vs
世纪互联（VNET）与WW INTERNATIONAL, INC.（WW）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WW INTERNATIONAL, INC.的2.0倍（$362.7M vs $184.3M），世纪互联净利率更高（-10.7% vs -30.5%，领先19.9%），WW INTERNATIONAL, INC.自由现金流更多（$8.4M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -7.4%）
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。
WW国际前身为慧俪轻体国际，是一家总部位于美国的全球性企业，主营减重与体重管理、健身及心态调整相关服务，核心产品为慧俪轻体综合减重饮食方案。公司由纽约皇后区的家庭主妇珍·妮德奇于1963年创立，截至2019年，其服务包含手机应用及网站线上方案、线上或电话指导、线下见面会三种模式。
VNET vs WW — 直观对比
营收规模更大
VNET
是对方的2.0倍
$184.3M
净利率更高
VNET
高出19.9%
-30.5%
自由现金流更多
WW
多$201.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
-7.4%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $184.3M |
| 净利润 | $-38.7M | $-56.3M |
| 毛利率 | 20.9% | 72.2% |
| 营业利润率 | 0.5% | 5.8% |
| 净利率 | -10.7% | -30.5% |
| 营收同比 | — | -4.5% |
| 净利润同比 | — | -21.8% |
| 每股收益（稀释后） | — | $-5.63 |
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VNETWW
| Q3 25 | $362.7M | $184.3M | ||
| Q1 25 | $309.5M | $186.6M | ||
| Q4 24 | — | $184.4M | ||
| Q3 24 | $302.2M | $192.9M | ||
| Q2 24 | $274.4M | $202.1M | ||
| Q1 24 | $262.9M | $206.5M | ||
| Q4 23 | — | $226.8M | ||
| Q3 23 | $258.6M | $214.9M |
净利润VNETWW
| Q3 25 | $-38.7M | $-56.3M | ||
| Q1 25 | $-2.4M | $-72.6M | ||
| Q4 24 | — | $25.1M | ||
| Q3 24 | $-2.1M | $-46.2M | ||
| Q2 24 | $-1.1M | $23.3M | ||
| Q1 24 | $-22.0M | $-347.9M | ||
| Q4 23 | — | — | ||
| Q3 23 | $-5.5M | $43.7M |
毛利率VNETWW
| Q3 25 | 20.9% | 72.2% | ||
| Q1 25 | 25.2% | 71.2% | ||
| Q4 24 | — | 69.7% | ||
| Q3 24 | 23.2% | 67.1% | ||
| Q2 24 | 21.3% | 67.9% | ||
| Q1 24 | 21.6% | 66.7% | ||
| Q4 23 | — | 63.1% | ||
| Q3 23 | 16.2% | 66.0% |
营业利润率VNETWW
| Q3 25 | 0.5% | 5.8% | ||
| Q1 25 | 0.1% | -10.8% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | 24.5% | -20.2% | ||
| Q2 24 | 0.2% | 17.8% | ||
| Q1 24 | 0.2% | -130.4% | ||
| Q4 23 | — | — | ||
| Q3 23 | 1.7% | 14.2% |
净利率VNETWW
| Q3 25 | -10.7% | -30.5% | ||
| Q1 25 | -0.8% | -38.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | -0.7% | -23.9% | ||
| Q2 24 | -0.4% | 11.5% | ||
| Q1 24 | -8.4% | -168.4% | ||
| Q4 23 | — | — | ||
| Q3 23 | -2.1% | 20.4% |
每股收益（稀释后）VNETWW
| Q3 25 | — | $-5.63 | ||
| Q1 25 | — | $-0.91 | ||
| Q4 24 | — | $0.34 | ||
| Q3 24 | — | $-0.58 | ||
| Q2 24 | — | $0.29 | ||
| Q1 24 | — | $-4.39 | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $0.54 |
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 | $170.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $323.0M |
| 总资产 | $6.1B | $968.8M |
| 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VNETWW
| Q3 25 | $492.1M | $170.1M | ||
| Q1 25 | $544.3M | $236.3M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | $219.5M | $57.2M | ||
| Q2 24 | $247.2M | $42.7M | ||
| Q1 24 | $246.9M | $66.6M | ||
| Q4 23 | — | $109.4M | ||
| Q3 23 | $370.4M | $107.5M |
总债务VNETWW
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B | ||
| Q4 23 | — | $1.4B | ||
| Q3 23 | — | $1.4B |
股东权益VNETWW
| Q3 25 | $890.8M | $323.0M | ||
| Q1 25 | $927.8M | $-1.2B | ||
| Q4 24 | — | $-1.1B | ||
| Q3 24 | $902.9M | $-1.1B | ||
| Q2 24 | $900.6M | $-1.1B | ||
| Q1 24 | $895.1M | $-1.1B | ||
| Q4 23 | — | $-761.1M | ||
| Q3 23 | $942.7M | $-675.2M |
总资产VNETWW
| Q3 25 | $6.1B | $968.8M | ||
| Q1 25 | $5.4B | $696.9M | ||
| Q4 24 | — | $550.3M | ||
| Q3 24 | $4.3B | $562.4M | ||
| Q2 24 | $4.0B | $614.3M | ||
| Q1 24 | $3.9B | $654.2M | ||
| Q4 23 | — | $982.0M | ||
| Q3 23 | $4.1B | $1.0B |
负债/权益比VNETWW
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
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 | $8.4M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $8.4M |
| 自由现金流率自由现金流/营收 | -53.2% | 4.6% |
| 资本支出强度资本支出/营收 | 84.6% | 0.0% |
| 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 | $44.3M |
8季度趋势，按日历期对齐
经营现金流VNETWW
| Q3 25 | $113.8M | $8.4M | ||
| Q1 25 | $27.0M | $15.0M | ||
| Q4 24 | — | $4.6M | ||
| Q3 24 | $108.3M | $16.5M | ||
| Q2 24 | $55.8M | $-1.9M | ||
| Q1 24 | $37.1M | $-36.0M | ||
| Q4 23 | — | $6.7M | ||
| Q3 23 | $62.3M | $25.6M |
自由现金流VNETWW
| Q3 25 | $-193.1M | $8.4M | ||
| Q1 25 | $-220.0M | $15.0M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $-95.0M | $16.4M | ||
| Q2 24 | $-81.6M | $-2.2M | ||
| Q1 24 | $-102.2M | $-36.5M | ||
| Q4 23 | — | $4.2M | ||
| Q3 23 | $-67.5M | $24.4M |
自由现金流率VNETWW
| Q3 25 | -53.2% | 4.6% | ||
| Q1 25 | -71.1% | 8.0% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | -31.4% | 8.5% | ||
| Q2 24 | -29.8% | -1.1% | ||
| Q1 24 | -38.9% | -17.7% | ||
| Q4 23 | — | 1.9% | ||
| Q3 23 | -26.1% | 11.4% |
资本支出强度VNETWW
| Q3 25 | 84.6% | 0.0% | ||
| Q1 25 | 79.8% | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 67.3% | 0.1% | ||
| Q2 24 | 50.1% | 0.1% | ||
| Q1 24 | 53.0% | 0.2% | ||
| Q4 23 | — | 1.1% | ||
| Q3 23 | 50.2% | 0.5% |
现金转化率VNETWW
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.08× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 0.58× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
