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南玻集团（CSGS）与First Watch Restaurant Group, Inc.（FWRG）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First Watch Restaurant Group, Inc.的1.0倍（$323.1M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-18.3M），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% 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。
该企业原信息存在公司混淆错误，实际First Watch Restaurant Group是美国餐饮集团，主打鲜制早餐、早午餐与午餐，在美国多个州运营自营与特许加盟餐厅，聚焦日间休闲餐饮市场，为消费者提供新鲜健康的美式餐食选择。
CSGS vs FWRG — 直观对比
营收规模更大
CSGS
是对方的1.0倍
$316.4M
营收增速更快
FWRG
高出18.1%
2.0%
自由现金流更多
CSGS
多$74.1M
$-18.3M
两年增速更快
FWRG
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $316.4M |
| 净利润 | $7.0M | — |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 2.9% |
| 净利率 | 2.2% | — |
| 营收同比 | 2.0% | 20.2% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $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CSGSFWRG
| Q4 25 | $323.1M | $316.4M | ||
| Q3 25 | $303.6M | $316.0M | ||
| Q2 25 | $297.1M | $307.9M | ||
| Q1 25 | $299.5M | $282.2M | ||
| Q4 24 | $316.7M | $263.3M | ||
| Q3 24 | $295.1M | $251.6M | ||
| Q2 24 | $290.3M | $258.6M | ||
| Q1 24 | $295.1M | $242.4M |
净利润CSGSFWRG
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $3.0M | ||
| Q2 25 | $12.3M | $2.1M | ||
| Q1 25 | $16.1M | $-829.0K | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | $2.1M | ||
| Q2 24 | $13.8M | $8.9M | ||
| Q1 24 | $19.5M | $7.2M |
毛利率CSGSFWRG
| 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CSGSFWRG
| Q4 25 | 9.0% | 2.9% | ||
| Q3 25 | 10.0% | 3.2% | ||
| Q2 25 | 10.0% | 2.4% | ||
| Q1 25 | 9.8% | 0.4% | ||
| Q4 24 | 13.4% | 1.5% | ||
| Q3 24 | 10.8% | 2.5% | ||
| Q2 24 | 8.8% | 6.4% | ||
| Q1 24 | 10.8% | 5.1% |
净利率CSGSFWRG
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | 0.9% | ||
| Q2 25 | 4.1% | 0.7% | ||
| Q1 25 | 5.4% | -0.3% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | 0.8% | ||
| Q2 24 | 4.8% | 3.4% | ||
| Q1 24 | 6.6% | 3.0% |
每股收益（稀释后）CSGSFWRG
| Q4 25 | $0.24 | $0.24 | ||
| Q3 25 | $0.73 | $0.05 | ||
| Q2 25 | $0.44 | $0.03 | ||
| Q1 25 | $0.57 | $-0.01 | ||
| Q4 24 | $1.20 | $0.01 | ||
| Q3 24 | $0.67 | $0.03 | ||
| Q2 24 | $0.48 | $0.14 | ||
| Q1 24 | $0.68 | $0.12 |
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 | $21.2M |
| 总债务越低越好 | $539.5M | $269.1M |
| 股东权益账面价值 | $283.7M | $626.3M |
| 总资产 | $1.5B | $1.7B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资CSGSFWRG
| Q4 25 | $180.0M | $21.2M | ||
| Q3 25 | $158.4M | $20.7M | ||
| Q2 25 | $145.9M | $19.2M | ||
| Q1 25 | $136.0M | $18.6M | ||
| Q4 24 | $161.8M | $33.3M | ||
| Q3 24 | $118.4M | $51.1M | ||
| Q2 24 | $110.4M | $45.1M | ||
| Q1 24 | $120.8M | $43.2M |
总债务CSGSFWRG
| Q4 25 | $539.5M | $269.1M | ||
| Q3 25 | $538.6M | $251.0M | ||
| Q2 25 | $537.8M | $250.0M | ||
| Q1 25 | $537.6M | $191.5M | ||
| Q4 24 | $538.5M | $189.0M | ||
| Q3 24 | $539.5M | $189.7M | ||
| Q2 24 | $540.5M | $192.1M | ||
| Q1 24 | $541.5M | $122.7M |
股东权益CSGSFWRG
| Q4 25 | $283.7M | $626.3M | ||
| Q3 25 | $289.5M | $607.3M | ||
| Q2 25 | $290.7M | $601.3M | ||
| Q1 25 | $283.1M | $596.3M | ||
| Q4 24 | $282.6M | $595.4M | ||
| Q3 24 | $288.4M | $589.1M | ||
| Q2 24 | $273.3M | $585.8M | ||
| Q1 24 | $269.3M | $574.4M |
总资产CSGSFWRG
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.3B | $1.3B |
负债/权益比CSGSFWRG
| Q4 25 | 1.90× | 0.43× | ||
| Q3 25 | 1.86× | 0.41× | ||
| Q2 25 | 1.85× | 0.42× | ||
| Q1 25 | 1.90× | 0.32× | ||
| Q4 24 | 1.91× | 0.32× | ||
| Q3 24 | 1.87× | 0.32× | ||
| Q2 24 | 1.98× | 0.33× | ||
| Q1 24 | 2.01× | 0.21× |
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 | $18.5M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-18.3M |
| 自由现金流率自由现金流/营收 | 17.3% | -5.8% |
| 资本支出强度资本支出/营收 | 1.1% | 11.6% |
| 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 | $-31.0M |
8季度趋势，按日历期对齐
经营现金流CSGSFWRG
| Q4 25 | $59.2M | $18.5M | ||
| Q3 25 | $47.9M | $47.9M | ||
| Q2 25 | $37.3M | $39.4M | ||
| Q1 25 | $11.5M | $20.1M | ||
| Q4 24 | $82.5M | $22.9M | ||
| Q3 24 | $39.5M | $35.9M | ||
| Q2 24 | $43.1M | $31.9M | ||
| Q1 24 | $-29.4M | $25.0M |
自由现金流CSGSFWRG
| Q4 25 | $55.8M | $-18.3M | ||
| Q3 25 | $43.9M | $5.5M | ||
| Q2 25 | $34.6M | $-1.7M | ||
| Q1 25 | $7.1M | $-16.4M | ||
| Q4 24 | $76.6M | $-17.7M | ||
| Q3 24 | $32.0M | $6.8M | ||
| Q2 24 | $38.8M | $2.3M | ||
| Q1 24 | $-34.1M | $-3.6M |
自由现金流率CSGSFWRG
| Q4 25 | 17.3% | -5.8% | ||
| Q3 25 | 14.5% | 1.7% | ||
| Q2 25 | 11.6% | -0.5% | ||
| Q1 25 | 2.4% | -5.8% | ||
| Q4 24 | 24.2% | -6.7% | ||
| Q3 24 | 10.8% | 2.7% | ||
| Q2 24 | 13.4% | 0.9% | ||
| Q1 24 | -11.6% | -1.5% |
资本支出强度CSGSFWRG
| Q4 25 | 1.1% | 11.6% | ||
| Q3 25 | 1.3% | 13.4% | ||
| Q2 25 | 0.9% | 13.4% | ||
| Q1 25 | 1.5% | 13.0% | ||
| Q4 24 | 1.9% | 15.4% | ||
| Q3 24 | 2.5% | 11.6% | ||
| Q2 24 | 1.5% | 11.5% | ||
| Q1 24 | 1.6% | 11.8% |
现金转化率CSGSFWRG
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 16.01× | ||
| Q2 25 | 3.04× | 18.72× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 16.98× | ||
| Q2 24 | 3.12× | 3.59× | ||
| Q1 24 | -1.51× | 3.46× |
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% |
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
