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世纪互联（VNET）与Cactus, Inc.（WHD）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Cactus, Inc.的1.4倍（$362.7M vs $261.2M），Cactus, Inc.净利率更高（15.3% vs -10.7%，领先25.9%），过去两年世纪互联的营收复合增速更高（17.4% vs -2.4%）
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。
Cactus, Inc.旗下拥有Cactus Club Cafe，是源自加拿大不列颠哥伦比亚省北温哥华的高端休闲连锁餐饮品牌。目前品牌已在加拿大全境布局34家门店，覆盖不列颠哥伦比亚、阿尔伯塔、萨斯喀彻温、安大略等省份，同时在美国也设有门店，主打高品质休闲餐饮体验。
VNET vs WHD — 直观对比
营收规模更大
VNET
是对方的1.4倍
$261.2M
净利率更高
WHD
高出25.9%
-10.7%
两年增速更快
VNET
近两年复合增速
-2.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $261.2M |
| 净利润 | $-38.7M | $39.8M |
| 毛利率 | 20.9% | 36.2% |
| 营业利润率 | 0.5% | 22.9% |
| 净利率 | -10.7% | 15.3% |
| 营收同比 | — | -4.0% |
| 净利润同比 | — | -14.7% |
| 每股收益（稀释后） | — | — |
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VNETWHD
| Q4 25 | — | $261.2M | ||
| Q3 25 | $362.7M | $264.0M | ||
| Q2 25 | — | $273.6M | ||
| Q1 25 | $309.5M | $280.3M | ||
| Q4 24 | — | $272.1M | ||
| Q3 24 | $302.2M | $293.2M | ||
| Q2 24 | $274.4M | $290.4M | ||
| Q1 24 | $262.9M | $274.1M |
净利润VNETWHD
| Q4 25 | — | $39.8M | ||
| Q3 25 | $-38.7M | $41.6M | ||
| Q2 25 | — | $40.3M | ||
| Q1 25 | $-2.4M | $44.2M | ||
| Q4 24 | — | $46.7M | ||
| Q3 24 | $-2.1M | $49.9M | ||
| Q2 24 | $-1.1M | $49.8M | ||
| Q1 24 | $-22.0M | $39.0M |
毛利率VNETWHD
| Q4 25 | — | 36.2% | ||
| Q3 25 | 20.9% | 36.8% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | 25.2% | 38.4% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | 23.2% | 39.0% | ||
| Q2 24 | 21.3% | 39.2% | ||
| Q1 24 | 21.6% | 38.4% |
营业利润率VNETWHD
| Q4 25 | — | 22.9% | ||
| Q3 25 | 0.5% | 23.2% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | 0.1% | 24.5% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | 24.5% | 26.2% | ||
| Q2 24 | 0.2% | 27.5% | ||
| Q1 24 | 0.2% | 22.8% |
净利率VNETWHD
| Q4 25 | — | 15.3% | ||
| Q3 25 | -10.7% | 15.8% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | -0.8% | 15.8% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | -0.7% | 17.0% | ||
| Q2 24 | -0.4% | 17.2% | ||
| Q1 24 | -8.4% | 14.2% |
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 | $123.6M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $890.8M | $1.2B |
| 总资产 | $6.1B | $1.9B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资VNETWHD
| Q4 25 | — | $123.6M | ||
| Q3 25 | $492.1M | $445.6M | ||
| Q2 25 | — | $405.2M | ||
| Q1 25 | $544.3M | $347.7M | ||
| Q4 24 | — | $342.8M | ||
| Q3 24 | $219.5M | $303.4M | ||
| Q2 24 | $247.2M | $246.5M | ||
| Q1 24 | $246.9M | $194.3M |
总债务VNETWHD
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | $1.2B | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
股东权益VNETWHD
| Q4 25 | — | $1.2B | ||
| Q3 25 | $890.8M | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | $927.8M | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $902.9M | $1.0B | ||
| Q2 24 | $900.6M | $954.7M | ||
| Q1 24 | $895.1M | $893.4M |
总资产VNETWHD
| Q4 25 | — | $1.9B | ||
| Q3 25 | $6.1B | $1.9B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $5.4B | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $4.3B | $1.7B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $3.9B | $1.6B |
负债/权益比VNETWHD
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 1.28× | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $72.3M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | — |
| 自由现金流率自由现金流/营收 | -53.2% | — |
| 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 | — | 1.81× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | — |
8季度趋势，按日历期对齐
经营现金流VNETWHD
| Q4 25 | — | $72.3M | ||
| Q3 25 | $113.8M | $61.8M | ||
| Q2 25 | — | $82.8M | ||
| Q1 25 | $27.0M | $41.5M | ||
| Q4 24 | — | $66.6M | ||
| Q3 24 | $108.3M | $85.3M | ||
| Q2 24 | $55.8M | $78.0M | ||
| Q1 24 | $37.1M | $86.3M |
自由现金流VNETWHD
| Q4 25 | — | — | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-220.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — |
自由现金流率VNETWHD
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -71.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — |
资本支出强度VNETWHD
| Q4 25 | — | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 79.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — |
现金转化率VNETWHD
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | — | 2.05× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.71× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 2.21× |
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
WHD
| Products | $201.4M | 77% |
| Other | $40.8M | 16% |
| Rental Revenue | $19.0M | 7% |
