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南玻集团（CSGS）与Tilray Brands, Inc.（TLRY）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Tilray Brands, Inc.的1.5倍（$323.1M vs $217.5M），南玻集团净利率更高（2.2% vs -20.7%，领先22.8%），Tilray Brands, Inc.同比增速更快（3.1% vs 2.0%），过去两年Tilray Brands, Inc.的营收复合增速更高（7.5% 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。
Tilray Brands, Inc.是一家美国企业，主营医药、大麻生活方式产品以及包装消费品业务，公司注册于美国，总部坐落于纽约。该公司在加拿大、澳大利亚、新西兰、拉美地区均开展业务，同时在德国和葡萄牙拥有大麻种植基地。
CSGS vs TLRY — 直观对比
营收规模更大
CSGS
是对方的1.5倍
$217.5M
营收增速更快
TLRY
高出1.1%
2.0%
净利率更高
CSGS
高出22.8%
-20.7%
两年增速更快
TLRY
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $217.5M |
| 净利润 | $7.0M | $-44.9M |
| 毛利率 | 50.0% | 26.4% |
| 营业利润率 | 9.0% | -10.2% |
| 净利率 | 2.2% | -20.7% |
| 营收同比 | 2.0% | 3.1% |
| 净利润同比 | -79.7% | 47.4% |
| 每股收益（稀释后） | $0.24 | $-0.41 |
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CSGSTLRY
| Q4 25 | $323.1M | $217.5M | ||
| Q3 25 | $303.6M | $209.5M | ||
| Q2 25 | $297.1M | $224.5M | ||
| Q1 25 | $299.5M | $185.8M | ||
| Q4 24 | $316.7M | $210.9M | ||
| Q3 24 | $295.1M | $200.0M | ||
| Q2 24 | $290.3M | $229.9M | ||
| Q1 24 | $295.1M | $188.3M |
净利润CSGSTLRY
| Q4 25 | $7.0M | $-44.9M | ||
| Q3 25 | $20.5M | $-322.0K | ||
| Q2 25 | $12.3M | $-1.3B | ||
| Q1 25 | $16.1M | $-789.4M | ||
| Q4 24 | $34.5M | $-85.3M | ||
| Q3 24 | $19.1M | $-39.2M | ||
| Q2 24 | $13.8M | $-31.7M | ||
| Q1 24 | $19.5M | $-92.7M |
毛利率CSGSTLRY
| Q4 25 | 50.0% | 26.4% | ||
| Q3 25 | 48.1% | 27.4% | ||
| Q2 25 | 49.5% | 30.1% | ||
| Q1 25 | 48.4% | 28.0% | ||
| Q4 24 | 51.3% | 29.0% | ||
| Q3 24 | 49.4% | 29.8% | ||
| Q2 24 | 47.3% | 35.8% | ||
| Q1 24 | 46.5% | 26.2% |
营业利润率CSGSTLRY
| Q4 25 | 9.0% | -10.2% | ||
| Q3 25 | 10.0% | 1.0% | ||
| Q2 25 | 10.0% | -643.1% | ||
| Q1 25 | 9.8% | -409.0% | ||
| Q4 24 | 13.4% | -20.0% | ||
| Q3 24 | 10.8% | -18.3% | ||
| Q2 24 | 8.8% | -7.2% | ||
| Q1 24 | 10.8% | -43.6% |
净利率CSGSTLRY
| Q4 25 | 2.2% | -20.7% | ||
| Q3 25 | 6.7% | -0.2% | ||
| Q2 25 | 4.1% | -566.9% | ||
| Q1 25 | 5.4% | -424.9% | ||
| Q4 24 | 10.9% | -40.5% | ||
| Q3 24 | 6.5% | -19.6% | ||
| Q2 24 | 4.8% | -13.8% | ||
| Q1 24 | 6.6% | -49.2% |
每股收益（稀释后）CSGSTLRY
| Q4 25 | $0.24 | $-0.41 | ||
| Q3 25 | $0.73 | $0.00 | ||
| Q2 25 | $0.44 | $7.26 | ||
| Q1 25 | $0.57 | $-8.69 | ||
| Q4 24 | $1.20 | $-0.99 | ||
| Q3 24 | $0.67 | $-0.04 | ||
| Q2 24 | $0.48 | $-0.04 | ||
| Q1 24 | $0.68 | $-0.12 |
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 | $291.6M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $1.6B |
| 总资产 | $1.5B | $2.1B |
| 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CSGSTLRY
| Q4 25 | $180.0M | $291.6M | ||
| Q3 25 | $158.4M | $264.8M | ||
| Q2 25 | $145.9M | $256.4M | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | $252.2M | ||
| Q3 24 | $118.4M | $280.1M | ||
| Q2 24 | $110.4M | $260.5M | ||
| Q1 24 | $120.8M | $225.9M |
总债务CSGSTLRY
| 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CSGSTLRY
| Q4 25 | $283.7M | $1.6B | ||
| Q3 25 | $289.5M | $1.5B | ||
| Q2 25 | $290.7M | $1.5B | ||
| Q1 25 | $283.1M | $2.7B | ||
| Q4 24 | $282.6M | $3.5B | ||
| Q3 24 | $288.4M | $3.5B | ||
| Q2 24 | $273.3M | $3.4B | ||
| Q1 24 | $269.3M | $3.4B |
总资产CSGSTLRY
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.5B | $4.2B | ||
| Q3 24 | $1.4B | $4.3B | ||
| Q2 24 | $1.4B | $4.2B | ||
| Q1 24 | $1.3B | $4.2B |
负债/权益比CSGSTLRY
| 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 | $-8.5M |
| 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× | — |
| 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CSGSTLRY
| Q4 25 | $59.2M | $-8.5M | ||
| Q3 25 | $47.9M | $-1.3M | ||
| Q2 25 | $37.3M | $-12.8M | ||
| Q1 25 | $11.5M | $-5.8M | ||
| Q4 24 | $82.5M | $-40.7M | ||
| Q3 24 | $39.5M | $-35.3M | ||
| Q2 24 | $43.1M | $30.7M | ||
| Q1 24 | $-29.4M | $-15.4M |
自由现金流CSGSTLRY
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $34.6M | $-19.1M | ||
| Q1 25 | $7.1M | $-20.2M | ||
| Q4 24 | $76.6M | $-46.2M | ||
| Q3 24 | $32.0M | $-42.0M | ||
| Q2 24 | $38.8M | $21.0M | ||
| Q1 24 | $-34.1M | $-24.9M |
自由现金流率CSGSTLRY
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 11.6% | -8.5% | ||
| Q1 25 | 2.4% | -10.9% | ||
| Q4 24 | 24.2% | -21.9% | ||
| Q3 24 | 10.8% | -21.0% | ||
| Q2 24 | 13.4% | 9.1% | ||
| Q1 24 | -11.6% | -13.2% |
资本支出强度CSGSTLRY
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.9% | 2.8% | ||
| Q1 25 | 1.5% | 7.8% | ||
| Q4 24 | 1.9% | 2.6% | ||
| Q3 24 | 2.5% | 3.4% | ||
| Q2 24 | 1.5% | 4.2% | ||
| Q1 24 | 1.6% | 5.1% |
现金转化率CSGSTLRY
| Q4 25 | 8.46× | — | ||
| Q3 25 | 2.34× | — | ||
| Q2 25 | 3.04× | — | ||
| 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% |
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
