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世纪互联（VNET）与温德姆酒店及度假村集团（WH）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温德姆酒店及度假村集团的1.1倍（$362.7M vs $334.0M），世纪互联净利率更高（-10.7% vs -18.0%，领先7.3%），温德姆酒店及度假村集团自由现金流更多（$168.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.6%）
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。
温德姆酒店及度假村集团是总部位于美国新泽西州帕西帕尼的酒店企业，自称是全球规模最大的酒店特许经营商，在全球范围内共设有9100家门店，旗下拥有多个酒店及度假住宿品牌，服务全球各地的出行旅客。
VNET vs WH — 直观对比
营收规模更大
VNET
是对方的1.1倍
$334.0M
净利率更高
VNET
高出7.3%
-18.0%
自由现金流更多
WH
多$361.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.6%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $334.0M |
| 净利润 | $-38.7M | $-60.0M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | — |
| 净利率 | -10.7% | -18.0% |
| 营收同比 | — | -76.3% |
| 净利润同比 | — | -170.6% |
| 每股收益（稀释后） | — | $-0.80 |
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VNETWH
| Q1 26 | — | $334.0M | ||
| Q4 25 | — | $334.0M | ||
| Q3 25 | $362.7M | $382.0M | ||
| Q2 25 | — | $397.0M | ||
| Q1 25 | $309.5M | $316.0M | ||
| Q4 24 | — | $336.0M | ||
| Q3 24 | $302.2M | $396.0M | ||
| Q2 24 | $274.4M | $367.0M |
净利润VNETWH
| Q1 26 | — | $-60.0M | ||
| Q4 25 | — | $-60.0M | ||
| Q3 25 | $-38.7M | $105.0M | ||
| Q2 25 | — | $87.0M | ||
| Q1 25 | $-2.4M | $61.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | $-2.1M | $102.0M | ||
| Q2 24 | $-1.1M | $86.0M |
毛利率VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.3% | — |
营业利润率VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | -11.4% | ||
| Q3 25 | 0.5% | 46.6% | ||
| Q2 25 | — | 37.8% | ||
| Q1 25 | 0.1% | 35.4% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | 24.5% | 43.2% | ||
| Q2 24 | 0.2% | 39.5% |
净利率VNETWH
| Q1 26 | — | -18.0% | ||
| Q4 25 | — | -18.0% | ||
| Q3 25 | -10.7% | 27.5% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | -0.8% | 19.3% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | -0.7% | 25.8% | ||
| Q2 24 | -0.4% | 23.4% |
每股收益（稀释后）VNETWH
| Q1 26 | — | $-0.80 | ||
| Q4 25 | — | $-0.77 | ||
| Q3 25 | — | $1.36 | ||
| Q2 25 | — | $1.13 | ||
| Q1 25 | — | $0.78 | ||
| Q4 24 | — | $1.06 | ||
| Q3 24 | — | $1.29 | ||
| Q2 24 | — | $1.07 |
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 | $64.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $468.0M |
| 总资产 | $6.1B | $4.2B |
| 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VNETWH
| Q1 26 | — | $64.0M | ||
| Q4 25 | — | $64.0M | ||
| Q3 25 | $492.1M | $70.0M | ||
| Q2 25 | — | $50.0M | ||
| Q1 25 | $544.3M | $48.0M | ||
| Q4 24 | — | $103.0M | ||
| Q3 24 | $219.5M | $72.0M | ||
| Q2 24 | $247.2M | $70.0M |
总债务VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | — | $2.4B |
股东权益VNETWH
| Q1 26 | — | $468.0M | ||
| Q4 25 | — | $468.0M | ||
| Q3 25 | $890.8M | $583.0M | ||
| Q2 25 | — | $570.0M | ||
| Q1 25 | $927.8M | $579.0M | ||
| Q4 24 | — | $650.0M | ||
| Q3 24 | $902.9M | $583.0M | ||
| Q2 24 | $900.6M | $623.0M |
总资产VNETWH
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | $6.1B | $4.3B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $5.4B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $4.3B | $4.2B | ||
| Q2 24 | $4.0B | $4.2B |
负债/权益比VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | 1.28× | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | $367.0M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $168.0M |
| 自由现金流率自由现金流/营收 | -53.2% | 50.3% |
| 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 | $437.0M |
8季度趋势，按日历期对齐
经营现金流VNETWH
| Q1 26 | — | $367.0M | ||
| Q4 25 | — | $152.0M | ||
| Q3 25 | $113.8M | $86.0M | ||
| Q2 25 | — | $70.0M | ||
| Q1 25 | $27.0M | $59.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | $108.3M | $79.0M | ||
| Q2 24 | $55.8M | $1.0M |
自由现金流VNETWH
| Q1 26 | — | $168.0M | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | $-193.1M | $75.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $-220.0M | $52.0M | ||
| Q4 24 | — | $109.0M | ||
| Q3 24 | $-95.0M | $71.0M | ||
| Q2 24 | $-81.6M | $-6.0M |
自由现金流率VNETWH
| Q1 26 | — | 50.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | -53.2% | 19.6% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | -71.1% | 16.5% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | -31.4% | 17.9% | ||
| Q2 24 | -29.8% | -1.6% |
资本支出强度VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 84.6% | 2.9% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | 79.8% | 2.2% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | 67.3% | 2.0% | ||
| Q2 24 | 50.1% | 1.9% |
现金转化率VNETWH
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | — | 0.01× |
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
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
