<p>在任何股票上，你最多可能损失 100% 的资金（假设你不使用杠杆）。但当你选择一家真正繁荣的公司时，你可以获得超过 100% 的收益。例如，<strong>角川集团</strong>（TSE:9468）的股票在过去五年中上涨了令人印象深刻的 201%。上周，股价略微下跌了约 1.4%。</p>
<p>考虑到这一点，值得看看公司的基本面是否驱动了长期表现，或者是否存在一些差异。</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>尽管一些人仍在教授有效市场假说，但已经证明市场是过度反应的动态系统，投资者并不总是理性的。考虑市场对一家公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价变动。</p>
<p>尽管股价在五年内表现强劲，角川的每股收益每年下降 5.0%。</p>
<p>因此，很难说每股收益是评估公司的最佳指标，因为此时可能并未优化利润。由于每股收益的变化似乎与股价变化无关，因此值得关注其他指标。</p>
<p>我们怀疑 0.8% 的股息收益率并未吸引许多买家。相比之下，每年 7.0% 的收入增长可能被视为角川正在增长的证据，这确实是一个积极信号。管理层可能目前正在优先考虑收入增长而非每股收益增长。</p>
<p>你可以在下面看到收益和收入随时间的变化（点击图片可以发现确切的数值）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337?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-earnings-and-revenue-growth-1-dark-2/1754027448337"/></p>
<p>TSE:9468 收益和收入增长 2025 年 8 月 1 日</p>
<p>通过这份 <strong>免费</strong> 的资产负债表报告，更深入地了解角川的财务健康状况。</p>
<h2>股息情况如何？</h2>
<p>考虑任何给定股票的总股东回报以及股价回报是很重要的。总股东回报（TSR）包括任何分拆或折扣融资的价值，以及任何股息，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。我们注意到，角川在过去五年的 TSR 为 217%，这比上述的股价回报要好。公司支付的股息因此提升了_总_股东回报。</p>
<h2>不同的视角</h2>
<p>很高兴看到角川在过去 12 个月内为股东带来了 37% 的总股东回报。这包括了股息。这比过去五年年化回报的 26% 要好，暗示公司最近表现更佳。在最佳情况下，这可能暗示一些真正的商业动能，意味着现在可能是深入研究的好时机。长期跟踪股价表现总是很有趣。但要更好地理解角川，我们需要考虑许多其他因素。为此，你应该注意到我们发现的角川的 <strong>1 个警告信号</strong>。</p>
<p>对于那些喜欢寻找 <strong>成功投资</strong> 的人来说，这份 <strong>免费</strong> 的近期内部人士购买的被低估公司名单，可能正是你所需要的。</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>

9468

<p>角川集团（TSE:9468）在过去五年中，其股价上涨了 201%，为股东带来了 26% 的年复合增长率（CAGR）。尽管最近股价下降了 1.4%，但该公司在五年内实现了 217% 的总股东回报率（TSR），这得益于分红。然而，每股收益（EPS）年均下降 5%，这表明公司更注重收入增长，收入年均增长了 7%。最近的 TSR 为 37%，显示出业绩改善，值得进一步研究公司的基本面</p>

<p>The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But when you pick a company that is really flourishing, you can <em>make</em> more than 100%. For instance, the price of <strong>Kadokawa Corporation</strong> (TSE:9468) stock is up an impressive 201% over the last five years. The last week saw the share price soften some 1.4%.</p>
<div class="lb-trans"><p>在任何股票上，你最多可能损失 100% 的资金（假设你不使用杠杆）。但当你选择一家真正繁荣的公司时，你可以获得超过 100% 的收益。例如，<strong>角川集团</strong>（TSE:9468）的股票在过去五年中上涨了令人印象深刻的 201%。上周，股价略微下跌了约 1.4%。</p>
</div><p>With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.</p>
<div class="lb-trans"><p>考虑到这一点，值得看看公司的基本面是否驱动了长期表现，或者是否存在一些差异。</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>While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.</p>
<div class="lb-trans"><p>尽管一些人仍在教授有效市场假说，但已经证明市场是过度反应的动态系统，投资者并不总是理性的。考虑市场对一家公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价变动。</p>
</div><p>Kadokawa's earnings per share are down 5.0% per year, despite strong share price performance over five years.</p>
<div class="lb-trans"><p>尽管股价在五年内表现强劲，角川的每股收益每年下降 5.0%。</p>
</div><p>So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.</p>
<div class="lb-trans"><p>因此，很难说每股收益是评估公司的最佳指标，因为此时可能并未优化利润。由于每股收益的变化似乎与股价变化无关，因此值得关注其他指标。</p>
</div><p>We doubt the modest 0.8% dividend yield is attracting many buyers to the stock. In contrast revenue growth of 7.0% per year is probably viewed as evidence that Kadokawa is growing, a real positive. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.</p>
<div class="lb-trans"><p>我们怀疑 0.8% 的股息收益率并未吸引许多买家。相比之下，每年 7.0% 的收入增长可能被视为角川正在增长的证据，这确实是一个积极信号。管理层可能目前正在优先考虑收入增长而非每股收益增长。</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>你可以在下面看到收益和收入随时间的变化（点击图片可以发现确切的数值）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337" alt="" original-src="https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337"/></p>
<p>TSE:9468 Earnings and Revenue Growth August 1st 2025</p>
<div class="lb-trans"><p>TSE:9468 收益和收入增长 2025 年 8 月 1 日</p>
</div><p>Take a more thorough look at Kadokawa's financial health with this <strong>free</strong> report on its balance sheet.</p>
<div class="lb-trans"><p>通过这份 <strong>免费</strong> 的资产负债表报告，更深入地了解角川的财务健康状况。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for Kadokawa the TSR over the last 5 years was 217%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the <em>total</em> shareholder return.</p>
<div class="lb-trans"><p>考虑任何给定股票的总股东回报以及股价回报是很重要的。总股东回报（TSR）包括任何分拆或折扣融资的价值，以及任何股息，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。我们注意到，角川在过去五年的 TSR 为 217%，这比上述的股价回报要好。公司支付的股息因此提升了_总_股东回报。</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>It's good to see that Kadokawa has rewarded shareholders with a total shareholder return of 37% in the last twelve months. And that does include the dividend. That's better than the annualised return of 26% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Kadokawa better, we need to consider many other factors. To that end, you should be aware of the <strong>1 warning sign</strong> we've spotted with Kadokawa .</p>
<div class="lb-trans"><p>很高兴看到角川在过去 12 个月内为股东带来了 37% 的总股东回报。这包括了股息。这比过去五年年化回报的 26% 要好，暗示公司最近表现更佳。在最佳情况下，这可能暗示一些真正的商业动能，意味着现在可能是深入研究的好时机。长期跟踪股价表现总是很有趣。但要更好地理解角川，我们需要考虑许多其他因素。为此，你应该注意到我们发现的角川的 <strong>1 个警告信号</strong>。</p>
</div><p>For those who like to find <strong>winning investments</strong> this <strong>free</strong> list of undervalued companies with recent insider purchasing, could be just the ticket.</p>
<div class="lb-trans"><p>对于那些喜欢寻找 <strong>成功投资</strong> 的人来说，这份 <strong>免费</strong> 的近期内部人士购买的被低估公司名单，可能正是你所需要的。</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>

角川（TSE:9468）的股东在过去五年中实现了 26% 的年均复合增长率