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南玻集团（CSGS）与Victory Capital Holdings, Inc.（VCTR）财务数据对比。点击上方公司名可切换其他公司
Victory Capital Holdings, Inc.的季度营收约是南玻集团的1.2倍（$388.0M vs $323.1M），Victory Capital Holdings, Inc.净利率更高（28.9% vs 2.2%，领先26.7%），Victory Capital Holdings, Inc.同比增速更快（76.7% vs 2.0%），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（32.9% 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。
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
CSGS vs VCTR — 直观对比
营收规模更大
VCTR
是对方的1.2倍
$323.1M
营收增速更快
VCTR
高出74.7%
2.0%
净利率更高
VCTR
高出26.7%
2.2%
两年增速更快
VCTR
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $388.0M |
| 净利润 | $7.0M | $112.1M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 41.0% |
| 净利率 | 2.2% | 28.9% |
| 营收同比 | 2.0% | 76.7% |
| 净利润同比 | -79.7% | 80.8% |
| 每股收益（稀释后） | $0.24 | — |
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CSGSVCTR
| Q1 26 | — | $388.0M | ||
| Q4 25 | $323.1M | $374.1M | ||
| Q3 25 | $303.6M | $361.2M | ||
| Q2 25 | $297.1M | $351.2M | ||
| Q1 25 | $299.5M | $219.6M | ||
| Q4 24 | $316.7M | $232.4M | ||
| Q3 24 | $295.1M | $225.6M | ||
| Q2 24 | $290.3M | $219.6M |
净利润CSGSVCTR
| Q1 26 | — | $112.1M | ||
| Q4 25 | $7.0M | $112.8M | ||
| Q3 25 | $20.5M | $96.5M | ||
| Q2 25 | $12.3M | $58.7M | ||
| Q1 25 | $16.1M | $62.0M | ||
| Q4 24 | $34.5M | $76.9M | ||
| Q3 24 | $19.1M | $82.0M | ||
| Q2 24 | $13.8M | $74.3M |
毛利率CSGSVCTR
| 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CSGSVCTR
| Q1 26 | — | 41.0% | ||
| Q4 25 | 9.0% | 40.9% | ||
| Q3 25 | 10.0% | 38.2% | ||
| Q2 25 | 10.0% | 26.8% | ||
| Q1 25 | 9.8% | 42.3% | ||
| Q4 24 | 13.4% | 48.1% | ||
| Q3 24 | 10.8% | 53.3% | ||
| Q2 24 | 8.8% | 50.4% |
净利率CSGSVCTR
| Q1 26 | — | 28.9% | ||
| Q4 25 | 2.2% | 30.2% | ||
| Q3 25 | 6.7% | 26.7% | ||
| Q2 25 | 4.1% | 16.7% | ||
| Q1 25 | 5.4% | 28.2% | ||
| Q4 24 | 10.9% | 33.1% | ||
| Q3 24 | 6.5% | 36.3% | ||
| Q2 24 | 4.8% | 33.8% |
每股收益（稀释后）CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $1.33 | ||
| Q3 25 | $0.73 | $1.11 | ||
| Q2 25 | $0.44 | $0.68 | ||
| Q1 25 | $0.57 | $0.96 | ||
| Q4 24 | $1.20 | $1.18 | ||
| Q3 24 | $0.67 | $1.24 | ||
| Q2 24 | $0.48 | $1.12 |
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 | $75.8M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | $2.4B |
| 总资产 | $1.5B | $4.1B |
| 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CSGSVCTR
| Q1 26 | — | $75.8M | ||
| Q4 25 | $180.0M | $163.7M | ||
| Q3 25 | $158.4M | $115.7M | ||
| Q2 25 | $145.9M | $107.9M | ||
| Q1 25 | $136.0M | $175.6M | ||
| Q4 24 | $161.8M | $126.7M | ||
| Q3 24 | $118.4M | $188.2M | ||
| Q2 24 | $110.4M | $119.0M |
总债务CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $970.0M | ||
| Q3 25 | $538.6M | $972.0M | ||
| Q2 25 | $537.8M | $965.7M | ||
| Q1 25 | $537.6M | $964.8M | ||
| Q4 24 | $538.5M | $963.9M | ||
| Q3 24 | $539.5M | $982.7M | ||
| Q2 24 | $540.5M | $981.7M |
股东权益CSGSVCTR
| Q1 26 | — | $2.4B | ||
| Q4 25 | $283.7M | $2.4B | ||
| Q3 25 | $289.5M | $2.4B | ||
| Q2 25 | $290.7M | $2.5B | ||
| Q1 25 | $283.1M | $1.1B | ||
| Q4 24 | $282.6M | $1.1B | ||
| Q3 24 | $288.4M | $1.2B | ||
| Q2 24 | $273.3M | $1.1B |
总资产CSGSVCTR
| Q1 26 | — | $4.1B | ||
| Q4 25 | $1.5B | $4.2B | ||
| Q3 25 | $1.5B | $4.2B | ||
| Q2 25 | $1.4B | $4.2B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.5B | $2.5B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.4B | $2.5B |
负债/权益比CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | 0.40× | ||
| Q3 25 | 1.86× | 0.41× | ||
| Q2 25 | 1.85× | 0.39× | ||
| Q1 25 | 1.90× | 0.84× | ||
| Q4 24 | 1.91× | 0.86× | ||
| Q3 24 | 1.87× | 0.84× | ||
| Q2 24 | 1.98× | 0.87× |
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 | — |
| 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CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $145.1M | ||
| Q3 25 | $47.9M | $165.9M | ||
| Q2 25 | $37.3M | $-6.6M | ||
| Q1 25 | $11.5M | $81.1M | ||
| Q4 24 | $82.5M | $91.8M | ||
| Q3 24 | $39.5M | $99.8M | ||
| Q2 24 | $43.1M | $79.7M |
自由现金流CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $144.5M | ||
| Q3 25 | $43.9M | $164.8M | ||
| Q2 25 | $34.6M | $-7.5M | ||
| Q1 25 | $7.1M | $79.5M | ||
| Q4 24 | $76.6M | $91.7M | ||
| Q3 24 | $32.0M | $99.4M | ||
| Q2 24 | $38.8M | $79.5M |
自由现金流率CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 38.6% | ||
| Q3 25 | 14.5% | 45.6% | ||
| Q2 25 | 11.6% | -2.1% | ||
| Q1 25 | 2.4% | 36.2% | ||
| Q4 24 | 24.2% | 39.4% | ||
| Q3 24 | 10.8% | 44.0% | ||
| Q2 24 | 13.4% | 36.2% |
资本支出强度CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 0.2% | ||
| Q3 25 | 1.3% | 0.3% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 1.5% | 0.7% | ||
| Q4 24 | 1.9% | 0.1% | ||
| Q3 24 | 2.5% | 0.2% | ||
| Q2 24 | 1.5% | 0.1% |
现金转化率CSGSVCTR
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 1.29× | ||
| Q3 25 | 2.34× | 1.72× | ||
| Q2 25 | 3.04× | -0.11× | ||
| Q1 25 | 0.71× | 1.31× | ||
| Q4 24 | 2.39× | 1.19× | ||
| Q3 24 | 2.07× | 1.22× | ||
| Q2 24 | 3.12× | 1.07× |
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% |
VCTR
| Investment management fees | $316.4M | 82% |
| Fund administration and distribution fees | $71.6M | 18% |
