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ASHFORD HOSPITALITY TRUST INC（AHT）与南玻集团（CSGS）财务数据对比。点击上方公司名可切换其他公司
南玻集团的季度营收约是ASHFORD HOSPITALITY TRUST INC的1.2倍（$323.1M vs $259.0M），南玻集团净利率更高（2.2% vs -26.8%，领先28.9%），南玻集团同比增速更快（2.0% vs -6.0%），南玻集团自由现金流更多（$55.8M vs $-86.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -7.7%）
阿什福德酒店信托是一家总部位于美国的房地产投资信托，主要投资美国核心城市、郊区及度假区的高端全服务酒店资产，旗下物业多由全球知名酒店品牌运营，服务商务与休闲旅客，专注实现长期资产增值与稳定股东回报。
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
AHT vs CSGS — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$259.0M
营收增速更快
CSGS
高出8.0%
-6.0%
净利率更高
CSGS
高出28.9%
-26.8%
自由现金流更多
CSGS
多$142.6M
$-86.8M
两年增速更快
CSGS
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $259.0M | $323.1M |
| 净利润 | $-69.3M | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | -2.6% | 9.0% |
| 净利率 | -26.8% | 2.2% |
| 营收同比 | -6.0% | 2.0% |
| 净利润同比 | 44.2% | -79.7% |
| 每股收益（稀释后） | $-12.85 | $0.24 |
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AHTCSGS
| Q4 25 | $259.0M | $323.1M | ||
| Q3 25 | $266.1M | $303.6M | ||
| Q2 25 | $302.0M | $297.1M | ||
| Q1 25 | $277.4M | $299.5M | ||
| Q4 24 | $275.5M | $316.7M | ||
| Q3 24 | $276.6M | $295.1M | ||
| Q2 24 | $316.5M | $290.3M | ||
| Q1 24 | $303.9M | $295.1M |
净利润AHTCSGS
| Q4 25 | $-69.3M | $7.0M | ||
| Q3 25 | $-60.1M | $20.5M | ||
| Q2 25 | $-30.4M | $12.3M | ||
| Q1 25 | $-20.0M | $16.1M | ||
| Q4 24 | $-124.2M | $34.5M | ||
| Q3 24 | $-57.9M | $19.1M | ||
| Q2 24 | $50.3M | $13.8M | ||
| Q1 24 | $71.6M | $19.5M |
毛利率AHTCSGS
| Q4 25 | — | 50.0% | ||
| Q3 25 | — | 48.1% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | 47.3% | ||
| Q1 24 | — | 46.5% |
营业利润率AHTCSGS
| Q4 25 | -2.6% | 9.0% | ||
| Q3 25 | 4.6% | 10.0% | ||
| Q2 25 | 16.3% | 10.0% | ||
| Q1 25 | 22.2% | 9.8% | ||
| Q4 24 | -17.8% | 13.4% | ||
| Q3 24 | 7.3% | 10.8% | ||
| Q2 24 | 42.8% | 8.8% | ||
| Q1 24 | 50.2% | 10.8% |
净利率AHTCSGS
| Q4 25 | -26.8% | 2.2% | ||
| Q3 25 | -22.6% | 6.7% | ||
| Q2 25 | -10.1% | 4.1% | ||
| Q1 25 | -7.2% | 5.4% | ||
| Q4 24 | -45.1% | 10.9% | ||
| Q3 24 | -20.9% | 6.5% | ||
| Q2 24 | 15.9% | 4.8% | ||
| Q1 24 | 23.5% | 6.6% |
每股收益（稀释后）AHTCSGS
| Q4 25 | $-12.85 | $0.24 | ||
| Q3 25 | $-11.35 | $0.73 | ||
| Q2 25 | $-6.88 | $0.44 | ||
| Q1 25 | $-4.91 | $0.57 | ||
| Q4 24 | $-13.64 | $1.20 | ||
| Q3 24 | $-12.39 | $0.67 | ||
| Q2 24 | $2.50 | $0.48 | ||
| Q1 24 | $5.99 | $0.68 |
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 | $66.1M | $180.0M |
| 总债务越低越好 | $2.5B | $539.5M |
| 股东权益账面价值 | $-626.4M | $283.7M |
| 总资产 | $2.8B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资AHTCSGS
| Q4 25 | $66.1M | $180.0M | ||
| Q3 25 | $81.9M | $158.4M | ||
| Q2 25 | $100.0M | $145.9M | ||
| Q1 25 | $85.8M | $136.0M | ||
| Q4 24 | $112.9M | $161.8M | ||
| Q3 24 | $119.7M | $118.4M | ||
| Q2 24 | $121.8M | $110.4M | ||
| Q1 24 | $111.1M | $120.8M |
总债务AHTCSGS
| Q4 25 | $2.5B | $539.5M | ||
| Q3 25 | $2.6B | $538.6M | ||
| Q2 25 | $2.6B | $537.8M | ||
| Q1 25 | $2.7B | $537.6M | ||
| Q4 24 | $2.6B | $538.5M | ||
| Q3 24 | $2.7B | $539.5M | ||
| Q2 24 | $2.8B | $540.5M | ||
| Q1 24 | $2.9B | $541.5M |
股东权益AHTCSGS
| Q4 25 | $-626.4M | $283.7M | ||
| Q3 25 | $-548.7M | $289.5M | ||
| Q2 25 | $-485.5M | $290.7M | ||
| Q1 25 | $-446.1M | $283.1M | ||
| Q4 24 | $-419.2M | $282.6M | ||
| Q3 24 | $-288.4M | $288.4M | ||
| Q2 24 | $-225.9M | $273.3M | ||
| Q1 24 | $-276.8M | $269.3M |
总资产AHTCSGS
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.1B | $1.4B | ||
| Q4 24 | $3.2B | $1.5B | ||
| Q3 24 | $3.3B | $1.4B | ||
| Q2 24 | $3.3B | $1.4B | ||
| Q1 24 | $3.5B | $1.3B |
负债/权益比AHTCSGS
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.86× | ||
| Q2 25 | — | 1.85× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | — | 1.91× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | — | 2.01× |
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 | $-15.7M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-86.8M | $55.8M |
| 自由现金流率自由现金流/营收 | -33.5% | 17.3% |
| 资本支出强度资本支出/营收 | 27.5% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 8.46× |
| 过去12个月自由现金流最近4个季度 | $-135.5M | $141.4M |
8季度趋势，按日历期对齐
经营现金流AHTCSGS
| Q4 25 | $-15.7M | $59.2M | ||
| Q3 25 | $5.5M | $47.9M | ||
| Q2 25 | $16.3M | $37.3M | ||
| Q1 25 | $-25.0M | $11.5M | ||
| Q4 24 | $-23.6M | $82.5M | ||
| Q3 24 | $795.0K | $39.5M | ||
| Q2 24 | $8.0M | $43.1M | ||
| Q1 24 | $-46.5M | $-29.4M |
自由现金流AHTCSGS
| Q4 25 | $-86.8M | $55.8M | ||
| Q3 25 | $-226.0K | $43.9M | ||
| Q2 25 | $-3.6M | $34.6M | ||
| Q1 25 | $-44.8M | $7.1M | ||
| Q4 24 | $-131.6M | $76.6M | ||
| Q3 24 | $-21.8M | $32.0M | ||
| Q2 24 | $-22.9M | $38.8M | ||
| Q1 24 | $-80.4M | $-34.1M |
自由现金流率AHTCSGS
| Q4 25 | -33.5% | 17.3% | ||
| Q3 25 | -0.1% | 14.5% | ||
| Q2 25 | -1.2% | 11.6% | ||
| Q1 25 | -16.2% | 2.4% | ||
| Q4 24 | -47.8% | 24.2% | ||
| Q3 24 | -7.9% | 10.8% | ||
| Q2 24 | -7.2% | 13.4% | ||
| Q1 24 | -26.5% | -11.6% |
资本支出强度AHTCSGS
| Q4 25 | 27.5% | 1.1% | ||
| Q3 25 | 2.1% | 1.3% | ||
| Q2 25 | 6.6% | 0.9% | ||
| Q1 25 | 7.2% | 1.5% | ||
| Q4 24 | 39.2% | 1.9% | ||
| Q3 24 | 8.2% | 2.5% | ||
| Q2 24 | 9.8% | 1.5% | ||
| Q1 24 | 11.2% | 1.6% |
现金转化率AHTCSGS
| Q4 25 | — | 8.46× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | 3.04× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | 0.16× | 3.12× | ||
| Q1 24 | -0.65× | -1.51× |
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
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
