<p><strong>汽車街發展有限公司</strong>（HKG:2443）最近的財報沒有帶來任何驚喜，過去一週股價保持不變。我們的分析表明，股東可能忽視了財報中的一些積極潛在因素。</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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640?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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640"/></p>
<p>SEHK:2443 收益和收入歷史 2025 年 9 月 26 日</p>
<h2>檢視汽車街發展的現金流與收益</h2>
<p>許多投資者可能沒有聽説過 <strong>現金流的應計比率</strong>，但它實際上是衡量公司利潤在特定期間內由自由現金流（FCF）支持的有效指標。要計算應計比率，我們首先將某一期間的自由現金流從利潤中減去，然後將該數字除以該期間的平均運營資產。該比率顯示了公司利潤超過其自由現金流的程度。</p>
<p>因此，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。這並不是説我們應該擔心正的應計比率，但值得注意的是應計比率較高的情況。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>截至 2025 年 6 月的 12 個月內，汽車街發展記錄的應計比率為-3.47。這表明其自由現金流顯著超過了法定利潤。具體來説，在此期間它產生了 8600 萬人民幣的自由現金流，遠超其報告的 3010 萬人民幣的利潤。汽車街發展的股東無疑會對過去 12 個月自由現金流的改善感到滿意。然而，這並不是唯一需要考慮的因素。我們可以看到，異常項目對其法定利潤產生了影響，因此也影響了應計比率。</p>
<p>查看我們對汽車街發展的最新分析</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汽車街發展的資產負債表分析。</p>
<h2>異常項目對利潤的影響</h2>
<p>汽車街發展的利潤在過去 12 個月內因異常項目減少了 1.42 億人民幣，這幫助其實現了高現金轉換，正如其異常項目所反映的那樣。在這些異常項目中如果包含非現金費用，我們會預期看到強勁的應計比率，而這正是本案例中發生的情況。雖然由於異常項目的扣除在第一時間是令人失望的，但也有積極的一面。當我們分析全球絕大多數上市公司時，我們發現顯著的異常項目往往不會重複。畢竟，這正是會計術語所暗示的。汽車街發展在截至 2025 年 6 月的年度中遭受了相當大的異常項目損失。在其他條件相同的情況下，這可能會使法定利潤看起來比其潛在盈利能力更糟。</p>
<h2>我們對汽車街發展利潤表現的看法</h2>
<p>考慮到汽車街發展的應計比率及其異常項目，我們認為其法定收益不太可能誇大公司的潛在盈利能力。基於這些因素，我們認為汽車街發展的潛在盈利能力與法定利潤所顯示的相當，甚至可能更好！請記住，在分析股票時，值得注意相關風險。在 Simply Wall St，我們發現 <strong>汽車街發展有 2 個警示信號</strong>，我們認為它們值得關注。</p>
<p>在我們對汽車街發展利潤性質的審查後，我們對該公司持樂觀態度。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的指標，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。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，或這份內部持股比例高的股票列表。</p>

汽車街

<p>汽車街發展有限公司 (HKG:2443) 報告的收益未能令投資者感到意外，股價保持穩定。然而，分析顯示出積極的基本因素，包括 -3.47 的負應計比率，表明自由現金流強勁，達到 8600 萬人民幣，而利潤為 3010 萬人民幣。異常項目使利潤減少了 1.42 億人民幣，影響了法定收益，但這表明潛在的基本收益可能優於報告的結果。儘管面臨挑戰，汽車街發展的前景似乎樂觀，但投資者應注意相關風險</p>

<p><strong>Autostreets Development Limited's</strong> (HKG:2443) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.</p>
<div class="lb-trans"><p><strong>汽車街發展有限公司</strong>（HKG:2443）最近的財報沒有帶來任何驚喜，過去一週股價保持不變。我們的分析表明，股東可能忽視了財報中的一些積極潛在因素。</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/384358856-earnings-and-revenue-history-1-dark-2/1758925327640" alt="" original-src="https://images.simplywall.st/asset/chart/384358856-earnings-and-revenue-history-1-dark-2/1758925327640"/></p>
<p>SEHK:2443 Earnings and Revenue History September 26th 2025</p>
<div class="lb-trans"><p>SEHK:2443 收益和收入歷史 2025 年 9 月 26 日</p>
</div><h2>Examining Cashflow Against Autostreets Development's Earnings</h2>
<div class="lb-trans"><h2>檢視汽車街發展的現金流與收益</h2>
</div><p>Many investors haven't heard of the <strong>accrual ratio from cashflow</strong>, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>許多投資者可能沒有聽説過 <strong>現金流的應計比率</strong>，但它實際上是衡量公司利潤在特定期間內由自由現金流（FCF）支持的有效指標。要計算應計比率，我們首先將某一期間的自由現金流從利潤中減去，然後將該數字除以該期間的平均運營資產。該比率顯示了公司利潤超過其自由現金流的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。這並不是説我們應該擔心正的應計比率，但值得注意的是應計比率較高的情況。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>Over the twelve months to June 2025, Autostreets Development recorded an accrual ratio of -3.47. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of CN¥86m during the period, dwarfing its reported profit of CN¥30.1m. Autostreets Development shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.</p>
<div class="lb-trans"><p>截至 2025 年 6 月的 12 個月內，汽車街發展記錄的應計比率為-3.47。這表明其自由現金流顯著超過了法定利潤。具體來説，在此期間它產生了 8600 萬人民幣的自由現金流，遠超其報告的 3010 萬人民幣的利潤。汽車街發展的股東無疑會對過去 12 個月自由現金流的改善感到滿意。然而，這並不是唯一需要考慮的因素。我們可以看到，異常項目對其法定利潤產生了影響，因此也影響了應計比率。</p>
</div><p>View our latest analysis for Autostreets Development</p>
<div class="lb-trans"><p>查看我們對汽車街發展的最新分析</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 Autostreets Development.</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汽車街發展的資產負債表分析。</p>
</div><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>異常項目對利潤的影響</h2>
</div><p>Autostreets Development's profit was reduced by unusual items worth CN¥142m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Autostreets Development took a rather significant hit from unusual items in the year to June 2025. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.</p>
<div class="lb-trans"><p>汽車街發展的利潤在過去 12 個月內因異常項目減少了 1.42 億人民幣，這幫助其實現了高現金轉換，正如其異常項目所反映的那樣。在這些異常項目中如果包含非現金費用，我們會預期看到強勁的應計比率，而這正是本案例中發生的情況。雖然由於異常項目的扣除在第一時間是令人失望的，但也有積極的一面。當我們分析全球絕大多數上市公司時，我們發現顯著的異常項目往往不會重複。畢竟，這正是會計術語所暗示的。汽車街發展在截至 2025 年 6 月的年度中遭受了相當大的異常項目損失。在其他條件相同的情況下，這可能會使法定利潤看起來比其潛在盈利能力更糟。</p>
</div><h2>Our Take On Autostreets Development's Profit Performance</h2>
<div class="lb-trans"><h2>我們對汽車街發展利潤表現的看法</h2>
</div><p>Considering both Autostreets Development's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Autostreets Development's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. At Simply Wall St, we found <strong>2 warning signs for Autostreets Development</strong> and we think they deserve your attention.</p>
<div class="lb-trans"><p>考慮到汽車街發展的應計比率及其異常項目，我們認為其法定收益不太可能誇大公司的潛在盈利能力。基於這些因素，我們認為汽車街發展的潛在盈利能力與法定利潤所顯示的相當，甚至可能更好！請記住，在分析股票時，值得注意相關風險。在 Simply Wall St，我們發現 <strong>汽車街發展有 2 個警示信號</strong>，我們認為它們值得關注。</p>
</div><p>After our examination into the nature of Autostreets Development's profit, we've come away optimistic for the company. 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. 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>在我們對汽車街發展利潤性質的審查後，我們對該公司持樂觀態度。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的指標，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。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，或這份內部持股比例高的股票列表。</p>
</div>

汽車街發展（HKG:2443）的收益比表面上看到的更為豐富