<p>市場似乎對 <strong>中國管業有限公司</strong>（HKG:380）最近發佈的穩健財報反應平淡。我們的分析表明，投資者應該關注一些值得期待的因素。</p>
<p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行研發。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前佈局。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657?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/7658288-earnings-and-revenue-history-1-dark-2/1758839065657"/></p>
<p>SEHK:380 收益和收入歷史 2025 年 9 月 25 日</p>
<h2>檢視中國管業的現金流與收益</h2>
<p>在高端金融中，用於衡量公司將報告利潤轉化為自由現金流（FCF）能力的關鍵比率是 <strong>應計比率</strong>（來自現金流）。應計比率將某一時期的 FCF 從利潤中減去，並將結果除以該公司在此期間的平均運營資產。該比率顯示了公司利潤超過其 FCF 的程度。</p>
<p>因此，負應計比率對公司來説是積極的，而正應計比率則是消極的。雖然擁有正應計比率並不成問題，這表明存在一定程度的非現金利潤，但高應計比率可以説是一個壞事，因為它表明紙面利潤與現金流不匹配。這是因為一些學術研究表明，高應計比率往往導致利潤下降或利潤增長乏力。</p>
<p>截至 2025 年 6 月的 12 個月內，中國管業的應計比率為-0.12。這意味着其現金轉換良好，並且表明其自由現金流在去年大幅超過其利潤。具體來説，在此期間，它產生了 1.41 億港元的自由現金流，遠超其報告的 8230 萬港元利潤。中國管業的股東無疑會對過去 12 個月自由現金流的改善感到滿意。</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管業的資產負債表分析。</p>
<h2>我們對中國管業盈利表現的看法</h2>
<p>中國管業的應計比率穩健，表明自由現金流強勁，正如我們上面討論的那樣。因此，我們認為中國管業的盈利潛力至少與其表面看起來一樣好，甚至可能更好！而且過去三年每股收益年增長 25%。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有很多其他因素需要考慮。因此，如果您想深入瞭解這隻股票，考慮其面臨的任何風險至關重要。每家公司都有風險，我們發現了 <strong>中國管業的 1 個警示信號</strong>，您應該瞭解。</p>
<p>這篇文章僅關注了一個因素，揭示了中國管業利潤的性質。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>

中國管業

<p>中國管業集團有限公司（HKG:380）最近報告了穩健的收益，但市場反應平淡。分析表明前景樂觀，負的應計比率為-0.12，暗示現金轉化能力強，自由現金流為 1.41 億港元，超過報告的利潤 8230 萬港元。公司的盈利潛力似乎強勁，過去三年年均每股收益增長 25%。然而，投資者應保持警惕，注意潛在風險，包括一個已識別的警示信號</p>

<p>The market seemed underwhelmed by the solid earnings posted by <strong>China Pipe Group Limited</strong> (HKG:380) recently. Our analysis suggests that there are some reasons for hope that investors should be aware of.</p>
<div class="lb-trans"><p>市場似乎對 <strong>中國管業有限公司</strong>（HKG:380）最近發佈的穩健財報反應平淡。我們的分析表明，投資者應該關注一些值得期待的因素。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行研發。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前佈局。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657" alt="" original-src="https://images.simplywall.st/asset/chart/7658288-earnings-and-revenue-history-1-dark-2/1758839065657"/></p>
<p>SEHK:380 Earnings and Revenue History September 25th 2025</p>
<div class="lb-trans"><p>SEHK:380 收益和收入歷史 2025 年 9 月 25 日</p>
</div><h2>Examining Cashflow Against China Pipe Group's Earnings</h2>
<div class="lb-trans"><h2>檢視中國管業的現金流與收益</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (from cashflow). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>在高端金融中，用於衡量公司將報告利潤轉化為自由現金流（FCF）能力的關鍵比率是 <strong>應計比率</strong>（來自現金流）。應計比率將某一時期的 FCF 從利潤中減去，並將結果除以該公司在此期間的平均運營資產。該比率顯示了公司利潤超過其 FCF 的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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>因此，負應計比率對公司來説是積極的，而正應計比率則是消極的。雖然擁有正應計比率並不成問題，這表明存在一定程度的非現金利潤，但高應計比率可以説是一個壞事，因為它表明紙面利潤與現金流不匹配。這是因為一些學術研究表明，高應計比率往往導致利潤下降或利潤增長乏力。</p>
</div><p>Over the twelve months to June 2025, China Pipe Group recorded an accrual ratio of -0.12. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of HK$141m during the period, dwarfing its reported profit of HK$82.3m. China Pipe Group shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>截至 2025 年 6 月的 12 個月內，中國管業的應計比率為-0.12。這意味着其現金轉換良好，並且表明其自由現金流在去年大幅超過其利潤。具體來説，在此期間，它產生了 1.41 億港元的自由現金流，遠超其報告的 8230 萬港元利潤。中國管業的股東無疑會對過去 12 個月自由現金流的改善感到滿意。</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 Pipe Group.</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管業的資產負債表分析。</p>
</div><h2>Our Take On China Pipe Group's Profit Performance</h2>
<div class="lb-trans"><h2>我們對中國管業盈利表現的看法</h2>
</div><p>China Pipe Group's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think China Pipe Group's earnings potential is at least as good as it seems, and maybe even better! And the EPS is up 25% annually, over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted <strong>1 warning sign for China Pipe Group</strong> you should know about.</p>
<div class="lb-trans"><p>中國管業的應計比率穩健，表明自由現金流強勁，正如我們上面討論的那樣。因此，我們認為中國管業的盈利潛力至少與其表面看起來一樣好，甚至可能更好！而且過去三年每股收益年增長 25%。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有很多其他因素需要考慮。因此，如果您想深入瞭解這隻股票，考慮其面臨的任何風險至關重要。每家公司都有風險，我們發現了 <strong>中國管業的 1 個警示信號</strong>，您應該瞭解。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of China Pipe Group's profit. 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>這篇文章僅關注了一個因素，揭示了中國管業利潤的性質。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>

中國管業集團（HKG:380）的收益似乎前景可期