vs
南玻集团（CSGS）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是南玻集团的1.4倍（$449.5M vs $323.1M），南玻集团净利率更高（2.2% vs -68.7%，领先70.8%），南玻集团同比增速更快（2.0% vs -8.0%），南玻集团自由现金流更多（$55.8M vs $32.0M），过去两年南玻集团的营收复合增速更高（4.6% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
CSGS vs MERC — 直观对比
营收规模更大
MERC
是对方的1.4倍
$323.1M
营收增速更快
CSGS
高出10.0%
-8.0%
净利率更高
CSGS
高出70.8%
-68.7%
自由现金流更多
CSGS
多$23.8M
$32.0M
两年增速更快
CSGS
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $449.5M |
| 净利润 | $7.0M | $-308.7M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | -62.0% |
| 净利率 | 2.2% | -68.7% |
| 营收同比 | 2.0% | -8.0% |
| 净利润同比 | -79.7% | -1947.7% |
| 每股收益（稀释后） | $0.24 | $-4.61 |
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CSGSMERC
| Q4 25 | $323.1M | $449.5M | ||
| Q3 25 | $303.6M | $458.1M | ||
| Q2 25 | $297.1M | $453.5M | ||
| Q1 25 | $299.5M | $507.0M | ||
| Q4 24 | $316.7M | $488.4M | ||
| Q3 24 | $295.1M | $502.1M | ||
| Q2 24 | $290.3M | $499.4M | ||
| Q1 24 | $295.1M | $553.4M |
净利润CSGSMERC
| Q4 25 | $7.0M | $-308.7M | ||
| Q3 25 | $20.5M | $-80.8M | ||
| Q2 25 | $12.3M | $-86.1M | ||
| Q1 25 | $16.1M | $-22.3M | ||
| Q4 24 | $34.5M | $16.7M | ||
| Q3 24 | $19.1M | $-17.6M | ||
| Q2 24 | $13.8M | $-67.6M | ||
| Q1 24 | $19.5M | $-16.7M |
毛利率CSGSMERC
| 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% | — | ||
| Q1 24 | 46.5% | — |
营业利润率CSGSMERC
| Q4 25 | 9.0% | -62.0% | ||
| Q3 25 | 10.0% | -14.8% | ||
| Q2 25 | 10.0% | -12.9% | ||
| Q1 25 | 9.8% | 1.3% | ||
| Q4 24 | 13.4% | 10.3% | ||
| Q3 24 | 10.8% | 1.8% | ||
| Q2 24 | 8.8% | -8.8% | ||
| Q1 24 | 10.8% | -0.1% |
净利率CSGSMERC
| Q4 25 | 2.2% | -68.7% | ||
| Q3 25 | 6.7% | -17.6% | ||
| Q2 25 | 4.1% | -19.0% | ||
| Q1 25 | 5.4% | -4.4% | ||
| Q4 24 | 10.9% | 3.4% | ||
| Q3 24 | 6.5% | -3.5% | ||
| Q2 24 | 4.8% | -13.5% | ||
| Q1 24 | 6.6% | -3.0% |
每股收益（稀释后）CSGSMERC
| Q4 25 | $0.24 | $-4.61 | ||
| Q3 25 | $0.73 | $-1.21 | ||
| Q2 25 | $0.44 | $-1.29 | ||
| Q1 25 | $0.57 | $-0.33 | ||
| Q4 24 | $1.20 | $0.25 | ||
| Q3 24 | $0.67 | $-0.26 | ||
| Q2 24 | $0.48 | $-1.01 | ||
| Q1 24 | $0.68 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $539.5M | $1.6B |
| 股东权益账面价值 | $283.7M | $68.1M |
| 总资产 | $1.5B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.90× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMERC
| Q4 25 | $180.0M | $186.8M | ||
| Q3 25 | $158.4M | $98.1M | ||
| Q2 25 | $145.9M | $146.5M | ||
| Q1 25 | $136.0M | $181.5M | ||
| Q4 24 | $161.8M | $184.9M | ||
| Q3 24 | $118.4M | $239.0M | ||
| Q2 24 | $110.4M | $263.2M | ||
| Q1 24 | $120.8M | $274.3M |
总债务CSGSMERC
| Q4 25 | $539.5M | $1.6B | ||
| Q3 25 | $538.6M | $1.5B | ||
| Q2 25 | $537.8M | $1.5B | ||
| Q1 25 | $537.6M | $1.5B | ||
| Q4 24 | $538.5M | $1.5B | ||
| Q3 24 | $539.5M | $1.6B | ||
| Q2 24 | $540.5M | $1.6B | ||
| Q1 24 | $541.5M | $1.6B |
股东权益CSGSMERC
| Q4 25 | $283.7M | $68.1M | ||
| Q3 25 | $289.5M | $359.5M | ||
| Q2 25 | $290.7M | $446.5M | ||
| Q1 25 | $283.1M | $437.4M | ||
| Q4 24 | $282.6M | $429.8M | ||
| Q3 24 | $288.4M | $516.8M | ||
| Q2 24 | $273.3M | $487.7M | ||
| Q1 24 | $269.3M | $573.6M |
总资产CSGSMERC
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.5B | $2.3B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.4B | $2.5B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $1.3B | $2.6B |
负债/权益比CSGSMERC
| Q4 25 | 1.90× | 23.58× | ||
| Q3 25 | 1.86× | 4.30× | ||
| Q2 25 | 1.85× | 3.42× | ||
| Q1 25 | 1.90× | 3.44× | ||
| Q4 24 | 1.91× | 3.43× | ||
| Q3 24 | 1.87× | 3.09× | ||
| Q2 24 | 1.98× | 3.22× | ||
| Q1 24 | 2.01× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $32.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 7.1% |
| 资本支出强度资本支出/营收 | 1.1% | 3.1% |
| 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 | $-80.0M |
8季度趋势，按日历期对齐
经营现金流CSGSMERC
| Q4 25 | $59.2M | $46.2M | ||
| Q3 25 | $47.9M | $-30.1M | ||
| Q2 25 | $37.3M | $-4.5M | ||
| Q1 25 | $11.5M | $-3.0M | ||
| Q4 24 | $82.5M | $71.2M | ||
| Q3 24 | $39.5M | $-13.9M | ||
| Q2 24 | $43.1M | $62.2M | ||
| Q1 24 | $-29.4M | $-29.2M |
自由现金流CSGSMERC
| Q4 25 | $55.8M | $32.0M | ||
| Q3 25 | $43.9M | $-60.1M | ||
| Q2 25 | $34.6M | $-28.9M | ||
| Q1 25 | $7.1M | $-23.1M | ||
| Q4 24 | $76.6M | $50.4M | ||
| Q3 24 | $32.0M | $-41.2M | ||
| Q2 24 | $38.8M | $44.3M | ||
| Q1 24 | $-34.1M | $-47.7M |
自由现金流率CSGSMERC
| Q4 25 | 17.3% | 7.1% | ||
| Q3 25 | 14.5% | -13.1% | ||
| Q2 25 | 11.6% | -6.4% | ||
| Q1 25 | 2.4% | -4.6% | ||
| Q4 24 | 24.2% | 10.3% | ||
| Q3 24 | 10.8% | -8.2% | ||
| Q2 24 | 13.4% | 8.9% | ||
| Q1 24 | -11.6% | -8.6% |
资本支出强度CSGSMERC
| Q4 25 | 1.1% | 3.1% | ||
| Q3 25 | 1.3% | 6.6% | ||
| Q2 25 | 0.9% | 5.4% | ||
| Q1 25 | 1.5% | 4.0% | ||
| Q4 24 | 1.9% | 4.2% | ||
| Q3 24 | 2.5% | 5.4% | ||
| Q2 24 | 1.5% | 3.6% | ||
| Q1 24 | 1.6% | 3.3% |
现金转化率CSGSMERC
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 4.26× | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
