vs
南玻集团（CSGS）与GE医疗（DHC）财务数据对比。点击上方公司名可切换其他公司
GE医疗的季度营收约是南玻集团的1.2倍（$379.6M vs $323.1M），南玻集团净利率更高（2.2% vs -5.6%，领先7.8%），南玻集团同比增速更快（2.0% vs -0.0%），南玻集团自由现金流更多（$55.8M vs $-166.4M），过去两年南玻集团的营收复合增速更高（4.6% vs 1.2%）
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。
GE医疗是一家总部位于美国伊利诺伊州芝加哥市的医疗科技企业，业务涵盖四大板块：医疗影像设备，包括分子成像、CT、核磁共振、妇科健康筛查及X光系统；超声设备；患者护理解决方案，聚焦远程患者监测、麻醉呼吸护理、心脏诊断及婴幼儿护理；此外还涉及医药相关领域，是全球医疗行业的知名企业。
CSGS vs DHC — 直观对比
营收规模更大
DHC
是对方的1.2倍
$323.1M
营收增速更快
CSGS
高出2.0%
-0.0%
净利率更高
CSGS
高出7.8%
-5.6%
自由现金流更多
CSGS
多$222.2M
$-166.4M
两年增速更快
CSGS
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $379.6M |
| 净利润 | $7.0M | $-21.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | -12.6% |
| 净利率 | 2.2% | -5.6% |
| 营收同比 | 2.0% | -0.0% |
| 净利润同比 | -79.7% | 75.7% |
| 每股收益（稀释后） | $0.24 | $-0.09 |
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CSGSDHC
| Q4 25 | $323.1M | $379.6M | ||
| Q3 25 | $303.6M | $388.7M | ||
| Q2 25 | $297.1M | $382.7M | ||
| Q1 25 | $299.5M | $386.9M | ||
| Q4 24 | $316.7M | $379.6M | ||
| Q3 24 | $295.1M | $373.6M | ||
| Q2 24 | $290.3M | $371.4M | ||
| Q1 24 | $295.1M | $370.8M |
净利润CSGSDHC
| Q4 25 | $7.0M | $-21.2M | ||
| Q3 25 | $20.5M | $-164.0M | ||
| Q2 25 | $12.3M | $-91.6M | ||
| Q1 25 | $16.1M | $-9.0M | ||
| Q4 24 | $34.5M | $-87.4M | ||
| Q3 24 | $19.1M | $-98.7M | ||
| Q2 24 | $13.8M | $-97.9M | ||
| Q1 24 | $19.5M | $-86.3M |
毛利率CSGSDHC
| 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CSGSDHC
| Q4 25 | 9.0% | -12.6% | ||
| Q3 25 | 10.0% | -43.4% | ||
| Q2 25 | 10.0% | -24.5% | ||
| Q1 25 | 9.8% | -2.7% | ||
| Q4 24 | 13.4% | -26.1% | ||
| Q3 24 | 10.8% | -26.5% | ||
| Q2 24 | 8.8% | -23.0% | ||
| Q1 24 | 10.8% | -23.7% |
净利率CSGSDHC
| Q4 25 | 2.2% | -5.6% | ||
| Q3 25 | 6.7% | -42.2% | ||
| Q2 25 | 4.1% | -23.9% | ||
| Q1 25 | 5.4% | -2.3% | ||
| Q4 24 | 10.9% | -23.0% | ||
| Q3 24 | 6.5% | -26.4% | ||
| Q2 24 | 4.8% | -26.3% | ||
| Q1 24 | 6.6% | -23.3% |
每股收益（稀释后）CSGSDHC
| Q4 25 | $0.24 | $-0.09 | ||
| Q3 25 | $0.73 | $-0.68 | ||
| Q2 25 | $0.44 | $-0.38 | ||
| Q1 25 | $0.57 | $-0.04 | ||
| Q4 24 | $1.20 | $-0.37 | ||
| Q3 24 | $0.67 | $-0.41 | ||
| Q2 24 | $0.48 | $-0.41 | ||
| Q1 24 | $0.68 | $-0.36 |
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 | $105.4M |
| 总债务越低越好 | $539.5M | $2.4B |
| 股东权益账面价值 | $283.7M | $1.7B |
| 总资产 | $1.5B | $4.4B |
| 负债/权益比越低杠杆越低 | 1.90× | 1.47× |
8季度趋势，按日历期对齐
现金及短期投资CSGSDHC
| Q4 25 | $180.0M | $105.4M | ||
| Q3 25 | $158.4M | $201.4M | ||
| Q2 25 | $145.9M | $141.8M | ||
| Q1 25 | $136.0M | $302.6M | ||
| Q4 24 | $161.8M | $144.6M | ||
| Q3 24 | $118.4M | $256.5M | ||
| Q2 24 | $110.4M | $265.6M | ||
| Q1 24 | $120.8M | $207.1M |
总债务CSGSDHC
| Q4 25 | $539.5M | $2.4B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $3.1B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSDHC
| Q4 25 | $283.7M | $1.7B | ||
| Q3 25 | $289.5M | $1.7B | ||
| Q2 25 | $290.7M | $1.9B | ||
| Q1 25 | $283.1M | $1.9B | ||
| Q4 24 | $282.6M | $2.0B | ||
| Q3 24 | $288.4M | $2.0B | ||
| Q2 24 | $273.3M | $2.1B | ||
| Q1 24 | $269.3M | $2.2B |
总资产CSGSDHC
| Q4 25 | $1.5B | $4.4B | ||
| Q3 25 | $1.5B | $4.7B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.4B | $5.0B | ||
| Q4 24 | $1.5B | $5.1B | ||
| Q3 24 | $1.4B | $5.3B | ||
| Q2 24 | $1.4B | $5.3B | ||
| Q1 24 | $1.3B | $5.3B |
负债/权益比CSGSDHC
| Q4 25 | 1.90× | 1.47× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 1.56× | ||
| 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 | $59.2M | $-19.6M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-166.4M |
| 自由现金流率自由现金流/营收 | 17.3% | -43.8% |
| 资本支出强度资本支出/营收 | 1.1% | 38.7% |
| 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 | $-280.3M |
8季度趋势，按日历期对齐
经营现金流CSGSDHC
| Q4 25 | $59.2M | $-19.6M | ||
| Q3 25 | $47.9M | $-49.3M | ||
| Q2 25 | $37.3M | $53.0M | ||
| Q1 25 | $11.5M | $-3.2M | ||
| Q4 24 | $82.5M | $112.2M | ||
| Q3 24 | $39.5M | $21.1M | ||
| Q2 24 | $43.1M | $44.3M | ||
| Q1 24 | $-29.4M | $28.6M |
自由现金流CSGSDHC
| Q4 25 | $55.8M | $-166.4M | ||
| Q3 25 | $43.9M | $-89.8M | ||
| Q2 25 | $34.6M | $18.8M | ||
| Q1 25 | $7.1M | $-42.9M | ||
| Q4 24 | $76.6M | $-89.5M | ||
| Q3 24 | $32.0M | $-26.1M | ||
| Q2 24 | $38.8M | $3.3M | ||
| Q1 24 | $-34.1M | $-18.1M |
自由现金流率CSGSDHC
| Q4 25 | 17.3% | -43.8% | ||
| Q3 25 | 14.5% | -23.1% | ||
| Q2 25 | 11.6% | 4.9% | ||
| Q1 25 | 2.4% | -11.1% | ||
| Q4 24 | 24.2% | -23.6% | ||
| Q3 24 | 10.8% | -7.0% | ||
| Q2 24 | 13.4% | 0.9% | ||
| Q1 24 | -11.6% | -4.9% |
资本支出强度CSGSDHC
| Q4 25 | 1.1% | 38.7% | ||
| Q3 25 | 1.3% | 10.4% | ||
| Q2 25 | 0.9% | 8.9% | ||
| Q1 25 | 1.5% | 10.2% | ||
| Q4 24 | 1.9% | 53.1% | ||
| Q3 24 | 2.5% | 12.6% | ||
| Q2 24 | 1.5% | 11.0% | ||
| Q1 24 | 1.6% | 12.6% |
现金转化率CSGSDHC
| 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
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
DHC
| Senior Housing Operating Portfolio Segment | $323.4M | 85% |
| Rental Income | $56.2M | 15% |
