<p>事实是，如果你投资的时间足够长，你最终会遇到一些亏损的股票。长期持有 <strong>H&amp;K AG</strong> (EPA:MLHK) 的股东对此深有体会，因为该股价在三年内大幅下跌。对他们来说，遗憾的是，股价在这段时间内下跌了 68%。最近的消息也无济于事，股价在一年内下跌了 66%。股东们最近的经历更为艰难，股价在过去 90 天内下跌了 17%。</p>
<p>在过去一周股价下跌了 11% 后，值得关注一下公司的业绩，看看是否存在任何警示信号。</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>在他的文章《格雷厄姆与多德斯维尔的超级投资者》中，沃伦·巴菲特描述了股价并不总是理性反映企业价值的情况。考虑市场对一家公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价的变动。</p>
<p>H&amp;K 的每股收益在过去三年以每年 1.7% 的复合率下降。这一 EPS 的下降速度慢于股价每年 31% 的下降。因此，似乎市场过去对这家企业过于自信。</p>
<p>下图显示了 EPS 随时间的变化（如果你点击图片可以看到更详细的信息）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1898721-earnings-per-share-growth-1-dark-2/1769489715235?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/1898721-earnings-per-share-growth-1-dark-2/1769489715235"/></p>
<p>ENXTPA:MLHK 每股收益增长 2026 年 1 月 27 日</p>
<p>在买入或卖出股票之前，我们始终建议仔细检查历史增长趋势，相关信息可在此处获得。</p>
<h2>股息情况如何？</h2>
<p>考虑任何股票的总股东回报以及股价回报是非常重要的。总股东回报（TSR）是一种回报计算，考虑了现金股息的价值（假设收到的任何股息都被再投资）以及任何折价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。实际上，H&amp;K 在过去三年的 TSR 为-60%，这超过了之前提到的股价回报。这主要是由于其股息支付！</p>
<h2>不同的视角</h2>
<p>H&amp;K 的投资者经历了艰难的一年，总损失为 66%（包括股息），而市场的收益约为 3.9%。即使是优质股票的股价有时也会下跌，但我们希望在对其产生浓厚兴趣之前，看到企业基本指标的改善。不幸的是，去年的表现可能表明尚未解决的挑战，因为其表现比过去五年年化损失 8% 还要糟糕。一般来说，长期股价疲软可能是一个坏兆头，尽管逆向投资者可能希望研究该股票以期反弹。在对 H&amp;K 形成看法之前，你可能想考虑这三个估值指标。</p>
<p>如果你更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够实现盈利增长。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在法国交易所交易的股票的市场加权平均回报。</em></p>

KLXY

<p>H&K AG (EPA:MLHK) 的股价出现了显著下跌，三年来下跌了 68%，过去一年下跌了 66%。最近，该股票在过去一周内下跌了 11%。公司的每股收益（EPS）年复合增长率为 -1.7%，而股价每年下降 31%。三年的总股东回报率（TSR）为 -60%，主要是由于股息支付。今年投资者面临的总损失为 66%，与市场增长 3.9% 形成对比</p>

<p>The truth is that if you invest for long enough, you're going to end up with some losing stocks. Long term <strong>H&amp;K AG</strong> (EPA:MLHK) shareholders know that all too well, since the share price is down considerably over three years. Sadly for them, the share price is down 68% in that time. The more recent news is of little comfort, with the share price down 66% in a year. Shareholders have had an even rougher run lately, with the share price down 17% in the last 90 days.</p>
<div class="lb-trans"><p>事实是，如果你投资的时间足够长，你最终会遇到一些亏损的股票。长期持有 <strong>H&amp;K AG</strong> (EPA:MLHK) 的股东对此深有体会，因为该股价在三年内大幅下跌。对他们来说，遗憾的是，股价在这段时间内下跌了 68%。最近的消息也无济于事，股价在一年内下跌了 66%。股东们最近的经历更为艰难，股价在过去 90 天内下跌了 17%。</p>
</div><p>With the stock having lost 11% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.</p>
<div class="lb-trans"><p>在过去一周股价下跌了 11% 后，值得关注一下公司的业绩，看看是否存在任何警示信号。</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>In his essay <em>The Superinvestors of Graham-and-Doddsville</em> Warren Buffett described how share prices do not always rationally reflect the value of a business. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.</p>
<div class="lb-trans"><p>在他的文章《格雷厄姆与多德斯维尔的超级投资者》中，沃伦·巴菲特描述了股价并不总是理性反映企业价值的情况。考虑市场对一家公司的看法如何变化的一个不完美但简单的方法是比较每股收益（EPS）的变化与股价的变动。</p>
</div><p>H&amp;K saw its EPS decline at a compound rate of 1.7% per year, over the last three years. This reduction in EPS is slower than the 31% annual reduction in the share price. So it seems the market was too confident about the business, in the past.</p>
<div class="lb-trans"><p>H&amp;K 的每股收益在过去三年以每年 1.7% 的复合率下降。这一 EPS 的下降速度慢于股价每年 31% 的下降。因此，似乎市场过去对这家企业过于自信。</p>
</div><p>The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).</p>
<div class="lb-trans"><p>下图显示了 EPS 随时间的变化（如果你点击图片可以看到更详细的信息）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1898721-earnings-per-share-growth-1-dark-2/1769489715235" alt="" original-src="https://images.simplywall.st/asset/chart/1898721-earnings-per-share-growth-1-dark-2/1769489715235"/></p>
<p>ENXTPA:MLHK Earnings Per Share Growth January 27th 2026</p>
<div class="lb-trans"><p>ENXTPA:MLHK 每股收益增长 2026 年 1 月 27 日</p>
</div><p>Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.</p>
<div class="lb-trans"><p>在买入或卖出股票之前，我们始终建议仔细检查历史增长趋势，相关信息可在此处获得。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. As it happens, H&amp;K's TSR for the last 3 years was -60%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>考虑任何股票的总股东回报以及股价回报是非常重要的。总股东回报（TSR）是一种回报计算，考虑了现金股息的价值（假设收到的任何股息都被再投资）以及任何折价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。实际上，H&amp;K 在过去三年的 TSR 为-60%，这超过了之前提到的股价回报。这主要是由于其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Investors in H&amp;K had a tough year, with a total loss of 66% (including dividends), against a market gain of about 3.9%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 8% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Before forming an opinion on H&amp;K you might want to consider these 3 valuation metrics.</p>
<div class="lb-trans"><p>H&amp;K 的投资者经历了艰难的一年，总损失为 66%（包括股息），而市场的收益约为 3.9%。即使是优质股票的股价有时也会下跌，但我们希望在对其产生浓厚兴趣之前，看到企业基本指标的改善。不幸的是，去年的表现可能表明尚未解决的挑战，因为其表现比过去五年年化损失 8% 还要糟糕。一般来说，长期股价疲软可能是一个坏兆头，尽管逆向投资者可能希望研究该股票以期反弹。在对 H&amp;K 形成看法之前，你可能想考虑这三个估值指标。</p>
</div><p>If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this <strong>free</strong> list of companies that have proven they can grow earnings.</p>
<div class="lb-trans"><p>如果你更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够实现盈利增长。</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 French 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法国交易所交易的股票的市场加权平均回报。</em></p>
</div>

由于 H&K（EPA:MLHK）股票在过去一周进一步下跌 11%，三年股东回报和公司收益持续走低