<p>我们没有看到 <strong>中国宏光控股有限公司</strong>（HKG:8646）最近报告强劲收益时股价的激增。我们认为投资者可能对这些收益的基础感到担忧。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607?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/647262383-earnings-and-revenue-history-1-dark-2/1757110313607"/></p>
<p>SEHK:8646 收益和收入历史 2025 年 9 月 5 日</p>
<h2>深入分析中国宏光控股的收益</h2>
<p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。通俗来说，这个比率是将自由现金流从净利润中减去，然后将这个数字除以公司在该期间的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
<p>这意味着负应计比率是一个好事，因为它表明公司带来的自由现金流超过了其利润所暗示的水平。虽然应计比率高于零并不令人担忧，但我们确实认为当公司有相对较高的应计比率时值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
<p>中国宏光控股在截至 2025 年 6 月的年度应计比率为 0.25。因此，我们知道其自由现金流显著低于法定利润，这并不是一件好事。在过去的 12 个月中，它实际上出现了_负_自由现金流，尽管其利润为 4080 万人民币，但现金流出达 3400 万人民币。考虑到去年负自由现金流的背景，我们想一些股东可能会想知道今年 3400 万人民币的现金消耗是否意味着高风险。值得注意的是，公司发行了新股，从而稀释了现有股东的股份，减少了他们未来收益的份额。</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中国宏光控股的资产负债表分析。</p>
<p>要理解公司收益增长的价值，必须考虑任何对股东利益的稀释。实际上，中国宏光控股在过去一年中发行了 54% 的新股。因此，每股现在获得的利润份额更小。谈论净收入而不关注每股收益，就是被大数字所迷惑，而忽视了那些与_每股_价值相关的小数字。点击此链接查看中国宏光控股的历史每股收益增长。</p>
<h2>看看中国宏光控股的稀释对每股收益（EPS）的影响</h2>
<p>正如您在上面看到的，中国宏光控股在过去几年中净收入持续增长，年均增长率为 7.5%。相比之下，在同一时期，每股收益实际上每年下降了 29%。而去年利润的 44% 增长在初看上去确实令人印象深刻。但相比之下，每股收益在同一时期仅增长了 45%。因此，可以观察到稀释对股东回报产生了相当深远的影响。</p>
<p>从长远来看，每股收益的增长应该会带来股价的增长。因此，中国宏光控股的股东希望看到每股收益数字继续增加。然而，如果其利润增长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，可以说在评估公司股价是否可能增长时，每股收益比净收入更为重要。</p>
<h2>我们对中国宏光控股利润表现的看法</h2>
<p>总之，中国宏光控股的现金流相对于收益较弱，这表明收益质量较低，而稀释意味着其每股收益增长弱于利润增长。基于上述原因，我们认为对中国宏光控股法定利润的草率审视可能使其在基础层面看起来比实际情况更好。因此，虽然收益质量很重要，但同样重要的是考虑中国宏光控股目前面临的风险。为此，您应该了解我们发现的 <strong>3 个警告信号</strong>（其中 2 个不容忽视）。</p>
<p>在本文中，我们考察了一些可能削弱利润数字效用的因素，并对此持谨慎态度。但还有许多其他方式可以帮助您形成对公司的看法。有些人认为高股本回报率是优质企业的良好标志。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>

中国宏光

<p>中国宏光控股（HKG:8646）报告了强劲的收益，但由于高达 0.25 的应计比率引发了担忧，这表明自由现金流相较于利润较低。尽管利润为 4080 万人民币，公司却经历了 3400 万人民币的负自由现金流。此外，股份增加 54% 稀释了每股收益（EPS），尽管净收入增长了 7.5%，但每股收益在三年内下降了 29%。这种稀释引发了对股东回报和收益质量的担忧，暗示投资者应持谨慎态度</p>

<p>We didn't see <strong>China Hongguang Holdings Limited's</strong> (HKG:8646) stock surge when it reported robust earnings recently. We think that investors might be worried about the foundations the earnings are built on.</p>
<div class="lb-trans"><p>我们没有看到 <strong>中国宏光控股有限公司</strong>（HKG:8646）最近报告强劲收益时股价的激增。我们认为投资者可能对这些收益的基础感到担忧。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607" alt="" original-src="https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607"/></p>
<p>SEHK:8646 Earnings and Revenue History September 5th 2025</p>
<div class="lb-trans"><p>SEHK:8646 收益和收入历史 2025 年 9 月 5 日</p>
</div><h2>Zooming In On China Hongguang Holdings' Earnings</h2>
<div class="lb-trans"><h2>深入分析中国宏光控股的收益</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。通俗来说，这个比率是将自由现金流从净利润中减去，然后将这个数字除以公司在该期间的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
</div><p>That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>这意味着负应计比率是一个好事，因为它表明公司带来的自由现金流超过了其利润所暗示的水平。虽然应计比率高于零并不令人担忧，但我们确实认为当公司有相对较高的应计比率时值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
</div><p>China Hongguang Holdings has an accrual ratio of 0.25 for the year to June 2025. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had <em>negative</em> free cash flow, with an outflow of CN¥34m despite its profit of CN¥40.8m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥34m, this year, indicates high risk. Notably, the company has issued new shares, thus diluting existing shareholders and reducing their share of future earnings.</p>
<div class="lb-trans"><p>中国宏光控股在截至 2025 年 6 月的年度应计比率为 0.25。因此，我们知道其自由现金流显著低于法定利润，这并不是一件好事。在过去的 12 个月中，它实际上出现了_负_自由现金流，尽管其利润为 4080 万人民币，但现金流出达 3400 万人民币。考虑到去年负自由现金流的背景，我们想一些股东可能会想知道今年 3400 万人民币的现金消耗是否意味着高风险。值得注意的是，公司发行了新股，从而稀释了现有股东的股份，减少了他们未来收益的份额。</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 China Hongguang Holdings.</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中国宏光控股的资产负债表分析。</p>
</div><p>To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, China Hongguang Holdings issued 54% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to <em>per share</em> value. Check out China Hongguang Holdings' historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>要理解公司收益增长的价值，必须考虑任何对股东利益的稀释。实际上，中国宏光控股在过去一年中发行了 54% 的新股。因此，每股现在获得的利润份额更小。谈论净收入而不关注每股收益，就是被大数字所迷惑，而忽视了那些与_每股_价值相关的小数字。点击此链接查看中国宏光控股的历史每股收益增长。</p>
</div><h2>A Look At The Impact Of China Hongguang Holdings' Dilution On Its Earnings Per Share (EPS)</h2>
<div class="lb-trans"><h2>看看中国宏光控股的稀释对每股收益（EPS）的影响</h2>
</div><p>As you can see above, China Hongguang Holdings has been growing its net income over the last few years, with an annualized gain of 7.5% over three years. In contrast, earnings <em>per share</em> were actually down by 29% per year, in the exact same period. And the 44% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 45% over the same period. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.</p>
<div class="lb-trans"><p>正如您在上面看到的，中国宏光控股在过去几年中净收入持续增长，年均增长率为 7.5%。相比之下，在同一时期，每股收益实际上每年下降了 29%。而去年利润的 44% 增长在初看上去确实令人印象深刻。但相比之下，每股收益在同一时期仅增长了 45%。因此，可以观察到稀释对股东回报产生了相当深远的影响。</p>
</div><p>In the long term, earnings <em>per share</em> growth should beget share price growth. So China Hongguang Holdings shareholders will want to see that EPS figure continue to increase. 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>从长远来看，每股收益的增长应该会带来股价的增长。因此，中国宏光控股的股东希望看到每股收益数字继续增加。然而，如果其利润增长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，可以说在评估公司股价是否可能增长时，每股收益比净收入更为重要。</p>
</div><h2>Our Take On China Hongguang Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我们对中国宏光控股利润表现的看法</h2>
</div><p>In conclusion, China Hongguang Holdings has weak cashflow relative to earnings, which indicates lower quality earnings, and the dilution means its earnings per share growth is weaker than its profit growth. For the reasons mentioned above, we think that a perfunctory glance at China Hongguang Holdings' statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing China Hongguang Holdings at this point in time. To that end, you should learn about the <strong>3 warning signs</strong> we've spotted with China Hongguang Holdings (including 2 which shouldn't be ignored).</p>
<div class="lb-trans"><p>总之，中国宏光控股的现金流相对于收益较弱，这表明收益质量较低，而稀释意味着其每股收益增长弱于利润增长。基于上述原因，我们认为对中国宏光控股法定利润的草率审视可能使其在基础层面看起来比实际情况更好。因此，虽然收益质量很重要，但同样重要的是考虑中国宏光控股目前面临的风险。为此，您应该了解我们发现的 <strong>3 个警告信号</strong>（其中 2 个不容忽视）。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>在本文中，我们考察了一些可能削弱利润数字效用的因素，并对此持谨慎态度。但还有许多其他方式可以帮助您形成对公司的看法。有些人认为高股本回报率是优质企业的良好标志。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>
</div>

中国宏光控股（HKG:8646）的可观收益对股东来说并不完全是好消息