vs
南玻集团（CSGS）与Ecovyst Inc.（ECVT）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Ecovyst Inc.的1.6倍（$323.1M vs $199.4M），Ecovyst Inc.同比增速更快（34.0% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $22.9M），过去两年Ecovyst Inc.的营收复合增速更高（18.7% 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。
Ecovyst Inc.是一家全球可持续特种材料供应商，主营高性能催化剂与功能性添加剂的研发、生产，产品服务覆盖工业制造、消费品、环保等核心领域，助力全球客户提升运营效率、降低碳排放。
CSGS vs ECVT — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$199.4M
营收增速更快
ECVT
高出31.9%
2.0%
自由现金流更多
CSGS
多$32.9M
$22.9M
两年增速更快
ECVT
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $199.4M |
| 净利润 | $7.0M | — |
| 毛利率 | 50.0% | 23.4% |
| 营业利润率 | 9.0% | 10.9% |
| 净利率 | 2.2% | — |
| 营收同比 | 2.0% | 34.0% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $0.06 |
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CSGSECVT
| Q4 25 | $323.1M | $199.4M | ||
| Q3 25 | $303.6M | $204.9M | ||
| Q2 25 | $297.1M | $176.1M | ||
| Q1 25 | $299.5M | $143.1M | ||
| Q4 24 | $316.7M | $148.9M | ||
| Q3 24 | $295.1M | $153.9M | ||
| Q2 24 | $290.3M | $154.0M | ||
| Q1 24 | $295.1M | $141.6M |
净利润CSGSECVT
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $-79.3M | ||
| Q2 25 | $12.3M | $6.0M | ||
| Q1 25 | $16.1M | $-3.6M | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | $14.3M | ||
| Q2 24 | $13.8M | $8.3M | ||
| Q1 24 | $19.5M | $1.2M |
毛利率CSGSECVT
| Q4 25 | 50.0% | 23.4% | ||
| Q3 25 | 48.1% | 25.4% | ||
| Q2 25 | 49.5% | 22.8% | ||
| Q1 25 | 48.4% | 13.3% | ||
| Q4 24 | 51.3% | 28.9% | ||
| Q3 24 | 49.4% | 29.3% | ||
| Q2 24 | 47.3% | 27.3% | ||
| Q1 24 | 46.5% | 23.5% |
营业利润率CSGSECVT
| Q4 25 | 9.0% | 10.9% | ||
| Q3 25 | 10.0% | 13.8% | ||
| Q2 25 | 10.0% | 9.0% | ||
| Q1 25 | 9.8% | -0.7% | ||
| Q4 24 | 13.4% | 15.1% | ||
| Q3 24 | 10.8% | 17.9% | ||
| Q2 24 | 8.8% | 14.1% | ||
| Q1 24 | 10.8% | 9.5% |
净利率CSGSECVT
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | -38.7% | ||
| Q2 25 | 4.1% | 3.4% | ||
| Q1 25 | 5.4% | -2.5% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | 9.3% | ||
| Q2 24 | 4.8% | 5.4% | ||
| Q1 24 | 6.6% | 0.9% |
每股收益（稀释后）CSGSECVT
| Q4 25 | $0.24 | $0.06 | ||
| Q3 25 | $0.73 | $-0.69 | ||
| Q2 25 | $0.44 | $0.05 | ||
| Q1 25 | $0.57 | $-0.03 | ||
| Q4 24 | $1.20 | $-0.26 | ||
| Q3 24 | $0.67 | $0.12 | ||
| Q2 24 | $0.48 | $0.07 | ||
| Q1 24 | $0.68 | $0.01 |
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 | $197.2M |
| 总债务越低越好 | $539.5M | $392.6M |
| 股东权益账面价值 | $283.7M | $603.4M |
| 总资产 | $1.5B | $1.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资CSGSECVT
| Q4 25 | $180.0M | $197.2M | ||
| Q3 25 | $158.4M | $82.0M | ||
| Q2 25 | $145.9M | $69.6M | ||
| Q1 25 | $136.0M | $127.5M | ||
| Q4 24 | $161.8M | $131.4M | ||
| Q3 24 | $118.4M | $123.5M | ||
| Q2 24 | $110.4M | $83.3M | ||
| Q1 24 | $120.8M | $103.1M |
总债务CSGSECVT
| Q4 25 | $539.5M | $392.6M | ||
| Q3 25 | $538.6M | $854.8M | ||
| Q2 25 | $537.8M | $856.6M | ||
| Q1 25 | $537.6M | $859.0M | ||
| Q4 24 | $538.5M | $860.8M | ||
| Q3 24 | $539.5M | $862.7M | ||
| Q2 24 | $540.5M | $862.4M | ||
| Q1 24 | $541.5M | $866.2M |
股东权益CSGSECVT
| Q4 25 | $283.7M | $603.4M | ||
| Q3 25 | $289.5M | $607.9M | ||
| Q2 25 | $290.7M | $692.4M | ||
| Q1 25 | $283.1M | $698.7M | ||
| Q4 24 | $282.6M | $700.5M | ||
| Q3 24 | $288.4M | $729.4M | ||
| Q2 24 | $273.3M | $717.3M | ||
| Q1 24 | $269.3M | $711.4M |
总资产CSGSECVT
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.4B | $1.8B | ||
| Q1 24 | $1.3B | $1.8B |
负债/权益比CSGSECVT
| Q4 25 | 1.90× | 0.65× | ||
| Q3 25 | 1.86× | 1.41× | ||
| Q2 25 | 1.85× | 1.24× | ||
| Q1 25 | 1.90× | 1.23× | ||
| Q4 24 | 1.91× | 1.23× | ||
| Q3 24 | 1.87× | 1.18× | ||
| Q2 24 | 1.98× | 1.20× | ||
| Q1 24 | 2.01× | 1.22× |
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 | $41.8M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $22.9M |
| 自由现金流率自由现金流/营收 | 17.3% | 11.5% |
| 资本支出强度资本支出/营收 | 1.1% | 9.4% |
| 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 | $69.9M |
8季度趋势，按日历期对齐
经营现金流CSGSECVT
| Q4 25 | $59.2M | $41.8M | ||
| Q3 25 | $47.9M | $55.3M | ||
| Q2 25 | $37.3M | $33.0M | ||
| Q1 25 | $11.5M | $10.3M | ||
| Q4 24 | $82.5M | $43.5M | ||
| Q3 24 | $39.5M | $59.9M | ||
| Q2 24 | $43.1M | $10.0M | ||
| Q1 24 | $-29.4M | $36.5M |
自由现金流CSGSECVT
| Q4 25 | $55.8M | $22.9M | ||
| Q3 25 | $43.9M | $53.2M | ||
| Q2 25 | $34.6M | $7.8M | ||
| Q1 25 | $7.1M | $-14.0M | ||
| Q4 24 | $76.6M | $30.9M | ||
| Q3 24 | $32.0M | $53.6M | ||
| Q2 24 | $38.8M | $-9.3M | ||
| Q1 24 | $-34.1M | $19.1M |
自由现金流率CSGSECVT
| Q4 25 | 17.3% | 11.5% | ||
| Q3 25 | 14.5% | 26.0% | ||
| Q2 25 | 11.6% | 4.4% | ||
| Q1 25 | 2.4% | -9.8% | ||
| Q4 24 | 24.2% | 20.7% | ||
| Q3 24 | 10.8% | 34.9% | ||
| Q2 24 | 13.4% | -6.1% | ||
| Q1 24 | -11.6% | 13.5% |
资本支出强度CSGSECVT
| Q4 25 | 1.1% | 9.4% | ||
| Q3 25 | 1.3% | 1.0% | ||
| Q2 25 | 0.9% | 14.4% | ||
| Q1 25 | 1.5% | 16.9% | ||
| Q4 24 | 1.9% | 8.5% | ||
| Q3 24 | 2.5% | 4.1% | ||
| Q2 24 | 1.5% | 12.5% | ||
| Q1 24 | 1.6% | 12.3% |
现金转化率CSGSECVT
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 5.52× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 4.21× | ||
| Q2 24 | 3.12× | 1.20× | ||
| Q1 24 | -1.51× | 29.90× |
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% |
ECVT
| Industrial Mining Automotive | $101.3M | 51% |
| Regeneration And Treatment Services | $90.0M | 45% |
| Other | $8.1M | 4% |
