vs
南玻集团（CSGS）与IONIS PHARMACEUTICALS INC（IONS）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IONIS PHARMACEUTICALS INC的1.6倍（$323.1M vs $203.3M），南玻集团净利率更高（2.2% vs -112.8%，领先115.0%），南玻集团同比增速更快（2.0% vs -10.3%），南玻集团自由现金流更多（$55.8M vs $-159.0M），过去两年IONIS PHARMACEUTICALS INC的营收复合增速更高（30.4% 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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
CSGS vs IONS — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$203.3M
营收增速更快
CSGS
高出12.3%
-10.3%
净利率更高
CSGS
高出115.0%
-112.8%
自由现金流更多
CSGS
多$214.8M
$-159.0M
两年增速更快
IONS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $203.3M |
| 净利润 | $7.0M | $-229.4M |
| 毛利率 | 50.0% | 96.1% |
| 营业利润率 | 9.0% | -105.5% |
| 净利率 | 2.2% | -112.8% |
| 营收同比 | 2.0% | -10.3% |
| 净利润同比 | -79.7% | -119.8% |
| 每股收益（稀释后） | $0.24 | $-1.35 |
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CSGSIONS
| Q4 25 | $323.1M | $203.3M | ||
| Q3 25 | $303.6M | $156.7M | ||
| Q2 25 | $297.1M | $452.0M | ||
| Q1 25 | $299.5M | $131.6M | ||
| Q4 24 | $316.7M | $226.6M | ||
| Q3 24 | $295.1M | $133.8M | ||
| Q2 24 | $290.3M | $225.3M | ||
| Q1 24 | $295.1M | $119.5M |
净利润CSGSIONS
| Q4 25 | $7.0M | $-229.4M | ||
| Q3 25 | $20.5M | $-128.6M | ||
| Q2 25 | $12.3M | $123.6M | ||
| Q1 25 | $16.1M | $-146.9M | ||
| Q4 24 | $34.5M | $-104.3M | ||
| Q3 24 | $19.1M | $-140.5M | ||
| Q2 24 | $13.8M | $-66.3M | ||
| Q1 24 | $19.5M | $-142.8M |
毛利率CSGSIONS
| Q4 25 | 50.0% | 96.1% | ||
| Q3 25 | 48.1% | 98.5% | ||
| Q2 25 | 49.5% | 99.1% | ||
| Q1 25 | 48.4% | 98.9% | ||
| Q4 24 | 51.3% | 98.3% | ||
| Q3 24 | 49.4% | 99.2% | ||
| Q2 24 | 47.3% | 98.2% | ||
| Q1 24 | 46.5% | 98.2% |
营业利润率CSGSIONS
| Q4 25 | 9.0% | -105.5% | ||
| Q3 25 | 10.0% | -102.2% | ||
| Q2 25 | 10.0% | 30.9% | ||
| Q1 25 | 9.8% | -111.6% | ||
| Q4 24 | 13.4% | -48.9% | ||
| Q3 24 | 10.8% | -111.1% | ||
| Q2 24 | 8.8% | -29.3% | ||
| Q1 24 | 10.8% | -125.1% |
净利率CSGSIONS
| Q4 25 | 2.2% | -112.8% | ||
| Q3 25 | 6.7% | -82.1% | ||
| Q2 25 | 4.1% | 27.3% | ||
| Q1 25 | 5.4% | -111.6% | ||
| Q4 24 | 10.9% | -46.1% | ||
| Q3 24 | 6.5% | -105.0% | ||
| Q2 24 | 4.8% | -29.4% | ||
| Q1 24 | 6.6% | -119.5% |
每股收益（稀释后）CSGSIONS
| Q4 25 | $0.24 | $-1.35 | ||
| Q3 25 | $0.73 | $-0.80 | ||
| Q2 25 | $0.44 | $0.70 | ||
| Q1 25 | $0.57 | $-0.93 | ||
| Q4 24 | $1.20 | $-0.66 | ||
| Q3 24 | $0.67 | $-0.95 | ||
| Q2 24 | $0.48 | $-0.45 | ||
| Q1 24 | $0.68 | $-0.98 |
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 | $2.7B |
| 总债务越低越好 | $539.5M | $1.8B |
| 股东权益账面价值 | $283.7M | $489.1M |
| 总资产 | $1.5B | $3.5B |
| 负债/权益比越低杠杆越低 | 1.90× | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资CSGSIONS
| Q4 25 | $180.0M | $2.7B | ||
| Q3 25 | $158.4M | $2.2B | ||
| Q2 25 | $145.9M | $2.3B | ||
| Q1 25 | $136.0M | $2.1B | ||
| Q4 24 | $161.8M | $2.3B | ||
| Q3 24 | $118.4M | $2.5B | ||
| Q2 24 | $110.4M | $2.1B | ||
| Q1 24 | $120.8M | $2.2B |
总债务CSGSIONS
| Q4 25 | $539.5M | $1.8B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.3B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSIONS
| Q4 25 | $283.7M | $489.1M | ||
| Q3 25 | $289.5M | $618.0M | ||
| Q2 25 | $290.7M | $631.7M | ||
| Q1 25 | $283.1M | $475.7M | ||
| Q4 24 | $282.6M | $588.4M | ||
| Q3 24 | $288.4M | $662.5M | ||
| Q2 24 | $273.3M | $263.7M | ||
| Q1 24 | $269.3M | $296.5M |
总资产CSGSIONS
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.4B | $2.8B | ||
| Q4 24 | $1.5B | $3.0B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.3B | $2.8B |
负债/权益比CSGSIONS
| Q4 25 | 1.90× | 3.71× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 2.13× | ||
| 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 | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-159.0M |
| 自由现金流率自由现金流/营收 | 17.3% | -78.2% |
| 资本支出强度资本支出/营收 | 1.1% | 10.5% |
| 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 | $-320.0M |
8季度趋势，按日历期对齐
经营现金流CSGSIONS
| Q4 25 | $59.2M | $-137.7M | ||
| Q3 25 | $47.9M | $-131.4M | ||
| Q2 25 | $37.3M | $151.3M | ||
| Q1 25 | $11.5M | $-150.8M | ||
| Q4 24 | $82.5M | $-116.1M | ||
| Q3 24 | $39.5M | $-115.0M | ||
| Q2 24 | $43.1M | $-119.9M | ||
| Q1 24 | $-29.4M | $-149.9M |
自由现金流CSGSIONS
| Q4 25 | $55.8M | $-159.0M | ||
| Q3 25 | $43.9M | $-136.7M | ||
| Q2 25 | $34.6M | $139.0M | ||
| Q1 25 | $7.1M | $-163.4M | ||
| Q4 24 | $76.6M | $-141.6M | ||
| Q3 24 | $32.0M | $-124.0M | ||
| Q2 24 | $38.8M | $-126.1M | ||
| Q1 24 | $-34.1M | $-154.4M |
自由现金流率CSGSIONS
| Q4 25 | 17.3% | -78.2% | ||
| Q3 25 | 14.5% | -87.2% | ||
| Q2 25 | 11.6% | 30.8% | ||
| Q1 25 | 2.4% | -124.1% | ||
| Q4 24 | 24.2% | -62.5% | ||
| Q3 24 | 10.8% | -92.7% | ||
| Q2 24 | 13.4% | -56.0% | ||
| Q1 24 | -11.6% | -129.2% |
资本支出强度CSGSIONS
| Q4 25 | 1.1% | 10.5% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 0.9% | 2.7% | ||
| Q1 25 | 1.5% | 9.6% | ||
| Q4 24 | 1.9% | 11.3% | ||
| Q3 24 | 2.5% | 6.8% | ||
| Q2 24 | 1.5% | 2.8% | ||
| Q1 24 | 1.6% | 3.8% |
现金转化率CSGSIONS
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 1.22× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | -1.51× | — |
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% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
