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世纪互联（VNET）与Warby Parker Inc.（WRBY）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Warby Parker Inc.的1.7倍（$362.7M vs $212.0M），Warby Parker Inc.净利率更高（-2.8% vs -10.7%，领先7.9%），Warby Parker Inc.自由现金流更多（$8.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 2.9%）
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。
Warby Parker是总部位于纽约的美国眼镜品牌零售商，主营处方眼镜、隐形眼镜及太阳镜，还提供验光服务。品牌2010年创立之初仅在线上运营，目前约三分之二的收入来自276家线下实体门店，其中271家位于美国，5家位于加拿大，品牌未来计划开设900家门店，现有消费者规模228万，客单价约263美元。
VNET vs WRBY — 直观对比
营收规模更大
VNET
是对方的1.7倍
$212.0M
净利率更高
WRBY
高出7.9%
-10.7%
自由现金流更多
WRBY
多$201.2M
$-193.1M
两年增速更快
VNET
近两年复合增速
2.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $212.0M |
| 净利润 | $-38.7M | $-6.0M |
| 毛利率 | 20.9% | 52.4% |
| 营业利润率 | 0.5% | -3.2% |
| 净利率 | -10.7% | -2.8% |
| 营收同比 | — | 11.2% |
| 净利润同比 | — | 13.4% |
| 每股收益（稀释后） | — | $-0.06 |
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VNETWRBY
| Q4 25 | — | $212.0M | ||
| Q3 25 | $362.7M | $221.7M | ||
| Q2 25 | — | $214.5M | ||
| Q1 25 | $309.5M | $223.8M | ||
| Q4 24 | — | $190.6M | ||
| Q3 24 | $302.2M | $192.4M | ||
| Q2 24 | $274.4M | $188.2M | ||
| Q1 24 | $262.9M | $200.0M |
净利润VNETWRBY
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $-38.7M | $5.9M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | $-2.4M | $3.5M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | $-2.1M | $-4.1M | ||
| Q2 24 | $-1.1M | $-6.8M | ||
| Q1 24 | $-22.0M | $-2.7M |
毛利率VNETWRBY
| Q4 25 | — | 52.4% | ||
| Q3 25 | 20.9% | 54.1% | ||
| Q2 25 | — | 53.0% | ||
| Q1 25 | 25.2% | 56.3% | ||
| Q4 24 | — | 54.1% | ||
| Q3 24 | 23.2% | 54.5% | ||
| Q2 24 | 21.3% | 56.0% | ||
| Q1 24 | 21.6% | 56.7% |
营业利润率VNETWRBY
| Q4 25 | — | -3.2% | ||
| Q3 25 | 0.5% | 1.6% | ||
| Q2 25 | — | -2.1% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | 24.5% | -3.4% | ||
| Q2 24 | 0.2% | -4.8% | ||
| Q1 24 | 0.2% | -2.6% |
净利率VNETWRBY
| Q4 25 | — | -2.8% | ||
| Q3 25 | -10.7% | 2.6% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | -0.8% | 1.6% | ||
| Q4 24 | — | -3.6% | ||
| Q3 24 | -0.7% | -2.1% | ||
| Q2 24 | -0.4% | -3.6% | ||
| Q1 24 | -8.4% | -1.3% |
每股收益（稀释后）VNETWRBY
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $-0.03 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.02 |
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 | $286.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $367.7M |
| 总资产 | $6.1B | $720.9M |
| 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VNETWRBY
| Q4 25 | — | $286.4M | ||
| Q3 25 | $492.1M | $280.4M | ||
| Q2 25 | — | $286.4M | ||
| Q1 25 | $544.3M | $265.1M | ||
| Q4 24 | — | $254.2M | ||
| Q3 24 | $219.5M | $251.0M | ||
| Q2 24 | $247.2M | $238.0M | ||
| Q1 24 | $246.9M | $220.4M |
总债务VNETWRBY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWRBY
| Q4 25 | — | $367.7M | ||
| Q3 25 | $890.8M | $369.6M | ||
| Q2 25 | — | $361.5M | ||
| Q1 25 | $927.8M | $354.1M | ||
| Q4 24 | — | $340.1M | ||
| Q3 24 | $902.9M | $336.8M | ||
| Q2 24 | $900.6M | $329.4M | ||
| Q1 24 | $895.1M | $316.2M |
总资产VNETWRBY
| Q4 25 | — | $720.9M | ||
| Q3 25 | $6.1B | $706.9M | ||
| Q2 25 | — | $701.9M | ||
| Q1 25 | $5.4B | $682.8M | ||
| Q4 24 | — | $676.5M | ||
| Q3 24 | $4.3B | $638.0M | ||
| Q2 24 | $4.0B | $618.2M | ||
| Q1 24 | $3.9B | $592.9M |
负债/权益比VNETWRBY
| 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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $8.1M |
| 自由现金流率自由现金流/营收 | -53.2% | 3.8% |
| 资本支出强度资本支出/营收 | 84.6% | 7.1% |
| 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 | $43.7M |
8季度趋势，按日历期对齐
经营现金流VNETWRBY
| Q4 25 | — | $23.3M | ||
| Q3 25 | $113.8M | $18.0M | ||
| Q2 25 | — | $40.2M | ||
| Q1 25 | $27.0M | $29.4M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | $108.3M | $27.3M | ||
| Q2 24 | $55.8M | $31.6M | ||
| Q1 24 | $37.1M | $19.9M |
自由现金流VNETWRBY
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-193.1M | $-1.5M | ||
| Q2 25 | — | $23.9M | ||
| Q1 25 | $-220.0M | $13.2M | ||
| Q4 24 | — | $2.2M | ||
| Q3 24 | $-95.0M | $13.1M | ||
| Q2 24 | $-81.6M | $14.0M | ||
| Q1 24 | $-102.2M | $5.5M |
自由现金流率VNETWRBY
| Q4 25 | — | 3.8% | ||
| Q3 25 | -53.2% | -0.7% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | -71.1% | 5.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | -31.4% | 6.8% | ||
| Q2 24 | -29.8% | 7.4% | ||
| Q1 24 | -38.9% | 2.7% |
资本支出强度VNETWRBY
| Q4 25 | — | 7.1% | ||
| Q3 25 | 84.6% | 8.8% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | 79.8% | 7.2% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | 67.3% | 7.4% | ||
| Q2 24 | 50.1% | 9.4% | ||
| Q1 24 | 53.0% | 7.2% |
现金转化率VNETWRBY
| Q4 25 | — | — | ||
| Q3 25 | — | 3.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.46× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
WRBY
| Retail | $155.2M | 73% |
| E Commerce | $56.8M | 27% |
