<p>选股的主要目标是找到能够超越市场的股票。但即使是最优秀的选股者，也只能在某些选择中获胜。因此，我们不会责怪长期持有 <strong>保利置业集团</strong>（HKG:6049）股票的股东对持有决策产生怀疑，因为该股票在过去五年中下跌了 47%。</p>
<p>现在让我们来看看公司的基本面，看看长期股东的回报是否与基础业务的表现相匹配。</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>虽然市场是一个强大的定价机制，但股价反映的是投资者情绪，而不仅仅是基础业务表现。考虑市场对公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价的变动。</p>
<p>在股价下滑的这段不幸的五年期间，保利置业的每股收益（EPS）实际上每年改善了 18%。考虑到股价的反应，人们可能会怀疑在此期间 EPS 是否是业务表现的良好指标（可能是由于一次性的损失或收益）。或者，过去的增长预期可能是不合理的。</p>
<p>由于 EPS 增长与股价下跌之间缺乏相关性，值得查看其他指标以尝试理解股价的变动。</p>
<p>我们注意到股息保持健康，因此这并不能真正解释股价的下跌。我们尚不清楚为什么股价下跌，但进一步的研究可能会提供一些答案。</p>
<p>公司的收入和盈利（随着时间的推移）在下图中展示（点击查看具体数字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417?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/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417"/></p>
<p>SEHK:6049 收益和收入增长 2025 年 12 月 16 日</p>
<p>保利置业在投资者中广为人知，许多聪明的分析师试图预测未来的利润水平。因此，查看分析师对保利置业未来收益的看法（免费的分析师共识估计）是非常有意义的。</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，基于股息再投资的假设。因此，对于支付丰厚股息的公司，TSR 通常远高于股价回报。在保利置业的情况下，过去五年的 TSR 为-41%。这超过了我们之前提到的股价回报。这在很大程度上是由于其股息支付！</p>
<h2>不同的视角</h2>
<p>保利置业的股东在这一年中上涨了 13%（即使包括股息）。但这一回报仍低于市场。好的一面是，这仍然是一个收益，显然比过去五年每年约 7% 的损失要好。因此，这可能是业务扭转局面的迹象。长期跟踪股价表现总是很有趣。但要更好地理解保利置业，我们需要考虑许多其他因素。例如，我们已经识别出 <strong>保利置业的 1 个警告信号</strong>，您应该注意。</p>
<p>对于那些喜欢寻找 <strong>获胜投资</strong> 的人来说，这份 <strong>免费</strong> 的近期内部人士购买的被低估公司名单，可能正是您所需要的。</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>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

保利置业集团

<p>保利置业服务（HKG:6049）的股东在过去五年中经历了 41% 的总股东回报损失，尽管每股收益年均改善了 18%。股票价格的下跌并没有明显的基本面解释，因为股息依然健康。然而，股东今年获得了 13% 的收益，显示出潜在的复苏迹象</p>

<p>The main aim of stock picking is to find the market-beating stocks. But even the best stock picker will only win with <em>some</em> selections. So we wouldn't blame long term <strong>Poly Property Services Co., Ltd.</strong> (HKG:6049) shareholders for doubting their decision to hold, with the stock down 47% over a half decade.</p>
<div class="lb-trans"><p>选股的主要目标是找到能够超越市场的股票。但即使是最优秀的选股者，也只能在某些选择中获胜。因此，我们不会责怪长期持有 <strong>保利置业集团</strong>（HKG:6049）股票的股东对持有决策产生怀疑，因为该股票在过去五年中下跌了 47%。</p>
</div><p>Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.</p>
<div class="lb-trans"><p>现在让我们来看看公司的基本面，看看长期股东的回报是否与基础业务的表现相匹配。</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>While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.</p>
<div class="lb-trans"><p>虽然市场是一个强大的定价机制，但股价反映的是投资者情绪，而不仅仅是基础业务表现。考虑市场对公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价的变动。</p>
</div><p>During the unfortunate half decade during which the share price slipped, Poly Property Services actually saw its earnings per share (EPS) improve by 18% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.</p>
<div class="lb-trans"><p>在股价下滑的这段不幸的五年期间，保利置业的每股收益（EPS）实际上每年改善了 18%。考虑到股价的反应，人们可能会怀疑在此期间 EPS 是否是业务表现的良好指标（可能是由于一次性的损失或收益）。或者，过去的增长预期可能是不合理的。</p>
</div><p>Due to the lack of correlation between the EPS growth and the falling share price, it's worth taking a look at other metrics to try to understand the share price movement.</p>
<div class="lb-trans"><p>由于 EPS 增长与股价下跌之间缺乏相关性，值得查看其他指标以尝试理解股价的变动。</p>
</div><p>We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. It's not immediately clear to us why the stock price is down but further research might provide some answers.</p>
<div class="lb-trans"><p>我们注意到股息保持健康，因此这并不能真正解释股价的下跌。我们尚不清楚为什么股价下跌，但进一步的研究可能会提供一些答案。</p>
</div><p>The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的收入和盈利（随着时间的推移）在下图中展示（点击查看具体数字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417" alt="" original-src="https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417"/></p>
<p>SEHK:6049 Earnings and Revenue Growth December 16th 2025</p>
<div class="lb-trans"><p>SEHK:6049 收益和收入增长 2025 年 12 月 16 日</p>
</div><p>Poly Property Services is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. So it makes a lot of sense to check out what analysts think Poly Property Services will earn in the future (free analyst consensus estimates)</p>
<div class="lb-trans"><p>保利置业在投资者中广为人知，许多聪明的分析师试图预测未来的利润水平。因此，查看分析师对保利置业未来收益的看法（免费的分析师共识估计）是非常有意义的。</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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Poly Property Services, it has a TSR of -41% for the last 5 years. That exceeds its share price return that we previously mentioned. 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，基于股息再投资的假设。因此，对于支付丰厚股息的公司，TSR 通常远高于股价回报。在保利置业的情况下，过去五年的 TSR 为-41%。这超过了我们之前提到的股价回报。这在很大程度上是由于其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Poly Property Services shareholders are up 13% for the year (even including dividends). But that return falls short of the market. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 7% endured over half a decade. So this might be a sign the business has turned its fortunes around. It's always interesting to track share price performance over the longer term. But to understand Poly Property Services better, we need to consider many other factors. For instance, we've identified <strong>1 warning sign for Poly Property Services</strong> that you should be aware of.</p>
<div class="lb-trans"><p>保利置业的股东在这一年中上涨了 13%（即使包括股息）。但这一回报仍低于市场。好的一面是，这仍然是一个收益，显然比过去五年每年约 7% 的损失要好。因此，这可能是业务扭转局面的迹象。长期跟踪股价表现总是很有趣。但要更好地理解保利置业，我们需要考虑许多其他因素。例如，我们已经识别出 <strong>保利置业的 1 个警告信号</strong>，您应该注意。</p>
</div><p>For those who like to find <strong>winning investments</strong> this <strong>free</strong> list of undervalued companies with recent insider purchasing, could be just the ticket.</p>
<div class="lb-trans"><p>对于那些喜欢寻找 <strong>获胜投资</strong> 的人来说，这份 <strong>免费</strong> 的近期内部人士购买的被低估公司名单，可能正是您所需要的。</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>
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<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

保利物业服务（HKG:6049）的投资者在过去五年中不幸损失了 41% 的投资