<p><strong>和泓服务集团有限公司</strong> (HKG:6093) 的股票表现强劲，尽管上周发布了疲软的财报。然而，我们认为该公司显示出一些迹象，表明情况比看起来更有希望。</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工作。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投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/622897385-earnings-and-revenue-history-1-dark-2/1758925138961?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/622897385-earnings-and-revenue-history-1-dark-2/1758925138961"/></p>
<p>SEHK:6093 收益和收入历史 2025 年 9 月 26 日</p>
<h2>深入了解和泓服务集团的收益</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在特定时期内利润有多少是由自由现金流（FCF）支持的有用指标。要计算应计比率，我们首先从某一时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。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>这意味着负的应计比率是好事，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。引用 Lewellen 和 Resutek 在 2014 年的一篇论文，&#34;应计较高的公司未来往往盈利能力较差&#34;。</p>
<p>截至 2025 年 6 月的 12 个月内，和泓服务集团的应计比率为-0.12。因此，其法定收益远低于自由现金流。实际上，在过去的 12 个月中，它报告的自由现金流为 8700 万人民币，远超过其报告的 1790 万人民币的利润。值得注意的是，和泓服务集团去年有负的自由现金流，因此今年产生的 8700 万人民币是一个令人欢迎的改善。然而，这并不是唯一需要考虑的因素。应计比率反映了异常项目对法定利润的影响，至少在某种程度上。</p>
<p>查看我们对和泓服务集团的最新分析</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。点击这里查看和泓服务集团的资产负债表分析。</p>
<h2>异常项目对利润的影响</h2>
<p>和泓服务集团的利润在过去 12 个月中因异常项目减少了 2000 万人民币，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，我们会期待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令人失望，但仍有一线希望。我们查看了数千家上市公司，发现异常项目往往是一次性的。而且，毕竟，这正是会计术语所暗示的。如果和泓服务集团不再出现这些异常费用，那么在其他条件相同的情况下，我们预计其利润将在未来一年内增加。</p>
<h2>我们对和泓服务集团利润表现的看法</h2>
<p>总之，和泓服务集团的应计比率及其异常项目表明，其法定收益可能相对保守。基于这些因素，我们认为和泓服务集团的收益潜力至少和看起来一样好，甚至更好！考虑到这一点，除非我们对风险有透彻的理解，否则我们不会考虑投资于某只股票。为此，您应该了解我们发现的和泓服务集团的 <strong>5 个警示信号</strong>（其中 1 个可能是严重的）。</p>
<p>在我们对和泓服务集团利润性质的审查后，我们对该公司感到乐观。但如果您能够专注于细节，总会有更多的发现。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 “跟随资金”，寻找内部人士正在购买的股票。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，或这份内部持股显著的股票列表对您有帮助。</p>

和泓服务

<p>和泓服务集团（HKG:6093）报告了疲软的收益，但迹象表明表现好于预期。该公司的负应计比率为-0.12，表明强劲的自由现金流为 8700 万人民币，而利润为 1790 万人民币。异常项目减少了 2000 万人民币的利润，但这些通常是一次性事件。分析师认为，如果这些费用不再发生，未来一年的利润可能会改善。总体而言，和泓服务集团的盈利潜力看起来乐观，但投资者应注意相关风险</p>

<p><strong>Hevol Services Group Co. Limited's</strong> (HKG:6093) stock was strong despite it releasing a soft earnings report last week. However, we think the company is showing some signs that things are more promising than they seem.</p>
<div class="lb-trans"><p><strong>和泓服务集团有限公司</strong> (HKG:6093) 的股票表现强劲，尽管上周发布了疲软的财报。然而，我们认为该公司显示出一些迹象，表明情况比看起来更有希望。</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工作。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投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/622897385-earnings-and-revenue-history-1-dark-2/1758925138961" alt="" original-src="https://images.simplywall.st/asset/chart/622897385-earnings-and-revenue-history-1-dark-2/1758925138961"/></p>
<p>SEHK:6093 Earnings and Revenue History September 26th 2025</p>
<div class="lb-trans"><p>SEHK:6093 收益和收入历史 2025 年 9 月 26 日</p>
</div><h2>A Closer Look At Hevol Services Group's Earnings</h2>
<div class="lb-trans"><h2>深入了解和泓服务集团的收益</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. This ratio tells us how much of a company's profit is not backed by free cashflow.</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在特定时期内利润有多少是由自由现金流（FCF）支持的有用指标。要计算应计比率，我们首先从某一时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。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. To quote a 2014 paper by Lewellen and Resutek, &#34;firms with higher accruals tend to be less profitable in the future&#34;.</p>
<div class="lb-trans"><p>这意味着负的应计比率是好事，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。引用 Lewellen 和 Resutek 在 2014 年的一篇论文，&#34;应计较高的公司未来往往盈利能力较差&#34;。</p>
</div><p>Over the twelve months to June 2025, Hevol Services Group recorded an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥87m, well over the CN¥17.9m it reported in profit. Notably, Hevol Services Group had negative free cash flow last year, so the CN¥87m it produced this year was a welcome improvement. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.</p>
<div class="lb-trans"><p>截至 2025 年 6 月的 12 个月内，和泓服务集团的应计比率为-0.12。因此，其法定收益远低于自由现金流。实际上，在过去的 12 个月中，它报告的自由现金流为 8700 万人民币，远超过其报告的 1790 万人民币的利润。值得注意的是，和泓服务集团去年有负的自由现金流，因此今年产生的 8700 万人民币是一个令人欢迎的改善。然而，这并不是唯一需要考虑的因素。应计比率反映了异常项目对法定利润的影响，至少在某种程度上。</p>
</div><p>Check out our latest analysis for Hevol Services Group</p>
<div class="lb-trans"><p>查看我们对和泓服务集团的最新分析</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 Hevol Services 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。点击这里查看和泓服务集团的资产负债表分析。</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>Hevol Services Group's profit was reduced by unusual items worth CN¥20m 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. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Hevol Services Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.</p>
<div class="lb-trans"><p>和泓服务集团的利润在过去 12 个月中因异常项目减少了 2000 万人民币，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，我们会期待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令人失望，但仍有一线希望。我们查看了数千家上市公司，发现异常项目往往是一次性的。而且，毕竟，这正是会计术语所暗示的。如果和泓服务集团不再出现这些异常费用，那么在其他条件相同的情况下，我们预计其利润将在未来一年内增加。</p>
</div><h2>Our Take On Hevol Services Group's Profit Performance</h2>
<div class="lb-trans"><h2>我们对和泓服务集团利润表现的看法</h2>
</div><p>In conclusion, both Hevol Services Group's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Hevol Services Group's earnings potential is at least as good as it seems, and maybe even better! With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. To that end, you should learn about the <strong>5 warning signs</strong> we've spotted with Hevol Services Group (including 1 which is potentially serious).</p>
<div class="lb-trans"><p>总之，和泓服务集团的应计比率及其异常项目表明，其法定收益可能相对保守。基于这些因素，我们认为和泓服务集团的收益潜力至少和看起来一样好，甚至更好！考虑到这一点，除非我们对风险有透彻的理解，否则我们不会考虑投资于某只股票。为此，您应该了解我们发现的和泓服务集团的 <strong>5 个警示信号</strong>（其中 1 个可能是严重的）。</p>
</div><p>After our examination into the nature of Hevol Services Group's profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. 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>在我们对和泓服务集团利润性质的审查后，我们对该公司感到乐观。但如果您能够专注于细节，总会有更多的发现。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 “跟随资金”，寻找内部人士正在购买的股票。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，或这份内部持股显著的股票列表对您有帮助。</p>
</div>

和泓服务集团（HKG:6093）的疲软收益实际上比表面上看起来要好