<h2>中国新零售供应链 2025 财年收益快照</h2>
<p>中国新零售供应链（SEHK:3928）公布了其 2025 财年的数据，第二季度收入为 2970 万新元，净亏损为 130 万新元，基本每股收益为亏损 0.002694 新元。公司在 2024 财年下半年的收入为 3230 万新元，下降至 2025 财年下半年的 2970 万新元，而每股收益则从 0.002157 新元的亏损转变为 0.002694 新元的亏损，这为当前更新的解读设置了谨慎的背景。总体而言，利润率仍然承压，因此现在的重点是持续减少长期亏损是否能够保持投资者的信心。</p>
<p>请查看我们对中国新零售供应链的完整分析。</p>
<p>在主要数据公布后，下一步是看看这最新的利润率情况与市场普遍关注的增长、风险和长期盈利能力的叙述相比如何。</p>
<p>好奇数字如何变成塑造市场的故事吗？探索社区叙述</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dd789f98-acb1-4240-bdc6-c74eb794c714/chart/revenue-and-expenses-breakdown?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="1046" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dd789f98-acb1-4240-bdc6-c74eb794c714/chart/revenue-and-expenses-breakdown"/></p>
<p>SEHK:3928 收入与支出明细截至 2026 年 1 月</p>
<h2>五年来亏损缩小，但 2025 财年仍处于亏损状态</h2>
<ul>
<li>在截至 2025 财年下半年的过去 12 个月中，公司记录的总收入为 6170 万新元，净亏损为 90 万新元，基本每股收益为亏损 0.001835 新元。这与更广泛的观点一致，即尽管过去五年亏损以平均每年 61.3% 的速度减少，但业务仍然处于亏损状态。</li>
<li>专注于亏损平均年减少 61.3% 的多头在这里获得了部分支持，但最新数据仍显示亏损：
<ul>
<li>从 2025 财年上半年的净利润 40 万新元转变为 2025 财年下半年的净亏损 130 万新元，分别对应收入 3190 万新元和 2970 万新元，显示出收益尚未持续为正。</li>
<li>即使在过去 12 个月的基础上，6170 万新元的收入，公司尚未将这一营业额转化为正的净收入。这使得乐观的亏损减少故事仍然处于 “进行中” 的状态。</li>
</ul>
</li>
</ul>
<p>要了解这些关于亏损缩小和持续亏损的混合信号如何融入更广泛的故事，请看看不同投资者如何框定整体叙述中的上行和风险平衡。<strong>📊 阅读完整的中国新零售供应链共识叙述。</strong></p>
<h2>市盈率为 13.3 倍，行业平均为 0.4 倍</h2>
<ul>
<li>该股票的市盈率为 13.3 倍，而同行平均为 5.4 倍，香港建筑行业平均为 0.4 倍，这意味着投资者目前支付的销售倍数远高于该行业的典型水平。</li>
<li>指出估值风险的怀疑者认为这些差距是其论点的核心：
<ul>
<li>过去 12 个月的收入为 6170 万新元，净亏损为 90 万新元，高市盈率并未得到当前盈利能力的支持，因此空头认为，如果运营趋势进一步恶化，估值几乎没有失望的余地。</li>
<li>批评者还强调，缺乏量化的未来收益或现金流预测使得更难以证明支付超过同行市盈率的两倍是合理的，这可能会在公司未能显示出更清晰的持续盈利进展时影响市场情绪。</li>
</ul>
</li>
</ul>
<h2>股价波动与持续亏损</h2>
<ul>
<li>股价为 10.43 新元，过去三个月该股票的波动性相较于香港市场较高，而公司在过去 12 个月的净收入为 90 万新元，仍处于亏损状态。</li>
<li>对于更谨慎的投资者而言，这种波动性与亏损的结合往往是一个关键问题：
<ul>
<li>空头认为，当一家公司仍在报告亏损时，例如 2025 财年下半年的 130 万新元亏损，剧烈的价格波动可能会放大任何负面消息对短期回报的影响。</li>
<li>虽然过去五年亏损以 61.3% 的年率缩小提供了一些背景，但当前的亏损状况意味着价格波动可能会受到预期变化的重大驱动，而这些变化不一定与基本面紧密相关。</li>
</ul>
</li>
</ul>
<h2>下一步</h2>
<p>不要仅仅关注这一季度；真正的故事在于长期趋势。我们对中国新零售供应链的增长和估值进行了深入分析，以查看今天的价格是否具有吸引力。现在将该公司添加到您的关注列表或投资组合中，以免错过下一个重大动向。</p>
<h2>查看其他机会</h2>
<p>中国新零售供应链仍处于亏损状态，市盈率为 13.3 倍，行业平均为 0.4 倍，这使得估值风险处于中心位置。</p>
<p>如果您更愿意关注当前定价看起来更符合基本面的公司，请查看这些基于现金流的 873 只被低估的股票，以寻找可能提供更舒适入场点的投资机会。</p>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>

中国新零售供应链

<p>中国新零售供应链（SEHK:3928）在 2025 财年下半年的净亏损为 130 万新元，收入从 2024 财年下半年的 323 万新元下降至 297 万新元。尽管在过去五年中，亏损平均年减少了 61.3%，但公司仍未实现盈利， trailing 净亏损为 90 万新元。该股票的市销率为 13.3 倍，远高于行业平均的 5.4 倍，这引发了在持续亏损和股价波动中对估值风险的担忧。建议投资者考虑长期趋势</p>

<h2>China Next-Gen Commerce and Supply Chain FY 2025 earnings snapshot</h2>
<div class="lb-trans"><h2>中国新零售供应链 2025 财年收益快照</h2>
</div><p>China Next-Gen Commerce and Supply Chain (SEHK:3928) has posted its FY 2025 numbers with second half revenue of S$29.7 million and a net loss of S$1.3 million, translating to basic EPS of S$0.002694 loss. The company has seen revenue move from S$32.3 million in 2H FY 2024 to S$29.7 million in 2H FY 2025, while EPS shifted from a S$0.002157 loss to a S$0.002694 loss over the same period, which sets a cautious backdrop for how you might read the current update. Overall, margins remain under pressure, so the focus now is on whether the ongoing reduction in longer term losses can keep investor confidence intact.</p>
<div class="lb-trans"><p>中国新零售供应链（SEHK:3928）公布了其 2025 财年的数据，第二季度收入为 2970 万新元，净亏损为 130 万新元，基本每股收益为亏损 0.002694 新元。公司在 2024 财年下半年的收入为 3230 万新元，下降至 2025 财年下半年的 2970 万新元，而每股收益则从 0.002157 新元的亏损转变为 0.002694 新元的亏损，这为当前更新的解读设置了谨慎的背景。总体而言，利润率仍然承压，因此现在的重点是持续减少长期亏损是否能够保持投资者的信心。</p>
</div><p>See our full analysis for China Next-Gen Commerce and Supply Chain.</p>
<div class="lb-trans"><p>请查看我们对中国新零售供应链的完整分析。</p>
</div><p>With the headline numbers on the table, the next step is to see how this latest margin picture compares with the widely followed narratives around growth, risk, and long term profitability for the stock.</p>
<div class="lb-trans"><p>在主要数据公布后，下一步是看看这最新的利润率情况与市场普遍关注的增长、风险和长期盈利能力的叙述相比如何。</p>
</div><p>Curious how numbers become stories that shape markets? Explore Community Narratives</p>
<div class="lb-trans"><p>好奇数字如何变成塑造市场的故事吗？探索社区叙述</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dd789f98-acb1-4240-bdc6-c74eb794c714/chart/revenue-and-expenses-breakdown" alt="" original-src="https://images.simplywall.st/company/dd789f98-acb1-4240-bdc6-c74eb794c714/chart/revenue-and-expenses-breakdown"/></p>
<p>SEHK:3928 Revenue &amp; Expenses Breakdown as at Jan 2026</p>
<div class="lb-trans"><p>SEHK:3928 收入与支出明细截至 2026 年 1 月</p>
</div><h2>Losses Narrow Over Five Years, But FY 2025 Still In The Red</h2>
<div class="lb-trans"><h2>五年来亏损缩小，但 2025 财年仍处于亏损状态</h2>
</div><ul>
<li>Over the trailing 12 months to 2H FY 2025, the company recorded total revenue of S$61.7 million and a net loss of S$0.9 million, with basic EPS at a loss of S$0.001835. This aligns with the broader point that the business is still unprofitable, even though losses have reduced at an average rate of 61.3% per year over the past five years.</li>
<li>Bulls who focus on the 61.3% average annual reduction in losses get partial support here, but the latest numbers still show a loss:
<ul>
<li>The swing from a net profit of S$0.4 million in 1H FY 2025 to a net loss of S$1.3 million in 2H FY 2025, on revenue of S$31.9 million and S$29.7 million respectively, shows that earnings are not yet consistently positive.</li>
<li>Even on a trailing 12 month basis, with S$61.7 million of revenue, the company has not yet converted that turnover into positive net income. This keeps the bullish loss reduction story firmly in “work in progress” territory.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>在截至 2025 财年下半年的过去 12 个月中，公司记录的总收入为 6170 万新元，净亏损为 90 万新元，基本每股收益为亏损 0.001835 新元。这与更广泛的观点一致，即尽管过去五年亏损以平均每年 61.3% 的速度减少，但业务仍然处于亏损状态。</li>
<li>专注于亏损平均年减少 61.3% 的多头在这里获得了部分支持，但最新数据仍显示亏损：
<ul>
<li>从 2025 财年上半年的净利润 40 万新元转变为 2025 财年下半年的净亏损 130 万新元，分别对应收入 3190 万新元和 2970 万新元，显示出收益尚未持续为正。</li>
<li>即使在过去 12 个月的基础上，6170 万新元的收入，公司尚未将这一营业额转化为正的净收入。这使得乐观的亏损减少故事仍然处于 “进行中” 的状态。</li>
</ul>
</li>
</ul>
</div><p>To see how these mixed signals around shrinking losses and ongoing unprofitability fit into the broader story, have a look at how different investors are framing the balance of upside and risk in the full narrative. <strong>📊 Read the full China Next-Gen Commerce and Supply Chain Consensus Narrative.</strong></p>
<div class="lb-trans"><p>要了解这些关于亏损缩小和持续亏损的混合信号如何融入更广泛的故事，请看看不同投资者如何框定整体叙述中的上行和风险平衡。<strong>📊 阅读完整的中国新零售供应链共识叙述。</strong></p>
</div><h2>P/S At 13.3x Versus 0.4x Industry Average</h2>
<div class="lb-trans"><h2>市盈率为 13.3 倍，行业平均为 0.4 倍</h2>
</div><ul>
<li>The stock trades on a P/S of 13.3x compared with a peer average of 5.4x and a Hong Kong Construction industry average of 0.4x, which means investors are currently paying a much higher multiple of sales than is typical for the sector.</li>
<li>Skeptics who point to valuation risk see these gaps as central to their argument:
<ul>
<li>With trailing 12 month revenue of S$61.7 million and a trailing net loss of S$0.9 million, the high P/S multiple is not backed by current profitability, so bears argue the valuation leaves little room for disappointment if operating trends weaken further.</li>
<li>Critics also highlight that the absence of quantified forward earnings or cash flow projections in the available data makes it harder to justify paying more than double the peer P/S, which can weigh on sentiment if the company does not show clearer progress toward sustained profits.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>该股票的市盈率为 13.3 倍，而同行平均为 5.4 倍，香港建筑行业平均为 0.4 倍，这意味着投资者目前支付的销售倍数远高于该行业的典型水平。</li>
<li>指出估值风险的怀疑者认为这些差距是其论点的核心：
<ul>
<li>过去 12 个月的收入为 6170 万新元，净亏损为 90 万新元，高市盈率并未得到当前盈利能力的支持，因此空头认为，如果运营趋势进一步恶化，估值几乎没有失望的余地。</li>
<li>批评者还强调，缺乏量化的未来收益或现金流预测使得更难以证明支付超过同行市盈率的两倍是合理的，这可能会在公司未能显示出更清晰的持续盈利进展时影响市场情绪。</li>
</ul>
</li>
</ul>
</div><h2>Volatile Share Price Against Ongoing Losses</h2>
<div class="lb-trans"><h2>股价波动与持续亏损</h2>
</div><ul>
<li>The share price sits at S$10.43, and the stock has shown high volatility over the past three months compared with the Hong Kong market, while the business remains loss making on a trailing 12 month net income of S$0.9 million.</li>
<li>For more cautious investors, this combination of volatility and losses tends to be a key concern:
<ul>
<li>Bears argue that when a company is still reporting losses, such as the S$1.3 million loss in 2H FY 2025, sharp price swings can amplify the impact of any negative news on returns over short periods.</li>
<li>The fact that losses have been shrinking over five years at a 61.3% annual rate gives some context, but the current loss position means price moves can be driven heavily by changing expectations, which may not always track the underlying fundamentals closely.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>股价为 10.43 新元，过去三个月该股票的波动性相较于香港市场较高，而公司在过去 12 个月的净收入为 90 万新元，仍处于亏损状态。</li>
<li>对于更谨慎的投资者而言，这种波动性与亏损的结合往往是一个关键问题：
<ul>
<li>空头认为，当一家公司仍在报告亏损时，例如 2025 财年下半年的 130 万新元亏损，剧烈的价格波动可能会放大任何负面消息对短期回报的影响。</li>
<li>虽然过去五年亏损以 61.3% 的年率缩小提供了一些背景，但当前的亏损状况意味着价格波动可能会受到预期变化的重大驱动，而这些变化不一定与基本面紧密相关。</li>
</ul>
</li>
</ul>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on China Next-Gen Commerce and Supply Chain's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p>
<div class="lb-trans"><p>不要仅仅关注这一季度；真正的故事在于长期趋势。我们对中国新零售供应链的增长和估值进行了深入分析，以查看今天的价格是否具有吸引力。现在将该公司添加到您的关注列表或投资组合中，以免错过下一个重大动向。</p>
</div><h2>See What Else Is Out There</h2>
<div class="lb-trans"><h2>查看其他机会</h2>
</div><p>China Next-Gen Commerce and Supply Chain is still loss making with a high 13.3x P/S against a 0.4x industry average, which leaves valuation risk front and center.</p>
<div class="lb-trans"><p>中国新零售供应链仍处于亏损状态，市盈率为 13.3 倍，行业平均为 0.4 倍，这使得估值风险处于中心位置。</p>
</div><p>If you would rather focus on companies where current pricing looks more grounded in fundamentals, check out these 873 undervalued stocks based on cash flows today to zero in on ideas that may offer a more comfortable entry point.</p>
<div class="lb-trans"><p>如果您更愿意关注当前定价看起来更符合基本面的公司，请查看这些基于现金流的 873 只被低估的股票，以寻找可能提供更舒适入场点的投资机会。</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
</div>

中国新零售供应链（SEHK:3928）在下半年亏损逆转，这对乐观的叙述构成挑战