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IHS Holding Ltd（IHS）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IHS Holding Ltd的1.4倍（$362.7M vs $254.0M），IHS Holding Ltd自由现金流更多（$178.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -22.0%）
IHS Holding是全球规模领先的共享通信基础设施独立持有、运营及开发企业之一，也是全球第五大独立跨国通信铁塔企业，业务覆盖非洲与拉美地区，为当地通信网络部署提供关键的铁塔基础设施支持。
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。
IHS vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$254.0M
自由现金流更多
IHS
多$371.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
-22.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $254.0M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | 83.6% | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 0.1% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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IHSVNET
| Q4 25 | $254.0M | — | ||
| Q3 25 | $455.1M | $362.7M | ||
| Q2 25 | $433.3M | — | ||
| Q1 25 | $439.6M | $309.5M | ||
| Q4 24 | $253.8M | — | ||
| Q3 24 | $420.3M | $302.2M | ||
| Q2 24 | $435.4M | $274.4M | ||
| Q1 24 | $417.7M | $262.9M |
净利润IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | $147.4M | $-38.7M | ||
| Q2 25 | $32.3M | — | ||
| Q1 25 | $30.7M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-205.7M | $-2.1M | ||
| Q2 24 | $-124.3M | $-1.1M | ||
| Q1 24 | $-1.6B | $-22.0M |
毛利率IHSVNET
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | 20.9% | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | 25.2% | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | 23.2% | ||
| Q2 24 | 52.5% | 21.3% | ||
| Q1 24 | 39.1% | 21.6% |
营业利润率IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | 35.1% | 0.5% | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 37.1% | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 29.9% | 24.5% | ||
| Q2 24 | 34.0% | 0.2% | ||
| Q1 24 | -1.7% | 0.2% |
净利率IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | 32.4% | -10.7% | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 7.0% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -48.9% | -0.7% | ||
| Q2 24 | -28.5% | -0.4% | ||
| Q1 24 | -372.8% | -8.4% |
每股收益（稀释后）IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | $0.44 | — | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-0.61 | — | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-4.67 | — |
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 | $825.7M | $492.1M |
| 总债务越低越好 | $3.1B | — |
| 股东权益账面价值 | $-89.8M | $890.8M |
| 总资产 | $4.5B | $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IHSVNET
| Q4 25 | $825.7M | — | ||
| Q3 25 | $647.6M | $492.1M | ||
| Q2 25 | $531.8M | — | ||
| Q1 25 | $629.0M | $544.3M | ||
| Q4 24 | $578.0M | — | ||
| Q3 24 | $397.5M | $219.5M | ||
| Q2 24 | $445.7M | $247.2M | ||
| Q1 24 | $333.2M | $246.9M |
总债务IHSVNET
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | $1.2B | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
股东权益IHSVNET
| Q4 25 | $-89.8M | — | ||
| Q3 25 | $38.1M | $890.8M | ||
| Q2 25 | $-98.4M | — | ||
| Q1 25 | $-184.4M | $927.8M | ||
| Q4 24 | $-314.4M | — | ||
| Q3 24 | $-284.7M | $902.9M | ||
| Q2 24 | $-308.3M | $900.6M | ||
| Q1 24 | $-163.2M | $895.1M |
总资产IHSVNET
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | $6.1B | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.4B | $5.4B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.6B | $4.3B | ||
| Q2 24 | $4.5B | $4.0B | ||
| Q1 24 | $4.6B | $3.9B |
负债/权益比IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $178.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 70.3% | -53.2% |
| 资本支出强度资本支出/营收 | 26.9% | 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 | $718.7M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流IHSVNET
| Q4 25 | $246.9M | — | ||
| Q3 25 | $251.3M | $113.8M | ||
| Q2 25 | $237.7M | — | ||
| Q1 25 | $200.3M | $27.0M | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $174.5M | $108.3M | ||
| Q2 24 | $134.7M | $55.8M | ||
| Q1 24 | $75.8M | $37.1M |
自由现金流IHSVNET
| Q4 25 | $178.6M | — | ||
| Q3 25 | $189.2M | $-193.1M | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | $-220.0M | ||
| Q4 24 | $282.9M | — | ||
| Q3 24 | $122.3M | $-95.0M | ||
| Q2 24 | $74.2M | $-81.6M | ||
| Q1 24 | $14.8M | $-102.2M |
自由现金流率IHSVNET
| Q4 25 | 70.3% | — | ||
| Q3 25 | 41.6% | -53.2% | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | -71.1% | ||
| Q4 24 | 111.5% | — | ||
| Q3 24 | 29.1% | -31.4% | ||
| Q2 24 | 17.0% | -29.8% | ||
| Q1 24 | 3.5% | -38.9% |
资本支出强度IHSVNET
| Q4 25 | 26.9% | — | ||
| Q3 25 | 13.6% | 84.6% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | 79.8% | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 12.4% | 67.3% | ||
| Q2 24 | 13.9% | 50.1% | ||
| Q1 24 | 14.6% | 53.0% |
现金转化率IHSVNET
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
