vs
南玻集团（CSGS）与范尔度假村（MTN）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范尔度假村的1.2倍（$323.1M vs $271.0M），南玻集团净利率更高（2.2% vs -68.9%，领先71.1%），范尔度假村同比增速更快（4.1% vs 2.0%），范尔度假村自由现金流更多（$244.3M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -49.9%）
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。
范尔度假村是美国知名山地度假集团，总部位于科罗拉多州布鲁姆菲尔德。集团旗下在全球4个国家运营42家山地度假村，同时持有并运营酒店、民宿、公寓及高尔夫球场等各类度假不动产，为全球游客提供高品质的山地休闲与旅居服务。
CSGS vs MTN — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$271.0M
营收增速更快
MTN
高出2.1%
2.0%
净利率更高
CSGS
高出71.1%
-68.9%
自由现金流更多
MTN
多$188.5M
$55.8M
两年增速更快
CSGS
近两年复合增速
-49.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $271.0M |
| 净利润 | $7.0M | $-186.8M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | -77.4% |
| 净利率 | 2.2% | -68.9% |
| 营收同比 | 2.0% | 4.1% |
| 净利润同比 | -79.7% | -8.1% |
| 每股收益（稀释后） | $0.24 | $-5.20 |
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CSGSMTN
| Q4 25 | $323.1M | $271.0M | ||
| Q3 25 | $303.6M | $271.3M | ||
| Q2 25 | $297.1M | $1.3B | ||
| Q1 25 | $299.5M | $1.1B | ||
| Q4 24 | $316.7M | $260.3M | ||
| Q3 24 | $295.1M | $265.4M | ||
| Q2 24 | $290.3M | $1.3B | ||
| Q1 24 | $295.1M | $1.1B |
净利润CSGSMTN
| Q4 25 | $7.0M | $-186.8M | ||
| Q3 25 | $20.5M | $-185.5M | ||
| Q2 25 | $12.3M | $392.8M | ||
| Q1 25 | $16.1M | $245.5M | ||
| Q4 24 | $34.5M | $-172.8M | ||
| Q3 24 | $19.1M | $-175.4M | ||
| Q2 24 | $13.8M | $362.0M | ||
| Q1 24 | $19.5M | $219.3M |
毛利率CSGSMTN
| 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CSGSMTN
| Q4 25 | 9.0% | -77.4% | ||
| Q3 25 | 10.0% | -75.1% | ||
| Q2 25 | 10.0% | 44.9% | ||
| Q1 25 | 9.8% | 33.8% | ||
| Q4 24 | 13.4% | -77.6% | ||
| Q3 24 | 10.8% | -74.9% | ||
| Q2 24 | 8.8% | 42.6% | ||
| Q1 24 | 10.8% | 32.5% |
净利率CSGSMTN
| Q4 25 | 2.2% | -68.9% | ||
| Q3 25 | 6.7% | -68.4% | ||
| Q2 25 | 4.1% | 30.3% | ||
| Q1 25 | 5.4% | 21.6% | ||
| Q4 24 | 10.9% | -66.4% | ||
| Q3 24 | 6.5% | -66.1% | ||
| Q2 24 | 4.8% | 28.2% | ||
| Q1 24 | 6.6% | 20.3% |
每股收益（稀释后）CSGSMTN
| Q4 25 | $0.24 | $-5.20 | ||
| Q3 25 | $0.73 | $-4.96 | ||
| Q2 25 | $0.44 | $10.54 | ||
| Q1 25 | $0.57 | $6.56 | ||
| Q4 24 | $1.20 | $-4.61 | ||
| Q3 24 | $0.67 | $-4.63 | ||
| Q2 24 | $0.48 | $9.54 | ||
| Q1 24 | $0.68 | $5.76 |
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 | $581.5M |
| 总债务越低越好 | $539.5M | $2.6B |
| 股东权益账面价值 | $283.7M | $156.5M |
| 总资产 | $1.5B | $5.8B |
| 负债/权益比越低杠杆越低 | 1.90× | 16.51× |
8季度趋势，按日历期对齐
现金及短期投资CSGSMTN
| Q4 25 | $180.0M | $581.5M | ||
| Q3 25 | $158.4M | $440.3M | ||
| Q2 25 | $145.9M | $467.0M | ||
| Q1 25 | $136.0M | $488.2M | ||
| Q4 24 | $161.8M | $403.8M | ||
| Q3 24 | $118.4M | $322.8M | ||
| Q2 24 | $110.4M | $705.4M | ||
| Q1 24 | $120.8M | $812.2M |
总债务CSGSMTN
| Q4 25 | $539.5M | $2.6B | ||
| Q3 25 | $538.6M | $2.6B | ||
| Q2 25 | $537.8M | $2.1B | ||
| Q1 25 | $537.6M | $2.1B | ||
| Q4 24 | $538.5M | $2.7B | ||
| Q3 24 | $539.5M | $2.7B | ||
| Q2 24 | $540.5M | $2.7B | ||
| Q1 24 | $541.5M | $2.7B |
股东权益CSGSMTN
| Q4 25 | $283.7M | $156.5M | ||
| Q3 25 | $289.5M | $424.5M | ||
| Q2 25 | $290.7M | $895.4M | ||
| Q1 25 | $283.1M | $530.7M | ||
| Q4 24 | $282.6M | $444.1M | ||
| Q3 24 | $288.4M | $723.5M | ||
| Q2 24 | $273.3M | $1.0B | ||
| Q1 24 | $269.3M | $829.9M |
总资产CSGSMTN
| Q4 25 | $1.5B | $5.8B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.4B | $5.8B | ||
| Q1 25 | $1.4B | $5.5B | ||
| Q4 24 | $1.5B | $5.6B | ||
| Q3 24 | $1.4B | $5.7B | ||
| Q2 24 | $1.4B | $5.8B | ||
| Q1 24 | $1.3B | $5.8B |
负债/权益比CSGSMTN
| Q4 25 | 1.90× | 16.51× | ||
| Q3 25 | 1.86× | 6.11× | ||
| Q2 25 | 1.85× | 2.35× | ||
| Q1 25 | 1.90× | 3.99× | ||
| Q4 24 | 1.91× | 6.10× | ||
| Q3 24 | 1.87× | 3.76× | ||
| Q2 24 | 1.98× | 2.69× | ||
| Q1 24 | 2.01× | 3.28× |
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 | $315.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $244.3M |
| 自由现金流率自由现金流/营收 | 17.3% | 90.1% |
| 资本支出强度资本支出/营收 | 1.1% | 26.4% |
| 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 | $352.5M |
8季度趋势，按日历期对齐
经营现金流CSGSMTN
| Q4 25 | $59.2M | $315.9M | ||
| Q3 25 | $47.9M | $-171.6M | ||
| Q2 25 | $37.3M | $117.7M | ||
| Q1 25 | $11.5M | $326.3M | ||
| Q4 24 | $82.5M | $282.4M | ||
| Q3 24 | $39.5M | $-94.2M | ||
| Q2 24 | $43.1M | $109.9M | ||
| Q1 24 | $-29.4M | $242.7M |
自由现金流CSGSMTN
| Q4 25 | $55.8M | $244.3M | ||
| Q3 25 | $43.9M | $-227.5M | ||
| Q2 25 | $34.6M | $84.5M | ||
| Q1 25 | $7.1M | $251.2M | ||
| Q4 24 | $76.6M | $211.4M | ||
| Q3 24 | $32.0M | $-150.3M | ||
| Q2 24 | $38.8M | $85.0M | ||
| Q1 24 | $-34.1M | $165.8M |
自由现金流率CSGSMTN
| Q4 25 | 17.3% | 90.1% | ||
| Q3 25 | 14.5% | -83.9% | ||
| Q2 25 | 11.6% | 6.5% | ||
| Q1 25 | 2.4% | 22.1% | ||
| Q4 24 | 24.2% | 81.2% | ||
| Q3 24 | 10.8% | -56.6% | ||
| Q2 24 | 13.4% | 6.6% | ||
| Q1 24 | -11.6% | 15.4% |
资本支出强度CSGSMTN
| Q4 25 | 1.1% | 26.4% | ||
| Q3 25 | 1.3% | 20.6% | ||
| Q2 25 | 0.9% | 2.6% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | 1.9% | 27.3% | ||
| Q3 24 | 2.5% | 21.1% | ||
| Q2 24 | 1.5% | 1.9% | ||
| Q1 24 | 1.6% | 7.1% |
现金转化率CSGSMTN
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 0.30× | ||
| Q1 25 | 0.71× | 1.33× | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 0.30× | ||
| Q1 24 | -1.51× | 1.11× |
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% |
MTN
| Dining | $84.6M | 31% |
| Lodgingrevenueexcludingpayrollcostreimbursements | $67.2M | 25% |
| Other Mountain Revenue | $55.1M | 20% |
| Managedcondominiumrooms | $26.1M | 10% |
| Owned Hotel Revenue | $12.7M | 5% |
| Other Lodging Revenue | $10.2M | 4% |
| Other | $5.9M | 2% |
| Transportation | $4.8M | 2% |
| Payrollcostreimbursements | $4.4M | 2% |
