<p><strong>汽车街发展有限公司</strong>（HKG:2443）最近的财报没有带来任何惊喜，过去一周股价保持不变。我们的分析表明，股东可能忽视了财报中的一些积极潜在因素。</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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640?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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640"/></p>
<p>SEHK:2443 收益和收入历史 2025 年 9 月 26 日</p>
<h2>检视汽车街发展的现金流与收益</h2>
<p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司利润在特定期间内由自由现金流（FCF）支持的有效指标。要计算应计比率，我们首先将某一期间的自由现金流从利润中减去，然后将该数字除以该期间的平均运营资产。该比率显示了公司利润超过其自由现金流的程度。</p>
<p>因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。这并不是说我们应该担心正的应计比率，但值得注意的是应计比率较高的情况。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>截至 2025 年 6 月的 12 个月内，汽车街发展记录的应计比率为-3.47。这表明其自由现金流显著超过了法定利润。具体来说，在此期间它产生了 8600 万人民币的自由现金流，远超其报告的 3010 万人民币的利润。汽车街发展的股东无疑会对过去 12 个月自由现金流的改善感到满意。然而，这并不是唯一需要考虑的因素。我们可以看到，异常项目对其法定利润产生了影响，因此也影响了应计比率。</p>
<p>查看我们对汽车街发展的最新分析</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汽车街发展的资产负债表分析。</p>
<h2>异常项目对利润的影响</h2>
<p>汽车街发展的利润在过去 12 个月内因异常项目减少了 1.42 亿人民币，这帮助其实现了高现金转换，正如其异常项目所反映的那样。在这些异常项目中如果包含非现金费用，我们会预期看到强劲的应计比率，而这正是本案例中发生的情况。虽然由于异常项目的扣除在第一时间是令人失望的，但也有积极的一面。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目往往不会重复。毕竟，这正是会计术语所暗示的。汽车街发展在截至 2025 年 6 月的年度中遭受了相当大的异常项目损失。在其他条件相同的情况下，这可能会使法定利润看起来比其潜在盈利能力更糟。</p>
<h2>我们对汽车街发展利润表现的看法</h2>
<p>考虑到汽车街发展的应计比率及其异常项目，我们认为其法定收益不太可能夸大公司的潜在盈利能力。基于这些因素，我们认为汽车街发展的潜在盈利能力与法定利润所显示的相当，甚至可能更好！请记住，在分析股票时，值得注意相关风险。在 Simply Wall St，我们发现 <strong>汽车街发展有 2 个警示信号</strong>，我们认为它们值得关注。</p>
<p>在我们对汽车街发展利润性质的审查后，我们对该公司持乐观态度。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的指标，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。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，或这份内部持股比例高的股票列表。</p>

汽车街

<p>汽车街发展有限公司 (HKG:2443) 报告的收益未能令投资者感到意外，股价保持稳定。然而，分析显示出积极的基本因素，包括 -3.47 的负应计比率，表明自由现金流强劲，达到 8600 万人民币，而利润为 3010 万人民币。异常项目使利润减少了 1.42 亿人民币，影响了法定收益，但这表明潜在的基本收益可能优于报告的结果。尽管面临挑战，汽车街发展的前景似乎乐观，但投资者应注意相关风险</p>

<p><strong>Autostreets Development Limited's</strong> (HKG:2443) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.</p>
<div class="lb-trans"><p><strong>汽车街发展有限公司</strong>（HKG:2443）最近的财报没有带来任何惊喜，过去一周股价保持不变。我们的分析表明，股东可能忽视了财报中的一些积极潜在因素。</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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640" alt="" original-src="https://images.simplywall.st/asset/chart/384358856-earnings-and-revenue-history-1-dark-2/1758925327640"/></p>
<p>SEHK:2443 Earnings and Revenue History September 26th 2025</p>
<div class="lb-trans"><p>SEHK:2443 收益和收入历史 2025 年 9 月 26 日</p>
</div><h2>Examining Cashflow Against Autostreets Development's Earnings</h2>
<div class="lb-trans"><h2>检视汽车街发展的现金流与收益</h2>
</div><p>Many investors haven't heard of the <strong>accrual ratio from cashflow</strong>, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司利润在特定期间内由自由现金流（FCF）支持的有效指标。要计算应计比率，我们首先将某一期间的自由现金流从利润中减去，然后将该数字除以该期间的平均运营资产。该比率显示了公司利润超过其自由现金流的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。这并不是说我们应该担心正的应计比率，但值得注意的是应计比率较高的情况。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>Over the twelve months to June 2025, Autostreets Development recorded an accrual ratio of -3.47. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥86m during the period, dwarfing its reported profit of CN¥30.1m. Autostreets Development shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.</p>
<div class="lb-trans"><p>截至 2025 年 6 月的 12 个月内，汽车街发展记录的应计比率为-3.47。这表明其自由现金流显著超过了法定利润。具体来说，在此期间它产生了 8600 万人民币的自由现金流，远超其报告的 3010 万人民币的利润。汽车街发展的股东无疑会对过去 12 个月自由现金流的改善感到满意。然而，这并不是唯一需要考虑的因素。我们可以看到，异常项目对其法定利润产生了影响，因此也影响了应计比率。</p>
</div><p>View our latest analysis for Autostreets Development</p>
<div class="lb-trans"><p>查看我们对汽车街发展的最新分析</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 Autostreets Development.</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汽车街发展的资产负债表分析。</p>
</div><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>异常项目对利润的影响</h2>
</div><p>Autostreets Development's profit was reduced by unusual items worth CN¥142m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Autostreets Development took a rather significant hit from unusual items in the year to June 2025. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.</p>
<div class="lb-trans"><p>汽车街发展的利润在过去 12 个月内因异常项目减少了 1.42 亿人民币，这帮助其实现了高现金转换，正如其异常项目所反映的那样。在这些异常项目中如果包含非现金费用，我们会预期看到强劲的应计比率，而这正是本案例中发生的情况。虽然由于异常项目的扣除在第一时间是令人失望的，但也有积极的一面。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目往往不会重复。毕竟，这正是会计术语所暗示的。汽车街发展在截至 2025 年 6 月的年度中遭受了相当大的异常项目损失。在其他条件相同的情况下，这可能会使法定利润看起来比其潜在盈利能力更糟。</p>
</div><h2>Our Take On Autostreets Development's Profit Performance</h2>
<div class="lb-trans"><h2>我们对汽车街发展利润表现的看法</h2>
</div><p>Considering both Autostreets Development's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Autostreets Development's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. At Simply Wall St, we found <strong>2 warning signs for Autostreets Development</strong> and we think they deserve your attention.</p>
<div class="lb-trans"><p>考虑到汽车街发展的应计比率及其异常项目，我们认为其法定收益不太可能夸大公司的潜在盈利能力。基于这些因素，我们认为汽车街发展的潜在盈利能力与法定利润所显示的相当，甚至可能更好！请记住，在分析股票时，值得注意相关风险。在 Simply Wall St，我们发现 <strong>汽车街发展有 2 个警示信号</strong>，我们认为它们值得关注。</p>
</div><p>After our examination into the nature of Autostreets Development's profit, we've come away optimistic for the company. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. 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>在我们对汽车街发展利润性质的审查后，我们对该公司持乐观态度。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的指标，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。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，或这份内部持股比例高的股票列表。</p>
</div>

汽车街发展（HKG:2443）的收益比表面上看到的更为丰富