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南玻集团（CSGS）与Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的1.3倍（$323.1M vs $243.9M），Marcus & Millichap, Inc.净利率更高（5.5% vs 2.2%，领先3.3%），南玻集团同比增速更快（2.0% vs 1.6%），南玻集团自由现金流更多（$55.8M vs $43.9M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% 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。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
CSGS vs MMI — 直观对比
营收规模更大
CSGS
是对方的1.3倍
$243.9M
营收增速更快
CSGS
高出0.4%
1.6%
净利率更高
MMI
高出3.3%
2.2%
自由现金流更多
CSGS
多$11.9M
$43.9M
两年增速更快
MMI
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $243.9M |
| 净利润 | $7.0M | $13.3M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 6.3% |
| 净利率 | 2.2% | 5.5% |
| 营收同比 | 2.0% | 1.6% |
| 净利润同比 | -79.7% | 55.7% |
| 每股收益（稀释后） | $0.24 | $0.33 |
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CSGSMMI
| Q4 25 | $323.1M | $243.9M | ||
| Q3 25 | $303.6M | $193.9M | ||
| Q2 25 | $297.1M | $172.3M | ||
| Q1 25 | $299.5M | $145.0M | ||
| Q4 24 | $316.7M | $240.1M | ||
| Q3 24 | $295.1M | $168.5M | ||
| Q2 24 | $290.3M | $158.4M | ||
| Q1 24 | $295.1M | $129.1M |
净利润CSGSMMI
| Q4 25 | $7.0M | $13.3M | ||
| Q3 25 | $20.5M | $240.0K | ||
| Q2 25 | $12.3M | $-11.0M | ||
| Q1 25 | $16.1M | $-4.4M | ||
| Q4 24 | $34.5M | $8.5M | ||
| Q3 24 | $19.1M | $-5.4M | ||
| Q2 24 | $13.8M | $-5.5M | ||
| Q1 24 | $19.5M | $-10.0M |
毛利率CSGSMMI
| 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CSGSMMI
| Q4 25 | 9.0% | 6.3% | ||
| Q3 25 | 10.0% | -1.2% | ||
| Q2 25 | 10.0% | -5.3% | ||
| Q1 25 | 9.8% | -12.2% | ||
| Q4 24 | 13.4% | 2.8% | ||
| Q3 24 | 10.8% | -6.8% | ||
| Q2 24 | 8.8% | -5.1% | ||
| Q1 24 | 10.8% | -15.6% |
净利率CSGSMMI
| Q4 25 | 2.2% | 5.5% | ||
| Q3 25 | 6.7% | 0.1% | ||
| Q2 25 | 4.1% | -6.4% | ||
| Q1 25 | 5.4% | -3.0% | ||
| Q4 24 | 10.9% | 3.6% | ||
| Q3 24 | 6.5% | -3.2% | ||
| Q2 24 | 4.8% | -3.5% | ||
| Q1 24 | 6.6% | -7.7% |
每股收益（稀释后）CSGSMMI
| Q4 25 | $0.24 | $0.33 | ||
| Q3 25 | $0.73 | $0.01 | ||
| Q2 25 | $0.44 | $-0.28 | ||
| Q1 25 | $0.57 | $-0.11 | ||
| Q4 24 | $1.20 | $0.22 | ||
| Q3 24 | $0.67 | $-0.14 | ||
| Q2 24 | $0.48 | $-0.14 | ||
| Q1 24 | $0.68 | $-0.26 |
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 | $603.1M |
| 总资产 | $1.5B | $827.2M |
| 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CSGSMMI
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSMMI
| 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 | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSMMI
| Q4 25 | $283.7M | $603.1M | ||
| Q3 25 | $289.5M | $602.2M | ||
| Q2 25 | $290.7M | $607.8M | ||
| Q1 25 | $283.1M | $617.6M | ||
| Q4 24 | $282.6M | $630.8M | ||
| Q3 24 | $288.4M | $617.7M | ||
| Q2 24 | $273.3M | $626.7M | ||
| Q1 24 | $269.3M | $625.6M |
总资产CSGSMMI
| Q4 25 | $1.5B | $827.2M | ||
| Q3 25 | $1.5B | $812.5M | ||
| Q2 25 | $1.4B | $792.2M | ||
| Q1 25 | $1.4B | $802.0M | ||
| Q4 24 | $1.5B | $869.8M | ||
| Q3 24 | $1.4B | $833.7M | ||
| Q2 24 | $1.4B | $825.4M | ||
| Q1 24 | $1.3B | $826.7M |
负债/权益比CSGSMMI
| 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× | — | ||
| 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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $43.9M |
| 自由现金流率自由现金流/营收 | 17.3% | 18.0% |
| 资本支出强度资本支出/营收 | 1.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 8.46× | 3.48× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $58.8M |
8季度趋势，按日历期对齐
经营现金流CSGSMMI
| Q4 25 | $59.2M | $46.3M | ||
| Q3 25 | $47.9M | $52.2M | ||
| Q2 25 | $37.3M | $21.0M | ||
| Q1 25 | $11.5M | $-52.8M | ||
| Q4 24 | $82.5M | $56.7M | ||
| Q3 24 | $39.5M | $15.2M | ||
| Q2 24 | $43.1M | $851.0K | ||
| Q1 24 | $-29.4M | $-51.0M |
自由现金流CSGSMMI
| Q4 25 | $55.8M | $43.9M | ||
| Q3 25 | $43.9M | $50.0M | ||
| Q2 25 | $34.6M | $19.3M | ||
| Q1 25 | $7.1M | $-54.3M | ||
| Q4 24 | $76.6M | $55.1M | ||
| Q3 24 | $32.0M | $13.2M | ||
| Q2 24 | $38.8M | $-806.0K | ||
| Q1 24 | $-34.1M | $-53.7M |
自由现金流率CSGSMMI
| Q4 25 | 17.3% | 18.0% | ||
| Q3 25 | 14.5% | 25.8% | ||
| Q2 25 | 11.6% | 11.2% | ||
| Q1 25 | 2.4% | -37.5% | ||
| Q4 24 | 24.2% | 23.0% | ||
| Q3 24 | 10.8% | 7.8% | ||
| Q2 24 | 13.4% | -0.5% | ||
| Q1 24 | -11.6% | -41.6% |
资本支出强度CSGSMMI
| Q4 25 | 1.1% | 1.0% | ||
| Q3 25 | 1.3% | 1.2% | ||
| Q2 25 | 0.9% | 1.0% | ||
| Q1 25 | 1.5% | 1.0% | ||
| Q4 24 | 1.9% | 0.6% | ||
| Q3 24 | 2.5% | 1.2% | ||
| Q2 24 | 1.5% | 1.0% | ||
| Q1 24 | 1.6% | 2.0% |
现金转化率CSGSMMI
| Q4 25 | 8.46× | 3.48× | ||
| Q3 25 | 2.34× | 217.54× | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 6.63× | ||
| 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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
