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南玻集团（CSGS）与Mid-America Apartment Communities（MAA）财务数据对比。点击上方公司名可切换其他公司
Mid-America Apartment Communities的季度营收约是南玻集团的1.7倍（$553.7M vs $323.1M），Mid-America Apartment Communities同比增速更快（438.7% vs 2.0%），过去两年南玻集团的营收复合增速更高（4.6% vs 0.7%）
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。
Mid-America Apartment Communities（股票代码：MAA）是一家公开上市的房地产投资信托基金，总部位于美国田纳西州孟菲斯市，核心业务为投资美国东南部及西南部地区的公寓物业，深耕美国高增长区域住宅不动产赛道，为股东创造稳定的长期投资回报。
CSGS vs MAA — 直观对比
营收规模更大
MAA
是对方的1.7倍
$323.1M
营收增速更快
MAA
高出436.7%
2.0%
两年增速更快
CSGS
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $553.7M |
| 净利润 | $7.0M | — |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | — |
| 净利率 | 2.2% | — |
| 营收同比 | 2.0% | 438.7% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $4.34 |
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CSGSMAA
| Q1 26 | — | $553.7M | ||
| Q4 25 | $323.1M | $555.6M | ||
| Q3 25 | $303.6M | $554.4M | ||
| Q2 25 | $297.1M | $549.9M | ||
| Q1 25 | $299.5M | $549.3M | ||
| Q4 24 | $316.7M | $549.8M | ||
| Q3 24 | $295.1M | $551.1M | ||
| Q2 24 | $290.3M | $546.4M |
净利润CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $7.0M | $57.6M | ||
| Q3 25 | $20.5M | $99.5M | ||
| Q2 25 | $12.3M | $108.1M | ||
| Q1 25 | $16.1M | $181.7M | ||
| Q4 24 | $34.5M | $166.6M | ||
| Q3 24 | $19.1M | $115.2M | ||
| Q2 24 | $13.8M | $102.0M |
毛利率CSGSMAA
| 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CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | 9.0% | 10.4% | ||
| Q3 25 | 10.0% | 18.7% | ||
| Q2 25 | 10.0% | 20.2% | ||
| Q1 25 | 9.8% | 34.0% | ||
| Q4 24 | 13.4% | 31.3% | ||
| Q3 24 | 10.8% | 21.5% | ||
| Q2 24 | 8.8% | 19.3% |
净利率CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 10.4% | ||
| Q3 25 | 6.7% | 18.0% | ||
| Q2 25 | 4.1% | 19.7% | ||
| Q1 25 | 5.4% | 33.1% | ||
| Q4 24 | 10.9% | 30.3% | ||
| Q3 24 | 6.5% | 20.9% | ||
| Q2 24 | 4.8% | 18.7% |
每股收益（稀释后）CSGSMAA
| Q1 26 | — | $4.34 | ||
| Q4 25 | $0.24 | $0.48 | ||
| Q3 25 | $0.73 | $0.84 | ||
| Q2 25 | $0.44 | $0.92 | ||
| Q1 25 | $0.57 | $1.54 | ||
| Q4 24 | $1.20 | $1.43 | ||
| Q3 24 | $0.67 | $0.98 | ||
| Q2 24 | $0.48 | $0.86 |
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CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | $60.3M | ||
| Q3 25 | $158.4M | $32.2M | ||
| Q2 25 | $145.9M | $54.5M | ||
| Q1 25 | $136.0M | $55.8M | ||
| Q4 24 | $161.8M | $43.0M | ||
| Q3 24 | $118.4M | $50.2M | ||
| Q2 24 | $110.4M | $62.8M |
总债务CSGSMAA
| Q1 26 | — | — | ||
| 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 | — |
股东权益CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | $5.7B | ||
| Q3 25 | $289.5M | $5.8B | ||
| Q2 25 | $290.7M | $5.9B | ||
| Q1 25 | $283.1M | $5.9B | ||
| Q4 24 | $282.6M | $5.9B | ||
| Q3 24 | $288.4M | $5.9B | ||
| Q2 24 | $273.3M | $6.0B |
总资产CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $12.0B | ||
| Q3 25 | $1.5B | $11.9B | ||
| Q2 25 | $1.4B | $11.8B | ||
| Q1 25 | $1.4B | $11.8B | ||
| Q4 24 | $1.5B | $11.8B | ||
| Q3 24 | $1.4B | $11.8B | ||
| Q2 24 | $1.4B | $11.6B |
负债/权益比CSGSMAA
| 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 | — |
| 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× | — |
| 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CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $261.7M | ||
| Q3 25 | $47.9M | $266.4M | ||
| Q2 25 | $37.3M | $353.4M | ||
| Q1 25 | $11.5M | $196.6M | ||
| Q4 24 | $82.5M | $239.1M | ||
| Q3 24 | $39.5M | $309.5M | ||
| Q2 24 | $43.1M | $349.4M |
自由现金流CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $158.6M | ||
| Q3 25 | $43.9M | $170.8M | ||
| Q2 25 | $34.6M | $264.5M | ||
| Q1 25 | $7.1M | $124.0M | ||
| Q4 24 | $76.6M | $152.6M | ||
| Q3 24 | $32.0M | $215.5M | ||
| Q2 24 | $38.8M | $259.7M |
自由现金流率CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 28.5% | ||
| Q3 25 | 14.5% | 30.8% | ||
| Q2 25 | 11.6% | 48.1% | ||
| Q1 25 | 2.4% | 22.6% | ||
| Q4 24 | 24.2% | 27.8% | ||
| Q3 24 | 10.8% | 39.1% | ||
| Q2 24 | 13.4% | 47.5% |
资本支出强度CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 18.6% | ||
| Q3 25 | 1.3% | 17.2% | ||
| Q2 25 | 0.9% | 16.2% | ||
| Q1 25 | 1.5% | 13.2% | ||
| Q4 24 | 1.9% | 15.7% | ||
| Q3 24 | 2.5% | 17.1% | ||
| Q2 24 | 1.5% | 16.4% |
现金转化率CSGSMAA
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 4.55× | ||
| Q3 25 | 2.34× | 2.68× | ||
| Q2 25 | 3.04× | 3.27× | ||
| Q1 25 | 0.71× | 1.08× | ||
| Q4 24 | 2.39× | 1.43× | ||
| Q3 24 | 2.07× | 2.69× | ||
| Q2 24 | 3.12× | 3.43× |
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% |
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
