vs
世纪互联（VNET）与Zumiez Inc（ZUMZ）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Zumiez Inc的1.5倍（$362.7M vs $239.1M），Zumiez Inc净利率更高（3.8% vs -10.7%，领先14.5%），Zumiez Inc自由现金流更多（$3.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -7.9%）
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。
Zumiez Inc.是1978年成立的美国跨国专业服饰零售商，2005年起公开上市，总部位于华盛顿州林伍德，现任总裁兼首席执行官为理查德·布鲁克斯。该品牌主打面向年轻男女的极限运动风格服饰、鞋履、配饰及相关装备，产品聚焦滑板、单板滑雪、越野摩托等运动领域。
VNET vs ZUMZ — 直观对比
营收规模更大
VNET
是对方的1.5倍
$239.1M
净利率更高
ZUMZ
高出14.5%
-10.7%
自由现金流更多
ZUMZ
多$196.2M
$-193.1M
两年增速更快
VNET
近两年复合增速
-7.9%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $239.1M |
| 净利润 | $-38.7M | $9.2M |
| 毛利率 | 20.9% | 37.6% |
| 营业利润率 | 0.5% | 4.9% |
| 净利率 | -10.7% | 3.8% |
| 营收同比 | — | 7.5% |
| 净利润同比 | — | 690.3% |
| 每股收益（稀释后） | — | $0.55 |
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VNETZUMZ
| Q4 25 | — | $239.1M | ||
| Q3 25 | $362.7M | $214.3M | ||
| Q2 25 | — | $184.3M | ||
| Q1 25 | $309.5M | $279.2M | ||
| Q4 24 | — | $222.5M | ||
| Q3 24 | $302.2M | $210.2M | ||
| Q2 24 | $274.4M | $177.4M | ||
| Q1 24 | $262.9M | $281.8M |
净利润VNETZUMZ
| Q4 25 | — | $9.2M | ||
| Q3 25 | $-38.7M | $-1.0M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | $-2.4M | $14.8M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | $-2.1M | $-847.0K | ||
| Q2 24 | $-1.1M | $-16.8M | ||
| Q1 24 | $-22.0M | $-33.5M |
毛利率VNETZUMZ
| Q4 25 | — | 37.6% | ||
| Q3 25 | 20.9% | 35.5% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | 25.2% | 36.2% | ||
| Q4 24 | — | 35.2% | ||
| Q3 24 | 23.2% | 34.2% | ||
| Q2 24 | 21.3% | 29.3% | ||
| Q1 24 | 21.6% | 34.3% |
营业利润率VNETZUMZ
| Q4 25 | — | 4.9% | ||
| Q3 25 | 0.5% | 0.0% | ||
| Q2 25 | — | -10.8% | ||
| Q1 25 | 0.1% | 7.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 24.5% | -0.2% | ||
| Q2 24 | 0.2% | -11.4% | ||
| Q1 24 | 0.2% | -11.6% |
净利率VNETZUMZ
| Q4 25 | — | 3.8% | ||
| Q3 25 | -10.7% | -0.5% | ||
| Q2 25 | — | -7.8% | ||
| Q1 25 | -0.8% | 5.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | -0.7% | -0.4% | ||
| Q2 24 | -0.4% | -9.5% | ||
| Q1 24 | -8.4% | -11.9% |
每股收益（稀释后）VNETZUMZ
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.79 | ||
| Q1 25 | — | $0.75 | ||
| Q4 24 | — | $0.06 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.86 | ||
| Q1 24 | — | $-1.73 |
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 | $80.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $298.5M |
| 总资产 | $6.1B | $633.1M |
| 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VNETZUMZ
| Q4 25 | — | $80.1M | ||
| Q3 25 | $492.1M | $78.8M | ||
| Q2 25 | — | $62.5M | ||
| Q1 25 | $544.3M | $112.7M | ||
| Q4 24 | — | $48.5M | ||
| Q3 24 | $219.5M | $65.8M | ||
| Q2 24 | $247.2M | $74.9M | ||
| Q1 24 | $246.9M | $88.9M |
总债务VNETZUMZ
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETZUMZ
| Q4 25 | — | $298.5M | ||
| Q3 25 | $890.8M | $292.4M | ||
| Q2 25 | — | $298.5M | ||
| Q1 25 | $927.8M | $329.0M | ||
| Q4 24 | — | $317.1M | ||
| Q3 24 | $902.9M | $319.8M | ||
| Q2 24 | $900.6M | $337.3M | ||
| Q1 24 | $895.1M | $353.2M |
总资产VNETZUMZ
| Q4 25 | — | $633.1M | ||
| Q3 25 | $6.1B | $623.4M | ||
| Q2 25 | — | $599.1M | ||
| Q1 25 | $5.4B | $634.9M | ||
| Q4 24 | — | $646.0M | ||
| Q3 24 | $4.3B | $669.5M | ||
| Q2 24 | $4.0B | $656.6M | ||
| Q1 24 | $3.9B | $664.2M |
负债/权益比VNETZUMZ
| 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 | $5.3M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $3.1M |
| 自由现金流率自由现金流/营收 | -53.2% | 1.3% |
| 资本支出强度资本支出/营收 | 84.6% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 0.58× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $38.0M |
8季度趋势，按日历期对齐
经营现金流VNETZUMZ
| Q4 25 | — | $5.3M | ||
| Q3 25 | $113.8M | $12.6M | ||
| Q2 25 | — | $-22.1M | ||
| Q1 25 | $27.0M | $54.7M | ||
| Q4 24 | — | $-18.6M | ||
| Q3 24 | $108.3M | $3.2M | ||
| Q2 24 | $55.8M | $-18.6M | ||
| Q1 24 | $37.1M | $37.7M |
自由现金流VNETZUMZ
| Q4 25 | — | $3.1M | ||
| Q3 25 | $-193.1M | $9.5M | ||
| Q2 25 | — | $-24.3M | ||
| Q1 25 | $-220.0M | $49.7M | ||
| Q4 24 | — | $-22.3M | ||
| Q3 24 | $-95.0M | $-565.0K | ||
| Q2 24 | $-81.6M | $-21.1M | ||
| Q1 24 | $-102.2M | $33.5M |
自由现金流率VNETZUMZ
| Q4 25 | — | 1.3% | ||
| Q3 25 | -53.2% | 4.4% | ||
| Q2 25 | — | -13.2% | ||
| Q1 25 | -71.1% | 17.8% | ||
| Q4 24 | — | -10.0% | ||
| Q3 24 | -31.4% | -0.3% | ||
| Q2 24 | -29.8% | -11.9% | ||
| Q1 24 | -38.9% | 11.9% |
资本支出强度VNETZUMZ
| Q4 25 | — | 0.9% | ||
| Q3 25 | 84.6% | 1.4% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | 79.8% | 1.8% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | 67.3% | 1.8% | ||
| Q2 24 | 50.1% | 1.4% | ||
| Q1 24 | 53.0% | 1.5% |
现金转化率VNETZUMZ
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.71× | ||
| Q4 24 | — | -16.02× | ||
| 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
