vs
南玻集团（CSGS）与麦格劳希尔（MH）财务数据对比。点击上方公司名可切换其他公司
麦格劳希尔的季度营收约是南玻集团的1.3倍（$434.2M vs $323.1M），南玻集团净利率更高（2.2% vs -4.7%，领先6.8%），南玻集团同比增速更快（2.0% vs -35.1%），麦格劳希尔自由现金流更多（$285.4M vs $55.8M）
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。
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
CSGS vs MH — 直观对比
营收规模更大
MH
是对方的1.3倍
$323.1M
营收增速更快
CSGS
高出37.2%
-35.1%
净利率更高
CSGS
高出6.8%
-4.7%
自由现金流更多
MH
多$229.6M
$55.8M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $434.2M |
| 净利润 | $7.0M | $-20.2M |
| 毛利率 | 50.0% | 85.3% |
| 营业利润率 | 9.0% | 7.0% |
| 净利率 | 2.2% | -4.7% |
| 营收同比 | 2.0% | -35.1% |
| 净利润同比 | -79.7% | -119.2% |
| 每股收益（稀释后） | $0.24 | $-0.11 |
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CSGSMH
| Q4 25 | $323.1M | $434.2M | ||
| Q3 25 | $303.6M | $669.2M | ||
| Q2 25 | $297.1M | $535.7M | ||
| Q1 25 | $299.5M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $295.1M | — | ||
| Q2 24 | $290.3M | — | ||
| Q1 24 | $295.1M | — |
净利润CSGSMH
| Q4 25 | $7.0M | $-20.2M | ||
| Q3 25 | $20.5M | $105.3M | ||
| Q2 25 | $12.3M | $502.0K | ||
| Q1 25 | $16.1M | — | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | — | ||
| Q2 24 | $13.8M | — | ||
| Q1 24 | $19.5M | — |
毛利率CSGSMH
| Q4 25 | 50.0% | 85.3% | ||
| Q3 25 | 48.1% | 79.2% | ||
| Q2 25 | 49.5% | 77.0% | ||
| 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CSGSMH
| Q4 25 | 9.0% | 7.0% | ||
| Q3 25 | 10.0% | 23.4% | ||
| Q2 25 | 10.0% | 18.0% | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 8.8% | — | ||
| Q1 24 | 10.8% | — |
净利率CSGSMH
| Q4 25 | 2.2% | -4.7% | ||
| Q3 25 | 6.7% | 15.7% | ||
| Q2 25 | 4.1% | 0.1% | ||
| Q1 25 | 5.4% | — | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 4.8% | — | ||
| Q1 24 | 6.6% | — |
每股收益（稀释后）CSGSMH
| Q4 25 | $0.24 | $-0.11 | ||
| Q3 25 | $0.73 | $0.57 | ||
| Q2 25 | $0.44 | $0.00 | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | — | ||
| Q2 24 | $0.48 | — | ||
| Q1 24 | $0.68 | — |
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 | $514.4M |
| 总债务越低越好 | $539.5M | $2.6B |
| 股东权益账面价值 | $283.7M | $775.3M |
| 总资产 | $1.5B | $5.6B |
| 负债/权益比越低杠杆越低 | 1.90× | 3.36× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMH
| Q4 25 | $180.0M | $514.4M | ||
| Q3 25 | $158.4M | $463.2M | ||
| Q2 25 | $145.9M | $247.3M | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSMH
| Q4 25 | $539.5M | $2.6B | ||
| Q3 25 | $538.6M | $2.8B | ||
| Q2 25 | $537.8M | $3.2B | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSMH
| Q4 25 | $283.7M | $775.3M | ||
| Q3 25 | $289.5M | $794.6M | ||
| Q2 25 | $290.7M | $283.3M | ||
| Q1 25 | $283.1M | — | ||
| Q4 24 | $282.6M | — | ||
| Q3 24 | $288.4M | — | ||
| Q2 24 | $273.3M | — | ||
| Q1 24 | $269.3M | — |
总资产CSGSMH
| Q4 25 | $1.5B | $5.6B | ||
| Q3 25 | $1.5B | $6.0B | ||
| Q2 25 | $1.4B | $5.7B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
负债/权益比CSGSMH
| Q4 25 | 1.90× | 3.36× | ||
| Q3 25 | 1.86× | 3.52× | ||
| Q2 25 | 1.85× | 11.17× | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | — | ||
| 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 | $309.0M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $285.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 65.7% |
| 资本支出强度资本支出/营收 | 1.1% | 5.4% |
| 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CSGSMH
| Q4 25 | $59.2M | $309.0M | ||
| Q3 25 | $47.9M | $265.0M | ||
| Q2 25 | $37.3M | $-96.7M | ||
| Q1 25 | $11.5M | — | ||
| Q4 24 | $82.5M | — | ||
| Q3 24 | $39.5M | — | ||
| Q2 24 | $43.1M | — | ||
| Q1 24 | $-29.4M | — |
自由现金流CSGSMH
| Q4 25 | $55.8M | $285.4M | ||
| Q3 25 | $43.9M | $243.8M | ||
| Q2 25 | $34.6M | $-112.9M | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | — | ||
| Q2 24 | $38.8M | — | ||
| Q1 24 | $-34.1M | — |
自由现金流率CSGSMH
| Q4 25 | 17.3% | 65.7% | ||
| Q3 25 | 14.5% | 36.4% | ||
| Q2 25 | 11.6% | -21.1% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 13.4% | — | ||
| Q1 24 | -11.6% | — |
资本支出强度CSGSMH
| Q4 25 | 1.1% | 5.4% | ||
| Q3 25 | 1.3% | 3.2% | ||
| Q2 25 | 0.9% | 3.0% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CSGSMH
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 2.52× | ||
| Q2 25 | 3.04× | -192.53× | ||
| 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% |
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
