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世纪互联（VNET）与Xometry, Inc.（XMTR）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Xometry, Inc.的1.9倍（$362.7M vs $192.4M），Xometry, Inc.净利率更高（-4.5% vs -10.7%，领先6.2%），Xometry, Inc.自由现金流更多（$-5.9M vs $-193.1M），过去两年Xometry, Inc.的营收复合增速更高（25.2% vs 17.4%）
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。
Xometry是一家按需制造零部件采购线上平台，服务覆盖原型研发到规模化生产的全流程需求，为各行业客户高效匹配制造产能，简化定制零部件的采购流程，助力企业缩短产品落地周期。
VNET vs XMTR — 直观对比
营收规模更大
VNET
是对方的1.9倍
$192.4M
净利率更高
XMTR
高出6.2%
-10.7%
自由现金流更多
XMTR
多$187.2M
$-193.1M
两年增速更快
XMTR
近两年复合增速
17.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $192.4M |
| 净利润 | $-38.7M | $-8.6M |
| 毛利率 | 20.9% | 39.1% |
| 营业利润率 | 0.5% | -4.6% |
| 净利率 | -10.7% | -4.5% |
| 营收同比 | — | 29.5% |
| 净利润同比 | — | 12.7% |
| 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VNETXMTR
| Q4 25 | — | $192.4M | ||
| Q3 25 | $362.7M | $180.7M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | $309.5M | $151.0M | ||
| Q4 24 | — | $148.5M | ||
| Q3 24 | $302.2M | $141.7M | ||
| Q2 24 | $274.4M | $132.6M | ||
| Q1 24 | $262.9M | $122.7M |
净利润VNETXMTR
| Q4 25 | — | $-8.6M | ||
| Q3 25 | $-38.7M | $-11.6M | ||
| Q2 25 | — | $-26.4M | ||
| Q1 25 | $-2.4M | $-15.1M | ||
| Q4 24 | — | $-9.9M | ||
| Q3 24 | $-2.1M | $-10.2M | ||
| Q2 24 | $-1.1M | $-13.7M | ||
| Q1 24 | $-22.0M | $-16.6M |
毛利率VNETXMTR
| Q4 25 | — | 39.1% | ||
| Q3 25 | 20.9% | 39.9% | ||
| Q2 25 | — | 40.1% | ||
| Q1 25 | 25.2% | 37.3% | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | 23.2% | 39.4% | ||
| Q2 24 | 21.3% | 39.9% | ||
| Q1 24 | 21.6% | 39.0% |
营业利润率VNETXMTR
| Q4 25 | — | -4.6% | ||
| Q3 25 | 0.5% | -6.1% | ||
| Q2 25 | — | -6.3% | ||
| Q1 25 | 0.1% | -10.2% | ||
| Q4 24 | — | -7.8% | ||
| Q3 24 | 24.5% | -8.1% | ||
| Q2 24 | 0.2% | -11.5% | ||
| Q1 24 | 0.2% | -14.6% |
净利率VNETXMTR
| Q4 25 | — | -4.5% | ||
| Q3 25 | -10.7% | -6.4% | ||
| Q2 25 | — | -16.3% | ||
| Q1 25 | -0.8% | -10.0% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | -0.7% | -7.2% | ||
| Q2 24 | -0.4% | -10.3% | ||
| Q1 24 | -8.4% | -13.5% |
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 | $219.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $275.6M |
| 总资产 | $6.1B | $703.7M |
| 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VNETXMTR
| Q4 25 | — | $219.1M | ||
| Q3 25 | $492.1M | $224.5M | ||
| Q2 25 | — | $225.8M | ||
| Q1 25 | $544.3M | $231.4M | ||
| Q4 24 | — | $239.8M | ||
| Q3 24 | $219.5M | $234.0M | ||
| Q2 24 | $247.2M | $240.9M | ||
| Q1 24 | $246.9M | $253.8M |
总债务VNETXMTR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETXMTR
| Q4 25 | — | $275.6M | ||
| Q3 25 | $890.8M | $272.0M | ||
| Q2 25 | — | $270.4M | ||
| Q1 25 | $927.8M | $309.9M | ||
| Q4 24 | — | $314.5M | ||
| Q3 24 | $902.9M | $315.2M | ||
| Q2 24 | $900.6M | $315.8M | ||
| Q1 24 | $895.1M | $320.4M |
总资产VNETXMTR
| Q4 25 | — | $703.7M | ||
| Q3 25 | $6.1B | $698.9M | ||
| Q2 25 | — | $687.0M | ||
| Q1 25 | $5.4B | $690.1M | ||
| Q4 24 | — | $680.1M | ||
| Q3 24 | $4.3B | $678.2M | ||
| Q2 24 | $4.0B | $678.6M | ||
| Q1 24 | $3.9B | $692.5M |
负债/权益比VNETXMTR
| 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 | $4.4M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-5.9M |
| 自由现金流率自由现金流/营收 | -53.2% | -3.0% |
| 资本支出强度资本支出/营收 | 84.6% | 5.3% |
| 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 | $-24.1M |
8季度趋势，按日历期对齐
经营现金流VNETXMTR
| Q4 25 | — | $4.4M | ||
| Q3 25 | $113.8M | $5.8M | ||
| Q2 25 | — | $-427.0K | ||
| Q1 25 | $27.0M | $-3.7M | ||
| Q4 24 | — | $9.1M | ||
| Q3 24 | $108.3M | $-3.6M | ||
| Q2 24 | $55.8M | $-9.1M | ||
| Q1 24 | $37.1M | $-11.7M |
自由现金流VNETXMTR
| Q4 25 | — | $-5.9M | ||
| Q3 25 | $-193.1M | $-1.7M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | $-220.0M | $-9.2M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $-95.0M | $-8.4M | ||
| Q2 24 | $-81.6M | $-13.5M | ||
| Q1 24 | $-102.2M | $-16.1M |
自由现金流率VNETXMTR
| Q4 25 | — | -3.0% | ||
| Q3 25 | -53.2% | -0.9% | ||
| Q2 25 | — | -4.5% | ||
| Q1 25 | -71.1% | -6.1% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | -31.4% | -6.0% | ||
| Q2 24 | -29.8% | -10.2% | ||
| Q1 24 | -38.9% | -13.1% |
资本支出强度VNETXMTR
| Q4 25 | — | 5.3% | ||
| Q3 25 | 84.6% | 4.1% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | 79.8% | 3.6% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | 67.3% | 3.4% | ||
| Q2 24 | 50.1% | 3.3% | ||
| Q1 24 | 53.0% | 3.5% |
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
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
