<p>波司登国际控股（HKG:3998）在过去一个月表现不佳，股价下跌了 6.1%。然而，股价通常是由公司的长期财务表现驱动的，而在这种情况下，前景看起来相当乐观。在本文中，我们决定重点关注波司登国际控股的股本回报率（ROE）。</p>
<p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。简而言之，ROE 显示了每一美元的投资为股东带来的利润。</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>
<h2>ROE 是如何计算的？</h2>
<p><strong>股本回报率可以通过以下公式计算：</strong></p>
<p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
<p>因此，根据上述公式，波司登国际控股的 ROE 为：</p>
<p>22% = CN¥36 亿 ÷ CN¥160 亿（基于截至 2025 年 9 月的过去十二个月）。</p>
<p>“回报” 是过去十二个月的利润。换句话说，对于每 1 港元的股本，公司能够赚取 0.22 港元的利润。</p>
<p>查看我们对波司登国际控股的最新分析</p>
<h2>ROE 与盈利增长有什么关系？</h2>
<p>到目前为止，我们了解到 ROE 是衡量公司盈利能力的指标。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。假设其他条件不变，ROE 和利润保留越高，公司的增长率就越高，相较于那些不具备这些特征的公司。</p>
<h2>波司登国际控股的盈利增长与 22% ROE</h2>
<p>乍一看，波司登国际控股似乎拥有不错的 ROE。与行业平均 ROE 11% 相比，该公司的 ROE 显得相当突出。可能正因如此，波司登国际控股在过去五年中实现了 18% 的可观增长。</p>
<p>我们随后将波司登国际控股的净收入增长与行业进行了比较，令人欣慰的是，该公司的增长数据高于行业，后者在同一五年期间的增长率为 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610?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/6462589-past-earnings-growth-1-dark-2/1768176730610"/></p>
<p>SEHK:3998 过去的盈利增长 2026 年 1 月 12 日</p>
<p>对公司的估值在很大程度上与其盈利增长相关。投资者应尝试确定预期的盈利增长或下降，无论是哪种情况，是否已被定价。这样做将帮助他们判断该股票的未来是乐观还是悲观。3998 的估值是否合理？关于公司内在价值的信息图包含了您需要了解的一切。</p>
<h2>波司登国际控股是否有效利用其利润？</h2>
<p>尽管波司登国际控股的三年中位派息比率为 80%（这意味着它保留 20% 的利润），但公司在过去仍然实现了相当可观的盈利增长，这意味着其高派息比率并没有妨碍其增长能力。</p>
<p>此外，波司登国际控股决心继续与股东分享其利润，这从其至少十年的派息历史中可以看出。根据最新的分析师共识数据，我们发现公司预计在未来三年内将继续支付约 78% 的利润。因此，预测显示波司登国际控股未来的 ROE 将为 24%，这与当前的 ROE 相似。</p>
<h2>结论</h2>
<p>总体而言，我们对波司登国际控股的表现感到相当满意。特别是，其高 ROE 相当引人注目，也是其可观盈利增长的可能解释。然而，公司保留了少量利润。这意味着公司能够在此情况下实现盈利增长，因此这并不算太糟糕。尽管如此，预计公司的盈利增长将放缓，正如当前分析师的预测所示。要了解更多关于公司最新分析师预测的信息，请查看此可视化的分析师预测。</p>

波司登

<p>波司登国际控股（HKG:3998）最近股价下跌了 6.1%，但其长期财务前景似乎依然强劲，回报率（ROE）达到了 22%。这一 ROE 显著高于行业平均水平的 11%，并且在过去五年中实现了 18% 的盈利增长。尽管公司支付比率高达 80%，但仍保持增长，并预计将继续派发股息。分析师预测未来的 ROE 将达到 24%，尽管根据当前估计，盈利增长可能会放缓</p>

<p>Bosideng International Holdings (HKG:3998) has had a rough month with its share price down 6.1%. However, stock prices are usually driven by a company’s financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Bosideng International Holdings' ROE.</p>
<div class="lb-trans"><p>波司登国际控股（HKG:3998）在过去一个月表现不佳，股价下跌了 6.1%。然而，股价通常是由公司的长期财务表现驱动的，而在这种情况下，前景看起来相当乐观。在本文中，我们决定重点关注波司登国际控股的股本回报率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.</p>
<div class="lb-trans"><p>股本回报率（ROE）是衡量公司如何有效地增长其价值和管理投资者资金的指标。简而言之，ROE 显示了每一美元的投资为股东带来的利润。</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><h2>How Is ROE Calculated?</h2>
<div class="lb-trans"><h2>ROE 是如何计算的？</h2>
</div><p><strong>Return on equity can be calculated by using the formula:</strong></p>
<div class="lb-trans"><p><strong>股本回报率可以通过以下公式计算：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
</div><p>So, based on the above formula, the ROE for Bosideng International Holdings is:</p>
<div class="lb-trans"><p>因此，根据上述公式，波司登国际控股的 ROE 为：</p>
</div><p>22% = CN¥3.6b ÷ CN¥16b (Based on the trailing twelve months to September 2025).</p>
<div class="lb-trans"><p>22% = CN¥36 亿 ÷ CN¥160 亿（基于截至 2025 年 9 月的过去十二个月）。</p>
</div><p>The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.22 in profit.</p>
<div class="lb-trans"><p>“回报” 是过去十二个月的利润。换句话说，对于每 1 港元的股本，公司能够赚取 0.22 港元的利润。</p>
</div><p>See our latest analysis for Bosideng International Holdings</p>
<div class="lb-trans"><p>查看我们对波司登国际控股的最新分析</p>
</div><h2>What Has ROE Got To Do With Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 与盈利增长有什么关系？</h2>
</div><p>So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or &#34;retain&#34;, we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.</p>
<div class="lb-trans"><p>到目前为止，我们了解到 ROE 是衡量公司盈利能力的指标。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。假设其他条件不变，ROE 和利润保留越高，公司的增长率就越高，相较于那些不具备这些特征的公司。</p>
</div><h2>Bosideng International Holdings' Earnings Growth And 22% ROE</h2>
<div class="lb-trans"><h2>波司登国际控股的盈利增长与 22% ROE</h2>
</div><p>At first glance, Bosideng International Holdings seems to have a decent ROE. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. Probably as a result of this, Bosideng International Holdings was able to see a decent growth of 18% over the last five years.</p>
<div class="lb-trans"><p>乍一看，波司登国际控股似乎拥有不错的 ROE。与行业平均 ROE 11% 相比，该公司的 ROE 显得相当突出。可能正因如此，波司登国际控股在过去五年中实现了 18% 的可观增长。</p>
</div><p>We then compared Bosideng International Holdings' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 14% in the same 5-year period.</p>
<div class="lb-trans"><p>我们随后将波司登国际控股的净收入增长与行业进行了比较，令人欣慰的是，该公司的增长数据高于行业，后者在同一五年期间的增长率为 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610" alt="" original-src="https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610"/></p>
<p>SEHK:3998 Past Earnings Growth January 12th 2026</p>
<div class="lb-trans"><p>SEHK:3998 过去的盈利增长 2026 年 1 月 12 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is 3998 fairly valued? This infographic on the company's intrinsic value has everything you need to know.</p>
<div class="lb-trans"><p>对公司的估值在很大程度上与其盈利增长相关。投资者应尝试确定预期的盈利增长或下降，无论是哪种情况，是否已被定价。这样做将帮助他们判断该股票的未来是乐观还是悲观。3998 的估值是否合理？关于公司内在价值的信息图包含了您需要了解的一切。</p>
</div><h2>Is Bosideng International Holdings Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>波司登国际控股是否有效利用其利润？</h2>
</div><p>While Bosideng International Holdings has a three-year median payout ratio of 80% (which means it retains 20% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.</p>
<div class="lb-trans"><p>尽管波司登国际控股的三年中位派息比率为 80%（这意味着它保留 20% 的利润），但公司在过去仍然实现了相当可观的盈利增长，这意味着其高派息比率并没有妨碍其增长能力。</p>
</div><p>Moreover, Bosideng International Holdings is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 78% of its profits over the next three years. Accordingly, forecasts suggest that Bosideng International Holdings' future ROE will be 24% which is again, similar to the current ROE.</p>
<div class="lb-trans"><p>此外，波司登国际控股决心继续与股东分享其利润，这从其至少十年的派息历史中可以看出。根据最新的分析师共识数据，我们发现公司预计在未来三年内将继续支付约 78% 的利润。因此，预测显示波司登国际控股未来的 ROE 将为 24%，这与当前的 ROE 相似。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Overall, we are quite pleased with Bosideng International Holdings' performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.</p>
<div class="lb-trans"><p>总体而言，我们对波司登国际控股的表现感到相当满意。特别是，其高 ROE 相当引人注目，也是其可观盈利增长的可能解释。然而，公司保留了少量利润。这意味着公司能够在此情况下实现盈利增长，因此这并不算太糟糕。尽管如此，预计公司的盈利增长将放缓，正如当前分析师的预测所示。要了解更多关于公司最新分析师预测的信息，请查看此可视化的分析师预测。</p>
</div>

鉴于波司登国际控股有限公司（HKG:3998）具有吸引力的财务前景，市场对其的看法是否可能出错？