<p>选股的主要目标是找到能够超越市场的股票。但即使是最优秀的选股者，也只能在某些选择中获胜。此时，一些股东可能会质疑他们对 <strong>象印株式会社</strong>（TSE:7965）的投资，因为在过去五年中，股价下跌了 25%。此外，股价在过去一周也下跌了 9.1%。</p>
<p>由于象印在过去 7 天内损失了 110 亿日元的市值，让我们看看长期的下滑是否是由公司经济状况驱动的。</p>
<p>请查看我们对象印的最新分析。</p>
<p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司情绪变化的一个有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
<p>在股价下滑的这五年不幸期间，象印的每股收益（EPS）实际上每年提高了 10%。考虑到股价的反应，人们可能会怀疑在此期间 EPS 是否是评估公司表现的良好指标（可能是由于一次性损失或收益）。或者，过去的增长预期可能是不切实际的。</p>
<p>由于 EPS 增长率与股价增长之间的明显对比，我们倾向于寻找其他指标来理解市场对该股票情绪的变化。</p>
<p>与股价相反，收入在五年期间实际上每年增长了 3.0%。对收入和收益的更详细检查可能会解释股价低迷的原因；这可能是一个机会。</p>
<p>您可以在下面看到收益和收入随时间的变化（通过点击图片发现确切的数值）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5503809-earnings-and-revenue-growth-1-dark/1736725587571?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5503809-earnings-and-revenue-growth-1-dark/1736725587571"/></p>
<p>TSE:7965 收益和收入增长 2025 年 1 月 12 日</p>
<p>我们知道象印最近改善了其底线，但未来会怎样呢？因此，我们建议查看这份 <strong>免费的</strong> 报告，展示共识预测。</p>
<h2>股息情况如何？</h2>
<p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。股价回报仅反映股价的变化，而 TSR 则包括股息的价值（假设它们被再投资）以及任何折扣融资或分拆的收益。因此，对于支付丰厚股息的公司，TSR 通常远高于股价回报。在象印的情况下，过去 5 年的 TSR 为-17%。这超过了我们之前提到的股价回报。这主要是由于其股息支付所致！</p>
<h2>不同的视角</h2>
<p>象印的股东在过去十二个月内获得了 9.9% 的回报（即使包括股息），这与整体市场回报相差不远。从积极的角度来看，这一增长令人满意，确实超过了在过去五年中经历的年化 TSR 损失 3%。虽然 “逆转很少发生”，但象印仍有一些积极的迹象。长期跟踪股价表现总是很有趣。但要更好地理解象印，我们需要考虑许多其他因素。例如，考虑风险。每家公司都有风险，我们发现了您应该了解的 <strong>象印的 3 个警告信号</strong>。</p>
<p>如果您更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费的</strong> 公司名单，这些公司已经证明它们能够增长收益。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在日本交易所交易的股票的市场加权平均回报。</em></p>

7965

<p>象印株式会社（TSE:7965）在过去五年中股价下降了 25%，尽管每股收益（EPS）年均增长 10%。最近，股价下跌了 9.1%，导致五年总股东回报率（TSR）为-17%，主要是由于股息支付。然而，股东在过去一年中获得了 9.9% 的回报，与市场平均水平相近。分析师建议查看其他指标，以了解市场情绪和公司潜在机会</p>

<p>The main aim of stock picking is to find the market-beating stocks. But even the best stock picker will only win with <em>some</em> selections. At this point some shareholders may be questioning their investment in <strong>Zojirushi Corporation</strong> (TSE:7965), since the last five years saw the share price fall 25%. On top of that, the share price is down 9.1% in the last week.</p>
<div class="lb-trans"><p>选股的主要目标是找到能够超越市场的股票。但即使是最优秀的选股者，也只能在某些选择中获胜。此时，一些股东可能会质疑他们对 <strong>象印株式会社</strong>（TSE:7965）的投资，因为在过去五年中，股价下跌了 25%。此外，股价在过去一周也下跌了 9.1%。</p>
</div><p>Since Zojirushi has shed JP¥11b from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.</p>
<div class="lb-trans"><p>由于象印在过去 7 天内损失了 110 亿日元的市值，让我们看看长期的下滑是否是由公司经济状况驱动的。</p>
</div><p>See our latest analysis for Zojirushi</p>
<div class="lb-trans"><p>请查看我们对象印的最新分析。</p>
</div><p>To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.</p>
<div class="lb-trans"><p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司情绪变化的一个有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
</div><p>During the unfortunate half decade during which the share price slipped, Zojirushi actually saw its earnings per share (EPS) improve by 10% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.</p>
<div class="lb-trans"><p>在股价下滑的这五年不幸期间，象印的每股收益（EPS）实际上每年提高了 10%。考虑到股价的反应，人们可能会怀疑在此期间 EPS 是否是评估公司表现的良好指标（可能是由于一次性损失或收益）。或者，过去的增长预期可能是不切实际的。</p>
</div><p>Because of the sharp contrast between the EPS growth rate and the share price growth, we're inclined to look to other metrics to understand the changing market sentiment around the stock.</p>
<div class="lb-trans"><p>由于 EPS 增长率与股价增长之间的明显对比，我们倾向于寻找其他指标来理解市场对该股票情绪的变化。</p>
</div><p>In contrast to the share price, revenue has actually increased by 3.0% a year in the five year period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.</p>
<div class="lb-trans"><p>与股价相反，收入在五年期间实际上每年增长了 3.0%。对收入和收益的更详细检查可能会解释股价低迷的原因；这可能是一个机会。</p>
</div><p>You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).</p>
<div class="lb-trans"><p>您可以在下面看到收益和收入随时间的变化（通过点击图片发现确切的数值）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5503809-earnings-and-revenue-growth-1-dark/1736725587571" alt="" original-src="https://images.simplywall.st/asset/chart/5503809-earnings-and-revenue-growth-1-dark/1736725587571"/></p>
<p>TSE:7965 Earnings and Revenue Growth January 12th 2025</p>
<div class="lb-trans"><p>TSE:7965 收益和收入增长 2025 年 1 月 12 日</p>
</div><p>We know that Zojirushi has improved its bottom line lately, but what does the future have in store? So we recommend checking out this <strong>free</strong> report showing consensus forecasts</p>
<div class="lb-trans"><p>我们知道象印最近改善了其底线，但未来会怎样呢？因此，我们建议查看这份 <strong>免费的</strong> 报告，展示共识预测。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Zojirushi, it has a TSR of -17% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。股价回报仅反映股价的变化，而 TSR 则包括股息的价值（假设它们被再投资）以及任何折扣融资或分拆的收益。因此，对于支付丰厚股息的公司，TSR 通常远高于股价回报。在象印的情况下，过去 5 年的 TSR 为-17%。这超过了我们之前提到的股价回报。这主要是由于其股息支付所致！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Zojirushi shareholders have received returns of 9.9% over twelve months (even including dividends), which isn't far from the general market return. To take a positive view, the gain is pleasing, and it sure beats annualized TSR loss of 3%, which was endured over half a decade. While 'turnarounds seldom turn' there are green shoots for Zojirushi. It's always interesting to track share price performance over the longer term. But to understand Zojirushi better, we need to consider many other factors. Consider risks, for instance. Every company has them, and we've spotted <strong>3 warning signs for Zojirushi</strong> you should know about.</p>
<div class="lb-trans"><p>象印的股东在过去十二个月内获得了 9.9% 的回报（即使包括股息），这与整体市场回报相差不远。从积极的角度来看，这一增长令人满意，确实超过了在过去五年中经历的年化 TSR 损失 3%。虽然 “逆转很少发生”，但象印仍有一些积极的迹象。长期跟踪股价表现总是很有趣。但要更好地理解象印，我们需要考虑许多其他因素。例如，考虑风险。每家公司都有风险，我们发现了您应该了解的 <strong>象印的 3 个警告信号</strong>。</p>
</div><p>If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this <strong>free</strong> list of companies that have proven they can grow earnings.</p>
<div class="lb-trans"><p>如果您更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费的</strong> 公司名单，这些公司已经证明它们能够增长收益。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Japanese exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在日本交易所交易的股票的市场加权平均回报。</em></p>
</div>

在过去五年中，象印（TSE:7965）的 2.0% 收益增长并未为股东带来收益