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世纪互联（VNET）与XPLR Infrastructure, LP（XIFR）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XPLR Infrastructure, LP的1.5倍（$362.7M vs $249.0M），XPLR Infrastructure, LP净利率更高（11.2% vs -10.7%，领先21.9%），XPLR Infrastructure, LP自由现金流更多（$-88.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -1.6%）
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。
XPLR Infrastructure, LP是NextEra Energy旗下公开上市的子公司，总部位于佛罗里达州朱诺海滩，是一家专注可再生能源领域的企业。
VNET vs XIFR — 直观对比
营收规模更大
VNET
是对方的1.5倍
$249.0M
净利率更高
XIFR
高出21.9%
-10.7%
自由现金流更多
XIFR
多$105.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-1.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $249.0M |
| 净利润 | $-38.7M | $28.0M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | -19.3% |
| 净利率 | -10.7% | 11.2% |
| 营收同比 | — | -15.3% |
| 净利润同比 | — | 124.3% |
| 每股收益（稀释后） | — | — |
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VNETXIFR
| Q4 25 | — | $249.0M | ||
| Q3 25 | $362.7M | $315.0M | ||
| Q2 25 | — | $342.0M | ||
| Q1 25 | $309.5M | $282.0M | ||
| Q4 24 | — | $294.0M | ||
| Q3 24 | $302.2M | $319.0M | ||
| Q2 24 | $274.4M | $360.0M | ||
| Q1 24 | $262.9M | $257.0M |
净利润VNETXIFR
| Q4 25 | — | $28.0M | ||
| Q3 25 | $-38.7M | $-37.0M | ||
| Q2 25 | — | $79.0M | ||
| Q1 25 | $-2.4M | $-98.0M | ||
| Q4 24 | — | $-115.0M | ||
| Q3 24 | $-2.1M | $-40.0M | ||
| Q2 24 | $-1.1M | $62.0M | ||
| Q1 24 | $-22.0M | $70.0M |
毛利率VNETXIFR
| Q4 25 | — | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 21.6% | — |
营业利润率VNETXIFR
| Q4 25 | — | -19.3% | ||
| Q3 25 | 0.5% | 1.6% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | 0.1% | -82.6% | ||
| Q4 24 | — | -188.1% | ||
| Q3 24 | 24.5% | 15.4% | ||
| Q2 24 | 0.2% | 18.3% | ||
| Q1 24 | 0.2% | -8.2% |
净利率VNETXIFR
| Q4 25 | — | 11.2% | ||
| Q3 25 | -10.7% | -11.7% | ||
| Q2 25 | — | 23.1% | ||
| Q1 25 | -0.8% | -34.8% | ||
| Q4 24 | — | -39.1% | ||
| Q3 24 | -0.7% | -12.5% | ||
| Q2 24 | -0.4% | 17.2% | ||
| Q1 24 | -8.4% | 27.2% |
每股收益（稀释后）VNETXIFR
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.40 | ||
| Q2 25 | — | $0.84 | ||
| Q1 25 | — | $-1.05 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.43 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $0.75 |
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 | $960.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $890.8M | $10.9B |
| 总资产 | $6.1B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资VNETXIFR
| Q4 25 | — | $960.0M | ||
| Q3 25 | $492.1M | $711.0M | ||
| Q2 25 | — | $880.0M | ||
| Q1 25 | $544.3M | $1.5B | ||
| Q4 24 | — | $283.0M | ||
| Q3 24 | $219.5M | $290.0M | ||
| Q2 24 | $247.2M | $281.0M | ||
| Q1 24 | $246.9M | $245.0M |
总债务VNETXIFR
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETXIFR
| Q4 25 | — | $10.9B | ||
| Q3 25 | $890.8M | $11.0B | ||
| Q2 25 | — | $11.3B | ||
| Q1 25 | $927.8M | $12.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | $902.9M | $13.6B | ||
| Q2 24 | $900.6M | $13.9B | ||
| Q1 24 | $895.1M | $14.0B |
总资产VNETXIFR
| Q4 25 | — | $19.6B | ||
| Q3 25 | $6.1B | $19.1B | ||
| Q2 25 | — | $20.5B | ||
| Q1 25 | $5.4B | $21.4B | ||
| Q4 24 | — | $20.3B | ||
| Q3 24 | $4.3B | $20.9B | ||
| Q2 24 | $4.0B | $21.7B | ||
| Q1 24 | $3.9B | $22.3B |
负债/权益比VNETXIFR
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| 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 | $186.0M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-88.0M |
| 自由现金流率自由现金流/营收 | -53.2% | -35.3% |
| 资本支出强度资本支出/营收 | 84.6% | 110.0% |
| 现金转化率经营现金流/净利润 | — | 6.64× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $-219.0M |
8季度趋势，按日历期对齐
经营现金流VNETXIFR
| Q4 25 | — | $186.0M | ||
| Q3 25 | $113.8M | $231.0M | ||
| Q2 25 | — | $232.0M | ||
| Q1 25 | $27.0M | $90.0M | ||
| Q4 24 | — | $283.0M | ||
| Q3 24 | $108.3M | $208.0M | ||
| Q2 24 | $55.8M | $231.0M | ||
| Q1 24 | $37.1M | $78.0M |
自由现金流VNETXIFR
| Q4 25 | — | $-88.0M | ||
| Q3 25 | $-193.1M | $-283.0M | ||
| Q2 25 | — | $151.0M | ||
| Q1 25 | $-220.0M | $1.0M | ||
| Q4 24 | — | $231.0M | ||
| Q3 24 | $-95.0M | $152.0M | ||
| Q2 24 | $-81.6M | $162.0M | ||
| Q1 24 | $-102.2M | $14.0M |
自由现金流率VNETXIFR
| Q4 25 | — | -35.3% | ||
| Q3 25 | -53.2% | -89.8% | ||
| Q2 25 | — | 44.2% | ||
| Q1 25 | -71.1% | 0.4% | ||
| Q4 24 | — | 78.6% | ||
| Q3 24 | -31.4% | 47.6% | ||
| Q2 24 | -29.8% | 45.0% | ||
| Q1 24 | -38.9% | 5.4% |
资本支出强度VNETXIFR
| Q4 25 | — | 110.0% | ||
| Q3 25 | 84.6% | 163.2% | ||
| Q2 25 | — | 23.7% | ||
| Q1 25 | 79.8% | 31.6% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | 67.3% | 17.6% | ||
| Q2 24 | 50.1% | 19.2% | ||
| Q1 24 | 53.0% | 24.9% |
现金转化率VNETXIFR
| Q4 25 | — | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
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
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
