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南玻集团（CSGS）与Empire State Realty OP, L.P.（ESBA）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Empire State Realty OP, L.P.的1.6倍（$323.1M vs $199.2M），Empire State Realty OP, L.P.净利率更高（16.1% vs 2.2%，领先14.0%），南玻集团同比增速更快（2.0% vs 0.8%），南玻集团自由现金流更多（$55.8M vs $50.6M），过去两年Empire State Realty OP, L.P.的营收复合增速更高（4.9% 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。
Empire State Realty OP, L.P. 是一家房地产运营合伙企业，核心业务为持有、管理及出租优质商业与零售物业，主要布局纽约大都会区，旗下拥有帝国大厦等标志性地标，服务企业租户、零售品牌及旅游相关业务板块。
CSGS vs ESBA — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$199.2M
营收增速更快
CSGS
高出1.2%
0.8%
净利率更高
ESBA
高出14.0%
2.2%
自由现金流更多
CSGS
多$5.3M
$50.6M
两年增速更快
ESBA
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $199.2M |
| 净利润 | $7.0M | $32.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 17.8% |
| 净利率 | 2.2% | 16.1% |
| 营收同比 | 2.0% | 0.8% |
| 净利润同比 | -79.7% | 71.2% |
| 每股收益（稀释后） | $0.24 | $0.11 |
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CSGSESBA
| Q4 25 | $323.1M | $199.2M | ||
| Q3 25 | $303.6M | $197.7M | ||
| Q2 25 | $297.1M | $191.3M | ||
| Q1 25 | $299.5M | $180.1M | ||
| Q4 24 | $316.7M | $197.6M | ||
| Q3 24 | $295.1M | $199.6M | ||
| Q2 24 | $290.3M | $189.5M | ||
| Q1 24 | $295.1M | $181.2M |
净利润CSGSESBA
| Q4 25 | $7.0M | $32.2M | ||
| Q3 25 | $20.5M | $13.6M | ||
| Q2 25 | $12.3M | $11.4M | ||
| Q1 25 | $16.1M | $15.8M | ||
| Q4 24 | $34.5M | $18.8M | ||
| Q3 24 | $19.1M | $22.8M | ||
| Q2 24 | $13.8M | $28.6M | ||
| Q1 24 | $19.5M | $10.2M |
毛利率CSGSESBA
| 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CSGSESBA
| Q4 25 | 9.0% | 17.8% | ||
| Q3 25 | 10.0% | 19.9% | ||
| Q2 25 | 10.0% | 18.4% | ||
| Q1 25 | 9.8% | 14.3% | ||
| Q4 24 | 13.4% | 21.7% | ||
| Q3 24 | 10.8% | 22.7% | ||
| Q2 24 | 8.8% | 20.8% | ||
| Q1 24 | 10.8% | 17.1% |
净利率CSGSESBA
| Q4 25 | 2.2% | 16.1% | ||
| Q3 25 | 6.7% | 6.9% | ||
| Q2 25 | 4.1% | 6.0% | ||
| Q1 25 | 5.4% | 8.8% | ||
| Q4 24 | 10.9% | 9.5% | ||
| Q3 24 | 6.5% | 11.4% | ||
| Q2 24 | 4.8% | 15.1% | ||
| Q1 24 | 6.6% | 5.6% |
每股收益（稀释后）CSGSESBA
| Q4 25 | $0.24 | $0.11 | ||
| Q3 25 | $0.73 | $0.05 | ||
| Q2 25 | $0.44 | $0.04 | ||
| Q1 25 | $0.57 | $0.05 | ||
| Q4 24 | $1.20 | $0.07 | ||
| Q3 24 | $0.67 | $0.08 | ||
| Q2 24 | $0.48 | $0.10 | ||
| Q1 24 | $0.68 | $0.03 |
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 | $132.7M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | $4.5B |
| 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CSGSESBA
| Q4 25 | $180.0M | $132.7M | ||
| Q3 25 | $158.4M | $154.1M | ||
| Q2 25 | $145.9M | $94.6M | ||
| Q1 25 | $136.0M | $187.8M | ||
| Q4 24 | $161.8M | $385.5M | ||
| Q3 24 | $118.4M | $421.9M | ||
| Q2 24 | $110.4M | $535.5M | ||
| Q1 24 | $120.8M | $333.6M |
总债务CSGSESBA
| 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CSGSESBA
| 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 | — | ||
| Q1 24 | $269.3M | — |
总资产CSGSESBA
| Q4 25 | $1.5B | $4.5B | ||
| Q3 25 | $1.5B | $4.1B | ||
| Q2 25 | $1.4B | $4.1B | ||
| Q1 25 | $1.4B | $4.1B | ||
| Q4 24 | $1.5B | $4.5B | ||
| Q3 24 | $1.4B | $4.4B | ||
| Q2 24 | $1.4B | $4.4B | ||
| Q1 24 | $1.3B | $4.2B |
负债/权益比CSGSESBA
| 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 | $59.2M | $249.1M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $50.6M |
| 自由现金流率自由现金流/营收 | 17.3% | 25.4% |
| 资本支出强度资本支出/营收 | 1.1% | 99.6% |
| 现金转化率经营现金流/净利润 | 8.46× | 7.74× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $109.3M |
8季度趋势，按日历期对齐
经营现金流CSGSESBA
| Q4 25 | $59.2M | $249.1M | ||
| Q3 25 | $47.9M | $105.3M | ||
| Q2 25 | $37.3M | $26.7M | ||
| Q1 25 | $11.5M | $83.1M | ||
| Q4 24 | $82.5M | $260.9M | ||
| Q3 24 | $39.5M | $102.8M | ||
| Q2 24 | $43.1M | $37.1M | ||
| Q1 24 | $-29.4M | $70.9M |
自由现金流CSGSESBA
| Q4 25 | $55.8M | $50.6M | ||
| Q3 25 | $43.9M | $72.8M | ||
| Q2 25 | $34.6M | $-55.1M | ||
| Q1 25 | $7.1M | $41.1M | ||
| Q4 24 | $76.6M | $88.0M | ||
| Q3 24 | $32.0M | $-65.1M | ||
| Q2 24 | $38.8M | $19.5M | ||
| Q1 24 | $-34.1M | $23.2M |
自由现金流率CSGSESBA
| Q4 25 | 17.3% | 25.4% | ||
| Q3 25 | 14.5% | 36.8% | ||
| Q2 25 | 11.6% | -28.8% | ||
| Q1 25 | 2.4% | 22.8% | ||
| Q4 24 | 24.2% | 44.5% | ||
| Q3 24 | 10.8% | -32.6% | ||
| Q2 24 | 13.4% | 10.3% | ||
| Q1 24 | -11.6% | 12.8% |
资本支出强度CSGSESBA
| Q4 25 | 1.1% | 99.6% | ||
| Q3 25 | 1.3% | 16.5% | ||
| Q2 25 | 0.9% | 42.8% | ||
| Q1 25 | 1.5% | 23.4% | ||
| Q4 24 | 1.9% | 87.5% | ||
| Q3 24 | 2.5% | 84.1% | ||
| Q2 24 | 1.5% | 9.3% | ||
| Q1 24 | 1.6% | 26.3% |
现金转化率CSGSESBA
| Q4 25 | 8.46× | 7.74× | ||
| Q3 25 | 2.34× | 7.72× | ||
| Q2 25 | 3.04× | 2.35× | ||
| Q1 25 | 0.71× | 5.27× | ||
| Q4 24 | 2.39× | 13.88× | ||
| Q3 24 | 2.07× | 4.51× | ||
| Q2 24 | 3.12× | 1.30× | ||
| Q1 24 | -1.51× | 6.94× |
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% |
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
