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盛思阳（TSE）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
盛思阳的季度营收约是世纪互联的1.8倍（$662.6M vs $362.7M），世纪互联净利率更高（-10.7% vs -37.9%，领先27.3%），盛思阳自由现金流更多（$6.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -14.4%）
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
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。
TSE vs VNET — 直观对比
营收规模更大
TSE
是对方的1.8倍
$362.7M
净利率更高
VNET
高出27.3%
-37.9%
自由现金流更多
TSE
多$199.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $662.6M | $362.7M |
| 净利润 | $-251.4M | $-38.7M |
| 毛利率 | 4.2% | 20.9% |
| 营业利润率 | -24.7% | 0.5% |
| 净利率 | -37.9% | -10.7% |
| 营收同比 | -19.3% | — |
| 净利润同比 | -113.2% | — |
| 每股收益（稀释后） | $-7.02 | — |
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TSEVNET
| Q4 25 | $662.6M | — | ||
| Q3 25 | $743.2M | $362.7M | ||
| Q2 25 | $784.3M | — | ||
| Q1 25 | $784.8M | $309.5M | ||
| Q4 24 | $821.5M | — | ||
| Q3 24 | $867.7M | $302.2M | ||
| Q2 24 | $920.0M | $274.4M | ||
| Q1 24 | $904.0M | $262.9M |
净利润TSEVNET
| Q4 25 | $-251.4M | — | ||
| Q3 25 | $-109.7M | $-38.7M | ||
| Q2 25 | $-105.5M | — | ||
| Q1 25 | $-79.0M | $-2.4M | ||
| Q4 24 | $-117.9M | — | ||
| Q3 24 | $-87.3M | $-2.1M | ||
| Q2 24 | $-67.8M | $-1.1M | ||
| Q1 24 | $-75.5M | $-22.0M |
毛利率TSEVNET
| Q4 25 | 4.2% | — | ||
| Q3 25 | 5.0% | 20.9% | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 8.1% | 25.2% | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 9.3% | 23.2% | ||
| Q2 24 | 7.4% | 21.3% | ||
| Q1 24 | 6.7% | 21.6% |
营业利润率TSEVNET
| Q4 25 | -24.7% | — | ||
| Q3 25 | -3.8% | 0.5% | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -3.7% | 0.1% | ||
| Q4 24 | -5.4% | — | ||
| Q3 24 | -1.4% | 24.5% | ||
| Q2 24 | 1.5% | 0.2% | ||
| Q1 24 | -0.4% | 0.2% |
净利率TSEVNET
| Q4 25 | -37.9% | — | ||
| Q3 25 | -14.8% | -10.7% | ||
| Q2 25 | -13.5% | — | ||
| Q1 25 | -10.1% | -0.8% | ||
| Q4 24 | -14.4% | — | ||
| Q3 24 | -10.1% | -0.7% | ||
| Q2 24 | -7.4% | -0.4% | ||
| Q1 24 | -8.4% | -8.4% |
每股收益（稀释后）TSEVNET
| Q4 25 | $-7.02 | — | ||
| Q3 25 | $-3.05 | — | ||
| Q2 25 | $-2.95 | — | ||
| Q1 25 | $-2.22 | — | ||
| Q4 24 | $-3.33 | — | ||
| Q3 24 | $-2.47 | — | ||
| Q2 24 | $-1.92 | — | ||
| Q1 24 | $-2.14 | — |
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 | $146.7M | $492.1M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $-1.1B | $890.8M |
| 总资产 | $2.3B | $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TSEVNET
| Q4 25 | $146.7M | — | ||
| Q3 25 | $112.1M | $492.1M | ||
| Q2 25 | $137.0M | — | ||
| Q1 25 | $126.1M | $544.3M | ||
| Q4 24 | $209.8M | — | ||
| Q3 24 | $165.3M | $219.5M | ||
| Q2 24 | $105.6M | $247.2M | ||
| Q1 24 | $166.4M | $246.9M |
总债务TSEVNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益TSEVNET
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-861.6M | $890.8M | ||
| Q2 25 | $-750.3M | — | ||
| Q1 25 | $-679.2M | $927.8M | ||
| Q4 24 | $-619.9M | — | ||
| Q3 24 | $-480.0M | $902.9M | ||
| Q2 24 | $-413.8M | $900.6M | ||
| Q1 24 | $-348.0M | $895.1M |
总资产TSEVNET
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.5B | $6.1B | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | $5.4B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $2.8B | $4.0B | ||
| Q1 24 | $3.0B | $3.9B |
负债/权益比TSEVNET
| 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 | $22.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $6.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 1.0% | -53.2% |
| 资本支出强度资本支出/营收 | 2.4% | 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 | $-153.4M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流TSEVNET
| Q4 25 | $22.6M | — | ||
| Q3 25 | $-21.6M | $113.8M | ||
| Q2 25 | $6.8M | — | ||
| Q1 25 | $-110.2M | $27.0M | ||
| Q4 24 | $85.1M | — | ||
| Q3 24 | $8.8M | $108.3M | ||
| Q2 24 | $-41.9M | $55.8M | ||
| Q1 24 | $-66.2M | $37.1M |
自由现金流TSEVNET
| Q4 25 | $6.6M | — | ||
| Q3 25 | $-38.1M | $-193.1M | ||
| Q2 25 | $-3.0M | — | ||
| Q1 25 | $-118.9M | $-220.0M | ||
| Q4 24 | $63.9M | — | ||
| Q3 24 | $-3.4M | $-95.0M | ||
| Q2 24 | $-56.1M | $-81.6M | ||
| Q1 24 | $-81.9M | $-102.2M |
自由现金流率TSEVNET
| Q4 25 | 1.0% | — | ||
| Q3 25 | -5.1% | -53.2% | ||
| Q2 25 | -0.4% | — | ||
| Q1 25 | -15.2% | -71.1% | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | -0.4% | -31.4% | ||
| Q2 24 | -6.1% | -29.8% | ||
| Q1 24 | -9.1% | -38.9% |
资本支出强度TSEVNET
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.2% | 84.6% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.1% | 79.8% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 1.4% | 67.3% | ||
| Q2 24 | 1.5% | 50.1% | ||
| Q1 24 | 1.7% | 53.0% |
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
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
VNET
暂无分部数据
