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南玻集团（CSGS）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是南玻集团的1.5倍（$492.9M vs $323.1M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 2.2%，领先17.5%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs 2.0%），过去两年南玻集团的营收复合增速更高（4.6% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
CSGS vs STWD — 直观对比
营收规模更大
STWD
是对方的1.5倍
$323.1M
营收增速更快
STWD
高出6.5%
2.0%
净利率更高
STWD
高出17.5%
2.2%
两年增速更快
CSGS
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $492.9M |
| 净利润 | $7.0M | $96.9M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 26.6% |
| 净利率 | 2.2% | 19.7% |
| 营收同比 | 2.0% | 8.5% |
| 净利润同比 | -79.7% | 87.7% |
| 每股收益（稀释后） | $0.24 | $0.25 |
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CSGSSTWD
| Q4 25 | $323.1M | $492.9M | ||
| Q3 25 | $303.6M | $488.9M | ||
| Q2 25 | $297.1M | $444.3M | ||
| Q1 25 | $299.5M | $418.2M | ||
| Q4 24 | $316.7M | $454.4M | ||
| Q3 24 | $295.1M | $479.5M | ||
| Q2 24 | $290.3M | $489.8M | ||
| Q1 24 | $295.1M | $523.1M |
净利润CSGSSTWD
| Q4 25 | $7.0M | $96.9M | ||
| Q3 25 | $20.5M | $72.6M | ||
| Q2 25 | $12.3M | $129.8M | ||
| Q1 25 | $16.1M | $112.3M | ||
| Q4 24 | $34.5M | $51.6M | ||
| Q3 24 | $19.1M | $76.1M | ||
| Q2 24 | $13.8M | $77.9M | ||
| Q1 24 | $19.5M | $154.3M |
毛利率CSGSSTWD
| 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CSGSSTWD
| Q4 25 | 9.0% | 26.6% | ||
| Q3 25 | 10.0% | 19.1% | ||
| Q2 25 | 10.0% | 30.5% | ||
| Q1 25 | 9.8% | 28.7% | ||
| Q4 24 | 13.4% | 15.1% | ||
| Q3 24 | 10.8% | 17.2% | ||
| Q2 24 | 8.8% | 19.1% | ||
| Q1 24 | 10.8% | 30.8% |
净利率CSGSSTWD
| Q4 25 | 2.2% | 19.7% | ||
| Q3 25 | 6.7% | 14.8% | ||
| Q2 25 | 4.1% | 29.2% | ||
| Q1 25 | 5.4% | 26.8% | ||
| Q4 24 | 10.9% | 11.4% | ||
| Q3 24 | 6.5% | 15.9% | ||
| Q2 24 | 4.8% | 15.9% | ||
| Q1 24 | 6.6% | 29.5% |
每股收益（稀释后）CSGSSTWD
| Q4 25 | $0.24 | $0.25 | ||
| Q3 25 | $0.73 | $0.19 | ||
| Q2 25 | $0.44 | $0.38 | ||
| Q1 25 | $0.57 | $0.33 | ||
| Q4 24 | $1.20 | $0.15 | ||
| Q3 24 | $0.67 | $0.23 | ||
| Q2 24 | $0.48 | $0.24 | ||
| Q1 24 | $0.68 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $6.8B |
| 总资产 | $1.5B | $63.2B |
| 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CSGSSTWD
| Q4 25 | $180.0M | $499.5M | ||
| Q3 25 | $158.4M | $301.1M | ||
| Q2 25 | $145.9M | $259.9M | ||
| Q1 25 | $136.0M | $440.6M | ||
| Q4 24 | $161.8M | $377.8M | ||
| Q3 24 | $118.4M | $357.9M | ||
| Q2 24 | $110.4M | $259.3M | ||
| Q1 24 | $120.8M | $327.4M |
总债务CSGSSTWD
| Q4 25 | $539.5M | — | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — | ||
| Q1 24 | $541.5M | — |
股东权益CSGSSTWD
| Q4 25 | $283.7M | $6.8B | ||
| Q3 25 | $289.5M | $6.9B | ||
| Q2 25 | $290.7M | $6.4B | ||
| Q1 25 | $283.1M | $6.4B | ||
| Q4 24 | $282.6M | $6.4B | ||
| Q3 24 | $288.4M | $6.5B | ||
| Q2 24 | $273.3M | $6.2B | ||
| Q1 24 | $269.3M | $6.3B |
总资产CSGSSTWD
| Q4 25 | $1.5B | $63.2B | ||
| Q3 25 | $1.5B | $62.4B | ||
| Q2 25 | $1.4B | $62.4B | ||
| Q1 25 | $1.4B | $62.2B | ||
| Q4 24 | $1.5B | $62.6B | ||
| Q3 24 | $1.4B | $64.2B | ||
| Q2 24 | $1.4B | $64.1B | ||
| Q1 24 | $1.3B | $66.2B |
负债/权益比CSGSSTWD
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.86× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 1.91× | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.01× | — |
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 | $488.8M |
| 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× | 5.04× |
| 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CSGSSTWD
| Q4 25 | $59.2M | $488.8M | ||
| Q3 25 | $47.9M | $337.6M | ||
| Q2 25 | $37.3M | $-87.4M | ||
| Q1 25 | $11.5M | $238.9M | ||
| Q4 24 | $82.5M | $295.6M | ||
| Q3 24 | $39.5M | $241.8M | ||
| Q2 24 | $43.1M | $53.3M | ||
| Q1 24 | $-29.4M | $55.9M |
自由现金流CSGSSTWD
| 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CSGSSTWD
| 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CSGSSTWD
| 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CSGSSTWD
| Q4 25 | 8.46× | 5.04× | ||
| Q3 25 | 2.34× | 4.65× | ||
| Q2 25 | 3.04× | -0.67× | ||
| Q1 25 | 0.71× | 2.13× | ||
| Q4 24 | 2.39× | 5.72× | ||
| Q3 24 | 2.07× | 3.18× | ||
| Q2 24 | 3.12× | 0.68× | ||
| Q1 24 | -1.51× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
