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世纪互联（VNET）与渥弗林（WWW）财务数据对比。点击上方公司名可切换其他公司
渥弗林的季度营收约是世纪互联的1.4倍（$517.5M vs $362.7M），渥弗林净利率更高（6.1% vs -10.7%，领先16.8%），渥弗林自由现金流更多（$145.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 14.5%）
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。
渥弗林是一家国际知名的鞋履、服饰及配饰设计、生产与销售企业，旗下拥有迈乐、斯佩里、索康尼、暇步士等多个知名品牌，覆盖户外休闲、日常穿搭、工装、运动等消费领域，产品通过线上线下渠道及批发网络销往全球。
VNET vs WWW — 直观对比
营收规模更大
WWW
是对方的1.4倍
$362.7M
净利率更高
WWW
高出16.8%
-10.7%
自由现金流更多
WWW
多$338.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
14.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $517.5M |
| 净利润 | $-38.7M | $31.8M |
| 毛利率 | 20.9% | 47.3% |
| 营业利润率 | 0.5% | 9.7% |
| 净利率 | -10.7% | 6.1% |
| 营收同比 | — | 25.5% |
| 净利润同比 | — | 162.8% |
| 每股收益（稀释后） | — | $0.37 |
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VNETWWW
| Q1 26 | — | $517.5M | ||
| Q3 25 | $362.7M | $470.3M | ||
| Q2 25 | — | $474.2M | ||
| Q1 25 | $309.5M | $412.3M | ||
| Q4 24 | — | $494.7M | ||
| Q3 24 | $302.2M | $440.2M | ||
| Q2 24 | $274.4M | $425.2M | ||
| Q1 24 | $262.9M | $394.9M |
净利润VNETWWW
| Q1 26 | — | $31.8M | ||
| Q3 25 | $-38.7M | $25.1M | ||
| Q2 25 | — | $26.8M | ||
| Q1 25 | $-2.4M | $12.1M | ||
| Q4 24 | — | $23.1M | ||
| Q3 24 | $-2.1M | $23.2M | ||
| Q2 24 | $-1.1M | $13.8M | ||
| Q1 24 | $-22.0M | $-14.9M |
毛利率VNETWWW
| Q1 26 | — | 47.3% | ||
| Q3 25 | 20.9% | 47.5% | ||
| Q2 25 | — | 47.2% | ||
| Q1 25 | 25.2% | 47.2% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | 23.2% | 45.1% | ||
| Q2 24 | 21.3% | 43.1% | ||
| Q1 24 | 21.6% | 45.9% |
营业利润率VNETWWW
| Q1 26 | — | 9.7% | ||
| Q3 25 | 0.5% | 8.4% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 0.1% | 4.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | 24.5% | 7.9% | ||
| Q2 24 | 0.2% | 6.8% | ||
| Q1 24 | 0.2% | -0.8% |
净利率VNETWWW
| Q1 26 | — | 6.1% | ||
| Q3 25 | -10.7% | 5.3% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | -0.8% | 2.9% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | -0.7% | 5.3% | ||
| Q2 24 | -0.4% | 3.2% | ||
| Q1 24 | -8.4% | -3.8% |
每股收益（稀释后）VNETWWW
| Q1 26 | — | $0.37 | ||
| Q3 25 | — | $0.30 | ||
| Q2 25 | — | $0.32 | ||
| Q1 25 | — | $0.15 | ||
| Q4 24 | — | $0.29 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | — | $-0.19 |
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 | — |
| 总债务越低越好 | — | $621.7M |
| 股东权益账面价值 | $890.8M | $408.0M |
| 总资产 | $6.1B | $1.7B |
| 负债/权益比越低杠杆越低 | — | 1.52× |
8季度趋势，按日历期对齐
现金及短期投资VNETWWW
| Q1 26 | — | — | ||
| Q3 25 | $492.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $544.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $219.5M | — | ||
| Q2 24 | $247.2M | — | ||
| Q1 24 | $246.9M | — |
总债务VNETWWW
| Q1 26 | — | $621.7M | ||
| Q3 25 | — | $676.4M | ||
| Q2 25 | — | $708.5M | ||
| Q1 25 | — | $710.8M | ||
| Q4 24 | — | $648.0M | ||
| Q3 24 | $1.2B | $702.8M | ||
| Q2 24 | — | $814.7M | ||
| Q1 24 | — | $856.9M |
股东权益VNETWWW
| Q1 26 | — | $408.0M | ||
| Q3 25 | $890.8M | $376.7M | ||
| Q2 25 | — | $344.0M | ||
| Q1 25 | $927.8M | $310.6M | ||
| Q4 24 | — | $312.9M | ||
| Q3 24 | $902.9M | $295.2M | ||
| Q2 24 | $900.6M | $262.1M | ||
| Q1 24 | $895.1M | $252.5M |
总资产VNETWWW
| Q1 26 | — | $1.7B | ||
| Q3 25 | $6.1B | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $5.4B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $4.3B | $1.8B | ||
| Q2 24 | $4.0B | $1.8B | ||
| Q1 24 | $3.9B | $1.9B |
负债/权益比VNETWWW
| Q1 26 | — | 1.52× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 2.29× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | 1.28× | 2.38× | ||
| Q2 24 | — | 3.11× | ||
| Q1 24 | — | 3.39× |
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 | $146.2M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $145.6M |
| 自由现金流率自由现金流/营收 | -53.2% | 28.1% |
| 资本支出强度资本支出/营收 | 84.6% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 4.60× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $125.5M |
8季度趋势，按日历期对齐
经营现金流VNETWWW
| Q1 26 | — | $146.2M | ||
| Q3 25 | $113.8M | $33.0M | ||
| Q2 25 | — | $44.6M | ||
| Q1 25 | $27.0M | $-83.8M | ||
| Q4 24 | — | $82.4M | ||
| Q3 24 | $108.3M | $108.2M | ||
| Q2 24 | $55.8M | $26.7M | ||
| Q1 24 | $37.1M | $-37.2M |
自由现金流VNETWWW
| Q1 26 | — | $145.6M | ||
| Q3 25 | $-193.1M | $30.1M | ||
| Q2 25 | — | $41.2M | ||
| Q1 25 | $-220.0M | $-91.4M | ||
| Q4 24 | — | $74.4M | ||
| Q3 24 | $-95.0M | $104.1M | ||
| Q2 24 | $-81.6M | $23.7M | ||
| Q1 24 | $-102.2M | $-42.3M |
自由现金流率VNETWWW
| Q1 26 | — | 28.1% | ||
| Q3 25 | -53.2% | 6.4% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | -71.1% | -22.2% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | -31.4% | 23.6% | ||
| Q2 24 | -29.8% | 5.6% | ||
| Q1 24 | -38.9% | -10.7% |
资本支出强度VNETWWW
| Q1 26 | — | 0.1% | ||
| Q3 25 | 84.6% | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | 79.8% | 1.8% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 67.3% | 0.9% | ||
| Q2 24 | 50.1% | 0.7% | ||
| Q1 24 | 53.0% | 1.3% |
现金转化率VNETWWW
| Q1 26 | — | 4.60× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 1.66× | ||
| Q1 25 | — | -6.93× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | — | 1.93× | ||
| 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
WWW
| Sales Channel Through Intermediary | $230.2M | 44% |
| Sales Channel Directly To Consumer | $142.6M | 28% |
| Work Group | $134.0M | 26% |
| Other | $10.7M | 2% |
