<p>上周 <strong>新晨中国电力控股有限公司</strong>（HKG:1148）的财报令投资者失望，利润数字疲软。我们进一步挖掘，认为他们还有更多理由担忧，超出了法定利润的范围。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/229109788-earnings-and-revenue-history-1-dark-2/1758233444668?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/229109788-earnings-and-revenue-history-1-dark-2/1758233444668"/></p>
<p>SEHK:1148 财报和收入历史 2025 年 9 月 18 日</p>
<h2>非常规项目如何影响利润？</h2>
<p>对于任何想要理解新晨中国电力控股法定数字之外利润的人来说，重要的是要注意，在过去的十二个月中，法定利润受益于价值 4300 万人民币的非常规项目。虽然利润更高总是令人愉快，但来自非常规项目的大额贡献有时会抑制我们的热情。我们对全球大多数上市公司的数据进行了分析，发现非常规项目通常是一次性的。毕竟，这正是会计术语所暗示的。我们可以看到，新晨中国电力控股的正面非常规项目相对于其截至 2025 年 6 月的利润而言相当显著。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引。</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新晨中国电力控股的资产负债表分析。</p>
<h2>我们对新晨中国电力控股利润表现的看法</h2>
<p>正如我们上面讨论的，我们认为显著的正面非常规项目使得新晨中国电力控股的收益成为潜在盈利能力的糟糕指引。因此，我们认为新晨中国电力控股的法定利润可能是潜在盈利能力的糟糕指引，可能会给投资者带来过于乐观的公司印象。遗憾的是，其每股收益在过去十二个月中下降了。当然，我们在分析其收益时仅仅是触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。因此，如果您想深入了解这只股票，考虑其面临的任何风险至关重要。举个例子：我们发现了 <strong>新晨中国电力控股的 2 个警示信号</strong>，您应该注意。</p>
<p>这份说明仅关注了一个因素，揭示了新晨中国电力控股利润的性质。但如果您能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。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</strong> 的高股本回报率公司集合，或者这份拥有显著内部持股的股票列表对您有用。</p>

<p>新晨中国电力控股（HKG:1148）公布的财报令人失望，引发了对其盈利能力的担忧。该公司的法定利润包含了来自非常规项目的重大贡献，这可能会误导投资者对其潜在盈利能力的判断。此外，该公司的每股收益在过去一年中有所下降，还有两个警示信号需要考虑。投资者被鼓励进一步分析利润率和增长预测等因素，以更好地理解公司的财务健康状况</p>

<p>Last week's earnings announcement from <strong>Xinchen China Power Holdings Limited</strong> (HKG:1148) was disappointing to investors, with a sluggish profit figure. We did some further digging and think they have a few more reasons to be concerned beyond the statutory profit.</p>
<div class="lb-trans"><p>上周 <strong>新晨中国电力控股有限公司</strong>（HKG:1148）的财报令投资者失望，利润数字疲软。我们进一步挖掘，认为他们还有更多理由担忧，超出了法定利润的范围。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/229109788-earnings-and-revenue-history-1-dark-2/1758233444668" alt="" original-src="https://images.simplywall.st/asset/chart/229109788-earnings-and-revenue-history-1-dark-2/1758233444668"/></p>
<p>SEHK:1148 Earnings and Revenue History September 18th 2025</p>
<div class="lb-trans"><p>SEHK:1148 财报和收入历史 2025 年 9 月 18 日</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>For anyone who wants to understand Xinchen China Power Holdings' profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from CN¥43m worth of unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. We can see that Xinchen China Power Holdings' positive unusual items were quite significant relative to its profit in the year to June 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>对于任何想要理解新晨中国电力控股法定数字之外利润的人来说，重要的是要注意，在过去的十二个月中，法定利润受益于价值 4300 万人民币的非常规项目。虽然利润更高总是令人愉快，但来自非常规项目的大额贡献有时会抑制我们的热情。我们对全球大多数上市公司的数据进行了分析，发现非常规项目通常是一次性的。毕竟，这正是会计术语所暗示的。我们可以看到，新晨中国电力控股的正面非常规项目相对于其截至 2025 年 6 月的利润而言相当显著。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引。</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 Xinchen China Power 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新晨中国电力控股的资产负债表分析。</p>
</div><h2>Our Take On Xinchen China Power Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我们对新晨中国电力控股利润表现的看法</h2>
</div><p>As we discussed above, we think the significant positive unusual item makes Xinchen China Power Holdings' earnings a poor guide to its underlying profitability. For this reason, we think that Xinchen China Power Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. Sadly, its EPS was down over the last twelve months. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Case in point: We've spotted <strong>2 warning signs for Xinchen China Power Holdings</strong> you should be aware of.</p>
<div class="lb-trans"><p>正如我们上面讨论的，我们认为显著的正面非常规项目使得新晨中国电力控股的收益成为潜在盈利能力的糟糕指引。因此，我们认为新晨中国电力控股的法定利润可能是潜在盈利能力的糟糕指引，可能会给投资者带来过于乐观的公司印象。遗憾的是，其每股收益在过去十二个月中下降了。当然，我们在分析其收益时仅仅是触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。因此，如果您想深入了解这只股票，考虑其面临的任何风险至关重要。举个例子：我们发现了 <strong>新晨中国电力控股的 2 个警示信号</strong>，您应该注意。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Xinchen China Power Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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>这份说明仅关注了一个因素，揭示了新晨中国电力控股利润的性质。但如果您能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。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</strong> 的高股本回报率公司集合，或者这份拥有显著内部持股的股票列表对您有用。</p>
</div>

为什么新晨中国动力控股（HKG:1148）的不稳定收益只是其问题的开端