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世纪互联（VNET）与威立（WLY）财务数据对比。点击上方公司名可切换其他公司
威立的季度营收约是世纪互联的1.2倍（$421.8M vs $362.7M），威立净利率更高（10.6% vs -10.7%，领先21.3%），威立自由现金流更多（$-4.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.3%）
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。
约翰威立国际出版公司是美国跨国出版企业，1807年成立，专注于学术出版与教学资料发行。业务覆盖纸质和电子形式的图书、期刊、百科全书，同时面向本科生、研究生及继续教育群体提供线上产品与服务、培训材料和教育资源，在全球学术与教育出版领域拥有深厚积累。
VNET vs WLY — 直观对比
营收规模更大
WLY
是对方的1.2倍
$362.7M
净利率更高
WLY
高出21.3%
-10.7%
自由现金流更多
WLY
多$188.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.3%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $421.8M |
| 净利润 | $-38.7M | $44.9M |
| 毛利率 | 20.9% | 75.2% |
| 营业利润率 | 0.5% | 17.3% |
| 净利率 | -10.7% | 10.6% |
| 营收同比 | — | -1.1% |
| 净利润同比 | — | 11.0% |
| 每股收益（稀释后） | — | $0.84 |
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VNETWLY
| Q4 25 | — | $421.8M | ||
| Q3 25 | $362.7M | $396.8M | ||
| Q2 25 | — | $442.6M | ||
| Q1 25 | $309.5M | $404.6M | ||
| Q4 24 | — | $426.6M | ||
| Q3 24 | $302.2M | $403.8M | ||
| Q2 24 | $274.4M | $468.5M | ||
| Q1 24 | $262.9M | $460.7M |
净利润VNETWLY
| Q4 25 | — | $44.9M | ||
| Q3 25 | $-38.7M | $11.7M | ||
| Q2 25 | — | $68.1M | ||
| Q1 25 | $-2.4M | $-23.0M | ||
| Q4 24 | — | $40.5M | ||
| Q3 24 | $-2.1M | $-1.4M | ||
| Q2 24 | $-1.1M | $25.3M | ||
| Q1 24 | $-22.0M | $-113.9M |
毛利率VNETWLY
| Q4 25 | — | 75.2% | ||
| Q3 25 | 20.9% | 72.5% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | 25.2% | 74.2% | ||
| Q4 24 | — | 74.9% | ||
| Q3 24 | 23.2% | 73.0% | ||
| Q2 24 | 21.3% | 73.7% | ||
| Q1 24 | 21.6% | 68.8% |
营业利润率VNETWLY
| Q4 25 | — | 17.3% | ||
| Q3 25 | 0.5% | 7.8% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | 0.1% | 12.8% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | 24.5% | 7.2% | ||
| Q2 24 | 0.2% | 14.7% | ||
| Q1 24 | 0.2% | -10.1% |
净利率VNETWLY
| Q4 25 | — | 10.6% | ||
| Q3 25 | -10.7% | 2.9% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | -0.8% | -5.7% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | -0.7% | -0.4% | ||
| Q2 24 | -0.4% | 5.4% | ||
| Q1 24 | -8.4% | -24.7% |
每股收益（稀释后）VNETWLY
| Q4 25 | — | $0.84 | ||
| Q3 25 | — | $0.22 | ||
| Q2 25 | — | $1.25 | ||
| Q1 25 | — | $-0.43 | ||
| Q4 24 | — | $0.74 | ||
| Q3 24 | — | $-0.03 | ||
| Q2 24 | — | $0.45 | ||
| Q1 24 | — | $-2.08 |
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 | $67.4M |
| 总债务越低越好 | — | $871.7M |
| 股东权益账面价值 | $890.8M | $740.2M |
| 总资产 | $6.1B | $2.5B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资VNETWLY
| Q4 25 | — | $67.4M | ||
| Q3 25 | $492.1M | $81.8M | ||
| Q2 25 | — | $85.9M | ||
| Q1 25 | $544.3M | $104.5M | ||
| Q4 24 | — | $75.5M | ||
| Q3 24 | $219.5M | $82.5M | ||
| Q2 24 | $247.2M | $83.2M | ||
| Q1 24 | $246.9M | $93.1M |
总债务VNETWLY
| Q4 25 | — | $871.7M | ||
| Q3 25 | — | $828.3M | ||
| Q2 25 | — | $799.4M | ||
| Q1 25 | — | $887.2M | ||
| Q4 24 | — | $961.0M | ||
| Q3 24 | $1.2B | $918.6M | ||
| Q2 24 | — | $774.6M | ||
| Q1 24 | — | $906.8M |
股东权益VNETWLY
| Q4 25 | — | $740.2M | ||
| Q3 25 | $890.8M | $733.1M | ||
| Q2 25 | — | $752.2M | ||
| Q1 25 | $927.8M | $685.2M | ||
| Q4 24 | — | $755.3M | ||
| Q3 24 | $902.9M | $713.7M | ||
| Q2 24 | $900.6M | $739.7M | ||
| Q1 24 | $895.1M | $748.3M |
总资产VNETWLY
| Q4 25 | — | $2.5B | ||
| Q3 25 | $6.1B | $2.5B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | $5.4B | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $4.3B | $2.7B | ||
| Q2 24 | $4.0B | $2.7B | ||
| Q1 24 | $3.9B | $2.7B |
负债/权益比VNETWLY
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.06× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 1.28× | 1.29× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.21× |
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 | $8.5M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-4.6M |
| 自由现金流率自由现金流/营收 | -53.2% | -1.1% |
| 资本支出强度资本支出/营收 | 84.6% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $162.5M |
8季度趋势，按日历期对齐
经营现金流VNETWLY
| Q4 25 | — | $8.5M | ||
| Q3 25 | $113.8M | $-85.0M | ||
| Q2 25 | — | $150.3M | ||
| Q1 25 | $27.0M | $146.2M | ||
| Q4 24 | — | $-5.3M | ||
| Q3 24 | $108.3M | $-88.7M | ||
| Q2 24 | $55.8M | $183.3M | ||
| Q1 24 | $37.1M | $107.8M |
自由现金流VNETWLY
| Q4 25 | — | $-4.6M | ||
| Q3 25 | $-193.1M | $-97.0M | ||
| Q2 25 | — | $131.2M | ||
| Q1 25 | $-220.0M | $132.9M | ||
| Q4 24 | — | $-19.8M | ||
| Q3 24 | $-95.0M | $-103.2M | ||
| Q2 24 | $-81.6M | $164.5M | ||
| Q1 24 | $-102.2M | $90.9M |
自由现金流率VNETWLY
| Q4 25 | — | -1.1% | ||
| Q3 25 | -53.2% | -24.4% | ||
| Q2 25 | — | 29.6% | ||
| Q1 25 | -71.1% | 32.9% | ||
| Q4 24 | — | -4.6% | ||
| Q3 24 | -31.4% | -25.6% | ||
| Q2 24 | -29.8% | 35.1% | ||
| Q1 24 | -38.9% | 19.7% |
资本支出强度VNETWLY
| Q4 25 | — | 3.1% | ||
| Q3 25 | 84.6% | 3.0% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | 79.8% | 3.3% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | 67.3% | 3.6% | ||
| Q2 24 | 50.1% | 4.0% | ||
| Q1 24 | 53.0% | 3.7% |
现金转化率VNETWLY
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | -7.27× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.25× | ||
| Q1 24 | — | — |
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
WLY
| Research Publishing | $241.4M | 57% |
| Academic Products | $87.0M | 21% |
| Professional Products | $56.2M | 13% |
| Research Solutions | $37.1M | 9% |
