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世纪互联（VNET）与ZIFF DAVIS, INC.（ZD）财务数据对比。点击上方公司名可切换其他公司
ZIFF DAVIS, INC.的季度营收约是世纪互联的1.1倍（$406.7M vs $362.7M），ZIFF DAVIS, INC.净利率更高（0.1% vs -10.7%，领先10.8%），ZIFF DAVIS, INC.自由现金流更多（$157.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 13.7%）
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。
齐夫戴维斯是美国知名数字媒体及互联网企业，由威廉·伯纳德·齐夫一世与伯纳德·乔治·戴维斯于1927年创立。公司核心业务涵盖科技、健康类媒体网站，线上购物相关服务，互联网接入服务，游戏娱乐品牌，以及网络安全和营销技术工具，早年曾以爱好者类杂志出版为主要业务。
VNET vs ZD — 直观对比
营收规模更大
ZD
是对方的1.1倍
$362.7M
净利率更高
ZD
高出10.8%
-10.7%
自由现金流更多
ZD
多$350.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
13.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $406.7M |
| 净利润 | $-38.7M | $370.0K |
| 毛利率 | 20.9% | 85.9% |
| 营业利润率 | 0.5% | 21.2% |
| 净利率 | -10.7% | 0.1% |
| 营收同比 | — | -1.5% |
| 净利润同比 | — | -99.4% |
| 每股收益（稀释后） | — | $0.06 |
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VNETZD
| Q4 25 | — | $406.7M | ||
| Q3 25 | $362.7M | $363.7M | ||
| Q2 25 | — | $352.2M | ||
| Q1 25 | $309.5M | $328.6M | ||
| Q4 24 | — | $412.8M | ||
| Q3 24 | $302.2M | $353.6M | ||
| Q2 24 | $274.4M | $320.8M | ||
| Q1 24 | $262.9M | $314.5M |
净利润VNETZD
| Q4 25 | — | $370.0K | ||
| Q3 25 | $-38.7M | $-3.6M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | $-2.4M | $24.2M | ||
| Q4 24 | — | $64.1M | ||
| Q3 24 | $-2.1M | $-48.6M | ||
| Q2 24 | $-1.1M | $36.9M | ||
| Q1 24 | $-22.0M | $10.6M |
毛利率VNETZD
| Q4 25 | — | 85.9% | ||
| Q3 25 | 20.9% | 85.4% | ||
| Q2 25 | — | 86.1% | ||
| Q1 25 | 25.2% | 85.6% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | 23.2% | 85.5% | ||
| Q2 24 | 21.3% | 84.4% | ||
| Q1 24 | 21.6% | 85.4% |
营业利润率VNETZD
| Q4 25 | — | 21.2% | ||
| Q3 25 | 0.5% | 7.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | 0.1% | 10.7% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | 24.5% | -8.3% | ||
| Q2 24 | 0.2% | 8.9% | ||
| Q1 24 | 0.2% | 11.4% |
净利率VNETZD
| Q4 25 | — | 0.1% | ||
| Q3 25 | -10.7% | -1.0% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | -0.8% | 7.4% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | -0.7% | -13.7% | ||
| Q2 24 | -0.4% | 11.5% | ||
| Q1 24 | -8.4% | 3.4% |
每股收益（稀释后）VNETZD
| Q4 25 | — | $0.06 | ||
| Q3 25 | — | $-0.09 | ||
| Q2 25 | — | $0.62 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $1.53 | ||
| Q3 24 | — | $-1.11 | ||
| Q2 24 | — | $0.77 | ||
| Q1 24 | — | $0.23 |
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 | $607.0M |
| 总债务越低越好 | — | $866.5M |
| 股东权益账面价值 | $890.8M | $1.8B |
| 总资产 | $6.1B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资VNETZD
| Q4 25 | — | $607.0M | ||
| Q3 25 | $492.1M | $503.4M | ||
| Q2 25 | — | $457.3M | ||
| Q1 25 | $544.3M | $431.0M | ||
| Q4 24 | — | $505.9M | ||
| Q3 24 | $219.5M | $386.1M | ||
| Q2 24 | $247.2M | $687.2M | ||
| Q1 24 | $246.9M | $751.2M |
总债务VNETZD
| Q4 25 | — | $866.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $864.3M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETZD
| Q4 25 | — | $1.8B | ||
| Q3 25 | $890.8M | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $927.8M | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $902.9M | $1.8B | ||
| Q2 24 | $900.6M | $1.9B | ||
| Q1 24 | $895.1M | $1.9B |
总资产VNETZD
| Q4 25 | — | $3.7B | ||
| Q3 25 | $6.1B | $3.5B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | $5.4B | $3.5B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $4.3B | $3.4B | ||
| Q2 24 | $4.0B | $3.7B | ||
| Q1 24 | $3.9B | $3.7B |
负债/权益比VNETZD
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| 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 | $191.1M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $157.8M |
| 自由现金流率自由现金流/营收 | -53.2% | 38.8% |
| 资本支出强度资本支出/营收 | 84.6% | 8.2% |
| 现金转化率经营现金流/净利润 | — | 516.44× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $287.9M |
8季度趋势，按日历期对齐
经营现金流VNETZD
| Q4 25 | — | $191.1M | ||
| Q3 25 | $113.8M | $138.3M | ||
| Q2 25 | — | $57.1M | ||
| Q1 25 | $27.0M | $20.6M | ||
| Q4 24 | — | $158.2M | ||
| Q3 24 | $108.3M | $106.0M | ||
| Q2 24 | $55.8M | $50.6M | ||
| Q1 24 | $37.1M | $75.6M |
自由现金流VNETZD
| Q4 25 | — | $157.8M | ||
| Q3 25 | $-193.1M | $108.2M | ||
| Q2 25 | — | $26.9M | ||
| Q1 25 | $-220.0M | $-5.0M | ||
| Q4 24 | — | $131.1M | ||
| Q3 24 | $-95.0M | $80.1M | ||
| Q2 24 | $-81.6M | $25.1M | ||
| Q1 24 | $-102.2M | $47.4M |
自由现金流率VNETZD
| Q4 25 | — | 38.8% | ||
| Q3 25 | -53.2% | 29.7% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | -71.1% | -1.5% | ||
| Q4 24 | — | 31.8% | ||
| Q3 24 | -31.4% | 22.7% | ||
| Q2 24 | -29.8% | 7.8% | ||
| Q1 24 | -38.9% | 15.1% |
资本支出强度VNETZD
| Q4 25 | — | 8.2% | ||
| Q3 25 | 84.6% | 8.3% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 79.8% | 7.8% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | 67.3% | 7.3% | ||
| Q2 24 | 50.1% | 8.0% | ||
| Q1 24 | 53.0% | 8.9% |
现金转化率VNETZD
| Q4 25 | — | 516.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.17× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 2.47× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 7.11× |
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
ZD
| Health And Wellness | $114.8M | 28% |
| Technology And Shopping | $108.9M | 27% |
| Cybersecurity And Martech Segment | $70.9M | 17% |
| Connectivity | $60.3M | 15% |
| Gaming And Entertainment | $51.7M | 13% |
| Subscription And Licensing | $2.9M | 1% |
