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南玻集团（CSGS）与Regency Centers（REG）财务数据对比。点击上方公司名可切换其他公司
Regency Centers的季度营收约是南玻集团的1.3倍（$404.2M vs $323.1M），Regency Centers净利率更高（50.1% vs 2.2%，领先47.9%），Regency Centers同比增速更快（8.5% vs 2.0%），过去两年Regency Centers的营收复合增速更高（5.4% 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。
Regency Centers是总部位于美国佛罗里达州杰克逊维尔的房地产投资信托基金，也是以超市为核心租户的大型购物中心运营商之一。截至2020年10月21日，公司共持有415处物业，总建筑面积达5600万平方英尺，知名资产包括Serramonte Center及Village District 30%的股权。
CSGS vs REG — 直观对比
营收规模更大
REG
是对方的1.3倍
$323.1M
营收增速更快
REG
高出6.5%
2.0%
净利率更高
REG
高出47.9%
2.2%
两年增速更快
REG
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $404.2M |
| 净利润 | $7.0M | $202.5M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 71.0% |
| 净利率 | 2.2% | 50.1% |
| 营收同比 | 2.0% | 8.5% |
| 净利润同比 | -79.7% | 134.1% |
| 每股收益（稀释后） | $0.24 | — |
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CSGSREG
| Q4 25 | $323.1M | $404.2M | ||
| Q3 25 | $303.6M | $387.6M | ||
| Q2 25 | $297.1M | $380.8M | ||
| Q1 25 | $299.5M | $380.9M | ||
| Q4 24 | $316.7M | $372.5M | ||
| Q3 24 | $295.1M | $360.3M | ||
| Q2 24 | $290.3M | $357.3M | ||
| Q1 24 | $295.1M | $363.9M |
净利润CSGSREG
| Q4 25 | $7.0M | $202.5M | ||
| Q3 25 | $20.5M | $109.4M | ||
| Q2 25 | $12.3M | $106.0M | ||
| Q1 25 | $16.1M | $109.6M | ||
| Q4 24 | $34.5M | $86.5M | ||
| Q3 24 | $19.1M | $101.5M | ||
| Q2 24 | $13.8M | $102.7M | ||
| Q1 24 | $19.5M | $109.8M |
毛利率CSGSREG
| 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CSGSREG
| Q4 25 | 9.0% | 71.0% | ||
| Q3 25 | 10.0% | 72.7% | ||
| Q2 25 | 10.0% | 73.8% | ||
| Q1 25 | 9.8% | 71.8% | ||
| Q4 24 | 13.4% | 71.1% | ||
| Q3 24 | 10.8% | 72.5% | ||
| Q2 24 | 8.8% | 72.3% | ||
| Q1 24 | 10.8% | 72.3% |
净利率CSGSREG
| Q4 25 | 2.2% | 50.1% | ||
| Q3 25 | 6.7% | 28.2% | ||
| Q2 25 | 4.1% | 27.8% | ||
| Q1 25 | 5.4% | 28.8% | ||
| Q4 24 | 10.9% | 23.2% | ||
| Q3 24 | 6.5% | 28.2% | ||
| Q2 24 | 4.8% | 28.7% | ||
| Q1 24 | 6.6% | 30.2% |
每股收益（稀释后）CSGSREG
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.73 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $0.57 | — | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | — | ||
| Q2 24 | $0.48 | — | ||
| Q1 24 | $0.68 | — |
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 | $4.7B |
| 股东权益账面价值 | $283.7M | $6.9B |
| 总资产 | $1.5B | $13.0B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资CSGSREG
| 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CSGSREG
| Q4 25 | $539.5M | $4.7B | ||
| Q3 25 | $538.6M | $4.9B | ||
| Q2 25 | $537.8M | $4.8B | ||
| Q1 25 | $537.6M | $4.6B | ||
| Q4 24 | $538.5M | $4.4B | ||
| Q3 24 | $539.5M | $4.4B | ||
| Q2 24 | $540.5M | $4.4B | ||
| Q1 24 | $541.5M | $4.4B |
股东权益CSGSREG
| Q4 25 | $283.7M | $6.9B | ||
| Q3 25 | $289.5M | $6.8B | ||
| Q2 25 | $290.7M | $6.7B | ||
| Q1 25 | $283.1M | $6.7B | ||
| Q4 24 | $282.6M | $6.7B | ||
| Q3 24 | $288.4M | $6.8B | ||
| Q2 24 | $273.3M | $6.8B | ||
| Q1 24 | $269.3M | $7.0B |
总资产CSGSREG
| Q4 25 | $1.5B | $13.0B | ||
| Q3 25 | $1.5B | $13.1B | ||
| Q2 25 | $1.4B | $12.7B | ||
| Q1 25 | $1.4B | $12.6B | ||
| Q4 24 | $1.5B | $12.4B | ||
| Q3 24 | $1.4B | $12.4B | ||
| Q2 24 | $1.4B | $12.4B | ||
| Q1 24 | $1.3B | $12.7B |
负债/权益比CSGSREG
| Q4 25 | 1.90× | 0.69× | ||
| Q3 25 | 1.86× | 0.72× | ||
| Q2 25 | 1.85× | 0.72× | ||
| Q1 25 | 1.90× | 0.69× | ||
| Q4 24 | 1.91× | 0.66× | ||
| Q3 24 | 1.87× | 0.65× | ||
| Q2 24 | 1.98× | 0.64× | ||
| Q1 24 | 2.01× | 0.63× |
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 | $203.9M |
| 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× | 1.01× |
| 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CSGSREG
| Q4 25 | $59.2M | $203.9M | ||
| Q3 25 | $47.9M | $218.7M | ||
| Q2 25 | $37.3M | $244.0M | ||
| Q1 25 | $11.5M | $161.0M | ||
| Q4 24 | $82.5M | $191.4M | ||
| Q3 24 | $39.5M | $227.6M | ||
| Q2 24 | $43.1M | $203.5M | ||
| Q1 24 | $-29.4M | $167.8M |
自由现金流CSGSREG
| 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CSGSREG
| 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CSGSREG
| 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CSGSREG
| Q4 25 | 8.46× | 1.01× | ||
| Q3 25 | 2.34× | 2.00× | ||
| Q2 25 | 3.04× | 2.30× | ||
| Q1 25 | 0.71× | 1.47× | ||
| Q4 24 | 2.39× | 2.21× | ||
| Q3 24 | 2.07× | 2.24× | ||
| Q2 24 | 3.12× | 1.98× | ||
| Q1 24 | -1.51× | 1.53× |
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% |
REG
| Shopping Centers | $418.0M | 103% |
| Propertymanagementservices | $4.1M | 1% |
| Assetmanagementservices | $1.7M | 0% |
