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世纪互联（VNET）与VSE CORP（VSEC）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VSE CORP的1.2倍（$362.7M vs $301.2M），VSE CORP净利率更高（4.5% vs -10.7%，领先15.2%），VSE CORP自由现金流更多（$30.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 11.7%）
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。
VSE Corporation是全球领先的后市场分销与维修服务供应商，依托两大核心业务板块助力客户提升高价值核心业务资产的运营效率与使用寿命。旗下航空板块为商用、公务及通用航空运营商提供售后零件配送、零部件与发动机附件的维护、维修及大修（MRO）服务，车队板块聚焦商用资产运维支持。
VNET vs VSEC — 直观对比
营收规模更大
VNET
是对方的1.2倍
$301.2M
净利率更高
VSEC
高出15.2%
-10.7%
自由现金流更多
VSEC
多$224.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
11.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $301.2M |
| 净利润 | $-38.7M | $13.6M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 10.8% |
| 净利率 | -10.7% | 4.5% |
| 营收同比 | — | 0.7% |
| 净利润同比 | — | 3.9% |
| 每股收益（稀释后） | — | $0.64 |
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VNETVSEC
| Q4 25 | — | $301.2M | ||
| Q3 25 | $362.7M | $282.9M | ||
| Q2 25 | — | $272.1M | ||
| Q1 25 | $309.5M | $256.0M | ||
| Q4 24 | — | $299.0M | ||
| Q3 24 | $302.2M | $273.6M | ||
| Q2 24 | $274.4M | $266.0M | ||
| Q1 24 | $262.9M | $241.5M |
净利润VNETVSEC
| Q4 25 | — | $13.6M | ||
| Q3 25 | $-38.7M | $3.9M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | $-2.4M | $-9.0M | ||
| Q4 24 | — | $13.1M | ||
| Q3 24 | $-2.1M | $11.7M | ||
| Q2 24 | $-1.1M | $-2.8M | ||
| Q1 24 | $-22.0M | $-6.6M |
毛利率VNETVSEC
| 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VNETVSEC
| Q4 25 | — | 10.8% | ||
| Q3 25 | 0.5% | 3.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | 0.1% | 9.6% | ||
| Q4 24 | — | 9.2% | ||
| Q3 24 | 24.5% | 8.7% | ||
| Q2 24 | 0.2% | 2.3% | ||
| Q1 24 | 0.2% | 10.0% |
净利率VNETVSEC
| Q4 25 | — | 4.5% | ||
| Q3 25 | -10.7% | 1.4% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | -0.8% | -3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | -0.7% | 4.3% | ||
| Q2 24 | -0.4% | -1.0% | ||
| Q1 24 | -8.4% | -2.7% |
每股收益（稀释后）VNETVSEC
| Q4 25 | — | $0.64 | ||
| Q3 25 | — | $0.19 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $-0.44 | ||
| Q4 24 | — | $0.79 | ||
| Q3 24 | — | $0.63 | ||
| Q2 24 | — | $-0.16 | ||
| Q1 24 | — | $-0.41 |
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 | $69.4M |
| 总债务越低越好 | — | $292.8M |
| 股东权益账面价值 | $890.8M | $1.4B |
| 总资产 | $6.1B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 0.20× |
8季度趋势，按日历期对齐
现金及短期投资VNETVSEC
| Q4 25 | — | $69.4M | ||
| Q3 25 | $492.1M | $8.8M | ||
| Q2 25 | — | $16.9M | ||
| Q1 25 | $544.3M | $5.7M | ||
| Q4 24 | — | $29.0M | ||
| Q3 24 | $219.5M | $7.9M | ||
| Q2 24 | $247.2M | $19.0M | ||
| Q1 24 | $246.9M | $10.6M |
总债务VNETVSEC
| Q4 25 | — | $292.8M | ||
| Q3 25 | — | $356.1M | ||
| Q2 25 | — | $379.2M | ||
| Q1 25 | — | $465.0M | ||
| Q4 24 | — | $430.2M | ||
| Q3 24 | $1.2B | $450.3M | ||
| Q2 24 | — | $463.5M | ||
| Q1 24 | — | $481.6M |
股东权益VNETVSEC
| Q4 25 | — | $1.4B | ||
| Q3 25 | $890.8M | $983.3M | ||
| Q2 25 | — | $979.5M | ||
| Q1 25 | $927.8M | $975.7M | ||
| Q4 24 | — | $988.2M | ||
| Q3 24 | $902.9M | $787.8M | ||
| Q2 24 | $900.6M | $781.3M | ||
| Q1 24 | $895.1M | $612.7M |
总资产VNETVSEC
| Q4 25 | — | $2.0B | ||
| Q3 25 | $6.1B | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | $5.4B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $4.3B | $1.5B | ||
| Q2 24 | $4.0B | $1.5B | ||
| Q1 24 | $3.9B | $1.3B |
负债/权益比VNETVSEC
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.36× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | 1.28× | 0.57× | ||
| Q2 24 | — | 0.59× | ||
| Q1 24 | — | 0.79× |
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 | $37.6M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $30.9M |
| 自由现金流率自由现金流/营收 | -53.2% | 10.3% |
| 资本支出强度资本支出/营收 | 84.6% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 2.77× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $5.7M |
8季度趋势，按日历期对齐
经营现金流VNETVSEC
| Q4 25 | — | $37.6M | ||
| Q3 25 | $113.8M | $24.1M | ||
| Q2 25 | — | $11.9M | ||
| Q1 25 | $27.0M | $-46.6M | ||
| Q4 24 | — | $55.4M | ||
| Q3 24 | $108.3M | $10.2M | ||
| Q2 24 | $55.8M | $-17.5M | ||
| Q1 24 | $37.1M | $-79.1M |
自由现金流VNETVSEC
| Q4 25 | — | $30.9M | ||
| Q3 25 | $-193.1M | $18.0M | ||
| Q2 25 | — | $6.3M | ||
| Q1 25 | $-220.0M | $-49.5M | ||
| Q4 24 | — | $52.1M | ||
| Q3 24 | $-95.0M | $4.4M | ||
| Q2 24 | $-81.6M | $-21.5M | ||
| Q1 24 | $-102.2M | $-86.8M |
自由现金流率VNETVSEC
| Q4 25 | — | 10.3% | ||
| Q3 25 | -53.2% | 6.4% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | -71.1% | -19.3% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | -31.4% | 1.6% | ||
| Q2 24 | -29.8% | -8.1% | ||
| Q1 24 | -38.9% | -35.9% |
资本支出强度VNETVSEC
| Q4 25 | — | 2.2% | ||
| Q3 25 | 84.6% | 2.1% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 79.8% | 1.1% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 67.3% | 2.1% | ||
| Q2 24 | 50.1% | 1.5% | ||
| Q1 24 | 53.0% | 3.2% |
现金转化率VNETVSEC
| Q4 25 | — | 2.77× | ||
| Q3 25 | — | 6.16× | ||
| Q2 25 | — | 3.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.24× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
