<p>如果投资者想要获得平均市场回报，可以购买低成本的指数基金。但在任何多元化的股票投资组合中，你会发现一些股票的表现低于平均水平。不幸的是，对于股东来说，虽然 <strong>国药控股</strong>（HKG:1099）的股价在过去三年上涨了 19%，但这仍低于市场回报。不幸的是，股价在过去十二个月内下跌了 1.3%。</p>
<p>现在值得关注一下公司的基本面，因为这将帮助我们判断长期股东回报是否与基础业务的表现相匹配。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</p>
<p>引用巴菲特的话说，‘船只将环游世界，但平面地球学会将蓬勃发展。市场上价格与价值之间将继续存在巨大差异……’ 通过比较每股收益（EPS）和股价随时间的变化，我们可以感受到投资者对公司的态度是如何随着时间的推移而变化的。</p>
<p>在股价增长的三年中，国药控股的每股收益（EPS）实际上每年下降了 3.7%。</p>
<p>根据这些数字，我们认为每股收益的下降可能并不能很好地代表业务多年来的变化。由于每股收益的变化似乎与股价的变化没有关联，因此值得关注其他指标。</p>
<p>我们严重怀疑没有人会对 1.1% 的三年收入增长率感到特别满意。老实说，我们看不到股价波动的简单解释，但也许你能……</p>
<p>下图显示了收益和收入随时间的变化（如果你点击图片，可以看到更详细的信息）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934?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/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934"/></p>
<p>SEHK:1099 收益和收入增长 2025 年 11 月 19 日</p>
<p>值得注意的是，首席执行官的薪酬低于同类公司中的中位数。但虽然首席执行官的薪酬总是值得关注，真正重要的问题是公司是否能够在未来实现收益增长。你可以在这个 <strong>互动</strong> 图表中查看分析师对国药控股未来利润的预测。</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。我们注意到，国药控股在过去三年的 TSR 为 34%，这比上述的股价回报要好。这主要得益于其股息支付！</p>
<h2>不同的视角</h2>
<p>国药控股的股东在这一年中获得了 2.7% 的总回报。但这低于市场平均水平。好消息是，长期回报（约为每年 6%，持续了五年多）看起来更好。尽管股价上涨放缓，但业务仍有可能继续出色执行。虽然考虑市场条件对股价的不同影响是非常值得的，但还有其他因素更为重要。例如，投资风险的无处不在的阴影。<strong>我们发现国药控股有 1 个警示信号</strong>，理解这些信号应该是你投资过程的一部分。</p>
<p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以看看这个我们预计将会增长收益的 <strong>免费</strong> 公司名单。</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>

国药控股

<p>投资国药控股（HKG:1099）三年前将带来 34% 的总股东回报，主要得益于股息，尽管股价仅 modest 增长了 19%。公司的每股收益年均下降 3.7%，而收入增长仅为 1.1%。首席执行官的薪酬低于同类公司中位数。分析师预测未来的利润预期，投资者应考虑市场状况和投资风险</p>

<p>Investors can buy low cost index fund if they want to receive the average market return. But in any diversified portfolio of stocks, you'll see some that fall short of the average. Unfortunately for shareholders, while the <strong>Sinopharm Group Co. Ltd.</strong> (HKG:1099) share price is up 19% in the last three years, that falls short of the market return. Unfortunately, the share price has fallen 1.3% over twelve months.</p>
<div class="lb-trans"><p>如果投资者想要获得平均市场回报，可以购买低成本的指数基金。但在任何多元化的股票投资组合中，你会发现一些股票的表现低于平均水平。不幸的是，对于股东来说，虽然 <strong>国药控股</strong>（HKG:1099）的股价在过去三年上涨了 19%，但这仍低于市场回报。不幸的是，股价在过去十二个月内下跌了 1.3%。</p>
</div><p>Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.</p>
<div class="lb-trans"><p>现在值得关注一下公司的基本面，因为这将帮助我们判断长期股东回报是否与基础业务的表现相匹配。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</p>
</div><p>To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.</p>
<div class="lb-trans"><p>引用巴菲特的话说，‘船只将环游世界，但平面地球学会将蓬勃发展。市场上价格与价值之间将继续存在巨大差异……’ 通过比较每股收益（EPS）和股价随时间的变化，我们可以感受到投资者对公司的态度是如何随着时间的推移而变化的。</p>
</div><p>During the three years of share price growth, Sinopharm Group actually saw its earnings per share (EPS) drop 3.7% per year.</p>
<div class="lb-trans"><p>在股价增长的三年中，国药控股的每股收益（EPS）实际上每年下降了 3.7%。</p>
</div><p>Based on these numbers, we think that the decline in earnings per share may not be a good representation of how the business has changed over the years. 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>根据这些数字，我们认为每股收益的下降可能并不能很好地代表业务多年来的变化。由于每股收益的变化似乎与股价的变化没有关联，因此值得关注其他指标。</p>
</div><p>We severely doubt anyone is particularly impressed with the modest 1.1% three-year revenue growth rate. So truth be told we can't see an easy explanation for the share price action, but perhaps you can...</p>
<div class="lb-trans"><p>我们严重怀疑没有人会对 1.1% 的三年收入增长率感到特别满意。老实说，我们看不到股价波动的简单解释，但也许你能……</p>
</div><p>The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).</p>
<div class="lb-trans"><p>下图显示了收益和收入随时间的变化（如果你点击图片，可以看到更详细的信息）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934" alt="" original-src="https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934"/></p>
<p>SEHK:1099 Earnings and Revenue Growth November 19th 2025</p>
<div class="lb-trans"><p>SEHK:1099 收益和收入增长 2025 年 11 月 19 日</p>
</div><p>It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. You can see what analysts are predicting for Sinopharm Group in this <strong>interactive</strong> graph of future profit estimates.</p>
<div class="lb-trans"><p>值得注意的是，首席执行官的薪酬低于同类公司中的中位数。但虽然首席执行官的薪酬总是值得关注，真正重要的问题是公司是否能够在未来实现收益增长。你可以在这个 <strong>互动</strong> 图表中查看分析师对国药控股未来利润的预测。</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. We note that for Sinopharm Group the TSR over the last 3 years was 34%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!</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。我们注意到，国药控股在过去三年的 TSR 为 34%，这比上述的股价回报要好。这主要得益于其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Sinopharm Group shareholders gained a total return of 2.7% during the year. But that was short of the market average. On the bright side, the longer term returns (running at about 6% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. <strong>We've identified 1 warning sign</strong> with Sinopharm Group , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>国药控股的股东在这一年中获得了 2.7% 的总回报。但这低于市场平均水平。好消息是，长期回报（约为每年 6%，持续了五年多）看起来更好。尽管股价上涨放缓，但业务仍有可能继续出色执行。虽然考虑市场条件对股价的不同影响是非常值得的，但还有其他因素更为重要。例如，投资风险的无处不在的阴影。<strong>我们发现国药控股有 1 个警示信号</strong>，理解这些信号应该是你投资过程的一部分。</p>
</div><p>Of course, <strong>you might find a fantastic investment by looking elsewhere.</strong> So take a peek at this <strong>free</strong> list of companies we expect will grow earnings.</p>
<div class="lb-trans"><p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以看看这个我们预计将会增长收益的 <strong>免费</strong> 公司名单。</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>

如果三年前投资国药控股（HKG:1099），您将获得 34% 的收益