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世纪互联（VNET）与YELP INC（YELP）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YELP INC的1.0倍（$362.7M vs $360.0M），YELP INC净利率更高（10.5% vs -10.7%，领先21.2%），YELP INC自由现金流更多（$72.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 4.0%）
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。
Yelp Inc.是一家总部位于旧金山的美国企业，旗下运营Yelp.com网站与Yelp移动应用，主打用户生成的本地商户点评内容，同时还提供Yelp Guest Manager餐桌预订服务，为消费者和商家搭建双向信息对接的服务平台。
VNET vs YELP — 直观对比
营收规模更大
VNET
是对方的1.0倍
$360.0M
净利率更高
YELP
高出21.2%
-10.7%
自由现金流更多
YELP
多$265.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
4.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $360.0M |
| 净利润 | $-38.7M | $37.8M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 13.6% |
| 净利率 | -10.7% | 10.5% |
| 营收同比 | — | -0.5% |
| 净利润同比 | — | -10.5% |
| 每股收益（稀释后） | — | $0.60 |
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VNETYELP
| Q4 25 | — | $360.0M | ||
| Q3 25 | $362.7M | $376.0M | ||
| Q2 25 | — | $370.4M | ||
| Q1 25 | $309.5M | $358.5M | ||
| Q4 24 | — | $362.0M | ||
| Q3 24 | $302.2M | $360.3M | ||
| Q2 24 | $274.4M | $357.0M | ||
| Q1 24 | $262.9M | $332.8M |
净利润VNETYELP
| Q4 25 | — | $37.8M | ||
| Q3 25 | $-38.7M | $39.3M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | $-2.4M | $24.4M | ||
| Q4 24 | — | $42.2M | ||
| Q3 24 | $-2.1M | $38.4M | ||
| Q2 24 | $-1.1M | $38.0M | ||
| Q1 24 | $-22.0M | $14.2M |
毛利率VNETYELP
| 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VNETYELP
| Q4 25 | — | 13.6% | ||
| Q3 25 | 0.5% | 14.1% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | 0.1% | 8.2% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | 24.5% | 12.9% | ||
| Q2 24 | 0.2% | 11.1% | ||
| Q1 24 | 0.2% | 3.4% |
净利率VNETYELP
| Q4 25 | — | 10.5% | ||
| Q3 25 | -10.7% | 10.5% | ||
| Q2 25 | — | 11.9% | ||
| Q1 25 | -0.8% | 6.8% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | -0.7% | 10.7% | ||
| Q2 24 | -0.4% | 10.7% | ||
| Q1 24 | -8.4% | 4.3% |
每股收益（稀释后）VNETYELP
| Q4 25 | — | $0.60 | ||
| Q3 25 | — | $0.61 | ||
| Q2 25 | — | $0.67 | ||
| Q1 25 | — | $0.36 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.56 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.20 |
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 | $319.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $710.9M |
| 总资产 | $6.1B | $958.5M |
| 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VNETYELP
| Q4 25 | — | $319.4M | ||
| Q3 25 | $492.1M | $333.6M | ||
| Q2 25 | — | $301.1M | ||
| Q1 25 | $544.3M | $324.4M | ||
| Q4 24 | — | $317.9M | ||
| Q3 24 | $219.5M | $397.0M | ||
| Q2 24 | $247.2M | $384.8M | ||
| Q1 24 | $246.9M | $420.8M |
总债务VNETYELP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETYELP
| Q4 25 | — | $710.9M | ||
| Q3 25 | $890.8M | $733.2M | ||
| Q2 25 | — | $746.4M | ||
| Q1 25 | $927.8M | $728.0M | ||
| Q4 24 | — | $744.0M | ||
| Q3 24 | $902.9M | $739.5M | ||
| Q2 24 | $900.6M | $735.3M | ||
| Q1 24 | $895.1M | $722.0M |
总资产VNETYELP
| Q4 25 | — | $958.5M | ||
| Q3 25 | $6.1B | $989.9M | ||
| Q2 25 | — | $980.2M | ||
| Q1 25 | $5.4B | $985.2M | ||
| Q4 24 | — | $983.6M | ||
| Q3 24 | $4.3B | $980.2M | ||
| Q2 24 | $4.0B | $965.0M | ||
| Q1 24 | $3.9B | $993.5M |
负债/权益比VNETYELP
| 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 | $84.5M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $72.3M |
| 自由现金流率自由现金流/营收 | -53.2% | 20.1% |
| 资本支出强度资本支出/营收 | 84.6% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 2.24× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $323.7M |
8季度趋势，按日历期对齐
经营现金流VNETYELP
| Q4 25 | — | $84.5M | ||
| Q3 25 | $113.8M | $131.5M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $27.0M | $98.0M | ||
| Q4 24 | — | $71.0M | ||
| Q3 24 | $108.3M | $102.3M | ||
| Q2 24 | $55.8M | $39.7M | ||
| Q1 24 | $37.1M | $72.9M |
自由现金流VNETYELP
| Q4 25 | — | $72.3M | ||
| Q3 25 | $-193.1M | $118.9M | ||
| Q2 25 | — | $45.0M | ||
| Q1 25 | $-220.0M | $87.5M | ||
| Q4 24 | — | $60.0M | ||
| Q3 24 | $-95.0M | $92.5M | ||
| Q2 24 | $-81.6M | $30.1M | ||
| Q1 24 | $-102.2M | $65.9M |
自由现金流率VNETYELP
| Q4 25 | — | 20.1% | ||
| Q3 25 | -53.2% | 31.6% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | -71.1% | 24.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | -31.4% | 25.7% | ||
| Q2 24 | -29.8% | 8.4% | ||
| Q1 24 | -38.9% | 19.8% |
资本支出强度VNETYELP
| Q4 25 | — | 3.4% | ||
| Q3 25 | 84.6% | 3.3% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | 79.8% | 2.9% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 67.3% | 2.7% | ||
| Q2 24 | 50.1% | 2.7% | ||
| Q1 24 | 53.0% | 2.1% |
现金转化率VNETYELP
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 4.02× | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 2.66× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 5.15× |
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
YELP
| Advertising Services | $231.4M | 64% |
| Advertising Restaurants And Other | $106.8M | 30% |
| Other Revenue | $21.8M | 6% |
