<p>市场似乎对 <strong>中国管业有限公司</strong>（HKG:380）最近发布的稳健财报反应平淡。我们的分析表明，投资者应该关注一些值得期待的因素。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657?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/7658288-earnings-and-revenue-history-1-dark-2/1758839065657"/></p>
<p>SEHK:380 收益和收入历史 2025 年 9 月 25 日</p>
<h2>检视中国管业的现金流与收益</h2>
<p>在高端金融中，用于衡量公司将报告利润转化为自由现金流（FCF）能力的关键比率是 <strong>应计比率</strong>（来自现金流）。应计比率将某一时期的 FCF 从利润中减去，并将结果除以该公司在此期间的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</p>
<p>因此，负应计比率对公司来说是积极的，而正应计比率则是消极的。虽然拥有正应计比率并不成问题，这表明存在一定程度的非现金利润，但高应计比率可以说是一个坏事，因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明，高应计比率往往导致利润下降或利润增长乏力。</p>
<p>截至 2025 年 6 月的 12 个月内，中国管业的应计比率为-0.12。这意味着其现金转换良好，并且表明其自由现金流在去年大幅超过其利润。具体来说，在此期间，它产生了 1.41 亿港元的自由现金流，远超其报告的 8230 万港元利润。中国管业的股东无疑会对过去 12 个月自由现金流的改善感到满意。</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管业的资产负债表分析。</p>
<h2>我们对中国管业盈利表现的看法</h2>
<p>中国管业的应计比率稳健，表明自由现金流强劲，正如我们上面讨论的那样。因此，我们认为中国管业的盈利潜力至少与其表面看起来一样好，甚至可能更好！而且过去三年每股收益年增长 25%。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有很多其他因素需要考虑。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。每家公司都有风险，我们发现了 <strong>中国管业的 1 个警示信号</strong>，您应该了解。</p>
<p>这篇文章仅关注了一个因素，揭示了中国管业利润的性质。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>

中国管业

<p>中国管业集团有限公司（HKG:380）最近报告了稳健的收益，但市场反应平淡。分析表明前景乐观，负的应计比率为-0.12，暗示现金转化能力强，自由现金流为 1.41 亿港元，超过报告的利润 8230 万港元。公司的盈利潜力似乎强劲，过去三年年均每股收益增长 25%。然而，投资者应保持警惕，注意潜在风险，包括一个已识别的警示信号</p>

<p>The market seemed underwhelmed by the solid earnings posted by <strong>China Pipe Group Limited</strong> (HKG:380) recently. Our analysis suggests that there are some reasons for hope that investors should be aware of.</p>
<div class="lb-trans"><p>市场似乎对 <strong>中国管业有限公司</strong>（HKG:380）最近发布的稳健财报反应平淡。我们的分析表明，投资者应该关注一些值得期待的因素。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657" alt="" original-src="https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657"/></p>
<p>SEHK:380 Earnings and Revenue History September 25th 2025</p>
<div class="lb-trans"><p>SEHK:380 收益和收入历史 2025 年 9 月 25 日</p>
</div><h2>Examining Cashflow Against China Pipe Group's Earnings</h2>
<div class="lb-trans"><h2>检视中国管业的现金流与收益</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (from cashflow). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>在高端金融中，用于衡量公司将报告利润转化为自由现金流（FCF）能力的关键比率是 <strong>应计比率</strong>（来自现金流）。应计比率将某一时期的 FCF 从利润中减去，并将结果除以该公司在此期间的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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>因此，负应计比率对公司来说是积极的，而正应计比率则是消极的。虽然拥有正应计比率并不成问题，这表明存在一定程度的非现金利润，但高应计比率可以说是一个坏事，因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明，高应计比率往往导致利润下降或利润增长乏力。</p>
</div><p>Over the twelve months to June 2025, China Pipe Group recorded an accrual ratio of -0.12. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of HK$141m during the period, dwarfing its reported profit of HK$82.3m. China Pipe Group shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>截至 2025 年 6 月的 12 个月内，中国管业的应计比率为-0.12。这意味着其现金转换良好，并且表明其自由现金流在去年大幅超过其利润。具体来说，在此期间，它产生了 1.41 亿港元的自由现金流，远超其报告的 8230 万港元利润。中国管业的股东无疑会对过去 12 个月自由现金流的改善感到满意。</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 Pipe Group.</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管业的资产负债表分析。</p>
</div><h2>Our Take On China Pipe Group's Profit Performance</h2>
<div class="lb-trans"><h2>我们对中国管业盈利表现的看法</h2>
</div><p>China Pipe Group's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think China Pipe Group's earnings potential is at least as good as it seems, and maybe even better! And the EPS is up 25% annually, over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted <strong>1 warning sign for China Pipe Group</strong> you should know about.</p>
<div class="lb-trans"><p>中国管业的应计比率稳健，表明自由现金流强劲，正如我们上面讨论的那样。因此，我们认为中国管业的盈利潜力至少与其表面看起来一样好，甚至可能更好！而且过去三年每股收益年增长 25%。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有很多其他因素需要考虑。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。每家公司都有风险，我们发现了 <strong>中国管业的 1 个警示信号</strong>，您应该了解。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of China Pipe Group's profit. 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>这篇文章仅关注了一个因素，揭示了中国管业利润的性质。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>

中国管业集团（HKG:380）的收益似乎前景可期