<p>角川（TSE:9468）的股票在过去三个月上涨了相当可观的 13%。但公司的关键财务指标似乎各不相同，这让我们质疑公司当前的股价动能是否能够维持。特别是，我们今天将关注角川的股本回报率（ROE）。</p>
<p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。换句话说，它是一个盈利能力比率，衡量公司股东提供的资本的回报率。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</p>
<h2>如何计算股本回报率？</h2>
<p><strong>ROE 的公式是：</strong></p>
<p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
<p>因此，根据上述公式，角川的 ROE 为：</p>
<p>3.6% = JP¥99 亿 ÷ JP¥2770 亿（基于截至 2025 年 3 月的过去十二个月）。</p>
<p>“回报” 指的是公司在过去一年的收益。换句话说，对于每 1 日元的股本，公司能够赚取 0.04 日元的利润。</p>
<p>查看我们对角川的最新分析</p>
<h2>ROE 与盈利增长之间的关系是什么？</h2>
<p>到目前为止，我们了解到 ROE 是衡量公司盈利能力的指标。我们现在需要评估公司再投资或 “保留” 的利润，以便为未来的增长提供依据，这样可以让我们了解公司的增长潜力。假设其他条件不变，ROE 和利润保留越高，公司的增长率就越高，相较于那些不具备这些特征的公司。</p>
<h2>角川的盈利增长与 3.6% ROE 的并列比较</h2>
<p>从表面上看，角川的 ROE 并不值得一提。我们将公司的 ROE 与更广泛的行业进行了比较，失望地发现 ROE 低于行业平均水平的 8.6%。因此，角川过去五年的平稳盈利可能可以通过低 ROE 等其他因素来解释。</p>
<p>我们还将角川的净收入增长与行业进行了比较，发现公司的增长数字低于同一五年期间行业平均增长率 8.1%，这让人有些担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827?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/271467885-past-earnings-growth-1-dark-2/1751330651827"/></p>
<p>TSE:9468 过去的盈利增长 2025 年 7 月 1 日</p>
<p>对公司的估值在很大程度上与其盈利增长相关。投资者需要知道市场是否已经考虑了公司的预期盈利增长（或下降）。通过这样做，他们将能够了解股票是否正朝着清澈的水域前进，还是面临泥泞的水域。市场是否已经考虑了 9468 的未来前景？您可以在我们最新的内在价值信息图研究报告中找到答案。</p>
<h2>角川是否有效利用其利润？</h2>
<p>尽管三年中位数派息率为 36%（或保留率为 64%），角川的盈利增长并不明显。因此，可能还有其他因素在起作用，可能会阻碍增长。例如，业务面临了一些逆风。</p>
<p>此外，角川已经支付股息至少十年，这表明管理层可能认为股东更喜欢股息而非盈利增长。</p>
<h2>总结</h2>
<p>总体而言，我们对角川的看法褒贬不一。虽然公司确实有较高的再投资率，但低 ROE 意味着所有的再投资并未给投资者带来任何好处，而且对盈利增长产生了负面影响。话虽如此，考虑到当前分析师的预期，我们发现公司的盈利预计将获得动能。要了解更多关于公司未来盈利增长预测的信息，请查看这份关于公司分析师预测的 <strong>免费</strong> 报告。</p>

9468

<p>角川集团的股票在三个月内上涨了 13%，但其基本面不确定。公司的股本回报率（ROE）为 3.6%，显著低于行业平均水平 8.6%，引发了对其盈利增长的担忧。尽管中位数派息比率为 36%，但角川的盈利停滞不前，表明可能存在影响增长的问题。分析师预测未来的盈利动能，但低 ROE 表明再投资并未惠及投资者。总体而言，角川在应对这些挑战时前景依然复杂</p>

<p>Kadokawa's (TSE:9468) stock is up by a considerable 13% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Kadokawa's ROE today.</p>
<div class="lb-trans"><p>角川（TSE:9468）的股票在过去三个月上涨了相当可观的 13%。但公司的关键财务指标似乎各不相同，这让我们质疑公司当前的股价动能是否能够维持。特别是，我们今天将关注角川的股本回报率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.</p>
<div class="lb-trans"><p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。换句话说，它是一个盈利能力比率，衡量公司股东提供的资本的回报率。</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 只美国股票的发展有望受益。</p>
</div><h2>How To Calculate Return On Equity?</h2>
<div class="lb-trans"><h2>如何计算股本回报率？</h2>
</div><p>The <strong>formula for ROE</strong> is:</p>
<div class="lb-trans"><p><strong>ROE 的公式是：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
</div><p>So, based on the above formula, the ROE for Kadokawa is:</p>
<div class="lb-trans"><p>因此，根据上述公式，角川的 ROE 为：</p>
</div><p>3.6% = JP¥9.9b ÷ JP¥277b (Based on the trailing twelve months to March 2025).</p>
<div class="lb-trans"><p>3.6% = JP¥99 亿 ÷ JP¥2770 亿（基于截至 2025 年 3 月的过去十二个月）。</p>
</div><p>The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every ¥1 worth of equity, the company was able to earn ¥0.04 in profit.</p>
<div class="lb-trans"><p>“回报” 指的是公司在过去一年的收益。换句话说，对于每 1 日元的股本，公司能够赚取 0.04 日元的利润。</p>
</div><p>View our latest analysis for Kadokawa</p>
<div class="lb-trans"><p>查看我们对角川的最新分析</p>
</div><h2>What Is The Relationship Between ROE And Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 与盈利增长之间的关系是什么？</h2>
</div><p>So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or &#34;retains&#34; for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.</p>
<div class="lb-trans"><p>到目前为止，我们了解到 ROE 是衡量公司盈利能力的指标。我们现在需要评估公司再投资或 “保留” 的利润，以便为未来的增长提供依据，这样可以让我们了解公司的增长潜力。假设其他条件不变，ROE 和利润保留越高，公司的增长率就越高，相较于那些不具备这些特征的公司。</p>
</div><h2>A Side By Side comparison of Kadokawa's Earnings Growth And 3.6% ROE</h2>
<div class="lb-trans"><h2>角川的盈利增长与 3.6% ROE 的并列比较</h2>
</div><p>On the face of it, Kadokawa's ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 8.6%. Therefore, Kadokawa's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.</p>
<div class="lb-trans"><p>从表面上看，角川的 ROE 并不值得一提。我们将公司的 ROE 与更广泛的行业进行了比较，失望地发现 ROE 低于行业平均水平的 8.6%。因此，角川过去五年的平稳盈利可能可以通过低 ROE 等其他因素来解释。</p>
</div><p>We then compared Kadokawa's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 8.1% in the same 5-year period, which is a bit concerning.</p>
<div class="lb-trans"><p>我们还将角川的净收入增长与行业进行了比较，发现公司的增长数字低于同一五年期间行业平均增长率 8.1%，这让人有些担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827" alt="" original-src="https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827"/></p>
<p>TSE:9468 Past Earnings Growth July 1st 2025</p>
<div class="lb-trans"><p>TSE:9468 过去的盈利增长 2025 年 7 月 1 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for 9468? You can find out in our latest intrinsic value infographic research report.</p>
<div class="lb-trans"><p>对公司的估值在很大程度上与其盈利增长相关。投资者需要知道市场是否已经考虑了公司的预期盈利增长（或下降）。通过这样做，他们将能够了解股票是否正朝着清澈的水域前进，还是面临泥泞的水域。市场是否已经考虑了 9468 的未来前景？您可以在我们最新的内在价值信息图研究报告中找到答案。</p>
</div><h2>Is Kadokawa Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>角川是否有效利用其利润？</h2>
</div><p>In spite of a normal three-year median payout ratio of 36% (or a retention ratio of 64%), Kadokawa hasn't seen much growth in its earnings. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.</p>
<div class="lb-trans"><p>尽管三年中位数派息率为 36%（或保留率为 64%），角川的盈利增长并不明显。因此，可能还有其他因素在起作用，可能会阻碍增长。例如，业务面临了一些逆风。</p>
</div><p>Moreover, Kadokawa has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.</p>
<div class="lb-trans"><p>此外，角川已经支付股息至少十年，这表明管理层可能认为股东更喜欢股息而非盈利增长。</p>
</div><h2>Summary</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Overall, we have mixed feelings about Kadokawa. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this <strong>free</strong> report on analyst forecasts for the company to find out more.</p>
<div class="lb-trans"><p>总体而言，我们对角川的看法褒贬不一。虽然公司确实有较高的再投资率，但低 ROE 意味着所有的再投资并未给投资者带来任何好处，而且对盈利增长产生了负面影响。话虽如此，考虑到当前分析师的预期，我们发现公司的盈利预计将获得动能。要了解更多关于公司未来盈利增长预测的信息，请查看这份关于公司分析师预测的 <strong>免费</strong> 报告。</p>
</div>

角川公司（TSE:9468）的股票表现强劲，但基本面似乎不太稳定：未来会如何发展？