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世纪互联（VNET）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）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VIRTUS INVESTMENT PARTNERS, INC.的1.7倍（$362.7M vs $208.0M），VIRTUS INVESTMENT PARTNERS, INC.净利率更高（16.3% vs -10.7%，领先26.9%），VIRTUS INVESTMENT PARTNERS, INC.自由现金流更多（$-74.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -3.2%）
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。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
VNET vs VRTS — 直观对比
营收规模更大
VNET
是对方的1.7倍
$208.0M
净利率更高
VRTS
高出26.9%
-10.7%
自由现金流更多
VRTS
多$119.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
-3.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $208.0M |
| 净利润 | $-38.7M | $33.9M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 19.1% |
| 净利率 | -10.7% | 16.3% |
| 营收同比 | — | -10.9% |
| 净利润同比 | — | -14.2% |
| 每股收益（稀释后） | — | $5.15 |
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VNETVRTS
| Q4 25 | — | $208.0M | ||
| Q3 25 | $362.7M | $216.4M | ||
| Q2 25 | — | $210.5M | ||
| Q1 25 | $309.5M | $217.9M | ||
| Q4 24 | — | $233.5M | ||
| Q3 24 | $302.2M | $227.0M | ||
| Q2 24 | $274.4M | $224.4M | ||
| Q1 24 | $262.9M | $222.0M |
净利润VNETVRTS
| Q4 25 | — | $33.9M | ||
| Q3 25 | $-38.7M | $31.3M | ||
| Q2 25 | — | $42.7M | ||
| Q1 25 | $-2.4M | $28.1M | ||
| Q4 24 | — | $39.5M | ||
| Q3 24 | $-2.1M | $49.1M | ||
| Q2 24 | $-1.1M | $26.0M | ||
| Q1 24 | $-22.0M | $37.9M |
毛利率VNETVRTS
| 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VNETVRTS
| Q4 25 | — | 19.1% | ||
| Q3 25 | 0.5% | 21.7% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | 0.1% | 16.8% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | 24.5% | 24.3% | ||
| Q2 24 | 0.2% | 19.7% | ||
| Q1 24 | 0.2% | 14.5% |
净利率VNETVRTS
| Q4 25 | — | 16.3% | ||
| Q3 25 | -10.7% | 14.5% | ||
| Q2 25 | — | 20.3% | ||
| Q1 25 | -0.8% | 12.9% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | -0.7% | 21.6% | ||
| Q2 24 | -0.4% | 11.6% | ||
| Q1 24 | -8.4% | 17.1% |
每股收益（稀释后）VNETVRTS
| Q4 25 | — | $5.15 | ||
| Q3 25 | — | $4.65 | ||
| Q2 25 | — | $6.12 | ||
| Q1 25 | — | $4.05 | ||
| Q4 24 | — | $4.65 | ||
| Q3 24 | — | $5.71 | ||
| Q2 24 | — | $2.43 | ||
| Q1 24 | — | $4.10 |
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 | — |
| 总债务越低越好 | — | $390.0M |
| 股东权益账面价值 | $890.8M | $934.0M |
| 总资产 | $6.1B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资VNETVRTS
| Q4 25 | — | — | ||
| Q3 25 | $492.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $544.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $219.5M | — | ||
| Q2 24 | $247.2M | — | ||
| Q1 24 | $246.9M | — |
总债务VNETVRTS
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | $1.2B | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
股东权益VNETVRTS
| Q4 25 | — | $934.0M | ||
| Q3 25 | $890.8M | $918.7M | ||
| Q2 25 | — | $896.4M | ||
| Q1 25 | $927.8M | $893.7M | ||
| Q4 24 | — | $897.5M | ||
| Q3 24 | $902.9M | $889.0M | ||
| Q2 24 | $900.6M | $868.7M | ||
| Q1 24 | $895.1M | $871.7M |
总资产VNETVRTS
| Q4 25 | — | $4.3B | ||
| Q3 25 | $6.1B | $3.9B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | $5.4B | $3.7B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $4.3B | $3.6B | ||
| Q2 24 | $4.0B | $3.6B | ||
| Q1 24 | $3.9B | $3.5B |
负债/权益比VNETVRTS
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | 1.28× | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
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 | $-67.2M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-74.1M |
| 自由现金流率自由现金流/营收 | -53.2% | -35.6% |
| 资本支出强度资本支出/营收 | 84.6% | 3.3% |
| 现金转化率经营现金流/净利润 | — | -1.99× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $100.2M |
8季度趋势，按日历期对齐
经营现金流VNETVRTS
| Q4 25 | — | $-67.2M | ||
| Q3 25 | $113.8M | $108.3M | ||
| Q2 25 | — | $75.8M | ||
| Q1 25 | $27.0M | $-3.8M | ||
| Q4 24 | — | $1.8M | ||
| Q3 24 | $108.3M | $69.1M | ||
| Q2 24 | $55.8M | $70.0M | ||
| Q1 24 | $37.1M | $-34.5M |
自由现金流VNETVRTS
| Q4 25 | — | $-74.1M | ||
| Q3 25 | $-193.1M | $106.9M | ||
| Q2 25 | — | $74.2M | ||
| Q1 25 | $-220.0M | $-6.8M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | $-95.0M | $68.7M | ||
| Q2 24 | $-81.6M | $68.6M | ||
| Q1 24 | $-102.2M | $-36.5M |
自由现金流率VNETVRTS
| Q4 25 | — | -35.6% | ||
| Q3 25 | -53.2% | 49.4% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | -71.1% | -3.1% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | -31.4% | 30.3% | ||
| Q2 24 | -29.8% | 30.6% | ||
| Q1 24 | -38.9% | -16.4% |
资本支出强度VNETVRTS
| Q4 25 | — | 3.3% | ||
| Q3 25 | 84.6% | 0.7% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 79.8% | 1.4% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 67.3% | 0.2% | ||
| Q2 24 | 50.1% | 0.6% | ||
| Q1 24 | 53.0% | 0.9% |
现金转化率VNETVRTS
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× | ||
| Q1 24 | — | -0.91× |
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
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
