<p><strong>山田商事</strong>（东京证券交易所代码：9305）健康的利润数字对投资者没有任何惊喜。我们认为这是因为投资者超越法定利润，关注他们所看到的情况。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980?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/876016-earnings-and-revenue-history-1-dark-2/1751069598980"/></p>
<p>东京证券交易所：9305 收益和收入历史 2025 年 6 月 28 日</p>
<p>要理解公司盈利增长的价值，必须考虑任何对股东利益的稀释。事实上，山田在过去十二个月中通过发行新股增加了 7.1% 的流通股数。因此，其净收入现在在更多的股份之间分配。每股指标如每股收益（EPS）帮助我们理解实际股东从公司利润中受益多少，而净收入水平则让我们更好地了解公司的绝对规模。您可以点击这里查看山田的每股收益图表。</p>
<h2>稀释如何影响山田的每股收益（EPS）？</h2>
<p>山田在过去三年中改善了其利润，年化增长率为 69%。而去年 27% 的利润增长在初看上去确实令人印象深刻。但相比之下，EPS 在同一时期仅增长了 152%。因此，您可以清楚地看到稀释正在影响股东收益。</p>
<p>长期来看，股价的变化往往反映每股收益的变化。因此，如果山田能够持续增长 EPS，这对股东来说无疑是个积极的信号。然而，如果其利润增加而每股收益保持平稳（甚至下降），那么股东可能不会看到太多好处。因此，可以说在长期内，EPS 比净收入更为重要，假设目标是评估公司的股价是否可能增长。</p>
<p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对山田的资产负债表分析。</p>
<h2>非常规项目如何影响利润？</h2>
<p>最后，我们还应考虑非常规项目在过去一年中使山田的净利润增加了 11 亿日元。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。当我们对数千家上市公司进行数据分析时，我们发现某一年来自非常规项目的提升往往在下一年 <strong>不会</strong> 重复。毕竟，这正是会计术语所暗示的。我们可以看到，山田的积极非常规项目相对于 2025 年 3 月的利润是相当显著的。在其他条件相同的情况下，这可能会导致法定利润成为潜在盈利能力的糟糕指南。</p>
<h2>我们对山田利润表现的看法</h2>
<p>总而言之，山田从非常规项目中获得了可观的利润提升；如果没有这一点，其法定结果看起来会更糟。此外，稀释意味着其每股收益表现不如其利润表现。考虑到这一切，我们认为山田的利润可能给人一种过于乐观的可持续盈利水平印象。如果您想更深入了解山田，您还应该关注它目前面临的风险。例如，我们已经识别出 <strong>山田的 3 个警告信号</strong>（其中 1 个是重要的），您应该熟悉。</p>
<p>我们对山田的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。因此，基于这一点，我们有些持怀疑态度。但还有很多其他方式可以帮助您形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “跟随资金”，寻找内部人士正在购买的股票。虽然这可能需要您进行一些研究，但您可能会发现这份 <strong>免费的</strong> 高股本回报率公司集合，或这份内部持股显著的股票列表对您有用。</p>

9305

<p>山种株式会社（TSE:9305）报告了健康的利润，但由于股价上涨 7.1%，每股收益（EPS）被稀释，引发了担忧。尽管三年来利润增长了 69%，但 EPS 仅增长了 152%，显示出稀释的影响。非经常性项目使净利润增加了 11 亿日元，这引发了对可持续性的质疑。分析师建议，法定利润可能无法反映真实的盈利能力，敦促投资者考虑风险和资产负债表的强度。由于山种的利润可能呈现出过于乐观的盈利能力，建议保持谨慎</p>

<p><strong>Yamatane Corporation's</strong> (TSE:9305) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.</p>
<div class="lb-trans"><p><strong>山田商事</strong>（东京证券交易所代码：9305）健康的利润数字对投资者没有任何惊喜。我们认为这是因为投资者超越法定利润，关注他们所看到的情况。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980" alt="" original-src="https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980"/></p>
<p>TSE:9305 Earnings and Revenue History June 28th 2025</p>
<div class="lb-trans"><p>东京证券交易所：9305 收益和收入历史 2025 年 6 月 28 日</p>
</div><p>To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Yamatane increased the number of shares on issue by 7.1% over the last twelve months by issuing new shares. As a result, its net income is now split between a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. You can see a chart of Yamatane's EPS by clicking here.</p>
<div class="lb-trans"><p>要理解公司盈利增长的价值，必须考虑任何对股东利益的稀释。事实上，山田在过去十二个月中通过发行新股增加了 7.1% 的流通股数。因此，其净收入现在在更多的股份之间分配。每股指标如每股收益（EPS）帮助我们理解实际股东从公司利润中受益多少，而净收入水平则让我们更好地了解公司的绝对规模。您可以点击这里查看山田的每股收益图表。</p>
</div><h2>How Is Dilution Impacting Yamatane's Earnings Per Share (EPS)?</h2>
<div class="lb-trans"><h2>稀释如何影响山田的每股收益（EPS）？</h2>
</div><p>Yamatane has improved its profit over the last three years, with an annualized gain of 69% in that time. And the 27% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 152% over the same period. And so, you can see quite clearly that dilution is influencing shareholder earnings.</p>
<div class="lb-trans"><p>山田在过去三年中改善了其利润，年化增长率为 69%。而去年 27% 的利润增长在初看上去确实令人印象深刻。但相比之下，EPS 在同一时期仅增长了 152%。因此，您可以清楚地看到稀释正在影响股东收益。</p>
</div><p>Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Yamatane can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.</p>
<div class="lb-trans"><p>长期来看，股价的变化往往反映每股收益的变化。因此，如果山田能够持续增长 EPS，这对股东来说无疑是个积极的信号。然而，如果其利润增加而每股收益保持平稳（甚至下降），那么股东可能不会看到太多好处。因此，可以说在长期内，EPS 比净收入更为重要，假设目标是评估公司的股价是否可能增长。</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Yamatane.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对山田的资产负债表分析。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>非常规项目如何影响利润？</h2>
</div><p>Finally, we should also consider the fact that unusual items boosted Yamatane's net profit by JP¥1.1b over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often <strong>not</strong> repeated the next year. And, after all, that's exactly what the accounting terminology implies. We can see that Yamatane's positive unusual items were quite significant relative to its profit in the year to March 2025. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.</p>
<div class="lb-trans"><p>最后，我们还应考虑非常规项目在过去一年中使山田的净利润增加了 11 亿日元。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。当我们对数千家上市公司进行数据分析时，我们发现某一年来自非常规项目的提升往往在下一年 <strong>不会</strong> 重复。毕竟，这正是会计术语所暗示的。我们可以看到，山田的积极非常规项目相对于 2025 年 3 月的利润是相当显著的。在其他条件相同的情况下，这可能会导致法定利润成为潜在盈利能力的糟糕指南。</p>
</div><h2>Our Take On Yamatane's Profit Performance</h2>
<div class="lb-trans"><h2>我们对山田利润表现的看法</h2>
</div><p>To sum it all up, Yamatane got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. Considering all this we'd argue Yamatane's profits probably give an overly generous impression of its sustainable level of profitability. If you want to do dive deeper into Yamatane, you'd also look into what risks it is currently facing. For instance, we've identified <strong>3 warning signs for Yamatane</strong> (1 is significant) you should be familiar with.</p>
<div class="lb-trans"><p>总而言之，山田从非常规项目中获得了可观的利润提升；如果没有这一点，其法定结果看起来会更糟。此外，稀释意味着其每股收益表现不如其利润表现。考虑到这一切，我们认为山田的利润可能给人一种过于乐观的可持续盈利水平印象。如果您想更深入了解山田，您还应该关注它目前面临的风险。例如，我们已经识别出 <strong>山田的 3 个警告信号</strong>（其中 1 个是重要的），您应该熟悉。</p>
</div><p>Our examination of Yamatane has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>我们对山田的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。因此，基于这一点，我们有些持怀疑态度。但还有很多其他方式可以帮助您形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “跟随资金”，寻找内部人士正在购买的股票。虽然这可能需要您进行一些研究，但您可能会发现这份 <strong>免费的</strong> 高股本回报率公司集合，或这份内部持股显著的股票列表对您有用。</p>
</div>

Yamatane（TSE:9305）的股东可能需要深入探讨法定利润以外的因素