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拼多多（PDD）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
拼多多的季度营收约是世纪互联的41.9倍（$15.2B vs $362.7M），拼多多净利率更高（27.1% vs -10.7%，领先37.7%），过去两年拼多多的营收复合增速更高（74.6% vs 17.4%）
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
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。
PDD vs VNET — 直观对比
营收规模更大
PDD
是对方的41.9倍
$362.7M
净利率更高
PDD
高出37.7%
-10.7%
两年增速更快
PDD
近两年复合增速
17.4%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.2B | $362.7M |
| 净利润 | $4.1B | $-38.7M |
| 毛利率 | 56.7% | 20.9% |
| 营业利润率 | 23.1% | 0.5% |
| 净利率 | 27.1% | -10.7% |
| 营收同比 | — | — |
| 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PDDVNET
| Q3 25 | $15.2B | $362.7M | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | — | $309.5M | ||
| Q3 24 | $14.2B | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | $12.0B | $262.9M | ||
| Q3 23 | $9.4B | $258.6M | ||
| Q2 23 | $7.2B | $251.2M |
净利润PDDVNET
| Q3 25 | $4.1B | $-38.7M | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | — | $-2.4M | ||
| Q3 24 | $3.6B | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | $3.9B | $-22.0M | ||
| Q3 23 | $2.1B | $-5.5M | ||
| Q2 23 | $1.8B | — |
毛利率PDDVNET
| Q3 25 | 56.7% | 20.9% | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | 25.2% | ||
| Q3 24 | 60.0% | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | 62.3% | 21.6% | ||
| Q3 23 | 61.0% | 16.2% | ||
| Q2 23 | 64.3% | 18.8% |
营业利润率PDDVNET
| Q3 25 | 23.1% | 0.5% | ||
| Q2 25 | 24.8% | — | ||
| Q1 25 | — | 0.1% | ||
| Q3 24 | 24.5% | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 29.9% | 0.2% | ||
| Q3 23 | 24.2% | 1.7% | ||
| Q2 23 | 24.3% | 5.1% |
净利率PDDVNET
| Q3 25 | 27.1% | -10.7% | ||
| Q2 25 | 29.6% | — | ||
| Q1 25 | — | -0.8% | ||
| Q3 24 | 25.1% | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | 32.3% | -8.4% | ||
| Q3 23 | 22.6% | -2.1% | ||
| Q2 23 | 25.1% | — |
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 | $13.0B | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $55.0B | $890.8M |
| 总资产 | $86.2B | $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PDDVNET
| Q3 25 | $13.0B | $492.1M | ||
| Q2 25 | $8.8B | — | ||
| Q1 25 | — | $544.3M | ||
| Q3 24 | $9.3B | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | $7.7B | $246.9M | ||
| Q3 23 | $7.5B | $370.4M | ||
| Q2 23 | $4.3B | $325.9M |
总债务PDDVNET
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
股东权益PDDVNET
| Q3 25 | $55.0B | $890.8M | ||
| Q2 25 | $50.5B | — | ||
| Q1 25 | — | $927.8M | ||
| Q3 24 | $39.7B | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | $30.3B | $895.1M | ||
| Q3 23 | $22.2B | $942.7M | ||
| Q2 23 | $20.0B | $952.6M |
总资产PDDVNET
| Q3 25 | $86.2B | $6.1B | ||
| Q2 25 | $79.2B | — | ||
| Q1 25 | — | $5.4B | ||
| Q3 24 | $66.5B | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | $52.3B | $3.9B | ||
| Q3 23 | $43.1B | $4.1B | ||
| Q2 23 | $37.8B | $4.0B |
负债/权益比PDDVNET
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
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 | $6.4B | $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 | 1.56× | — |
| 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PDDVNET
| Q3 25 | $6.4B | $113.8M | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | — | $27.0M | ||
| Q3 24 | $3.9B | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | $2.9B | $37.1M | ||
| Q3 23 | $4.5B | $62.3M | ||
| Q2 23 | $3.2B | $58.4M |
自由现金流PDDVNET
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M | ||
| Q3 23 | — | $-67.5M | ||
| Q2 23 | — | $4.0M |
自由现金流率PDDVNET
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% | ||
| Q3 23 | — | -26.1% | ||
| Q2 23 | — | 1.6% |
资本支出强度PDDVNET
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% | ||
| Q3 23 | — | 50.2% | ||
| Q2 23 | — | 21.7% |
现金转化率PDDVNET
| Q3 25 | 1.56× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.75× | — | ||
| Q3 23 | 2.09× | — | ||
| Q2 23 | 1.78× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
