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Hudson Pacific Properties, Inc.（HPP）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Hudson Pacific Properties, Inc.的1.4倍（$362.7M vs $256.0M），世纪互联净利率更高（-10.7% vs -109.4%，领先98.8%），过去两年世纪互联的营收复合增速更高（17.4% vs 9.4%）
哈德逊太平洋地产是一家房地产投资信托企业，持有1580万平方英尺办公楼、150万平方英尺摄影棚，同时拥有300万平方英尺商用物业的未开发权益，资产布局覆盖美国西海岸及温哥华，注册地位于马里兰州，总部设在洛杉矶，是洛杉矶当地规模最大的独立摄影棚运营商。
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。
HPP vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$256.0M
净利率更高
VNET
高出98.8%
-109.4%
两年增速更快
VNET
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $256.0M | $362.7M |
| 净利润 | $-280.2M | $-38.7M |
| 毛利率 | 60.0% | 20.9% |
| 营业利润率 | -109.8% | 0.5% |
| 净利率 | -109.4% | -10.7% |
| 营收同比 | 22.1% | — |
| 净利润同比 | -61.5% | — |
| 每股收益（稀释后） | $-11.57 | — |
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HPPVNET
| Q4 25 | $256.0M | — | ||
| Q3 25 | $186.6M | $362.7M | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $198.5M | $309.5M | ||
| Q4 24 | $209.7M | — | ||
| Q3 24 | $200.4M | $302.2M | ||
| Q2 24 | $218.0M | $274.4M | ||
| Q1 24 | $214.0M | $262.9M |
净利润HPPVNET
| Q4 25 | $-280.2M | — | ||
| Q3 25 | $-144.1M | $-38.7M | ||
| Q2 25 | $-87.8M | — | ||
| Q1 25 | $-80.3M | $-2.4M | ||
| Q4 24 | $-173.5M | — | ||
| Q3 24 | $-107.0M | $-2.1M | ||
| Q2 24 | $-47.6M | $-1.1M | ||
| Q1 24 | $-53.4M | $-22.0M |
毛利率HPPVNET
| Q4 25 | 60.0% | — | ||
| Q3 25 | 44.3% | 20.9% | ||
| Q2 25 | 43.1% | — | ||
| Q1 25 | 42.9% | 25.2% | ||
| Q4 24 | 44.7% | — | ||
| Q3 24 | 42.7% | 23.2% | ||
| Q2 24 | 48.0% | 21.3% | ||
| Q1 24 | 48.6% | 21.6% |
营业利润率HPPVNET
| Q4 25 | -109.8% | — | ||
| Q3 25 | -77.2% | 0.5% | ||
| Q2 25 | -46.0% | — | ||
| Q1 25 | -40.4% | 0.1% | ||
| Q4 24 | -83.2% | — | ||
| Q3 24 | -52.3% | 24.5% | ||
| Q2 24 | -21.6% | 0.2% | ||
| Q1 24 | -24.9% | 0.2% |
净利率HPPVNET
| Q4 25 | -109.4% | — | ||
| Q3 25 | -77.2% | -10.7% | ||
| Q2 25 | -46.2% | — | ||
| Q1 25 | -40.5% | -0.8% | ||
| Q4 24 | -82.7% | — | ||
| Q3 24 | -53.4% | -0.7% | ||
| Q2 24 | -21.8% | -0.4% | ||
| Q1 24 | -24.9% | -8.4% |
每股收益（稀释后）HPPVNET
| Q4 25 | $-11.57 | — | ||
| Q3 25 | $-0.30 | — | ||
| Q2 25 | $-0.41 | — | ||
| Q1 25 | $-0.53 | — | ||
| Q4 24 | $-1.19 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $-0.33 | — | ||
| Q1 24 | $-0.37 | — |
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 | $138.4M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.0B | $890.8M |
| 总资产 | $7.3B | $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HPPVNET
| Q4 25 | $138.4M | — | ||
| Q3 25 | $190.4M | $492.1M | ||
| Q2 25 | $236.0M | — | ||
| Q1 25 | $86.5M | $544.3M | ||
| Q4 24 | $63.3M | — | ||
| Q3 24 | $90.7M | $219.5M | ||
| Q2 24 | $78.5M | $247.2M | ||
| Q1 24 | $114.3M | $246.9M |
总债务HPPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HPPVNET
| Q4 25 | $3.0B | — | ||
| Q3 25 | $3.2B | $890.8M | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $2.8B | $927.8M | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.0B | $902.9M | ||
| Q2 24 | $3.1B | $900.6M | ||
| Q1 24 | $3.2B | $895.1M |
总资产HPPVNET
| Q4 25 | $7.3B | — | ||
| Q3 25 | $7.8B | $6.1B | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.0B | $5.4B | ||
| Q4 24 | $8.1B | — | ||
| Q3 24 | $8.3B | $4.3B | ||
| Q2 24 | $8.4B | $4.0B | ||
| Q1 24 | $8.3B | $3.9B |
负债/权益比HPPVNET
| 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 | $121.0M | $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 | — | — |
| 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HPPVNET
| Q4 25 | $121.0M | — | ||
| Q3 25 | $33.2M | $113.8M | ||
| Q2 25 | $-2.0M | — | ||
| Q1 25 | $30.5M | $27.0M | ||
| Q4 24 | $164.7M | — | ||
| Q3 24 | $63.7M | $108.3M | ||
| Q2 24 | $35.6M | $55.8M | ||
| Q1 24 | $65.1M | $37.1M |
自由现金流HPPVNET
| 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HPPVNET
| 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HPPVNET
| 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% |
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
HPP
| Core Office | $217.1M | 85% |
| Studio Segment | $21.8M | 9% |
| Ancillary Revenue | $20.2M | 8% |
| Chargebacks | $3.3M | 1% |
VNET
暂无分部数据
