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南玻集团（CSGS）与Hess Midstream LP（HESM）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Hess Midstream LP的1.6倍（$323.1M vs $204.1M），Hess Midstream LP净利率更高（77.3% vs 2.2%，领先75.1%），Hess Midstream LP同比增速更快（2.1% vs 2.0%），过去两年南玻集团的营收复合增速更高（4.6% vs -25.3%）
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。
赫斯是美国全球化独立能源企业，主要从事原油与天然气的勘探、生产业务。公司于1968年由赫斯石油化工和阿美拉达石油合并成立，2023年10月同意被雪佛龙收购，相关交易已于2025年7月完成交割。
CSGS vs HESM — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$204.1M
营收增速更快
HESM
高出0.1%
2.0%
净利率更高
HESM
高出75.1%
2.2%
两年增速更快
CSGS
近两年复合增速
-25.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $204.1M |
| 净利润 | $7.0M | $157.7M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 116.7% |
| 净利率 | 2.2% | 77.3% |
| 营收同比 | 2.0% | 2.1% |
| 净利润同比 | -79.7% | -2.3% |
| 每股收益（稀释后） | $0.24 | $0.68 |
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CSGSHESM
| Q1 26 | — | $204.1M | ||
| Q4 25 | $323.1M | $404.2M | ||
| Q3 25 | $303.6M | $420.9M | ||
| Q2 25 | $297.1M | $414.2M | ||
| Q1 25 | $299.5M | $382.0M | ||
| Q4 24 | $316.7M | $395.9M | ||
| Q3 24 | $295.1M | $378.5M | ||
| Q2 24 | $290.3M | $365.5M |
净利润CSGSHESM
| Q1 26 | — | $157.7M | ||
| Q4 25 | $7.0M | $93.3M | ||
| Q3 25 | $20.5M | $97.7M | ||
| Q2 25 | $12.3M | $90.3M | ||
| Q1 25 | $16.1M | $71.6M | ||
| Q4 24 | $34.5M | $70.4M | ||
| Q3 24 | $19.1M | $58.6M | ||
| Q2 24 | $13.8M | $49.5M |
毛利率CSGSHESM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSHESM
| Q1 26 | — | 116.7% | ||
| Q4 25 | 9.0% | 62.2% | ||
| Q3 25 | 10.0% | 61.5% | ||
| Q2 25 | 10.0% | 62.8% | ||
| Q1 25 | 9.8% | 62.1% | ||
| Q4 24 | 13.4% | 61.4% | ||
| Q3 24 | 10.8% | 61.2% | ||
| Q2 24 | 8.8% | 60.8% |
净利率CSGSHESM
| Q1 26 | — | 77.3% | ||
| Q4 25 | 2.2% | 23.1% | ||
| Q3 25 | 6.7% | 23.2% | ||
| Q2 25 | 4.1% | 21.8% | ||
| Q1 25 | 5.4% | 18.7% | ||
| Q4 24 | 10.9% | 17.8% | ||
| Q3 24 | 6.5% | 15.5% | ||
| Q2 24 | 4.8% | 13.5% |
每股收益（稀释后）CSGSHESM
| Q1 26 | — | $0.68 | ||
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | — | ||
| Q2 24 | $0.48 | — |
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 | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | — |
| 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CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | $1.9M | ||
| Q3 25 | $158.4M | $5.5M | ||
| Q2 25 | $145.9M | $4.5M | ||
| Q1 25 | $136.0M | $6.1M | ||
| Q4 24 | $161.8M | $4.3M | ||
| Q3 24 | $118.4M | $10.3M | ||
| Q2 24 | $110.4M | $99.6M |
总债务CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $3.8B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $3.5B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — |
股东权益CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | — | ||
| Q3 25 | $289.5M | — | ||
| Q2 25 | $290.7M | — | ||
| Q1 25 | $283.1M | — | ||
| Q4 24 | $282.6M | — | ||
| Q3 24 | $288.4M | — | ||
| Q2 24 | $273.3M | — |
总资产CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $4.4B | ||
| Q3 25 | $1.5B | $4.4B | ||
| Q2 25 | $1.4B | $4.4B | ||
| Q1 25 | $1.4B | $4.3B | ||
| Q4 24 | $1.5B | $4.2B | ||
| Q3 24 | $1.4B | $4.1B | ||
| Q2 24 | $1.4B | $4.1B |
负债/权益比CSGSHESM
| Q1 26 | — | — | ||
| 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× | — |
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 | $253.3M |
| 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% | 51.4% |
| 现金转化率经营现金流/净利润 | 8.46× | 1.61× |
| 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CSGSHESM
| Q1 26 | — | $253.3M | ||
| Q4 25 | $59.2M | $245.6M | ||
| Q3 25 | $47.9M | $258.9M | ||
| Q2 25 | $37.3M | $276.9M | ||
| Q1 25 | $11.5M | $202.4M | ||
| Q4 24 | $82.5M | $258.5M | ||
| Q3 24 | $39.5M | $224.9M | ||
| Q2 24 | $43.1M | $271.6M |
自由现金流CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $178.9M | ||
| Q3 25 | $43.9M | $178.9M | ||
| Q2 25 | $34.6M | $213.5M | ||
| Q1 25 | $7.1M | $156.9M | ||
| Q4 24 | $76.6M | $163.4M | ||
| Q3 24 | $32.0M | $132.6M | ||
| Q2 24 | $38.8M | $207.7M |
自由现金流率CSGSHESM
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 44.3% | ||
| Q3 25 | 14.5% | 42.5% | ||
| Q2 25 | 11.6% | 51.5% | ||
| Q1 25 | 2.4% | 41.1% | ||
| Q4 24 | 24.2% | 41.3% | ||
| Q3 24 | 10.8% | 35.0% | ||
| Q2 24 | 13.4% | 56.8% |
资本支出强度CSGSHESM
| Q1 26 | — | 51.4% | ||
| Q4 25 | 1.1% | 16.5% | ||
| Q3 25 | 1.3% | 19.0% | ||
| Q2 25 | 0.9% | 15.3% | ||
| Q1 25 | 1.5% | 11.9% | ||
| Q4 24 | 1.9% | 24.0% | ||
| Q3 24 | 2.5% | 24.4% | ||
| Q2 24 | 1.5% | 17.5% |
现金转化率CSGSHESM
| Q1 26 | — | 1.61× | ||
| Q4 25 | 8.46× | 2.63× | ||
| Q3 25 | 2.34× | 2.65× | ||
| Q2 25 | 3.04× | 3.07× | ||
| Q1 25 | 0.71× | 2.83× | ||
| Q4 24 | 2.39× | 3.67× | ||
| Q3 24 | 2.07× | 3.84× | ||
| Q2 24 | 3.12× | 5.49× |
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% |
HESM
| Affiliate services | $197.9M | 97% |
| Third-party services | $6.2M | 3% |
