vs
南玻集团（CSGS）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是南玻集团的1.2倍（$382.7M vs $323.1M），南玻集团净利率更高（2.2% vs -1.9%，领先4.1%），INNOVATE Corp.同比增速更快（61.7% vs 2.0%），过去两年INNOVATE Corp.的营收复合增速更高（10.2% 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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
CSGS vs VATE — 直观对比
营收规模更大
VATE
是对方的1.2倍
$323.1M
营收增速更快
VATE
高出59.7%
2.0%
净利率更高
CSGS
高出4.1%
-1.9%
两年增速更快
VATE
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $382.7M |
| 净利润 | $7.0M | $-7.4M |
| 毛利率 | 50.0% | 15.4% |
| 营业利润率 | 9.0% | 3.7% |
| 净利率 | 2.2% | -1.9% |
| 营收同比 | 2.0% | 61.7% |
| 净利润同比 | -79.7% | 55.4% |
| 每股收益（稀释后） | $0.24 | $-0.57 |
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CSGSVATE
| Q4 25 | $323.1M | $382.7M | ||
| Q3 25 | $303.6M | $347.1M | ||
| Q2 25 | $297.1M | $242.0M | ||
| Q1 25 | $299.5M | $274.2M | ||
| Q4 24 | $316.7M | $236.6M | ||
| Q3 24 | $295.1M | $242.2M | ||
| Q2 24 | $290.3M | $313.1M | ||
| Q1 24 | $295.1M | $315.2M |
净利润CSGSVATE
| Q4 25 | $7.0M | $-7.4M | ||
| Q3 25 | $20.5M | $-8.9M | ||
| Q2 25 | $12.3M | $-19.8M | ||
| Q1 25 | $16.1M | $-24.5M | ||
| Q4 24 | $34.5M | $-16.6M | ||
| Q3 24 | $19.1M | $-15.0M | ||
| Q2 24 | $13.8M | $14.4M | ||
| Q1 24 | $19.5M | $-17.4M |
毛利率CSGSVATE
| Q4 25 | 50.0% | 15.4% | ||
| Q3 25 | 48.1% | 14.3% | ||
| Q2 25 | 49.5% | 18.8% | ||
| Q1 25 | 48.4% | 16.6% | ||
| Q4 24 | 51.3% | 19.6% | ||
| Q3 24 | 49.4% | 19.9% | ||
| Q2 24 | 47.3% | 21.0% | ||
| Q1 24 | 46.5% | 15.4% |
营业利润率CSGSVATE
| Q4 25 | 9.0% | 3.7% | ||
| Q3 25 | 10.0% | 1.8% | ||
| Q2 25 | 10.0% | 2.0% | ||
| Q1 25 | 9.8% | 1.2% | ||
| Q4 24 | 13.4% | 1.1% | ||
| Q3 24 | 10.8% | 2.4% | ||
| Q2 24 | 8.8% | 9.2% | ||
| Q1 24 | 10.8% | 0.9% |
净利率CSGSVATE
| Q4 25 | 2.2% | -1.9% | ||
| Q3 25 | 6.7% | -2.6% | ||
| Q2 25 | 4.1% | -8.2% | ||
| Q1 25 | 5.4% | -8.9% | ||
| Q4 24 | 10.9% | -7.0% | ||
| Q3 24 | 6.5% | -6.2% | ||
| Q2 24 | 4.8% | 4.6% | ||
| Q1 24 | 6.6% | -5.5% |
每股收益（稀释后）CSGSVATE
| Q4 25 | $0.24 | $-0.57 | ||
| Q3 25 | $0.73 | $-0.71 | ||
| Q2 25 | $0.44 | $-1.67 | ||
| Q1 25 | $0.57 | $-1.89 | ||
| Q4 24 | $1.20 | $-0.72 | ||
| Q3 24 | $0.67 | $-1.18 | ||
| Q2 24 | $0.48 | $1.03 | ||
| Q1 24 | $0.68 | $-2.21 |
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 | $112.1M |
| 总债务越低越好 | $539.5M | $80.3M |
| 股东权益账面价值 | $283.7M | $-240.1M |
| 总资产 | $1.5B | $950.1M |
| 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CSGSVATE
| Q4 25 | $180.0M | $112.1M | ||
| Q3 25 | $158.4M | $35.5M | ||
| Q2 25 | $145.9M | $33.4M | ||
| Q1 25 | $136.0M | $33.3M | ||
| Q4 24 | $161.8M | $48.8M | ||
| Q3 24 | $118.4M | $51.0M | ||
| Q2 24 | $110.4M | $80.2M | ||
| Q1 24 | $120.8M | $38.4M |
总债务CSGSVATE
| Q4 25 | $539.5M | $80.3M | ||
| Q3 25 | $538.6M | $97.3M | ||
| Q2 25 | $537.8M | $160.1M | ||
| Q1 25 | $537.6M | $139.9M | ||
| Q4 24 | $538.5M | $500.6M | ||
| Q3 24 | $539.5M | $502.4M | ||
| Q2 24 | $540.5M | $638.3M | ||
| Q1 24 | $541.5M | $641.5M |
股东权益CSGSVATE
| Q4 25 | $283.7M | $-240.1M | ||
| Q3 25 | $289.5M | $-233.3M | ||
| Q2 25 | $290.7M | $-224.8M | ||
| Q1 25 | $283.1M | $-204.2M | ||
| Q4 24 | $282.6M | $-180.4M | ||
| Q3 24 | $288.4M | $-163.1M | ||
| Q2 24 | $273.3M | $-149.0M | ||
| Q1 24 | $269.3M | $-184.4M |
总资产CSGSVATE
| Q4 25 | $1.5B | $950.1M | ||
| Q3 25 | $1.5B | $913.2M | ||
| Q2 25 | $1.4B | $890.9M | ||
| Q1 25 | $1.4B | $868.0M | ||
| Q4 24 | $1.5B | $891.1M | ||
| Q3 24 | $1.4B | $897.2M | ||
| Q2 24 | $1.4B | $898.9M | ||
| Q1 24 | $1.3B | $943.5M |
负债/权益比CSGSVATE
| 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 | $101.1M |
| 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CSGSVATE
| Q4 25 | $59.2M | $101.1M | ||
| Q3 25 | $47.9M | $19.2M | ||
| Q2 25 | $37.3M | $40.4M | ||
| Q1 25 | $11.5M | $-14.1M | ||
| Q4 24 | $82.5M | $41.4M | ||
| Q3 24 | $39.5M | $-28.4M | ||
| Q2 24 | $43.1M | $21.5M | ||
| Q1 24 | $-29.4M | $-25.4M |
自由现金流CSGSVATE
| Q4 25 | $55.8M | — | ||
| Q3 25 | $43.9M | $19.0M | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $7.1M | $-18.8M | ||
| Q4 24 | $76.6M | $34.2M | ||
| Q3 24 | $32.0M | $-31.5M | ||
| Q2 24 | $38.8M | $18.4M | ||
| Q1 24 | $-34.1M | $-31.0M |
自由现金流率CSGSVATE
| Q4 25 | 17.3% | — | ||
| Q3 25 | 14.5% | 5.5% | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 2.4% | -6.9% | ||
| Q4 24 | 24.2% | 14.5% | ||
| Q3 24 | 10.8% | -13.0% | ||
| Q2 24 | 13.4% | 5.9% | ||
| Q1 24 | -11.6% | -9.8% |
资本支出强度CSGSVATE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.3% | 0.1% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 1.9% | 3.0% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 1.5% | 1.0% | ||
| Q1 24 | 1.6% | 1.8% |
现金转化率CSGSVATE
| 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× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
