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华利安（HLI）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
华利安的季度营收约是世纪互联的2.0倍（$717.1M vs $362.7M），华利安净利率更高（16.3% vs -10.7%，领先26.9%），华利安自由现金流更多（$217.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
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。
HLI vs VNET — 直观对比
营收规模更大
HLI
是对方的2.0倍
$362.7M
净利率更高
HLI
高出26.9%
-10.7%
自由现金流更多
HLI
多$410.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $362.7M |
| 净利润 | $116.5M | $-38.7M |
| 毛利率 | 32.2% | 20.9% |
| 营业利润率 | 22.4% | 0.5% |
| 净利率 | 16.3% | -10.7% |
| 营收同比 | 13.0% | — |
| 净利润同比 | 22.3% | — |
| 每股收益（稀释后） | $1.70 | — |
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HLIVNET
| Q4 25 | $717.1M | — | ||
| Q3 25 | $659.5M | $362.7M | ||
| Q2 25 | $605.3M | — | ||
| Q1 25 | $666.4M | $309.5M | ||
| Q4 24 | $634.4M | — | ||
| Q3 24 | $575.0M | $302.2M | ||
| Q2 24 | $513.6M | $274.4M | ||
| Q1 24 | $520.5M | $262.9M |
净利润HLIVNET
| Q4 25 | $116.5M | — | ||
| Q3 25 | $111.8M | $-38.7M | ||
| Q2 25 | $97.5M | — | ||
| Q1 25 | $121.9M | $-2.4M | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $93.5M | $-2.1M | ||
| Q2 24 | $88.9M | $-1.1M | ||
| Q1 24 | $81.1M | $-22.0M |
毛利率HLIVNET
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | 20.9% | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | 25.2% | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | 23.2% | ||
| Q2 24 | 30.6% | 21.3% | ||
| Q1 24 | 30.3% | 21.6% |
营业利润率HLIVNET
| Q4 25 | 22.4% | — | ||
| Q3 25 | 22.9% | 0.5% | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 20.9% | 0.1% | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.7% | 24.5% | ||
| Q2 24 | 18.6% | 0.2% | ||
| Q1 24 | 19.7% | 0.2% |
净利率HLIVNET
| Q4 25 | 16.3% | — | ||
| Q3 25 | 17.0% | -10.7% | ||
| Q2 25 | 16.1% | — | ||
| Q1 25 | 18.3% | -0.8% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 16.3% | -0.7% | ||
| Q2 24 | 17.3% | -0.4% | ||
| Q1 24 | 15.6% | -8.4% |
每股收益（稀释后）HLIVNET
| Q4 25 | $1.70 | — | ||
| Q3 25 | $1.63 | — | ||
| Q2 25 | $1.42 | — | ||
| Q1 25 | $1.76 | — | ||
| Q4 24 | $1.39 | — | ||
| Q3 24 | $1.37 | — | ||
| Q2 24 | $1.30 | — | ||
| Q1 24 | $1.18 | — |
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 | $1.1B | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $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HLIVNET
| Q4 25 | $1.1B | — | ||
| Q3 25 | $923.6M | $492.1M | ||
| Q2 25 | $793.8M | — | ||
| Q1 25 | $971.0M | $544.3M | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $691.4M | $219.5M | ||
| Q2 24 | $449.7M | $247.2M | ||
| Q1 24 | $721.2M | $246.9M |
总债务HLIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HLIVNET
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | $890.8M | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | $927.8M | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | $902.9M | ||
| Q2 24 | $1.8B | $900.6M | ||
| Q1 24 | $1.8B | $895.1M |
总资产HLIVNET
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $6.1B | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.8B | $5.4B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $2.9B | $4.0B | ||
| Q1 24 | $3.2B | $3.9B |
负债/权益比HLIVNET
| 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 | $217.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 30.3% | -53.2% |
| 资本支出强度资本支出/营收 | 0.1% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HLIVNET
| Q4 25 | $217.7M | — | ||
| Q3 25 | $325.0M | $113.8M | ||
| Q2 25 | $-131.6M | — | ||
| Q1 25 | $358.4M | $27.0M | ||
| Q4 24 | $265.5M | — | ||
| Q3 24 | $289.2M | $108.3M | ||
| Q2 24 | $-64.5M | $55.8M | ||
| Q1 24 | $225.3M | $37.1M |
自由现金流HLIVNET
| Q4 25 | $217.0M | — | ||
| Q3 25 | $322.8M | $-193.1M | ||
| Q2 25 | $-144.8M | — | ||
| Q1 25 | $343.9M | $-220.0M | ||
| Q4 24 | $261.7M | — | ||
| Q3 24 | $278.7M | $-95.0M | ||
| Q2 24 | $-75.4M | $-81.6M | ||
| Q1 24 | $213.1M | $-102.2M |
自由现金流率HLIVNET
| Q4 25 | 30.3% | — | ||
| Q3 25 | 49.0% | -53.2% | ||
| Q2 25 | -23.9% | — | ||
| Q1 25 | 51.6% | -71.1% | ||
| Q4 24 | 41.2% | — | ||
| Q3 24 | 48.5% | -31.4% | ||
| Q2 24 | -14.7% | -29.8% | ||
| Q1 24 | 40.9% | -38.9% |
资本支出强度HLIVNET
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | 84.6% | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.2% | 79.8% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.8% | 67.3% | ||
| Q2 24 | 2.1% | 50.1% | ||
| Q1 24 | 2.3% | 53.0% |
现金转化率HLIVNET
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | — | ||
| Q2 25 | -1.35× | — | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | -0.73× | — | ||
| Q1 24 | 2.78× | — |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
VNET
暂无分部数据
