<p><strong>维他奶国际控股有限公司</strong> (HKG:345) 最近发布的稳健盈利公告对股价影响不大。我们进行了一些深入研究，认为投资者忽视了基础数据中的一些积极因素。</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/878407-earnings-and-revenue-history-1-dark-2/1766181779389?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/878407-earnings-and-revenue-history-1-dark-2/1766181779389"/></p>
<p>SEHK:345 盈利和收入历史 2025 年 12 月 19 日</p>
<h2>检视维他奶国际控股的现金流与盈利</h2>
<p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司在特定时期内利润是否得到自由现金流（FCF）支持的有用指标。应计比率将特定时期的自由现金流从利润中减去，然后将结果除以该公司在此期间的平均运营资产。这个比率告诉我们公司利润中有多少部分没有得到自由现金流的支持。</p>
<p>因此，当公司有负的应计比率时，实际上被视为好事，而如果其应计比率为正则被视为坏事。虽然拥有正的应计比率并不成问题，表明存在一定水平的非现金利润，但高应计比率可以说是坏事，因为它表明纸面利润与现金流不匹配。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
<p>维他奶国际控股在截至 2025 年 9 月的年度应计比率为-0.15。这意味着它的现金转换能力非常好，且其去年盈利实际上显著低估了自由现金流。事实上，去年它的自由现金流为 5.75 亿港元，远高于其法定利润的 2.358 亿港元。维他奶国际控股的自由现金流在过去一年实际上有所下降，这令人失望，就像不可生物降解的气球一样。</p>
<p>这可能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>我们对维他奶国际控股盈利表现的看法</h2>
<p>维他奶国际控股的应计比率稳健，表明强劲的自由现金流，正如我们上面讨论的那样。因此，我们认为维他奶国际控股的盈利潜力至少与看起来一样好，甚至更好！此外，它在过去一年中成功地提高了每股收益。归根结底，如果你想正确理解公司，考虑的不仅仅是上述因素是至关重要的。显然，我们喜欢考虑历史数据来形成对公司的看法。但考虑其他分析师的预测也可能非常有价值。因此，欢迎查看我们代表分析师预测的免费图表。</p>
<p>今天我们聚焦于一个单一的数据点，以更好地理解维他奶国际控股的盈利性质。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。虽然这可能需要你进行一些研究，但你可能会发现这份 <strong>免费</strong> 的高股本回报率公司集合，或这份拥有显著内部持股的股票列表对你有帮助。</p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，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>代表 CiTech 赞助</p>

维他奶国际

<p>维他奶国际（HKG:345）报告了稳健的收益，但其股价保持不变。该公司的应计比率为-0.15，表明现金转换能力强，自由现金流为 5.75 亿港元，超过法定利润的 2.358 亿港元。尽管自由现金流有所下降，但由于每股收益（EPS）增长强劲，盈利潜力依然可观。投资者被鼓励考虑分析师的预测和历史数据，以全面了解公司的表现</p>

<p><strong>Vitasoy International Holdings Limited's</strong> (HKG:345) solid earnings announcement recently didn't do much to the stock price. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.</p>
<div class="lb-trans"><p><strong>维他奶国际控股有限公司</strong> (HKG:345) 最近发布的稳健盈利公告对股价影响不大。我们进行了一些深入研究，认为投资者忽视了基础数据中的一些积极因素。</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/878407-earnings-and-revenue-history-1-dark-2/1766181779389" alt="" original-src="https://images.simplywall.st/asset/chart/878407-earnings-and-revenue-history-1-dark-2/1766181779389"/></p>
<p>SEHK:345 Earnings and Revenue History December 19th 2025</p>
<div class="lb-trans"><p>SEHK:345 盈利和收入历史 2025 年 12 月 19 日</p>
</div><h2>Examining Cashflow Against Vitasoy International Holdings' Earnings</h2>
<div class="lb-trans"><h2>检视维他奶国际控股的现金流与盈利</h2>
</div><p>Many investors haven't heard of the <strong>accrual ratio from cashflow</strong>, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司在特定时期内利润是否得到自由现金流（FCF）支持的有用指标。应计比率将特定时期的自由现金流从利润中减去，然后将结果除以该公司在此期间的平均运营资产。这个比率告诉我们公司利润中有多少部分没有得到自由现金流的支持。</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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.</p>
<div class="lb-trans"><p>因此，当公司有负的应计比率时，实际上被视为好事，而如果其应计比率为正则被视为坏事。虽然拥有正的应计比率并不成问题，表明存在一定水平的非现金利润，但高应计比率可以说是坏事，因为它表明纸面利润与现金流不匹配。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
</div><p>Vitasoy International Holdings has an accrual ratio of -0.15 for the year to September 2025. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of HK$575m in the last year, which was a lot more than its statutory profit of HK$235.8m. Vitasoy International Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.</p>
<div class="lb-trans"><p>维他奶国际控股在截至 2025 年 9 月的年度应计比率为-0.15。这意味着它的现金转换能力非常好，且其去年盈利实际上显著低估了自由现金流。事实上，去年它的自由现金流为 5.75 亿港元，远高于其法定利润的 2.358 亿港元。维他奶国际控股的自由现金流在过去一年实际上有所下降，这令人失望，就像不可生物降解的气球一样。</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>Our Take On Vitasoy International Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我们对维他奶国际控股盈利表现的看法</h2>
</div><p>Vitasoy International Holdings' accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think Vitasoy International Holdings' earnings potential is at least as good as it seems, and maybe even better! Furthermore, it has done a great job growing EPS over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. So feel free to check out our free graph representing analyst forecasts.</p>
<div class="lb-trans"><p>维他奶国际控股的应计比率稳健，表明强劲的自由现金流，正如我们上面讨论的那样。因此，我们认为维他奶国际控股的盈利潜力至少与看起来一样好，甚至更好！此外，它在过去一年中成功地提高了每股收益。归根结底，如果你想正确理解公司，考虑的不仅仅是上述因素是至关重要的。显然，我们喜欢考虑历史数据来形成对公司的看法。但考虑其他分析师的预测也可能非常有价值。因此，欢迎查看我们代表分析师预测的免费图表。</p>
</div><p>Today we've zoomed in on a single data point to better understand the nature of Vitasoy International Holdings' profit. 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. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>今天我们聚焦于一个单一的数据点，以更好地理解维他奶国际控股的盈利性质。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。虽然这可能需要你进行一些研究，但你可能会发现这份 <strong>免费</strong> 的高股本回报率公司集合，或这份拥有显著内部持股的股票列表对你有帮助。</p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔楼，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>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
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为什么维他奶国际控股有限公司（HKG:345）的收益表现比表面看起来更好