<p>选股的主要目标是找到能够超越市场的股票。但几乎每位投资者都肯定会拥有表现优异和表现不佳的股票。因此，我们不会责怪长期持有 <strong>adidas AG</strong> (ETR:ADS) 的股东对持有决策产生怀疑，因为该股票在过去五年中下跌了 16%。最近，股价下跌的速度加快，过去三个月股价下跌了 11%。</p>
<p>由于股东在长期内处于亏损状态，我们来看看这段时间的基本面，看看它们是否与回报一致。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
<p>不可否认，市场有时是有效的，但价格并不总是反映基础业务表现。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
<p>在股价下跌的五年中，adidas 的每股收益（EPS）每年下降了 3.2%。这一 EPS 的变化与股价平均每年下降 3% 相当接近。这意味着市场对该股票的看法相对稳定。相反，股价的变化反映了每股收益的变化。</p>
<p>公司的每股收益（随时间变化）在下图中显示（点击查看具体数字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586?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/92816-earnings-per-share-growth-1-dark-2/1750772971586"/></p>
<p>XTRA:ADS 每股收益增长 2025 年 6 月 24 日</p>
<p>我们知道 adidas 最近改善了其底线，但它会增长收入吗？检查分析师是否认为 adidas 未来会增长收入。</p>
<h2>股息情况如何？</h2>
<p>在考虑投资回报时，重要的是要考虑 <em>总股东回报</em> (TSR) 和 <em>股价回报</em> 之间的区别。TSR 包含任何分拆或折扣融资的价值，以及任何股息，基于假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，adidas 在过去 5 年的 TSR 为-12%，这超过了前面提到的股价回报。这主要是由于其股息支付！</p>
<h2>不同的视角</h2>
<p>adidas 的投资者经历了艰难的一年，总损失为 8.8%（包括股息），而市场收益约为 18%。然而，请记住，即使是最好的股票在十二个月内有时也会表现不佳。不幸的是，去年的表现可能表明存在未解决的挑战，因为其表现比过去五年年化损失 2% 还要糟糕。一般来说，长期股价疲软可能是一个坏兆头，尽管逆向投资者可能希望研究该股票以期反弹。在对 adidas 形成看法之前，您可能想考虑这三个估值指标。</p>
<p>如果我们看到一些大额内部购买，我们会更喜欢 adidas。在我们等待的同时，查看这份 <strong>免费</strong> 的被低估股票名单（大多数是小盘股），其中有相当多的近期内部购买。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在德国交易所交易的股票的市场加权平均回报。</em></p>

阿迪达斯

<p>阿迪达斯 (ETR:ADS) 的股东在过去五年中面临了 12% 的总股东回报损失，期间股价下跌了 16%，而在过去三个月中下跌了 11%。公司的每股收益 (EPS) 年均下降了 3.2%，与股价下跌相呼应。尽管近期盈利有所改善，但股票的长期疲软引发了担忧。投资者去年遭遇了 8.8% 的损失，而市场则获得了 18% 的收益。分析师建议关注估值指标和内部人士的买入情况，以寻找潜在的复苏机会</p>

<p>The main aim of stock picking is to find the market-beating stocks. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term <strong>adidas AG</strong> (ETR:ADS) shareholders for doubting their decision to hold, with the stock down 16% over a half decade. The falls have accelerated recently, with the share price down 11% in the last three months.</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。但几乎每位投资者都肯定会拥有表现优异和表现不佳的股票。因此，我们不会责怪长期持有 <strong>adidas AG</strong> (ETR:ADS) 的股东对持有决策产生怀疑，因为该股票在过去五年中下跌了 16%。最近，股价下跌的速度加快，过去三个月股价下跌了 11%。</p>
</div><p>Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.</p>
<div class="lb-trans"><p>由于股东在长期内处于亏损状态，我们来看看这段时间的基本面，看看它们是否与回报一致。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
</div><p>There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).</p>
<div class="lb-trans"><p>不可否认，市场有时是有效的，但价格并不总是反映基础业务表现。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
</div><p>During the five years over which the share price declined, adidas' earnings per share (EPS) dropped by 3.2% each year. This change in EPS is reasonably close to the 3% average annual decrease in the share price. This implies that the market has had a fairly steady view of the stock. Rather, the share price change has reflected changes in earnings per share.</p>
<div class="lb-trans"><p>在股价下跌的五年中，adidas 的每股收益（EPS）每年下降了 3.2%。这一 EPS 的变化与股价平均每年下降 3% 相当接近。这意味着市场对该股票的看法相对稳定。相反，股价的变化反映了每股收益的变化。</p>
</div><p>The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的每股收益（随时间变化）在下图中显示（点击查看具体数字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586" alt="" original-src="https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586"/></p>
<p>XTRA:ADS Earnings Per Share Growth June 24th 2025</p>
<div class="lb-trans"><p>XTRA:ADS 每股收益增长 2025 年 6 月 24 日</p>
</div><p>We know that adidas has improved its bottom line lately, but is it going to grow revenue? Check if analysts think adidas will grow revenue in the future.</p>
<div class="lb-trans"><p>我们知道 adidas 最近改善了其底线，但它会增长收入吗？检查分析师是否认为 adidas 未来会增长收入。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>When looking at investment returns, it is important to consider the difference between <em>total shareholder return</em> (TSR) and <em>share price return</em>. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, adidas' TSR for the last 5 years was -12%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>在考虑投资回报时，重要的是要考虑 <em>总股东回报</em> (TSR) 和 <em>股价回报</em> 之间的区别。TSR 包含任何分拆或折扣融资的价值，以及任何股息，基于假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，adidas 在过去 5 年的 TSR 为-12%，这超过了前面提到的股价回报。这主要是由于其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Investors in adidas had a tough year, with a total loss of 8.8% (including dividends), against a market gain of about 18%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Before forming an opinion on adidas you might want to consider these 3 valuation metrics.</p>
<div class="lb-trans"><p>adidas 的投资者经历了艰难的一年，总损失为 8.8%（包括股息），而市场收益约为 18%。然而，请记住，即使是最好的股票在十二个月内有时也会表现不佳。不幸的是，去年的表现可能表明存在未解决的挑战，因为其表现比过去五年年化损失 2% 还要糟糕。一般来说，长期股价疲软可能是一个坏兆头，尽管逆向投资者可能希望研究该股票以期反弹。在对 adidas 形成看法之前，您可能想考虑这三个估值指标。</p>
</div><p>We will like adidas better if we see some big insider buys. While we wait, check out this <strong>free</strong> list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.</p>
<div class="lb-trans"><p>如果我们看到一些大额内部购买，我们会更喜欢 adidas。在我们等待的同时，查看这份 <strong>免费</strong> 的被低估股票名单（大多数是小盘股），其中有相当多的近期内部购买。</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 German 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德国交易所交易的股票的市场加权平均回报。</em></p>
</div>

阿迪达斯（ETR:ADS）的股东在五年前投资该股票后，已经经历了 12% 的损失