<p>尽管发布了一些强劲的财报，<strong>Hygieia Group Limited</strong>（HKG:1650）的股票市场表现却没有太大波动。我们的分析表明，这可能是因为股东注意到了一些令人担忧的潜在因素。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/649645039-earnings-and-revenue-history-1-dark-2/1759710083994?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/649645039-earnings-and-revenue-history-1-dark-2/1759710083994"/></p>
<p>SEHK:1650 财报和收入历史 2025 年 10 月 6 日</p>
<h2>检视 Hygieia Group 的现金流与盈利</h2>
<p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。通俗来说，这个比率是将自由现金流从净利润中减去，然后将这个数字除以公司在该期间的平均运营资产。这个比率显示了公司的利润超出其自由现金流的程度。</p>
<p>这意味着负的应计比率是一个好现象，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。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相对较高。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>Hygieia Group 在截至 2025 年 6 月的年度应计比率为-0.39。这表明其自由现金流显著超过了法定利润。实际上，在过去的 12 个月中，它报告的自由现金流为 730 万新元，远高于其报告的 175 万新元的利润。考虑到 Hygieia Group 在之前的对应期间自由现金流为负，过去 12 个月的 730 万新元的结果似乎是一个积极的进展。然而，这并不是唯一需要考虑的因素。我们可以看到，异常项目影响了其法定利润，因此应计比率也受到影响。</p>
<p>查看我们对 Hygieia Group 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 Hygieia Group 的资产负债表分析。</p>
<h2>异常项目如何影响利润？</h2>
<p>尽管应计比率可能预示着良好，但我们也注意到 Hygieia Group 的利润在过去 12 个月中因异常项目而增加了 160 万新元。虽然利润增加总是令人愉快，但异常项目的巨大贡献有时会削弱我们的热情。当我们对数千家上市公司进行数据分析时，我们发现某一年因异常项目的利润提升往往在下一年 <strong>不会</strong> 重复。这并不令人惊讶，毕竟这就是异常项目的本质。Hygieia Group 相对于其截至 2025 年 6 月的利润，异常项目的贡献相当显著。因此，我们可以推测，异常项目使其法定利润显著高于正常水平。</p>
<h2>我们对 Hygieia Group 利润表现的看法</h2>
<p>Hygieia Group 的利润因异常项目而受到提升，这表明这些利润可能无法持续，但其应计比率仍显示出良好的现金转换能力，这令人鼓舞。基于这些因素，很难判断 Hygieia Group 的利润是否合理反映了其潜在盈利能力。如果您想深入了解 Hygieia Group，您还需要关注它目前面临的风险。为此，我们发现了 <strong>4 个警示信号</strong>（其中 1 个让我们感到不安！）您在购买 Hygieia Group 的任何股票之前应该了解。</p>
<p>我们对 Hygieia Group 的审查集中在某些因素上，这些因素可能使其盈利看起来比实际情况更好。但还有很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。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，或这份拥有显著内部持股的股票列表对您有帮助。</p>

01650

<p>Hygieia Group Limited (HKG:1650) 报告了强劲的收益，但由于潜在的担忧，其股票表现平平。该公司的负应计比率为 -0.39，表明其自由现金流显著超过其报告的利润。然而，其利润因不寻常项目的总额达到 160 万新元而被夸大，这引发了对可持续性的质疑。尽管现金转换看起来稳健，但对不寻常项目的依赖使得真实盈利能力的评估变得复杂。投资者应保持谨慎，并在投资 Hygieia Group 之前考虑潜在风险</p>

<p>Despite posting some strong earnings, the market for <strong>Hygieia Group Limited's</strong> (HKG:1650) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.</p>
<div class="lb-trans"><p>尽管发布了一些强劲的财报，<strong>Hygieia Group Limited</strong>（HKG:1650）的股票市场表现却没有太大波动。我们的分析表明，这可能是因为股东注意到了一些令人担忧的潜在因素。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/649645039-earnings-and-revenue-history-1-dark-2/1759710083994" alt="" original-src="https://images.simplywall.st/asset/chart/649645039-earnings-and-revenue-history-1-dark-2/1759710083994"/></p>
<p>SEHK:1650 Earnings and Revenue History October 6th 2025</p>
<div class="lb-trans"><p>SEHK:1650 财报和收入历史 2025 年 10 月 6 日</p>
</div><h2>Examining Cashflow Against Hygieia Group's Earnings</h2>
<div class="lb-trans"><h2>检视 Hygieia Group 的现金流与盈利</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。通俗来说，这个比率是将自由现金流从净利润中减去，然后将这个数字除以公司在该期间的平均运营资产。这个比率显示了公司的利润超出其自由现金流的程度。</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. 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. 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一个好现象，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。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相对较高。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>Hygieia Group has an accrual ratio of -0.39 for the year to June 2025. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of S$7.3m, well over the S$1.75m it reported in profit. Given that Hygieia Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of S$7.3m would seem to be a step in the right direction. 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>Hygieia Group 在截至 2025 年 6 月的年度应计比率为-0.39。这表明其自由现金流显著超过了法定利润。实际上，在过去的 12 个月中，它报告的自由现金流为 730 万新元，远高于其报告的 175 万新元的利润。考虑到 Hygieia Group 在之前的对应期间自由现金流为负，过去 12 个月的 730 万新元的结果似乎是一个积极的进展。然而，这并不是唯一需要考虑的因素。我们可以看到，异常项目影响了其法定利润，因此应计比率也受到影响。</p>
</div><p>See our latest analysis for Hygieia Group</p>
<div class="lb-trans"><p>查看我们对 Hygieia Group 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 Hygieia 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 Hygieia Group 的资产负债表分析。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>异常项目如何影响利润？</h2>
</div><p>While the accrual ratio might bode well, we also note that Hygieia Group's profit was boosted by unusual items worth S$1.6m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often <strong>not</strong> repeated the next year. Which is hardly surprising, given the name. Hygieia Group had a rather significant contribution from unusual items relative to its profit to June 2025. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.</p>
<div class="lb-trans"><p>尽管应计比率可能预示着良好，但我们也注意到 Hygieia Group 的利润在过去 12 个月中因异常项目而增加了 160 万新元。虽然利润增加总是令人愉快，但异常项目的巨大贡献有时会削弱我们的热情。当我们对数千家上市公司进行数据分析时，我们发现某一年因异常项目的利润提升往往在下一年 <strong>不会</strong> 重复。这并不令人惊讶，毕竟这就是异常项目的本质。Hygieia Group 相对于其截至 2025 年 6 月的利润，异常项目的贡献相当显著。因此，我们可以推测，异常项目使其法定利润显著高于正常水平。</p>
</div><h2>Our Take On Hygieia Group's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Hygieia Group 利润表现的看法</h2>
</div><p>Hygieia Group's profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, it's hard to tell if Hygieia Group's profits are a reasonable reflection of its underlying profitability. If you want to do dive deeper into Hygieia Group, you'd also look into what risks it is currently facing. To help with this, we've discovered <strong>4 warning signs</strong> (1 doesn't sit too well with us!) that you ought to be aware of before buying any shares in Hygieia Group.</p>
<div class="lb-trans"><p>Hygieia Group 的利润因异常项目而受到提升，这表明这些利润可能无法持续，但其应计比率仍显示出良好的现金转换能力，这令人鼓舞。基于这些因素，很难判断 Hygieia Group 的利润是否合理反映了其潜在盈利能力。如果您想深入了解 Hygieia Group，您还需要关注它目前面临的风险。为此，我们发现了 <strong>4 个警示信号</strong>（其中 1 个让我们感到不安！）您在购买 Hygieia Group 的任何股票之前应该了解。</p>
</div><p>Our examination of Hygieia Group has focussed on certain factors that can make its earnings look better than they are. 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. 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>我们对 Hygieia Group 的审查集中在某些因素上，这些因素可能使其盈利看起来比实际情况更好。但还有很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。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，或这份拥有显著内部持股的股票列表对您有帮助。</p>
</div>

Hygieia Group（HKG:1650）的表现甚至比其收益所显示的更为出色