vs
世纪互联（VNET）与沃茨水工业（WTS）财务数据对比。点击上方公司名可切换其他公司
沃茨水工业的季度营收约是世纪互联的1.7倍（$625.1M vs $362.7M），沃茨水工业净利率更高（13.4% vs -10.7%，领先24.1%），沃茨水工业自由现金流更多（$140.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 4.6%）
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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
VNET vs WTS — 直观对比
营收规模更大
WTS
是对方的1.7倍
$362.7M
净利率更高
WTS
高出24.1%
-10.7%
自由现金流更多
WTS
多$333.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
4.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $625.1M |
| 净利润 | $-38.7M | $83.7M |
| 毛利率 | 20.9% | 49.5% |
| 营业利润率 | 0.5% | 18.2% |
| 净利率 | -10.7% | 13.4% |
| 营收同比 | — | 15.7% |
| 净利润同比 | — | 24.0% |
| 每股收益（稀释后） | — | $2.50 |
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VNETWTS
| Q4 25 | — | $625.1M | ||
| Q3 25 | $362.7M | $611.7M | ||
| Q2 25 | — | $643.7M | ||
| Q1 25 | $309.5M | $558.0M | ||
| Q4 24 | — | $540.4M | ||
| Q3 24 | $302.2M | $543.6M | ||
| Q2 24 | $274.4M | $597.3M | ||
| Q1 24 | $262.9M | $570.9M |
净利润VNETWTS
| Q4 25 | — | $83.7M | ||
| Q3 25 | $-38.7M | $82.2M | ||
| Q2 25 | — | $100.9M | ||
| Q1 25 | $-2.4M | $74.0M | ||
| Q4 24 | — | $67.5M | ||
| Q3 24 | $-2.1M | $69.1M | ||
| Q2 24 | $-1.1M | $82.0M | ||
| Q1 24 | $-22.0M | $72.6M |
毛利率VNETWTS
| Q4 25 | — | 49.5% | ||
| Q3 25 | 20.9% | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | 25.2% | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | 23.2% | 47.3% | ||
| Q2 24 | 21.3% | 47.7% | ||
| Q1 24 | 21.6% | 46.9% |
营业利润率VNETWTS
| Q4 25 | — | 18.2% | ||
| Q3 25 | 0.5% | 18.2% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | 0.1% | 15.7% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 24.5% | 17.1% | ||
| Q2 24 | 0.2% | 18.7% | ||
| Q1 24 | 0.2% | 16.9% |
净利率VNETWTS
| Q4 25 | — | 13.4% | ||
| Q3 25 | -10.7% | 13.4% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | -0.8% | 13.3% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | -0.7% | 12.7% | ||
| Q2 24 | -0.4% | 13.7% | ||
| Q1 24 | -8.4% | 12.7% |
每股收益（稀释后）VNETWTS
| Q4 25 | — | $2.50 | ||
| Q3 25 | — | $2.45 | ||
| Q2 25 | — | $3.01 | ||
| Q1 25 | — | $2.21 | ||
| Q4 24 | — | $2.02 | ||
| Q3 24 | — | $2.06 | ||
| Q2 24 | — | $2.44 | ||
| Q1 24 | — | $2.17 |
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 | $405.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $2.0B |
| 总资产 | $6.1B | $2.9B |
| 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VNETWTS
| Q4 25 | — | $405.5M | ||
| Q3 25 | $492.1M | $457.7M | ||
| Q2 25 | — | $369.3M | ||
| Q1 25 | $544.3M | $336.8M | ||
| Q4 24 | — | $386.9M | ||
| Q3 24 | $219.5M | $303.9M | ||
| Q2 24 | $247.2M | $279.4M | ||
| Q1 24 | $246.9M | $237.1M |
总债务VNETWTS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWTS
| Q4 25 | — | $2.0B | ||
| Q3 25 | $890.8M | $2.0B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | $927.8M | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $902.9M | $1.7B | ||
| Q2 24 | $900.6M | $1.6B | ||
| Q1 24 | $895.1M | $1.6B |
总资产VNETWTS
| Q4 25 | — | $2.9B | ||
| Q3 25 | $6.1B | $2.7B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | $5.4B | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $4.3B | $2.4B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $3.9B | $2.3B |
负债/权益比VNETWTS
| 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 | $154.7M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $140.3M |
| 自由现金流率自由现金流/营收 | -53.2% | 22.4% |
| 资本支出强度资本支出/营收 | 84.6% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 1.85× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $356.3M |
8季度趋势，按日历期对齐
经营现金流VNETWTS
| Q4 25 | — | $154.7M | ||
| Q3 25 | $113.8M | $122.4M | ||
| Q2 25 | — | $69.7M | ||
| Q1 25 | $27.0M | $55.2M | ||
| Q4 24 | — | $139.5M | ||
| Q3 24 | $108.3M | $90.7M | ||
| Q2 24 | $55.8M | $85.3M | ||
| Q1 24 | $37.1M | $45.6M |
自由现金流VNETWTS
| Q4 25 | — | $140.3M | ||
| Q3 25 | $-193.1M | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | $-220.0M | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | $-95.0M | $84.3M | ||
| Q2 24 | $-81.6M | $78.5M | ||
| Q1 24 | $-102.2M | $35.5M |
自由现金流率VNETWTS
| Q4 25 | — | 22.4% | ||
| Q3 25 | -53.2% | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | -71.1% | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | -31.4% | 15.5% | ||
| Q2 24 | -29.8% | 13.1% | ||
| Q1 24 | -38.9% | 6.2% |
资本支出强度VNETWTS
| Q4 25 | — | 2.3% | ||
| Q3 25 | 84.6% | 1.9% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | 79.8% | 1.7% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 67.3% | 1.2% | ||
| Q2 24 | 50.1% | 1.1% | ||
| Q1 24 | 53.0% | 1.8% |
现金转化率VNETWTS
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.63× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
