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南玻集团（CSGS）与Thryv Holdings, Inc.（THRY）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Thryv Holdings, Inc.的1.9倍（$323.1M vs $167.7M），Thryv Holdings, Inc.净利率更高（2.7% vs 2.2%，领先0.5%），南玻集团同比增速更快（2.0% vs -7.5%），南玻集团自由现金流更多（$55.8M vs $-5.5M），过去两年南玻集团的营收复合增速更高（4.6% vs -13.5%）
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。
Thryv Holdings, Inc.是一家上市软件服务（SaaS）企业，面向中小企业提供客户关系管理与网络声誉管理软件解决方案。公司总部位于得克萨斯州达拉斯，业务覆盖美国48个州，现有员工超过2400名，其前身是多家黄页企业组成的集团。
CSGS vs THRY — 直观对比
营收规模更大
CSGS
是对方的1.9倍
$167.7M
营收增速更快
CSGS
高出9.6%
-7.5%
净利率更高
THRY
高出0.5%
2.2%
自由现金流更多
CSGS
多$61.3M
$-5.5M
两年增速更快
CSGS
近两年复合增速
-13.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $167.7M |
| 净利润 | $7.0M | $4.5M |
| 毛利率 | 50.0% | 65.2% |
| 营业利润率 | 9.0% | 37.3% |
| 净利率 | 2.2% | 2.7% |
| 营收同比 | 2.0% | -7.5% |
| 净利润同比 | -79.7% | 147.2% |
| 每股收益（稀释后） | $0.24 | $0.10 |
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CSGSTHRY
| Q1 26 | — | $167.7M | ||
| Q4 25 | $323.1M | $191.6M | ||
| Q3 25 | $303.6M | $201.6M | ||
| Q2 25 | $297.1M | $210.5M | ||
| Q1 25 | $299.5M | $181.4M | ||
| Q4 24 | $316.7M | $186.6M | ||
| Q3 24 | $295.1M | $179.9M | ||
| Q2 24 | $290.3M | $224.1M |
净利润CSGSTHRY
| Q1 26 | — | $4.5M | ||
| Q4 25 | $7.0M | $-9.7M | ||
| Q3 25 | $20.5M | $5.7M | ||
| Q2 25 | $12.3M | $13.9M | ||
| Q1 25 | $16.1M | $-9.6M | ||
| Q4 24 | $34.5M | $7.9M | ||
| Q3 24 | $19.1M | $-96.1M | ||
| Q2 24 | $13.8M | $5.5M |
毛利率CSGSTHRY
| Q1 26 | — | 65.2% | ||
| Q4 25 | 50.0% | 68.0% | ||
| Q3 25 | 48.1% | 67.7% | ||
| Q2 25 | 49.5% | 69.7% | ||
| Q1 25 | 48.4% | 65.8% | ||
| Q4 24 | 51.3% | 65.9% | ||
| Q3 24 | 49.4% | 62.3% | ||
| Q2 24 | 47.3% | 66.3% |
营业利润率CSGSTHRY
| Q1 26 | — | 37.3% | ||
| Q4 25 | 9.0% | 5.3% | ||
| Q3 25 | 10.0% | 9.9% | ||
| Q2 25 | 10.0% | 14.0% | ||
| Q1 25 | 9.8% | -1.7% | ||
| Q4 24 | 13.4% | -3.9% | ||
| Q3 24 | 10.8% | -49.2% | ||
| Q2 24 | 8.8% | 14.0% |
净利率CSGSTHRY
| Q1 26 | — | 2.7% | ||
| Q4 25 | 2.2% | -5.0% | ||
| Q3 25 | 6.7% | 2.8% | ||
| Q2 25 | 4.1% | 6.6% | ||
| Q1 25 | 5.4% | -5.3% | ||
| Q4 24 | 10.9% | 4.2% | ||
| Q3 24 | 6.5% | -53.4% | ||
| Q2 24 | 4.8% | 2.5% |
每股收益（稀释后）CSGSTHRY
| Q1 26 | — | $0.10 | ||
| Q4 25 | $0.24 | $-0.21 | ||
| Q3 25 | $0.73 | $0.13 | ||
| Q2 25 | $0.44 | $0.31 | ||
| Q1 25 | $0.57 | $-0.22 | ||
| Q4 24 | $1.20 | $0.28 | ||
| Q3 24 | $0.67 | $-2.65 | ||
| Q2 24 | $0.48 | $0.15 |
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 | $8.0M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $225.4M |
| 总资产 | $1.5B | $693.7M |
| 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CSGSTHRY
| Q1 26 | — | $8.0M | ||
| Q4 25 | $180.0M | $10.8M | ||
| Q3 25 | $158.4M | $11.6M | ||
| Q2 25 | $145.9M | $10.8M | ||
| Q1 25 | $136.0M | $11.0M | ||
| Q4 24 | $161.8M | $16.3M | ||
| Q3 24 | $118.4M | $12.5M | ||
| Q2 24 | $110.4M | $15.5M |
总债务CSGSTHRY
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $253.5M | ||
| Q3 25 | $538.6M | $268.2M | ||
| Q2 25 | $537.8M | $275.6M | ||
| Q1 25 | $537.6M | $299.0M | ||
| Q4 24 | $538.5M | $284.3M | ||
| Q3 24 | $539.5M | $307.8M | ||
| Q2 24 | $540.5M | $342.1M |
股东权益CSGSTHRY
| Q1 26 | — | $225.4M | ||
| Q4 25 | $283.7M | $218.1M | ||
| Q3 25 | $289.5M | $221.1M | ||
| Q2 25 | $290.7M | $214.9M | ||
| Q1 25 | $283.1M | $193.2M | ||
| Q4 24 | $282.6M | $196.9M | ||
| Q3 24 | $288.4M | $94.5M | ||
| Q2 24 | $273.3M | $183.1M |
总资产CSGSTHRY
| Q1 26 | — | $693.7M | ||
| Q4 25 | $1.5B | $688.6M | ||
| Q3 25 | $1.5B | $701.8M | ||
| Q2 25 | $1.4B | $687.7M | ||
| Q1 25 | $1.4B | $703.7M | ||
| Q4 24 | $1.5B | $712.2M | ||
| Q3 24 | $1.4B | $654.8M | ||
| Q2 24 | $1.4B | $785.5M |
负债/权益比CSGSTHRY
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 1.16× | ||
| Q3 25 | 1.86× | 1.21× | ||
| Q2 25 | 1.85× | 1.28× | ||
| Q1 25 | 1.90× | 1.55× | ||
| Q4 24 | 1.91× | 1.44× | ||
| Q3 24 | 1.87× | 3.26× | ||
| Q2 24 | 1.98× | 1.87× |
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 | $-5.5M |
| 自由现金流率自由现金流/营收 | 17.3% | -3.3% |
| 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 | $43.3M |
8季度趋势，按日历期对齐
经营现金流CSGSTHRY
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $22.2M | ||
| Q3 25 | $47.9M | $22.2M | ||
| Q2 25 | $37.3M | $29.6M | ||
| Q1 25 | $11.5M | $-10.5M | ||
| Q4 24 | $82.5M | $26.1M | ||
| Q3 24 | $39.5M | $36.0M | ||
| Q2 24 | $43.1M | $22.2M |
自由现金流CSGSTHRY
| Q1 26 | — | $-5.5M | ||
| Q4 25 | $55.8M | $12.3M | ||
| Q3 25 | $43.9M | $14.6M | ||
| Q2 25 | $34.6M | $21.8M | ||
| Q1 25 | $7.1M | $-17.6M | ||
| Q4 24 | $76.6M | $17.3M | ||
| Q3 24 | $32.0M | $27.5M | ||
| Q2 24 | $38.8M | $13.3M |
自由现金流率CSGSTHRY
| Q1 26 | — | -3.3% | ||
| Q4 25 | 17.3% | 6.4% | ||
| Q3 25 | 14.5% | 7.2% | ||
| Q2 25 | 11.6% | 10.4% | ||
| Q1 25 | 2.4% | -9.7% | ||
| Q4 24 | 24.2% | 9.3% | ||
| Q3 24 | 10.8% | 15.3% | ||
| Q2 24 | 13.4% | 5.9% |
资本支出强度CSGSTHRY
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 5.2% | ||
| Q3 25 | 1.3% | 3.8% | ||
| Q2 25 | 0.9% | 3.7% | ||
| Q1 25 | 1.5% | 3.9% | ||
| Q4 24 | 1.9% | 4.7% | ||
| Q3 24 | 2.5% | 4.7% | ||
| Q2 24 | 1.5% | 4.0% |
现金转化率CSGSTHRY
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | 3.93× | ||
| Q2 25 | 3.04× | 2.12× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 2.39× | 3.32× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 3.12× | 4.01× |
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% |
THRY
| SaaS | $116.7M | 70% |
| Other | $50.9M | 30% |
