<p>低成本指数基金使得实现平均市场回报变得简单。但总体来看，许多股票的表现不及市场。例如，<strong>天能动力国际有限公司</strong>（HKG:819）在三年内的股价回报为 40%，落后于同期市场回报。另一方面，最近一年 23% 的涨幅无疑是令人满意的。</p>
<p>由于这一周对天能动力国际的股东来说表现强劲，我们来看看长期基本面的趋势。</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。查看完整名单是免费的。</p>
<p>虽然市场是一个强大的定价机制，但股价反映的是投资者情绪，而不仅仅是基础业务表现。评估公司情绪变化的一个有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
<p>在过去三年中，天能动力国际未能实现每股收益的增长，下降了 9.6%（年化）。</p>
<p>因此，目前市场似乎并不关注 EPS 增长。由于 EPS 的变化似乎与股价的变化没有相关性，值得关注其他指标。</p>
<p>股息仅为 1.8%，我们怀疑这对支撑股价的作用不大。你可以想象长期股东对收入下降趋势（每年下降 5.7%）的感受。唯一明确的是，天能动力国际的股价与其历史基本数据之间的相关性很低。可能需要进一步研究！</p>
<p>公司的收入和收益（随时间变化）在下图中展示（点击查看具体数字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34455146-earnings-and-revenue-growth-1-dark-2/1759270471809?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/34455146-earnings-and-revenue-growth-1-dark-2/1759270471809"/></p>
<p>SEHK:819 收益和收入增长 2025 年 9 月 30 日</p>
<p>通过这份 <strong>免费</strong> 的资产负债表报告，更全面地了解天能动力国际的财务健康状况。</p>
<h2>股息情况如何？</h2>
<p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。TSR 包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。在天能动力国际的情况下，过去三年的 TSR 为 64%。这超过了我们之前提到的股价回报。显然，股息支付在这种差异中起到了重要作用！</p>
<h2>不同的视角</h2>
<p>天能动力国际的股东在这一年中上涨了 27%（包括股息）。但这一回报仍低于市场。好的一面是，这仍然是一个收益，且显然比过去五年中约 3% 的年损失要好。可能业务正在稳定。与其他公司相比，天能动力国际是否便宜？这三个估值指标可能会帮助你做出决定。</p>
<p>如果你更愿意查看另一家公司——一家可能财务状况更优的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够实现收益增长。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>

天能动力

<p>天能动力国际（HKG:819）在过去一年中股价上涨了 23%，尽管过去三年每股收益下降了 9.6%。公司的年收入也减少了 5.7%。虽然三年的总股东回报率（TSR）达到了 64%，反映了分红，但近期的表现仍低于市场平均水平。投资者对股价与基本数据之间的关联表示质疑，这表明需要进一步分析公司的财务健康状况</p>

<p>Low-cost index funds make it easy to achieve average market returns. But across the board there are plenty of stocks that underperform the market. For example, the <strong>Tianneng Power International Limited</strong> (HKG:819) share price return of 40% over three years lags the market return in the same period. On the other hand, the more recent gain of 23% over a year is certainly pleasing.</p>
<div class="lb-trans"><p>低成本指数基金使得实现平均市场回报变得简单。但总体来看，许多股票的表现不及市场。例如，<strong>天能动力国际有限公司</strong>（HKG:819）在三年内的股价回报为 40%，落后于同期市场回报。另一方面，最近一年 23% 的涨幅无疑是令人满意的。</p>
</div><p>Since it's been a strong week for Tianneng Power International shareholders, let's have a look at trend of the longer term fundamentals.</p>
<div class="lb-trans"><p>由于这一周对天能动力国际的股东来说表现强劲，我们来看看长期基本面的趋势。</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。查看完整名单是免费的。</p>
</div><p>While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.</p>
<div class="lb-trans"><p>虽然市场是一个强大的定价机制，但股价反映的是投资者情绪，而不仅仅是基础业务表现。评估公司情绪变化的一个有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
</div><p>Over the last three years, Tianneng Power International failed to grow earnings per share, which fell 9.6% (annualized).</p>
<div class="lb-trans"><p>在过去三年中，天能动力国际未能实现每股收益的增长，下降了 9.6%（年化）。</p>
</div><p>Thus, it seems unlikely that the market is focussed on EPS growth at the moment. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.</p>
<div class="lb-trans"><p>因此，目前市场似乎并不关注 EPS 增长。由于 EPS 的变化似乎与股价的变化没有相关性，值得关注其他指标。</p>
</div><p>Languishing at just 1.8%, we doubt the dividend is doing much to prop up the share price. You can only imagine how long term shareholders feel about the declining revenue trend (slipping at 5.7% per year). The only thing that's clear is there is low correlation between Tianneng Power International's share price and its historic fundamental data. Further research may be required!</p>
<div class="lb-trans"><p>股息仅为 1.8%，我们怀疑这对支撑股价的作用不大。你可以想象长期股东对收入下降趋势（每年下降 5.7%）的感受。唯一明确的是，天能动力国际的股价与其历史基本数据之间的相关性很低。可能需要进一步研究！</p>
</div><p>The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的收入和收益（随时间变化）在下图中展示（点击查看具体数字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/34455146-earnings-and-revenue-growth-1-dark-2/1759270471809" alt="" original-src="https://images.simplywall.st/asset/chart/34455146-earnings-and-revenue-growth-1-dark-2/1759270471809"/></p>
<p>SEHK:819 Earnings and Revenue Growth September 30th 2025</p>
<div class="lb-trans"><p>SEHK:819 收益和收入增长 2025 年 9 月 30 日</p>
</div><p>Take a more thorough look at Tianneng Power International's financial health with this <strong>free</strong> report on its balance sheet.</p>
<div class="lb-trans"><p>通过这份 <strong>免费</strong> 的资产负债表报告，更全面地了解天能动力国际的财务健康状况。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Tianneng Power International, it has a TSR of 64% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!</p>
<div class="lb-trans"><p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。TSR 包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。在天能动力国际的情况下，过去三年的 TSR 为 64%。这超过了我们之前提到的股价回报。显然，股息支付在这种差异中起到了重要作用！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Tianneng Power International shareholders are up 27% for the year (even including dividends). But that return falls short of the market. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 3% endured over half a decade. It could well be that the business is stabilizing. Is Tianneng Power International cheap compared to other companies? These 3 valuation measures might help you decide.</p>
<div class="lb-trans"><p>天能动力国际的股东在这一年中上涨了 27%（包括股息）。但这一回报仍低于市场。好的一面是，这仍然是一个收益，且显然比过去五年中约 3% 的年损失要好。可能业务正在稳定。与其他公司相比，天能动力国际是否便宜？这三个估值指标可能会帮助你做出决定。</p>
</div><p>If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this <strong>free</strong> list of companies that have proven they can grow earnings.</p>
<div class="lb-trans"><p>如果你更愿意查看另一家公司——一家可能财务状况更优的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够实现收益增长。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>
</div>

尽管天能动力国际（HKG:819）的收益在过去三年中有所下降，但本周市场对其的乐观情绪有所增加