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南玻集团（CSGS）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.6倍（$323.1M vs $207.3M），南玻集团净利率更高（2.2% vs -62.0%，领先64.2%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
CSGS vs RARE — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$207.3M
营收增速更快
RARE
高出23.9%
2.0%
净利率更高
CSGS
高出64.2%
-62.0%
自由现金流更多
CSGS
多$156.6M
$-100.8M
两年增速更快
RARE
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $207.3M |
| 净利润 | $7.0M | $-128.6M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | -54.7% |
| 净利率 | 2.2% | -62.0% |
| 营收同比 | 2.0% | 25.9% |
| 净利润同比 | -79.7% | 3.5% |
| 每股收益（稀释后） | $0.24 | $-1.28 |
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CSGSRARE
| Q4 25 | $323.1M | $207.3M | ||
| Q3 25 | $303.6M | $159.9M | ||
| Q2 25 | $297.1M | $166.5M | ||
| Q1 25 | $299.5M | $139.3M | ||
| Q4 24 | $316.7M | $164.6M | ||
| Q3 24 | $295.1M | $139.5M | ||
| Q2 24 | $290.3M | $147.0M | ||
| Q1 24 | $295.1M | $108.8M |
净利润CSGSRARE
| Q4 25 | $7.0M | $-128.6M | ||
| Q3 25 | $20.5M | $-180.4M | ||
| Q2 25 | $12.3M | $-115.0M | ||
| Q1 25 | $16.1M | $-151.1M | ||
| Q4 24 | $34.5M | $-133.2M | ||
| Q3 24 | $19.1M | $-133.5M | ||
| Q2 24 | $13.8M | $-131.6M | ||
| Q1 24 | $19.5M | $-170.7M |
毛利率CSGSRARE
| 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CSGSRARE
| Q4 25 | 9.0% | -54.7% | ||
| Q3 25 | 10.0% | -106.9% | ||
| Q2 25 | 10.0% | -64.8% | ||
| Q1 25 | 9.8% | -102.6% | ||
| Q4 24 | 13.4% | -74.3% | ||
| Q3 24 | 10.8% | -94.6% | ||
| Q2 24 | 8.8% | -79.1% | ||
| Q1 24 | 10.8% | -151.9% |
净利率CSGSRARE
| Q4 25 | 2.2% | -62.0% | ||
| Q3 25 | 6.7% | -112.8% | ||
| Q2 25 | 4.1% | -69.0% | ||
| Q1 25 | 5.4% | -108.5% | ||
| Q4 24 | 10.9% | -80.9% | ||
| Q3 24 | 6.5% | -95.7% | ||
| Q2 24 | 4.8% | -89.5% | ||
| Q1 24 | 6.6% | -156.8% |
每股收益（稀释后）CSGSRARE
| Q4 25 | $0.24 | $-1.28 | ||
| Q3 25 | $0.73 | $-1.81 | ||
| Q2 25 | $0.44 | $-1.17 | ||
| Q1 25 | $0.57 | $-1.57 | ||
| Q4 24 | $1.20 | $-1.34 | ||
| Q3 24 | $0.67 | $-1.40 | ||
| Q2 24 | $0.48 | $-1.52 | ||
| Q1 24 | $0.68 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $-80.0M |
| 总资产 | $1.5B | $1.5B |
| 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CSGSRARE
| Q4 25 | $180.0M | $421.0M | ||
| Q3 25 | $158.4M | $202.5M | ||
| Q2 25 | $145.9M | $176.3M | ||
| Q1 25 | $136.0M | $127.1M | ||
| Q4 24 | $161.8M | $174.0M | ||
| Q3 24 | $118.4M | $150.6M | ||
| Q2 24 | $110.4M | $480.7M | ||
| Q1 24 | $120.8M | $112.3M |
总债务CSGSRARE
| 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CSGSRARE
| Q4 25 | $283.7M | $-80.0M | ||
| Q3 25 | $289.5M | $9.2M | ||
| Q2 25 | $290.7M | $151.3M | ||
| Q1 25 | $283.1M | $144.2M | ||
| Q4 24 | $282.6M | $255.0M | ||
| Q3 24 | $288.4M | $346.8M | ||
| Q2 24 | $273.3M | $432.4M | ||
| Q1 24 | $269.3M | $140.3M |
总资产CSGSRARE
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.3B | $1.3B |
负债/权益比CSGSRARE
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-100.8M |
| 自由现金流率自由现金流/营收 | 17.3% | -48.6% |
| 资本支出强度资本支出/营收 | 1.1% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
经营现金流CSGSRARE
| Q4 25 | $59.2M | $-99.8M | ||
| Q3 25 | $47.9M | $-91.4M | ||
| Q2 25 | $37.3M | $-108.3M | ||
| Q1 25 | $11.5M | $-166.5M | ||
| Q4 24 | $82.5M | $-79.3M | ||
| Q3 24 | $39.5M | $-67.0M | ||
| Q2 24 | $43.1M | $-77.0M | ||
| Q1 24 | $-29.4M | $-190.7M |
自由现金流CSGSRARE
| Q4 25 | $55.8M | $-100.8M | ||
| Q3 25 | $43.9M | $-92.7M | ||
| Q2 25 | $34.6M | $-110.7M | ||
| Q1 25 | $7.1M | $-167.8M | ||
| Q4 24 | $76.6M | $-79.5M | ||
| Q3 24 | $32.0M | $-68.6M | ||
| Q2 24 | $38.8M | $-79.0M | ||
| Q1 24 | $-34.1M | $-193.9M |
自由现金流率CSGSRARE
| Q4 25 | 17.3% | -48.6% | ||
| Q3 25 | 14.5% | -58.0% | ||
| Q2 25 | 11.6% | -66.5% | ||
| Q1 25 | 2.4% | -120.5% | ||
| Q4 24 | 24.2% | -48.3% | ||
| Q3 24 | 10.8% | -49.2% | ||
| Q2 24 | 13.4% | -53.7% | ||
| Q1 24 | -11.6% | -178.2% |
资本支出强度CSGSRARE
| Q4 25 | 1.1% | 0.5% | ||
| Q3 25 | 1.3% | 0.8% | ||
| Q2 25 | 0.9% | 1.5% | ||
| Q1 25 | 1.5% | 1.0% | ||
| Q4 24 | 1.9% | 0.1% | ||
| Q3 24 | 2.5% | 1.2% | ||
| Q2 24 | 1.5% | 1.4% | ||
| Q1 24 | 1.6% | 3.0% |
现金转化率CSGSRARE
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
