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世纪互联（VNET）与Viper Energy, Inc.（VNOM）财务数据对比。点击上方公司名可切换其他公司
Viper Energy, Inc.的季度营收约是世纪互联的1.1倍（$393.0M vs $362.7M），世纪互联净利率更高（-10.7% vs -19.6%，领先8.9%）
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。
Commonwealth Fusion Systems（CFS）是一家美国核聚变能源企业，2018年从麻省理工学院（MIT）分拆后于马萨诸塞州剑桥成立。公司以基于ARC托卡马克设计建造小型核聚变发电厂为目标，参与了美国能源部推出的INFUSE公私知识创新计划，与多家国家实验室及高校开展合作。
VNET vs VNOM — 直观对比
营收规模更大
VNOM
是对方的1.1倍
$362.7M
净利率更高
VNET
高出8.9%
-19.6%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $393.0M |
| 净利润 | $-38.7M | $-77.0M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | -44.8% |
| 净利率 | -10.7% | -19.6% |
| 营收同比 | — | 88.0% |
| 净利润同比 | — | -257.1% |
| 每股收益（稀释后） | — | $-0.52 |
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VNETVNOM
| Q3 25 | $362.7M | $393.0M | ||
| Q1 25 | $309.5M | — | ||
| Q3 24 | $302.2M | $209.0M | ||
| Q2 24 | $274.4M | — | ||
| Q1 24 | $262.9M | — | ||
| Q3 23 | $258.6M | — | ||
| Q2 23 | $251.2M | — | ||
| Q1 23 | $262.9M | — |
净利润VNETVNOM
| Q3 25 | $-38.7M | $-77.0M | ||
| Q1 25 | $-2.4M | — | ||
| Q3 24 | $-2.1M | $49.0M | ||
| Q2 24 | $-1.1M | — | ||
| Q1 24 | $-22.0M | — | ||
| Q3 23 | $-5.5M | — | ||
| Q2 23 | — | — | ||
| Q1 23 | $15.1M | — |
毛利率VNETVNOM
| Q3 25 | 20.9% | — | ||
| Q1 25 | 25.2% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 21.6% | — | ||
| Q3 23 | 16.2% | — | ||
| Q2 23 | 18.8% | — | ||
| Q1 23 | 19.5% | — |
营业利润率VNETVNOM
| Q3 25 | 0.5% | -44.8% | ||
| Q1 25 | 0.1% | — | ||
| Q3 24 | 24.5% | 65.1% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — | ||
| Q3 23 | 1.7% | — | ||
| Q2 23 | 5.1% | — | ||
| Q1 23 | 1.8% | — |
净利率VNETVNOM
| Q3 25 | -10.7% | -19.6% | ||
| Q1 25 | -0.8% | — | ||
| Q3 24 | -0.7% | 23.4% | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | -8.4% | — | ||
| Q3 23 | -2.1% | — | ||
| Q2 23 | — | — | ||
| Q1 23 | 5.7% | — |
每股收益（稀释后）VNETVNOM
| Q3 25 | — | $-0.52 | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $0.52 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
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 | $53.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $4.6B |
| 总资产 | $6.1B | $13.7B |
| 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VNETVNOM
| Q3 25 | $492.1M | $53.0M | ||
| Q1 25 | $544.3M | — | ||
| Q3 24 | $219.5M | — | ||
| Q2 24 | $247.2M | — | ||
| Q1 24 | $246.9M | — | ||
| Q3 23 | $370.4M | — | ||
| Q2 23 | $325.9M | — | ||
| Q1 23 | $424.6M | — |
总债务VNETVNOM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
股东权益VNETVNOM
| Q3 25 | $890.8M | $4.6B | ||
| Q1 25 | $927.8M | — | ||
| Q3 24 | $902.9M | $3.3B | ||
| Q2 24 | $900.6M | — | ||
| Q1 24 | $895.1M | — | ||
| Q3 23 | $942.7M | — | ||
| Q2 23 | $952.6M | — | ||
| Q1 23 | $1.0B | — |
总资产VNETVNOM
| Q3 25 | $6.1B | $13.7B | ||
| Q1 25 | $5.4B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $3.9B | — | ||
| Q3 23 | $4.1B | — | ||
| Q2 23 | $4.0B | — | ||
| Q1 23 | $4.2B | — |
负债/权益比VNETVNOM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
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 | $654.0M |
| 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 | — | — |
| 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VNETVNOM
| Q3 25 | $113.8M | $654.0M | ||
| Q1 25 | $27.0M | — | ||
| Q3 24 | $108.3M | — | ||
| Q2 24 | $55.8M | — | ||
| Q1 24 | $37.1M | — | ||
| Q3 23 | $62.3M | — | ||
| Q2 23 | $58.4M | — | ||
| Q1 23 | $66.3M | — |
自由现金流VNETVNOM
| Q3 25 | $-193.1M | — | ||
| Q1 25 | $-220.0M | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — | ||
| Q3 23 | $-67.5M | — | ||
| Q2 23 | $4.0M | — | ||
| Q1 23 | $-22.4M | — |
自由现金流率VNETVNOM
| Q3 25 | -53.2% | — | ||
| Q1 25 | -71.1% | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — | ||
| Q3 23 | -26.1% | — | ||
| Q2 23 | 1.6% | — | ||
| Q1 23 | -8.5% | — |
资本支出强度VNETVNOM
| Q3 25 | 84.6% | — | ||
| Q1 25 | 79.8% | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — | ||
| Q3 23 | 50.2% | — | ||
| Q2 23 | 21.7% | — | ||
| Q1 23 | 33.7% | — |
现金转化率VNETVNOM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | 4.39× | — |
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
VNOM
| Oil Income | $332.0M | 84% |
| Natural Gas Liquids Income | $46.0M | 12% |
| Natural Gas Income | $15.0M | 4% |
