<p>日本烟草（TSE:2914）在股市上表现出色，过去三个月股价上涨了显著的 20%。众所周知，基本面通常是指导市场价格长期波动的因素，因此我们决定今天查看公司的关键财务指标，以确定它们在最近的价格波动中是否发挥了作用。在本文中，我们决定重点关注日本烟草的股本回报率（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>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<h2>如何计算股本回报率？</h2>
<p><strong>股本回报率可以通过以下公式计算：</strong></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，日本烟草的 ROE 为：</p>
<p>13% = JP¥5400 亿 ÷ JP¥4.2 万亿（基于截至 2025 年 9 月的过去十二个月）。</p>
<p>“回报” 是年度利润。可以这样理解：对于每 1 日元的股东资本，公司赚取了 0.13 日元的利润。</p>
<p>查看我们对日本烟草的最新分析</p>
<h2>ROE 与盈利增长有什么关系？</h2>
<p>我们已经确定，ROE 作为公司未来盈利的有效利润生成指标。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。一般来说，其他条件相同，具有高股本回报率和利润保留的公司，其增长率高于不具备这些特征的公司。</p>
<h2>日本烟草的盈利增长与 13% ROE</h2>
<p>乍一看，日本烟草似乎拥有不错的 ROE。然而，公司的 ROE 低于行业平均水平 18% 这一事实，确实降低了我们的预期。此外，日本烟草过去五年的净收入增长为 4.7%，处于较低水平。请记住，该公司的 ROE 水平是相当可观的，只是行业的 ROE 更高。因此，盈利增长低可能还有其他原因，包括低盈利保留或资本配置不当。</p>
<p>接下来，在比较日本烟草的净收入增长与行业时，我们发现公司的报告增长与过去几年行业平均增长率 4.7% 相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/878471-past-earnings-growth-1-dark-2/1765150402454?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/878471-past-earnings-growth-1-dark-2/1765150402454"/></p>
<p>TSE:2914 过去的盈利增长 2025 年 12 月 7 日</p>
<p>盈利增长是股票估值的一个重要因素。投资者需要知道市场是否已经考虑了公司的预期盈利增长（或下降）。通过这样做，他们将能够判断股票是否进入了清澈的水域，或者是否面临泥泞的水域。今天 2914 的价值是多少？我们免费研究报告中的内在价值信息图帮助可视化 2914 当前是否被市场错误定价。</p>
<h2>日本烟草是否有效利用其保留收益？</h2>
<p>日本烟草在过去三年中高达 72% 的三年中位数派息比率（即公司仅保留 28% 的收入）表明，该公司的盈利增长较低，原因在于支付了大部分盈利。</p>
<p>此外，日本烟草在至少十年的时间里支付了股息，这意味着公司的管理层决心支付股息，即使这意味着几乎没有盈利增长。</p>
<h2>结论</h2>
<p>总体来看，日本烟草似乎在其业务中有一些积极的方面。虽然毫无疑问其盈利增长相当不错，但我们确实认为再投资率相当低。这意味着，如果公司保留更多利润，盈利增长的数字可能会显著更高。尽管如此，最新的分析师预测显示，该公司将继续看到盈利的扩张。要了解更多关于公司未来盈利增长预测的信息，请查看这份 <strong>免费</strong> 的分析师预测报告，以获取更多信息。</p>

日本烟草

<p>日本烟草（TSE:2914）的股票在过去三个月上涨了 20%。本文探讨了财务指标，特别是股本回报率（ROE），是否影响了这一上涨。日本烟草的 ROE 为 13%，低于行业平均水平的 18%。尽管盈利增长良好，但公司的高分红比率表明再投资有限，这可能会影响增长。分析师预测盈利将继续扩张，但再投资仍然是一个问题</p>

<p>Japan Tobacco (TSE:2914) has had a great run on the share market with its stock up by a significant 20% over the last three months. As most would know, fundamentals are what usually guide market price movements over the long-term, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. In this article, we decided to focus on Japan Tobacco's ROE.</p>
<div class="lb-trans"><p>日本烟草（TSE:2914）在股市上表现出色，过去三个月股价上涨了显著的 20%。众所周知，基本面通常是指导市场价格长期波动的因素，因此我们决定今天查看公司的关键财务指标，以确定它们在最近的价格波动中是否发挥了作用。在本文中，我们决定重点关注日本烟草的股本回报率（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>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><h2>How Do You Calculate Return On Equity?</h2>
<div class="lb-trans"><h2>如何计算股本回报率？</h2>
</div><p><strong>Return on equity can be calculated by using the formula:</strong></p>
<div class="lb-trans"><p><strong>股本回报率可以通过以下公式计算：</strong></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 Japan Tobacco is:</p>
<div class="lb-trans"><p>因此，根据上述公式，日本烟草的 ROE 为：</p>
</div><p>13% = JP¥540b ÷ JP¥4.2t (Based on the trailing twelve months to September 2025).</p>
<div class="lb-trans"><p>13% = JP¥5400 亿 ÷ JP¥4.2 万亿（基于截至 2025 年 9 月的过去十二个月）。</p>
</div><p>The 'return' is the yearly profit. One way to conceptualize this is that for each ¥1 of shareholders' capital it has, the company made ¥0.13 in profit.</p>
<div class="lb-trans"><p>“回报” 是年度利润。可以这样理解：对于每 1 日元的股东资本，公司赚取了 0.13 日元的利润。</p>
</div><p>Check out our latest analysis for Japan Tobacco</p>
<div class="lb-trans"><p>查看我们对日本烟草的最新分析</p>
</div><h2>What Has ROE Got To Do With Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 与盈利增长有什么关系？</h2>
</div><p>We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or &#34;retain&#34;, we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.</p>
<div class="lb-trans"><p>我们已经确定，ROE 作为公司未来盈利的有效利润生成指标。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。一般来说，其他条件相同，具有高股本回报率和利润保留的公司，其增长率高于不具备这些特征的公司。</p>
</div><h2>Japan Tobacco's Earnings Growth And 13% ROE</h2>
<div class="lb-trans"><h2>日本烟草的盈利增长与 13% ROE</h2>
</div><p>At first glance, Japan Tobacco seems to have a decent ROE. Yet, the fact that the company's ROE is lower than the industry average of 18% does temper our expectations. Further, Japan Tobacco's five year net income growth of 4.7% is on the lower side. Bear in mind, the company does have a respectable level of ROE. It is just that the industry ROE is higher. So there might be other reasons for the earnings growth to be low. These include low earnings retention or poor capital allocation.</p>
<div class="lb-trans"><p>乍一看，日本烟草似乎拥有不错的 ROE。然而，公司的 ROE 低于行业平均水平 18% 这一事实，确实降低了我们的预期。此外，日本烟草过去五年的净收入增长为 4.7%，处于较低水平。请记住，该公司的 ROE 水平是相当可观的，只是行业的 ROE 更高。因此，盈利增长低可能还有其他原因，包括低盈利保留或资本配置不当。</p>
</div><p>Next, on comparing Japan Tobacco's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 4.7% over the last few years.</p>
<div class="lb-trans"><p>接下来，在比较日本烟草的净收入增长与行业时，我们发现公司的报告增长与过去几年行业平均增长率 4.7% 相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/878471-past-earnings-growth-1-dark-2/1765150402454" alt="" original-src="https://images.simplywall.st/asset/chart/878471-past-earnings-growth-1-dark-2/1765150402454"/></p>
<p>TSE:2914 Past Earnings Growth December 7th 2025</p>
<div class="lb-trans"><p>TSE:2914 过去的盈利增长 2025 年 12 月 7 日</p>
</div><p>Earnings growth is a huge factor in stock valuation. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is 2914 worth today? The intrinsic value infographic in our free research report helps visualize whether 2914 is currently mispriced by the market.</p>
<div class="lb-trans"><p>盈利增长是股票估值的一个重要因素。投资者需要知道市场是否已经考虑了公司的预期盈利增长（或下降）。通过这样做，他们将能够判断股票是否进入了清澈的水域，或者是否面临泥泞的水域。今天 2914 的价值是多少？我们免费研究报告中的内在价值信息图帮助可视化 2914 当前是否被市场错误定价。</p>
</div><h2>Is Japan Tobacco Using Its Retained Earnings Effectively?</h2>
<div class="lb-trans"><h2>日本烟草是否有效利用其保留收益？</h2>
</div><p>The high three-year median payout ratio of 72% (that is, the company retains only 28% of its income) over the past three years for Japan Tobacco suggests that the company's earnings growth was lower as a result of paying out a majority of its earnings.</p>
<div class="lb-trans"><p>日本烟草在过去三年中高达 72% 的三年中位数派息比率（即公司仅保留 28% 的收入）表明，该公司的盈利增长较低，原因在于支付了大部分盈利。</p>
</div><p>Additionally, Japan Tobacco has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth.</p>
<div class="lb-trans"><p>此外，日本烟草在至少十年的时间里支付了股息，这意味着公司的管理层决心支付股息，即使这意味着几乎没有盈利增长。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>In total, it does look like Japan Tobacco has some positive aspects to its business. While no doubt its earnings growth is pretty decent, we do feel that the reinvestment rate is pretty low. Meaning, the earnings growth number could have been significantly higher, had the company been retaining more of its profits. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the company's future earnings growth forecasts take a look at this <strong>free</strong> report on analyst forecasts for the company to find out more.</p>
<div class="lb-trans"><p>总体来看，日本烟草似乎在其业务中有一些积极的方面。虽然毫无疑问其盈利增长相当不错，但我们确实认为再投资率相当低。这意味着，如果公司保留更多利润，盈利增长的数字可能会显著更高。尽管如此，最新的分析师预测显示，该公司将继续看到盈利的扩张。要了解更多关于公司未来盈利增长预测的信息，请查看这份 <strong>免费</strong> 的分析师预测报告，以获取更多信息。</p>
</div>

日本烟草公司（TSE:2914）的财务状况是否在近期推动其股价上涨中起到了作用？