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南玻集团（CSGS）与Wingstop Inc.（WING）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Wingstop Inc.的1.8倍（$323.1M vs $183.7M），Wingstop Inc.净利率更高（16.3% vs 2.2%，领先14.1%），Wingstop Inc.同比增速更快（7.4% vs 2.0%），过去两年Wingstop Inc.的营收复合增速更高（8.6% 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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
CSGS vs WING — 直观对比
营收规模更大
CSGS
是对方的1.8倍
$183.7M
营收增速更快
WING
高出5.3%
2.0%
净利率更高
WING
高出14.1%
2.2%
两年增速更快
WING
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $183.7M |
| 净利润 | $7.0M | $29.9M |
| 毛利率 | 50.0% | 86.5% |
| 营业利润率 | 9.0% | 27.4% |
| 净利率 | 2.2% | 16.3% |
| 营收同比 | 2.0% | 7.4% |
| 净利润同比 | -79.7% | — |
| 每股收益（稀释后） | $0.24 | $1.08 |
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CSGSWING
| Q1 26 | — | $183.7M | ||
| Q4 25 | $323.1M | $175.7M | ||
| Q3 25 | $303.6M | $175.7M | ||
| Q2 25 | $297.1M | $174.3M | ||
| Q1 25 | $299.5M | $171.1M | ||
| Q4 24 | $316.7M | $161.8M | ||
| Q3 24 | $295.1M | $162.5M | ||
| Q2 24 | $290.3M | $155.7M |
净利润CSGSWING
| Q1 26 | — | $29.9M | ||
| Q4 25 | $7.0M | $26.8M | ||
| Q3 25 | $20.5M | $28.5M | ||
| Q2 25 | $12.3M | $26.8M | ||
| Q1 25 | $16.1M | $92.3M | ||
| Q4 24 | $34.5M | $26.8M | ||
| Q3 24 | $19.1M | $25.7M | ||
| Q2 24 | $13.8M | $27.5M |
毛利率CSGSWING
| Q1 26 | — | 86.5% | ||
| Q4 25 | 50.0% | — | ||
| Q3 25 | 48.1% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 48.4% | — | ||
| Q4 24 | 51.3% | 85.6% | ||
| Q3 24 | 49.4% | 85.0% | ||
| Q2 24 | 47.3% | 85.4% |
营业利润率CSGSWING
| Q1 26 | — | 27.4% | ||
| Q4 25 | 9.0% | 26.7% | ||
| Q3 25 | 10.0% | 27.9% | ||
| Q2 25 | 10.0% | 25.9% | ||
| Q1 25 | 9.8% | 22.4% | ||
| Q4 24 | 13.4% | 25.9% | ||
| Q3 24 | 10.8% | 24.5% | ||
| Q2 24 | 8.8% | 26.5% |
净利率CSGSWING
| Q1 26 | — | 16.3% | ||
| Q4 25 | 2.2% | 15.2% | ||
| Q3 25 | 6.7% | 16.2% | ||
| Q2 25 | 4.1% | 15.4% | ||
| Q1 25 | 5.4% | 53.9% | ||
| Q4 24 | 10.9% | 16.5% | ||
| Q3 24 | 6.5% | 15.8% | ||
| Q2 24 | 4.8% | 17.7% |
每股收益（稀释后）CSGSWING
| Q1 26 | — | $1.08 | ||
| Q4 25 | $0.24 | $0.99 | ||
| Q3 25 | $0.73 | $1.02 | ||
| Q2 25 | $0.44 | $0.96 | ||
| Q1 25 | $0.57 | $3.24 | ||
| Q4 24 | $1.20 | $0.91 | ||
| Q3 24 | $0.67 | $0.88 | ||
| Q2 24 | $0.48 | $0.93 |
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 | $128.8M |
| 总债务越低越好 | $539.5M | — |
| 股东权益账面价值 | $283.7M | — |
| 总资产 | $1.5B | $648.9M |
| 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CSGSWING
| Q1 26 | — | $128.8M | ||
| Q4 25 | $180.0M | $196.6M | ||
| Q3 25 | $158.4M | $237.6M | ||
| Q2 25 | $145.9M | $227.9M | ||
| Q1 25 | $136.0M | $251.4M | ||
| Q4 24 | $161.8M | $315.9M | ||
| Q3 24 | $118.4M | $84.0M | ||
| Q2 24 | $110.4M | $96.7M |
总债务CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | $539.5M | $1.2B | ||
| Q3 25 | $538.6M | — | ||
| Q2 25 | $537.8M | — | ||
| Q1 25 | $537.6M | — | ||
| Q4 24 | $538.5M | $1.2B | ||
| Q3 24 | $539.5M | — | ||
| Q2 24 | $540.5M | — |
股东权益CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | $283.7M | $-736.8M | ||
| Q3 25 | $289.5M | $-702.6M | ||
| Q2 25 | $290.7M | $-686.0M | ||
| Q1 25 | $283.1M | $-715.0M | ||
| Q4 24 | $282.6M | $-675.6M | ||
| Q3 24 | $288.4M | $-447.5M | ||
| Q2 24 | $273.3M | $-437.5M |
总资产CSGSWING
| Q1 26 | — | $648.9M | ||
| Q4 25 | $1.5B | $693.4M | ||
| Q3 25 | $1.5B | $721.0M | ||
| Q2 25 | $1.4B | $708.3M | ||
| Q1 25 | $1.4B | $696.8M | ||
| Q4 24 | $1.5B | $716.2M | ||
| Q3 24 | $1.4B | $484.8M | ||
| Q2 24 | $1.4B | $451.8M |
负债/权益比CSGSWING
| 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 | — |
| 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CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | $59.2M | $57.3M | ||
| Q3 25 | $47.9M | $63.9M | ||
| Q2 25 | $37.3M | $6.6M | ||
| Q1 25 | $11.5M | $25.3M | ||
| Q4 24 | $82.5M | $7.7M | ||
| Q3 24 | $39.5M | $69.0M | ||
| Q2 24 | $43.1M | $36.2M |
自由现金流CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | $55.8M | $34.5M | ||
| Q3 25 | $43.9M | $61.7M | ||
| Q2 25 | $34.6M | $-7.8M | ||
| Q1 25 | $7.1M | $17.3M | ||
| Q4 24 | $76.6M | $-8.6M | ||
| Q3 24 | $32.0M | $54.9M | ||
| Q2 24 | $38.8M | $25.9M |
自由现金流率CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 19.6% | ||
| Q3 25 | 14.5% | 35.1% | ||
| Q2 25 | 11.6% | -4.5% | ||
| Q1 25 | 2.4% | 10.1% | ||
| Q4 24 | 24.2% | -5.3% | ||
| Q3 24 | 10.8% | 33.8% | ||
| Q2 24 | 13.4% | 16.6% |
资本支出强度CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 13.0% | ||
| Q3 25 | 1.3% | 1.3% | ||
| Q2 25 | 0.9% | 8.2% | ||
| Q1 25 | 1.5% | 4.7% | ||
| Q4 24 | 1.9% | 10.1% | ||
| Q3 24 | 2.5% | 8.7% | ||
| Q2 24 | 1.5% | 6.6% |
现金转化率CSGSWING
| Q1 26 | — | — | ||
| Q4 25 | 8.46× | 2.14× | ||
| Q3 25 | 2.34× | 2.24× | ||
| Q2 25 | 3.04× | 0.25× | ||
| Q1 25 | 0.71× | 0.27× | ||
| Q4 24 | 2.39× | 0.29× | ||
| Q3 24 | 2.07× | 2.68× | ||
| Q2 24 | 3.12× | 1.32× |
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% |
WING
| Royalty revenue, franchise fees and other | $87.5M | 48% |
| Advertising fees | $63.3M | 34% |
| Company-owned restaurant sales | $33.0M | 18% |
