<p><strong>Zenitaka Corporation</strong>（东京证券交易所代码：1811）强劲的财报并未能推动其股价上涨。我们的分析表明，股东们在数据中发现了一些令人担忧的迹象。</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/876178-earnings-and-revenue-history-1-dark-2/1763680381518?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/876178-earnings-and-revenue-history-1-dark-2/1763680381518"/></p>
<p>东京证券交易所：1811 收益和收入历史 2025 年 11 月 20 日</p>
<h2>深入分析 Zenitaka 的收益</h2>
<p>正如金融爱好者所知，<strong>现金流的应计比率</strong> 是评估公司自由现金流（FCF）与利润匹配程度的关键指标。通俗来说，这个比率是将 FCF 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。你可以将现金流的应计比率视为 “非 FCF 利润比率”。</p>
<p>因此，当一家公司有负的应计比率时，实际上被视为一件好事，而如果其应计比率为正则被视为坏事。虽然应计比率高于零并不令人担忧，但我们认为当一家公司有相对较高的应计比率时，值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
<p>截至 2025 年 9 月的 12 个月内，Zenitaka 的应计比率为 0.32。因此，我们知道其自由现金流显著低于法定利润，这引发了对该利润数字实际有多有用的质疑。尽管报告了 JP¥41 亿的利润，但自由现金流的数据显示，实际上在过去一年中烧掉了 JP¥320 亿。在经历了去年的负自由现金流后，我们想象一些股东可能会怀疑今年 JP¥320 亿的现金消耗是否意味着高风险。话虽如此，事情还有更多的细节。应计比率反映了异常项目对法定利润的影响，至少在某种程度上。</p>
<p>查看我们对 Zenitaka 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 Zenitaka 的资产负债表分析。</p>
<h2>异常项目如何影响利润？</h2>
<p>Zenitaka 的利润受到异常项目的影响，导致过去 12 个月的利润减少了 JP¥8.5 亿。如果这是一项非现金费用，它将使应计比率改善，如果现金流保持强劲，因此与不令人振奋的应计比率结合在一起并不理想。虽然由于异常项目的扣除在第一时间是令人失望的，但也有一线希望。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目往往不会重复。这并不奇怪，因为这些项目被视为异常。假设这些异常费用不会再次出现，我们因此预计 Zenitaka 明年会产生更高的利润，其他条件不变。</p>
<h2>我们对 Zenitaka 利润表现的看法</h2>
<p>总之，Zenitaka 的应计比率表明其法定收益并未得到现金流的支持，尽管异常项目对利润造成了压力。基于这些因素，我们认为 Zenitaka 的法定利润看起来远比实际情况弱的可能性非常小。请记住，在分析股票时，值得注意相关风险。我们的分析显示 <strong>Zenitaka 有 3 个警告信号</strong>（其中 2 个是重要的！），我们强烈建议您在投资前查看这些信号。</p>
<p>在本文中，我们考察了多种可能影响利润数字作为商业指南的因素。但还有许多其他方式可以帮助您了解一家公司。例如，许多人认为高股本回报率是良好商业经济的指标，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。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，或这份内部持股比例高的股票列表。</p>

1811

<p>Zenitaka Corporation 的财报未对其股价产生影响，原因在于其应计比率引发了担忧，这表明自由现金流显著低于法定利润。该公司报告的利润为 41 亿日元，但现金消耗达 320 亿日元。异常项目使利润减少了 8.5 亿日元，这表明如果这些费用不再发生，未来可能会有更高的利润。建议投资者在投资前考虑资产负债表的强度和警示信号</p>

<p><strong>The Zenitaka Corporation's</strong> (TSE:1811) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.</p>
<div class="lb-trans"><p><strong>Zenitaka Corporation</strong>（东京证券交易所代码：1811）强劲的财报并未能推动其股价上涨。我们的分析表明，股东们在数据中发现了一些令人担忧的迹象。</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/876178-earnings-and-revenue-history-1-dark-2/1763680381518" alt="" original-src="https://images.simplywall.st/asset/chart/876178-earnings-and-revenue-history-1-dark-2/1763680381518"/></p>
<p>TSE:1811 Earnings and Revenue History November 20th 2025</p>
<div class="lb-trans"><p>东京证券交易所：1811 收益和收入历史 2025 年 11 月 20 日</p>
</div><h2>A Closer Look At Zenitaka's Earnings</h2>
<div class="lb-trans"><h2>深入分析 Zenitaka 的收益</h2>
</div><p>As finance nerds would already know, the <strong>accrual ratio from cashflow</strong> is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.</p>
<div class="lb-trans"><p>正如金融爱好者所知，<strong>现金流的应计比率</strong> 是评估公司自由现金流（FCF）与利润匹配程度的关键指标。通俗来说，这个比率是将 FCF 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。你可以将现金流的应计比率视为 “非 FCF 利润比率”。</p>
</div><p>Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>因此，当一家公司有负的应计比率时，实际上被视为一件好事，而如果其应计比率为正则被视为坏事。虽然应计比率高于零并不令人担忧，但我们认为当一家公司有相对较高的应计比率时，值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
</div><p>Over the twelve months to September 2025, Zenitaka recorded an accrual ratio of 0.32. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of JP¥4.10b, a look at free cash flow indicates it actually burnt through JP¥32b in the last year. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of JP¥32b, this year, indicates high risk. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.</p>
<div class="lb-trans"><p>截至 2025 年 9 月的 12 个月内，Zenitaka 的应计比率为 0.32。因此，我们知道其自由现金流显著低于法定利润，这引发了对该利润数字实际有多有用的质疑。尽管报告了 JP¥41 亿的利润，但自由现金流的数据显示，实际上在过去一年中烧掉了 JP¥320 亿。在经历了去年的负自由现金流后，我们想象一些股东可能会怀疑今年 JP¥320 亿的现金消耗是否意味着高风险。话虽如此，事情还有更多的细节。应计比率反映了异常项目对法定利润的影响，至少在某种程度上。</p>
</div><p>See our latest analysis for Zenitaka</p>
<div class="lb-trans"><p>查看我们对 Zenitaka 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 Zenitaka.</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 Zenitaka 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>Zenitaka's profit suffered from unusual items, which reduced profit by JP¥850m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Zenitaka to produce a higher profit next year, all else being equal.</p>
<div class="lb-trans"><p>Zenitaka 的利润受到异常项目的影响，导致过去 12 个月的利润减少了 JP¥8.5 亿。如果这是一项非现金费用，它将使应计比率改善，如果现金流保持强劲，因此与不令人振奋的应计比率结合在一起并不理想。虽然由于异常项目的扣除在第一时间是令人失望的，但也有一线希望。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目往往不会重复。这并不奇怪，因为这些项目被视为异常。假设这些异常费用不会再次出现，我们因此预计 Zenitaka 明年会产生更高的利润，其他条件不变。</p>
</div><h2>Our Take On Zenitaka's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Zenitaka 利润表现的看法</h2>
</div><p>In conclusion, Zenitaka's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Based on these factors, we think it's very unlikely that Zenitaka's statutory profits make it seem much weaker than it is. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows <strong>3 warning signs for Zenitaka</strong> (2 are significant!) and we strongly recommend you look at them before investing.</p>
<div class="lb-trans"><p>总之，Zenitaka 的应计比率表明其法定收益并未得到现金流的支持，尽管异常项目对利润造成了压力。基于这些因素，我们认为 Zenitaka 的法定利润看起来远比实际情况弱的可能性非常小。请记住，在分析股票时，值得注意相关风险。我们的分析显示 <strong>Zenitaka 有 3 个警告信号</strong>（其中 2 个是重要的！），我们强烈建议您在投资前查看这些信号。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. 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>在本文中，我们考察了多种可能影响利润数字作为商业指南的因素。但还有许多其他方式可以帮助您了解一家公司。例如，许多人认为高股本回报率是良好商业经济的指标，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。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，或这份内部持股比例高的股票列表。</p>
</div>

我们认为 Zenitaka（TSE:1811）的收益存在一些潜在问题