<p><strong>Elders Limited</strong>（ASX:ELD）刚刚公布了一些强劲的收益，市场对此做出了相应反应，股价健康上涨。然而，我们的分析表明，股东可能忽视了一些因素，这些因素表明收益结果并没有看起来那么好。</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>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877656-earnings-and-revenue-history-1-dark-2/1763936725627?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/877656-earnings-and-revenue-history-1-dark-2/1763936725627"/></p>
<p>ASX:ELD 收益和收入历史 2025 年 11 月 23 日</p>
<p>为了理解每股回报的潜力，考虑公司稀释股东的程度至关重要。Elders 在过去一年中增加了 35% 的发行股份。因此，每股现在获得的利润份额更小。庆祝净收入而忽视稀释，就像因为你拥有一片更大披萨的单独一片而欢欣鼓舞，却忽视了披萨现在被切成了更多的片数。点击此链接查看 Elders 的历史每股收益增长。</p>
<h2>看看 Elders 稀释对每股收益（EPS）的影响</h2>
<p>Elders 的净利润在过去三年中每年下降了 69%。好消息是，在过去的十二个月中，它的利润增长了 12%。但每股收益在此期间下降了 5.0%，这使得其表现远不如人意。这是一个很好的例子，说明仅依赖净收入作为增长指标是相当不明智的。因此，你可以清楚地看到，稀释对股东产生了相当显著的影响。</p>
<p>从长远来看，如果 Elders 的每股收益能够增加，那么股价也应该会上涨。然而，如果其利润增加而每股收益保持平稳（甚至下降），那么股东可能不会看到太多好处。对于普通的散户股东来说，每股收益是检查你在公司利润中假设 “份额” 的一个很好的指标。</p>
<p>这可能会让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
<h2>非常规项目如何影响利润？</h2>
<p>除了稀释，我们还应该考虑去年非常规项目对利润的 4200 万澳元影响，这抑制了利润。看到非常规项目使公司利润受损并不是什么好事，但从积极的一面来看，情况可能会比预期更快改善。当我们分析全球绝大多数上市公司时，我们发现重大非常规项目通常不会重复。而且，毕竟，这正是会计术语所暗示的。假设这些非常规费用不会再次出现，我们因此预计 Elders 明年会产生更高的利润，其他条件不变。</p>
<h2>我们对 Elders 利润表现的看法</h2>
<p>总而言之，Elders 受到非常规项目的影响，导致其利润下降；如果没有这些影响，它本可以赚更多的钱。但不幸的是，稀释意味着股东现在拥有公司更小的比例（假设他们保持相同的股份数量）。这将对每股收益产生压力，即使在净收入中没有反映出来。考虑到这些因素，我们认为 Elders 的法定利润并没有对业务给出过于严厉的看法。因此，如果你想更深入地了解这只股票，考虑它面临的任何风险至关重要。为此，我们发现了 <strong>3 个警告信号</strong>（其中 2 个是重要的！），你在购买 Elders 的任何股份之前应该了解。</p>
<p>我们对 Elders 的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。但如果你能够专注于细节，总是有更多的发现。有些人认为高股本回报率是优质企业的良好标志。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>

<p>Elders Limited（ASX:ELD）报告了强劲的收益，推动了其股价上涨。然而，股东稀释和 4200 万澳元的异常项目对利润产生了影响。在过去一年中，股价上涨了 35%，导致每股利润减少。净利润在过去一年增长了 12%，但在过去三年中年均下降了 69%。每股收益去年下降了 5%，突显了稀释的影响。异常项目抑制了利润，但如果不再出现，利润可能会回升。尽管存在这些问题，Elders 的法定利润并不算过于严峻。投资者在购买股票之前应考虑风险，包括三个警示信号</p>

<p><strong>Elders Limited</strong> (ASX:ELD) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, our analysis suggests that shareholders may be missing some factors that indicate the earnings result was not as good as it looked.</p>
<div class="lb-trans"><p><strong>Elders Limited</strong>（ASX:ELD）刚刚公布了一些强劲的收益，市场对此做出了相应反应，股价健康上涨。然而，我们的分析表明，股东可能忽视了一些因素，这些因素表明收益结果并没有看起来那么好。</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><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877656-earnings-and-revenue-history-1-dark-2/1763936725627" alt="" original-src="https://images.simplywall.st/asset/chart/877656-earnings-and-revenue-history-1-dark-2/1763936725627"/></p>
<p>ASX:ELD Earnings and Revenue History November 23rd 2025</p>
<div class="lb-trans"><p>ASX:ELD 收益和收入历史 2025 年 11 月 23 日</p>
</div><p>In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. Elders expanded the number of shares on issue by 35% over the last year. Therefore, each share now receives a smaller portion of profit. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. Check out Elders' historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>为了理解每股回报的潜力，考虑公司稀释股东的程度至关重要。Elders 在过去一年中增加了 35% 的发行股份。因此，每股现在获得的利润份额更小。庆祝净收入而忽视稀释，就像因为你拥有一片更大披萨的单独一片而欢欣鼓舞，却忽视了披萨现在被切成了更多的片数。点击此链接查看 Elders 的历史每股收益增长。</p>
</div><h2>A Look At The Impact Of Elders' Dilution On Its Earnings Per Share (EPS)</h2>
<div class="lb-trans"><h2>看看 Elders 稀释对每股收益（EPS）的影响</h2>
</div><p>Elders' net profit dropped by 69% per year over the last three years. On the bright side, in the last twelve months it grew profit by 12%. But EPS was far less impressive, dropping 5.0% in that time. This is a great example of why it's rather imprudent to rely only on net income as a growth measure. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders.</p>
<div class="lb-trans"><p>Elders 的净利润在过去三年中每年下降了 69%。好消息是，在过去的十二个月中，它的利润增长了 12%。但每股收益在此期间下降了 5.0%，这使得其表现远不如人意。这是一个很好的例子，说明仅依赖净收入作为增长指标是相当不明智的。因此，你可以清楚地看到，稀释对股东产生了相当显著的影响。</p>
</div><p>In the long term, if Elders' earnings <em>per share</em> can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical &#34;share&#34; of the company's profit.</p>
<div class="lb-trans"><p>从长远来看，如果 Elders 的每股收益能够增加，那么股价也应该会上涨。然而，如果其利润增加而每股收益保持平稳（甚至下降），那么股东可能不会看到太多好处。对于普通的散户股东来说，每股收益是检查你在公司利润中假设 “份额” 的一个很好的指标。</p>
</div><p>That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.</p>
<div class="lb-trans"><p>这可能会让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>非常规项目如何影响利润？</h2>
</div><p>On top of the dilution, we should also consider the AU$42m impact of unusual items in the last year, which had the effect of suppressing profit. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Elders to produce a higher profit next year, all else being equal.</p>
<div class="lb-trans"><p>除了稀释，我们还应该考虑去年非常规项目对利润的 4200 万澳元影响，这抑制了利润。看到非常规项目使公司利润受损并不是什么好事，但从积极的一面来看，情况可能会比预期更快改善。当我们分析全球绝大多数上市公司时，我们发现重大非常规项目通常不会重复。而且，毕竟，这正是会计术语所暗示的。假设这些非常规费用不会再次出现，我们因此预计 Elders 明年会产生更高的利润，其他条件不变。</p>
</div><h2>Our Take On Elders' Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Elders 利润表现的看法</h2>
</div><p>To sum it all up, Elders took a hit from unusual items which pushed its profit down; without that, it would have made more money. But unfortunately the dilution means that shareholders now own a smaller proportion of the company (assuming they maintained the same number of shares). That will weigh on earnings per share, even if it is not reflected in net income. Having considered these factors, we don't think Elders' statutory profits give an overly harsh view of the business. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. To help with this, we've discovered <strong>3 warning signs</strong> (2 are significant!) that you ought to be aware of before buying any shares in Elders.</p>
<div class="lb-trans"><p>总而言之，Elders 受到非常规项目的影响，导致其利润下降；如果没有这些影响，它本可以赚更多的钱。但不幸的是，稀释意味着股东现在拥有公司更小的比例（假设他们保持相同的股份数量）。这将对每股收益产生压力，即使在净收入中没有反映出来。考虑到这些因素，我们认为 Elders 的法定利润并没有对业务给出过于严厉的看法。因此，如果你想更深入地了解这只股票，考虑它面临的任何风险至关重要。为此，我们发现了 <strong>3 个警告信号</strong>（其中 2 个是重要的！），你在购买 Elders 的任何股份之前应该了解。</p>
</div><p>Our examination of Elders has focussed on certain factors that can make its earnings look better than they are. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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>我们对 Elders 的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。但如果你能够专注于细节，总是有更多的发现。有些人认为高股本回报率是优质企业的良好标志。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票列表。</p>
</div>

Elders（ASX:ELD）的稳固利润背后基础薄弱