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南玻集团（CSGS）与COUSINS PROPERTIES INC（CUZ）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COUSINS PROPERTIES INC的1.3倍（$323.1M vs $255.0M），南玻集团净利率更高（2.2% vs -1.4%，领先3.5%），COUSINS PROPERTIES INC同比增速更快（13.2% vs 2.0%），COUSINS PROPERTIES INC自由现金流更多（$135.0M vs $55.8M），过去两年COUSINS PROPERTIES INC的营收复合增速更高（10.4% vs 4.6%）
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。
Cousins Properties是一家公开上市的房地产投资信托（REIT），专注于亚特兰大、夏洛特、奥斯汀、菲尼克斯、坦帕及北卡罗来纳州教堂山的写字楼资产投资。公司曾开发多个知名地标项目，包括亚特兰大的CNN中心、奥姆尼体育馆、桃树中心191号大厦以及埃默里角商业综合体。
CSGS vs CUZ — 直观对比
营收规模更大
CSGS
是对方的1.3倍
$255.0M
营收增速更快
CUZ
高出11.1%
2.0%
净利率更高
CSGS
高出3.5%
-1.4%
自由现金流更多
CUZ
多$79.2M
$55.8M
两年增速更快
CUZ
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $255.0M |
| 净利润 | $7.0M | $-3.5M |
| 毛利率 | 50.0% | 67.4% |
| 营业利润率 | 9.0% | 67.5% |
| 净利率 | 2.2% | -1.4% |
| 营收同比 | 2.0% | 13.2% |
| 净利润同比 | -79.7% | -125.4% |
| 每股收益（稀释后） | $0.24 | $-0.02 |
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CSGSCUZ
| Q4 25 | $323.1M | $255.0M | ||
| Q3 25 | $303.6M | $248.3M | ||
| Q2 25 | $297.1M | $240.1M | ||
| Q1 25 | $299.5M | $250.3M | ||
| Q4 24 | $316.7M | $225.3M | ||
| Q3 24 | $295.1M | $209.2M | ||
| Q2 24 | $290.3M | $213.0M | ||
| Q1 24 | $295.1M | $209.2M |
净利润CSGSCUZ
| Q4 25 | $7.0M | $-3.5M | ||
| Q3 25 | $20.5M | $8.6M | ||
| Q2 25 | $12.3M | $14.5M | ||
| Q1 25 | $16.1M | $20.9M | ||
| Q4 24 | $34.5M | $13.6M | ||
| Q3 24 | $19.1M | $11.2M | ||
| Q2 24 | $13.8M | $7.8M | ||
| Q1 24 | $19.5M | $13.3M |
毛利率CSGSCUZ
| Q4 25 | 50.0% | 67.4% | ||
| Q3 25 | 48.1% | 67.8% | ||
| Q2 25 | 49.5% | 69.1% | ||
| Q1 25 | 48.4% | 69.2% | ||
| Q4 24 | 51.3% | 67.6% | ||
| Q3 24 | 49.4% | 68.5% | ||
| Q2 24 | 47.3% | 66.8% | ||
| Q1 24 | 46.5% | 66.0% |
营业利润率CSGSCUZ
| Q4 25 | 9.0% | 67.5% | ||
| Q3 25 | 10.0% | 68.1% | ||
| Q2 25 | 10.0% | 69.4% | ||
| Q1 25 | 9.8% | 66.0% | ||
| Q4 24 | 13.4% | 65.8% | ||
| Q3 24 | 10.8% | 67.9% | ||
| Q2 24 | 8.8% | 66.4% | ||
| Q1 24 | 10.8% | 66.3% |
净利率CSGSCUZ
| Q4 25 | 2.2% | -1.4% | ||
| Q3 25 | 6.7% | 3.5% | ||
| Q2 25 | 4.1% | 6.0% | ||
| Q1 25 | 5.4% | 8.3% | ||
| Q4 24 | 10.9% | 6.1% | ||
| Q3 24 | 6.5% | 5.4% | ||
| Q2 24 | 4.8% | 3.7% | ||
| Q1 24 | 6.6% | 6.4% |
每股收益（稀释后）CSGSCUZ
| Q4 25 | $0.24 | $-0.02 | ||
| Q3 25 | $0.73 | $0.05 | ||
| Q2 25 | $0.44 | $0.09 | ||
| Q1 25 | $0.57 | $0.12 | ||
| Q4 24 | $1.20 | $0.09 | ||
| Q3 24 | $0.67 | $0.07 | ||
| Q2 24 | $0.48 | $0.05 | ||
| Q1 24 | $0.68 | $0.09 |
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 | $180.0M | $5.7M |
| 总债务越低越好 | $539.5M | $3.3B |
| 股东权益账面价值 | $283.7M | $4.7B |
| 总资产 | $1.5B | $8.9B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.71× |
8季度趋势，按日历期对齐
现金及短期投资CSGSCUZ
| Q4 25 | $180.0M | $5.7M | ||
| Q3 25 | $158.4M | $4.7M | ||
| Q2 25 | $145.9M | $416.8M | ||
| Q1 25 | $136.0M | $5.3M | ||
| Q4 24 | $161.8M | $7.3M | ||
| Q3 24 | $118.4M | $76.1M | ||
| Q2 24 | $110.4M | $6.0M | ||
| Q1 24 | $120.8M | $5.5M |
总债务CSGSCUZ
| Q4 25 | $539.5M | $3.3B | ||
| Q3 25 | $538.6M | $3.3B | ||
| Q2 25 | $537.8M | $3.5B | ||
| Q1 25 | $537.6M | $3.0B | ||
| Q4 24 | $538.5M | $3.1B | ||
| Q3 24 | $539.5M | $2.7B | ||
| Q2 24 | $540.5M | $2.6B | ||
| Q1 24 | $541.5M | $2.6B |
股东权益CSGSCUZ
| Q4 25 | $283.7M | $4.7B | ||
| Q3 25 | $289.5M | $4.7B | ||
| Q2 25 | $290.7M | $4.8B | ||
| Q1 25 | $283.1M | $4.8B | ||
| Q4 24 | $282.6M | $4.8B | ||
| Q3 24 | $288.4M | $4.4B | ||
| Q2 24 | $273.3M | $4.5B | ||
| Q1 24 | $269.3M | $4.5B |
总资产CSGSCUZ
| Q4 25 | $1.5B | $8.9B | ||
| Q3 25 | $1.5B | $8.9B | ||
| Q2 25 | $1.4B | $9.1B | ||
| Q1 25 | $1.4B | $8.7B | ||
| Q4 24 | $1.5B | $8.8B | ||
| Q3 24 | $1.4B | $7.8B | ||
| Q2 24 | $1.4B | $7.7B | ||
| Q1 24 | $1.3B | $7.7B |
负债/权益比CSGSCUZ
| Q4 25 | 1.90× | 0.71× | ||
| Q3 25 | 1.86× | 0.70× | ||
| Q2 25 | 1.85× | 0.73× | ||
| Q1 25 | 1.90× | 0.63× | ||
| Q4 24 | 1.91× | 0.64× | ||
| Q3 24 | 1.87× | 0.60× | ||
| Q2 24 | 1.98× | 0.58× | ||
| Q1 24 | 2.01× | 0.57× |
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 | $402.3M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $135.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 53.0% |
| 资本支出强度资本支出/营收 | 1.1% | 104.8% |
| 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 | $141.4M | — |
8季度趋势，按日历期对齐
经营现金流CSGSCUZ
| Q4 25 | $59.2M | $402.3M | ||
| Q3 25 | $47.9M | $120.5M | ||
| Q2 25 | $37.3M | $122.6M | ||
| Q1 25 | $11.5M | $44.8M | ||
| Q4 24 | $82.5M | $400.2M | ||
| Q3 24 | $39.5M | $117.4M | ||
| Q2 24 | $43.1M | $125.5M | ||
| Q1 24 | $-29.4M | $28.3M |
自由现金流CSGSCUZ
| Q4 25 | $55.8M | $135.0M | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | $147.5M | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSCUZ
| Q4 25 | 17.3% | 53.0% | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | 65.5% | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSCUZ
| Q4 25 | 1.1% | 104.8% | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | 112.2% | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSCUZ
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 14.03× | ||
| Q2 25 | 3.04× | 8.46× | ||
| Q1 25 | 0.71× | 2.14× | ||
| Q4 24 | 2.39× | 29.35× | ||
| Q3 24 | 2.07× | 10.48× | ||
| Q2 24 | 3.12× | 16.01× | ||
| Q1 24 | -1.51× | 2.13× |
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
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
CUZ
| Rental Properties | $253.3M | 99% |
| Fee And Other Revenue | $1.7M | 1% |
| Other | $1.2M | 0% |
