vs
南玻集团（CSGS）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是南玻集团的1.3倍（$417.5M vs $323.1M），南玻集团净利率更高（2.2% vs -5.0%，领先7.2%），南玻集团同比增速更快（2.0% vs -1.2%），过去两年南玻集团的营收复合增速更高（4.6% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
CSGS vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.3倍
$323.1M
营收增速更快
CSGS
高出3.2%
-1.2%
净利率更高
CSGS
高出7.2%
-5.0%
两年增速更快
CSGS
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $417.5M |
| 净利润 | $7.0M | $-21.1M |
| 毛利率 | 50.0% | 8.9% |
| 营业利润率 | 9.0% | 2.6% |
| 净利率 | 2.2% | -5.0% |
| 营收同比 | 2.0% | -1.2% |
| 净利润同比 | -79.7% | -31.9% |
| 每股收益（稀释后） | $0.24 | $-0.33 |
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CSGSRYAM
| Q4 25 | $323.1M | $417.5M | ||
| Q3 25 | $303.6M | $352.8M | ||
| Q2 25 | $297.1M | $340.0M | ||
| Q1 25 | $299.5M | $356.0M | ||
| Q4 24 | $316.7M | $422.5M | ||
| Q3 24 | $295.1M | $401.1M | ||
| Q2 24 | $290.3M | $419.0M | ||
| Q1 24 | $295.1M | $387.7M |
净利润CSGSRYAM
| Q4 25 | $7.0M | $-21.1M | ||
| Q3 25 | $20.5M | $-4.5M | ||
| Q2 25 | $12.3M | $-363.2M | ||
| Q1 25 | $16.1M | $-32.0M | ||
| Q4 24 | $34.5M | $-16.0M | ||
| Q3 24 | $19.1M | $-32.6M | ||
| Q2 24 | $13.8M | $11.4M | ||
| Q1 24 | $19.5M | $-1.6M |
毛利率CSGSRYAM
| Q4 25 | 50.0% | 8.9% | ||
| Q3 25 | 48.1% | 9.7% | ||
| Q2 25 | 49.5% | 7.0% | ||
| Q1 25 | 48.4% | 6.8% | ||
| Q4 24 | 51.3% | 8.7% | ||
| Q3 24 | 49.4% | 10.9% | ||
| Q2 24 | 47.3% | 11.5% | ||
| Q1 24 | 46.5% | 9.5% |
营业利润率CSGSRYAM
| Q4 25 | 9.0% | 2.6% | ||
| Q3 25 | 10.0% | 2.8% | ||
| Q2 25 | 10.0% | -0.4% | ||
| Q1 25 | 9.8% | -4.2% | ||
| Q4 24 | 13.4% | 2.6% | ||
| Q3 24 | 10.8% | -4.2% | ||
| Q2 24 | 8.8% | 6.7% | ||
| Q1 24 | 10.8% | 4.4% |
净利率CSGSRYAM
| Q4 25 | 2.2% | -5.0% | ||
| Q3 25 | 6.7% | -1.3% | ||
| Q2 25 | 4.1% | -106.8% | ||
| Q1 25 | 5.4% | -9.0% | ||
| Q4 24 | 10.9% | -3.8% | ||
| Q3 24 | 6.5% | -8.1% | ||
| Q2 24 | 4.8% | 2.7% | ||
| Q1 24 | 6.6% | -0.4% |
每股收益（稀释后）CSGSRYAM
| Q4 25 | $0.24 | $-0.33 | ||
| Q3 25 | $0.73 | $-0.07 | ||
| Q2 25 | $0.44 | $-5.44 | ||
| Q1 25 | $0.57 | $-0.49 | ||
| Q4 24 | $1.20 | $-0.25 | ||
| Q3 24 | $0.67 | $-0.49 | ||
| Q2 24 | $0.48 | $0.17 | ||
| Q1 24 | $0.68 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $539.5M | $758.1M |
| 股东权益账面价值 | $283.7M | $316.6M |
| 总资产 | $1.5B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.90× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资CSGSRYAM
| Q4 25 | $180.0M | $75.4M | ||
| Q3 25 | $158.4M | $77.0M | ||
| Q2 25 | $145.9M | $70.7M | ||
| Q1 25 | $136.0M | $129.9M | ||
| Q4 24 | $161.8M | $125.2M | ||
| Q3 24 | $118.4M | $136.1M | ||
| Q2 24 | $110.4M | $114.1M | ||
| Q1 24 | $120.8M | $54.6M |
总债务CSGSRYAM
| Q4 25 | $539.5M | $758.1M | ||
| Q3 25 | $538.6M | $763.5M | ||
| Q2 25 | $537.8M | $720.4M | ||
| Q1 25 | $537.6M | $707.0M | ||
| Q4 24 | $538.5M | $706.4M | ||
| Q3 24 | $539.5M | $747.7M | ||
| Q2 24 | $540.5M | $752.8M | ||
| Q1 24 | $541.5M | $755.6M |
股东权益CSGSRYAM
| Q4 25 | $283.7M | $316.6M | ||
| Q3 25 | $289.5M | $338.2M | ||
| Q2 25 | $290.7M | $342.3M | ||
| Q1 25 | $283.1M | $688.1M | ||
| Q4 24 | $282.6M | $713.9M | ||
| Q3 24 | $288.4M | $732.7M | ||
| Q2 24 | $273.3M | $755.1M | ||
| Q1 24 | $269.3M | $741.8M |
总资产CSGSRYAM
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $1.3B | $2.1B |
负债/权益比CSGSRYAM
| Q4 25 | 1.90× | 2.39× | ||
| Q3 25 | 1.86× | 2.26× | ||
| Q2 25 | 1.85× | 2.10× | ||
| Q1 25 | 1.90× | 1.03× | ||
| Q4 24 | 1.91× | 0.99× | ||
| Q3 24 | 1.87× | 1.02× | ||
| Q2 24 | 1.98× | 1.00× | ||
| Q1 24 | 2.01× | 1.02× |
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 | $32.3M |
| 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× | — |
| 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CSGSRYAM
| Q4 25 | $59.2M | $32.3M | ||
| Q3 25 | $47.9M | $-17.8M | ||
| Q2 25 | $37.3M | $-30.2M | ||
| Q1 25 | $11.5M | $39.6M | ||
| Q4 24 | $82.5M | $54.9M | ||
| Q3 24 | $39.5M | $49.8M | ||
| Q2 24 | $43.1M | $87.6M | ||
| Q1 24 | $-29.4M | $11.3M |
自由现金流CSGSRYAM
| 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CSGSRYAM
| 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CSGSRYAM
| 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CSGSRYAM
| 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× | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
