vs
世纪互联（VNET）与Westlake Chemical Partners LP（WLKP）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Westlake Chemical Partners LP的1.1倍（$362.7M vs $323.0M），Westlake Chemical Partners LP净利率更高（4.5% vs -10.7%，领先15.2%），Westlake Chemical Partners LP自由现金流更多（$111.5M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 6.5%）
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。
Westlake Chemical Partners LP是一家石化领域有限合伙企业，主营乙烯、聚乙烯、苯乙烯单体等基础石化产品的生产与销售，核心市场覆盖北美地区，服务包装、建材、消费品、工业制造等下游行业客户。
VNET vs WLKP — 直观对比
营收规模更大
VNET
是对方的1.1倍
$323.0M
净利率更高
WLKP
高出15.2%
-10.7%
自由现金流更多
WLKP
多$304.6M
$-193.1M
两年增速更快
VNET
近两年复合增速
6.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $323.0M |
| 净利润 | $-38.7M | $14.5M |
| 毛利率 | 20.9% | 30.0% |
| 营业利润率 | 0.5% | 27.8% |
| 净利率 | -10.7% | 4.5% |
| 营收同比 | — | 11.4% |
| 净利润同比 | — | -3.0% |
| 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VNETWLKP
| Q4 25 | — | $323.0M | ||
| Q3 25 | $362.7M | $308.9M | ||
| Q2 25 | — | $297.1M | ||
| Q1 25 | $309.5M | $237.6M | ||
| Q4 24 | — | $290.1M | ||
| Q3 24 | $302.2M | $277.0M | ||
| Q2 24 | $274.4M | $284.2M | ||
| Q1 24 | $262.9M | $284.7M |
净利润VNETWLKP
| Q4 25 | — | $14.5M | ||
| Q3 25 | $-38.7M | $14.7M | ||
| Q2 25 | — | $14.6M | ||
| Q1 25 | $-2.4M | $4.9M | ||
| Q4 24 | — | $15.0M | ||
| Q3 24 | $-2.1M | $18.1M | ||
| Q2 24 | $-1.1M | $14.4M | ||
| Q1 24 | $-22.0M | $14.8M |
毛利率VNETWLKP
| Q4 25 | — | 30.0% | ||
| Q3 25 | 20.9% | 32.2% | ||
| Q2 25 | — | 32.8% | ||
| Q1 25 | 25.2% | 22.8% | ||
| Q4 24 | — | 34.0% | ||
| Q3 24 | 23.2% | 42.2% | ||
| Q2 24 | 21.3% | 35.6% | ||
| Q1 24 | 21.6% | 35.9% |
营业利润率VNETWLKP
| Q4 25 | — | 27.8% | ||
| Q3 25 | 0.5% | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | 0.1% | 19.6% | ||
| Q4 24 | — | 31.7% | ||
| Q3 24 | 24.5% | 39.6% | ||
| Q2 24 | 0.2% | 32.9% | ||
| Q1 24 | 0.2% | 33.4% |
净利率VNETWLKP
| Q4 25 | — | 4.5% | ||
| Q3 25 | -10.7% | 4.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | -0.8% | 2.1% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | -0.7% | 6.5% | ||
| Q2 24 | -0.4% | 5.1% | ||
| Q1 24 | -8.4% | 5.2% |
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 | $44.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | — |
| 总资产 | $6.1B | $1.3B |
| 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VNETWLKP
| Q4 25 | — | $44.3M | ||
| Q3 25 | $492.1M | $37.9M | ||
| Q2 25 | — | $36.6M | ||
| Q1 25 | $544.3M | $49.6M | ||
| Q4 24 | — | $58.3M | ||
| Q3 24 | $219.5M | $60.2M | ||
| Q2 24 | $247.2M | $66.0M | ||
| Q1 24 | $246.9M | $55.8M |
总债务VNETWLKP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWLKP
| Q4 25 | — | — | ||
| Q3 25 | $890.8M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $927.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $902.9M | — | ||
| Q2 24 | $900.6M | — | ||
| Q1 24 | $895.1M | — |
总资产VNETWLKP
| Q4 25 | — | $1.3B | ||
| Q3 25 | $6.1B | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $5.4B | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $4.3B | $1.3B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $3.9B | $1.3B |
负债/权益比VNETWLKP
| 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 | $120.4M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $111.5M |
| 自由现金流率自由现金流/营收 | -53.2% | 34.5% |
| 资本支出强度资本支出/营收 | 84.6% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 8.28× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $201.7M |
8季度趋势，按日历期对齐
经营现金流VNETWLKP
| Q4 25 | — | $120.4M | ||
| Q3 25 | $113.8M | $105.2M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | $27.0M | $45.8M | ||
| Q4 24 | — | $132.5M | ||
| Q3 24 | $108.3M | $126.1M | ||
| Q2 24 | $55.8M | $121.9M | ||
| Q1 24 | $37.1M | $104.6M |
自由现金流VNETWLKP
| Q4 25 | — | $111.5M | ||
| Q3 25 | $-193.1M | $75.6M | ||
| Q2 25 | — | $-15.3M | ||
| Q1 25 | $-220.0M | $29.8M | ||
| Q4 24 | — | $119.0M | ||
| Q3 24 | $-95.0M | $110.5M | ||
| Q2 24 | $-81.6M | $111.7M | ||
| Q1 24 | $-102.2M | $94.8M |
自由现金流率VNETWLKP
| Q4 25 | — | 34.5% | ||
| Q3 25 | -53.2% | 24.5% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | -71.1% | 12.6% | ||
| Q4 24 | — | 41.0% | ||
| Q3 24 | -31.4% | 39.9% | ||
| Q2 24 | -29.8% | 39.3% | ||
| Q1 24 | -38.9% | 33.3% |
资本支出强度VNETWLKP
| Q4 25 | — | 2.7% | ||
| Q3 25 | 84.6% | 9.6% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | 79.8% | 6.7% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 67.3% | 5.6% | ||
| Q2 24 | 50.1% | 3.6% | ||
| Q1 24 | 53.0% | 3.4% |
现金转化率VNETWLKP
| Q4 25 | — | 8.28× | ||
| Q3 25 | — | 7.18× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 9.25× | ||
| Q4 24 | — | 8.83× | ||
| Q3 24 | — | 6.95× | ||
| Q2 24 | — | 8.45× | ||
| Q1 24 | — | 7.05× |
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
WLKP
| Affiliated Entity | $296.9M | 92% |
| Nonrelated Party | $26.2M | 8% |
