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HIGHWOODS PROPERTIES, INC.（HIW）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HIGHWOODS PROPERTIES, INC.的1.8倍（$362.7M vs $203.4M），HIGHWOODS PROPERTIES, INC.净利率更高（14.6% vs -10.7%，领先25.3%），过去两年世纪互联的营收复合增速更高（17.4% vs -1.9%）
Highwoods Properties是一家公开上市的房地产投资信托公司，主要在美国东南部和大西洋中部地区的高速增长大都会区持有、开发、收购和管理优质办公物业，服务的企业租户覆盖科技、医疗、金融、专业服务等多元行业领域。
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。
HIW vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$203.4M
净利率更高
HIW
高出25.3%
-10.7%
两年增速更快
VNET
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $203.4M | $362.7M |
| 净利润 | $29.7M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 67.2% | 0.5% |
| 净利率 | 14.6% | -10.7% |
| 营收同比 | -1.1% | — |
| 净利润同比 | 1029.4% | — |
| 每股收益（稀释后） | $0.25 | — |
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HIWVNET
| Q4 25 | $203.4M | — | ||
| Q3 25 | $201.8M | $362.7M | ||
| Q2 25 | $200.6M | — | ||
| Q1 25 | $200.4M | $309.5M | ||
| Q4 24 | $205.5M | — | ||
| Q3 24 | $204.3M | $302.2M | ||
| Q2 24 | $204.7M | $274.4M | ||
| Q1 24 | $211.3M | $262.9M |
净利润HIWVNET
| Q4 25 | $29.7M | — | ||
| Q3 25 | $13.7M | $-38.7M | ||
| Q2 25 | $19.2M | — | ||
| Q1 25 | $100.0M | $-2.4M | ||
| Q4 24 | $-3.2M | — | ||
| Q3 24 | $15.5M | $-2.1M | ||
| Q2 24 | $64.8M | $-1.1M | ||
| Q1 24 | $27.2M | $-22.0M |
毛利率HIWVNET
| 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HIWVNET
| Q4 25 | 67.2% | — | ||
| Q3 25 | 67.3% | 0.5% | ||
| Q2 25 | 68.3% | — | ||
| Q1 25 | 67.5% | 0.1% | ||
| Q4 24 | 65.2% | — | ||
| Q3 24 | 67.8% | 24.5% | ||
| Q2 24 | 68.5% | 0.2% | ||
| Q1 24 | 66.7% | 0.2% |
净利率HIWVNET
| Q4 25 | 14.6% | — | ||
| Q3 25 | 6.8% | -10.7% | ||
| Q2 25 | 9.6% | — | ||
| Q1 25 | 49.9% | -0.8% | ||
| Q4 24 | -1.6% | — | ||
| Q3 24 | 7.6% | -0.7% | ||
| Q2 24 | 31.6% | -0.4% | ||
| Q1 24 | 12.9% | -8.4% |
每股收益（稀释后）HIWVNET
| Q4 25 | $0.25 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $0.17 | — | ||
| Q1 25 | $0.91 | — | ||
| Q4 24 | $-0.04 | — | ||
| Q3 24 | $0.14 | — | ||
| Q2 24 | $0.59 | — | ||
| Q1 24 | $0.25 | — |
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 | $27.4M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $890.8M |
| 总资产 | $6.3B | $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HIWVNET
| Q4 25 | $27.4M | — | ||
| Q3 25 | $26.3M | $492.1M | ||
| Q2 25 | $21.2M | — | ||
| Q1 25 | $20.1M | $544.3M | ||
| Q4 24 | $22.4M | — | ||
| Q3 24 | $23.6M | $219.5M | ||
| Q2 24 | $27.0M | $247.2M | ||
| Q1 24 | $16.4M | $246.9M |
总债务HIWVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HIWVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | $890.8M | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.4B | $927.8M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $902.9M | ||
| Q2 24 | $2.4B | $900.6M | ||
| Q1 24 | $2.4B | $895.1M |
总资产HIWVNET
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.1B | $6.1B | ||
| Q2 25 | $6.1B | — | ||
| Q1 25 | $6.1B | $5.4B | ||
| Q4 24 | $6.0B | — | ||
| Q3 24 | $6.0B | $4.3B | ||
| Q2 24 | $6.0B | $4.0B | ||
| Q1 24 | $6.0B | $3.9B |
负债/权益比HIWVNET
| 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 | $359.2M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 84.6% |
| 现金转化率经营现金流/净利润 | 12.09× | — |
| 过去12个月自由现金流最近4个季度 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HIWVNET
| Q4 25 | $359.2M | — | ||
| Q3 25 | $96.7M | $113.8M | ||
| Q2 25 | $116.5M | — | ||
| Q1 25 | $46.3M | $27.0M | ||
| Q4 24 | $403.6M | — | ||
| Q3 24 | $97.5M | $108.3M | ||
| Q2 24 | $130.0M | $55.8M | ||
| Q1 24 | $72.4M | $37.1M |
自由现金流HIWVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率HIWVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度HIWVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率HIWVNET
| Q4 25 | 12.09× | — | ||
| Q3 25 | 7.05× | — | ||
| Q2 25 | 6.06× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.30× | — | ||
| Q2 24 | 2.01× | — | ||
| Q1 24 | 2.66× | — |
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
HIW
| Raleigh NC | $45.6M | 22% |
| Nashville TN | $38.7M | 19% |
| Atlanta GA | $36.1M | 18% |
| Charlotte NC | $26.1M | 13% |
| Tampa FL | $22.2M | 11% |
| Orlando FL | $14.4M | 7% |
| Other | $11.4M | 6% |
| Richmond VA | $8.8M | 4% |
VNET
暂无分部数据
