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南玻集团（CSGS）与Pebblebrook Hotel Trust（PEB）财务数据对比。点击上方公司名可切换其他公司
Pebblebrook Hotel Trust的季度营收约是南玻集团的1.1倍（$345.7M vs $323.1M），南玻集团净利率更高（2.2% vs -5.3%，领先7.5%），Pebblebrook Hotel Trust同比增速更快（7.9% vs 2.0%），Pebblebrook Hotel Trust自由现金流更多（$114.5M vs $55.8M），过去两年南玻集团的营收复合增速更高（4.6% vs -6.7%）
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。
Pebblebrook Hotel Trust是一家公开上市的房地产投资信托，主要在美国核心城市及休闲目的地持有、运营并投资高端、奢华及精品酒店物业，服务商务与休闲旅客，聚焦高需求市场以推动长期价值增长。
CSGS vs PEB — 直观对比
营收规模更大
PEB
是对方的1.1倍
$323.1M
营收增速更快
PEB
高出5.9%
2.0%
净利率更高
CSGS
高出7.5%
-5.3%
自由现金流更多
PEB
多$58.7M
$55.8M
两年增速更快
CSGS
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $345.7M |
| 净利润 | $7.0M | $-18.4M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 2.3% |
| 净利率 | 2.2% | -5.3% |
| 营收同比 | 2.0% | 7.9% |
| 净利润同比 | -79.7% | 31.8% |
| 每股收益（稀释后） | $0.24 | $-0.26 |
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CSGSPEB
| Q1 26 | — | $345.7M | ||
| Q4 25 | $323.1M | $349.0M | ||
| Q3 25 | $303.6M | $398.7M | ||
| Q2 25 | $297.1M | $407.5M | ||
| Q1 25 | $299.5M | $320.3M | ||
| Q4 24 | $316.7M | $337.6M | ||
| Q3 24 | $295.1M | $404.5M | ||
| Q2 24 | $290.3M | $397.1M |
净利润CSGSPEB
| Q1 26 | — | $-18.4M | ||
| Q4 25 | $7.0M | $-17.9M | ||
| Q3 25 | $20.5M | $-33.1M | ||
| Q2 25 | $12.3M | $18.1M | ||
| Q1 25 | $16.1M | $-32.9M | ||
| Q4 24 | $34.5M | $-50.5M | ||
| Q3 24 | $19.1M | $43.7M | ||
| Q2 24 | $13.8M | $30.9M |
毛利率CSGSPEB
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSPEB
| Q1 26 | — | 2.3% | ||
| Q4 25 | 9.0% | 2.5% | ||
| Q3 25 | 10.0% | -2.6% | ||
| Q2 25 | 10.0% | 12.9% | ||
| Q1 25 | 9.8% | -2.3% | ||
| Q4 24 | 13.4% | -6.7% | ||
| Q3 24 | 10.8% | 11.6% | ||
| Q2 24 | 8.8% | 15.4% |
净利率CSGSPEB
| Q1 26 | — | -5.3% | ||
| Q4 25 | 2.2% | -5.1% | ||
| Q3 25 | 6.7% | -8.3% | ||
| Q2 25 | 4.1% | 4.4% | ||
| Q1 25 | 5.4% | -10.3% | ||
| Q4 24 | 10.9% | -15.0% | ||
| Q3 24 | 6.5% | 10.8% | ||
| Q2 24 | 4.8% | 7.8% |
每股收益（稀释后）CSGSPEB
| Q1 26 | — | $-0.26 | ||
| Q4 25 | $0.24 | $-0.22 | ||
| Q3 25 | $0.73 | $-0.37 | ||
| Q2 25 | $0.44 | $0.06 | ||
| Q1 25 | $0.57 | $-0.37 | ||
| Q4 24 | $1.20 | $-0.47 | ||
| Q3 24 | $0.67 | $0.24 | ||
| Q2 24 | $0.48 | $0.16 |
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 | $196.2M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $2.4B |
| 总资产 | $1.5B | $5.3B |
| 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CSGSPEB
| Q1 26 | — | $196.2M | ||
| Q4 25 | $180.0M | $184.2M | ||
| Q3 25 | $158.4M | $223.2M | ||
| Q2 25 | $145.9M | $256.1M | ||
| Q1 25 | $136.0M | $208.1M | ||
| Q4 24 | $161.8M | $206.7M | ||
| Q3 24 | $118.4M | $134.0M | ||
| Q2 24 | $110.4M | $101.7M |
总债务CSGSPEB
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $2.1B | ||
| Q3 25 | $538.6M | $2.2B | ||
| Q2 25 | $537.8M | $2.2B | ||
| Q1 25 | $537.6M | $2.2B | ||
| Q4 24 | $538.5M | $2.2B | ||
| Q3 24 | $539.5M | $2.2B | ||
| Q2 24 | $540.5M | $2.2B |
股东权益CSGSPEB
| Q1 26 | — | $2.4B | ||
| Q4 25 | $283.7M | $2.5B | ||
| Q3 25 | $289.5M | $2.5B | ||
| Q2 25 | $290.7M | $2.6B | ||
| Q1 25 | $283.1M | $2.6B | ||
| Q4 24 | $282.6M | $2.7B | ||
| Q3 24 | $288.4M | $2.8B | ||
| Q2 24 | $273.3M | $2.7B |
总资产CSGSPEB
| Q1 26 | — | $5.3B | ||
| Q4 25 | $1.5B | $5.3B | ||
| Q3 25 | $1.5B | $5.6B | ||
| Q2 25 | $1.4B | $5.7B | ||
| Q1 25 | $1.4B | $5.7B | ||
| Q4 24 | $1.5B | $5.7B | ||
| Q3 24 | $1.4B | $5.7B | ||
| Q2 24 | $1.4B | $5.7B |
负债/权益比CSGSPEB
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 0.86× | ||
| Q3 25 | 1.86× | 0.89× | ||
| Q2 25 | 1.85× | 0.85× | ||
| Q1 25 | 1.90× | 0.85× | ||
| Q4 24 | 1.91× | 0.83× | ||
| Q3 24 | 1.87× | 0.80× | ||
| Q2 24 | 1.98× | 0.80× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $114.5M |
| 自由现金流率自由现金流/营收 | 17.3% | 33.1% |
| 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× | — |
| 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CSGSPEB
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $249.7M | ||
| Q3 25 | $47.9M | $77.6M | ||
| Q2 25 | $37.3M | $90.5M | ||
| Q1 25 | $11.5M | $50.3M | ||
| Q4 24 | $82.5M | $275.0M | ||
| Q3 24 | $39.5M | $76.1M | ||
| Q2 24 | $43.1M | $83.7M |
自由现金流CSGSPEB
| Q1 26 | — | $114.5M | ||
| Q4 25 | $55.8M | $152.3M | ||
| Q3 25 | $43.9M | $6.8M | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | $146.3M | ||
| Q3 24 | $32.0M | $-24.8M | ||
| Q2 24 | $38.8M | — |
自由现金流率CSGSPEB
| Q1 26 | — | 33.1% | ||
| Q4 25 | 17.3% | 43.6% | ||
| Q3 25 | 14.5% | 1.7% | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | 43.3% | ||
| Q3 24 | 10.8% | -6.1% | ||
| Q2 24 | 13.4% | — |
资本支出强度CSGSPEB
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 27.9% | ||
| Q3 25 | 1.3% | 17.7% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | 38.1% | ||
| Q3 24 | 2.5% | 24.9% | ||
| Q2 24 | 1.5% | — |
现金转化率CSGSPEB
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | 5.01× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 1.74× | ||
| Q2 24 | 3.12× | 2.70× |
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% |
PEB
| Room | $214.5M | 62% |
| Food and beverage | $91.1M | 26% |
| Other | $40.0M | 12% |
