<p>在过去三个月中，Onewo（HKG:2602）的股价下跌了 13%，这使得人们很容易忽视它。市场似乎完全忽视了公司基本面的积极方面，决定更多地关注负面因素。基本面通常决定市场结果，因此研究公司的财务状况是有意义的。在本文中，我们决定重点关注 Onewo 的股本回报率（ROE）。</p>
<p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。换句话说，它揭示了公司将股东投资转化为利润的成功程度。</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>ROE 是如何计算的？</h2>
<p><strong>股本回报率的公式</strong> 是：</p>
<p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
<p>因此，根据上述公式，Onewo 的 ROE 为：</p>
<p>8.0% = CN¥1.3b ÷ CN¥16b（基于截至 2025 年 6 月的过去十二个月）。</p>
<p>“回报” 是年度利润。这意味着每 HK$1 的股东权益，公司产生了 HK$0.08 的利润。</p>
<p>查看我们对 Onewo 的最新分析</p>
<h2>为什么 ROE 对盈利增长很重要？</h2>
<p>到目前为止，我们了解到 ROE 衡量公司产生利润的效率。根据公司再投资或 “保留” 的利润多少，以及其效率如何，我们能够评估公司的盈利增长潜力。假设其他条件相同，具有更高股本回报率和更高利润保留的公司通常比没有相同特征的公司具有更高的增长率。</p>
<h2>Onewo 的盈利增长和 8.0% 的 ROE</h2>
<p>乍一看，Onewo 的 ROE 似乎并不那么吸引人。然而，其 ROE 明显高于行业平均水平 3.7% 这一事实并没有被我们忽视。但考虑到 Onewo 在过去五年中净收入下降了 5.3%，我们可能会重新考虑这一点。请记住，公司的 ROE 起初就有点低，只是高于行业平均水平。因此，这可能是导致盈利增长萎缩的因素之一。</p>
<p>从行业在同一时期报告的 4.5% 的下降中，我们推断 Onewo 及其行业的萎缩速度相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984?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/1801044346-past-earnings-growth-1-dark-2/1763680585984"/></p>
<p>SEHK:2602 过去的盈利增长 2025 年 11 月 20 日</p>
<p>对公司的估值在很大程度上与其盈利增长相关。投资者应尝试确定预期的盈利增长或下降，无论是哪种情况，是否已被定价。通过这样做，他们将对股票是否进入了清澈的水域或是否面临泥泞的水域有一个了解。如果你想了解 Onewo 的估值，请查看其与行业相比的市盈率指标。</p>
<h2>Onewo 是否有效利用其利润？</h2>
<p>Onewo 的三年中位数派息比率为 78%（即保留 22% 的利润）。这表明公司将大部分利润作为股息支付给股东。这在一定程度上解释了其盈利为何萎缩。由于剩余的资金很少用于再投资，盈利增长几乎不太可能。你可以通过访问我们平台上的 <strong>风险仪表板</strong>，查看我们为 Onewo 识别的两个风险。</p>
<p>此外，Onewo 已经连续三年支付股息，这是一段相当长的时间，表明管理层必须认为股东更喜欢稳定的股息，尽管盈利在萎缩。通过研究最新的分析师共识数据，我们发现预计公司在未来三年将继续支付约 73% 的利润。然而，尽管预计其派息比率没有变化，Onewo 的 ROE 预计将上升至 13%。</p>
<h2>结论</h2>
<p>总体而言，我们对 Onewo 的表现有些犹豫。具体来说，低盈利增长令人担忧，尤其是考虑到公司有着可观的回报率。如果公司能更多地再投资其盈利，投资者可能会受益。如前所述，公司保留的利润比例很小。尽管如此，最新的行业分析师预测显示，分析师们预计公司的盈利增长率将大幅改善。这些分析师的预期是基于行业的广泛预期，还是基于公司的基本面？点击这里查看我们对该公司的分析师预测页面。</p>

万物云

<p>万物云的股票在过去三个月中下跌了 13%，这可能与其财务数据不佳有关。该公司的净资产收益率（ROE）为 8.0%，高于行业平均水平的 3.7%，但其净收入在过去五年中下降了 5.3%。万物云的派息比率高达 78%，留给再投资的资金很少，这可能解释了其盈利的萎缩。分析师预计，如果派息比率不变，该公司的 ROE 将上升至 13%，这表明盈利增长有潜在改善的可能</p>

<p>With its stock down 13% over the past three months, it is easy to disregard Onewo (HKG:2602). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Onewo's ROE.</p>
<div class="lb-trans"><p>在过去三个月中，Onewo（HKG:2602）的股价下跌了 13%，这使得人们很容易忽视它。市场似乎完全忽视了公司基本面的积极方面，决定更多地关注负面因素。基本面通常决定市场结果，因此研究公司的财务状况是有意义的。在本文中，我们决定重点关注 Onewo 的股本回报率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. Put another way, it reveals the company's success at turning shareholder investments into profits.</p>
<div class="lb-trans"><p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。换句话说，它揭示了公司将股东投资转化为利润的成功程度。</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>How Is ROE Calculated?</h2>
<div class="lb-trans"><h2>ROE 是如何计算的？</h2>
</div><p>The <strong>formula for return on equity</strong> is:</p>
<div class="lb-trans"><p><strong>股本回报率的公式</strong> 是：</p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
</div><p>So, based on the above formula, the ROE for Onewo is:</p>
<div class="lb-trans"><p>因此，根据上述公式，Onewo 的 ROE 为：</p>
</div><p>8.0% = CN¥1.3b ÷ CN¥16b (Based on the trailing twelve months to June 2025).</p>
<div class="lb-trans"><p>8.0% = CN¥1.3b ÷ CN¥16b（基于截至 2025 年 6 月的过去十二个月）。</p>
</div><p>The 'return' is the yearly profit. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.08 in profit.</p>
<div class="lb-trans"><p>“回报” 是年度利润。这意味着每 HK$1 的股东权益，公司产生了 HK$0.08 的利润。</p>
</div><p>View our latest analysis for Onewo</p>
<div class="lb-trans"><p>查看我们对 Onewo 的最新分析</p>
</div><h2>Why Is ROE Important For Earnings Growth?</h2>
<div class="lb-trans"><h2>为什么 ROE 对盈利增长很重要？</h2>
</div><p>Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or &#34;retains&#34;, and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.</p>
<div class="lb-trans"><p>到目前为止，我们了解到 ROE 衡量公司产生利润的效率。根据公司再投资或 “保留” 的利润多少，以及其效率如何，我们能够评估公司的盈利增长潜力。假设其他条件相同，具有更高股本回报率和更高利润保留的公司通常比没有相同特征的公司具有更高的增长率。</p>
</div><h2>Onewo's Earnings Growth And 8.0% ROE</h2>
<div class="lb-trans"><h2>Onewo 的盈利增长和 8.0% 的 ROE</h2>
</div><p>When you first look at it, Onewo's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 3.7% doesn't go unnoticed by us. But seeing Onewo's five year net income decline of 5.3% over the past five years, we might rethink that. Remember, the company's ROE is a bit low to begin with, just that it is higher than the industry average. So that could be one of the factors that are causing earnings growth to shrink.</p>
<div class="lb-trans"><p>乍一看，Onewo 的 ROE 似乎并不那么吸引人。然而，其 ROE 明显高于行业平均水平 3.7% 这一事实并没有被我们忽视。但考虑到 Onewo 在过去五年中净收入下降了 5.3%，我们可能会重新考虑这一点。请记住，公司的 ROE 起初就有点低，只是高于行业平均水平。因此，这可能是导致盈利增长萎缩的因素之一。</p>
</div><p>From the 4.5% decline reported by the industry in the same period, we infer that Onewo and its industry are both shrinking at a similar rate.</p>
<div class="lb-trans"><p>从行业在同一时期报告的 4.5% 的下降中，我们推断 Onewo 及其行业的萎缩速度相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984" alt="" original-src="https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984"/></p>
<p>SEHK:2602 Past Earnings Growth November 20th 2025</p>
<div class="lb-trans"><p>SEHK:2602 过去的盈利增长 2025 年 11 月 20 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Onewo's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.</p>
<div class="lb-trans"><p>对公司的估值在很大程度上与其盈利增长相关。投资者应尝试确定预期的盈利增长或下降，无论是哪种情况，是否已被定价。通过这样做，他们将对股票是否进入了清澈的水域或是否面临泥泞的水域有一个了解。如果你想了解 Onewo 的估值，请查看其与行业相比的市盈率指标。</p>
</div><h2>Is Onewo Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>Onewo 是否有效利用其利润？</h2>
</div><p>Onewo has a high three-year median payout ratio of 78% (that is, it is retaining 22% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only very little left to reinvest into the business, growth in earnings is far from likely. You can see the 2 risks we have identified for Onewo by visiting our <strong>risks dashboard</strong> for free on our platform here.</p>
<div class="lb-trans"><p>Onewo 的三年中位数派息比率为 78%（即保留 22% 的利润）。这表明公司将大部分利润作为股息支付给股东。这在一定程度上解释了其盈利为何萎缩。由于剩余的资金很少用于再投资，盈利增长几乎不太可能。你可以通过访问我们平台上的 <strong>风险仪表板</strong>，查看我们为 Onewo 识别的两个风险。</p>
</div><p>Moreover, Onewo has been paying dividends for three years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 73% of its profits over the next three years. However, Onewo's ROE is predicted to rise to 13% despite there being no anticipated change in its payout ratio.</p>
<div class="lb-trans"><p>此外，Onewo 已经连续三年支付股息，这是一段相当长的时间，表明管理层必须认为股东更喜欢稳定的股息，尽管盈利在萎缩。通过研究最新的分析师共识数据，我们发现预计公司在未来三年将继续支付约 73% 的利润。然而，尽管预计其派息比率没有变化，Onewo 的 ROE 预计将上升至 13%。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>In total, we're a bit ambivalent about Onewo's performance. Specifically, the low earnings growth is a bit concerning, especially given that the company has a respectable rate of return. Investors may have benefitted, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.</p>
<div class="lb-trans"><p>总体而言，我们对 Onewo 的表现有些犹豫。具体来说，低盈利增长令人担忧，尤其是考虑到公司有着可观的回报率。如果公司能更多地再投资其盈利，投资者可能会受益。如前所述，公司保留的利润比例很小。尽管如此，最新的行业分析师预测显示，分析师们预计公司的盈利增长率将大幅改善。这些分析师的预期是基于行业的广泛预期，还是基于公司的基本面？点击这里查看我们对该公司的分析师预测页面。</p>
</div>

万物云公司（HKG:2602）混合的财务状况是否导致其在股市上的表现低迷？