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世纪互联（VNET）与VORNADO REALTY TRUST（VNO）财务数据对比。点击上方公司名可切换其他公司
VORNADO REALTY TRUST的季度营收约是世纪互联的1.3倍（$453.7M vs $362.7M），VORNADO REALTY TRUST净利率更高（1.1% vs -10.7%，领先11.7%），过去两年世纪互联的营收复合增速更高（17.4% vs 2.0%）
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。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
VNET vs VNO — 直观对比
营收规模更大
VNO
是对方的1.3倍
$362.7M
净利率更高
VNO
高出11.7%
-10.7%
两年增速更快
VNET
近两年复合增速
2.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $453.7M |
| 净利润 | $-38.7M | $4.9M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 2.8% |
| 净利率 | -10.7% | 1.1% |
| 营收同比 | — | -0.9% |
| 净利润同比 | — | -14.7% |
| 每股收益（稀释后） | — | $0.01 |
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VNETVNO
| Q4 25 | — | $453.7M | ||
| Q3 25 | $362.7M | $453.7M | ||
| Q2 25 | — | $441.4M | ||
| Q1 25 | $309.5M | $461.6M | ||
| Q4 24 | — | $457.8M | ||
| Q3 24 | $302.2M | $443.3M | ||
| Q2 24 | $274.4M | $450.3M | ||
| Q1 24 | $262.9M | $436.4M |
净利润VNETVNO
| Q4 25 | — | $4.9M | ||
| Q3 25 | $-38.7M | $27.1M | ||
| Q2 25 | — | $759.3M | ||
| Q1 25 | $-2.4M | $102.4M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $-2.1M | $-3.6M | ||
| Q2 24 | $-1.1M | $50.8M | ||
| Q1 24 | $-22.0M | $6.5M |
毛利率VNETVNO
| 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VNETVNO
| Q4 25 | — | 2.8% | ||
| Q3 25 | 0.5% | 3.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.1% | 23.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 24.5% | -3.3% | ||
| Q2 24 | 0.2% | 10.1% | ||
| Q1 24 | 0.2% | 0.1% |
净利率VNETVNO
| Q4 25 | — | 1.1% | ||
| Q3 25 | -10.7% | 6.0% | ||
| Q2 25 | — | 172.0% | ||
| Q1 25 | -0.8% | 22.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | -0.7% | -0.8% | ||
| Q2 24 | -0.4% | 11.3% | ||
| Q1 24 | -8.4% | 1.5% |
每股收益（稀释后）VNETVNO
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $3.70 | ||
| Q1 25 | — | $0.43 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.10 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $-0.05 |
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 | $492.1M | $840.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $890.8M | $6.0B |
| 总资产 | $6.1B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资VNETVNO
| Q4 25 | — | $840.9M | ||
| Q3 25 | $492.1M | $1.0B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $544.3M | $568.9M | ||
| Q4 24 | — | $733.9M | ||
| Q3 24 | $219.5M | $783.6M | ||
| Q2 24 | $247.2M | $872.6M | ||
| Q1 24 | $246.9M | $892.7M |
总债务VNETVNO
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $1.2B | $2.6B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.6B |
股东权益VNETVNO
| Q4 25 | — | $6.0B | ||
| Q3 25 | $890.8M | $6.1B | ||
| Q2 25 | — | $6.1B | ||
| Q1 25 | $927.8M | $5.3B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | $902.9M | $5.3B | ||
| Q2 24 | $900.6M | $5.6B | ||
| Q1 24 | $895.1M | $5.5B |
总资产VNETVNO
| Q4 25 | — | $15.5B | ||
| Q3 25 | $6.1B | $15.7B | ||
| Q2 25 | — | $15.6B | ||
| Q1 25 | $5.4B | $15.6B | ||
| Q4 24 | — | $16.0B | ||
| Q3 24 | $4.3B | $16.1B | ||
| Q2 24 | $4.0B | $16.2B | ||
| Q1 24 | $3.9B | $16.2B |
负债/权益比VNETVNO
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | 1.28× | 0.49× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.46× |
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 | $113.8M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | — |
| 自由现金流率自由现金流/营收 | -53.2% | — |
| 资本支出强度资本支出/营收 | 84.6% | — |
| 现金转化率经营现金流/净利润 | — | 256.08× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | — |
8季度趋势，按日历期对齐
经营现金流VNETVNO
| Q4 25 | — | $1.3B | ||
| Q3 25 | $113.8M | $33.2M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | $27.0M | $52.0M | ||
| Q4 24 | — | $537.7M | ||
| Q3 24 | $108.3M | $105.4M | ||
| Q2 24 | $55.8M | $194.7M | ||
| Q1 24 | $37.1M | $31.5M |
自由现金流VNETVNO
| Q4 25 | — | — | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-220.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — |
自由现金流率VNETVNO
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -71.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — |
资本支出强度VNETVNO
| Q4 25 | — | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 79.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — |
现金转化率VNETVNO
| Q4 25 | — | 256.08× | ||
| Q3 25 | — | 1.22× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 93.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.83× | ||
| Q1 24 | — | 4.85× |
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
VNET
暂无分部数据
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
