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世纪互联（VNET）与WEBTOON Entertainment Inc.（WBTN）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WEBTOON Entertainment Inc.的1.1倍（$362.7M vs $330.7M），世纪互联净利率更高（-10.7% vs -93.0%，领先82.3%），WEBTOON Entertainment Inc.自由现金流更多（$7.0M vs $-193.1M）
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。
WEBTOON Entertainment Inc.运营的WEBTOON是由NAVER公司2004年推出的韩美共享网络漫画平台，提供网络漫画及短篇数字漫画内容刊载服务。平台由NAVER及NAVER与软银集团合资的LY集团共同控股，总部位于美国洛杉矶，用户可通过Webtoons.com官网及安卓、iOS端移动应用免费访问使用。
VNET vs WBTN — 直观对比
营收规模更大
VNET
是对方的1.1倍
$330.7M
净利率更高
VNET
高出82.3%
-93.0%
自由现金流更多
WBTN
多$200.1M
$-193.1M
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $330.7M |
| 净利润 | $-38.7M | $-307.6M |
| 毛利率 | 20.9% | 24.3% |
| 营业利润率 | 0.5% | -4.0% |
| 净利率 | -10.7% | -93.0% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $-2.37 |
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VNETWBTN
| Q4 25 | — | $330.7M | ||
| Q3 25 | $362.7M | $378.0M | ||
| Q2 25 | — | $348.3M | ||
| Q1 25 | $309.5M | $325.7M | ||
| Q3 24 | $302.2M | $347.9M | ||
| Q2 24 | $274.4M | $321.0M | ||
| Q1 24 | $262.9M | — | ||
| Q3 23 | $258.6M | — |
净利润VNETWBTN
| Q4 25 | — | $-307.6M | ||
| Q3 25 | $-38.7M | $-11.6M | ||
| Q2 25 | — | $-4.3M | ||
| Q1 25 | $-2.4M | $-22.4M | ||
| Q3 24 | $-2.1M | $19.8M | ||
| Q2 24 | $-1.1M | $-76.9M | ||
| Q1 24 | $-22.0M | — | ||
| Q3 23 | $-5.5M | — |
毛利率VNETWBTN
| Q4 25 | — | 24.3% | ||
| Q3 25 | 20.9% | 21.9% | ||
| Q2 25 | — | 25.1% | ||
| Q1 25 | 25.2% | 22.0% | ||
| Q3 24 | 23.2% | 26.3% | ||
| Q2 24 | 21.3% | 25.9% | ||
| Q1 24 | 21.6% | — | ||
| Q3 23 | 16.2% | — |
营业利润率VNETWBTN
| Q4 25 | — | -4.0% | ||
| Q3 25 | 0.5% | -3.9% | ||
| Q2 25 | — | -2.5% | ||
| Q1 25 | 0.1% | -8.2% | ||
| Q3 24 | 24.5% | -2.3% | ||
| Q2 24 | 0.2% | -24.6% | ||
| Q1 24 | 0.2% | — | ||
| Q3 23 | 1.7% | — |
净利率VNETWBTN
| Q4 25 | — | -93.0% | ||
| Q3 25 | -10.7% | -3.1% | ||
| Q2 25 | — | -1.2% | ||
| Q1 25 | -0.8% | -6.9% | ||
| Q3 24 | -0.7% | 5.7% | ||
| Q2 24 | -0.4% | -24.0% | ||
| Q1 24 | -8.4% | — | ||
| Q3 23 | -2.1% | — |
每股收益（稀释后）VNETWBTN
| Q4 25 | — | $-2.37 | ||
| Q3 25 | — | $-0.09 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.17 | ||
| Q3 24 | — | $0.15 | ||
| Q2 24 | — | $-0.70 | ||
| Q1 24 | — | — | ||
| Q3 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 | $581.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $1.2B |
| 总资产 | $6.1B | $1.6B |
| 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VNETWBTN
| Q4 25 | — | $581.8M | ||
| Q3 25 | $492.1M | $584.6M | ||
| Q2 25 | — | $581.5M | ||
| Q1 25 | $544.3M | $550.1M | ||
| Q3 24 | $219.5M | $585.5M | ||
| Q2 24 | $247.2M | $572.3M | ||
| Q1 24 | $246.9M | — | ||
| Q3 23 | $370.4M | — |
总债务VNETWBTN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
股东权益VNETWBTN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $890.8M | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $927.8M | $1.5B | ||
| Q3 24 | $902.9M | $1.6B | ||
| Q2 24 | $900.6M | $1.5B | ||
| Q1 24 | $895.1M | — | ||
| Q3 23 | $942.7M | — |
总资产VNETWBTN
| Q4 25 | — | $1.6B | ||
| Q3 25 | $6.1B | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | $5.4B | $1.9B | ||
| Q3 24 | $4.3B | $2.1B | ||
| Q2 24 | $4.0B | $2.0B | ||
| Q1 24 | $3.9B | — | ||
| Q3 23 | $4.1B | — |
负债/权益比VNETWBTN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 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 | $7.6M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $7.0M |
| 自由现金流率自由现金流/营收 | -53.2% | 2.1% |
| 资本支出强度资本支出/营收 | 84.6% | 0.2% |
| 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 | $3.6M |
8季度趋势，按日历期对齐
经营现金流VNETWBTN
| Q4 25 | — | $7.6M | ||
| Q3 25 | $113.8M | $16.5M | ||
| Q2 25 | — | $5.7M | ||
| Q1 25 | $27.0M | $-18.7M | ||
| Q3 24 | $108.3M | $4.1M | ||
| Q2 24 | $55.8M | — | ||
| Q1 24 | $37.1M | — | ||
| Q3 23 | $62.3M | — |
自由现金流VNETWBTN
| Q4 25 | — | $7.0M | ||
| Q3 25 | $-193.1M | $11.8M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | $-220.0M | $-19.2M | ||
| Q3 24 | $-95.0M | $3.5M | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — | ||
| Q3 23 | $-67.5M | — |
自由现金流率VNETWBTN
| Q4 25 | — | 2.1% | ||
| Q3 25 | -53.2% | 3.1% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | -71.1% | -5.9% | ||
| Q3 24 | -31.4% | 1.0% | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — | ||
| Q3 23 | -26.1% | — |
资本支出强度VNETWBTN
| Q4 25 | — | 0.2% | ||
| Q3 25 | 84.6% | 1.2% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 79.8% | 0.2% | ||
| Q3 24 | 67.3% | 0.2% | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — | ||
| Q3 23 | 50.2% | — |
现金转化率VNETWBTN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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
WBTN
| Other | $158.3M | 48% |
| KR | $125.7M | 38% |
| IP Adaptations | $25.4M | 8% |
| Related Party | $21.3M | 6% |
