<p>在宣布业绩疲软后，<strong>碳博士控股</strong>（NASDAQ:TANH）的股票表现强劲。尽管股票表现强劲，我们认为投资者应该对业绩中的一些数字保持谨慎。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/272216006-earnings-and-revenue-history-1-dark-2/1766748202240?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/272216006-earnings-and-revenue-history-1-dark-2/1766748202240"/></p>
<p>NasdaqCM:TANH 业绩和收入历史 2025 年 12 月 26 日</p>
<p>评估业绩质量的一个重要方面是查看公司稀释股东的程度。实际上，碳博士控股在过去 12 个月中通过发行新股将流通股数量增加了 2843%。这意味着其收益被分摊到更多的股份上。庆祝净收入而忽视稀释就像是因为你拥有一片更大披萨的单独一片而感到高兴，却忽视了披萨现在被切成了更多的片。点击此链接查看碳博士控股的历史每股收益增长。</p>
<h2>碳博士控股稀释对每股收益（EPS）的影响分析</h2>
<p>如上所示，碳博士控股在过去几年中净收入增长显著，三年年化增长率达到 1644%。但另一方面，每股收益实际上每年下降了 79%。净利润在过去一年中实际上下降了 27%。然而，对股东来说，每股收益的结果甚至更糟，下降了 92%。因此，可以观察到稀释对股东回报产生了相当深远的影响。</p>
<p>从长远来看，如果碳博士控股的每股收益能够增加，那么股价也应该会上涨。但另一方面，如果利润（而不是每股收益）在改善，我们就不会那么兴奋。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 “份额” 的一个很好的指标。</p>
<p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对碳博士控股的资产负债表分析。</p>
<h2>非常规项目如何影响利润？</h2>
<p>除了稀释外，还需要注意的是，碳博士控股的利润在过去 12 个月中因非常规项目增加了 350 万美元。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。我们对全球大多数上市公司的数据进行了分析，发现非常规项目通常是一次性的，这并不令人惊讶。我们可以看到，碳博士控股的正面非常规项目相对于其截至 2025 年 6 月的利润是相当显著的。因此，我们可以推测，这些非常规项目使其法定利润显著强于本应如此的水平。</p>
<h2>我们对碳博士控股利润表现的看法</h2>
<p>总而言之，碳博士控股因非常规项目获得了不错的利润提升；如果没有这些，其法定结果看起来会更糟。此外，它还发行了大量新股，确保每位股东（未再投入更多资金的）现在拥有公司更小的比例。回顾上述因素，我们强烈认为碳博士控股的基础盈利能力并不像法定利润数字所显示的那样好。请记住，在分析股票时，值得注意所涉及的风险。请注意，碳博士控股在我们的投资分析中显示出 <strong>3 个警告信号</strong>，其中 2 个令人担忧……</p>
<p>我们对碳博士控股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。因此，我们对此持有一定的怀疑态度。但还有很多其他方式可以帮助你形成对公司的看法。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，或者这份拥有显著内部持股的股票列表会对你有所帮助。</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人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</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>

碳博士控股

<p>Tantech Holdings Ltd（纳斯达克代码：TANH）报告了疲弱的收益，但其股票依然强劲。该公司在过去一年中大幅稀释了其股份，稀释幅度达到 2843%，这影响了每股收益（EPS），每股收益同比下降了 79%。尽管净收入在三年内增长了 1644%，但去年净利润下降了 27%，每股收益下降了 92%。一些非常规项目使利润增加了 350 万美元，但基础盈利能力似乎较弱。由于这些因素以及公司财务中识别出的潜在风险，建议投资者保持谨慎</p>

<p>After announcing weak earnings, <strong>Tantech Holdings Ltd's</strong> (NASDAQ:TANH) stock was strong. Despite the strength in the stock, we feel that investors should be cautious about some numbers in the earnings.</p>
<div class="lb-trans"><p>在宣布业绩疲软后，<strong>碳博士控股</strong>（NASDAQ:TANH）的股票表现强劲。尽管股票表现强劲，我们认为投资者应该对业绩中的一些数字保持谨慎。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/272216006-earnings-and-revenue-history-1-dark-2/1766748202240" alt="" original-src="https://images.simplywall.st/asset/chart/272216006-earnings-and-revenue-history-1-dark-2/1766748202240"/></p>
<p>NasdaqCM:TANH Earnings and Revenue History December 26th 2025</p>
<div class="lb-trans"><p>NasdaqCM:TANH 业绩和收入历史 2025 年 12 月 26 日</p>
</div><p>One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, Tantech Holdings increased the number of shares on issue by 2,843% over the last twelve months by issuing new shares. That means its earnings are split among a greater number of shares. 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 Tantech Holdings' historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>评估业绩质量的一个重要方面是查看公司稀释股东的程度。实际上，碳博士控股在过去 12 个月中通过发行新股将流通股数量增加了 2843%。这意味着其收益被分摊到更多的股份上。庆祝净收入而忽视稀释就像是因为你拥有一片更大披萨的单独一片而感到高兴，却忽视了披萨现在被切成了更多的片。点击此链接查看碳博士控股的历史每股收益增长。</p>
</div><h2>A Look At The Impact Of Tantech Holdings' Dilution On Its Earnings Per Share (EPS)</h2>
<div class="lb-trans"><h2>碳博士控股稀释对每股收益（EPS）的影响分析</h2>
</div><p>As you can see above, Tantech Holdings has been growing its net income over the last few years, with an annualized gain of 1,644% over three years. But on the other hand, earnings <em>per share</em> actually fell by 79% per year. Net profit actually dropped by 27% in the last year. Unfortunately for shareholders, though, the <em>earnings per share</em> result was even worse, declining 92%. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.</p>
<div class="lb-trans"><p>如上所示，碳博士控股在过去几年中净收入增长显著，三年年化增长率达到 1644%。但另一方面，每股收益实际上每年下降了 79%。净利润在过去一年中实际上下降了 27%。然而，对股东来说，每股收益的结果甚至更糟，下降了 92%。因此，可以观察到稀释对股东回报产生了相当深远的影响。</p>
</div><p>In the long term, if Tantech Holdings' earnings <em>per share</em> can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. 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，如果碳博士控股的每股收益能够增加，那么股价也应该会上涨。但另一方面，如果利润（而不是每股收益）在改善，我们就不会那么兴奋。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 “份额” 的一个很好的指标。</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tantech Holdings.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对碳博士控股的资产负债表分析。</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>Alongside that dilution, it's also important to note that Tantech Holdings' profit was boosted by unusual items worth US$3.5m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. We can see that Tantech Holdings' positive unusual items were quite significant relative to its profit in the year to June 2025. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.</p>
<div class="lb-trans"><p>除了稀释外，还需要注意的是，碳博士控股的利润在过去 12 个月中因非常规项目增加了 350 万美元。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。我们对全球大多数上市公司的数据进行了分析，发现非常规项目通常是一次性的，这并不令人惊讶。我们可以看到，碳博士控股的正面非常规项目相对于其截至 2025 年 6 月的利润是相当显著的。因此，我们可以推测，这些非常规项目使其法定利润显著强于本应如此的水平。</p>
</div><h2>Our Take On Tantech Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我们对碳博士控股利润表现的看法</h2>
</div><p>To sum it all up, Tantech Holdings got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. On reflection, the above-mentioned factors give us the strong impression that Tantech Holdings'underlying earnings power is not as good as it might seem, based on the statutory profit numbers. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Be aware that Tantech Holdings is showing <strong>3 warning signs in our investment analysis</strong> and 2 of those are concerning...</p>
<div class="lb-trans"><p>总而言之，碳博士控股因非常规项目获得了不错的利润提升；如果没有这些，其法定结果看起来会更糟。此外，它还发行了大量新股，确保每位股东（未再投入更多资金的）现在拥有公司更小的比例。回顾上述因素，我们强烈认为碳博士控股的基础盈利能力并不像法定利润数字所显示的那样好。请记住，在分析股票时，值得注意所涉及的风险。请注意，碳博士控股在我们的投资分析中显示出 <strong>3 个警告信号</strong>，其中 2 个令人担忧……</p>
</div><p>Our examination of Tantech Holdings has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. 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>我们对碳博士控股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。因此，我们对此持有一定的怀疑态度。但还有很多其他方式可以帮助你形成对公司的看法。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，或者这份拥有显著内部持股的股票列表会对你有所帮助。</p>
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<div class="lb-trans"><p>下一波机器人技术不是人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</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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碳博士控股（NASDAQ:TANH）的盈利质量不高