<p>在研究一只股票进行投资时，什么可以告诉我们该公司正在衰退？当我们看到资本回报率（ROCE）下降，同时资本使用基础也在下降时，这通常是成熟企业衰老的迹象。最终，这意味着公司每投资一美元的收益在减少，并且它的资本使用基础也在缩小。基于此，我们初步观察到 <strong>中裕能源控股</strong>（HKG:3633）可能面临一些困难，因此让我们进一步调查。</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>
<h2>什么是资本回报率（ROCE）？</h2>
<p>对于那些不知道的人来说，ROCE 是公司年度税前利润（其回报）相对于企业使用的资本的一个衡量指标。要计算中裕能源控股的这一指标，公式如下：</p>
<p><strong>资本回报率 = 息税前利润（EBIT）÷（总资产 - 流动负债）</strong></p>
<p>0.043 = HK$653m ÷ (HK$26b - HK$11b) <em>(基于截至 2025 年 6 月的过去十二个月数据)</em>。</p>
<p>因此，<strong>中裕能源控股的 ROCE 为 4.3%。</strong> 从绝对值来看，这是一个较低的回报，并且也低于燃气公用事业行业平均水平的 7.3%。</p>
<p>查看我们对中裕能源控股的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8088263-roce-1-dark-2/1759874711284?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/8088263-roce-1-dark-2/1759874711284"/></p>
<p>SEHK:3633 资本回报率 2025 年 10 月 7 日</p>
<p>虽然过去的表现并不能代表未来，但了解公司历史表现是有帮助的，这就是我们上面提供此图表的原因。如果您想查看中裕能源控股在其他指标上的历史表现，可以查看这张 <strong>免费</strong> 的中裕能源控股过去的收益、收入和现金流图。</p>
<h2>那么中裕能源控股的 ROCE 趋势如何？</h2>
<p>我们对中裕能源控股的资本回报趋势有些担忧。更具体地说，五年前 ROCE 为 11%，但自那时以来明显下降。在资本使用方面，企业使用的资本大致与当时相同。由于回报在下降，而企业使用的资产数量保持不变，这可能表明它是一家在过去五年中没有太多增长的成熟企业。如果这些趋势持续下去，我们不期望中裕能源控股会变成多倍收益的股票。</p>
<p>另外，重要的是要知道中裕能源控股的流动负债与总资产的比率为 43%，我们认为这个比率相当高。这实际上意味着供应商（或短期债权人）为企业的大部分资金提供支持，因此请注意这可能引入一些风险因素。虽然这不一定是坏事，但如果这个比率较低，可能会更有利。</p>
<h2>关于中裕能源控股 ROCE 的结论</h2>
<p>总的来说，从相同的资本使用中获得的较低回报并不完全是复合增长机器的迹象。因此，股票在过去五年中下跌 46% 也就不足为奇了，看起来投资者正在认识到这些变化。鉴于此，除非基本趋势回归到更积极的轨迹，否则我们建议考虑其他选择。</p>
<p>最后一点，您应该了解我们发现的 <strong>3 个警告信号</strong>，其中包括 2 个令人担忧的信号。</p>
<p>虽然中裕能源控股目前可能没有获得最高的回报，但我们整理了一份当前回报率超过 25% 的公司的名单。请在这里查看这份 <strong>免费</strong> 的名单。</p>

中裕能源

<p>中裕能源控股（HKG:3633）显示出令人担忧的下滑迹象，资本回报率（ROCE）为 4.3%，远低于行业平均水平 7.3%。ROCE 从五年前的 11% 下降，表明增长停滞。此外，公司高达 43% 的流动负债与总资产比率也带来了潜在风险。在过去五年中，该股票下跌了 46%，这表明投资者正在对这些负面趋势作出反应。如果没有积极的转变，考虑其他投资选项可能是明智的选择</p>

<p>When researching a stock for investment, what can tell us that the company is in decline? When we see a declining <em>return</em> on capital employed (ROCE) in conjunction with a declining <em>base</em> of capital employed, that's often how a mature business shows signs of aging. Ultimately this means that the company is earning less per dollar invested and on top of that, it's shrinking its base of capital employed. In light of that, from a first glance at <strong>Zhongyu Energy Holdings</strong> (HKG:3633), we've spotted some signs that it could be struggling, so let's investigate.</p>
<div class="lb-trans"><p>在研究一只股票进行投资时，什么可以告诉我们该公司正在衰退？当我们看到资本回报率（ROCE）下降，同时资本使用基础也在下降时，这通常是成熟企业衰老的迹象。最终，这意味着公司每投资一美元的收益在减少，并且它的资本使用基础也在缩小。基于此，我们初步观察到 <strong>中裕能源控股</strong>（HKG:3633）可能面临一些困难，因此让我们进一步调查。</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><h2>What Is Return On Capital Employed (ROCE)?</h2>
<div class="lb-trans"><h2>什么是资本回报率（ROCE）？</h2>
</div><p>For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Zhongyu Energy Holdings, this is the formula:</p>
<div class="lb-trans"><p>对于那些不知道的人来说，ROCE 是公司年度税前利润（其回报）相对于企业使用的资本的一个衡量指标。要计算中裕能源控股的这一指标，公式如下：</p>
</div><p><strong>Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)</strong></p>
<div class="lb-trans"><p><strong>资本回报率 = 息税前利润（EBIT）÷（总资产 - 流动负债）</strong></p>
</div><p>0.043 = HK$653m ÷ (HK$26b - HK$11b) <em>(Based on the trailing twelve months to June 2025)</em>.</p>
<div class="lb-trans"><p>0.043 = HK$653m ÷ (HK$26b - HK$11b) <em>(基于截至 2025 年 6 月的过去十二个月数据)</em>。</p>
</div><p>So, <strong>Zhongyu Energy Holdings has an ROCE of 4.3%.</strong> In absolute terms, that's a low return and it also under-performs the Gas Utilities industry average of 7.3%.</p>
<div class="lb-trans"><p>因此，<strong>中裕能源控股的 ROCE 为 4.3%。</strong> 从绝对值来看，这是一个较低的回报，并且也低于燃气公用事业行业平均水平的 7.3%。</p>
</div><p>See our latest analysis for Zhongyu Energy Holdings</p>
<div class="lb-trans"><p>查看我们对中裕能源控股的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8088263-roce-1-dark-2/1759874711284" alt="" original-src="https://images.simplywall.st/asset/chart/8088263-roce-1-dark-2/1759874711284"/></p>
<p>SEHK:3633 Return on Capital Employed October 7th 2025</p>
<div class="lb-trans"><p>SEHK:3633 资本回报率 2025 年 10 月 7 日</p>
</div><p>While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Zhongyu Energy Holdings has performed in the past in other metrics, you can view this <strong>free</strong> graph of Zhongyu Energy Holdings' past earnings, revenue and cash flow.</p>
<div class="lb-trans"><p>虽然过去的表现并不能代表未来，但了解公司历史表现是有帮助的，这就是我们上面提供此图表的原因。如果您想查看中裕能源控股在其他指标上的历史表现，可以查看这张 <strong>免费</strong> 的中裕能源控股过去的收益、收入和现金流图。</p>
</div><h2>So How Is Zhongyu Energy Holdings' ROCE Trending?</h2>
<div class="lb-trans"><h2>那么中裕能源控股的 ROCE 趋势如何？</h2>
</div><p>We are a bit worried about the trend of returns on capital at Zhongyu Energy Holdings. To be more specific, the ROCE was 11% five years ago, but since then it has dropped noticeably. And on the capital employed front, the business is utilizing roughly the same amount of capital as it was back then. Since returns are falling and the business has the same amount of assets employed, this can suggest it's a mature business that hasn't had much growth in the last five years. If these trends continue, we wouldn't expect Zhongyu Energy Holdings to turn into a multi-bagger.</p>
<div class="lb-trans"><p>我们对中裕能源控股的资本回报趋势有些担忧。更具体地说，五年前 ROCE 为 11%，但自那时以来明显下降。在资本使用方面，企业使用的资本大致与当时相同。由于回报在下降，而企业使用的资产数量保持不变，这可能表明它是一家在过去五年中没有太多增长的成熟企业。如果这些趋势持续下去，我们不期望中裕能源控股会变成多倍收益的股票。</p>
</div><p>On a separate but related note, it's important to know that Zhongyu Energy Holdings has a current liabilities to total assets ratio of 43%, which we'd consider pretty high. This effectively means that suppliers (or short-term creditors) are funding a large portion of the business, so just be aware that this can introduce some elements of risk. While it's not necessarily a bad thing, it can be beneficial if this ratio is lower.</p>
<div class="lb-trans"><p>另外，重要的是要知道中裕能源控股的流动负债与总资产的比率为 43%，我们认为这个比率相当高。这实际上意味着供应商（或短期债权人）为企业的大部分资金提供支持，因此请注意这可能引入一些风险因素。虽然这不一定是坏事，但如果这个比率较低，可能会更有利。</p>
</div><h2>The Bottom Line On Zhongyu Energy Holdings' ROCE</h2>
<div class="lb-trans"><h2>关于中裕能源控股 ROCE 的结论</h2>
</div><p>All in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. It should come as no surprise then that the stock has fallen 46% over the last five years, so it looks like investors are recognizing these changes. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.</p>
<div class="lb-trans"><p>总的来说，从相同的资本使用中获得的较低回报并不完全是复合增长机器的迹象。因此，股票在过去五年中下跌 46% 也就不足为奇了，看起来投资者正在认识到这些变化。鉴于此，除非基本趋势回归到更积极的轨迹，否则我们建议考虑其他选择。</p>
</div><p>One final note, you should learn about the <strong>3 warning signs</strong> we've spotted with Zhongyu Energy Holdings (including 2 which are a bit concerning) .</p>
<div class="lb-trans"><p>最后一点，您应该了解我们发现的 <strong>3 个警告信号</strong>，其中包括 2 个令人担忧的信号。</p>
</div><p>While Zhongyu Energy Holdings may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this <strong>free</strong> list here.</p>
<div class="lb-trans"><p>虽然中裕能源控股目前可能没有获得最高的回报，但我们整理了一份当前回报率超过 25% 的公司的名单。请在这里查看这份 <strong>免费</strong> 的名单。</p>
</div>

中裕能源控股（HKG:3633）的资本回报率显示出令人担忧的情况