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南玻集团（CSGS）与RAYONIER INC（RYN）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RAYONIER INC的1.2倍（$323.1M vs $276.8M），南玻集团净利率更高（2.2% vs -4.5%，领先6.6%），RAYONIER INC同比增速更快（233.9% vs 2.0%），过去两年RAYONIER INC的营收复合增速更高（66.7% 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。
Rayonier Inc.是总部位于佛罗里达州怀尔德莱特的林地房地产投资信托（REIT），资产分布在美国和新西兰的软木种植区域，核心业务板块为木材业务与房地产业务。
CSGS vs RYN — 直观对比
营收规模更大
CSGS
是对方的1.2倍
$276.8M
营收增速更快
RYN
高出231.9%
2.0%
净利率更高
CSGS
高出6.6%
-4.5%
两年增速更快
RYN
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $276.8M |
| 净利润 | $7.0M | $-12.4M |
| 毛利率 | 50.0% | 100.0% |
| 营业利润率 | 9.0% | — |
| 净利率 | 2.2% | -4.5% |
| 营收同比 | 2.0% | 233.9% |
| 净利润同比 | -79.7% | -264.7% |
| 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CSGSRYN
| Q1 26 | — | $276.8M | ||
| Q4 25 | $323.1M | $117.5M | ||
| Q3 25 | $303.6M | $177.5M | ||
| Q2 25 | $297.1M | $106.5M | ||
| Q1 25 | $299.5M | $82.9M | ||
| Q4 24 | $316.7M | $650.5M | ||
| Q3 24 | $295.1M | $124.1M | ||
| Q2 24 | $290.3M | $99.6M |
净利润CSGSRYN
| Q1 26 | — | $-12.4M | ||
| Q4 25 | $7.0M | $25.9M | ||
| Q3 25 | $20.5M | $43.2M | ||
| Q2 25 | $12.3M | $408.7M | ||
| Q1 25 | $16.1M | $-3.4M | ||
| Q4 24 | $34.5M | $327.1M | ||
| Q3 24 | $19.1M | $28.8M | ||
| Q2 24 | $13.8M | $1.9M |
毛利率CSGSRYN
| Q1 26 | — | 100.0% | ||
| Q4 25 | 50.0% | 41.9% | ||
| Q3 25 | 48.1% | 32.9% | ||
| Q2 25 | 49.5% | 29.7% | ||
| Q1 25 | 48.4% | 21.7% | ||
| Q4 24 | 51.3% | 53.8% | ||
| Q3 24 | 49.4% | 30.4% | ||
| Q2 24 | 47.3% | 25.4% |
营业利润率CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | 9.0% | 23.0% | ||
| Q3 25 | 10.0% | 23.5% | ||
| Q2 25 | 10.0% | 13.7% | ||
| Q1 25 | 9.8% | 0.1% | ||
| Q4 24 | 13.4% | 47.7% | ||
| Q3 24 | 10.8% | 15.2% | ||
| Q2 24 | 8.8% | 4.6% |
净利率CSGSRYN
| Q1 26 | — | -4.5% | ||
| Q4 25 | 2.2% | 22.1% | ||
| Q3 25 | 6.7% | 24.3% | ||
| Q2 25 | 4.1% | 383.6% | ||
| Q1 25 | 5.4% | -4.1% | ||
| Q4 24 | 10.9% | 45.1% | ||
| Q3 24 | 6.5% | 23.2% | ||
| Q2 24 | 4.8% | 1.9% |
每股收益（稀释后）CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.14 | ||
| Q3 25 | $0.73 | $0.28 | ||
| Q2 25 | $0.44 | $2.63 | ||
| Q1 25 | $0.57 | $-0.02 | ||
| Q4 24 | $1.20 | $2.18 | ||
| Q3 24 | $0.67 | $0.19 | ||
| Q2 24 | $0.48 | $0.01 |
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 | $681.7M |
| 总债务越低越好 | $539.5M | $2.1B |
| 股东权益账面价值 | $283.7M | $5.3B |
| 总资产 | $1.5B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CSGSRYN
| Q1 26 | — | $681.7M | ||
| Q4 25 | $180.0M | $842.9M | ||
| Q3 25 | $158.4M | $919.6M | ||
| Q2 25 | $145.9M | $892.3M | ||
| Q1 25 | $136.0M | $216.2M | ||
| Q4 24 | $161.8M | $303.1M | ||
| Q3 24 | $118.4M | $51.9M | ||
| Q2 24 | $110.4M | $120.2M |
总债务CSGSRYN
| Q1 26 | — | $2.1B | ||
| Q4 25 | $539.5M | $845.3M | ||
| Q3 25 | $538.6M | $845.1M | ||
| Q2 25 | $537.8M | $844.9M | ||
| Q1 25 | $537.6M | $1.0B | ||
| Q4 24 | $538.5M | $1.0B | ||
| Q3 24 | $539.5M | $1.3B | ||
| Q2 24 | $540.5M | $1.4B |
股东权益CSGSRYN
| Q1 26 | — | $5.3B | ||
| Q4 25 | $283.7M | $2.2B | ||
| Q3 25 | $289.5M | $2.3B | ||
| Q2 25 | $290.7M | $2.3B | ||
| Q1 25 | $283.1M | $1.9B | ||
| Q4 24 | $282.6M | $1.8B | ||
| Q3 24 | $288.4M | $1.8B | ||
| Q2 24 | $273.3M | $1.8B |
总资产CSGSRYN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $1.5B | $3.4B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.4B | $3.5B | ||
| Q1 25 | $1.4B | $3.4B | ||
| Q4 24 | $1.5B | $3.5B | ||
| Q3 24 | $1.4B | $3.5B | ||
| Q2 24 | $1.4B | $3.5B |
负债/权益比CSGSRYN
| Q1 26 | — | 0.39× | ||
| Q4 25 | 1.90× | 0.38× | ||
| Q3 25 | 1.86× | 0.37× | ||
| Q2 25 | 1.85× | 0.37× | ||
| Q1 25 | 1.90× | 0.55× | ||
| Q4 24 | 1.91× | 0.59× | ||
| Q3 24 | 1.87× | 0.72× | ||
| Q2 24 | 1.98× | 0.75× |
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 | — |
| 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% | 7.4% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $256.7M | ||
| Q3 25 | $47.9M | $116.2M | ||
| Q2 25 | $37.3M | $61.0M | ||
| Q1 25 | $11.5M | $27.7M | ||
| Q4 24 | $82.5M | $261.6M | ||
| Q3 24 | $39.5M | $66.2M | ||
| Q2 24 | $43.1M | $55.3M |
自由现金流CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | $99.9M | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | $42.2M | ||
| Q2 24 | $38.8M | — |
自由现金流率CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | 56.3% | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | 34.0% | ||
| Q2 24 | 13.4% | — |
资本支出强度CSGSRYN
| Q1 26 | — | 7.4% | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 9.2% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 2.5% | 19.3% | ||
| Q2 24 | 1.5% | — |
现金转化率CSGSRYN
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 9.91× | ||
| Q3 25 | 2.34× | 2.69× | ||
| Q2 25 | 3.04× | 0.15× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 0.80× | ||
| Q3 24 | 2.07× | 2.30× | ||
| Q2 24 | 3.12× | 29.07× |
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% |
RYN
| Wood Products | $108.5M | 39% |
| Southern Timber | $88.7M | 32% |
| Real Estate | $59.8M | 22% |
| Northwest Timber | $32.1M | 12% |
