vs
南玻集团（CSGS）与六旗（FUN）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六旗的1.4倍（$323.1M vs $225.6M），南玻集团净利率更高（2.2% vs -119.0%，领先121.2%），六旗同比增速更快（11.7% vs 2.0%）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
CSGS vs FUN — 直观对比
营收规模更大
CSGS
是对方的1.4倍
$225.6M
营收增速更快
FUN
高出9.6%
2.0%
净利率更高
CSGS
高出121.2%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $225.6M |
| 净利润 | $7.0M | $-268.6M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | — |
| 净利率 | 2.2% | -119.0% |
| 营收同比 | 2.0% | 11.7% |
| 净利润同比 | -79.7% | -22.2% |
| 每股收益（稀释后） | $0.24 | — |
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CSGSFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $323.1M | $650.1M | ||
| Q3 25 | $303.6M | $1.3B | ||
| Q2 25 | $297.1M | $930.4M | ||
| Q1 25 | $299.5M | $202.1M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $295.1M | $1.3B | ||
| Q2 24 | $290.3M | $571.6M |
净利润CSGSFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $7.0M | $-92.4M | ||
| Q3 25 | $20.5M | $-1.2B | ||
| Q2 25 | $12.3M | $-99.6M | ||
| Q1 25 | $16.1M | $-219.7M | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | $111.0M | ||
| Q2 24 | $13.8M | $55.6M |
毛利率CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 50.0% | 91.4% | ||
| Q3 25 | 48.1% | 91.6% | ||
| Q2 25 | 49.5% | 91.3% | ||
| Q1 25 | 48.4% | 89.3% | ||
| Q4 24 | 51.3% | — | ||
| Q3 24 | 49.4% | 91.9% | ||
| Q2 24 | 47.3% | 90.7% |
营业利润率CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 9.0% | -3.8% | ||
| Q3 25 | 10.0% | -83.7% | ||
| Q2 25 | 10.0% | 8.0% | ||
| Q1 25 | 9.8% | -158.9% | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | 10.8% | 19.5% | ||
| Q2 24 | 8.8% | 21.6% |
净利率CSGSFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | 2.2% | -14.2% | ||
| Q3 25 | 6.7% | -90.1% | ||
| Q2 25 | 4.1% | -10.7% | ||
| Q1 25 | 5.4% | -108.7% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | 8.2% | ||
| Q2 24 | 4.8% | 9.7% |
每股收益（稀释后）CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.93 | ||
| Q3 25 | $0.73 | $-11.77 | ||
| Q2 25 | $0.44 | $-0.99 | ||
| Q1 25 | $0.57 | $-2.20 | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | $1.10 | ||
| Q2 24 | $0.48 | — |
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 | $116.5M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $279.2M |
| 总资产 | $1.5B | $7.7B |
| 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CSGSFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $180.0M | $91.1M | ||
| Q3 25 | $158.4M | $70.7M | ||
| Q2 25 | $145.9M | $107.4M | ||
| Q1 25 | $136.0M | $61.5M | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | $89.7M | ||
| Q2 24 | $110.4M | $52.9M |
总债务CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $5.2B | ||
| Q3 25 | $538.6M | $5.0B | ||
| Q2 25 | $537.8M | $5.3B | ||
| Q1 25 | $537.6M | $5.0B | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | $4.6B | ||
| Q2 24 | $540.5M | $2.3B |
股东权益CSGSFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $283.7M | $549.8M | ||
| Q3 25 | $289.5M | $614.3M | ||
| Q2 25 | $290.7M | $1.8B | ||
| Q1 25 | $283.1M | $1.8B | ||
| Q4 24 | $282.6M | — | ||
| Q3 24 | $288.4M | $2.3B | ||
| Q2 24 | $273.3M | — |
总资产CSGSFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $1.5B | $7.8B | ||
| Q3 25 | $1.5B | $7.9B | ||
| Q2 25 | $1.4B | $9.5B | ||
| Q1 25 | $1.4B | $9.2B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | $9.4B | ||
| Q2 24 | $1.4B | $2.3B |
负债/权益比CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 9.40× | ||
| Q3 25 | 1.86× | 8.16× | ||
| Q2 25 | 1.85× | 2.97× | ||
| Q1 25 | 1.90× | 2.75× | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | 1.95× | ||
| Q2 24 | 1.98× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $55.8M | — |
| 自由现金流率自由现金流/营收 | 17.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 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CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $-37.7M | ||
| Q3 25 | $47.9M | $356.2M | ||
| Q2 25 | $37.3M | $187.0M | ||
| Q1 25 | $11.5M | $-178.0M | ||
| Q4 24 | $82.5M | — | ||
| Q3 24 | $39.5M | $337.4M | ||
| Q2 24 | $43.1M | — |
自由现金流CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $-109.3M | ||
| Q3 25 | $43.9M | $256.2M | ||
| Q2 25 | $34.6M | $18.8M | ||
| Q1 25 | $7.1M | $-318.0M | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | $227.7M | ||
| Q2 24 | $38.8M | — |
自由现金流率CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | -16.8% | ||
| Q3 25 | 14.5% | 19.4% | ||
| Q2 25 | 11.6% | 2.0% | ||
| Q1 25 | 2.4% | -157.4% | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | 16.9% | ||
| Q2 24 | 13.4% | — |
资本支出强度CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 11.0% | ||
| Q3 25 | 1.3% | 7.6% | ||
| Q2 25 | 0.9% | 18.1% | ||
| Q1 25 | 1.5% | 69.3% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | 8.1% | ||
| Q2 24 | 1.5% | — |
现金转化率CSGSFUN
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 3.04× | ||
| Q2 24 | 3.12× | — |
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% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
