<p>當你購買一隻股票時，總是有可能它會下跌 100%。但當你選擇一家真正繁榮的公司時，你可以獲得超過 100% 的收益。一個很好的例子是 <strong>大冢控股 (ADR)</strong>（TSE:4578），其股價在五年內上漲了 112%。而且看到股價在過去一個季度上漲了 13% 也令人欣慰。但這一走勢可能得益於市場的合理活躍（在 90 天內上漲了 7.6%）。</p>
<p>由於對大冢控股的股東來説這是一個強勁的一週，讓我們來看看長期基本面的趨勢。</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。查看完整列表是免費的。</p>
<p>用本傑明·格雷厄姆的話來説：在短期內，市場是一個投票機，但在長期內，它是一個稱重機。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>在五年的股價增長中，大冢控股實現了每股收益（EPS）年複合增長率為 26%。這一 EPS 增長高於股價年均增長 16% 的平均水平。因此可以得出結論，市場對該股票的態度變得更加謹慎。合理低的市盈率為 10.98 也表明市場的擔憂。</p>
<p>下圖顯示了 EPS 隨時間的變化情況（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/51739240-earnings-per-share-growth-1-dark-2/1764891647037?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1040" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/51739240-earnings-per-share-growth-1-dark-2/1764891647037"/></p>
<p>TSE:4578 每股收益增長 2025 年 12 月 4 日</p>
<p>我們知道大冢控股在過去三年中改善了其底線，但未來會怎樣呢？你可以在這個 <strong>免費的</strong> 互動圖形中看到其資產負債表是如何隨着時間的推移而增強（或削弱）的。</p>
<h2>股息情況如何？</h2>
<p>在考慮投資回報時，重要的是要考慮_總股東回報_（TSR）和_股價回報_之間的區別。TSR 是一種回報計算，考慮了現金股息的價值（假設任何收到的股息都被再投資）以及任何折扣融資和分拆的計算價值。因此，對於那些支付豐厚股息的公司，TSR 通常遠高於股價回報。實際上，大冢控股過去 5 年的 TSR 為 135%，超過了之前提到的股價回報。因此，公司支付的股息提升了_總_股東回報。</p>
<h2>不同的視角</h2>
<p>大冢控股的股東在這一年中獲得了 4.8% 的總回報。但這一回報低於市場。好的一面是，長期回報（約為每年 19%，持續了五年）看起來更好。考慮到市場對其持續的積極反應，這可能是一家值得關注的企業。長期跟蹤股價表現總是很有趣。但要更好地理解大冢控股，我們需要考慮許多其他因素。例如，我們發現 <strong>大冢控股有 1 個警告信號</strong>，在投資之前你應該瞭解。</p>
<p>對於那些喜歡尋找 <strong>獲勝投資</strong> 的人來説，這份 <strong>免費的</strong> 近期有內部人士購買的被低估公司的名單，可能正是你所需要的。</p>
<p><em>請注意，本文中引用的市場回報反映了當前在日本交易所交易的股票的市場加權平均回報。</em></p>

大塚制藥(ADR)

<p>大冢控股（TSE:4578）在五年內股價上漲了 112%，總股東回報率（TSR）達到了 135%，這得益於分紅。儘管年均每股收益（EPS）增長了 26%，市場依然保持謹慎，反映在低市盈率 10.98 上。最近一個季度股價上漲了 13%，受益於市場的活躍。長期回報前景樂觀，但投資者應考慮其他因素，包括大冢控股的警示信號</p>

<p>When you buy a stock there is always a possibility that it could drop 100%. But when you pick a company that is really flourishing, you can <em>make</em> more than 100%. One great example is <strong>Otsuka Holdings Co., Ltd.</strong> (TSE:4578) which saw its share price drive 112% higher over five years. It's also good to see the share price up 13% over the last quarter. But this move may well have been assisted by the reasonably buoyant market (up 7.6% in 90 days).</p>
<div class="lb-trans"><p>當你購買一隻股票時，總是有可能它會下跌 100%。但當你選擇一家真正繁榮的公司時，你可以獲得超過 100% 的收益。一個很好的例子是 <strong>大冢控股 (ADR)</strong>（TSE:4578），其股價在五年內上漲了 112%。而且看到股價在過去一個季度上漲了 13% 也令人欣慰。但這一走勢可能得益於市場的合理活躍（在 90 天內上漲了 7.6%）。</p>
</div><p>Since it's been a strong week for Otsuka Holdings shareholders, let's have a look at trend of the longer term fundamentals.</p>
<div class="lb-trans"><p>由於對大冢控股的股東來説這是一個強勁的一週，讓我們來看看長期基本面的趨勢。</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。查看完整列表是免費的。</p>
</div><p>To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. 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>用本傑明·格雷厄姆的話來説：在短期內，市場是一個投票機，但在長期內，它是一個稱重機。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 five years of share price growth, Otsuka Holdings achieved compound earnings per share (EPS) growth of 26% per year. This EPS growth is higher than the 16% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The reasonably low P/E ratio of 10.98 also suggests market apprehension.</p>
<div class="lb-trans"><p>在五年的股價增長中，大冢控股實現了每股收益（EPS）年複合增長率為 26%。這一 EPS 增長高於股價年均增長 16% 的平均水平。因此可以得出結論，市場對該股票的態度變得更加謹慎。合理低的市盈率為 10.98 也表明市場的擔憂。</p>
</div><p>The image below shows how EPS has 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 EPS 隨時間的變化情況（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/51739240-earnings-per-share-growth-1-dark-2/1764891647037" alt="" original-src="https://images.simplywall.st/asset/chart/51739240-earnings-per-share-growth-1-dark-2/1764891647037"/></p>
<p>TSE:4578 Earnings Per Share Growth December 4th 2025</p>
<div class="lb-trans"><p>TSE:4578 每股收益增長 2025 年 12 月 4 日</p>
</div><p>We know that Otsuka Holdings has improved its bottom line over the last three years, but what does the future have in store? You can see how its balance sheet has strengthened (or weakened) over time in this <strong>free</strong> interactive graphic.</p>
<div class="lb-trans"><p>我們知道大冢控股在過去三年中改善了其底線，但未來會怎樣呢？你可以在這個 <strong>免費的</strong> 互動圖形中看到其資產負債表是如何隨着時間的推移而增強（或削弱）的。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情況如何？</h2>
</div><p>When looking at investment returns, it is important to consider the difference between <em>total shareholder return</em> (TSR) and <em>share price return</em>. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Otsuka Holdings' TSR for the last 5 years was 135%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the <em>total</em> shareholder return.</p>
<div class="lb-trans"><p>在考慮投資回報時，重要的是要考慮_總股東回報_（TSR）和_股價回報_之間的區別。TSR 是一種回報計算，考慮了現金股息的價值（假設任何收到的股息都被再投資）以及任何折扣融資和分拆的計算價值。因此，對於那些支付豐厚股息的公司，TSR 通常遠高於股價回報。實際上，大冢控股過去 5 年的 TSR 為 135%，超過了之前提到的股價回報。因此，公司支付的股息提升了_總_股東回報。</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</h2>
</div><p>Otsuka Holdings shareholders gained a total return of 4.8% during the year. But that return falls short of the market. On the bright side, the longer term returns (running at about 19% a year, over half a decade) look better. It may well be that this is a business worth popping on the watching, given the continuing positive reception, over time, from the market. It's always interesting to track share price performance over the longer term. But to understand Otsuka Holdings better, we need to consider many other factors. For example, we've discovered <strong>1 warning sign for Otsuka Holdings</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>大冢控股的股東在這一年中獲得了 4.8% 的總回報。但這一回報低於市場。好的一面是，長期回報（約為每年 19%，持續了五年）看起來更好。考慮到市場對其持續的積極反應，這可能是一家值得關注的企業。長期跟蹤股價表現總是很有趣。但要更好地理解大冢控股，我們需要考慮許多其他因素。例如，我們發現 <strong>大冢控股有 1 個警告信號</strong>，在投資之前你應該瞭解。</p>
</div><p>For those who like to find <strong>winning investments</strong> this <strong>free</strong> list of undervalued companies with recent insider purchasing, could be just the ticket.</p>
<div class="lb-trans"><p>對於那些喜歡尋找 <strong>獲勝投資</strong> 的人來説，這份 <strong>免費的</strong> 近期有內部人士購買的被低估公司的名單，可能正是你所需要的。</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 Japanese 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當前在日本交易所交易的股票的市場加權平均回報。</em></p>
</div>

大冢控股（TSE:4578）的五年收益增長不及其卓越的股東回報