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世纪互联（VNET）与EXPRO GROUP HOLDINGS N.V.（XPRO）财务数据对比。点击上方公司名可切换其他公司
EXPRO GROUP HOLDINGS N.V.的季度营收约是世纪互联的1.1倍（$382.1M vs $362.7M），EXPRO GROUP HOLDINGS N.V.净利率更高（1.5% vs -10.7%，领先12.2%），EXPRO GROUP HOLDINGS N.V.自由现金流更多（$23.2M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -0.2%）
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。
Expro是一家能源服务提供商，总部位于美国得克萨斯州休斯敦，主要为油气等能源领域的客户提供相关技术服务与解决方案，业务覆盖全球多个主要能源产区，助力行业实现高效、安全的开发运营。
VNET vs XPRO — 直观对比
营收规模更大
XPRO
是对方的1.1倍
$362.7M
净利率更高
XPRO
高出12.2%
-10.7%
自由现金流更多
XPRO
多$216.3M
$-193.1M
两年增速更快
VNET
近两年复合增速
-0.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $382.1M |
| 净利润 | $-38.7M | $5.8M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 3.1% |
| 净利率 | -10.7% | 1.5% |
| 营收同比 | — | -12.5% |
| 净利润同比 | — | -74.9% |
| 每股收益（稀释后） | — | $0.05 |
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VNETXPRO
| Q4 25 | — | $382.1M | ||
| Q3 25 | $362.7M | $411.4M | ||
| Q2 25 | — | $422.7M | ||
| Q1 25 | $309.5M | $390.9M | ||
| Q4 24 | — | $436.8M | ||
| Q3 24 | $302.2M | $422.8M | ||
| Q2 24 | $274.4M | $469.6M | ||
| Q1 24 | $262.9M | $383.5M |
净利润VNETXPRO
| Q4 25 | — | $5.8M | ||
| Q3 25 | $-38.7M | $14.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | $-2.4M | $13.9M | ||
| Q4 24 | — | $23.0M | ||
| Q3 24 | $-2.1M | $16.3M | ||
| Q2 24 | $-1.1M | $15.3M | ||
| Q1 24 | $-22.0M | $-2.7M |
毛利率VNETXPRO
| 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VNETXPRO
| Q4 25 | — | 3.1% | ||
| Q3 25 | 0.5% | 6.4% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | 0.1% | 2.6% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 24.5% | 6.2% | ||
| Q2 24 | 0.2% | 5.9% | ||
| Q1 24 | 0.2% | 2.2% |
净利率VNETXPRO
| Q4 25 | — | 1.5% | ||
| Q3 25 | -10.7% | 3.4% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | -0.8% | 3.6% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | -0.7% | 3.8% | ||
| Q2 24 | -0.4% | 3.3% | ||
| Q1 24 | -8.4% | -0.7% |
每股收益（稀释后）VNETXPRO
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.12 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $0.20 | ||
| Q3 24 | — | $0.14 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.02 |
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 | $196.1M |
| 总债务越低越好 | — | $79.1M |
| 股东权益账面价值 | $890.8M | $1.5B |
| 总资产 | $6.1B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资VNETXPRO
| Q4 25 | — | $196.1M | ||
| Q3 25 | $492.1M | $197.9M | ||
| Q2 25 | — | $206.8M | ||
| Q1 25 | $544.3M | $179.3M | ||
| Q4 24 | — | $183.0M | ||
| Q3 24 | $219.5M | $165.7M | ||
| Q2 24 | $247.2M | $133.5M | ||
| Q1 24 | $246.9M | $163.2M |
总债务VNETXPRO
| Q4 25 | — | $79.1M | ||
| Q3 25 | — | $99.1M | ||
| Q2 25 | — | $121.1M | ||
| Q1 25 | — | $121.1M | ||
| Q4 24 | — | $121.1M | ||
| Q3 24 | $1.2B | $121.1M | ||
| Q2 24 | — | $121.1M | ||
| Q1 24 | — | $40.0M |
股东权益VNETXPRO
| Q4 25 | — | $1.5B | ||
| Q3 25 | $890.8M | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $927.8M | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $902.9M | $1.5B | ||
| Q2 24 | $900.6M | $1.5B | ||
| Q1 24 | $895.1M | $1.3B |
总资产VNETXPRO
| Q4 25 | — | $2.3B | ||
| Q3 25 | $6.1B | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | $5.4B | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $4.3B | $2.3B | ||
| Q2 24 | $4.0B | $2.3B | ||
| Q1 24 | $3.9B | $2.0B |
负债/权益比VNETXPRO
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | 1.28× | 0.08× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.03× |
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 | $57.1M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $23.2M |
| 自由现金流率自由现金流/营收 | -53.2% | 6.1% |
| 资本支出强度资本支出/营收 | 84.6% | 8.9% |
| 现金转化率经营现金流/净利润 | — | 9.89× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $97.8M |
8季度趋势，按日历期对齐
经营现金流VNETXPRO
| Q4 25 | — | $57.1M | ||
| Q3 25 | $113.8M | $63.2M | ||
| Q2 25 | — | $48.4M | ||
| Q1 25 | $27.0M | $41.5M | ||
| Q4 24 | — | $97.4M | ||
| Q3 24 | $108.3M | $55.3M | ||
| Q2 24 | $55.8M | $-13.2M | ||
| Q1 24 | $37.1M | $29.9M |
自由现金流VNETXPRO
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-193.1M | $39.0M | ||
| Q2 25 | — | $27.2M | ||
| Q1 25 | $-220.0M | $8.4M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | $-95.0M | $23.3M | ||
| Q2 24 | $-81.6M | $-49.5M | ||
| Q1 24 | $-102.2M | $-801.0K |
自由现金流率VNETXPRO
| Q4 25 | — | 6.1% | ||
| Q3 25 | -53.2% | 9.5% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | -71.1% | 2.1% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | -31.4% | 5.5% | ||
| Q2 24 | -29.8% | -10.5% | ||
| Q1 24 | -38.9% | -0.2% |
资本支出强度VNETXPRO
| Q4 25 | — | 8.9% | ||
| Q3 25 | 84.6% | 5.9% | ||
| Q2 25 | — | 5.0% | ||
| Q1 25 | 79.8% | 8.5% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 67.3% | 7.6% | ||
| Q2 24 | 50.1% | 7.7% | ||
| Q1 24 | 53.0% | 8.0% |
现金转化率VNETXPRO
| Q4 25 | — | 9.89× | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 2.69× | ||
| Q1 25 | — | 2.98× | ||
| Q4 24 | — | 4.23× | ||
| Q3 24 | — | 3.40× | ||
| Q2 24 | — | -0.86× | ||
| 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
XPRO
| NLA | $130.3M | 34% |
| ESSA | $116.3M | 30% |
| MENA | $93.0M | 24% |
| Other | $42.5M | 11% |
