vs
南玻集团（CSGS）与玛斯特锁（MBC）财务数据对比。点击上方公司名可切换其他公司
玛斯特锁的季度营收约是南玻集团的2.0倍（$644.6M vs $323.1M），南玻集团净利率更高（2.2% vs -6.5%，领先8.7%），南玻集团同比增速更快（2.0% vs -3.5%），南玻集团自由现金流更多（$55.8M vs $52.5M），过去两年南玻集团的营收复合增速更高（4.6% vs 0.5%）
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。
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
CSGS vs MBC — 直观对比
营收规模更大
MBC
是对方的2.0倍
$323.1M
营收增速更快
CSGS
高出5.5%
-3.5%
净利率更高
CSGS
高出8.7%
-6.5%
自由现金流更多
CSGS
多$3.3M
$52.5M
两年增速更快
CSGS
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $644.6M |
| 净利润 | $7.0M | $-42.0M |
| 毛利率 | 50.0% | 26.0% |
| 营业利润率 | 9.0% | -4.2% |
| 净利率 | 2.2% | -6.5% |
| 营收同比 | 2.0% | -3.5% |
| 净利润同比 | -79.7% | -400.0% |
| 每股收益（稀释后） | $0.24 | $-0.32 |
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CSGSMBC
| Q4 25 | $323.1M | $644.6M | ||
| Q3 25 | $303.6M | $698.9M | ||
| Q2 25 | $297.1M | $730.9M | ||
| Q1 25 | $299.5M | $660.3M | ||
| Q4 24 | $316.7M | $667.7M | ||
| Q3 24 | $295.1M | $718.1M | ||
| Q2 24 | $290.3M | $676.5M | ||
| Q1 24 | $295.1M | $638.1M |
净利润CSGSMBC
| Q4 25 | $7.0M | $-42.0M | ||
| Q3 25 | $20.5M | $18.1M | ||
| Q2 25 | $12.3M | $37.3M | ||
| Q1 25 | $16.1M | $13.3M | ||
| Q4 24 | $34.5M | $14.0M | ||
| Q3 24 | $19.1M | $29.1M | ||
| Q2 24 | $13.8M | $45.3M | ||
| Q1 24 | $19.5M | $37.5M |
毛利率CSGSMBC
| Q4 25 | 50.0% | 26.0% | ||
| Q3 25 | 48.1% | 31.2% | ||
| Q2 25 | 49.5% | 32.8% | ||
| Q1 25 | 48.4% | 30.6% | ||
| Q4 24 | 51.3% | 30.4% | ||
| Q3 24 | 49.4% | 33.1% | ||
| Q2 24 | 47.3% | 34.1% | ||
| Q1 24 | 46.5% | 32.1% |
营业利润率CSGSMBC
| Q4 25 | 9.0% | -4.2% | ||
| Q3 25 | 10.0% | 6.0% | ||
| Q2 25 | 10.0% | 9.2% | ||
| Q1 25 | 9.8% | 5.6% | ||
| Q4 24 | 13.4% | 5.6% | ||
| Q3 24 | 10.8% | 8.0% | ||
| Q2 24 | 8.8% | 11.5% | ||
| Q1 24 | 10.8% | 9.8% |
净利率CSGSMBC
| Q4 25 | 2.2% | -6.5% | ||
| Q3 25 | 6.7% | 2.6% | ||
| Q2 25 | 4.1% | 5.1% | ||
| Q1 25 | 5.4% | 2.0% | ||
| Q4 24 | 10.9% | 2.1% | ||
| Q3 24 | 6.5% | 4.1% | ||
| Q2 24 | 4.8% | 6.7% | ||
| Q1 24 | 6.6% | 5.9% |
每股收益（稀释后）CSGSMBC
| Q4 25 | $0.24 | $-0.32 | ||
| Q3 25 | $0.73 | $0.14 | ||
| Q2 25 | $0.44 | $0.29 | ||
| Q1 25 | $0.57 | $0.10 | ||
| Q4 24 | $1.20 | $0.10 | ||
| Q3 24 | $0.67 | $0.22 | ||
| Q2 24 | $0.48 | $0.35 | ||
| Q1 24 | $0.68 | $0.29 |
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 | $183.3M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.3B |
| 总资产 | $1.5B | $3.1B |
| 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CSGSMBC
| Q4 25 | $180.0M | $183.3M | ||
| Q3 25 | $158.4M | $114.8M | ||
| Q2 25 | $145.9M | $120.1M | ||
| Q1 25 | $136.0M | $113.5M | ||
| Q4 24 | $161.8M | $120.6M | ||
| Q3 24 | $118.4M | $108.4M | ||
| Q2 24 | $110.4M | $189.4M | ||
| Q1 24 | $120.8M | $153.7M |
总债务CSGSMBC
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.0B | ||
| Q3 24 | $539.5M | $1.1B | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSMBC
| Q4 25 | $283.7M | $1.3B | ||
| Q3 25 | $289.5M | $1.4B | ||
| Q2 25 | $290.7M | $1.4B | ||
| Q1 25 | $283.1M | $1.3B | ||
| Q4 24 | $282.6M | $1.3B | ||
| Q3 24 | $288.4M | $1.3B | ||
| Q2 24 | $273.3M | $1.3B | ||
| Q1 24 | $269.3M | $1.2B |
总资产CSGSMBC
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.5B | $2.9B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $1.3B | $2.4B |
负债/权益比CSGSMBC
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | 0.79× | ||
| Q3 24 | 1.87× | 0.83× | ||
| 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 | $86.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $52.5M |
| 自由现金流率自由现金流/营收 | 17.3% | 8.1% |
| 资本支出强度资本支出/营收 | 1.1% | 5.3% |
| 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 | $117.5M |
8季度趋势，按日历期对齐
经营现金流CSGSMBC
| Q4 25 | $59.2M | $86.9M | ||
| Q3 25 | $47.9M | $55.4M | ||
| Q2 25 | $37.3M | $84.8M | ||
| Q1 25 | $11.5M | $-31.4M | ||
| Q4 24 | $82.5M | $115.1M | ||
| Q3 24 | $39.5M | $80.8M | ||
| Q2 24 | $43.1M | $77.4M | ||
| Q1 24 | $-29.4M | $18.7M |
自由现金流CSGSMBC
| Q4 25 | $55.8M | $52.5M | ||
| Q3 25 | $43.9M | $39.5M | ||
| Q2 25 | $34.6M | $66.7M | ||
| Q1 25 | $7.1M | $-41.2M | ||
| Q4 24 | $76.6M | $68.8M | ||
| Q3 24 | $32.0M | $64.5M | ||
| Q2 24 | $38.8M | $66.1M | ||
| Q1 24 | $-34.1M | $11.7M |
自由现金流率CSGSMBC
| Q4 25 | 17.3% | 8.1% | ||
| Q3 25 | 14.5% | 5.7% | ||
| Q2 25 | 11.6% | 9.1% | ||
| Q1 25 | 2.4% | -6.2% | ||
| Q4 24 | 24.2% | 10.3% | ||
| Q3 24 | 10.8% | 9.0% | ||
| Q2 24 | 13.4% | 9.8% | ||
| Q1 24 | -11.6% | 1.8% |
资本支出强度CSGSMBC
| Q4 25 | 1.1% | 5.3% | ||
| Q3 25 | 1.3% | 2.3% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 1.9% | 6.9% | ||
| Q3 24 | 2.5% | 2.3% | ||
| Q2 24 | 1.5% | 1.7% | ||
| Q1 24 | 1.6% | 1.1% |
现金转化率CSGSMBC
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 3.06× | ||
| Q2 25 | 3.04× | 2.27× | ||
| Q1 25 | 0.71× | -2.36× | ||
| Q4 24 | 2.39× | 8.22× | ||
| Q3 24 | 2.07× | 2.78× | ||
| Q2 24 | 3.12× | 1.71× | ||
| Q1 24 | -1.51× | 0.50× |
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% |
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
