<p><strong>山田商事</strong>（東京證券交易所代碼：9305）健康的利潤數字對投資者沒有任何驚喜。我們認為這是因為投資者超越法定利潤，關注他們所看到的情況。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980?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/876016-earnings-and-revenue-history-1-dark-2/1751069598980"/></p>
<p>東京證券交易所：9305 收益和收入歷史 2025 年 6 月 28 日</p>
<p>要理解公司盈利增長的價值，必須考慮任何對股東利益的稀釋。事實上，山田在過去十二個月中通過發行新股增加了 7.1% 的流通股數。因此，其淨收入現在在更多的股份之間分配。每股指標如每股收益（EPS）幫助我們理解實際股東從公司利潤中受益多少，而淨收入水平則讓我們更好地瞭解公司的絕對規模。您可以點擊這裏查看山田的每股收益圖表。</p>
<h2>稀釋如何影響山田的每股收益（EPS）？</h2>
<p>山田在過去三年中改善了其利潤，年化增長率為 69%。而去年 27% 的利潤增長在初看上去確實令人印象深刻。但相比之下，EPS 在同一時期僅增長了 152%。因此，您可以清楚地看到稀釋正在影響股東收益。</p>
<p>長期來看，股價的變化往往反映每股收益的變化。因此，如果山田能夠持續增長 EPS，這對股東來説無疑是個積極的信號。然而，如果其利潤增加而每股收益保持平穩（甚至下降），那麼股東可能不會看到太多好處。因此，可以説在長期內，EPS 比淨收入更為重要，假設目標是評估公司的股價是否可能增長。</p>
<p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對山田的資產負債表分析。</p>
<h2>非常規項目如何影響利潤？</h2>
<p>最後，我們還應考慮非常規項目在過去一年中使山田的淨利潤增加了 11 億日元。我們不能否認更高的利潤通常讓我們感到樂觀，但我們更希望利潤是可持續的。當我們對數千家上市公司進行數據分析時，我們發現某一年來自非常規項目的提升往往在下一年 <strong>不會</strong> 重複。畢竟，這正是會計術語所暗示的。我們可以看到，山田的積極非常規項目相對於 2025 年 3 月的利潤是相當顯著的。在其他條件相同的情況下，這可能會導致法定利潤成為潛在盈利能力的糟糕指南。</p>
<h2>我們對山田利潤表現的看法</h2>
<p>總而言之，山田從非常規項目中獲得了可觀的利潤提升；如果沒有這一點，其法定結果看起來會更糟。此外，稀釋意味着其每股收益表現不如其利潤表現。考慮到這一切，我們認為山田的利潤可能給人一種過於樂觀的可持續盈利水平印象。如果您想更深入瞭解山田，您還應該關注它目前面臨的風險。例如，我們已經識別出 <strong>山田的 3 個警告信號</strong>（其中 1 個是重要的），您應該熟悉。</p>
<p>我們對山田的審查集中在某些因素上，這些因素可能使其收益看起來比實際更好。因此，基於這一點，我們有些持懷疑態度。但還有很多其他方式可以幫助您形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “跟隨資金”，尋找內部人士正在購買的股票。雖然這可能需要您進行一些研究，但您可能會發現這份 <strong>免費的</strong> 高股本回報率公司集合，或這份內部持股顯著的股票列表對您有用。</p>

9305

<p>山種株式會社（TSE:9305）報告了健康的利潤，但由於股價上漲 7.1%，每股收益（EPS）被稀釋，引發了擔憂。儘管三年來利潤增長了 69%，但 EPS 僅增長了 152%，顯示出稀釋的影響。非經常性項目使淨利潤增加了 11 億日元，這引發了對可持續性的質疑。分析師建議，法定利潤可能無法反映真實的盈利能力，敦促投資者考慮風險和資產負債表的強度。由於山種的利潤可能呈現出過於樂觀的盈利能力，建議保持謹慎</p>

<p><strong>Yamatane Corporation's</strong> (TSE:9305) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.</p>
<div class="lb-trans"><p><strong>山田商事</strong>（東京證券交易所代碼：9305）健康的利潤數字對投資者沒有任何驚喜。我們認為這是因為投資者超越法定利潤，關注他們所看到的情況。</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980" alt="" original-src="https://images.simplywall.st/asset/chart/876016-earnings-and-revenue-history-1-dark-2/1751069598980"/></p>
<p>TSE:9305 Earnings and Revenue History June 28th 2025</p>
<div class="lb-trans"><p>東京證券交易所：9305 收益和收入歷史 2025 年 6 月 28 日</p>
</div><p>To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Yamatane increased the number of shares on issue by 7.1% over the last twelve months by issuing new shares. As a result, its net income is now split between a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. You can see a chart of Yamatane's EPS by clicking here.</p>
<div class="lb-trans"><p>要理解公司盈利增長的價值，必須考慮任何對股東利益的稀釋。事實上，山田在過去十二個月中通過發行新股增加了 7.1% 的流通股數。因此，其淨收入現在在更多的股份之間分配。每股指標如每股收益（EPS）幫助我們理解實際股東從公司利潤中受益多少，而淨收入水平則讓我們更好地瞭解公司的絕對規模。您可以點擊這裏查看山田的每股收益圖表。</p>
</div><h2>How Is Dilution Impacting Yamatane's Earnings Per Share (EPS)?</h2>
<div class="lb-trans"><h2>稀釋如何影響山田的每股收益（EPS）？</h2>
</div><p>Yamatane has improved its profit over the last three years, with an annualized gain of 69% in that time. And the 27% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 152% over the same period. And so, you can see quite clearly that dilution is influencing shareholder earnings.</p>
<div class="lb-trans"><p>山田在過去三年中改善了其利潤，年化增長率為 69%。而去年 27% 的利潤增長在初看上去確實令人印象深刻。但相比之下，EPS 在同一時期僅增長了 152%。因此，您可以清楚地看到稀釋正在影響股東收益。</p>
</div><p>Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Yamatane can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.</p>
<div class="lb-trans"><p>長期來看，股價的變化往往反映每股收益的變化。因此，如果山田能夠持續增長 EPS，這對股東來説無疑是個積極的信號。然而，如果其利潤增加而每股收益保持平穩（甚至下降），那麼股東可能不會看到太多好處。因此，可以説在長期內，EPS 比淨收入更為重要，假設目標是評估公司的股價是否可能增長。</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Yamatane.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對山田的資產負債表分析。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>非常規項目如何影響利潤？</h2>
</div><p>Finally, we should also consider the fact that unusual items boosted Yamatane's net profit by JP¥1.1b over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often <strong>not</strong> repeated the next year. And, after all, that's exactly what the accounting terminology implies. We can see that Yamatane's positive unusual items were quite significant relative to its profit in the year to March 2025. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.</p>
<div class="lb-trans"><p>最後，我們還應考慮非常規項目在過去一年中使山田的淨利潤增加了 11 億日元。我們不能否認更高的利潤通常讓我們感到樂觀，但我們更希望利潤是可持續的。當我們對數千家上市公司進行數據分析時，我們發現某一年來自非常規項目的提升往往在下一年 <strong>不會</strong> 重複。畢竟，這正是會計術語所暗示的。我們可以看到，山田的積極非常規項目相對於 2025 年 3 月的利潤是相當顯著的。在其他條件相同的情況下，這可能會導致法定利潤成為潛在盈利能力的糟糕指南。</p>
</div><h2>Our Take On Yamatane's Profit Performance</h2>
<div class="lb-trans"><h2>我們對山田利潤表現的看法</h2>
</div><p>To sum it all up, Yamatane got a nice boost to profit from unusual items; without that, its statutory results would have looked worse. On top of that, the dilution means that its earnings per share performance is worse than its profit performance. Considering all this we'd argue Yamatane's profits probably give an overly generous impression of its sustainable level of profitability. If you want to do dive deeper into Yamatane, you'd also look into what risks it is currently facing. For instance, we've identified <strong>3 warning signs for Yamatane</strong> (1 is significant) you should be familiar with.</p>
<div class="lb-trans"><p>總而言之，山田從非常規項目中獲得了可觀的利潤提升；如果沒有這一點，其法定結果看起來會更糟。此外，稀釋意味着其每股收益表現不如其利潤表現。考慮到這一切，我們認為山田的利潤可能給人一種過於樂觀的可持續盈利水平印象。如果您想更深入瞭解山田，您還應該關注它目前面臨的風險。例如，我們已經識別出 <strong>山田的 3 個警告信號</strong>（其中 1 個是重要的），您應該熟悉。</p>
</div><p>Our examination of Yamatane has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>我們對山田的審查集中在某些因素上，這些因素可能使其收益看起來比實際更好。因此，基於這一點，我們有些持懷疑態度。但還有很多其他方式可以幫助您形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “跟隨資金”，尋找內部人士正在購買的股票。雖然這可能需要您進行一些研究，但您可能會發現這份 <strong>免費的</strong> 高股本回報率公司集合，或這份內部持股顯著的股票列表對您有用。</p>
</div>

Yamatane（TSE:9305）的股東可能需要深入探討法定利潤以外的因素