vs
Perella Weinberg Partners（PWP）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Perella Weinberg Partners的1.7倍（$362.7M vs $219.2M），Perella Weinberg Partners净利率更高（6.3% vs -10.7%，领先17.0%），Perella Weinberg Partners自由现金流更多（$30.5M vs $-193.1M），过去两年Perella Weinberg Partners的营收复合增速更高（46.5% vs 17.4%）
佩雷拉温伯格合伙公司是一家聚焦咨询业务的全球投资银行，核心为客户提供战略与财务领域的专业咨询服务，凭借深厚的行业经验和全球化资源网络，为各类企业的重要商业决策提供专业支持。
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。
PWP vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$219.2M
净利率更高
PWP
高出17.0%
-10.7%
自由现金流更多
PWP
多$223.6M
$-193.1M
两年增速更快
PWP
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $219.2M | $362.7M |
| 净利润 | $13.8M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 8.5% | 0.5% |
| 净利率 | 6.3% | -10.7% |
| 营收同比 | -2.9% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.11 | — |
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PWPVNET
| Q4 25 | $219.2M | — | ||
| Q3 25 | $164.6M | $362.7M | ||
| Q2 25 | $155.3M | — | ||
| Q1 25 | $211.8M | $309.5M | ||
| Q4 24 | $225.7M | — | ||
| Q3 24 | $278.2M | $302.2M | ||
| Q2 24 | $272.0M | $274.4M | ||
| Q1 24 | $102.1M | $262.9M |
净利润PWPVNET
| Q4 25 | $13.8M | — | ||
| Q3 25 | $6.0M | $-38.7M | ||
| Q2 25 | $2.7M | — | ||
| Q1 25 | $17.3M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $16.4M | $-2.1M | ||
| Q2 24 | $-66.0M | $-1.1M | ||
| Q1 24 | $-35.8M | $-22.0M |
毛利率PWPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率PWPVNET
| Q4 25 | 8.5% | — | ||
| Q3 25 | 5.4% | 0.5% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 5.5% | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.9% | 24.5% | ||
| Q2 24 | -30.2% | 0.2% | ||
| Q1 24 | -52.4% | 0.2% |
净利率PWPVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 3.6% | -10.7% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 8.2% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.9% | -0.7% | ||
| Q2 24 | -24.3% | -0.4% | ||
| Q1 24 | -35.1% | -8.4% |
每股收益（稀释后）PWPVNET
| Q4 25 | $0.11 | — | ||
| Q3 25 | $0.08 | — | ||
| Q2 25 | $0.04 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.24 | — | ||
| Q2 24 | $-1.21 | — | ||
| Q1 24 | $-0.91 | — |
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 | $255.9M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-127.4M | $890.8M |
| 总资产 | $797.6M | $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PWPVNET
| Q4 25 | $255.9M | — | ||
| Q3 25 | $185.5M | $492.1M | ||
| Q2 25 | $145.0M | — | ||
| Q1 25 | $111.2M | $544.3M | ||
| Q4 24 | $407.4M | — | ||
| Q3 24 | $335.1M | $219.5M | ||
| Q2 24 | $185.3M | $247.2M | ||
| Q1 24 | $156.7M | $246.9M |
总债务PWPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PWPVNET
| Q4 25 | $-127.4M | — | ||
| Q3 25 | $-302.4M | $890.8M | ||
| Q2 25 | $-318.4M | — | ||
| Q1 25 | $-323.1M | $927.8M | ||
| Q4 24 | $-421.4M | — | ||
| Q3 24 | $-360.8M | $902.9M | ||
| Q2 24 | $-283.0M | $900.6M | ||
| Q1 24 | $161.9M | $895.1M |
总资产PWPVNET
| Q4 25 | $797.6M | — | ||
| Q3 25 | $650.2M | $6.1B | ||
| Q2 25 | $606.7M | — | ||
| Q1 25 | $570.5M | $5.4B | ||
| Q4 24 | $876.8M | — | ||
| Q3 24 | $810.9M | $4.3B | ||
| Q2 24 | $645.5M | $4.0B | ||
| Q1 24 | $583.6M | $3.9B |
负债/权益比PWPVNET
| 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 | $34.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $30.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | 13.9% | -53.2% |
| 资本支出强度资本支出/营收 | 2.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.52× | — |
| 过去12个月自由现金流最近4个季度 | $-34.1M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PWPVNET
| Q4 25 | $34.8M | — | ||
| Q3 25 | $59.2M | $113.8M | ||
| Q2 25 | $56.1M | — | ||
| Q1 25 | $-176.5M | $27.0M | ||
| Q4 24 | $223.4M | — | ||
| Q3 24 | $200.3M | $108.3M | ||
| Q2 24 | $90.0M | $55.8M | ||
| Q1 24 | $-206.3M | $37.1M |
自由现金流PWPVNET
| Q4 25 | $30.5M | — | ||
| Q3 25 | $57.6M | $-193.1M | ||
| Q2 25 | $55.3M | — | ||
| Q1 25 | $-177.6M | $-220.0M | ||
| Q4 24 | $207.0M | — | ||
| Q3 24 | $199.3M | $-95.0M | ||
| Q2 24 | $83.7M | $-81.6M | ||
| Q1 24 | $-214.8M | $-102.2M |
自由现金流率PWPVNET
| Q4 25 | 13.9% | — | ||
| Q3 25 | 35.0% | -53.2% | ||
| Q2 25 | 35.6% | — | ||
| Q1 25 | -83.8% | -71.1% | ||
| Q4 24 | 91.7% | — | ||
| Q3 24 | 71.6% | -31.4% | ||
| Q2 24 | 30.8% | -29.8% | ||
| Q1 24 | -210.3% | -38.9% |
资本支出强度PWPVNET
| Q4 25 | 2.0% | — | ||
| Q3 25 | 0.9% | 84.6% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.5% | 79.8% | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 0.4% | 67.3% | ||
| Q2 24 | 2.3% | 50.1% | ||
| Q1 24 | 8.3% | 53.0% |
现金转化率PWPVNET
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | — | ||
| Q2 25 | 20.50× | — | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| 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
