vs
null（SDHC）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null的1.4倍（$362.7M vs $260.4M），null净利率更高（1.4% vs -10.7%，领先12.0%），null自由现金流更多（$8.7M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 17.3%）
史密斯韦森品牌公司是美国的枪械制造商，总部位于美国田纳西州玛丽维尔，是该领域历史悠久且知名的生产企业，在民用及警用枪械市场拥有较高的认可度。
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。
SDHC vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$260.4M
净利率更高
SDHC
高出12.0%
-10.7%
自由现金流更多
SDHC
多$201.8M
$-193.1M
两年增速更快
VNET
近两年复合增速
17.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $260.4M | $362.7M |
| 净利润 | $3.5M | $-38.7M |
| 毛利率 | 19.9% | 20.9% |
| 营业利润率 | 6.5% | 0.5% |
| 净利率 | 1.4% | -10.7% |
| 营收同比 | -9.4% | — |
| 净利润同比 | -14.3% | — |
| 每股收益（稀释后） | $0.39 | — |
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SDHCVNET
| Q4 25 | $260.4M | — | ||
| Q3 25 | $262.0M | $362.7M | ||
| Q2 25 | $223.9M | — | ||
| Q1 25 | $224.7M | $309.5M | ||
| Q4 24 | $287.5M | — | ||
| Q3 24 | $277.8M | $302.2M | ||
| Q2 24 | $220.9M | $274.4M | ||
| Q1 24 | $189.2M | $262.9M |
净利润SDHCVNET
| Q4 25 | $3.5M | — | ||
| Q3 25 | $2.1M | $-38.7M | ||
| Q2 25 | $2.4M | — | ||
| Q1 25 | $2.7M | $-2.4M | ||
| Q4 24 | $4.1M | — | ||
| Q3 24 | $5.3M | $-2.1M | ||
| Q2 24 | $3.6M | $-1.1M | ||
| Q1 24 | $3.0M | $-22.0M |
毛利率SDHCVNET
| Q4 25 | 19.9% | — | ||
| Q3 25 | 21.0% | 20.9% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 23.8% | 25.2% | ||
| Q4 24 | 25.5% | — | ||
| Q3 24 | 26.5% | 23.2% | ||
| Q2 24 | 26.7% | 21.3% | ||
| Q1 24 | 26.1% | 21.6% |
营业利润率SDHCVNET
| Q4 25 | 6.5% | — | ||
| Q3 25 | 6.6% | 0.5% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 8.7% | 0.1% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 14.2% | 24.5% | ||
| Q2 24 | 11.7% | 0.2% | ||
| Q1 24 | 11.3% | 0.2% |
净利率SDHCVNET
| Q4 25 | 1.4% | — | ||
| Q3 25 | 0.8% | -10.7% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.2% | -0.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.9% | -0.7% | ||
| Q2 24 | 1.7% | -0.4% | ||
| Q1 24 | 1.6% | -8.4% |
每股收益（稀释后）SDHCVNET
| Q4 25 | $0.39 | — | ||
| Q3 25 | $0.24 | — | ||
| Q2 25 | $0.26 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.50 | — | ||
| Q3 24 | $0.58 | — | ||
| Q2 24 | $0.40 | — | ||
| Q1 24 | $0.33 | — |
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 | $12.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $86.7M | $890.8M |
| 总资产 | $557.6M | $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SDHCVNET
| Q4 25 | $12.7M | — | ||
| Q3 25 | $14.8M | $492.1M | ||
| Q2 25 | $16.8M | — | ||
| Q1 25 | $12.7M | $544.3M | ||
| Q4 24 | $22.4M | — | ||
| Q3 24 | $23.7M | $219.5M | ||
| Q2 24 | $17.3M | $247.2M | ||
| Q1 24 | $32.8M | $246.9M |
总债务SDHCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SDHCVNET
| Q4 25 | $86.7M | — | ||
| Q3 25 | $82.2M | $890.8M | ||
| Q2 25 | $80.0M | — | ||
| Q1 25 | $76.9M | $927.8M | ||
| Q4 24 | $73.6M | — | ||
| Q3 24 | $68.4M | $902.9M | ||
| Q2 24 | $62.1M | $900.6M | ||
| Q1 24 | $59.7M | $895.1M |
总资产SDHCVNET
| Q4 25 | $557.6M | — | ||
| Q3 25 | $571.6M | $6.1B | ||
| Q2 25 | $570.2M | — | ||
| Q1 25 | $513.9M | $5.4B | ||
| Q4 24 | $475.9M | — | ||
| Q3 24 | $460.1M | $4.3B | ||
| Q2 24 | $429.3M | $4.0B | ||
| Q1 24 | $401.3M | $3.9B |
负债/权益比SDHCVNET
| 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 | $9.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $8.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 3.4% | -53.2% |
| 资本支出强度资本支出/营收 | 0.4% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.77× | — |
| 过去12个月自由现金流最近4个季度 | $-36.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流SDHCVNET
| Q4 25 | $9.8M | — | ||
| Q3 25 | $22.8M | $113.8M | ||
| Q2 25 | $-28.9M | — | ||
| Q1 25 | $-34.9M | $27.0M | ||
| Q4 24 | $5.5M | — | ||
| Q3 24 | $22.9M | $108.3M | ||
| Q2 24 | $39.0K | $55.8M | ||
| Q1 24 | $-9.3M | $37.1M |
自由现金流SDHCVNET
| Q4 25 | $8.7M | — | ||
| Q3 25 | $21.4M | $-193.1M | ||
| Q2 25 | $-31.1M | — | ||
| Q1 25 | $-35.9M | $-220.0M | ||
| Q4 24 | $4.8M | — | ||
| Q3 24 | $22.3M | $-95.0M | ||
| Q2 24 | $-2.1M | $-81.6M | ||
| Q1 24 | $-9.7M | $-102.2M |
自由现金流率SDHCVNET
| Q4 25 | 3.4% | — | ||
| Q3 25 | 8.2% | -53.2% | ||
| Q2 25 | -13.9% | — | ||
| Q1 25 | -16.0% | -71.1% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 8.0% | -31.4% | ||
| Q2 24 | -1.0% | -29.8% | ||
| Q1 24 | -5.1% | -38.9% |
资本支出强度SDHCVNET
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.5% | 84.6% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.5% | 79.8% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.2% | 67.3% | ||
| Q2 24 | 1.0% | 50.1% | ||
| Q1 24 | 0.2% | 53.0% |
现金转化率SDHCVNET
| Q4 25 | 2.77× | — | ||
| Q3 25 | 10.70× | — | ||
| Q2 25 | -12.24× | — | ||
| Q1 25 | -13.01× | — | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | -3.12× | — |
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
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
VNET
暂无分部数据
