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南玻集团（CSGS）与GigaCloud Technology Inc（GCT）财务数据对比。点击上方公司名可切换其他公司
GigaCloud Technology Inc的季度营收约是南玻集团的1.0倍（$332.6M vs $323.1M），GigaCloud Technology Inc净利率更高（11.2% vs 2.2%，领先9.0%），GigaCloud Technology Inc同比增速更快（9.7% vs 2.0%），GigaCloud Technology Inc自由现金流更多（$77.1M vs $55.8M），过去两年GigaCloud Technology Inc的营收复合增速更高（36.6% 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。
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
CSGS vs GCT — 直观对比
营收规模更大
GCT
是对方的1.0倍
$323.1M
营收增速更快
GCT
高出7.6%
2.0%
净利率更高
GCT
高出9.0%
2.2%
自由现金流更多
GCT
多$21.3M
$55.8M
两年增速更快
GCT
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $332.6M |
| 净利润 | $7.0M | $37.2M |
| 毛利率 | 50.0% | 23.2% |
| 营业利润率 | 9.0% | 12.2% |
| 净利率 | 2.2% | 11.2% |
| 营收同比 | 2.0% | 9.7% |
| 净利润同比 | -79.7% | -8.6% |
| 每股收益（稀释后） | $0.24 | $0.99 |
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CSGSGCT
| Q4 25 | $323.1M | — | ||
| Q3 25 | $303.6M | $332.6M | ||
| Q2 25 | $297.1M | $322.6M | ||
| Q1 25 | $299.5M | $271.9M | ||
| Q4 24 | $316.7M | $295.8M | ||
| Q3 24 | $295.1M | $303.3M | ||
| Q2 24 | $290.3M | $310.9M | ||
| Q1 24 | $295.1M | $251.1M |
净利润CSGSGCT
| Q4 25 | $7.0M | — | ||
| Q3 25 | $20.5M | $37.2M | ||
| Q2 25 | $12.3M | $34.6M | ||
| Q1 25 | $16.1M | $27.1M | ||
| Q4 24 | $34.5M | $31.0M | ||
| Q3 24 | $19.1M | $40.7M | ||
| Q2 24 | $13.8M | $27.0M | ||
| Q1 24 | $19.5M | $27.2M |
毛利率CSGSGCT
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | 23.2% | ||
| Q2 25 | 49.5% | 23.9% | ||
| Q1 25 | 48.4% | 23.4% | ||
| Q4 24 | 51.3% | 22.0% | ||
| Q3 24 | 49.4% | 25.5% | ||
| Q2 24 | 47.3% | 24.6% | ||
| Q1 24 | 46.5% | 26.5% |
营业利润率CSGSGCT
| Q4 25 | 9.0% | — | ||
| Q3 25 | 10.0% | 12.2% | ||
| Q2 25 | 10.0% | 11.1% | ||
| Q1 25 | 9.8% | 10.4% | ||
| Q4 24 | 13.4% | 9.3% | ||
| Q3 24 | 10.8% | 13.4% | ||
| Q2 24 | 8.8% | 8.8% | ||
| Q1 24 | 10.8% | 13.9% |
净利率CSGSGCT
| Q4 25 | 2.2% | — | ||
| Q3 25 | 6.7% | 11.2% | ||
| Q2 25 | 4.1% | 10.7% | ||
| Q1 25 | 5.4% | 10.0% | ||
| Q4 24 | 10.9% | 10.5% | ||
| Q3 24 | 6.5% | 13.4% | ||
| Q2 24 | 4.8% | 8.7% | ||
| Q1 24 | 6.6% | 10.8% |
每股收益（稀释后）CSGSGCT
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | $0.99 | ||
| Q2 25 | $0.44 | $0.91 | ||
| Q1 25 | $0.57 | $0.68 | ||
| Q4 24 | $1.20 | $0.76 | ||
| Q3 24 | $0.67 | $0.98 | ||
| Q2 24 | $0.48 | $0.65 | ||
| Q1 24 | $0.68 | $0.66 |
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 | $365.9M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $457.3M |
| 总资产 | $1.5B | $1.1B |
| 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CSGSGCT
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | $365.9M | ||
| Q2 25 | $145.9M | $303.0M | ||
| Q1 25 | $136.0M | $286.8M | ||
| Q4 24 | $161.8M | $302.4M | ||
| Q3 24 | $118.4M | $259.8M | ||
| Q2 24 | $110.4M | $207.8M | ||
| Q1 24 | $120.8M | $195.3M |
总债务CSGSGCT
| 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CSGSGCT
| Q4 25 | $283.7M | — | ||
| Q3 25 | $289.5M | $457.3M | ||
| Q2 25 | $290.7M | $431.4M | ||
| Q1 25 | $283.1M | $412.9M | ||
| Q4 24 | $282.6M | $405.2M | ||
| Q3 24 | $288.4M | $400.4M | ||
| Q2 24 | $273.3M | $358.4M | ||
| Q1 24 | $269.3M | $317.8M |
总资产CSGSGCT
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.3B | $977.6M |
负债/权益比CSGSGCT
| 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 | $78.3M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $77.1M |
| 自由现金流率自由现金流/营收 | 17.3% | 23.2% |
| 资本支出强度资本支出/营收 | 1.1% | 0.4% |
| 现金转化率经营现金流/净利润 | 8.46× | 2.10× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $188.1M |
8季度趋势，按日历期对齐
经营现金流CSGSGCT
| Q4 25 | $59.2M | — | ||
| Q3 25 | $47.9M | $78.3M | ||
| Q2 25 | $37.3M | $38.6M | ||
| Q1 25 | $11.5M | $9.4M | ||
| Q4 24 | $82.5M | $68.4M | ||
| Q3 24 | $39.5M | $55.2M | ||
| Q2 24 | $43.1M | $19.1M | ||
| Q1 24 | $-29.4M | $15.3M |
自由现金流CSGSGCT
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | $77.1M | ||
| Q2 25 | $34.6M | $37.0M | ||
| Q1 25 | $7.1M | $7.0M | ||
| Q4 24 | $76.6M | $66.9M | ||
| Q3 24 | $32.0M | $51.4M | ||
| Q2 24 | $38.8M | $12.9M | ||
| Q1 24 | $-34.1M | $11.3M |
自由现金流率CSGSGCT
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | 23.2% | ||
| Q2 25 | 11.6% | 11.5% | ||
| Q1 25 | 2.4% | 2.6% | ||
| Q4 24 | 24.2% | 22.6% | ||
| Q3 24 | 10.8% | 16.9% | ||
| Q2 24 | 13.4% | 4.2% | ||
| Q1 24 | -11.6% | 4.5% |
资本支出强度CSGSGCT
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 0.4% | ||
| Q2 25 | 0.9% | 0.5% | ||
| Q1 25 | 1.5% | 0.9% | ||
| Q4 24 | 1.9% | 0.5% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 1.5% | 2.0% | ||
| Q1 24 | 1.6% | 1.6% |
现金转化率CSGSGCT
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 2.10× | ||
| Q2 25 | 3.04× | 1.12× | ||
| Q1 25 | 0.71× | 0.35× | ||
| Q4 24 | 2.39× | 2.21× | ||
| Q3 24 | 2.07× | 1.36× | ||
| Q2 24 | 3.12× | 0.71× | ||
| Q1 24 | -1.51× | 0.56× |
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% |
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
