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世纪互联（VNET）与Wingstop Inc.（WING）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Wingstop Inc.的2.0倍（$362.7M vs $183.7M），Wingstop Inc.净利率更高（16.3% vs -10.7%，领先26.9%），过去两年世纪互联的营收复合增速更高（17.4% vs 8.6%）
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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
VNET vs WING — 直观对比
营收规模更大
VNET
是对方的2.0倍
$183.7M
净利率更高
WING
高出26.9%
-10.7%
两年增速更快
VNET
近两年复合增速
8.6%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $183.7M |
| 净利润 | $-38.7M | $29.9M |
| 毛利率 | 20.9% | 86.5% |
| 营业利润率 | 0.5% | 27.4% |
| 净利率 | -10.7% | 16.3% |
| 营收同比 | — | 7.4% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $1.08 |
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VNETWING
| Q1 26 | — | $183.7M | ||
| Q4 25 | — | $175.7M | ||
| Q3 25 | $362.7M | $175.7M | ||
| Q2 25 | — | $174.3M | ||
| Q1 25 | $309.5M | $171.1M | ||
| Q4 24 | — | $161.8M | ||
| Q3 24 | $302.2M | $162.5M | ||
| Q2 24 | $274.4M | $155.7M |
净利润VNETWING
| Q1 26 | — | $29.9M | ||
| Q4 25 | — | $26.8M | ||
| Q3 25 | $-38.7M | $28.5M | ||
| Q2 25 | — | $26.8M | ||
| Q1 25 | $-2.4M | $92.3M | ||
| Q4 24 | — | $26.8M | ||
| Q3 24 | $-2.1M | $25.7M | ||
| Q2 24 | $-1.1M | $27.5M |
毛利率VNETWING
| Q1 26 | — | 86.5% | ||
| Q4 25 | — | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | 23.2% | 85.0% | ||
| Q2 24 | 21.3% | 85.4% |
营业利润率VNETWING
| Q1 26 | — | 27.4% | ||
| Q4 25 | — | 26.7% | ||
| Q3 25 | 0.5% | 27.9% | ||
| Q2 25 | — | 25.9% | ||
| Q1 25 | 0.1% | 22.4% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | 24.5% | 24.5% | ||
| Q2 24 | 0.2% | 26.5% |
净利率VNETWING
| Q1 26 | — | 16.3% | ||
| Q4 25 | — | 15.2% | ||
| Q3 25 | -10.7% | 16.2% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | -0.8% | 53.9% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | -0.7% | 15.8% | ||
| Q2 24 | -0.4% | 17.7% |
每股收益（稀释后）VNETWING
| Q1 26 | — | $1.08 | ||
| Q4 25 | — | $0.99 | ||
| Q3 25 | — | $1.02 | ||
| Q2 25 | — | $0.96 | ||
| Q1 25 | — | $3.24 | ||
| Q4 24 | — | $0.91 | ||
| Q3 24 | — | $0.88 | ||
| Q2 24 | — | $0.93 |
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 | $128.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | — |
| 总资产 | $6.1B | $648.9M |
| 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VNETWING
| Q1 26 | — | $128.8M | ||
| Q4 25 | — | $196.6M | ||
| Q3 25 | $492.1M | $237.6M | ||
| Q2 25 | — | $227.9M | ||
| Q1 25 | $544.3M | $251.4M | ||
| Q4 24 | — | $315.9M | ||
| Q3 24 | $219.5M | $84.0M | ||
| Q2 24 | $247.2M | $96.7M |
总债务VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — |
股东权益VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | $-736.8M | ||
| Q3 25 | $890.8M | $-702.6M | ||
| Q2 25 | — | $-686.0M | ||
| Q1 25 | $927.8M | $-715.0M | ||
| Q4 24 | — | $-675.6M | ||
| Q3 24 | $902.9M | $-447.5M | ||
| Q2 24 | $900.6M | $-437.5M |
总资产VNETWING
| Q1 26 | — | $648.9M | ||
| Q4 25 | — | $693.4M | ||
| Q3 25 | $6.1B | $721.0M | ||
| Q2 25 | — | $708.3M | ||
| Q1 25 | $5.4B | $696.8M | ||
| Q4 24 | — | $716.2M | ||
| Q3 24 | $4.3B | $484.8M | ||
| Q2 24 | $4.0B | $451.8M |
负债/权益比VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 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 | — |
| 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 | — | — |
| 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VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | $57.3M | ||
| Q3 25 | $113.8M | $63.9M | ||
| Q2 25 | — | $6.6M | ||
| Q1 25 | $27.0M | $25.3M | ||
| Q4 24 | — | $7.7M | ||
| Q3 24 | $108.3M | $69.0M | ||
| Q2 24 | $55.8M | $36.2M |
自由现金流VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | $34.5M | ||
| Q3 25 | $-193.1M | $61.7M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | $-220.0M | $17.3M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | $-95.0M | $54.9M | ||
| Q2 24 | $-81.6M | $25.9M |
自由现金流率VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | 19.6% | ||
| Q3 25 | -53.2% | 35.1% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | -71.1% | 10.1% | ||
| Q4 24 | — | -5.3% | ||
| Q3 24 | -31.4% | 33.8% | ||
| Q2 24 | -29.8% | 16.6% |
资本支出强度VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | 13.0% | ||
| Q3 25 | 84.6% | 1.3% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | 79.8% | 4.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | 67.3% | 8.7% | ||
| Q2 24 | 50.1% | 6.6% |
现金转化率VNETWING
| Q1 26 | — | — | ||
| Q4 25 | — | 2.14× | ||
| Q3 25 | — | 2.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 2.68× | ||
| Q2 24 | — | 1.32× |
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
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
