体规划社区项目，公司名称源自最初的霍华德·休斯公司，后者曾开发内华达州萨姆林规划社区，后成为GGP子公司。
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。
HHH vs VNET — 直观对比
营收规模更大
HHH
是对方的1.7倍
$362.7M
净利率更高
HHH
高出11.6%
-10.7%
自由现金流更多
HHH
多$541.7M
$-193.1M
两年增速更快
HHH
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $624.4M | $362.7M |
| 净利润 | $6.0M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 4.2% | 0.5% |
| 净利率 | 1.0% | -10.7% |
| 营收同比 | -33.2% | — |
| 净利润同比 | -96.2% | — |
| 每股收益（稀释后） | $0.20 | — |
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HHHVNET
| Q4 25 | $624.4M | — | ||
| Q3 25 | $390.2M | $362.7M | ||
| Q2 25 | $260.9M | — | ||
| Q1 25 | $199.3M | $309.5M | ||
| Q4 24 | $935.0M | — | ||
| Q3 24 | $327.1M | $302.2M | ||
| Q2 24 | $317.4M | $274.4M | ||
| Q1 24 | $171.1M | $262.9M |
净利润HHHVNET
| Q4 25 | $6.0M | — | ||
| Q3 25 | $119.5M | $-38.7M | ||
| Q2 25 | $-12.1M | — | ||
| Q1 25 | $10.5M | $-2.4M | ||
| Q4 24 | $156.3M | — | ||
| Q3 24 | $72.8M | $-2.1M | ||
| Q2 24 | $21.1M | $-1.1M | ||
| Q1 24 | $-52.5M | $-22.0M |
毛利率HHHVNET
| 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HHHVNET
| Q4 25 | 4.2% | — | ||
| Q3 25 | 48.6% | 0.5% | ||
| Q2 25 | 26.0% | — | ||
| Q1 25 | 24.0% | 0.1% | ||
| Q4 24 | 33.5% | — | ||
| Q3 24 | 60.6% | 24.5% | ||
| Q2 24 | 20.4% | 0.2% | ||
| Q1 24 | -9.8% | 0.2% |
净利率HHHVNET
| Q4 25 | 1.0% | — | ||
| Q3 25 | 30.6% | -10.7% | ||
| Q2 25 | -4.7% | — | ||
| Q1 25 | 5.3% | -0.8% | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 22.2% | -0.7% | ||
| Q2 24 | 6.6% | -0.4% | ||
| Q1 24 | -30.7% | -8.4% |
每股收益（稀释后）HHHVNET
| Q4 25 | $0.20 | — | ||
| Q3 25 | $2.02 | — | ||
| Q2 25 | $-0.22 | — | ||
| Q1 25 | $0.21 | — | ||
| Q4 24 | $3.14 | — | ||
| Q3 24 | $1.46 | — | ||
| Q2 24 | $0.42 | — | ||
| Q1 24 | $-1.06 | — |
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 | $1.5B | $492.1M |
| 总债务越低越好 | $5.1B | — |
| 股东权益账面价值 | $3.8B | $890.8M |
| 总资产 | $10.6B | $6.1B |
| 负债/权益比越低杠杆越低 | 1.35× | — |
8季度趋势，按日历期对齐
现金及短期投资HHHVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $492.1M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $493.7M | $544.3M | ||
| Q4 24 | $596.1M | — | ||
| Q3 24 | $400.7M | $219.5M | ||
| Q2 24 | $436.8M | $247.2M | ||
| Q1 24 | $462.7M | $246.9M |
总债务HHHVNET
| Q4 25 | $5.1B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HHHVNET
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.8B | $890.8M | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $2.8B | $927.8M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.6B | $902.9M | ||
| Q2 24 | $3.0B | $900.6M | ||
| Q1 24 | $2.9B | $895.1M |
总资产HHHVNET
| Q4 25 | $10.6B | — | ||
| Q3 25 | $10.7B | $6.1B | ||
| Q2 25 | $10.3B | — | ||
| Q1 25 | $9.3B | $5.4B | ||
| Q4 24 | $9.2B | — | ||
| Q3 24 | $9.4B | $4.3B | ||
| Q2 24 | $9.9B | $4.0B | ||
| Q1 24 | $9.6B | $3.9B |
负债/权益比HHHVNET
| Q4 25 | 1.35× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.85× | — | ||
| 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 | $360.3M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $348.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 55.8% | -53.2% |
| 资本支出强度资本支出/营收 | 1.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 60.04× | — |
| 过去12个月自由现金流最近4个季度 | $417.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HHHVNET
| Q4 25 | $360.3M | — | ||
| Q3 25 | $149.8M | $113.8M | ||
| Q2 25 | $177.3M | — | ||
| Q1 25 | $-224.9M | $27.0M | ||
| Q4 24 | $337.1M | — | ||
| Q3 24 | $248.3M | $108.3M | ||
| Q2 24 | $-17.5M | $55.8M | ||
| Q1 24 | $-171.2M | $37.1M |
自由现金流HHHVNET
| Q4 25 | $348.6M | — | ||
| Q3 25 | $137.7M | $-193.1M | ||
| Q2 25 | $169.7M | — | ||
| Q1 25 | $-238.4M | $-220.0M | ||
| Q4 24 | $317.1M | — | ||
| Q3 24 | $238.7M | $-95.0M | ||
| Q2 24 | $-25.1M | $-81.6M | ||
| Q1 24 | $-182.0M | $-102.2M |
自由现金流率HHHVNET
| Q4 25 | 55.8% | — | ||
| Q3 25 | 35.3% | -53.2% | ||
| Q2 25 | 65.1% | — | ||
| Q1 25 | -119.6% | -71.1% | ||
| Q4 24 | 33.9% | — | ||
| Q3 24 | 73.0% | -31.4% | ||
| Q2 24 | -7.9% | -29.8% | ||
| Q1 24 | -106.4% | -38.9% |
资本支出强度HHHVNET
| Q4 25 | 1.9% | — | ||
| Q3 25 | 3.1% | 84.6% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 6.8% | 79.8% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.9% | 67.3% | ||
| Q2 24 | 2.4% | 50.1% | ||
| Q1 24 | 6.3% | 53.0% |
现金转化率HHHVNET
| Q4 25 | 60.04× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.35× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 3.41× | — | ||
| Q2 24 | -0.83× | — | ||
| 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
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
VNET
暂无分部数据
