<p>在過去三個月中，Onewo（HKG:2602）的股價下跌了 13%，這使得人們很容易忽視它。市場似乎完全忽視了公司基本面的積極方面，決定更多地關注負面因素。基本面通常決定市場結果，因此研究公司的財務狀況是有意義的。在本文中，我們決定重點關注 Onewo 的股本回報率（ROE）。</p>
<p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。換句話説，它揭示了公司將股東投資轉化為利潤的成功程度。</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>
<h2>ROE 是如何計算的？</h2>
<p><strong>股本回報率的公式</strong> 是：</p>
<p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
<p>因此，根據上述公式，Onewo 的 ROE 為：</p>
<p>8.0% = CN¥1.3b ÷ CN¥16b（基於截至 2025 年 6 月的過去十二個月）。</p>
<p>“回報” 是年度利潤。這意味着每 HK$1 的股東權益，公司產生了 HK$0.08 的利潤。</p>
<p>查看我們對 Onewo 的最新分析</p>
<h2>為什麼 ROE 對盈利增長很重要？</h2>
<p>到目前為止，我們瞭解到 ROE 衡量公司產生利潤的效率。根據公司再投資或 “保留” 的利潤多少，以及其效率如何，我們能夠評估公司的盈利增長潛力。假設其他條件相同，具有更高股本回報率和更高利潤保留的公司通常比沒有相同特徵的公司具有更高的增長率。</p>
<h2>Onewo 的盈利增長和 8.0% 的 ROE</h2>
<p>乍一看，Onewo 的 ROE 似乎並不那麼吸引人。然而，其 ROE 明顯高於行業平均水平 3.7% 這一事實並沒有被我們忽視。但考慮到 Onewo 在過去五年中淨收入下降了 5.3%，我們可能會重新考慮這一點。請記住，公司的 ROE 起初就有點低，只是高於行業平均水平。因此，這可能是導致盈利增長萎縮的因素之一。</p>
<p>從行業在同一時期報告的 4.5% 的下降中，我們推斷 Onewo 及其行業的萎縮速度相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984?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/1801044346-past-earnings-growth-1-dark-2/1763680585984"/></p>
<p>SEHK:2602 過去的盈利增長 2025 年 11 月 20 日</p>
<p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。通過這樣做，他們將對股票是否進入了清澈的水域或是否面臨泥濘的水域有一個瞭解。如果你想了解 Onewo 的估值，請查看其與行業相比的市盈率指標。</p>
<h2>Onewo 是否有效利用其利潤？</h2>
<p>Onewo 的三年中位數派息比率為 78%（即保留 22% 的利潤）。這表明公司將大部分利潤作為股息支付給股東。這在一定程度上解釋了其盈利為何萎縮。由於剩餘的資金很少用於再投資，盈利增長几乎不太可能。你可以通過訪問我們平台上的 <strong>風險儀表板</strong>，查看我們為 Onewo 識別的兩個風險。</p>
<p>此外，Onewo 已經連續三年支付股息，這是一段相當長的時間，表明管理層必須認為股東更喜歡穩定的股息，儘管盈利在萎縮。通過研究最新的分析師共識數據，我們發現預計公司在未來三年將繼續支付約 73% 的利潤。然而，儘管預計其派息比率沒有變化，Onewo 的 ROE 預計將上升至 13%。</p>
<h2>結論</h2>
<p>總體而言，我們對 Onewo 的表現有些猶豫。具體來説，低盈利增長令人擔憂，尤其是考慮到公司有着可觀的回報率。如果公司能更多地再投資其盈利，投資者可能會受益。如前所述，公司保留的利潤比例很小。儘管如此，最新的行業分析師預測顯示，分析師們預計公司的盈利增長率將大幅改善。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？點擊這裏查看我們對該公司的分析師預測頁面。</p>

萬物雲

<p>萬物雲的股票在過去三個月中下跌了 13%，這可能與其財務數據不佳有關。該公司的淨資產收益率（ROE）為 8.0%，高於行業平均水平的 3.7%，但其淨收入在過去五年中下降了 5.3%。萬物雲的派息比率高達 78%，留給再投資的資金很少，這可能解釋了其盈利的萎縮。分析師預計，如果派息比率不變，該公司的 ROE 將上升至 13%，這表明盈利增長有潛在改善的可能</p>

<p>With its stock down 13% over the past three months, it is easy to disregard Onewo (HKG:2602). It seems that the market might have completely ignored the positive aspects of the company's fundamentals and decided to weigh-in more on the negative aspects. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Onewo's ROE.</p>
<div class="lb-trans"><p>在過去三個月中，Onewo（HKG:2602）的股價下跌了 13%，這使得人們很容易忽視它。市場似乎完全忽視了公司基本面的積極方面，決定更多地關注負面因素。基本面通常決定市場結果，因此研究公司的財務狀況是有意義的。在本文中，我們決定重點關注 Onewo 的股本回報率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. Put another way, it reveals the company's success at turning shareholder investments into profits.</p>
<div class="lb-trans"><p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。換句話説，它揭示了公司將股東投資轉化為利潤的成功程度。</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><h2>How Is ROE Calculated?</h2>
<div class="lb-trans"><h2>ROE 是如何計算的？</h2>
</div><p>The <strong>formula for return on equity</strong> is:</p>
<div class="lb-trans"><p><strong>股本回報率的公式</strong> 是：</p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
</div><p>So, based on the above formula, the ROE for Onewo is:</p>
<div class="lb-trans"><p>因此，根據上述公式，Onewo 的 ROE 為：</p>
</div><p>8.0% = CN¥1.3b ÷ CN¥16b (Based on the trailing twelve months to June 2025).</p>
<div class="lb-trans"><p>8.0% = CN¥1.3b ÷ CN¥16b（基於截至 2025 年 6 月的過去十二個月）。</p>
</div><p>The 'return' is the yearly profit. That means that for every HK$1 worth of shareholders' equity, the company generated HK$0.08 in profit.</p>
<div class="lb-trans"><p>“回報” 是年度利潤。這意味着每 HK$1 的股東權益，公司產生了 HK$0.08 的利潤。</p>
</div><p>View our latest analysis for Onewo</p>
<div class="lb-trans"><p>查看我們對 Onewo 的最新分析</p>
</div><h2>Why Is ROE Important For Earnings Growth?</h2>
<div class="lb-trans"><h2>為什麼 ROE 對盈利增長很重要？</h2>
</div><p>Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or &#34;retains&#34;, and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.</p>
<div class="lb-trans"><p>到目前為止，我們瞭解到 ROE 衡量公司產生利潤的效率。根據公司再投資或 “保留” 的利潤多少，以及其效率如何，我們能夠評估公司的盈利增長潛力。假設其他條件相同，具有更高股本回報率和更高利潤保留的公司通常比沒有相同特徵的公司具有更高的增長率。</p>
</div><h2>Onewo's Earnings Growth And 8.0% ROE</h2>
<div class="lb-trans"><h2>Onewo 的盈利增長和 8.0% 的 ROE</h2>
</div><p>When you first look at it, Onewo's ROE doesn't look that attractive. However, the fact that the its ROE is quite higher to the industry average of 3.7% doesn't go unnoticed by us. But seeing Onewo's five year net income decline of 5.3% over the past five years, we might rethink that. Remember, the company's ROE is a bit low to begin with, just that it is higher than the industry average. So that could be one of the factors that are causing earnings growth to shrink.</p>
<div class="lb-trans"><p>乍一看，Onewo 的 ROE 似乎並不那麼吸引人。然而，其 ROE 明顯高於行業平均水平 3.7% 這一事實並沒有被我們忽視。但考慮到 Onewo 在過去五年中淨收入下降了 5.3%，我們可能會重新考慮這一點。請記住，公司的 ROE 起初就有點低，只是高於行業平均水平。因此，這可能是導致盈利增長萎縮的因素之一。</p>
</div><p>From the 4.5% decline reported by the industry in the same period, we infer that Onewo and its industry are both shrinking at a similar rate.</p>
<div class="lb-trans"><p>從行業在同一時期報告的 4.5% 的下降中，我們推斷 Onewo 及其行業的萎縮速度相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984" alt="" original-src="https://images.simplywall.st/asset/chart/1801044346-past-earnings-growth-1-dark-2/1763680585984"/></p>
<p>SEHK:2602 Past Earnings Growth November 20th 2025</p>
<div class="lb-trans"><p>SEHK:2602 過去的盈利增長 2025 年 11 月 20 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Onewo's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.</p>
<div class="lb-trans"><p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。通過這樣做，他們將對股票是否進入了清澈的水域或是否面臨泥濘的水域有一個瞭解。如果你想了解 Onewo 的估值，請查看其與行業相比的市盈率指標。</p>
</div><h2>Is Onewo Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>Onewo 是否有效利用其利潤？</h2>
</div><p>Onewo has a high three-year median payout ratio of 78% (that is, it is retaining 22% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only very little left to reinvest into the business, growth in earnings is far from likely. You can see the 2 risks we have identified for Onewo by visiting our <strong>risks dashboard</strong> for free on our platform here.</p>
<div class="lb-trans"><p>Onewo 的三年中位數派息比率為 78%（即保留 22% 的利潤）。這表明公司將大部分利潤作為股息支付給股東。這在一定程度上解釋了其盈利為何萎縮。由於剩餘的資金很少用於再投資，盈利增長几乎不太可能。你可以通過訪問我們平台上的 <strong>風險儀表板</strong>，查看我們為 Onewo 識別的兩個風險。</p>
</div><p>Moreover, Onewo has been paying dividends for three years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer consistent dividends even though earnings have been shrinking. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 73% of its profits over the next three years. However, Onewo's ROE is predicted to rise to 13% despite there being no anticipated change in its payout ratio.</p>
<div class="lb-trans"><p>此外，Onewo 已經連續三年支付股息，這是一段相當長的時間，表明管理層必須認為股東更喜歡穩定的股息，儘管盈利在萎縮。通過研究最新的分析師共識數據，我們發現預計公司在未來三年將繼續支付約 73% 的利潤。然而，儘管預計其派息比率沒有變化，Onewo 的 ROE 預計將上升至 13%。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>In total, we're a bit ambivalent about Onewo's performance. Specifically, the low earnings growth is a bit concerning, especially given that the company has a respectable rate of return. Investors may have benefitted, had the company been reinvesting more of its earnings. As discussed earlier, the company is retaining a small portion of its profits. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.</p>
<div class="lb-trans"><p>總體而言，我們對 Onewo 的表現有些猶豫。具體來説，低盈利增長令人擔憂，尤其是考慮到公司有着可觀的回報率。如果公司能更多地再投資其盈利，投資者可能會受益。如前所述，公司保留的利潤比例很小。儘管如此，最新的行業分析師預測顯示，分析師們預計公司的盈利增長率將大幅改善。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？點擊這裏查看我們對該公司的分析師預測頁面。</p>
</div>

萬物雲公司（HKG:2602）混合的財務狀況是否導致其在股市上的表現低迷？