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南玻集团（CSGS）与GCM Grosvenor Inc.（GCMG）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GCM Grosvenor Inc.的1.8倍（$323.1M vs $177.1M），GCM Grosvenor Inc.净利率更高（32.8% vs 2.2%，领先30.7%），GCM Grosvenor Inc.同比增速更快（7.2% vs 2.0%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $55.8M），过去两年GCM Grosvenor Inc.的营收复合增速更高（27.5% 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。
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
CSGS vs GCMG — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$177.1M
营收增速更快
GCMG
高出5.1%
2.0%
净利率更高
GCMG
高出30.7%
2.2%
自由现金流更多
GCMG
多$119.2M
$55.8M
两年增速更快
GCMG
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $177.1M |
| 净利润 | $7.0M | $58.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 30.9% |
| 净利率 | 2.2% | 32.8% |
| 营收同比 | 2.0% | 7.2% |
| 净利润同比 | -79.7% | 149.2% |
| 每股收益（稀释后） | $0.24 | $0.23 |
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CSGSGCMG
| Q4 25 | $323.1M | $177.1M | ||
| Q3 25 | $303.6M | $135.0M | ||
| Q2 25 | $297.1M | $119.7M | ||
| Q1 25 | $299.5M | $125.8M | ||
| Q4 24 | $316.7M | $165.3M | ||
| Q3 24 | $295.1M | $122.9M | ||
| Q2 24 | $290.3M | $117.0M | ||
| Q1 24 | $295.1M | $108.9M |
净利润CSGSGCMG
| Q4 25 | $7.0M | $58.2M | ||
| Q3 25 | $20.5M | $10.5M | ||
| Q2 25 | $12.3M | $15.4M | ||
| Q1 25 | $16.1M | $463.0K | ||
| Q4 24 | $34.5M | $7.6M | ||
| Q3 24 | $19.1M | $4.2M | ||
| Q2 24 | $13.8M | $4.8M | ||
| Q1 24 | $19.5M | $2.1M |
毛利率CSGSGCMG
| 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CSGSGCMG
| Q4 25 | 9.0% | 30.9% | ||
| Q3 25 | 10.0% | 32.7% | ||
| Q2 25 | 10.0% | 16.1% | ||
| Q1 25 | 9.8% | 12.2% | ||
| Q4 24 | 13.4% | 26.4% | ||
| Q3 24 | 10.8% | 20.3% | ||
| Q2 24 | 8.8% | 17.8% | ||
| Q1 24 | 10.8% | -14.7% |
净利率CSGSGCMG
| Q4 25 | 2.2% | 32.8% | ||
| Q3 25 | 6.7% | 7.8% | ||
| Q2 25 | 4.1% | 12.9% | ||
| Q1 25 | 5.4% | 0.4% | ||
| Q4 24 | 10.9% | 4.6% | ||
| Q3 24 | 6.5% | 3.4% | ||
| Q2 24 | 4.8% | 4.1% | ||
| Q1 24 | 6.6% | 2.0% |
每股收益（稀释后）CSGSGCMG
| Q4 25 | $0.24 | $0.23 | ||
| Q3 25 | $0.73 | $0.16 | ||
| Q2 25 | $0.44 | $0.05 | ||
| Q1 25 | $0.57 | $-0.02 | ||
| Q4 24 | $1.20 | $0.09 | ||
| Q3 24 | $0.67 | $0.03 | ||
| Q2 24 | $0.48 | $0.04 | ||
| Q1 24 | $0.68 | $-0.13 |
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 | $242.1M |
| 总债务越低越好 | $539.5M | $428.4M |
| 股东权益账面价值 | $283.7M | $27.0M |
| 总资产 | $1.5B | $813.8M |
| 负债/权益比越低杠杆越低 | 1.90× | 15.87× |
8季度趋势，按日历期对齐
现金及短期投资CSGSGCMG
| Q4 25 | $180.0M | $242.1M | ||
| Q3 25 | $158.4M | $182.7M | ||
| Q2 25 | $145.9M | $136.3M | ||
| Q1 25 | $136.0M | $94.5M | ||
| Q4 24 | $161.8M | $89.5M | ||
| Q3 24 | $118.4M | $98.4M | ||
| Q2 24 | $110.4M | $73.9M | ||
| Q1 24 | $120.8M | $41.9M |
总债务CSGSGCMG
| Q4 25 | $539.5M | $428.4M | ||
| Q3 25 | $538.6M | $429.3M | ||
| Q2 25 | $537.8M | $430.2M | ||
| Q1 25 | $537.6M | $431.1M | ||
| Q4 24 | $538.5M | $432.0M | ||
| Q3 24 | $539.5M | $432.9M | ||
| Q2 24 | $540.5M | $433.8M | ||
| Q1 24 | $541.5M | $384.0M |
股东权益CSGSGCMG
| Q4 25 | $283.7M | $27.0M | ||
| Q3 25 | $289.5M | $-7.4M | ||
| Q2 25 | $290.7M | $-12.3M | ||
| Q1 25 | $283.1M | $-28.3M | ||
| Q4 24 | $282.6M | $-27.6M | ||
| Q3 24 | $288.4M | $-31.9M | ||
| Q2 24 | $273.3M | $-28.5M | ||
| Q1 24 | $269.3M | $-26.4M |
总资产CSGSGCMG
| Q4 25 | $1.5B | $813.8M | ||
| Q3 25 | $1.5B | $685.9M | ||
| Q2 25 | $1.4B | $636.9M | ||
| Q1 25 | $1.4B | $579.8M | ||
| Q4 24 | $1.5B | $612.7M | ||
| Q3 24 | $1.4B | $575.0M | ||
| Q2 24 | $1.4B | $543.9M | ||
| Q1 24 | $1.3B | $497.3M |
负债/权益比CSGSGCMG
| Q4 25 | 1.90× | 15.87× | ||
| 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 | $183.5M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $175.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 98.8% |
| 资本支出强度资本支出/营收 | 1.1% | 4.8% |
| 现金转化率经营现金流/净利润 | 8.46× | 3.16× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $326.2M |
8季度趋势，按日历期对齐
经营现金流CSGSGCMG
| Q4 25 | $59.2M | $183.5M | ||
| Q3 25 | $47.9M | $79.8M | ||
| Q2 25 | $37.3M | $42.0M | ||
| Q1 25 | $11.5M | $33.3M | ||
| Q4 24 | $82.5M | $148.8M | ||
| Q3 24 | $39.5M | $69.0M | ||
| Q2 24 | $43.1M | $17.5M | ||
| Q1 24 | $-29.4M | $24.2M |
自由现金流CSGSGCMG
| Q4 25 | $55.8M | $175.0M | ||
| Q3 25 | $43.9M | $78.3M | ||
| Q2 25 | $34.6M | $40.8M | ||
| Q1 25 | $7.1M | $32.1M | ||
| Q4 24 | $76.6M | $132.0M | ||
| Q3 24 | $32.0M | $62.2M | ||
| Q2 24 | $38.8M | $12.8M | ||
| Q1 24 | $-34.1M | $20.0M |
自由现金流率CSGSGCMG
| Q4 25 | 17.3% | 98.8% | ||
| Q3 25 | 14.5% | 58.0% | ||
| Q2 25 | 11.6% | 34.1% | ||
| Q1 25 | 2.4% | 25.5% | ||
| Q4 24 | 24.2% | 79.9% | ||
| Q3 24 | 10.8% | 50.6% | ||
| Q2 24 | 13.4% | 10.9% | ||
| Q1 24 | -11.6% | 18.4% |
资本支出强度CSGSGCMG
| Q4 25 | 1.1% | 4.8% | ||
| Q3 25 | 1.3% | 1.1% | ||
| Q2 25 | 0.9% | 1.0% | ||
| Q1 25 | 1.5% | 0.9% | ||
| Q4 24 | 1.9% | 10.1% | ||
| Q3 24 | 2.5% | 5.5% | ||
| Q2 24 | 1.5% | 4.0% | ||
| Q1 24 | 1.6% | 3.9% |
现金转化率CSGSGCMG
| Q4 25 | 8.46× | 3.16× | ||
| Q3 25 | 2.34× | 7.61× | ||
| Q2 25 | 3.04× | 2.72× | ||
| Q1 25 | 0.71× | 71.84× | ||
| Q4 24 | 2.39× | 19.54× | ||
| Q3 24 | 2.07× | 16.60× | ||
| Q2 24 | 3.12× | 3.64× | ||
| Q1 24 | -1.51× | 11.40× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
