<p>微型股增长是投资者被欺骗和遭受重创的地方。</p>
<p>这些故事具有诱惑力，收入增长看起来爆炸性，股价的波动足够快，以至于让人相信他们是早期投资者而不是错误的投资者。大多数情况下，结果是可预测的。稀释、杠杆、利润率崩溃，以及财富从股东悄然转移到管理层。</p>
<p>这并不意味着微型股增长是破碎的。这意味着它需要一种大多数投资者拒绝使用的过滤器。</p>
<p>单靠收入增长是无用的。任何有新闻稿和愿意出售股票的人都可以在几个季度内制造增长。重要的是增长是否在增强业务，还是在慢慢毒害它。这个区别正是皮奥特罗斯基 F 评分发挥作用的地方。</p>
<p>皮奥特罗斯基框架由约瑟夫·皮奥特罗斯基开发，旨在回答一个市场始终忽视的简单问题。公司真的在变得更好吗？不是更吵，不是更具宣传性，而是更好。</p>
<p>它通过九个直接的财务测试来实现这一点，切穿无谓的噪音。利润率是在改善还是缩小？现金流是真实的还是虚幻的？杠杆是在增加还是减少？公司是在自我融资增长，还是在向投资者租赁增长？这些问题并不华丽，这就是华尔街常常忽视它们而偏爱叙事和动量的原因。</p>
<p>这种忽视在微型股中尤其危险。这些股票生活在信息沙漠中。分析师覆盖稀薄，流动性更差。管理团队控制叙事。当基本面改善时，市场反应迟缓。当基本面恶化时，股票在大多数投资者甚至不知道发生了什么之前就崩溃了。</p>
<p>这就是将收入增长与皮奥特罗斯基 F 评分结合起来创造真正优势的地方。</p>
<p>学术证据支持这一点。研究发现，欧元区的成长型股票中，财务强劲的成长公司，即高皮奥特罗斯基评分的公司，在长期内产生了强劲的市场调整回报。财务薄弱的成长股票，即低评分的公司，交付了深度负回报。</p>
<p>两者之间的差距是巨大的，在市场中性框架下每年超过 20 个百分点。这不是噪音。这是市场系统性地错误定价了成长中的财务质量。</p>
<p>现在，有三个名字在这两个障碍中脱颖而出：<strong>Optex Systems Holdings (OPXS)</strong>、<strong>Delcath Systems (DCTH)</strong> 和 <strong>Mama's Creations (MAMA)</strong>。不同的行业，不同的风险特征，但有着相同的基本特征。这些公司正在增长，同时变得更健康。</p>
<p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> 在大多数投资者从未关注的防务市场的一个角落运营。该公司设计和制造用于军事和航空航天应用的先进光学瞄准系统。这不是一个追逐流行词的炒作驱动的防务公司，而是一个具有重复需求、专业产品和更关注性能而非营销的利基供应商。</p>
<p>目前使 OPXS 有趣的是收入上升、利润率扩大和现金流改善的结合。增长并不是通过杠杆或稀释强迫实现的。随着运营规模的扩大，资产负债表在不断增强。这正是皮奥特罗斯基框架旨在揭示的内容。国防支出周期可能会波动，但当一个微型国防供应商展现出利润率纪律和财务改善时，市场通常会晚些时候注意到，而不是早些时候。</p>
<p>OPXS 符合经典的 “雷达下” 特征。安静的业务，有限的覆盖，改善的基本面。这些往往是微型股宇宙中最持久的复合增长者。</p>
<p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> 则截然不同，这就是投资者需要保持纪律的地方。Delcath 是一家专注于肝脏定向癌症治疗的介入肿瘤学公司。这不是早期阶段的科幻小说。该公司拥有 FDA 批准的疗法，并正在将其商业化以满足严重的未满足医疗需求。</p>
<p>大多数生物科技微型股立即就会失败于皮奥特罗斯基测试。收入微薄，现金消耗持续，资产负债表设计上恶化。Delcath 正在清除筛选，因为它已经超越了那个阶段。商业收入正在进入。业务正在从开发转向执行。</p>
<p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> 是一个提醒，微型股增长不必是异国情调的。该公司生产新鲜的预制食品，通过超市、俱乐部商店和全国其他零售渠道销售。这是一个以分销为驱动的增长故事，而这些故事往往被忽视，因为它们并不引人注目。</p>
<p>MAMA 一直在扩大货架空间，增加门店，并以健康的速度增长收入。更重要的是，它在改善运营杠杆和保持资产负债表纪律的同时实现了这一点。增长正在转化为更好的经济效益，而不仅仅是更高的销量。</p>
<p>消费者微型股常常被认为太小或竞争过于激烈。这是一个错误，当分销势头是真实的。 一旦一个食品品牌获得全国性销售并证明其能够执行，收入增长可以持续远远超过大多数投资者的预期。</p>
<p>皮奥特罗斯基筛选帮助区分那些负责任地扩张的品牌与那些仅仅在花钱保持可见性的品牌。</p>
<p><strong>这些名字为何重要</strong></p>
<p>OPXS、DCTH 和 MAMA 的共同点不是叙事的兴奋，而是可衡量的改善。收入在上升，财务质量在改善。这些企业正在赢得增长的权利。</p>
<p>这正是 “雷达下” 理念的来源。不是追逐最响亮的故事，而是识别那些在市场分心时悄然变得更强的公司。</p>
<p>微型股的增长总是会波动。这是入场的代价。但由改善的基本面支撑的波动与由希望支撑的波动是截然不同的。前者创造机会，后者则带来遗憾。</p>
<p>在任何人开始幻想完美的回测之前，必须进行现实检查。微型股并不是无摩擦的。流动性很重要。交易成本很重要。头寸规模也很重要。任何将学术结果视为承诺而非信号的人，最终都会付出代价。</p>
<p>但信号才是关键。</p>
<p>当增长伴随着改善的基本面时，它是有效的。当增长掩盖恶化时，它是失败的。Piotroski F-Score 并不能预测未来。它告诉你当前的状况是改善还是恶化。在微型股中，这一区别可能是多年的复合增长者与永久性资本损失之间的差异。</p>
<p>在我自己的过程中，收入增长是邀请函。Piotroski F-Score 是保安。增长使公司进入观察名单。财务实力决定它是否能获得真正的资本。如果一家微型股在增长收入的同时扩大利润率、改善现金流并保持资产负债表的纪律，它就值得关注。如果它在增长收入的同时发行股票并加杠杆，无论故事听起来多么吸引人，都值得怀疑。</p>
<p>这不是理论。Piotroski 的原始研究表明，财务报表分析在较小、被忽视的公司中效果最佳，正是大多数投资者在这些公司上做的实际工作最少的地方。那是纪律性流程仍然重要的地方，而情绪驱动的叙事投资仍然会受到惩罚。</p>
<p>这个框架与我更广泛的市场方法完美契合。我想要价值，我想要动量，我想要趋势，我想要信用与我合作，而不是对抗我。在微型股增长中，Piotroski F-Score 就是信用检查。这是你避免用自己的资本资助他人乐观情绪的方式。</p>
<p>如果你认真寻找能够真正生存成功的微型股增长股票，而不仅仅是宣传它们，这种组合应该在你的工具箱中。大多数投资者会继续追逐故事。我很乐意让他们这样做，而我们专注于那些每个季度都在变得更强的公司。</p>
<p>这种纪律并不保证轻松赚钱。它做得更好。它显著提高了成功的概率，而随着时间的推移，这才是唯一重要的优势。</p>

OPXS

DCTH

<p>这篇文章讨论了三家微型市值公司——Optex Systems Holdings、Delcath Systems 和 Mama's Creations，它们在改善财务健康的同时展现出强劲的增长。文章强调了 Piotroski F-Score 在评估这些公司的重要性，因为它有助于识别增长是可持续的还是仅仅表面上的。Optex 专注于防御技术，Delcath 专注于肿瘤治疗，而 Mama's 则专注于预制食品，三家公司都显示出积极的收入趋势和运营改善，使它们在常常令人误解的微型市值市场中脱颖而出</p>

<p>Microcap growth is where investors go to get lied to get crushed.</p>
<div class="lb-trans"><p>微型股增长是投资者被欺骗和遭受重创的地方。</p>
</div><p>The stories are seductive, the revenue growth looks explosive, and the share prices can move just fast enough to convince people they are early rather than wrong. Most of the time, the outcome is predictable. Dilution, leverage, collapsing margins, and a quiet transfer of wealth from shareholders to management.</p>
<div class="lb-trans"><p>这些故事具有诱惑力，收入增长看起来爆炸性，股价的波动足够快，以至于让人相信他们是早期投资者而不是错误的投资者。大多数情况下，结果是可预测的。稀释、杠杆、利润率崩溃，以及财富从股东悄然转移到管理层。</p>
</div><p>That does not mean microcap growth is broken. It means it requires a filter that most investors refuse to use.</p>
<div class="lb-trans"><p>这并不意味着微型股增长是破碎的。这意味着它需要一种大多数投资者拒绝使用的过滤器。</p>
</div><p>Revenue growth by itself is useless. Anyone with a press release and a willingness to sell stock can manufacture growth for a few quarters. What matters is whether growth is strengthening the business or slowly poisoning it. That distinction is exactly where the Piotroski F-Score earns its keep.</p>
<div class="lb-trans"><p>单靠收入增长是无用的。任何有新闻稿和愿意出售股票的人都可以在几个季度内制造增长。重要的是增长是否在增强业务，还是在慢慢毒害它。这个区别正是皮奥特罗斯基 F 评分发挥作用的地方。</p>
</div><p>The Piotroski framework, developed by Joseph Piotroski, was built to answer a simple question the market consistently ignores. Is the company actually getting better? Not louder. Not more promotional. Better.</p>
<div class="lb-trans"><p>皮奥特罗斯基框架由约瑟夫·皮奥特罗斯基开发，旨在回答一个市场始终忽视的简单问题。公司真的在变得更好吗？不是更吵，不是更具宣传性，而是更好。</p>
</div><p>It does this using nine blunt financial tests that cut through the nonsense. Are margins improving or shrinking? Is cash flow real or imaginary? Is leverage increasing or decreasing? Is the company funding its own growth or renting it from investors? These are not glamorous questions, which is why Wall Street routinely ignores them in favor of narratives and momentum.</p>
<div class="lb-trans"><p>它通过九个直接的财务测试来实现这一点，切穿无谓的噪音。利润率是在改善还是缩小？现金流是真实的还是虚幻的？杠杆是在增加还是减少？公司是在自我融资增长，还是在向投资者租赁增长？这些问题并不华丽，这就是华尔街常常忽视它们而偏爱叙事和动量的原因。</p>
</div><p>That oversight is especially dangerous in microcaps. These stocks live in information deserts. Analyst coverage is thin. Liquidity is worse. Management teams control the narrative. When fundamentals improve, the market reacts late. When fundamentals deteriorate, the stock collapses before most investors even know what happened.</p>
<div class="lb-trans"><p>这种忽视在微型股中尤其危险。这些股票生活在信息沙漠中。分析师覆盖稀薄，流动性更差。管理团队控制叙事。当基本面改善时，市场反应迟缓。当基本面恶化时，股票在大多数投资者甚至不知道发生了什么之前就崩溃了。</p>
</div><p>This is where combining revenue growth with the Piotroski F-Score creates a real edge.</p>
<div class="lb-trans"><p>这就是将收入增长与皮奥特罗斯基 F 评分结合起来创造真正优势的地方。</p>
</div><p>Academic evidence supports it. Research examining growth stocks in the Eurozone found that financially strong growth companies, those with high Piotroski scores, produced strong positive market-adjusted returns over long periods. Financially weak growth stocks, those with low scores, delivered deeply negative returns.</p>
<div class="lb-trans"><p>学术证据支持这一点。研究发现，欧元区的成长型股票中，财务强劲的成长公司，即高皮奥特罗斯基评分的公司，在长期内产生了强劲的市场调整回报。财务薄弱的成长股票，即低评分的公司，交付了深度负回报。</p>
</div><p>The gap between the two was enormous, more than 20 percentage points per year in a market-neutral framework. That is not noise. That is the market systematically mispricing financial quality inside growth.</p>
<div class="lb-trans"><p>两者之间的差距是巨大的，在市场中性框架下每年超过 20 个百分点。这不是噪音。这是市场系统性地错误定价了成长中的财务质量。</p>
</div><p>Right now, three names stand out as clearing both hurdles: <strong>Optex Systems Holdings (OPXS)</strong>, <strong>Delcath Systems (DCTH)</strong>, and <strong>Mama's Creations (MAMA)</strong>. Different industries. Different risk profiles. Same underlying trait. These companies are growing and getting healthier at the same time.</p>
<div class="lb-trans"><p>现在，有三个名字在这两个障碍中脱颖而出：<strong>Optex Systems Holdings (OPXS)</strong>、<strong>Delcath Systems (DCTH)</strong> 和 <strong>Mama's Creations (MAMA)</strong>。不同的行业，不同的风险特征，但有着相同的基本特征。这些公司正在增长，同时变得更健康。</p>
</div><p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> operates in a corner of the defense market most investors never look at. The company designs and manufactures advanced optical sighting systems used in military and aerospace applications. This is not a hype driven defense name chasing buzzwords. It is a niche supplier with repeat demand, specialized products, and customers who care more about performance than marketing.</p>
<div class="lb-trans"><p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> 在大多数投资者从未关注的防务市场的一个角落运营。该公司设计和制造用于军事和航空航天应用的先进光学瞄准系统。这不是一个追逐流行词的炒作驱动的防务公司，而是一个具有重复需求、专业产品和更关注性能而非营销的利基供应商。</p>
</div><p>What makes OPXS interesting right now is the combination of rising revenue, expanding margins, and improving cash flow. Growth is not being forced through leverage or dilution. The balance sheet has been strengthening as operations scale. That is exactly what the Piotroski framework is designed to surface. Defense spending cycles can be lumpy, but when a microcap defense supplier shows margin discipline and financial improvement, the market usually notices late, not early.</p>
<div class="lb-trans"><p>目前使 OPXS 有趣的是收入上升、利润率扩大和现金流改善的结合。增长并不是通过杠杆或稀释强迫实现的。随着运营规模的扩大，资产负债表在不断增强。这正是皮奥特罗斯基框架旨在揭示的内容。国防支出周期可能会波动，但当一个微型国防供应商展现出利润率纪律和财务改善时，市场通常会晚些时候注意到，而不是早些时候。</p>
</div><p>OPXS fits the classic Under the Radar profile. Quiet business. Limited coverage. Improving fundamentals. These are often the most durable compounders in the microcap universe.</p>
<div class="lb-trans"><p>OPXS 符合经典的 “雷达下” 特征。安静的业务，有限的覆盖，改善的基本面。这些往往是微型股宇宙中最持久的复合增长者。</p>
</div><p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> is very different, and that is where investors need to stay disciplined. Delcath is an interventional oncology company focused on liver directed cancer treatments. This is not early stage science fiction. The company has an FDA approved therapy and is in the process of commercializing it for a serious unmet medical need.</p>
<div class="lb-trans"><p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> 则截然不同，这就是投资者需要保持纪律的地方。Delcath 是一家专注于肝脏定向癌症治疗的介入肿瘤学公司。这不是早期阶段的科幻小说。该公司拥有 FDA 批准的疗法，并正在将其商业化以满足严重的未满足医疗需求。</p>
</div><p>Most biotech microcaps fail the Piotroski test immediately. Revenues are minimal. Cash burn is constant. Balance sheets deteriorate by design. Delcath is clearing the screen because it has moved beyond that phase. Commercial revenue is coming in. The business is transitioning from development to execution.</p>
<div class="lb-trans"><p>大多数生物科技微型股立即就会失败于皮奥特罗斯基测试。收入微薄，现金消耗持续，资产负债表设计上恶化。Delcath 正在清除筛选，因为它已经超越了那个阶段。商业收入正在进入。业务正在从开发转向执行。</p>
</div><p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> is a reminder that microcap growth does not have to be exotic. The company produces fresh prepared foods sold through supermarkets, club stores, and other retail channels across the country. This is a distribution driven growth story, and those are often overlooked because they are not flashy.</p>
<div class="lb-trans"><p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> 是一个提醒，微型股增长不必是异国情调的。该公司生产新鲜的预制食品，通过超市、俱乐部商店和全国其他零售渠道销售。这是一个以分销为驱动的增长故事，而这些故事往往被忽视，因为它们并不引人注目。</p>
</div><p>MAMA has been expanding shelf space, adding doors, and growing revenue at a healthy clip. More importantly, it has been doing so while improving operating leverage and maintaining balance sheet discipline. Growth is translating into better economics, not just higher volume.</p>
<div class="lb-trans"><p>MAMA 一直在扩大货架空间，增加门店，并以健康的速度增长收入。更重要的是，它在改善运营杠杆和保持资产负债表纪律的同时实现了这一点。增长正在转化为更好的经济效益，而不仅仅是更高的销量。</p>
</div><p>Consumer microcaps often get dismissed as too small or too competitive. That is a mistake when distribution momentum is real. Once a food brand secures national placement and proves it can execute, revenue growth can persist far longer than most investors expect.</p>
<div class="lb-trans"><p>消费者微型股常常被认为太小或竞争过于激烈。这是一个错误，当分销势头是真实的。 一旦一个食品品牌获得全国性销售并证明其能够执行，收入增长可以持续远远超过大多数投资者的预期。</p>
</div><p>The Piotroski screen helps separate brands that are scaling responsibly from those that are simply spending to stay visible.</p>
<div class="lb-trans"><p>皮奥特罗斯基筛选帮助区分那些负责任地扩张的品牌与那些仅仅在花钱保持可见性的品牌。</p>
</div><p><strong>Why These Names Matter</strong></p>
<div class="lb-trans"><p><strong>这些名字为何重要</strong></p>
</div><p>What unites OPXS, DCTH, and MAMA is not narrative excitement. It is measurable improvement. Revenue is rising. Financial quality is improving. The businesses are earning the right to grow.</p>
<div class="lb-trans"><p>OPXS、DCTH 和 MAMA 的共同点不是叙事的兴奋，而是可衡量的改善。收入在上升，财务质量在改善。这些企业正在赢得增长的权利。</p>
</div><p>This is exactly where Under the Radar ideas come from. Not from chasing the loudest stories, but from identifying companies that are quietly getting stronger while the market is distracted elsewhere.</p>
<div class="lb-trans"><p>这正是 “雷达下” 理念的来源。不是追逐最响亮的故事，而是识别那些在市场分心时悄然变得更强的公司。</p>
</div><p>Microcap growth will always be volatile. That is the cost of admission. But volatility backed by improving fundamentals is very different from volatility backed by hope. One creates opportunity. The other creates regret.</p>
<div class="lb-trans"><p>微型股的增长总是会波动。这是入场的代价。但由改善的基本面支撑的波动与由希望支撑的波动是截然不同的。前者创造机会，后者则带来遗憾。</p>
</div><p>Before anyone starts daydreaming about perfect back tests, a reality check is in order. Microcaps are not frictionless. Liquidity matters. Trading costs matter. Position sizing matters. Anyone who treats academic results as a promise instead of a signal will eventually pay tuition.</p>
<div class="lb-trans"><p>在任何人开始幻想完美的回测之前，必须进行现实检查。微型股并不是无摩擦的。流动性很重要。交易成本很重要。头寸规模也很重要。任何将学术结果视为承诺而非信号的人，最终都会付出代价。</p>
</div><p>But the signal is the point.</p>
<div class="lb-trans"><p>但信号才是关键。</p>
</div><p>Growth works when it is accompanied by improving fundamentals. Growth fails when it hides deterioration. The Piotroski F-Score does not predict the future. It tells you whether the present is improving or rotting. In microcaps, that distinction can be the difference between a multi-year compounder and a permanent capital impairment.</p>
<div class="lb-trans"><p>当增长伴随着改善的基本面时，它是有效的。当增长掩盖恶化时，它是失败的。Piotroski F-Score 并不能预测未来。它告诉你当前的状况是改善还是恶化。在微型股中，这一区别可能是多年的复合增长者与永久性资本损失之间的差异。</p>
</div><p>In my own process, revenue growth is the invitation. The Piotroski F-Score is the bouncer. Growth gets a company on the watch list. Financial strength determines whether it gets real capital. If a microcap is growing revenue while expanding margins, improving cash flow, and maintaining balance sheet discipline, it deserves attention. If it is growing revenue while issuing stock and levering up, it deserves skepticism, no matter how compelling the story sounds.</p>
<div class="lb-trans"><p>在我自己的过程中，收入增长是邀请函。Piotroski F-Score 是保安。增长使公司进入观察名单。财务实力决定它是否能获得真正的资本。如果一家微型股在增长收入的同时扩大利润率、改善现金流并保持资产负债表的纪律，它就值得关注。如果它在增长收入的同时发行股票并加杠杆，无论故事听起来多么吸引人，都值得怀疑。</p>
</div><p>This is not theory. Piotroski's original work showed that financial statement analysis works best in smaller, underfollowed companies, exactly where most investors do the least amount of real work. That is where disciplined processes still matter and where emotional, narrative-driven investing still gets punished.</p>
<div class="lb-trans"><p>这不是理论。Piotroski 的原始研究表明，财务报表分析在较小、被忽视的公司中效果最佳，正是大多数投资者在这些公司上做的实际工作最少的地方。那是纪律性流程仍然重要的地方，而情绪驱动的叙事投资仍然会受到惩罚。</p>
</div><p>This framework fits cleanly into how I approach markets more broadly. I want value, I want momentum, I want trend, and I want credit working with me, not against me. In microcap growth, the Piotroski F-Score is the credit check. It is how you avoid funding other people's optimism with your own capital.</p>
<div class="lb-trans"><p>这个框架与我更广泛的市场方法完美契合。我想要价值，我想要动量，我想要趋势，我想要信用与我合作，而不是对抗我。在微型股增长中，Piotroski F-Score 就是信用检查。这是你避免用自己的资本资助他人乐观情绪的方式。</p>
</div><p>If you are serious about finding microcap growth stocks that can actually survive success, not just promote it, this combination belongs in your toolkit. Most investors will keep chasing stories. I am perfectly happy letting them do that while we focus on companies that are getting stronger quarter after quarter.</p>
<div class="lb-trans"><p>如果你认真寻找能够真正生存成功的微型股增长股票，而不仅仅是宣传它们，这种组合应该在你的工具箱中。大多数投资者会继续追逐故事。我很乐意让他们这样做，而我们专注于那些每个季度都在变得更强的公司。</p>
</div><p>That discipline does not guarantee easy money. It does something better. It dramatically improves the odds, and over time, that is the only edge that matters.</p>
<div class="lb-trans"><p>这种纪律并不保证轻松赚钱。它做得更好。它显著提高了成功的概率，而随着时间的推移，这才是唯一重要的优势。</p>
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不被关注的：3 只微型股成长股通过了严峻的考验