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如新（NUS）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
如新的季度营收约是世纪互联的1.0倍（$370.3M vs $362.7M），如新净利率更高（3.9% vs -10.7%，领先14.6%），如新自由现金流更多（$5.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -5.8%）
如新企业集团是一家美国多层次直销企业，主打研发并销售个人护理产品与营养膳食补充产品，旗下拥有Nu Skin及Pharmanex两大品牌，目前已在全球54个市场开展业务，依托约120万独立销售代表的销售网络覆盖全球市场。
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。
NUS vs VNET — 直观对比
营收规模更大
NUS
是对方的1.0倍
$362.7M
净利率更高
NUS
高出14.6%
-10.7%
自由现金流更多
NUS
多$198.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $370.3M | $362.7M |
| 净利润 | $14.5M | $-38.7M |
| 毛利率 | 70.7% | 20.9% |
| 营业利润率 | 6.3% | 0.5% |
| 净利率 | 3.9% | -10.7% |
| 营收同比 | -16.9% | — |
| 净利润同比 | 140.1% | — |
| 每股收益（稀释后） | $0.27 | — |
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NUSVNET
| Q4 25 | $370.3M | — | ||
| Q3 25 | $364.2M | $362.7M | ||
| Q2 25 | $386.1M | — | ||
| Q1 25 | $364.5M | $309.5M | ||
| Q4 24 | $445.6M | — | ||
| Q3 24 | $430.1M | $302.2M | ||
| Q2 24 | $439.1M | $274.4M | ||
| Q1 24 | $417.3M | $262.9M |
净利润NUSVNET
| Q4 25 | $14.5M | — | ||
| Q3 25 | $17.1M | $-38.7M | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $107.5M | $-2.4M | ||
| Q4 24 | $-36.1M | — | ||
| Q3 24 | $8.3M | $-2.1M | ||
| Q2 24 | $-118.3M | $-1.1M | ||
| Q1 24 | $-533.0K | $-22.0M |
毛利率NUSVNET
| Q4 25 | 70.7% | — | ||
| Q3 25 | 70.5% | 20.9% | ||
| Q2 25 | 68.8% | — | ||
| Q1 25 | 67.8% | 25.2% | ||
| Q4 24 | 62.7% | — | ||
| Q3 24 | 70.1% | 23.2% | ||
| Q2 24 | 70.0% | 21.3% | ||
| Q1 24 | 70.5% | 21.6% |
营业利润率NUSVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.9% | 0.5% | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | -2.7% | 0.1% | ||
| Q4 24 | -11.9% | — | ||
| Q3 24 | 4.2% | 24.5% | ||
| Q2 24 | -28.6% | 0.2% | ||
| Q1 24 | 2.1% | 0.2% |
净利率NUSVNET
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.7% | -10.7% | ||
| Q2 25 | 5.5% | — | ||
| Q1 25 | 29.5% | -0.8% | ||
| Q4 24 | -8.1% | — | ||
| Q3 24 | 1.9% | -0.7% | ||
| Q2 24 | -26.9% | -0.4% | ||
| Q1 24 | -0.1% | -8.4% |
每股收益（稀释后）NUSVNET
| Q4 25 | $0.27 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.43 | — | ||
| Q1 25 | $2.14 | — | ||
| Q4 24 | $-0.73 | — | ||
| Q3 24 | $0.17 | — | ||
| Q2 24 | $-2.38 | — | ||
| Q1 24 | $-0.01 | — |
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 | $239.8M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $805.2M | $890.8M |
| 总资产 | $1.4B | $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NUSVNET
| Q4 25 | $239.8M | — | ||
| Q3 25 | $253.0M | $492.1M | ||
| Q2 25 | $265.4M | — | ||
| Q1 25 | $213.6M | $544.3M | ||
| Q4 24 | $198.0M | — | ||
| Q3 24 | $237.8M | $219.5M | ||
| Q2 24 | $232.9M | $247.2M | ||
| Q1 24 | $221.2M | $246.9M |
总债务NUSVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NUSVNET
| Q4 25 | $805.2M | — | ||
| Q3 25 | $799.8M | $890.8M | ||
| Q2 25 | $787.8M | — | ||
| Q1 25 | $754.0M | $927.8M | ||
| Q4 24 | $651.5M | — | ||
| Q3 24 | $706.9M | $902.9M | ||
| Q2 24 | $686.2M | $900.6M | ||
| Q1 24 | $810.2M | $895.1M |
总资产NUSVNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $6.1B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | $5.4B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | $4.3B | ||
| Q2 24 | $1.6B | $4.0B | ||
| Q1 24 | $1.7B | $3.9B |
负债/权益比NUSVNET
| 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 | $16.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $5.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 1.6% | -53.2% |
| 资本支出强度资本支出/营收 | 2.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $46.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流NUSVNET
| Q4 25 | $16.6M | — | ||
| Q3 25 | $27.5M | $113.8M | ||
| Q2 25 | $35.8M | — | ||
| Q1 25 | $389.0K | $27.0M | ||
| Q4 24 | $25.8M | — | ||
| Q3 24 | $31.4M | $108.3M | ||
| Q2 24 | $51.2M | $55.8M | ||
| Q1 24 | $3.3M | $37.1M |
自由现金流NUSVNET
| Q4 25 | $5.9M | — | ||
| Q3 25 | $17.6M | $-193.1M | ||
| Q2 25 | $35.8M | — | ||
| Q1 25 | $-13.2M | $-220.0M | ||
| Q4 24 | $13.2M | — | ||
| Q3 24 | $22.8M | $-95.0M | ||
| Q2 24 | $43.1M | $-81.6M | ||
| Q1 24 | $-9.0M | $-102.2M |
自由现金流率NUSVNET
| Q4 25 | 1.6% | — | ||
| Q3 25 | 4.8% | -53.2% | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | -3.6% | -71.1% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 5.3% | -31.4% | ||
| Q2 24 | 9.8% | -29.8% | ||
| Q1 24 | -2.1% | -38.9% |
资本支出强度NUSVNET
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.7% | 84.6% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 3.7% | 79.8% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 2.0% | 67.3% | ||
| Q2 24 | 1.9% | 50.1% | ||
| Q1 24 | 2.9% | 53.0% |
现金转化率NUSVNET
| Q4 25 | 1.15× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.79× | — | ||
| 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
业务分部营收拆解
NUS
| Other | $161.9M | 44% |
| Mainland China Segment | $52.0M | 14% |
| Southeast Asia Pacific Segment | $50.5M | 14% |
| Europe And Africa Segment | $41.8M | 11% |
| Hong Kong Taiwan Segment | $29.6M | 8% |
| South Korea Segment | $28.4M | 8% |
| Rhyz Other Segment | $6.1M | 2% |
VNET
暂无分部数据
