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环球音乐集团（ULH）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
环球音乐集团的季度营收约是世纪互联的1.1倍（$385.4M vs $362.7M），环球音乐集团净利率更高（1.0% vs -10.7%，领先11.6%），环球音乐集团自由现金流更多（$14.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -11.5%）
环球音乐集团是依据荷兰法律成立的跨国音乐企业集团，企业总部设在荷兰希尔弗瑟姆，运营总部位于美国加利福尼亚州圣莫尼卡。作为全球规模最大的音乐公司，它与索尼音乐娱乐、华纳音乐集团并称为三大唱片巨头。2020年腾讯斥资30亿欧元收购了其百分之二十的股份。
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。
ULH vs VNET — 直观对比
营收规模更大
ULH
是对方的1.1倍
$362.7M
净利率更高
ULH
高出11.6%
-10.7%
自由现金流更多
ULH
多$207.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $385.4M | $362.7M |
| 净利润 | $3.7M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 4.5% | 0.5% |
| 净利率 | 1.0% | -10.7% |
| 营收同比 | -17.1% | — |
| 净利润同比 | -81.5% | — |
| 每股收益（稀释后） | $0.14 | — |
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ULHVNET
| Q4 25 | $385.4M | — | ||
| Q3 25 | $396.8M | $362.7M | ||
| Q2 25 | $393.8M | — | ||
| Q1 25 | $382.4M | $309.5M | ||
| Q4 24 | $465.1M | — | ||
| Q3 24 | $426.8M | $302.2M | ||
| Q2 24 | $462.2M | $274.4M | ||
| Q1 24 | $491.9M | $262.9M |
净利润ULHVNET
| Q4 25 | $3.7M | — | ||
| Q3 25 | $-117.9M | $-38.7M | ||
| Q2 25 | $8.3M | — | ||
| Q1 25 | $6.0M | $-2.4M | ||
| Q4 24 | $20.2M | — | ||
| Q3 24 | $26.5M | $-2.1M | ||
| Q2 24 | $30.7M | $-1.1M | ||
| Q1 24 | $52.5M | $-22.0M |
毛利率ULHVNET
| 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ULHVNET
| Q4 25 | 4.5% | — | ||
| Q3 25 | -29.6% | 0.5% | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 4.1% | 0.1% | ||
| Q4 24 | 8.2% | — | ||
| Q3 24 | 10.0% | 24.5% | ||
| Q2 24 | 10.2% | 0.2% | ||
| Q1 24 | 15.3% | 0.2% |
净利率ULHVNET
| Q4 25 | 1.0% | — | ||
| Q3 25 | -29.7% | -10.7% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.6% | -0.8% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 6.2% | -0.7% | ||
| Q2 24 | 6.7% | -0.4% | ||
| Q1 24 | 10.7% | -8.4% |
每股收益（稀释后）ULHVNET
| Q4 25 | $0.14 | — | ||
| Q3 25 | $-4.48 | — | ||
| Q2 25 | $0.32 | — | ||
| Q1 25 | $0.23 | — | ||
| Q4 24 | $0.76 | — | ||
| Q3 24 | $1.01 | — | ||
| Q2 24 | $1.17 | — | ||
| Q1 24 | $1.99 | — |
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 | $26.8M | $492.1M |
| 总债务越低越好 | $797.6M | — |
| 股东权益账面价值 | $540.4M | $890.8M |
| 总资产 | $1.8B | $6.1B |
| 负债/权益比越低杠杆越低 | 1.48× | — |
8季度趋势，按日历期对齐
现金及短期投资ULHVNET
| Q4 25 | $26.8M | — | ||
| Q3 25 | $27.4M | $492.1M | ||
| Q2 25 | $24.3M | — | ||
| Q1 25 | $20.6M | $544.3M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $11.8M | $219.5M | ||
| Q2 24 | $7.5M | $247.2M | ||
| Q1 24 | $11.1M | $246.9M |
总债务ULHVNET
| Q4 25 | $797.6M | — | ||
| Q3 25 | $824.2M | — | ||
| Q2 25 | $795.5M | — | ||
| Q1 25 | $736.7M | — | ||
| Q4 24 | $759.1M | — | ||
| Q3 24 | $557.4M | $1.2B | ||
| Q2 24 | $483.8M | — | ||
| Q1 24 | $414.1M | — |
股东权益ULHVNET
| Q4 25 | $540.4M | — | ||
| Q3 25 | $534.9M | $890.8M | ||
| Q2 25 | $653.7M | — | ||
| Q1 25 | $646.4M | $927.8M | ||
| Q4 24 | $647.0M | — | ||
| Q3 24 | $631.0M | $902.9M | ||
| Q2 24 | $608.9M | $900.6M | ||
| Q1 24 | $583.9M | $895.1M |
总资产ULHVNET
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | $6.1B | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.8B | $5.4B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.6B | $4.3B | ||
| Q2 24 | $1.5B | $4.0B | ||
| Q1 24 | $1.4B | $3.9B |
负债/权益比ULHVNET
| Q4 25 | 1.48× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 0.88× | 1.28× | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | 0.71× | — |
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 | $47.1M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $14.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | 3.7% | -53.2% |
| 资本支出强度资本支出/营收 | 8.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 12.62× | — |
| 过去12个月自由现金流最近4个季度 | $-41.1M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ULHVNET
| Q4 25 | $47.1M | — | ||
| Q3 25 | $25.9M | $113.8M | ||
| Q2 25 | $25.7M | — | ||
| Q1 25 | $84.3M | $27.0M | ||
| Q4 24 | $59.7M | — | ||
| Q3 24 | $6.2M | $108.3M | ||
| Q2 24 | $9.6M | $55.8M | ||
| Q1 24 | $36.9M | $37.1M |
自由现金流ULHVNET
| Q4 25 | $14.3M | — | ||
| Q3 25 | $-28.6M | $-193.1M | ||
| Q2 25 | $-58.5M | — | ||
| Q1 25 | $31.7M | $-220.0M | ||
| Q4 24 | $18.9M | — | ||
| Q3 24 | $-58.9M | $-95.0M | ||
| Q2 24 | $-67.6M | $-81.6M | ||
| Q1 24 | $-31.7M | $-102.2M |
自由现金流率ULHVNET
| Q4 25 | 3.7% | — | ||
| Q3 25 | -7.2% | -53.2% | ||
| Q2 25 | -14.9% | — | ||
| Q1 25 | 8.3% | -71.1% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | -13.8% | -31.4% | ||
| Q2 24 | -14.6% | -29.8% | ||
| Q1 24 | -6.4% | -38.9% |
资本支出强度ULHVNET
| Q4 25 | 8.5% | — | ||
| Q3 25 | 13.7% | 84.6% | ||
| Q2 25 | 21.4% | — | ||
| Q1 25 | 13.7% | 79.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 15.3% | 67.3% | ||
| Q2 24 | 16.7% | 50.1% | ||
| Q1 24 | 13.9% | 53.0% |
现金转化率ULHVNET
| Q4 25 | 12.62× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 14.02× | — | ||
| Q4 24 | 2.96× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.70× | — |
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
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
VNET
暂无分部数据
