<p>从股市中获益的一个简单方法是购买指数基金。但如果你以有吸引力的价格购买优秀的企业，你的投资组合回报可能会超过市场平均回报。例如，<strong>中国光大环境集团有限公司</strong>（HKG:257）在过去三年中的股价上涨了 46%，明显超过了约 36% 的市场回报（不包括股息）。另一方面，最近的回报并不太理想，股东的回报仅为 32%，包括股息。</p>
<p>鉴于该股在过去一周下跌了 3.4%，我们希望调查更长期的情况，看看基本面是否推动了公司积极的三年回报。</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>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
<p>在过去三年中，中国光大环境集团未能增长每股收益，下降了 18%（年化）。</p>
<p>因此，我们怀疑市场是否将每股收益作为评估公司价值的主要标准。在这种情况下，考虑其他指标也是合理的。</p>
<p>目前的股息与三年前没有什么不同，因此不太可能推动股价上涨。许多投资者可能认为，中国光大环境集团的收入以每年 13% 的速度下降是一个真正的负面因素。如果收入持续缩减，未来可能很难找到盈利增长。</p>
<p>你可以在下面看到收益和收入随时间的变化（点击图片可以发现确切的数值）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9709409-earnings-and-revenue-growth-1-dark-2/1766441464991?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/9709409-earnings-and-revenue-growth-1-dark-2/1766441464991"/></p>
<p>SEHK:257 收益和收入增长 2025 年 12 月 22 日</p>
<p>中国光大环境集团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。如果你考虑购买或出售中国光大环境集团的股票，你应该查看这份 <strong>免费</strong> 报告，显示分析师对未来利润的共识估计。</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 是一种回报计算，考虑了现金股息的价值（假设任何收到的股息都被再投资）以及任何折扣融资和分拆的计算价值。可以说，TSR 提供了股票产生回报的更全面的图景。在中国光大环境集团的情况下，过去三年的 TSR 为 78%。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>中国光大环境集团的股东在过去十二个月中获得了 32% 的回报（即使包括股息），这与一般市场回报相差不远。大多数人会对这样的收益感到满意，而且这一年的回报实际上好于过去五年的平均回报（10%）。管理层的前瞻性可能会带来未来的增长，即使股价放缓。长期跟踪股价表现总是很有趣。但要更好地理解中国光大环境集团，我们需要考虑许多其他因素，比如风险。例如，我们发现了 <strong>中国光大环境集团的 3 个警示信号</strong>（其中 1 个是重要的！）你应该了解。</p>
<p>对于那些喜欢寻找 <strong>成功投资</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你所需要的。</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>移动基础设施用于国防和灾害</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>

中国光大水务

<p>中国光大环境集团的股票上周下跌了 3.4%，原因是盈利连续三年下降。尽管股价在三年内上涨了 46%，每股收益却年均下降了 18%，收入年均下降了 13%。由于分红，总股东回报率（TSR）为 78%。投资者在买入或卖出之前应考虑未来的利润预估和风险</p>

<p>One simple way to benefit from the stock market is to buy an index fund. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example, the <strong>China Everbright Environment Group Limited</strong> (HKG:257) share price is up 46% in the last three years, clearly besting the market return of around 36% (not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 32%, including dividends.</p>
<div class="lb-trans"><p>从股市中获益的一个简单方法是购买指数基金。但如果你以有吸引力的价格购买优秀的企业，你的投资组合回报可能会超过市场平均回报。例如，<strong>中国光大环境集团有限公司</strong>（HKG:257）在过去三年中的股价上涨了 46%，明显超过了约 36% 的市场回报（不包括股息）。另一方面，最近的回报并不太理想，股东的回报仅为 32%，包括股息。</p>
</div><p>In light of the stock dropping 3.4% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive three-year return.</p>
<div class="lb-trans"><p>鉴于该股在过去一周下跌了 3.4%，我们希望调查更长期的情况，看看基本面是否推动了公司积极的三年回报。</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>To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).</p>
<div class="lb-trans"><p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
</div><p>Over the last three years, China Everbright Environment Group failed to grow earnings per share, which fell 18% (annualized).</p>
<div class="lb-trans"><p>在过去三年中，中国光大环境集团未能增长每股收益，下降了 18%（年化）。</p>
</div><p>So we doubt that the market is looking to EPS for its main judge of the company's value. Given this situation, it makes sense to look at other metrics too.</p>
<div class="lb-trans"><p>因此，我们怀疑市场是否将每股收益作为评估公司价值的主要标准。在这种情况下，考虑其他指标也是合理的。</p>
</div><p>The dividend is no better now than it was three years ago, so that is unlikely to have driven the share price higher. Many investors probably think the fact that China Everbright Environment Group's revenue has been declining at a rate of 13% per year is a real negative. If revenue keeps shrinking, it may be difficult to find earnings growth in the future.</p>
<div class="lb-trans"><p>目前的股息与三年前没有什么不同，因此不太可能推动股价上涨。许多投资者可能认为，中国光大环境集团的收入以每年 13% 的速度下降是一个真正的负面因素。如果收入持续缩减，未来可能很难找到盈利增长。</p>
</div><p>You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).</p>
<div class="lb-trans"><p>你可以在下面看到收益和收入随时间的变化（点击图片可以发现确切的数值）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9709409-earnings-and-revenue-growth-1-dark-2/1766441464991" alt="" original-src="https://images.simplywall.st/asset/chart/9709409-earnings-and-revenue-growth-1-dark-2/1766441464991"/></p>
<p>SEHK:257 Earnings and Revenue Growth December 22nd 2025</p>
<div class="lb-trans"><p>SEHK:257 收益和收入增长 2025 年 12 月 22 日</p>
</div><p>China Everbright Environment Group is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. If you are thinking of buying or selling China Everbright Environment Group stock, you should check out this <strong>free</strong> report showing analyst consensus estimates for future profits.</p>
<div class="lb-trans"><p>中国光大环境集团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。如果你考虑购买或出售中国光大环境集团的股票，你应该查看这份 <strong>免费</strong> 报告，显示分析师对未来利润的共识估计。</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 is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of China Everbright Environment Group, it has a TSR of 78% for the last 3 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 是一种回报计算，考虑了现金股息的价值（假设任何收到的股息都被再投资）以及任何折扣融资和分拆的计算价值。可以说，TSR 提供了股票产生回报的更全面的图景。在中国光大环境集团的情况下，过去三年的 TSR 为 78%。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>China Everbright Environment Group shareholders have received returns of 32% over twelve months (even including dividends), which isn't far from the general market return. Most would be happy with a gain, and it helps that the year's return is actually better than the average return over five years, which was 10%. It is possible that management foresight will bring growth well into the future, even if the share price slows down. It's always interesting to track share price performance over the longer term. But to understand China Everbright Environment Group better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted <strong>3 warning signs for China Everbright Environment Group</strong> (of which 1 is significant!) you should know about.</p>
<div class="lb-trans"><p>中国光大环境集团的股东在过去十二个月中获得了 32% 的回报（即使包括股息），这与一般市场回报相差不远。大多数人会对这样的收益感到满意，而且这一年的回报实际上好于过去五年的平均回报（10%）。管理层的前瞻性可能会带来未来的增长，即使股价放缓。长期跟踪股价表现总是很有趣。但要更好地理解中国光大环境集团，我们需要考虑许多其他因素，比如风险。例如，我们发现了 <strong>中国光大环境集团的 3 个警示信号</strong>（其中 1 个是重要的！）你应该了解。</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>成功投资</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你所需要的。</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>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾害</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。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<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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The three-year decline in earnings might be taking its toll on China Everbright Environment Group (HKG:257) shareholders as stock falls 3.4% over the past week

三年来的收益下降可能正在对中国光大环境集团（HKG:257）的股东产生影响，因为该公司股票在过去一周下跌了 3.4%