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TheRealReal, Inc.（REAL）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TheRealReal, Inc.的1.9倍（$362.7M vs $194.1M），TheRealReal, Inc.自由现金流更多（$45.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 16.2%）
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
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。
REAL vs VNET — 直观对比
营收规模更大
VNET
是对方的1.9倍
$194.1M
自由现金流更多
REAL
多$238.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.1M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | 74.8% | 20.9% |
| 营业利润率 | 3.2% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 18.3% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.06 | — |
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REALVNET
| Q4 25 | $194.1M | — | ||
| Q3 25 | $173.6M | $362.7M | ||
| Q2 25 | $165.2M | — | ||
| Q1 25 | $160.0M | $309.5M | ||
| Q4 24 | $164.0M | — | ||
| Q3 24 | $147.8M | $302.2M | ||
| Q2 24 | $144.9M | $274.4M | ||
| Q1 24 | $143.8M | $262.9M |
净利润REALVNET
| Q4 25 | — | — | ||
| Q3 25 | $-54.1M | $-38.7M | ||
| Q2 25 | $-11.4M | — | ||
| Q1 25 | $62.4M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-17.9M | $-2.1M | ||
| Q2 24 | $-16.7M | $-1.1M | ||
| Q1 24 | $-31.1M | $-22.0M |
毛利率REALVNET
| Q4 25 | 74.8% | — | ||
| Q3 25 | 74.3% | 20.9% | ||
| Q2 25 | 74.3% | — | ||
| Q1 25 | 75.0% | 25.2% | ||
| Q4 24 | 74.4% | — | ||
| Q3 24 | 74.9% | 23.2% | ||
| Q2 24 | 74.1% | 21.3% | ||
| Q1 24 | 74.6% | 21.6% |
营业利润率REALVNET
| Q4 25 | 3.2% | — | ||
| Q3 25 | -4.3% | 0.5% | ||
| Q2 25 | -6.0% | — | ||
| Q1 25 | -8.0% | 0.1% | ||
| Q4 24 | -3.1% | — | ||
| Q3 24 | -9.9% | 24.5% | ||
| Q2 24 | -13.0% | 0.2% | ||
| Q1 24 | -12.5% | 0.2% |
净利率REALVNET
| Q4 25 | — | — | ||
| Q3 25 | -31.1% | -10.7% | ||
| Q2 25 | -6.9% | — | ||
| Q1 25 | 39.0% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | -12.1% | -0.7% | ||
| Q2 24 | -11.5% | -0.4% | ||
| Q1 24 | -21.6% | -8.4% |
每股收益（稀释后）REALVNET
| Q4 25 | $0.06 | — | ||
| Q3 25 | $-0.49 | — | ||
| Q2 25 | $-0.13 | — | ||
| Q1 25 | $-0.14 | — | ||
| Q4 24 | $-0.57 | — | ||
| Q3 24 | $-0.17 | — | ||
| Q2 24 | $-0.20 | — | ||
| Q1 24 | $-0.30 | — |
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 | $151.2M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-415.5M | $890.8M |
| 总资产 | $409.0M | $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REALVNET
| Q4 25 | $151.2M | — | ||
| Q3 25 | $108.4M | $492.1M | ||
| Q2 25 | $94.3M | — | ||
| Q1 25 | $139.6M | $544.3M | ||
| Q4 24 | $172.2M | — | ||
| Q3 24 | $153.2M | $219.5M | ||
| Q2 24 | $150.7M | $247.2M | ||
| Q1 24 | $166.0M | $246.9M |
总债务REALVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益REALVNET
| Q4 25 | $-415.5M | — | ||
| Q3 25 | $-385.1M | $890.8M | ||
| Q2 25 | $-338.2M | — | ||
| Q1 25 | $-336.1M | $927.8M | ||
| Q4 24 | $-407.4M | — | ||
| Q3 24 | $-345.4M | $902.9M | ||
| Q2 24 | $-335.3M | $900.6M | ||
| Q1 24 | $-327.1M | $895.1M |
总资产REALVNET
| Q4 25 | $409.0M | — | ||
| Q3 25 | $366.2M | $6.1B | ||
| Q2 25 | $349.4M | — | ||
| Q1 25 | $400.4M | $5.4B | ||
| Q4 24 | $423.1M | — | ||
| Q3 24 | $406.3M | $4.3B | ||
| Q2 24 | $407.4M | $4.0B | ||
| Q1 24 | $431.6M | $3.9B |
负债/权益比REALVNET
| 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 | $49.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $45.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 23.6% | -53.2% |
| 资本支出强度资本支出/营收 | 1.9% | 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 | $18.4M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流REALVNET
| Q4 25 | $49.5M | — | ||
| Q3 25 | $19.3M | $113.8M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $-28.3M | $27.0M | ||
| Q4 24 | $28.0M | — | ||
| Q3 24 | $9.1M | $108.3M | ||
| Q2 24 | $-6.8M | $55.8M | ||
| Q1 24 | $-3.5M | $37.1M |
自由现金流REALVNET
| Q4 25 | $45.8M | — | ||
| Q3 25 | $16.9M | $-193.1M | ||
| Q2 25 | $-11.4M | — | ||
| Q1 25 | $-33.0M | $-220.0M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $5.0M | $-95.0M | ||
| Q2 24 | $-9.8M | $-81.6M | ||
| Q1 24 | $-5.6M | $-102.2M |
自由现金流率REALVNET
| Q4 25 | 23.6% | — | ||
| Q3 25 | 9.7% | -53.2% | ||
| Q2 25 | -6.9% | — | ||
| Q1 25 | -20.6% | -71.1% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 3.4% | -31.4% | ||
| Q2 24 | -6.7% | -29.8% | ||
| Q1 24 | -3.9% | -38.9% |
资本支出强度REALVNET
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.4% | 84.6% | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 2.9% | 79.8% | ||
| Q4 24 | 3.1% | — | ||
| Q3 24 | 2.7% | 67.3% | ||
| Q2 24 | 2.1% | 50.1% | ||
| Q1 24 | 1.5% | 53.0% |
现金转化率REALVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.45× | — | ||
| 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
业务分部营收拆解
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
VNET
暂无分部数据
