vs
南玻集团（CSGS）与Freedom Holding Corp.（FRHC）财务数据对比。点击上方公司名可切换其他公司
Freedom Holding Corp.的季度营收约是南玻集团的1.9倍（$628.6M vs $323.1M），Freedom Holding Corp.净利率更高（12.1% vs 2.2%，领先10.0%），南玻集团同比增速更快（2.0% vs -4.1%），Freedom Holding Corp.自由现金流更多（$651.7M vs $55.8M），过去两年Freedom Holding Corp.的营收复合增速更高（16.3% 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。
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
CSGS vs FRHC — 直观对比
营收规模更大
FRHC
是对方的1.9倍
$323.1M
营收增速更快
CSGS
高出6.1%
-4.1%
净利率更高
FRHC
高出10.0%
2.2%
自由现金流更多
FRHC
多$595.9M
$55.8M
两年增速更快
FRHC
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $628.6M |
| 净利润 | $7.0M | $76.2M |
| 毛利率 | 50.0% | 96.0% |
| 营业利润率 | 9.0% | 14.9% |
| 净利率 | 2.2% | 12.1% |
| 营收同比 | 2.0% | -4.1% |
| 净利润同比 | -79.7% | -2.6% |
| 每股收益（稀释后） | $0.24 | $1.25 |
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CSGSFRHC
| Q4 25 | $323.1M | $628.6M | ||
| Q3 25 | $303.6M | $526.1M | ||
| Q2 25 | $297.1M | $533.4M | ||
| Q1 25 | $299.5M | $363.7M | ||
| Q4 24 | $316.7M | $655.2M | ||
| Q3 24 | $295.1M | $580.9M | ||
| Q2 24 | $290.3M | $450.7M | ||
| Q1 24 | $295.1M | $464.7M |
净利润CSGSFRHC
| Q4 25 | $7.0M | $76.2M | ||
| Q3 25 | $20.5M | $38.7M | ||
| Q2 25 | $12.3M | $30.4M | ||
| Q1 25 | $16.1M | $-142.7M | ||
| Q4 24 | $34.5M | $78.3M | ||
| Q3 24 | $19.1M | $114.7M | ||
| Q2 24 | $13.8M | $34.4M | ||
| Q1 24 | $19.5M | $95.2M |
毛利率CSGSFRHC
| Q4 25 | 50.0% | 96.0% | ||
| Q3 25 | 48.1% | 97.1% | ||
| Q2 25 | 49.5% | 97.4% | ||
| Q1 25 | 48.4% | 96.6% | ||
| Q4 24 | 51.3% | 98.6% | ||
| Q3 24 | 49.4% | 99.1% | ||
| Q2 24 | 47.3% | 99.0% | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSFRHC
| Q4 25 | 9.0% | 14.9% | ||
| Q3 25 | 10.0% | 11.5% | ||
| Q2 25 | 10.0% | 7.6% | ||
| Q1 25 | 9.8% | -42.7% | ||
| Q4 24 | 13.4% | 15.0% | ||
| Q3 24 | 10.8% | 22.1% | ||
| Q2 24 | 8.8% | 9.2% | ||
| Q1 24 | 10.8% | 22.5% |
净利率CSGSFRHC
| Q4 25 | 2.2% | 12.1% | ||
| Q3 25 | 6.7% | 7.4% | ||
| Q2 25 | 4.1% | 5.7% | ||
| Q1 25 | 5.4% | -39.2% | ||
| Q4 24 | 10.9% | 11.9% | ||
| Q3 24 | 6.5% | 19.7% | ||
| Q2 24 | 4.8% | 7.6% | ||
| Q1 24 | 6.6% | 20.5% |
每股收益（稀释后）CSGSFRHC
| Q4 25 | $0.24 | $1.25 | ||
| Q3 25 | $0.73 | $0.63 | ||
| Q2 25 | $0.44 | $0.50 | ||
| Q1 25 | $0.57 | $-2.35 | ||
| Q4 24 | $1.20 | $1.29 | ||
| Q3 24 | $0.67 | $1.89 | ||
| Q2 24 | $0.48 | $0.57 | ||
| Q1 24 | $0.68 | $1.60 |
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 | $869.2M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.4B |
| 总资产 | $1.5B | $12.4B |
| 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CSGSFRHC
| Q4 25 | $180.0M | $869.2M | ||
| Q3 25 | $158.4M | $636.0M | ||
| Q2 25 | $145.9M | $567.9M | ||
| Q1 25 | $136.0M | $837.3M | ||
| Q4 24 | $161.8M | $577.9M | ||
| Q3 24 | $118.4M | $569.2M | ||
| Q2 24 | $110.4M | $718.7M | ||
| Q1 24 | $120.8M | $545.1M |
总债务CSGSFRHC
| 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CSGSFRHC
| Q4 25 | $283.7M | $1.4B | ||
| Q3 25 | $289.5M | $1.2B | ||
| Q2 25 | $290.7M | $1.2B | ||
| Q1 25 | $283.1M | $1.2B | ||
| Q4 24 | $282.6M | $1.3B | ||
| Q3 24 | $288.4M | $1.3B | ||
| Q2 24 | $273.3M | $1.1B | ||
| Q1 24 | $269.3M | $1.2B |
总资产CSGSFRHC
| Q4 25 | $1.5B | $12.4B | ||
| Q3 25 | $1.5B | $10.3B | ||
| Q2 25 | $1.4B | $9.7B | ||
| Q1 25 | $1.4B | $9.9B | ||
| Q4 24 | $1.5B | $9.1B | ||
| Q3 24 | $1.4B | $8.8B | ||
| Q2 24 | $1.4B | $8.5B | ||
| Q1 24 | $1.3B | $8.3B |
负债/权益比CSGSFRHC
| 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 | $717.8M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $651.7M |
| 自由现金流率自由现金流/营收 | 17.3% | 103.7% |
| 资本支出强度资本支出/营收 | 1.1% | 10.5% |
| 现金转化率经营现金流/净利润 | 8.46× | 9.42× |
| 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CSGSFRHC
| Q4 25 | $59.2M | $717.8M | ||
| Q3 25 | $47.9M | $535.3M | ||
| Q2 25 | $37.3M | $480.8M | ||
| Q1 25 | $11.5M | $1.3B | ||
| Q4 24 | $82.5M | $-72.8M | ||
| Q3 24 | $39.5M | $-438.0M | ||
| Q2 24 | $43.1M | $854.1M | ||
| Q1 24 | $-29.4M | $309.0M |
自由现金流CSGSFRHC
| Q4 25 | $55.8M | $651.7M | ||
| Q3 25 | $43.9M | $456.4M | ||
| Q2 25 | $34.6M | $450.0M | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | $-92.7M | ||
| Q3 24 | $32.0M | $-447.5M | ||
| Q2 24 | $38.8M | $829.9M | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSFRHC
| Q4 25 | 17.3% | 103.7% | ||
| Q3 25 | 14.5% | 86.7% | ||
| Q2 25 | 11.6% | 84.4% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | -14.1% | ||
| Q3 24 | 10.8% | -77.0% | ||
| Q2 24 | 13.4% | 184.1% | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSFRHC
| Q4 25 | 1.1% | 10.5% | ||
| Q3 25 | 1.3% | 15.0% | ||
| Q2 25 | 0.9% | 5.8% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | 3.0% | ||
| Q3 24 | 2.5% | 1.6% | ||
| Q2 24 | 1.5% | 5.4% | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSFRHC
| Q4 25 | 8.46× | 9.42× | ||
| Q3 25 | 2.34× | 13.82× | ||
| Q2 25 | 3.04× | 15.82× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | -0.93× | ||
| Q3 24 | 2.07× | -3.82× | ||
| Q2 24 | 3.12× | 24.83× | ||
| Q1 24 | -1.51× | 3.24× |
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% |
FRHC
暂无分部数据
