<p>選股的主要目標是找到能夠超越市場的股票。但幾乎每位投資者都肯定會擁有表現優異和表現不佳的股票。因此，我們不會責怪長期持有 <strong>adidas AG</strong> (ETR:ADS) 的股東對持有決策產生懷疑，因為該股票在過去五年中下跌了 16%。最近，股價下跌的速度加快，過去三個月股價下跌了 11%。</p>
<p>由於股東在長期內處於虧損狀態，我們來看看這段時間的基本面，看看它們是否與回報一致。</p>
<p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
<p>不可否認，市場有時是有效的，但價格並不總是反映基礎業務表現。檢查市場情緒如何隨時間變化的一種方法是觀察公司股價與每股收益（EPS）之間的互動。</p>
<p>在股價下跌的五年中，adidas 的每股收益（EPS）每年下降了 3.2%。這一 EPS 的變化與股價平均每年下降 3% 相當接近。這意味着市場對該股票的看法相對穩定。相反，股價的變化反映了每股收益的變化。</p>
<p>公司的每股收益（隨時間變化）在下圖中顯示（點擊查看具體數字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586?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/92816-earnings-per-share-growth-1-dark-2/1750772971586"/></p>
<p>XTRA:ADS 每股收益增長 2025 年 6 月 24 日</p>
<p>我們知道 adidas 最近改善了其底線，但它會增長收入嗎？檢查分析師是否認為 adidas 未來會增長收入。</p>
<h2>股息情況如何？</h2>
<p>在考慮投資回報時，重要的是要考慮 <em>總股東回報</em> (TSR) 和 <em>股價回報</em> 之間的區別。TSR 包含任何分拆或折扣融資的價值，以及任何股息，基於假設股息被再投資。可以説，TSR 提供了股票產生回報的更全面的圖景。實際上，adidas 在過去 5 年的 TSR 為-12%，這超過了前面提到的股價回報。這主要是由於其股息支付！</p>
<h2>不同的視角</h2>
<p>adidas 的投資者經歷了艱難的一年，總損失為 8.8%（包括股息），而市場收益約為 18%。然而，請記住，即使是最好的股票在十二個月內有時也會表現不佳。不幸的是，去年的表現可能表明存在未解決的挑戰，因為其表現比過去五年年化損失 2% 還要糟糕。一般來説，長期股價疲軟可能是一個壞兆頭，儘管逆向投資者可能希望研究該股票以期反彈。在對 adidas 形成看法之前，您可能想考慮這三個估值指標。</p>
<p>如果我們看到一些大額內部購買，我們會更喜歡 adidas。在我們等待的同時，查看這份 <strong>免費</strong> 的被低估股票名單（大多數是小盤股），其中有相當多的近期內部購買。</p>
<p><em>請注意，本文中引用的市場回報反映了目前在德國交易所交易的股票的市場加權平均回報。</em></p>

阿迪達斯

<p>阿迪達斯 (ETR:ADS) 的股東在過去五年中面臨了 12% 的總股東回報損失，期間股價下跌了 16%，而在過去三個月中下跌了 11%。公司的每股收益 (EPS) 年均下降了 3.2%，與股價下跌相呼應。儘管近期盈利有所改善，但股票的長期疲軟引發了擔憂。投資者去年遭遇了 8.8% 的損失，而市場則獲得了 18% 的收益。分析師建議關注估值指標和內部人士的買入情況，以尋找潛在的復甦機會</p>

<p>The main aim of stock picking is to find the market-beating stocks. But every investor is virtually certain to have both over-performing and under-performing stocks. So we wouldn't blame long term <strong>adidas AG</strong> (ETR:ADS) shareholders for doubting their decision to hold, with the stock down 16% over a half decade. The falls have accelerated recently, with the share price down 11% in the last three months.</p>
<div class="lb-trans"><p>選股的主要目標是找到能夠超越市場的股票。但幾乎每位投資者都肯定會擁有表現優異和表現不佳的股票。因此，我們不會責怪長期持有 <strong>adidas AG</strong> (ETR:ADS) 的股東對持有決策產生懷疑，因為該股票在過去五年中下跌了 16%。最近，股價下跌的速度加快，過去三個月股價下跌了 11%。</p>
</div><p>Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.</p>
<div class="lb-trans"><p>由於股東在長期內處於虧損狀態，我們來看看這段時間的基本面，看看它們是否與回報一致。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
</div><p>There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).</p>
<div class="lb-trans"><p>不可否認，市場有時是有效的，但價格並不總是反映基礎業務表現。檢查市場情緒如何隨時間變化的一種方法是觀察公司股價與每股收益（EPS）之間的互動。</p>
</div><p>During the five years over which the share price declined, adidas' earnings per share (EPS) dropped by 3.2% each year. This change in EPS is reasonably close to the 3% average annual decrease in the share price. This implies that the market has had a fairly steady view of the stock. Rather, the share price change has reflected changes in earnings per share.</p>
<div class="lb-trans"><p>在股價下跌的五年中，adidas 的每股收益（EPS）每年下降了 3.2%。這一 EPS 的變化與股價平均每年下降 3% 相當接近。這意味着市場對該股票的看法相對穩定。相反，股價的變化反映了每股收益的變化。</p>
</div><p>The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的每股收益（隨時間變化）在下圖中顯示（點擊查看具體數字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586" alt="" original-src="https://images.simplywall.st/asset/chart/92816-earnings-per-share-growth-1-dark-2/1750772971586"/></p>
<p>XTRA:ADS Earnings Per Share Growth June 24th 2025</p>
<div class="lb-trans"><p>XTRA:ADS 每股收益增長 2025 年 6 月 24 日</p>
</div><p>We know that adidas has improved its bottom line lately, but is it going to grow revenue? Check if analysts think adidas will grow revenue in the future.</p>
<div class="lb-trans"><p>我們知道 adidas 最近改善了其底線，但它會增長收入嗎？檢查分析師是否認為 adidas 未來會增長收入。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情況如何？</h2>
</div><p>When looking at investment returns, it is important to consider the difference between <em>total shareholder return</em> (TSR) and <em>share price return</em>. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, adidas' TSR for the last 5 years was -12%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>在考慮投資回報時，重要的是要考慮 <em>總股東回報</em> (TSR) 和 <em>股價回報</em> 之間的區別。TSR 包含任何分拆或折扣融資的價值，以及任何股息，基於假設股息被再投資。可以説，TSR 提供了股票產生回報的更全面的圖景。實際上，adidas 在過去 5 年的 TSR 為-12%，這超過了前面提到的股價回報。這主要是由於其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</h2>
</div><p>Investors in adidas had a tough year, with a total loss of 8.8% (including dividends), against a market gain of about 18%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 2% 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 adidas you might want to consider these 3 valuation metrics.</p>
<div class="lb-trans"><p>adidas 的投資者經歷了艱難的一年，總損失為 8.8%（包括股息），而市場收益約為 18%。然而，請記住，即使是最好的股票在十二個月內有時也會表現不佳。不幸的是，去年的表現可能表明存在未解決的挑戰，因為其表現比過去五年年化損失 2% 還要糟糕。一般來説，長期股價疲軟可能是一個壞兆頭，儘管逆向投資者可能希望研究該股票以期反彈。在對 adidas 形成看法之前，您可能想考慮這三個估值指標。</p>
</div><p>We will like adidas better if we see some big insider buys. While we wait, check out this <strong>free</strong> list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.</p>
<div class="lb-trans"><p>如果我們看到一些大額內部購買，我們會更喜歡 adidas。在我們等待的同時，查看這份 <strong>免費</strong> 的被低估股票名單（大多數是小盤股），其中有相當多的近期內部購買。</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 German exchanges.</em></p>
<div class="lb-trans"><p><em>請注意，本文中引用的市場回報反映了目前在德國交易所交易的股票的市場加權平均回報。</em></p>
</div>

阿迪達斯（ETR:ADS）的股東在五年前投資該股票後，已經經歷了 12% 的損失