vs
南玻集团（CSGS）与Sphere Entertainment Co.（SPHR）财务数据对比。点击上方公司名可切换其他公司
Sphere Entertainment Co.的季度营收约是南玻集团的1.2倍（$393.8M vs $323.1M），Sphere Entertainment Co.净利率更高（16.4% vs 2.2%，领先14.3%），过去两年Sphere Entertainment Co.的营收复合增速更高（12.1% 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。
Sphere Entertainment Co.是总部位于纽约的美国娱乐控股企业，由查尔斯·多兰家族掌控，旗下拥有位于内华达州拉斯维加斯谷帕拉代斯的Sphere演艺场馆，以及总部位于纽约的区域体育网络连锁品牌MSG Networks。
CSGS vs SPHR — 直观对比
营收规模更大
SPHR
是对方的1.2倍
$323.1M
净利率更高
SPHR
高出14.3%
2.2%
两年增速更快
SPHR
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $393.8M |
| 净利润 | $7.0M | $64.7M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 7.3% |
| 净利率 | 2.2% | 16.4% |
| 营收同比 | 2.0% | — |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $2.42 |
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CSGSSPHR
| Q4 25 | $323.1M | $393.8M | ||
| Q3 25 | $303.6M | $262.1M | ||
| Q2 25 | $297.1M | $282.2M | ||
| Q1 25 | $299.5M | $280.1M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $295.1M | $227.1M | ||
| Q2 24 | $290.3M | $272.6M | ||
| Q1 24 | $295.1M | $320.6M |
净利润CSGSSPHR
| Q4 25 | $7.0M | $64.7M | ||
| Q3 25 | $20.5M | $-101.2M | ||
| Q2 25 | $12.3M | $151.8M | ||
| Q1 25 | $16.1M | $-82.0M | ||
| Q4 24 | $34.5M | — | ||
| Q3 24 | $19.1M | $-105.3M | ||
| Q2 24 | $13.8M | $-46.6M | ||
| Q1 24 | $19.5M | $-47.2M |
毛利率CSGSSPHR
| 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CSGSSPHR
| Q4 25 | 9.0% | 7.3% | ||
| Q3 25 | 10.0% | -49.5% | ||
| Q2 25 | 10.0% | -17.8% | ||
| Q1 25 | 9.8% | -28.1% | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | 10.8% | -51.8% | ||
| Q2 24 | 8.8% | -66.3% | ||
| Q1 24 | 10.8% | -12.6% |
净利率CSGSSPHR
| Q4 25 | 2.2% | 16.4% | ||
| Q3 25 | 6.7% | -38.6% | ||
| Q2 25 | 4.1% | 53.8% | ||
| Q1 25 | 5.4% | -29.3% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.5% | -46.4% | ||
| Q2 24 | 4.8% | -17.1% | ||
| Q1 24 | 6.6% | -14.7% |
每股收益（稀释后）CSGSSPHR
| Q4 25 | $0.24 | $2.42 | ||
| Q3 25 | $0.73 | $-2.80 | ||
| Q2 25 | $0.44 | $3.39 | ||
| Q1 25 | $0.57 | $-2.27 | ||
| Q4 24 | $1.20 | — | ||
| Q3 24 | $0.67 | $-2.95 | ||
| Q2 24 | $0.48 | $-1.33 | ||
| Q1 24 | $0.68 | $-1.33 |
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 | $692.7M |
| 股东权益账面价值 | $283.7M | $2.2B |
| 总资产 | $1.5B | $4.2B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资CSGSSPHR
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | $384.8M | ||
| Q2 25 | $145.9M | $355.7M | ||
| Q1 25 | $136.0M | $465.0M | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | $559.8M | ||
| Q1 24 | $120.8M | — |
总债务CSGSSPHR
| Q4 25 | $539.5M | $692.7M | ||
| Q3 25 | $538.6M | $733.8M | ||
| Q2 25 | $537.8M | $743.8M | ||
| Q1 25 | $537.6M | $1.3B | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | $1.4B | ||
| Q2 24 | $540.5M | $1.4B | ||
| Q1 24 | $541.5M | $1.4B |
股东权益CSGSSPHR
| Q4 25 | $283.7M | $2.2B | ||
| Q3 25 | $289.5M | $2.2B | ||
| Q2 25 | $290.7M | $2.3B | ||
| Q1 25 | $283.1M | $2.1B | ||
| Q4 24 | $282.6M | — | ||
| Q3 24 | $288.4M | $2.3B | ||
| Q2 24 | $273.3M | $2.4B | ||
| Q1 24 | $269.3M | $2.4B |
总资产CSGSSPHR
| Q4 25 | $1.5B | $4.2B | ||
| Q3 25 | $1.5B | $4.1B | ||
| Q2 25 | $1.4B | $4.2B | ||
| Q1 25 | $1.4B | $4.4B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | $4.9B |
负债/权益比CSGSSPHR
| Q4 25 | 1.90× | 0.31× | ||
| Q3 25 | 1.86× | 0.34× | ||
| Q2 25 | 1.85× | 0.32× | ||
| Q1 25 | 1.90× | 0.62× | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | 0.59× | ||
| Q2 24 | 1.98× | 0.57× | ||
| Q1 24 | 2.01× | 0.57× |
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 | $180.2M |
| 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% | — |
| 现金转化率经营现金流/净利润 | 8.46× | 2.78× |
| 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CSGSSPHR
| Q4 25 | $59.2M | $180.2M | ||
| Q3 25 | $47.9M | $115.8M | ||
| Q2 25 | $37.3M | $-59.1M | ||
| Q1 25 | $11.5M | $6.3M | ||
| Q4 24 | $82.5M | — | ||
| Q3 24 | $39.5M | $34.1M | ||
| Q2 24 | $43.1M | $-72.4M | ||
| Q1 24 | $-29.4M | $101.0M |
自由现金流CSGSSPHR
| 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CSGSSPHR
| 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CSGSSPHR
| 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CSGSSPHR
| Q4 25 | 8.46× | 2.78× | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | -0.39× | ||
| 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% |
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
