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ALLIANCE RESOURCE PARTNERS LP（ARLP）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
ALLIANCE RESOURCE PARTNERS LP的季度营收约是南玻集团的1.6倍（$516.0M vs $323.1M），南玻集团净利率更高（2.2% vs 2.1%，领先0.1%），南玻集团同比增速更快（2.0% vs -3.6%），南玻集团自由现金流更多（$55.8M vs $13.3M），过去两年南玻集团的营收复合增速更高（4.6% vs -6.7%）
联合资源伙伴有限合伙是北美领先的自然资源企业，核心业务为公用事业及工业客户生产、销售煤炭，同时运营矿权特许经营、油气开采、物流配套等关联业务，服务覆盖美国及周边主要能源消费市场。
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。
ARLP vs CSGS — 直观对比
营收规模更大
ARLP
是对方的1.6倍
$323.1M
营收增速更快
CSGS
高出5.7%
-3.6%
净利率更高
CSGS
高出0.1%
2.1%
自由现金流更多
CSGS
多$42.5M
$13.3M
两年增速更快
CSGS
近两年复合增速
-6.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $516.0M | $323.1M |
| 净利润 | $10.7M | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | 4.2% | 9.0% |
| 净利率 | 2.1% | 2.2% |
| 营收同比 | -3.6% | 2.0% |
| 净利润同比 | — | -79.7% |
| 每股收益（稀释后） | — | $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ARLPCSGS
| Q1 26 | $516.0M | — | ||
| Q4 25 | $535.5M | $323.1M | ||
| Q3 25 | $571.4M | $303.6M | ||
| Q2 25 | $547.5M | $297.1M | ||
| Q1 25 | $540.5M | $299.5M | ||
| Q4 24 | $590.1M | $316.7M | ||
| Q3 24 | $613.6M | $295.1M | ||
| Q2 24 | $593.4M | $290.3M |
净利润ARLPCSGS
| Q1 26 | $10.7M | — | ||
| Q4 25 | $82.7M | $7.0M | ||
| Q3 25 | $95.1M | $20.5M | ||
| Q2 25 | $59.4M | $12.3M | ||
| Q1 25 | $74.0M | $16.1M | ||
| Q4 24 | $16.3M | $34.5M | ||
| Q3 24 | $86.3M | $19.1M | ||
| Q2 24 | $100.2M | $13.8M |
毛利率ARLPCSGS
| Q1 26 | — | — | ||
| 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% |
营业利润率ARLPCSGS
| Q1 26 | 4.2% | — | ||
| Q4 25 | 18.2% | 9.0% | ||
| Q3 25 | 18.4% | 10.0% | ||
| Q2 25 | 16.2% | 10.0% | ||
| Q1 25 | 17.4% | 9.8% | ||
| Q4 24 | 2.6% | 13.4% | ||
| Q3 24 | 16.5% | 10.8% | ||
| Q2 24 | 19.8% | 8.8% |
净利率ARLPCSGS
| Q1 26 | 2.1% | — | ||
| Q4 25 | 15.4% | 2.2% | ||
| Q3 25 | 16.6% | 6.7% | ||
| Q2 25 | 10.9% | 4.1% | ||
| Q1 25 | 13.7% | 5.4% | ||
| Q4 24 | 2.8% | 10.9% | ||
| Q3 24 | 14.1% | 6.5% | ||
| Q2 24 | 16.9% | 4.8% |
每股收益（稀释后）ARLPCSGS
| Q1 26 | — | — | ||
| Q4 25 | — | $0.24 | ||
| Q3 25 | — | $0.73 | ||
| Q2 25 | — | $0.44 | ||
| Q1 25 | — | $0.57 | ||
| Q4 24 | — | $1.20 | ||
| Q3 24 | — | $0.67 | ||
| Q2 24 | — | $0.48 |
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 | $28.9M | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | — | $283.7M |
| 总资产 | $2.9B | $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ARLPCSGS
| Q1 26 | $28.9M | — | ||
| Q4 25 | $71.2M | $180.0M | ||
| Q3 25 | $94.5M | $158.4M | ||
| Q2 25 | $55.0M | $145.9M | ||
| Q1 25 | $81.3M | $136.0M | ||
| Q4 24 | $137.0M | $161.8M | ||
| Q3 24 | $195.4M | $118.4M | ||
| Q2 24 | $203.7M | $110.4M |
总债务ARLPCSGS
| Q1 26 | — | — | ||
| 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 |
股东权益ARLPCSGS
| Q1 26 | — | — | ||
| Q4 25 | — | $283.7M | ||
| Q3 25 | — | $289.5M | ||
| Q2 25 | — | $290.7M | ||
| Q1 25 | — | $283.1M | ||
| Q4 24 | — | $282.6M | ||
| Q3 24 | — | $288.4M | ||
| Q2 24 | — | $273.3M |
总资产ARLPCSGS
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.9B | $1.4B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $3.1B | $1.4B |
负债/权益比ARLPCSGS
| Q1 26 | — | — | ||
| 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× |
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 | — | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $13.3M | $55.8M |
| 自由现金流率自由现金流/营收 | 2.6% | 17.3% |
| 资本支出强度资本支出/营收 | 18.5% | 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 | $342.2M | $141.4M |
8季度趋势，按日历期对齐
经营现金流ARLPCSGS
| Q1 26 | — | — | ||
| Q4 25 | $143.9M | $59.2M | ||
| Q3 25 | $209.9M | $47.9M | ||
| Q2 25 | $151.7M | $37.3M | ||
| Q1 25 | $145.7M | $11.5M | ||
| Q4 24 | $168.4M | $82.5M | ||
| Q3 24 | $209.3M | $39.5M | ||
| Q2 24 | $215.8M | $43.1M |
自由现金流ARLPCSGS
| Q1 26 | $13.3M | — | ||
| Q4 25 | $99.1M | $55.8M | ||
| Q3 25 | $145.2M | $43.9M | ||
| Q2 25 | $84.7M | $34.6M | ||
| Q1 25 | $58.9M | $7.1M | ||
| Q4 24 | $75.3M | $76.6M | ||
| Q3 24 | $99.0M | $32.0M | ||
| Q2 24 | $114.3M | $38.8M |
自由现金流率ARLPCSGS
| Q1 26 | 2.6% | — | ||
| Q4 25 | 18.5% | 17.3% | ||
| Q3 25 | 25.4% | 14.5% | ||
| Q2 25 | 15.5% | 11.6% | ||
| Q1 25 | 10.9% | 2.4% | ||
| Q4 24 | 12.8% | 24.2% | ||
| Q3 24 | 16.1% | 10.8% | ||
| Q2 24 | 19.3% | 13.4% |
资本支出强度ARLPCSGS
| Q1 26 | 18.5% | — | ||
| Q4 25 | 8.4% | 1.1% | ||
| Q3 25 | 11.3% | 1.3% | ||
| Q2 25 | 12.2% | 0.9% | ||
| Q1 25 | 16.1% | 1.5% | ||
| Q4 24 | 15.8% | 1.9% | ||
| Q3 24 | 18.0% | 2.5% | ||
| Q2 24 | 17.1% | 1.5% |
现金转化率ARLPCSGS
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 8.46× | ||
| Q3 25 | 2.21× | 2.34× | ||
| Q2 25 | 2.55× | 3.04× | ||
| Q1 25 | 1.97× | 0.71× | ||
| Q4 24 | 10.31× | 2.39× | ||
| Q3 24 | 2.43× | 2.07× | ||
| Q2 24 | 2.15× | 3.12× |
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
ARLP
| Coal sales | $443.3M | 86% |
| Oil & gas royalties | $41.3M | 8% |
| Other revenues | $22.8M | 4% |
| Transportation revenues | $8.6M | 2% |
| Tons Produced | $8.0M | 2% |
| Mineral Interest Volumes (BOE) | $1.0M | 0% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
