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南玻集团（CSGS）与GREENLIGHT CAPITAL RE, LTD.（GLRE）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GREENLIGHT CAPITAL RE, LTD.的1.5倍（$323.1M vs $210.3M），GREENLIGHT CAPITAL RE, LTD.净利率更高（23.4% vs 2.2%，领先21.3%），GREENLIGHT CAPITAL RE, LTD.同比增速更快（48.3% vs 2.0%），过去两年GREENLIGHT CAPITAL RE, LTD.的营收复合增速更高（4.8% 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。
绿光资本再保险有限公司关联的绿光资本是1996年由大卫·艾因霍恩创立的美国对冲基金，主要投资北美公开交易的企业债务产品与股票，因2008年雷曼兄弟破产前做空其股票、2012年1月在英国因内幕交易被罚1100万美元而受到市场关注，艾因霍恩至今仍担任该基金管理人。
CSGS vs GLRE — 直观对比
营收规模更大
CSGS
是对方的1.5倍
$210.3M
营收增速更快
GLRE
高出46.2%
2.0%
净利率更高
GLRE
高出21.3%
2.2%
两年增速更快
GLRE
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $210.3M |
| 净利润 | $7.0M | $49.3M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | — |
| 净利率 | 2.2% | 23.4% |
| 营收同比 | 2.0% | 48.3% |
| 净利润同比 | -79.7% | 279.7% |
| 每股收益（稀释后） | $0.24 | $1.43 |
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CSGSGLRE
| Q4 25 | $323.1M | $210.3M | ||
| Q3 25 | $303.6M | $146.1M | ||
| Q2 25 | $297.1M | $160.1M | ||
| Q1 25 | $299.5M | $213.3M | ||
| Q4 24 | $316.7M | $141.8M | ||
| Q3 24 | $295.1M | $188.0M | ||
| Q2 24 | $290.3M | $174.9M | ||
| Q1 24 | $295.1M | $191.3M |
净利润CSGSGLRE
| Q4 25 | $7.0M | $49.3M | ||
| Q3 25 | $20.5M | $-4.4M | ||
| Q2 25 | $12.3M | $329.0K | ||
| Q1 25 | $16.1M | $29.6M | ||
| Q4 24 | $34.5M | $-27.4M | ||
| Q3 24 | $19.1M | $35.2M | ||
| Q2 24 | $13.8M | $8.0M | ||
| Q1 24 | $19.5M | $27.0M |
毛利率CSGSGLRE
| 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CSGSGLRE
| Q4 25 | 9.0% | — | ||
| Q3 25 | 10.0% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 8.8% | — | ||
| Q1 24 | 10.8% | — |
净利率CSGSGLRE
| Q4 25 | 2.2% | 23.4% | ||
| Q3 25 | 6.7% | -3.0% | ||
| Q2 25 | 4.1% | 0.2% | ||
| Q1 25 | 5.4% | 13.9% | ||
| Q4 24 | 10.9% | -19.3% | ||
| Q3 24 | 6.5% | 18.7% | ||
| Q2 24 | 4.8% | 4.6% | ||
| Q1 24 | 6.6% | 14.1% |
每股收益（稀释后）CSGSGLRE
| Q4 25 | $0.24 | $1.43 | ||
| Q3 25 | $0.73 | $-0.13 | ||
| Q2 25 | $0.44 | $0.01 | ||
| Q1 25 | $0.57 | $0.86 | ||
| Q4 24 | $1.20 | $-0.78 | ||
| Q3 24 | $0.67 | $1.01 | ||
| Q2 24 | $0.48 | $0.23 | ||
| Q1 24 | $0.68 | $0.78 |
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 | $111.8M |
| 总债务越低越好 | $539.5M | $4.7M |
| 股东权益账面价值 | $283.7M | $708.0M |
| 总资产 | $1.5B | $2.2B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资CSGSGLRE
| Q4 25 | $180.0M | $111.8M | ||
| Q3 25 | $158.4M | $68.8M | ||
| Q2 25 | $145.9M | $82.4M | ||
| Q1 25 | $136.0M | $47.5M | ||
| Q4 24 | $161.8M | $64.7M | ||
| Q3 24 | $118.4M | $54.6M | ||
| Q2 24 | $110.4M | $52.2M | ||
| Q1 24 | $120.8M | $61.6M |
总债务CSGSGLRE
| Q4 25 | $539.5M | $4.7M | ||
| Q3 25 | $538.6M | $34.7M | ||
| Q2 25 | $537.8M | $58.9M | ||
| Q1 25 | $537.6M | $59.8M | ||
| Q4 24 | $538.5M | $60.7M | ||
| Q3 24 | $539.5M | $62.6M | ||
| Q2 24 | $540.5M | $61.6M | ||
| Q1 24 | $541.5M | $72.5M |
股东权益CSGSGLRE
| Q4 25 | $283.7M | $708.0M | ||
| Q3 25 | $289.5M | $658.9M | ||
| Q2 25 | $290.7M | $663.3M | ||
| Q1 25 | $283.1M | $666.8M | ||
| Q4 24 | $282.6M | $635.9M | ||
| Q3 24 | $288.4M | $663.4M | ||
| Q2 24 | $273.3M | $634.0M | ||
| Q1 24 | $269.3M | $624.5M |
总资产CSGSGLRE
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.5B | $2.0B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.3B | $1.9B |
负债/权益比CSGSGLRE
| Q4 25 | 1.90× | 0.01× | ||
| Q3 25 | 1.86× | 0.05× | ||
| Q2 25 | 1.85× | 0.09× | ||
| Q1 25 | 1.90× | 0.09× | ||
| Q4 24 | 1.91× | 0.10× | ||
| Q3 24 | 1.87× | 0.09× | ||
| Q2 24 | 1.98× | 0.10× | ||
| Q1 24 | 2.01× | 0.12× |
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 | $100.2M |
| 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× | 2.03× |
| 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CSGSGLRE
| Q4 25 | $59.2M | $100.2M | ||
| Q3 25 | $47.9M | $31.2M | ||
| Q2 25 | $37.3M | $68.4M | ||
| Q1 25 | $11.5M | $10.4M | ||
| Q4 24 | $82.5M | $29.5M | ||
| Q3 24 | $39.5M | $41.3M | ||
| Q2 24 | $43.1M | $22.7M | ||
| Q1 24 | $-29.4M | $18.0M |
自由现金流CSGSGLRE
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSGLRE
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSGLRE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSGLRE
| Q4 25 | 8.46× | 2.03× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 208.02× | ||
| Q1 25 | 0.71× | 0.35× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 1.17× | ||
| Q2 24 | 3.12× | 2.85× | ||
| Q1 24 | -1.51× | 0.66× |
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% |
GLRE
| Other | $124.7M | 59% |
| Innovations | $85.6M | 41% |
