<p>如果投資者想要獲得平均市場回報，可以購買低成本的指數基金。但在任何多元化的股票投資組合中，你會發現一些股票的表現低於平均水平。不幸的是，對於股東來説，雖然 <strong>國藥控股</strong>（HKG:1099）的股價在過去三年上漲了 19%，但這仍低於市場回報。不幸的是，股價在過去十二個月內下跌了 1.3%。</p>
<p>現在值得關注一下公司的基本面，因為這將幫助我們判斷長期股東回報是否與基礎業務的表現相匹配。</p>
<p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展有望受益。</p>
<p>引用巴菲特的話説，‘船隻將環遊世界，但平面地球學會將蓬勃發展。市場上價格與價值之間將繼續存在巨大差異……’ 通過比較每股收益（EPS）和股價隨時間的變化，我們可以感受到投資者對公司的態度是如何隨着時間的推移而變化的。</p>
<p>在股價增長的三年中，國藥控股的每股收益（EPS）實際上每年下降了 3.7%。</p>
<p>根據這些數字，我們認為每股收益的下降可能並不能很好地代表業務多年來的變化。由於每股收益的變化似乎與股價的變化沒有關聯，因此值得關注其他指標。</p>
<p>我們嚴重懷疑沒有人會對 1.1% 的三年收入增長率感到特別滿意。老實説，我們看不到股價波動的簡單解釋，但也許你能……</p>
<p>下圖顯示了收益和收入隨時間的變化（如果你點擊圖片，可以看到更詳細的信息）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934?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/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934"/></p>
<p>SEHK:1099 收益和收入增長 2025 年 11 月 19 日</p>
<p>值得注意的是，首席執行官的薪酬低於同類公司中的中位數。但雖然首席執行官的薪酬總是值得關注，真正重要的問題是公司是否能夠在未來實現收益增長。你可以在這個 <strong>互動</strong> 圖表中查看分析師對國藥控股未來利潤的預測。</p>
<h2>股息情況如何？</h2>
<p>除了衡量股價回報外，投資者還應考慮總股東回報（TSR）。TSR 包括任何分拆或折扣融資的價值，以及任何股息，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。我們注意到，國藥控股在過去三年的 TSR 為 34%，這比上述的股價回報要好。這主要得益於其股息支付！</p>
<h2>不同的視角</h2>
<p>國藥控股的股東在這一年中獲得了 2.7% 的總回報。但這低於市場平均水平。好消息是，長期回報（約為每年 6%，持續了五年多）看起來更好。儘管股價上漲放緩，但業務仍有可能繼續出色執行。雖然考慮市場條件對股價的不同影響是非常值得的，但還有其他因素更為重要。例如，投資風險的無處不在的陰影。<strong>我們發現國藥控股有 1 個警示信號</strong>，理解這些信號應該是你投資過程的一部分。</p>
<p>當然，<strong>你可能會通過尋找其他地方找到一個絕佳的投資機會。</strong> 所以看看這個我們預計將會增長收益的 <strong>免費</strong> 公司名單。</p>
<p><em>請注意，本文中引用的市場回報反映了目前在香港交易所交易的股票的市場加權平均回報。</em></p>

國藥控股

<p>投資國藥控股（HKG:1099）三年前將帶來 34% 的總股東回報，主要得益於股息，儘管股價僅 modest 增長了 19%。公司的每股收益年均下降 3.7%，而收入增長僅為 1.1%。首席執行官的薪酬低於同類公司中位數。分析師預測未來的利潤預期，投資者應考慮市場狀況和投資風險</p>

<p>Investors can buy low cost index fund if they want to receive the average market return. But in any diversified portfolio of stocks, you'll see some that fall short of the average. Unfortunately for shareholders, while the <strong>Sinopharm Group Co. Ltd.</strong> (HKG:1099) share price is up 19% in the last three years, that falls short of the market return. Unfortunately, the share price has fallen 1.3% over twelve months.</p>
<div class="lb-trans"><p>如果投資者想要獲得平均市場回報，可以購買低成本的指數基金。但在任何多元化的股票投資組合中，你會發現一些股票的表現低於平均水平。不幸的是，對於股東來説，雖然 <strong>國藥控股</strong>（HKG:1099）的股價在過去三年上漲了 19%，但這仍低於市場回報。不幸的是，股價在過去十二個月內下跌了 1.3%。</p>
</div><p>Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.</p>
<div class="lb-trans"><p>現在值得關注一下公司的基本面，因為這將幫助我們判斷長期股東回報是否與基礎業務的表現相匹配。</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 只美國股票的發展有望受益。</p>
</div><p>To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.</p>
<div class="lb-trans"><p>引用巴菲特的話説，‘船隻將環遊世界，但平面地球學會將蓬勃發展。市場上價格與價值之間將繼續存在巨大差異……’ 通過比較每股收益（EPS）和股價隨時間的變化，我們可以感受到投資者對公司的態度是如何隨着時間的推移而變化的。</p>
</div><p>During the three years of share price growth, Sinopharm Group actually saw its earnings per share (EPS) drop 3.7% per year.</p>
<div class="lb-trans"><p>在股價增長的三年中，國藥控股的每股收益（EPS）實際上每年下降了 3.7%。</p>
</div><p>Based on these numbers, we think that the decline in earnings per share may not be a good representation of how the business has changed over the years. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.</p>
<div class="lb-trans"><p>根據這些數字，我們認為每股收益的下降可能並不能很好地代表業務多年來的變化。由於每股收益的變化似乎與股價的變化沒有關聯，因此值得關注其他指標。</p>
</div><p>We severely doubt anyone is particularly impressed with the modest 1.1% three-year revenue growth rate. So truth be told we can't see an easy explanation for the share price action, but perhaps you can...</p>
<div class="lb-trans"><p>我們嚴重懷疑沒有人會對 1.1% 的三年收入增長率感到特別滿意。老實説，我們看不到股價波動的簡單解釋，但也許你能……</p>
</div><p>The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).</p>
<div class="lb-trans"><p>下圖顯示了收益和收入隨時間的變化（如果你點擊圖片，可以看到更詳細的信息）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934" alt="" original-src="https://images.simplywall.st/asset/chart/62494979-earnings-and-revenue-growth-1-dark-2/1763516292934"/></p>
<p>SEHK:1099 Earnings and Revenue Growth November 19th 2025</p>
<div class="lb-trans"><p>SEHK:1099 收益和收入增長 2025 年 11 月 19 日</p>
</div><p>It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. You can see what analysts are predicting for Sinopharm Group in this <strong>interactive</strong> graph of future profit estimates.</p>
<div class="lb-trans"><p>值得注意的是，首席執行官的薪酬低於同類公司中的中位數。但雖然首席執行官的薪酬總是值得關注，真正重要的問題是公司是否能夠在未來實現收益增長。你可以在這個 <strong>互動</strong> 圖表中查看分析師對國藥控股未來利潤的預測。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情況如何？</h2>
</div><p>As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. We note that for Sinopharm Group the TSR over the last 3 years was 34%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>除了衡量股價回報外，投資者還應考慮總股東回報（TSR）。TSR 包括任何分拆或折扣融資的價值，以及任何股息，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。我們注意到，國藥控股在過去三年的 TSR 為 34%，這比上述的股價回報要好。這主要得益於其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</h2>
</div><p>Sinopharm Group shareholders gained a total return of 2.7% during the year. But that was short of the market average. On the bright side, the longer term returns (running at about 6% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. <strong>We've identified 1 warning sign</strong> with Sinopharm Group , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>國藥控股的股東在這一年中獲得了 2.7% 的總回報。但這低於市場平均水平。好消息是，長期回報（約為每年 6%，持續了五年多）看起來更好。儘管股價上漲放緩，但業務仍有可能繼續出色執行。雖然考慮市場條件對股價的不同影響是非常值得的，但還有其他因素更為重要。例如，投資風險的無處不在的陰影。<strong>我們發現國藥控股有 1 個警示信號</strong>，理解這些信號應該是你投資過程的一部分。</p>
</div><p>Of course, <strong>you might find a fantastic investment by looking elsewhere.</strong> So take a peek at this <strong>free</strong> list of companies we expect will grow earnings.</p>
<div class="lb-trans"><p>當然，<strong>你可能會通過尋找其他地方找到一個絕佳的投資機會。</strong> 所以看看這個我們預計將會增長收益的 <strong>免費</strong> 公司名單。</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 Hong Kong 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香港交易所交易的股票的市場加權平均回報。</em></p>
</div>

如果三年前投資國藥控股（HKG:1099），您將獲得 34% 的收益