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南玻集团（CSGS）与Upstart Holdings, Inc.（UPST）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Upstart Holdings, Inc.的1.1倍（$323.1M vs $296.1M），Upstart Holdings, Inc.净利率更高（6.3% vs 2.2%，领先4.1%），Upstart Holdings, Inc.同比增速更快（35.2% vs 2.0%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $55.8M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
CSGS vs UPST — 直观对比
营收规模更大
CSGS
是对方的1.1倍
$296.1M
营收增速更快
UPST
高出33.2%
2.0%
净利率更高
UPST
高出4.1%
2.2%
自由现金流更多
UPST
多$52.6M
$55.8M
两年增速更快
UPST
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $296.1M |
| 净利润 | $7.0M | $18.6M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 6.4% |
| 净利率 | 2.2% | 6.3% |
| 营收同比 | 2.0% | 35.2% |
| 净利润同比 | -79.7% | 776.4% |
| 每股收益（稀释后） | $0.24 | $0.20 |
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CSGSUPST
| Q4 25 | $323.1M | $296.1M | ||
| Q3 25 | $303.6M | $277.1M | ||
| Q2 25 | $297.1M | $257.3M | ||
| Q1 25 | $299.5M | $213.4M | ||
| Q4 24 | $316.7M | $219.0M | ||
| Q3 24 | $295.1M | $162.1M | ||
| Q2 24 | $290.3M | $127.6M | ||
| Q1 24 | $295.1M | $127.8M |
净利润CSGSUPST
| Q4 25 | $7.0M | $18.6M | ||
| Q3 25 | $20.5M | $31.8M | ||
| Q2 25 | $12.3M | $5.6M | ||
| Q1 25 | $16.1M | $-2.4M | ||
| Q4 24 | $34.5M | $-2.8M | ||
| Q3 24 | $19.1M | $-6.8M | ||
| Q2 24 | $13.8M | $-54.5M | ||
| Q1 24 | $19.5M | $-64.6M |
毛利率CSGSUPST
| 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CSGSUPST
| Q4 25 | 9.0% | 6.4% | ||
| Q3 25 | 10.0% | 8.5% | ||
| Q2 25 | 10.0% | 1.8% | ||
| Q1 25 | 9.8% | -2.1% | ||
| Q4 24 | 13.4% | -2.2% | ||
| Q3 24 | 10.8% | -27.8% | ||
| Q2 24 | 8.8% | -43.5% | ||
| Q1 24 | 10.8% | -52.8% |
净利率CSGSUPST
| Q4 25 | 2.2% | 6.3% | ||
| Q3 25 | 6.7% | 11.5% | ||
| Q2 25 | 4.1% | 2.2% | ||
| Q1 25 | 5.4% | -1.1% | ||
| Q4 24 | 10.9% | -1.3% | ||
| Q3 24 | 6.5% | -4.2% | ||
| Q2 24 | 4.8% | -42.7% | ||
| Q1 24 | 6.6% | -50.5% |
每股收益（稀释后）CSGSUPST
| Q4 25 | $0.24 | $0.20 | ||
| Q3 25 | $0.73 | $0.23 | ||
| Q2 25 | $0.44 | $0.05 | ||
| Q1 25 | $0.57 | $-0.03 | ||
| Q4 24 | $1.20 | $-0.01 | ||
| Q3 24 | $0.67 | $-0.07 | ||
| Q2 24 | $0.48 | $-0.62 | ||
| Q1 24 | $0.68 | $-0.74 |
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 | $652.4M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $798.8M |
| 总资产 | $1.5B | $3.0B |
| 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CSGSUPST
| Q4 25 | $180.0M | $652.4M | ||
| Q3 25 | $158.4M | $489.8M | ||
| Q2 25 | $145.9M | $395.9M | ||
| Q1 25 | $136.0M | $599.8M | ||
| Q4 24 | $161.8M | $788.4M | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSUPST
| 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CSGSUPST
| Q4 25 | $283.7M | $798.8M | ||
| Q3 25 | $289.5M | $743.7M | ||
| Q2 25 | $290.7M | $722.0M | ||
| Q1 25 | $283.1M | $676.6M | ||
| Q4 24 | $282.6M | $633.2M | ||
| Q3 24 | $288.4M | $595.5M | ||
| Q2 24 | $273.3M | $594.7M | ||
| Q1 24 | $269.3M | $612.8M |
总资产CSGSUPST
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.4B | $1.8B | ||
| Q1 24 | $1.3B | $1.9B |
负债/权益比CSGSUPST
| 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 | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $108.4M |
| 自由现金流率自由现金流/营收 | 17.3% | 36.6% |
| 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× | 5.82× |
| 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CSGSUPST
| Q4 25 | $59.2M | $108.6M | ||
| Q3 25 | $47.9M | $-122.6M | ||
| Q2 25 | $37.3M | $-120.2M | ||
| Q1 25 | $11.5M | $-13.5M | ||
| Q4 24 | $82.5M | $-110.9M | ||
| Q3 24 | $39.5M | $179.3M | ||
| Q2 24 | $43.1M | $65.3M | ||
| Q1 24 | $-29.4M | $52.6M |
自由现金流CSGSUPST
| Q4 25 | $55.8M | $108.4M | ||
| Q3 25 | $43.9M | $-122.7M | ||
| Q2 25 | $34.6M | $-120.3M | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $76.6M | — | ||
| Q3 24 | $32.0M | $179.2M | ||
| Q2 24 | $38.8M | $65.3M | ||
| Q1 24 | $-34.1M | $51.9M |
自由现金流率CSGSUPST
| Q4 25 | 17.3% | 36.6% | ||
| Q3 25 | 14.5% | -44.3% | ||
| Q2 25 | 11.6% | -46.7% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 10.8% | 110.5% | ||
| Q2 24 | 13.4% | 51.1% | ||
| Q1 24 | -11.6% | 40.6% |
资本支出强度CSGSUPST
| Q4 25 | 1.1% | 0.1% | ||
| Q3 25 | 1.3% | 0.0% | ||
| Q2 25 | 0.9% | 0.0% | ||
| Q1 25 | 1.5% | 0.0% | ||
| Q4 24 | 1.9% | 0.0% | ||
| Q3 24 | 2.5% | 0.1% | ||
| Q2 24 | 1.5% | 0.0% | ||
| Q1 24 | 1.6% | 0.5% |
现金转化率CSGSUPST
| Q4 25 | 8.46× | 5.82× | ||
| Q3 25 | 2.34× | -3.86× | ||
| Q2 25 | 3.04× | -21.43× | ||
| 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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
