vs
南玻集团（CSGS）与Acushnet Holdings Corp.（GOLF）财务数据对比。点击上方公司名可切换其他公司
Acushnet Holdings Corp.的季度营收约是南玻集团的1.5倍（$477.2M vs $323.1M），南玻集团净利率更高（2.2% vs -7.3%，领先9.5%），Acushnet Holdings Corp.同比增速更快（7.2% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-23.3M），过去两年南玻集团的营收复合增速更高（4.6% vs -17.9%）
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。
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
CSGS vs GOLF — 直观对比
营收规模更大
GOLF
是对方的1.5倍
$323.1M
营收增速更快
GOLF
高出5.2%
2.0%
净利率更高
CSGS
高出9.5%
-7.3%
自由现金流更多
CSGS
多$79.1M
$-23.3M
两年增速更快
CSGS
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $477.2M |
| 净利润 | $7.0M | $-34.9M |
| 毛利率 | 50.0% | 44.1% |
| 营业利润率 | 9.0% | -3.8% |
| 净利率 | 2.2% | -7.3% |
| 营收同比 | 2.0% | 7.2% |
| 净利润同比 | -79.7% | -3027.3% |
| 每股收益（稀释后） | $0.24 | $-0.57 |
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CSGSGOLF
| Q4 25 | $323.1M | $477.2M | ||
| Q3 25 | $303.6M | $657.7M | ||
| Q2 25 | $297.1M | $720.5M | ||
| Q1 25 | $299.5M | $703.4M | ||
| Q4 24 | $316.7M | $445.2M | ||
| Q3 24 | $295.1M | $620.5M | ||
| Q2 24 | $290.3M | $683.9M | ||
| Q1 24 | $295.1M | $707.6M |
净利润CSGSGOLF
| Q4 25 | $7.0M | $-34.9M | ||
| Q3 25 | $20.5M | $48.5M | ||
| Q2 25 | $12.3M | $75.6M | ||
| Q1 25 | $16.1M | $99.4M | ||
| Q4 24 | $34.5M | $-1.1M | ||
| Q3 24 | $19.1M | $56.2M | ||
| Q2 24 | $13.8M | $71.4M | ||
| Q1 24 | $19.5M | $87.8M |
毛利率CSGSGOLF
| Q4 25 | 50.0% | 44.1% | ||
| Q3 25 | 48.1% | 48.5% | ||
| Q2 25 | 49.5% | 49.2% | ||
| Q1 25 | 48.4% | 47.9% | ||
| Q4 24 | 51.3% | 22.6% | ||
| Q3 24 | 49.4% | 54.4% | ||
| Q2 24 | 47.3% | 54.4% | ||
| Q1 24 | 46.5% | 53.4% |
营业利润率CSGSGOLF
| Q4 25 | 9.0% | -3.8% | ||
| Q3 25 | 10.0% | 14.1% | ||
| Q2 25 | 10.0% | 15.2% | ||
| Q1 25 | 9.8% | 16.3% | ||
| Q4 24 | 13.4% | -1.2% | ||
| Q3 24 | 10.8% | 13.2% | ||
| Q2 24 | 8.8% | 15.5% | ||
| Q1 24 | 10.8% | 17.2% |
净利率CSGSGOLF
| Q4 25 | 2.2% | -7.3% | ||
| Q3 25 | 6.7% | 7.4% | ||
| Q2 25 | 4.1% | 10.5% | ||
| Q1 25 | 5.4% | 14.1% | ||
| Q4 24 | 10.9% | -0.3% | ||
| Q3 24 | 6.5% | 9.1% | ||
| Q2 24 | 4.8% | 10.4% | ||
| Q1 24 | 6.6% | 12.4% |
每股收益（稀释后）CSGSGOLF
| Q4 25 | $0.24 | $-0.57 | ||
| Q3 25 | $0.73 | $0.81 | ||
| Q2 25 | $0.44 | $1.25 | ||
| Q1 25 | $0.57 | $1.62 | ||
| Q4 24 | $1.20 | $0.02 | ||
| Q3 24 | $0.67 | $0.89 | ||
| Q2 24 | $0.48 | $1.11 | ||
| Q1 24 | $0.68 | $1.35 |
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 | — |
| 总债务越低越好 | $539.5M | $926.2M |
| 股东权益账面价值 | $283.7M | $783.6M |
| 总资产 | $1.5B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资CSGSGOLF
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSGOLF
| Q4 25 | $539.5M | $926.2M | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $753.1M | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSGOLF
| Q4 25 | $283.7M | $783.6M | ||
| Q3 25 | $289.5M | $852.3M | ||
| Q2 25 | $290.7M | $808.5M | ||
| Q1 25 | $283.1M | $780.3M | ||
| Q4 24 | $282.6M | $765.2M | ||
| Q3 24 | $288.4M | $863.9M | ||
| Q2 24 | $273.3M | $863.7M | ||
| Q1 24 | $269.3M | $883.7M |
总资产CSGSGOLF
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.4B | $2.3B | ||
| Q1 24 | $1.3B | $2.4B |
负债/权益比CSGSGOLF
| Q4 25 | 1.90× | 1.18× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 0.98× | ||
| 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 | $-338.0K |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-23.3M |
| 自由现金流率自由现金流/营收 | 17.3% | -4.9% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $141.4M | $120.0M |
8季度趋势，按日历期对齐
经营现金流CSGSGOLF
| Q4 25 | $59.2M | $-338.0K | ||
| Q3 25 | $47.9M | $163.1M | ||
| Q2 25 | $37.3M | $151.9M | ||
| Q1 25 | $11.5M | $-120.3M | ||
| Q4 24 | $82.5M | $-1.1M | ||
| Q3 24 | $39.5M | $144.1M | ||
| Q2 24 | $43.1M | $211.6M | ||
| Q1 24 | $-29.4M | $-109.5M |
自由现金流CSGSGOLF
| Q4 25 | $55.8M | $-23.3M | ||
| Q3 25 | $43.9M | $136.9M | ||
| Q2 25 | $34.6M | $138.0M | ||
| Q1 25 | $7.1M | $-131.5M | ||
| Q4 24 | $76.6M | $-33.2M | ||
| Q3 24 | $32.0M | $123.7M | ||
| Q2 24 | $38.8M | $196.8M | ||
| Q1 24 | $-34.1M | $-116.8M |
自由现金流率CSGSGOLF
| Q4 25 | 17.3% | -4.9% | ||
| Q3 25 | 14.5% | 20.8% | ||
| Q2 25 | 11.6% | 19.2% | ||
| Q1 25 | 2.4% | -18.7% | ||
| Q4 24 | 24.2% | -7.5% | ||
| Q3 24 | 10.8% | 19.9% | ||
| Q2 24 | 13.4% | 28.8% | ||
| Q1 24 | -11.6% | -16.5% |
资本支出强度CSGSGOLF
| Q4 25 | 1.1% | 4.8% | ||
| Q3 25 | 1.3% | 4.0% | ||
| Q2 25 | 0.9% | 1.9% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 1.9% | 7.2% | ||
| Q3 24 | 2.5% | 3.3% | ||
| Q2 24 | 1.5% | 2.2% | ||
| Q1 24 | 1.6% | 1.0% |
现金转化率CSGSGOLF
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 3.36× | ||
| Q2 25 | 3.04× | 2.01× | ||
| Q1 25 | 0.71× | -1.21× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 2.56× | ||
| Q2 24 | 3.12× | 2.96× | ||
| Q1 24 | -1.51× | -1.25× |
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% |
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
