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世纪互联（VNET）与ZILLOW GROUP, INC.（ZG）财务数据对比。点击上方公司名可切换其他公司
ZILLOW GROUP, INC.的季度营收约是世纪互联的1.8倍（$654.0M vs $362.7M），ZILLOW GROUP, INC.净利率更高（0.5% vs -10.7%，领先11.1%），ZILLOW GROUP, INC.自由现金流更多（$44.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 11.2%）
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。
Zillow集团是美国头部房地产科技线上平台企业，2006年由前微软高管里奇·巴顿、劳埃德·弗林克等联合创立，业务涵盖房产信息查询、交易配套服务等，是全球房产科技领域的知名代表企业。
VNET vs ZG — 直观对比
营收规模更大
ZG
是对方的1.8倍
$362.7M
净利率更高
ZG
高出11.1%
-10.7%
自由现金流更多
ZG
多$237.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
11.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $654.0M |
| 净利润 | $-38.7M | $3.0M |
| 毛利率 | 20.9% | 72.8% |
| 营业利润率 | 0.5% | -1.7% |
| 净利率 | -10.7% | 0.5% |
| 营收同比 | — | 18.1% |
| 净利润同比 | — | 105.8% |
| 每股收益（稀释后） | — | $0.01 |
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VNETZG
| Q4 25 | — | $654.0M | ||
| Q3 25 | $362.7M | $676.0M | ||
| Q2 25 | — | $655.0M | ||
| Q1 25 | $309.5M | $598.0M | ||
| Q4 24 | — | $554.0M | ||
| Q3 24 | $302.2M | $581.0M | ||
| Q2 24 | $274.4M | $572.0M | ||
| Q1 24 | $262.9M | $529.0M |
净利润VNETZG
| Q4 25 | — | $3.0M | ||
| Q3 25 | $-38.7M | $10.0M | ||
| Q2 25 | — | $2.0M | ||
| Q1 25 | $-2.4M | $8.0M | ||
| Q4 24 | — | $-52.0M | ||
| Q3 24 | $-2.1M | $-20.0M | ||
| Q2 24 | $-1.1M | $-17.0M | ||
| Q1 24 | $-22.0M | $-23.0M |
毛利率VNETZG
| Q4 25 | — | 72.8% | ||
| Q3 25 | 20.9% | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | 25.2% | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | 23.2% | 75.9% | ||
| Q2 24 | 21.3% | 77.3% | ||
| Q1 24 | 21.6% | 76.7% |
营业利润率VNETZG
| Q4 25 | — | -1.7% | ||
| Q3 25 | 0.5% | -0.4% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | 0.1% | -1.5% | ||
| Q4 24 | — | -12.5% | ||
| Q3 24 | 24.5% | -7.7% | ||
| Q2 24 | 0.2% | -6.6% | ||
| Q1 24 | 0.2% | -8.5% |
净利率VNETZG
| Q4 25 | — | 0.5% | ||
| Q3 25 | -10.7% | 1.5% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | -0.8% | 1.3% | ||
| Q4 24 | — | -9.4% | ||
| Q3 24 | -0.7% | -3.4% | ||
| Q2 24 | -0.4% | -3.0% | ||
| Q1 24 | -8.4% | -4.3% |
每股收益（稀释后）VNETZG
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $0.04 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $-0.23 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.07 | ||
| Q1 24 | — | $-0.10 |
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 | $768.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $4.9B |
| 总资产 | $6.1B | $5.7B |
| 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VNETZG
| Q4 25 | — | $768.0M | ||
| Q3 25 | $492.1M | $874.0M | ||
| Q2 25 | — | $587.0M | ||
| Q1 25 | $544.3M | $914.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $219.5M | $1.1B | ||
| Q2 24 | $247.2M | $1.2B | ||
| Q1 24 | $246.9M | $1.4B |
总债务VNETZG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETZG
| Q4 25 | — | $4.9B | ||
| Q3 25 | $890.8M | $5.0B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | $927.8M | $4.8B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | $902.9M | $4.7B | ||
| Q2 24 | $900.6M | $4.5B | ||
| Q1 24 | $895.1M | $4.7B |
总资产VNETZG
| Q4 25 | — | $5.7B | ||
| Q3 25 | $6.1B | $5.7B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | $5.4B | $5.7B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | $4.3B | $6.2B | ||
| Q2 24 | $4.0B | $6.6B | ||
| Q1 24 | $3.9B | $6.8B |
负债/权益比VNETZG
| 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 | $72.0M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $44.0M |
| 自由现金流率自由现金流/营收 | -53.2% | 6.7% |
| 资本支出强度资本支出/营收 | 84.6% | 4.3% |
| 现金转化率经营现金流/净利润 | — | 24.00× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $235.0M |
8季度趋势，按日历期对齐
经营现金流VNETZG
| Q4 25 | — | $72.0M | ||
| Q3 25 | $113.8M | $105.0M | ||
| Q2 25 | — | $87.0M | ||
| Q1 25 | $27.0M | $104.0M | ||
| Q4 24 | — | $122.0M | ||
| Q3 24 | $108.3M | $171.0M | ||
| Q2 24 | $55.8M | $55.0M | ||
| Q1 24 | $37.1M | $80.0M |
自由现金流VNETZG
| Q4 25 | — | $44.0M | ||
| Q3 25 | $-193.1M | $73.0M | ||
| Q2 25 | — | $50.0M | ||
| Q1 25 | $-220.0M | $68.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | $-95.0M | $138.0M | ||
| Q2 24 | $-81.6M | $18.0M | ||
| Q1 24 | $-102.2M | $41.0M |
自由现金流率VNETZG
| Q4 25 | — | 6.7% | ||
| Q3 25 | -53.2% | 10.8% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | -71.1% | 11.4% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | -31.4% | 23.8% | ||
| Q2 24 | -29.8% | 3.1% | ||
| Q1 24 | -38.9% | 7.8% |
资本支出强度VNETZG
| Q4 25 | — | 4.3% | ||
| Q3 25 | 84.6% | 4.7% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | 79.8% | 6.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 67.3% | 5.7% | ||
| Q2 24 | 50.1% | 6.5% | ||
| Q1 24 | 53.0% | 7.4% |
现金转化率VNETZG
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
