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世纪互联（VNET）与胜牌（VVV）财务数据对比。点击上方公司名可切换其他公司
胜牌的季度营收约是世纪互联的1.3倍（$461.8M vs $362.7M），胜牌净利率更高（-7.1% vs -10.7%，领先3.6%），胜牌自由现金流更多（$7.4M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 9.0%）
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。
胜牌公司是总部位于美国肯塔基州列克星敦的汽车零售服务企业，授权推出多款胜牌 branded 的车用机油、添加剂及润滑油产品，旗下拥有胜牌即时换油、加拿大卓越换油、胜牌快速护理等汽车维修连锁品牌。截至2023年，胜牌是美国第二大换油服务提供商，市场份额达10%，门店数量超1650家。
VNET vs VVV — 直观对比
营收规模更大
VVV
是对方的1.3倍
$362.7M
净利率更高
VVV
高出3.6%
-10.7%
自由现金流更多
VVV
多$200.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
9.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $461.8M |
| 净利润 | $-38.7M | $-32.8M |
| 毛利率 | 20.9% | 37.4% |
| 营业利润率 | 0.5% | 4.0% |
| 净利率 | -10.7% | -7.1% |
| 营收同比 | — | 11.5% |
| 净利润同比 | — | -135.8% |
| 每股收益（稀释后） | — | $-0.26 |
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VNETVVV
| Q4 25 | — | $461.8M | ||
| Q3 25 | $362.7M | $453.8M | ||
| Q2 25 | — | $439.0M | ||
| Q1 25 | $309.5M | $403.2M | ||
| Q4 24 | — | $414.3M | ||
| Q3 24 | $302.2M | $435.5M | ||
| Q2 24 | $274.4M | $421.4M | ||
| Q1 24 | $262.9M | $388.7M |
净利润VNETVVV
| Q4 25 | — | $-32.8M | ||
| Q3 25 | $-38.7M | $25.0M | ||
| Q2 25 | — | $56.5M | ||
| Q1 25 | $-2.4M | $37.6M | ||
| Q4 24 | — | $91.6M | ||
| Q3 24 | $-2.1M | $92.3M | ||
| Q2 24 | $-1.1M | $45.9M | ||
| Q1 24 | $-22.0M | $41.4M |
毛利率VNETVVV
| Q4 25 | — | 37.4% | ||
| Q3 25 | 20.9% | 39.1% | ||
| Q2 25 | — | 40.5% | ||
| Q1 25 | 25.2% | 37.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | 23.2% | 39.1% | ||
| Q2 24 | 21.3% | 39.7% | ||
| Q1 24 | 21.6% | 37.6% |
营业利润率VNETVVV
| Q4 25 | — | 4.0% | ||
| Q3 25 | 0.5% | 18.6% | ||
| Q2 25 | — | 21.6% | ||
| Q1 25 | 0.1% | 16.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | 24.5% | 30.9% | ||
| Q2 24 | 0.2% | 22.2% | ||
| Q1 24 | 0.2% | 19.7% |
净利率VNETVVV
| Q4 25 | — | -7.1% | ||
| Q3 25 | -10.7% | 5.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | -0.8% | 9.3% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | -0.7% | 21.2% | ||
| Q2 24 | -0.4% | 10.9% | ||
| Q1 24 | -8.4% | 10.7% |
每股收益（稀释后）VNETVVV
| Q4 25 | — | $-0.26 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.44 | ||
| Q1 25 | — | $0.29 | ||
| Q4 24 | — | $0.71 | ||
| Q3 24 | — | $0.70 | ||
| Q2 24 | — | $0.35 | ||
| Q1 24 | — | $0.32 |
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 | $69.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $307.6M |
| 总资产 | $6.1B | $3.4B |
| 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VNETVVV
| Q4 25 | — | $69.9M | ||
| Q3 25 | $492.1M | $51.6M | ||
| Q2 25 | — | $68.3M | ||
| Q1 25 | $544.3M | $61.9M | ||
| Q4 24 | — | $60.0M | ||
| Q3 24 | $219.5M | $68.3M | ||
| Q2 24 | $247.2M | $65.7M | ||
| Q1 24 | $246.9M | $494.5M |
总债务VNETVVV
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETVVV
| Q4 25 | — | $307.6M | ||
| Q3 25 | $890.8M | $338.5M | ||
| Q2 25 | — | $313.6M | ||
| Q1 25 | $927.8M | $248.7M | ||
| Q4 24 | — | $229.8M | ||
| Q3 24 | $902.9M | $185.6M | ||
| Q2 24 | $900.6M | $106.5M | ||
| Q1 24 | $895.1M | $60.1M |
总资产VNETVVV
| Q4 25 | — | $3.4B | ||
| Q3 25 | $6.1B | $2.7B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | $5.4B | $2.5B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $4.3B | $2.4B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $3.9B | $2.8B |
负债/权益比VNETVVV
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $64.8M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $7.4M |
| 自由现金流率自由现金流/营收 | -53.2% | 1.6% |
| 资本支出强度资本支出/营收 | 84.6% | 12.4% |
| 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 | $57.8M |
8季度趋势，按日历期对齐
经营现金流VNETVVV
| Q4 25 | — | $64.8M | ||
| Q3 25 | $113.8M | $121.9M | ||
| Q2 25 | — | $86.9M | ||
| Q1 25 | $27.0M | $47.2M | ||
| Q4 24 | — | $41.2M | ||
| Q3 24 | $108.3M | $101.3M | ||
| Q2 24 | $55.8M | $75.6M | ||
| Q1 24 | $37.1M | $68.3M |
自由现金流VNETVVV
| Q4 25 | — | $7.4M | ||
| Q3 25 | $-193.1M | $23.0M | ||
| Q2 25 | — | $32.0M | ||
| Q1 25 | $-220.0M | $-4.6M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | $-95.0M | $29.9M | ||
| Q2 24 | $-81.6M | $9.8M | ||
| Q1 24 | $-102.2M | $23.4M |
自由现金流率VNETVVV
| Q4 25 | — | 1.6% | ||
| Q3 25 | -53.2% | 5.1% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | -71.1% | -1.1% | ||
| Q4 24 | — | -3.0% | ||
| Q3 24 | -31.4% | 6.9% | ||
| Q2 24 | -29.8% | 2.3% | ||
| Q1 24 | -38.9% | 6.0% |
资本支出强度VNETVVV
| Q4 25 | — | 12.4% | ||
| Q3 25 | 84.6% | 21.8% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | 79.8% | 12.8% | ||
| Q4 24 | — | 12.9% | ||
| Q3 24 | 67.3% | 16.4% | ||
| Q2 24 | 50.1% | 15.6% | ||
| Q1 24 | 53.0% | 11.6% |
现金转化率VNETVVV
| Q4 25 | — | — | ||
| Q3 25 | — | 4.88× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.65× | ||
| Q1 24 | — | 1.65× |
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
VVV
| Oil Change And Related Fees | $337.7M | 73% |
| Non Oil Change And Related Fees | $100.5M | 22% |
| Franchise Fees And Other | $23.6M | 5% |
