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南玻集团（CSGS）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）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VIRTUS INVESTMENT PARTNERS, INC.的1.6倍（$323.1M vs $208.0M），VIRTUS INVESTMENT PARTNERS, INC.净利率更高（16.3% vs 2.2%，领先14.1%），南玻集团同比增速更快（2.0% vs -10.9%），南玻集团自由现金流更多（$55.8M vs $-74.1M），过去两年南玻集团的营收复合增速更高（4.6% vs -3.2%）
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。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
CSGS vs VRTS — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$208.0M
营收增速更快
CSGS
高出12.9%
-10.9%
净利率更高
VRTS
高出14.1%
2.2%
自由现金流更多
CSGS
多$129.9M
$-74.1M
两年增速更快
CSGS
近两年复合增速
-3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $208.0M |
| 净利润 | $7.0M | $33.9M |
| 毛利率 | 50.0% | — |
| 营业利润率 | 9.0% | 19.1% |
| 净利率 | 2.2% | 16.3% |
| 营收同比 | 2.0% | -10.9% |
| 净利润同比 | -79.7% | -14.2% |
| 每股收益（稀释后） | $0.24 | $5.15 |
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CSGSVRTS
| Q4 25 | $323.1M | $208.0M | ||
| Q3 25 | $303.6M | $216.4M | ||
| Q2 25 | $297.1M | $210.5M | ||
| Q1 25 | $299.5M | $217.9M | ||
| Q4 24 | $316.7M | $233.5M | ||
| Q3 24 | $295.1M | $227.0M | ||
| Q2 24 | $290.3M | $224.4M | ||
| Q1 24 | $295.1M | $222.0M |
净利润CSGSVRTS
| Q4 25 | $7.0M | $33.9M | ||
| Q3 25 | $20.5M | $31.3M | ||
| Q2 25 | $12.3M | $42.7M | ||
| Q1 25 | $16.1M | $28.1M | ||
| Q4 24 | $34.5M | $39.5M | ||
| Q3 24 | $19.1M | $49.1M | ||
| Q2 24 | $13.8M | $26.0M | ||
| Q1 24 | $19.5M | $37.9M |
毛利率CSGSVRTS
| 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CSGSVRTS
| Q4 25 | 9.0% | 19.1% | ||
| Q3 25 | 10.0% | 21.7% | ||
| Q2 25 | 10.0% | 21.5% | ||
| Q1 25 | 9.8% | 16.8% | ||
| Q4 24 | 13.4% | 21.7% | ||
| Q3 24 | 10.8% | 24.3% | ||
| Q2 24 | 8.8% | 19.7% | ||
| Q1 24 | 10.8% | 14.5% |
净利率CSGSVRTS
| Q4 25 | 2.2% | 16.3% | ||
| Q3 25 | 6.7% | 14.5% | ||
| Q2 25 | 4.1% | 20.3% | ||
| Q1 25 | 5.4% | 12.9% | ||
| Q4 24 | 10.9% | 16.9% | ||
| Q3 24 | 6.5% | 21.6% | ||
| Q2 24 | 4.8% | 11.6% | ||
| Q1 24 | 6.6% | 17.1% |
每股收益（稀释后）CSGSVRTS
| Q4 25 | $0.24 | $5.15 | ||
| Q3 25 | $0.73 | $4.65 | ||
| Q2 25 | $0.44 | $6.12 | ||
| Q1 25 | $0.57 | $4.05 | ||
| Q4 24 | $1.20 | $4.65 | ||
| Q3 24 | $0.67 | $5.71 | ||
| Q2 24 | $0.48 | $2.43 | ||
| Q1 24 | $0.68 | $4.10 |
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 | $390.0M |
| 股东权益账面价值 | $283.7M | $934.0M |
| 总资产 | $1.5B | $4.3B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CSGSVRTS
| Q4 25 | $180.0M | — | ||
| Q3 25 | $158.4M | — | ||
| Q2 25 | $145.9M | — | ||
| Q1 25 | $136.0M | — | ||
| Q4 24 | $161.8M | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $110.4M | — | ||
| Q1 24 | $120.8M | — |
总债务CSGSVRTS
| Q4 25 | $539.5M | $390.0M | ||
| Q3 25 | $538.6M | $390.6M | ||
| Q2 25 | $537.8M | $231.3M | ||
| Q1 25 | $537.6M | $231.7M | ||
| Q4 24 | $538.5M | $232.1M | ||
| Q3 24 | $539.5M | $237.5M | ||
| Q2 24 | $540.5M | $247.6M | ||
| Q1 24 | $541.5M | $253.0M |
股东权益CSGSVRTS
| Q4 25 | $283.7M | $934.0M | ||
| Q3 25 | $289.5M | $918.7M | ||
| Q2 25 | $290.7M | $896.4M | ||
| Q1 25 | $283.1M | $893.7M | ||
| Q4 24 | $282.6M | $897.5M | ||
| Q3 24 | $288.4M | $889.0M | ||
| Q2 24 | $273.3M | $868.7M | ||
| Q1 24 | $269.3M | $871.7M |
总资产CSGSVRTS
| Q4 25 | $1.5B | $4.3B | ||
| Q3 25 | $1.5B | $3.9B | ||
| Q2 25 | $1.4B | $3.7B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.5B | $4.0B | ||
| Q3 24 | $1.4B | $3.6B | ||
| Q2 24 | $1.4B | $3.6B | ||
| Q1 24 | $1.3B | $3.5B |
负债/权益比CSGSVRTS
| Q4 25 | 1.90× | 0.42× | ||
| Q3 25 | 1.86× | 0.43× | ||
| Q2 25 | 1.85× | 0.26× | ||
| Q1 25 | 1.90× | 0.26× | ||
| Q4 24 | 1.91× | 0.26× | ||
| Q3 24 | 1.87× | 0.27× | ||
| Q2 24 | 1.98× | 0.29× | ||
| Q1 24 | 2.01× | 0.29× |
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 | $-67.2M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $-74.1M |
| 自由现金流率自由现金流/营收 | 17.3% | -35.6% |
| 资本支出强度资本支出/营收 | 1.1% | 3.3% |
| 现金转化率经营现金流/净利润 | 8.46× | -1.99× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $100.2M |
8季度趋势，按日历期对齐
经营现金流CSGSVRTS
| Q4 25 | $59.2M | $-67.2M | ||
| Q3 25 | $47.9M | $108.3M | ||
| Q2 25 | $37.3M | $75.8M | ||
| Q1 25 | $11.5M | $-3.8M | ||
| Q4 24 | $82.5M | $1.8M | ||
| Q3 24 | $39.5M | $69.1M | ||
| Q2 24 | $43.1M | $70.0M | ||
| Q1 24 | $-29.4M | $-34.5M |
自由现金流CSGSVRTS
| Q4 25 | $55.8M | $-74.1M | ||
| Q3 25 | $43.9M | $106.9M | ||
| Q2 25 | $34.6M | $74.2M | ||
| Q1 25 | $7.1M | $-6.8M | ||
| Q4 24 | $76.6M | $-3.8M | ||
| Q3 24 | $32.0M | $68.7M | ||
| Q2 24 | $38.8M | $68.6M | ||
| Q1 24 | $-34.1M | $-36.5M |
自由现金流率CSGSVRTS
| Q4 25 | 17.3% | -35.6% | ||
| Q3 25 | 14.5% | 49.4% | ||
| Q2 25 | 11.6% | 35.2% | ||
| Q1 25 | 2.4% | -3.1% | ||
| Q4 24 | 24.2% | -1.6% | ||
| Q3 24 | 10.8% | 30.3% | ||
| Q2 24 | 13.4% | 30.6% | ||
| Q1 24 | -11.6% | -16.4% |
资本支出强度CSGSVRTS
| Q4 25 | 1.1% | 3.3% | ||
| Q3 25 | 1.3% | 0.7% | ||
| Q2 25 | 0.9% | 0.7% | ||
| Q1 25 | 1.5% | 1.4% | ||
| Q4 24 | 1.9% | 2.4% | ||
| Q3 24 | 2.5% | 0.2% | ||
| Q2 24 | 1.5% | 0.6% | ||
| Q1 24 | 1.6% | 0.9% |
现金转化率CSGSVRTS
| Q4 25 | 8.46× | -1.99× | ||
| Q3 25 | 2.34× | 3.45× | ||
| Q2 25 | 3.04× | 1.77× | ||
| Q1 25 | 0.71× | -0.13× | ||
| Q4 24 | 2.39× | 0.04× | ||
| Q3 24 | 2.07× | 1.41× | ||
| Q2 24 | 3.12× | 2.69× | ||
| Q1 24 | -1.51× | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
