<p>我們沒有看到 <strong>中國宏光控股有限公司</strong>（HKG:8646）最近報告強勁收益時股價的激增。我們認為投資者可能對這些收益的基礎感到擔憂。</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607?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/647262383-earnings-and-revenue-history-1-dark-2/1757110313607"/></p>
<p>SEHK:8646 收益和收入歷史 2025 年 9 月 5 日</p>
<h2>深入分析中國宏光控股的收益</h2>
<p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。通俗來説，這個比率是將自由現金流從淨利潤中減去，然後將這個數字除以公司在該期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</p>
<p>這意味着負應計比率是一個好事，因為它表明公司帶來的自由現金流超過了其利潤所暗示的水平。雖然應計比率高於零並不令人擔憂，但我們確實認為當公司有相對較高的應計比率時值得注意。這是因為一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長乏力。</p>
<p>中國宏光控股在截至 2025 年 6 月的年度應計比率為 0.25。因此，我們知道其自由現金流顯著低於法定利潤，這並不是一件好事。在過去的 12 個月中，它實際上出現了_負_自由現金流，儘管其利潤為 4080 萬人民幣，但現金流出達 3400 萬人民幣。考慮到去年負自由現金流的背景，我們想一些股東可能會想知道今年 3400 萬人民幣的現金消耗是否意味着高風險。值得注意的是，公司發行了新股，從而稀釋了現有股東的股份，減少了他們未來收益的份額。</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中國宏光控股的資產負債表分析。</p>
<p>要理解公司收益增長的價值，必須考慮任何對股東利益的稀釋。實際上，中國宏光控股在過去一年中發行了 54% 的新股。因此，每股現在獲得的利潤份額更小。談論淨收入而不關注每股收益，就是被大數字所迷惑，而忽視了那些與_每股_價值相關的小數字。點擊此鏈接查看中國宏光控股的歷史每股收益增長。</p>
<h2>看看中國宏光控股的稀釋對每股收益（EPS）的影響</h2>
<p>正如您在上面看到的，中國宏光控股在過去幾年中淨收入持續增長，年均增長率為 7.5%。相比之下，在同一時期，每股收益實際上每年下降了 29%。而去年利潤的 44% 增長在初看上去確實令人印象深刻。但相比之下，每股收益在同一時期僅增長了 45%。因此，可以觀察到稀釋對股東回報產生了相當深遠的影響。</p>
<p>從長遠來看，每股收益的增長應該會帶來股價的增長。因此，中國宏光控股的股東希望看到每股收益數字繼續增加。然而，如果其利潤增長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，可以説在評估公司股價是否可能增長時，每股收益比淨收入更為重要。</p>
<h2>我們對中國宏光控股利潤表現的看法</h2>
<p>總之，中國宏光控股的現金流相對於收益較弱，這表明收益質量較低，而稀釋意味着其每股收益增長弱於利潤增長。基於上述原因，我們認為對中國宏光控股法定利潤的草率審視可能使其在基礎層面看起來比實際情況更好。因此，雖然收益質量很重要，但同樣重要的是考慮中國宏光控股目前面臨的風險。為此，您應該瞭解我們發現的 <strong>3 個警告信號</strong>（其中 2 個不容忽視）。</p>
<p>在本文中，我們考察了一些可能削弱利潤數字效用的因素，並對此持謹慎態度。但還有許多其他方式可以幫助您形成對公司的看法。有些人認為高股本回報率是優質企業的良好標誌。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票列表。</p>

中國宏光

<p>中國宏光控股（HKG:8646）報告了強勁的收益，但由於高達 0.25 的應計比率引發了擔憂，這表明自由現金流相較於利潤較低。儘管利潤為 4080 萬人民幣，公司卻經歷了 3400 萬人民幣的負自由現金流。此外，股份增加 54% 稀釋了每股收益（EPS），儘管淨收入增長了 7.5%，但每股收益在三年內下降了 29%。這種稀釋引發了對股東回報和收益質量的擔憂，暗示投資者應持謹慎態度</p>

<p>We didn't see <strong>China Hongguang Holdings Limited's</strong> (HKG:8646) stock surge when it reported robust earnings recently. We think that investors might be worried about the foundations the earnings are built on.</p>
<div class="lb-trans"><p>我們沒有看到 <strong>中國宏光控股有限公司</strong>（HKG:8646）最近報告強勁收益時股價的激增。我們認為投資者可能對這些收益的基礎感到擔憂。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607" alt="" original-src="https://images.simplywall.st/asset/chart/647262383-earnings-and-revenue-history-1-dark-2/1757110313607"/></p>
<p>SEHK:8646 Earnings and Revenue History September 5th 2025</p>
<div class="lb-trans"><p>SEHK:8646 收益和收入歷史 2025 年 9 月 5 日</p>
</div><h2>Zooming In On China Hongguang Holdings' Earnings</h2>
<div class="lb-trans"><h2>深入分析中國宏光控股的收益</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。通俗來説，這個比率是將自由現金流從淨利潤中減去，然後將這個數字除以公司在該期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</p>
</div><p>That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>這意味着負應計比率是一個好事，因為它表明公司帶來的自由現金流超過了其利潤所暗示的水平。雖然應計比率高於零並不令人擔憂，但我們確實認為當公司有相對較高的應計比率時值得注意。這是因為一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長乏力。</p>
</div><p>China Hongguang Holdings has an accrual ratio of 0.25 for the year to June 2025. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had <em>negative</em> free cash flow, with an outflow of CN¥34m despite its profit of CN¥40.8m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥34m, this year, indicates high risk. Notably, the company has issued new shares, thus diluting existing shareholders and reducing their share of future earnings.</p>
<div class="lb-trans"><p>中國宏光控股在截至 2025 年 6 月的年度應計比率為 0.25。因此，我們知道其自由現金流顯著低於法定利潤，這並不是一件好事。在過去的 12 個月中，它實際上出現了_負_自由現金流，儘管其利潤為 4080 萬人民幣，但現金流出達 3400 萬人民幣。考慮到去年負自由現金流的背景，我們想一些股東可能會想知道今年 3400 萬人民幣的現金消耗是否意味着高風險。值得注意的是，公司發行了新股，從而稀釋了現有股東的股份，減少了他們未來收益的份額。</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 China Hongguang Holdings.</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中國宏光控股的資產負債表分析。</p>
</div><p>To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, China Hongguang Holdings issued 54% more new shares over the last year. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to <em>per share</em> value. Check out China Hongguang Holdings' historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>要理解公司收益增長的價值，必須考慮任何對股東利益的稀釋。實際上，中國宏光控股在過去一年中發行了 54% 的新股。因此，每股現在獲得的利潤份額更小。談論淨收入而不關注每股收益，就是被大數字所迷惑，而忽視了那些與_每股_價值相關的小數字。點擊此鏈接查看中國宏光控股的歷史每股收益增長。</p>
</div><h2>A Look At The Impact Of China Hongguang Holdings' Dilution On Its Earnings Per Share (EPS)</h2>
<div class="lb-trans"><h2>看看中國宏光控股的稀釋對每股收益（EPS）的影響</h2>
</div><p>As you can see above, China Hongguang Holdings has been growing its net income over the last few years, with an annualized gain of 7.5% over three years. In contrast, earnings <em>per share</em> were actually down by 29% per year, in the exact same period. And the 44% profit boost in the last year certainly seems impressive at first glance. But in comparison, EPS only increased by 45% over the same period. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.</p>
<div class="lb-trans"><p>正如您在上面看到的，中國宏光控股在過去幾年中淨收入持續增長，年均增長率為 7.5%。相比之下，在同一時期，每股收益實際上每年下降了 29%。而去年利潤的 44% 增長在初看上去確實令人印象深刻。但相比之下，每股收益在同一時期僅增長了 45%。因此，可以觀察到稀釋對股東回報產生了相當深遠的影響。</p>
</div><p>In the long term, earnings <em>per share</em> growth should beget share price growth. So China Hongguang Holdings shareholders will want to see that EPS figure continue to increase. 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>從長遠來看，每股收益的增長應該會帶來股價的增長。因此，中國宏光控股的股東希望看到每股收益數字繼續增加。然而，如果其利潤增長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，可以説在評估公司股價是否可能增長時，每股收益比淨收入更為重要。</p>
</div><h2>Our Take On China Hongguang Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我們對中國宏光控股利潤表現的看法</h2>
</div><p>In conclusion, China Hongguang Holdings has weak cashflow relative to earnings, which indicates lower quality earnings, and the dilution means its earnings per share growth is weaker than its profit growth. For the reasons mentioned above, we think that a perfunctory glance at China Hongguang Holdings' statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing China Hongguang Holdings at this point in time. To that end, you should learn about the <strong>3 warning signs</strong> we've spotted with China Hongguang Holdings (including 2 which shouldn't be ignored).</p>
<div class="lb-trans"><p>總之，中國宏光控股的現金流相對於收益較弱，這表明收益質量較低，而稀釋意味着其每股收益增長弱於利潤增長。基於上述原因，我們認為對中國宏光控股法定利潤的草率審視可能使其在基礎層面看起來比實際情況更好。因此，雖然收益質量很重要，但同樣重要的是考慮中國宏光控股目前面臨的風險。為此，您應該瞭解我們發現的 <strong>3 個警告信號</strong>（其中 2 個不容忽視）。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>在本文中，我們考察了一些可能削弱利潤數字效用的因素，並對此持謹慎態度。但還有許多其他方式可以幫助您形成對公司的看法。有些人認為高股本回報率是優質企業的良好標誌。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票列表。</p>
</div>

中國宏光控股（HKG:8646）的可觀收益對股東來説並不完全是好消息