vs
南玻集团（CSGS）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
罗塞塔石碑的季度营收约是南玻集团的1.8倍（$586.5M vs $323.1M），南玻集团净利率更高（2.2% vs -21.0%，领先23.2%），罗塞塔石碑同比增速更快（73.0% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
CSGS vs STEP — 直观对比
营收规模更大
STEP
是对方的1.8倍
$323.1M
营收增速更快
STEP
高出71.0%
2.0%
净利率更高
CSGS
高出23.2%
-21.0%
自由现金流更多
CSGS
多$29.1M
$26.7M
两年增速更快
STEP
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $586.5M |
| 净利润 | $7.0M | $-123.5M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | -33.2% |
| 净利率 | 2.2% | -21.0% |
| 营收同比 | 2.0% | 73.0% |
| 净利润同比 | -79.7% | 35.7% |
| 每股收益（稀释后） | $0.24 | $-1.55 |
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CSGSSTEP
| Q4 25 | $323.1M | $586.5M | ||
| Q3 25 | $303.6M | $454.2M | ||
| Q2 25 | $297.1M | $364.3M | ||
| Q1 25 | $299.5M | $377.7M | ||
| Q4 24 | $316.7M | $339.0M | ||
| Q3 24 | $295.1M | $271.7M | ||
| Q2 24 | $290.3M | $186.4M | ||
| Q1 24 | $295.1M | $356.8M |
净利润CSGSSTEP
| Q4 25 | $7.0M | $-123.5M | ||
| Q3 25 | $20.5M | $-366.1M | ||
| Q2 25 | $12.3M | $-38.4M | ||
| Q1 25 | $16.1M | $-18.5M | ||
| Q4 24 | $34.5M | $-192.0M | ||
| Q3 24 | $19.1M | $17.6M | ||
| Q2 24 | $13.8M | $13.3M | ||
| Q1 24 | $19.5M | $30.8M |
毛利率CSGSSTEP
| 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CSGSSTEP
| Q4 25 | 9.0% | -33.2% | ||
| Q3 25 | 10.0% | -148.8% | ||
| Q2 25 | 10.0% | -5.6% | ||
| Q1 25 | 9.8% | 2.6% | ||
| Q4 24 | 13.4% | -101.7% | ||
| Q3 24 | 10.8% | 21.3% | ||
| Q2 24 | 8.8% | 29.4% | ||
| Q1 24 | 10.8% | 26.5% |
净利率CSGSSTEP
| Q4 25 | 2.2% | -21.0% | ||
| Q3 25 | 6.7% | -80.6% | ||
| Q2 25 | 4.1% | -10.5% | ||
| Q1 25 | 5.4% | -4.9% | ||
| Q4 24 | 10.9% | -56.6% | ||
| Q3 24 | 6.5% | 6.5% | ||
| Q2 24 | 4.8% | 7.2% | ||
| Q1 24 | 6.6% | 8.6% |
每股收益（稀释后）CSGSSTEP
| Q4 25 | $0.24 | $-1.55 | ||
| Q3 25 | $0.73 | $-4.66 | ||
| Q2 25 | $0.44 | $-0.49 | ||
| Q1 25 | $0.57 | $-0.37 | ||
| Q4 24 | $1.20 | $-2.61 | ||
| Q3 24 | $0.67 | $0.26 | ||
| Q2 24 | $0.48 | $0.20 | ||
| Q1 24 | $0.68 | $0.47 |
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 | $270.2M |
| 股东权益账面价值 | $283.7M | $-378.8M |
| 总资产 | $1.5B | $5.2B |
| 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CSGSSTEP
| 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CSGSSTEP
| Q4 25 | $539.5M | $270.2M | ||
| Q3 25 | $538.6M | $269.9M | ||
| Q2 25 | $537.8M | $269.6M | ||
| Q1 25 | $537.6M | $269.3M | ||
| Q4 24 | $538.5M | $168.9M | ||
| Q3 24 | $539.5M | $172.3M | ||
| Q2 24 | $540.5M | $172.1M | ||
| Q1 24 | $541.5M | $148.8M |
股东权益CSGSSTEP
| Q4 25 | $283.7M | $-378.8M | ||
| Q3 25 | $289.5M | $-233.5M | ||
| Q2 25 | $290.7M | $153.9M | ||
| Q1 25 | $283.1M | $179.4M | ||
| Q4 24 | $282.6M | $209.8M | ||
| Q3 24 | $288.4M | $397.5M | ||
| Q2 24 | $273.3M | $366.9M | ||
| Q1 24 | $269.3M | $324.5M |
总资产CSGSSTEP
| Q4 25 | $1.5B | $5.2B | ||
| Q3 25 | $1.5B | $5.3B | ||
| Q2 25 | $1.4B | $4.8B | ||
| Q1 25 | $1.4B | $4.6B | ||
| Q4 24 | $1.5B | $4.3B | ||
| Q3 24 | $1.4B | $4.0B | ||
| Q2 24 | $1.4B | $3.8B | ||
| Q1 24 | $1.3B | $3.8B |
负债/权益比CSGSSTEP
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | 1.75× | ||
| Q1 25 | 1.90× | 1.50× | ||
| Q4 24 | 1.91× | 0.81× | ||
| Q3 24 | 1.87× | 0.43× | ||
| Q2 24 | 1.98× | 0.47× | ||
| Q1 24 | 2.01× | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $26.7M |
| 自由现金流率自由现金流/营收 | 17.3% | 4.6% |
| 资本支出强度资本支出/营收 | 1.1% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流CSGSSTEP
| Q4 25 | $59.2M | $27.2M | ||
| Q3 25 | $47.9M | $16.2M | ||
| Q2 25 | $37.3M | $46.3M | ||
| Q1 25 | $11.5M | $-66.5M | ||
| Q4 24 | $82.5M | $27.6M | ||
| Q3 24 | $39.5M | $53.7M | ||
| Q2 24 | $43.1M | $50.2M | ||
| Q1 24 | $-29.4M | $7.6M |
自由现金流CSGSSTEP
| Q4 25 | $55.8M | $26.7M | ||
| Q3 25 | $43.9M | $15.9M | ||
| Q2 25 | $34.6M | $45.2M | ||
| Q1 25 | $7.1M | $-69.2M | ||
| Q4 24 | $76.6M | $27.0M | ||
| Q3 24 | $32.0M | $52.4M | ||
| Q2 24 | $38.8M | $49.6M | ||
| Q1 24 | $-34.1M | $6.7M |
自由现金流率CSGSSTEP
| Q4 25 | 17.3% | 4.6% | ||
| Q3 25 | 14.5% | 3.5% | ||
| Q2 25 | 11.6% | 12.4% | ||
| Q1 25 | 2.4% | -18.3% | ||
| Q4 24 | 24.2% | 8.0% | ||
| Q3 24 | 10.8% | 19.3% | ||
| Q2 24 | 13.4% | 26.6% | ||
| Q1 24 | -11.6% | 1.9% |
资本支出强度CSGSSTEP
| Q4 25 | 1.1% | 0.1% | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 1.5% | 0.7% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 2.5% | 0.5% | ||
| Q2 24 | 1.5% | 0.3% | ||
| Q1 24 | 1.6% | 0.3% |
现金转化率CSGSSTEP
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | — | ||
| Q3 24 | 2.07× | 3.05× | ||
| Q2 24 | 3.12× | 3.76× | ||
| Q1 24 | -1.51× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
