vs
南玻集团（CSGS）与Madison Square Garden Entertainment Corp.（MSGE）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Entertainment Corp.的季度营收约是南玻集团的1.3倍（$424.8M vs $323.1M），Madison Square Garden Entertainment Corp.净利率更高（21.8% vs 2.2%，领先19.7%），Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs 2.0%），过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% 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。
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CSGS vs MSGE — 直观对比
营收规模更大
MSGE
是对方的1.3倍
$323.1M
营收增速更快
MSGE
高出10.5%
2.0%
净利率更高
MSGE
高出19.7%
2.2%
两年增速更快
MSGE
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $424.8M |
| 净利润 | $7.0M | $92.7M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 38.6% |
| 净利率 | 2.2% | 21.8% |
| 营收同比 | 2.0% | 12.5% |
| 净利润同比 | -79.7% | 22.2% |
| 每股收益（稀释后） | $0.24 | $1.94 |
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CSGSMSGE
| Q4 25 | $323.1M | $424.8M | ||
| Q3 25 | $303.6M | $154.1M | ||
| Q2 25 | $297.1M | $145.1M | ||
| Q1 25 | $299.5M | $206.0M | ||
| Q4 24 | $316.7M | $377.6M | ||
| Q3 24 | $295.1M | $134.1M | ||
| Q2 24 | $290.3M | $177.6M | ||
| Q1 24 | $295.1M | $191.6M |
净利润CSGSMSGE
| Q4 25 | $7.0M | $92.7M | ||
| Q3 25 | $20.5M | $-21.7M | ||
| Q2 25 | $12.3M | $-27.2M | ||
| Q1 25 | $16.1M | $8.0M | ||
| Q4 24 | $34.5M | $75.9M | ||
| Q3 24 | $19.1M | $-19.3M | ||
| Q2 24 | $13.8M | $66.9M | ||
| Q1 24 | $19.5M | $2.8M |
毛利率CSGSMSGE
| 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CSGSMSGE
| Q4 25 | 9.0% | 38.6% | ||
| Q3 25 | 10.0% | -19.3% | ||
| Q2 25 | 10.0% | -17.7% | ||
| Q1 25 | 9.8% | 13.3% | ||
| Q4 24 | 13.4% | 36.8% | ||
| Q3 24 | 10.8% | -13.8% | ||
| Q2 24 | 8.8% | -5.0% | ||
| Q1 24 | 10.8% | 8.8% |
净利率CSGSMSGE
| Q4 25 | 2.2% | 21.8% | ||
| Q3 25 | 6.7% | -14.0% | ||
| Q2 25 | 4.1% | -18.7% | ||
| Q1 25 | 5.4% | 3.9% | ||
| Q4 24 | 10.9% | 20.1% | ||
| Q3 24 | 6.5% | -14.4% | ||
| Q2 24 | 4.8% | 37.7% | ||
| Q1 24 | 6.6% | 1.5% |
每股收益（稀释后）CSGSMSGE
| Q4 25 | $0.24 | $1.94 | ||
| Q3 25 | $0.73 | $-0.46 | ||
| Q2 25 | $0.44 | $-0.56 | ||
| Q1 25 | $0.57 | $0.17 | ||
| Q4 24 | $1.20 | $1.56 | ||
| Q3 24 | $0.67 | $-0.40 | ||
| Q2 24 | $0.48 | $1.32 | ||
| Q1 24 | $0.68 | $0.06 |
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 | $157.1M |
| 总债务越低越好 | $539.5M | $554.6M |
| 股东权益账面价值 | $283.7M | $36.0M |
| 总资产 | $1.5B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.90× | 15.40× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMSGE
| Q4 25 | $180.0M | $157.1M | ||
| Q3 25 | $158.4M | $29.9M | ||
| Q2 25 | $145.9M | $43.0M | ||
| Q1 25 | $136.0M | $89.0M | ||
| Q4 24 | $161.8M | $54.9M | ||
| Q3 24 | $118.4M | $37.3M | ||
| Q2 24 | $110.4M | $33.3M | ||
| Q1 24 | $120.8M | $28.0M |
总债务CSGSMSGE
| Q4 25 | $539.5M | $554.6M | ||
| Q3 25 | $538.6M | $581.7M | ||
| Q2 25 | $537.8M | $568.8M | ||
| Q1 25 | $537.6M | $577.4M | ||
| Q4 24 | $538.5M | $584.7M | ||
| Q3 24 | $539.5M | $647.0M | ||
| Q2 24 | $540.5M | $599.2M | ||
| Q1 24 | $541.5M | $602.5M |
股东权益CSGSMSGE
| Q4 25 | $283.7M | $36.0M | ||
| Q3 25 | $289.5M | $-65.8M | ||
| Q2 25 | $290.7M | $-13.3M | ||
| Q1 25 | $283.1M | $9.5M | ||
| Q4 24 | $282.6M | $10.3M | ||
| Q3 24 | $288.4M | $-48.7M | ||
| Q2 24 | $273.3M | $-23.2M | ||
| Q1 24 | $269.3M | $-94.6M |
总资产CSGSMSGE
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
负债/权益比CSGSMSGE
| Q4 25 | 1.90× | 15.40× | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | 60.61× | ||
| Q4 24 | 1.91× | 56.61× | ||
| 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 | $164.4M |
| 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× | 1.77× |
| 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CSGSMSGE
| Q4 25 | $59.2M | $164.4M | ||
| Q3 25 | $47.9M | $19.8M | ||
| Q2 25 | $37.3M | $-27.0M | ||
| Q1 25 | $11.5M | $56.8M | ||
| Q4 24 | $82.5M | $112.9M | ||
| Q3 24 | $39.5M | $-27.4M | ||
| Q2 24 | $43.1M | $212.0K | ||
| Q1 24 | $-29.4M | $5.8M |
自由现金流CSGSMSGE
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | — | ||
| 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CSGSMSGE
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | — | ||
| 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CSGSMSGE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | — | ||
| 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CSGSMSGE
| Q4 25 | 8.46× | 1.77× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | 7.07× | ||
| Q4 24 | 2.39× | 1.49× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 0.00× | ||
| Q1 24 | -1.51× | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
