<p><strong>信和酒店（控股）有限公司</strong>（港股代码：1221）最近公布的财报表现稳健，但股价并没有如我们预期的那样波动。然而，法定利润数字并不能完全反映情况，我们发现了一些可能让股东担忧的因素。</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。查看完整名单，免费获取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/878706-earnings-and-revenue-history-1-dark-2/1759445156495?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/878706-earnings-and-revenue-history-1-dark-2/1759445156495"/></p>
<p>港股：1221 财报与收入历史 2025 年 10 月 2 日</p>
<h2>非常规项目如何影响利润？</h2>
<p>对于任何想要了解信和酒店（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 940 万港元的非常规项目。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。当我们分析全球绝大多数上市公司时，我们发现显著的非常规项目通常不会重复。毕竟，这正是会计术语所暗示的。信和酒店（控股）相对于其截至 2025 年 6 月的利润，来自非常规项目的贡献相当显著。在其他条件相同的情况下，这可能会导致法定利润对潜在盈利能力的指导作用较差。</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信和酒店（控股）资产负债表的分析。</p>
<h2>我们对信和酒店（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信和酒店（控股）的收益成为其潜在盈利能力的较差指引。因此，我们认为信和酒店（控股）的潜在盈利能力可能低于其法定利润。好消息是，其每股收益在过去一年中增长了 58%。当然，在分析其收益时，我们仅仅触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。正如投资者必须考虑收益一样，考虑公司的资产负债表强度也同样重要。如果您感兴趣，我们有信和酒店（控股）资产负债表的图形表示。</p>
<p>这篇笔记仅关注了一个因素，揭示了信和酒店（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。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名单。</p>

信和酒店

<p>信和酒店（控股）有限公司（HKG:1221）报告了稳健的收益，但股票表现令人失望。法定利润中包含了来自非常规项目的 940 万港元，这引发了对其基础盈利能力的担忧。尽管每股收益去年增长了 58%，但对非常规项目的依赖表明实际盈利能力可能较低。建议投资者考虑资产负债表的强度和其他财务指标，以进行全面分析</p>

<p>The recent earnings posted by <strong>Sino Hotels (Holdings) Limited</strong> (HKG:1221) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.</p>
<div class="lb-trans"><p><strong>信和酒店（控股）有限公司</strong>（港股代码：1221）最近公布的财报表现稳健，但股价并没有如我们预期的那样波动。然而，法定利润数字并不能完全反映情况，我们发现了一些可能让股东担忧的因素。</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。查看完整名单，免费获取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/878706-earnings-and-revenue-history-1-dark-2/1759445156495" alt="" original-src="https://images.simplywall.st/asset/chart/878706-earnings-and-revenue-history-1-dark-2/1759445156495"/></p>
<p>SEHK:1221 Earnings and Revenue History October 2nd 2025</p>
<div class="lb-trans"><p>港股：1221 财报与收入历史 2025 年 10 月 2 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 Sino Hotels (Holdings)'s profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from HK$9.4m worth of unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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. Sino Hotels (Holdings) had a rather significant contribution from unusual items relative to its profit 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>对于任何想要了解信和酒店（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 940 万港元的非常规项目。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。当我们分析全球绝大多数上市公司时，我们发现显著的非常规项目通常不会重复。毕竟，这正是会计术语所暗示的。信和酒店（控股）相对于其截至 2025 年 6 月的利润，来自非常规项目的贡献相当显著。在其他条件相同的情况下，这可能会导致法定利润对潜在盈利能力的指导作用较差。</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 Sino Hotels (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信和酒店（控股）资产负债表的分析。</p>
</div><h2>Our Take On Sino Hotels (Holdings)'s Profit Performance</h2>
<div class="lb-trans"><h2>我们对信和酒店（控股）利润表现的看法</h2>
</div><p>As we discussed above, we think the significant positive unusual item makes Sino Hotels (Holdings)'s earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Sino Hotels (Holdings)'s underlying earnings power is lower than its statutory profit. The good news is that, its earnings per share increased by 58% in the last year. 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. Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. If you're interested we have a graphic representation of Sino Hotels (Holdings)'s balance sheet.</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信和酒店（控股）的收益成为其潜在盈利能力的较差指引。因此，我们认为信和酒店（控股）的潜在盈利能力可能低于其法定利润。好消息是，其每股收益在过去一年中增长了 58%。当然，在分析其收益时，我们仅仅触及了表面；还可以考虑利润率、预测增长和投资回报等其他因素。正如投资者必须考虑收益一样，考虑公司的资产负债表强度也同样重要。如果您感兴趣，我们有信和酒店（控股）资产负债表的图形表示。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Sino Hotels (Holdings)'s 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. 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>这篇笔记仅关注了一个因素，揭示了信和酒店（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。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名单。</p>
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关于信和酒店（控股）（HKG:1221）业绩的担忧