vs
南玻集团（CSGS）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是南玻集团的1.9倍（$617.8M vs $323.1M），Tradeweb Markets Inc.净利率更高（37.7% vs 2.2%，领先35.6%），Tradeweb Markets Inc.同比增速更快（21.2% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $2.0M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
CSGS vs TW — 直观对比
营收规模更大
TW
是对方的1.9倍
$323.1M
营收增速更快
TW
高出19.2%
2.0%
净利率更高
TW
高出35.6%
2.2%
自由现金流更多
CSGS
多$53.8M
$2.0M
两年增速更快
TW
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $617.8M |
| 净利润 | $7.0M | $233.2M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 46.5% |
| 净利率 | 2.2% | 37.7% |
| 营收同比 | 2.0% | 21.2% |
| 净利润同比 | -79.7% | 38.5% |
| 每股收益（稀释后） | $0.24 | $0.96 |
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CSGSTW
| Q1 26 | — | $617.8M | ||
| Q4 25 | $323.1M | $521.2M | ||
| Q3 25 | $303.6M | $508.6M | ||
| Q2 25 | $297.1M | $513.0M | ||
| Q1 25 | $299.5M | $509.7M | ||
| Q4 24 | $316.7M | $463.3M | ||
| Q3 24 | $295.1M | $448.9M | ||
| Q2 24 | $290.3M | $405.0M |
净利润CSGSTW
| Q1 26 | — | $233.2M | ||
| Q4 25 | $7.0M | $325.0M | ||
| Q3 25 | $20.5M | $185.6M | ||
| Q2 25 | $12.3M | $153.8M | ||
| Q1 25 | $16.1M | $148.4M | ||
| Q4 24 | $34.5M | $142.2M | ||
| Q3 24 | $19.1M | $113.9M | ||
| Q2 24 | $13.8M | $119.2M |
毛利率CSGSTW
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CSGSTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | 9.0% | 42.4% | ||
| Q3 25 | 10.0% | 41.4% | ||
| Q2 25 | 10.0% | 39.0% | ||
| Q1 25 | 9.8% | 40.0% | ||
| Q4 24 | 13.4% | 40.7% | ||
| Q3 24 | 10.8% | 35.5% | ||
| Q2 24 | 8.8% | 40.1% |
净利率CSGSTW
| Q1 26 | — | 37.7% | ||
| Q4 25 | 2.2% | 62.4% | ||
| Q3 25 | 6.7% | 36.5% | ||
| Q2 25 | 4.1% | 30.0% | ||
| Q1 25 | 5.4% | 29.1% | ||
| Q4 24 | 10.9% | 30.7% | ||
| Q3 24 | 6.5% | 25.4% | ||
| Q2 24 | 4.8% | 29.4% |
每股收益（稀释后）CSGSTW
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.24 | $1.52 | ||
| Q3 25 | $0.73 | $0.86 | ||
| Q2 25 | $0.44 | $0.71 | ||
| Q1 25 | $0.57 | $0.69 | ||
| Q4 24 | $1.20 | $0.66 | ||
| Q3 24 | $0.67 | $0.53 | ||
| Q2 24 | $0.48 | $0.55 |
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 | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | — |
| 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CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | $180.0M | $2.1B | ||
| Q3 25 | $158.4M | $1.9B | ||
| Q2 25 | $145.9M | $1.6B | ||
| Q1 25 | $136.0M | $1.3B | ||
| Q4 24 | $161.8M | $1.3B | ||
| Q3 24 | $118.4M | $1.2B | ||
| Q2 24 | $110.4M | $1.7B |
总债务CSGSTW
| Q1 26 | — | — | ||
| 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 | — |
股东权益CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | $6.5B | ||
| Q3 25 | $289.5M | $6.3B | ||
| Q2 25 | $290.7M | $6.1B | ||
| Q1 25 | $283.1M | $5.9B | ||
| Q4 24 | $282.6M | $5.8B | ||
| Q3 24 | $288.4M | $5.7B | ||
| Q2 24 | $273.3M | $5.6B |
总资产CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $8.2B | ||
| Q3 25 | $1.5B | $8.0B | ||
| Q2 25 | $1.4B | $8.1B | ||
| Q1 25 | $1.4B | $7.4B | ||
| Q4 24 | $1.5B | $7.3B | ||
| Q3 24 | $1.4B | $7.3B | ||
| Q2 24 | $1.4B | $7.3B |
负债/权益比CSGSTW
| Q1 26 | — | — | ||
| 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× | — |
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 | $2.0M |
| 自由现金流率自由现金流/营收 | 17.3% | 0.3% |
| 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 | $1.1B |
8季度趋势，按日历期对齐
经营现金流CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $355.9M | ||
| Q3 25 | $47.9M | $342.3M | ||
| Q2 25 | $37.3M | $409.2M | ||
| Q1 25 | $11.5M | $60.2M | ||
| Q4 24 | $82.5M | $282.0M | ||
| Q3 24 | $39.5M | $292.1M | ||
| Q2 24 | $43.1M | $285.7M |
自由现金流CSGSTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $55.8M | $336.5M | ||
| Q3 25 | $43.9M | $328.3M | ||
| Q2 25 | $34.6M | $403.7M | ||
| Q1 25 | $7.1M | $58.6M | ||
| Q4 24 | $76.6M | $256.8M | ||
| Q3 24 | $32.0M | $287.8M | ||
| Q2 24 | $38.8M | $280.8M |
自由现金流率CSGSTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 17.3% | 64.6% | ||
| Q3 25 | 14.5% | 64.5% | ||
| Q2 25 | 11.6% | 78.7% | ||
| Q1 25 | 2.4% | 11.5% | ||
| Q4 24 | 24.2% | 55.4% | ||
| Q3 24 | 10.8% | 64.1% | ||
| Q2 24 | 13.4% | 69.4% |
资本支出强度CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 3.7% | ||
| Q3 25 | 1.3% | 2.8% | ||
| Q2 25 | 0.9% | 1.1% | ||
| Q1 25 | 1.5% | 0.3% | ||
| Q4 24 | 1.9% | 5.4% | ||
| Q3 24 | 2.5% | 1.0% | ||
| Q2 24 | 1.5% | 1.2% |
现金转化率CSGSTW
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 1.10× | ||
| Q3 25 | 2.34× | 1.84× | ||
| Q2 25 | 3.04× | 2.66× | ||
| Q1 25 | 0.71× | 0.41× | ||
| Q4 24 | 2.39× | 1.98× | ||
| Q3 24 | 2.07× | 2.56× | ||
| Q2 24 | 3.12× | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
