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奥飞娱乐（MAX）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奥飞娱乐的1.2倍（$362.7M vs $310.0M），奥飞娱乐净利率更高（4.5% vs -10.7%，领先15.2%），过去两年奥飞娱乐的营收复合增速更高（31.9% vs 17.4%）
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
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。
MAX vs VNET — 直观对比
营收规模更大
VNET
是对方的1.2倍
$310.0M
净利率更高
MAX
高出15.2%
-10.7%
两年增速更快
MAX
近两年复合增速
17.4%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $362.7M |
| 净利润 | $14.0M | $-38.7M |
| 毛利率 | 15.1% | 20.9% |
| 营业利润率 | 7.2% | 0.5% |
| 净利率 | 4.5% | -10.7% |
| 营收同比 | 17.3% | — |
| 净利润同比 | 701.8% | — |
| 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MAXVNET
| Q1 26 | $310.0M | — | ||
| Q4 25 | $291.2M | — | ||
| Q3 25 | $306.5M | $362.7M | ||
| Q2 25 | $251.6M | — | ||
| Q1 25 | $264.3M | $309.5M | ||
| Q4 24 | $300.6M | — | ||
| Q3 24 | $259.1M | $302.2M | ||
| Q2 24 | $178.3M | $274.4M |
净利润MAXVNET
| Q1 26 | $14.0M | — | ||
| Q4 25 | $31.4M | — | ||
| Q3 25 | $14.9M | $-38.7M | ||
| Q2 25 | $-18.7M | — | ||
| Q1 25 | $-1.9M | $-2.4M | ||
| Q4 24 | $4.6M | — | ||
| Q3 24 | $9.5M | $-2.1M | ||
| Q2 24 | $3.6M | $-1.1M |
毛利率MAXVNET
| Q1 26 | 15.1% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.2% | 20.9% | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 15.8% | 25.2% | ||
| Q4 24 | 16.3% | — | ||
| Q3 24 | 15.1% | 23.2% | ||
| Q2 24 | 17.8% | 21.3% |
营业利润率MAXVNET
| Q1 26 | 7.2% | — | ||
| Q4 25 | 7.7% | — | ||
| Q3 25 | 6.4% | 0.5% | ||
| Q2 25 | -8.0% | — | ||
| Q1 25 | 0.0% | 0.1% | ||
| Q4 24 | 6.1% | — | ||
| Q3 24 | 6.0% | 24.5% | ||
| Q2 24 | 3.6% | 0.2% |
净利率MAXVNET
| Q1 26 | 4.5% | — | ||
| Q4 25 | 10.8% | — | ||
| Q3 25 | 4.9% | -10.7% | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -0.7% | -0.8% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 3.7% | -0.7% | ||
| Q2 24 | 2.0% | -0.4% |
每股收益（稀释后）MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | $0.50 | — | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.17 | — | ||
| Q2 24 | $0.07 | — |
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 | $26.1M | $492.1M |
| 总债务越低越好 | $163.5M | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $367.7M | $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MAXVNET
| Q1 26 | $26.1M | — | ||
| Q4 25 | $46.9M | — | ||
| Q3 25 | $38.8M | $492.1M | ||
| Q2 25 | $85.4M | — | ||
| Q1 25 | $63.6M | $544.3M | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | $32.3M | $219.5M | ||
| Q2 24 | $28.7M | $247.2M |
总债务MAXVNET
| Q1 26 | $163.5M | — | ||
| Q4 25 | $153.4M | — | ||
| Q3 25 | $155.7M | — | ||
| Q2 25 | $158.0M | — | ||
| Q1 25 | $160.2M | — | ||
| Q4 24 | $162.4M | — | ||
| Q3 24 | $164.7M | $1.2B | ||
| Q2 24 | $166.9M | — |
股东权益MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | $4.2M | — | ||
| Q3 25 | $-29.8M | $890.8M | ||
| Q2 25 | $-3.8M | — | ||
| Q1 25 | $7.9M | $927.8M | ||
| Q4 24 | $2.4M | — | ||
| Q3 24 | $-8.4M | $902.9M | ||
| Q2 24 | $-24.4M | $900.6M |
总资产MAXVNET
| Q1 26 | $367.7M | — | ||
| Q4 25 | $383.8M | — | ||
| Q3 25 | $266.2M | $6.1B | ||
| Q2 25 | $249.4M | — | ||
| Q1 25 | $240.0M | $5.4B | ||
| Q4 24 | $262.4M | — | ||
| Q3 24 | $236.1M | $4.3B | ||
| Q2 24 | $198.2M | $4.0B |
负债/权益比MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | 36.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.23× | — | ||
| Q4 24 | 68.31× | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 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 | — | $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MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | $-7.4M | — | ||
| Q3 25 | $23.6M | $113.8M | ||
| Q2 25 | $25.7M | — | ||
| Q1 25 | $23.7M | $27.0M | ||
| Q4 24 | $14.5M | — | ||
| Q3 24 | $8.1M | $108.3M | ||
| Q2 24 | $21.6M | $55.8M |
自由现金流MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | $-7.5M | — | ||
| Q3 25 | $23.6M | $-193.1M | ||
| Q2 25 | $25.5M | — | ||
| Q1 25 | $23.6M | $-220.0M | ||
| Q4 24 | $14.5M | — | ||
| Q3 24 | $8.0M | $-95.0M | ||
| Q2 24 | $21.5M | $-81.6M |
自由现金流率MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | — | ||
| Q3 25 | 7.7% | -53.2% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 8.9% | -71.1% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 3.1% | -31.4% | ||
| Q2 24 | 12.0% | -29.8% |
资本支出强度MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | 84.6% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | 79.8% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 67.3% | ||
| Q2 24 | 0.1% | 50.1% |
现金转化率MAXVNET
| Q1 26 | — | — | ||
| Q4 25 | -0.24× | — | ||
| Q3 25 | 1.58× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.13× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 5.97× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
