vs
Applied Digital Corp.（APLD）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Applied Digital Corp.的2.6倍（$323.1M vs $126.6M）。南玻集团净利率更高（2.2% vs -11.4%，领先13.6%）。Applied Digital Corp.同比增速更快（98.2% vs 2.0%）。南玻集团自由现金流更多（$55.8M vs $-567.9M）。过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 4.6%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs CSGS — 直观对比
营收规模更大
CSGS
是对方的2.6倍
$126.6M
营收增速更快
APLD
高出96.2%
2.0%
净利率更高
CSGS
高出13.6%
-11.4%
自由现金流更多
CSGS
多$623.7M
$-567.9M
两年增速更快
APLD
近两年复合增速
4.6%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $323.1M |
| 净利润 | $-14.4M | $7.0M |
| 毛利率 | 20.6% | 50.0% |
| 营业利润率 | -24.5% | 9.0% |
| 净利率 | -11.4% | 2.2% |
| 营收同比 | 98.2% | 2.0% |
| 净利润同比 | 89.6% | -79.7% |
| 每股收益（稀释后） | $-0.07 | $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APLDCSGS
| Q4 25 | $126.6M | $323.1M | ||
| Q3 25 | $64.2M | $303.6M | ||
| Q2 25 | $-33.3M | $297.1M | ||
| Q1 25 | $52.9M | $299.5M | ||
| Q4 24 | $63.9M | $316.7M | ||
| Q3 24 | $60.7M | $295.1M | ||
| Q2 24 | $43.7M | $290.3M | ||
| Q1 24 | $43.3M | $295.1M |
净利润APLDCSGS
| Q4 25 | $-14.4M | $7.0M | ||
| Q3 25 | $-16.9M | $20.5M | ||
| Q2 25 | $-52.5M | $12.3M | ||
| Q1 25 | $-35.6M | $16.1M | ||
| Q4 24 | $-138.7M | $34.5M | ||
| Q3 24 | $-4.2M | $19.1M | ||
| Q2 24 | $-64.5M | $13.8M | ||
| Q1 24 | $-62.8M | $19.5M |
毛利率APLDCSGS
| Q4 25 | 20.6% | 50.0% | ||
| Q3 25 | 13.4% | 48.1% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | 7.1% | 48.4% | ||
| Q4 24 | 18.0% | 51.3% | ||
| Q3 24 | -0.6% | 49.4% | ||
| Q2 24 | -9.1% | 47.3% | ||
| Q1 24 | -8.6% | 46.5% |
营业利润率APLDCSGS
| Q4 25 | -24.5% | 9.0% | ||
| Q3 25 | -34.7% | 10.0% | ||
| Q2 25 | — | 10.0% | ||
| Q1 25 | -35.8% | 9.8% | ||
| Q4 24 | -29.1% | 13.4% | ||
| Q3 24 | 15.6% | 10.8% | ||
| Q2 24 | -68.4% | 8.8% | ||
| Q1 24 | -128.8% | 10.8% |
净利率APLDCSGS
| Q4 25 | -11.4% | 2.2% | ||
| Q3 25 | -26.4% | 6.7% | ||
| Q2 25 | 157.8% | 4.1% | ||
| Q1 25 | -67.2% | 5.4% | ||
| Q4 24 | -217.2% | 10.9% | ||
| Q3 24 | -7.0% | 6.5% | ||
| Q2 24 | -147.5% | 4.8% | ||
| Q1 24 | -145.0% | 6.6% |
每股收益（稀释后）APLDCSGS
| Q4 25 | $-0.07 | $0.24 | ||
| Q3 25 | $-0.07 | $0.73 | ||
| Q2 25 | $-0.31 | $0.44 | ||
| Q1 25 | $-0.16 | $0.57 | ||
| Q4 24 | $-0.66 | $1.20 | ||
| Q3 24 | $-0.03 | $0.67 | ||
| Q2 24 | $-0.57 | $0.48 | ||
| Q1 24 | $-0.52 | $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 | $1.9B | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | $1.4B | $283.7M |
| 总资产 | $5.2B | $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APLDCSGS
| Q4 25 | $1.9B | $180.0M | ||
| Q3 25 | $73.9M | $158.4M | ||
| Q2 25 | $41.6M | $145.9M | ||
| Q1 25 | $68.7M | $136.0M | ||
| Q4 24 | $286.2M | $161.8M | ||
| Q3 24 | $58.2M | $118.4M | ||
| Q2 24 | $3.3M | $110.4M | ||
| Q1 24 | $4.4M | $120.8M |
总债务APLDCSGS
| Q4 25 | — | $539.5M | ||
| Q3 25 | — | $538.6M | ||
| Q2 25 | — | $537.8M | ||
| Q1 25 | — | $537.6M | ||
| Q4 24 | — | $538.5M | ||
| Q3 24 | — | $539.5M | ||
| Q2 24 | — | $540.5M | ||
| Q1 24 | — | $541.5M |
股东权益APLDCSGS
| Q4 25 | $1.4B | $283.7M | ||
| Q3 25 | $1.0B | $289.5M | ||
| Q2 25 | $497.7M | $290.7M | ||
| Q1 25 | $454.6M | $283.1M | ||
| Q4 24 | $434.6M | $282.6M | ||
| Q3 24 | $241.8M | $288.4M | ||
| Q2 24 | $124.8M | $273.3M | ||
| Q1 24 | $118.5M | $269.3M |
总资产APLDCSGS
| Q4 25 | $5.2B | $1.5B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $937.7M | $1.4B | ||
| Q2 24 | $762.9M | $1.4B | ||
| Q1 24 | $643.2M | $1.3B |
负债/权益比APLDCSGS
| 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 | $-15.8M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $55.8M |
| 自由现金流率自由现金流/营收 | -448.6% | 17.3% |
| 资本支出强度资本支出/营收 | 436.1% | 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 | $-1.3B | $141.4M |
8季度趋势，按日历期对齐
经营现金流APLDCSGS
| Q4 25 | $-15.8M | $59.2M | ||
| Q3 25 | $-82.0M | $47.9M | ||
| Q2 25 | $6.9M | $37.3M | ||
| Q1 25 | $5.9M | $11.5M | ||
| Q4 24 | $-52.3M | $82.5M | ||
| Q3 24 | $-75.9M | $39.5M | ||
| Q2 24 | $-34.1M | $43.1M | ||
| Q1 24 | $38.8M | $-29.4M |
自由现金流APLDCSGS
| Q4 25 | $-567.9M | $55.8M | ||
| Q3 25 | $-331.4M | $43.9M | ||
| Q2 25 | $-191.4M | $34.6M | ||
| Q1 25 | $-251.6M | $7.1M | ||
| Q4 24 | $-223.3M | $76.6M | ||
| Q3 24 | $-130.7M | $32.0M | ||
| Q2 24 | $-88.9M | $38.8M | ||
| Q1 24 | $-2.3M | $-34.1M |
自由现金流率APLDCSGS
| Q4 25 | -448.6% | 17.3% | ||
| Q3 25 | -516.1% | 14.5% | ||
| Q2 25 | 574.8% | 11.6% | ||
| Q1 25 | -475.4% | 2.4% | ||
| Q4 24 | -349.6% | 24.2% | ||
| Q3 24 | -215.3% | 10.8% | ||
| Q2 24 | -203.5% | 13.4% | ||
| Q1 24 | -5.4% | -11.6% |
资本支出强度APLDCSGS
| Q4 25 | 436.1% | 1.1% | ||
| Q3 25 | 388.4% | 1.3% | ||
| Q2 25 | -595.4% | 0.9% | ||
| Q1 25 | 486.6% | 1.5% | ||
| Q4 24 | 267.8% | 1.9% | ||
| Q3 24 | 90.3% | 2.5% | ||
| Q2 24 | 125.4% | 1.5% | ||
| Q1 24 | 95.0% | 1.6% |
现金转化率APLDCSGS
| 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 | — | 3.12× | ||
| Q1 24 | — | -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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
