<p>選股的主要目標是找到能夠超越市場的股票。但即使是最優秀的選股者，也只能在某些選擇中獲勝。因此，我們不會責怪長期持有 <strong>保利置業集團</strong>（HKG:6049）股票的股東對持有決策產生懷疑，因為該股票在過去五年中下跌了 47%。</p>
<p>現在讓我們來看看公司的基本面，看看長期股東的回報是否與基礎業務的表現相匹配。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<p>雖然市場是一個強大的定價機制，但股價反映的是投資者情緒，而不僅僅是基礎業務表現。考慮市場對公司的看法如何變化的一個不完美但簡單的方法是比較每股收益（EPS）的變化與股價的變動。</p>
<p>在股價下滑的這段不幸的五年期間，保利置業的每股收益（EPS）實際上每年改善了 18%。考慮到股價的反應，人們可能會懷疑在此期間 EPS 是否是業務表現的良好指標（可能是由於一次性的損失或收益）。或者，過去的增長預期可能是不合理的。</p>
<p>由於 EPS 增長與股價下跌之間缺乏相關性，值得查看其他指標以嘗試理解股價的變動。</p>
<p>我們注意到股息保持健康，因此這並不能真正解釋股價的下跌。我們尚不清楚為什麼股價下跌，但進一步的研究可能會提供一些答案。</p>
<p>公司的收入和盈利（隨着時間的推移）在下圖中展示（點擊查看具體數字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417?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/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417"/></p>
<p>SEHK:6049 收益和收入增長 2025 年 12 月 16 日</p>
<p>保利置業在投資者中廣為人知，許多聰明的分析師試圖預測未來的利潤水平。因此，查看分析師對保利置業未來收益的看法（免費的分析師共識估計）是非常有意義的。</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，基於股息再投資的假設。因此，對於支付豐厚股息的公司，TSR 通常遠高於股價回報。在保利置業的情況下，過去五年的 TSR 為-41%。這超過了我們之前提到的股價回報。這在很大程度上是由於其股息支付！</p>
<h2>不同的視角</h2>
<p>保利置業的股東在這一年中上漲了 13%（即使包括股息）。但這一回報仍低於市場。好的一面是，這仍然是一個收益，顯然比過去五年每年約 7% 的損失要好。因此，這可能是業務扭轉局面的跡象。長期跟蹤股價表現總是很有趣。但要更好地理解保利置業，我們需要考慮許多其他因素。例如，我們已經識別出 <strong>保利置業的 1 個警告信號</strong>，您應該注意。</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</strong> 的近期內部人士購買的被低估公司名單，可能正是您所需要的。</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>
<p>用於國防和災難的移動基礎設施</p>
<p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨處可用。</p>
<p>在下一輪合同之前獲取投資者簡報</p>
<p>由 CiTech 贊助</p>

保利置業集團

<p>保利置業服務（HKG:6049）的股東在過去五年中經歷了 41% 的總股東回報損失，儘管每股收益年均改善了 18%。股票價格的下跌並沒有明顯的基本面解釋，因為股息依然健康。然而，股東今年獲得了 13% 的收益，顯示出潛在的復甦跡象</p>

<p>The main aim of stock picking is to find the market-beating stocks. But even the best stock picker will only win with <em>some</em> selections. So we wouldn't blame long term <strong>Poly Property Services Co., Ltd.</strong> (HKG:6049) shareholders for doubting their decision to hold, with the stock down 47% over a half decade.</p>
<div class="lb-trans"><p>選股的主要目標是找到能夠超越市場的股票。但即使是最優秀的選股者，也只能在某些選擇中獲勝。因此，我們不會責怪長期持有 <strong>保利置業集團</strong>（HKG:6049）股票的股東對持有決策產生懷疑，因為該股票在過去五年中下跌了 47%。</p>
</div><p>Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.</p>
<div class="lb-trans"><p>現在讓我們來看看公司的基本面，看看長期股東的回報是否與基礎業務的表現相匹配。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><p>While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.</p>
<div class="lb-trans"><p>雖然市場是一個強大的定價機制，但股價反映的是投資者情緒，而不僅僅是基礎業務表現。考慮市場對公司的看法如何變化的一個不完美但簡單的方法是比較每股收益（EPS）的變化與股價的變動。</p>
</div><p>During the unfortunate half decade during which the share price slipped, Poly Property Services actually saw its earnings per share (EPS) improve by 18% per year. Given the share price reaction, one might suspect that EPS is not a good guide to the business performance during the period (perhaps due to a one-off loss or gain). Alternatively, growth expectations may have been unreasonable in the past.</p>
<div class="lb-trans"><p>在股價下滑的這段不幸的五年期間，保利置業的每股收益（EPS）實際上每年改善了 18%。考慮到股價的反應，人們可能會懷疑在此期間 EPS 是否是業務表現的良好指標（可能是由於一次性的損失或收益）。或者，過去的增長預期可能是不合理的。</p>
</div><p>Due to the lack of correlation between the EPS growth and the falling share price, it's worth taking a look at other metrics to try to understand the share price movement.</p>
<div class="lb-trans"><p>由於 EPS 增長與股價下跌之間缺乏相關性，值得查看其他指標以嘗試理解股價的變動。</p>
</div><p>We note that the dividend has remained healthy, so that wouldn't really explain the share price drop. It's not immediately clear to us why the stock price is down but further research might provide some answers.</p>
<div class="lb-trans"><p>我們注意到股息保持健康，因此這並不能真正解釋股價的下跌。我們尚不清楚為什麼股價下跌，但進一步的研究可能會提供一些答案。</p>
</div><p>The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的收入和盈利（隨着時間的推移）在下圖中展示（點擊查看具體數字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417" alt="" original-src="https://images.simplywall.st/asset/chart/542811439-earnings-and-revenue-growth-1-dark-2/1765866185417"/></p>
<p>SEHK:6049 Earnings and Revenue Growth December 16th 2025</p>
<div class="lb-trans"><p>SEHK:6049 收益和收入增長 2025 年 12 月 16 日</p>
</div><p>Poly Property Services is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. So it makes a lot of sense to check out what analysts think Poly Property Services will earn in the future (free analyst consensus estimates)</p>
<div class="lb-trans"><p>保利置業在投資者中廣為人知，許多聰明的分析師試圖預測未來的利潤水平。因此，查看分析師對保利置業未來收益的看法（免費的分析師共識估計）是非常有意義的。</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. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Poly Property Services, it has a TSR of -41% for the last 5 years. That exceeds its share price return that we previously mentioned. 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，基於股息再投資的假設。因此，對於支付豐厚股息的公司，TSR 通常遠高於股價回報。在保利置業的情況下，過去五年的 TSR 為-41%。這超過了我們之前提到的股價回報。這在很大程度上是由於其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</h2>
</div><p>Poly Property Services shareholders are up 13% for the year (even including dividends). But that return falls short of the market. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 7% endured over half a decade. So this might be a sign the business has turned its fortunes around. It's always interesting to track share price performance over the longer term. But to understand Poly Property Services better, we need to consider many other factors. For instance, we've identified <strong>1 warning sign for Poly Property Services</strong> that you should be aware of.</p>
<div class="lb-trans"><p>保利置業的股東在這一年中上漲了 13%（即使包括股息）。但這一回報仍低於市場。好的一面是，這仍然是一個收益，顯然比過去五年每年約 7% 的損失要好。因此，這可能是業務扭轉局面的跡象。長期跟蹤股價表現總是很有趣。但要更好地理解保利置業，我們需要考慮許多其他因素。例如，我們已經識別出 <strong>保利置業的 1 個警告信號</strong>，您應該注意。</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</strong> 的近期內部人士購買的被低估公司名單，可能正是您所需要的。</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 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><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用於國防和災難的移動基礎設施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波機器人技術不是類人型的。它是完全自主的塔，在 30 分鐘內提供 5G、ISR 和雷達，隨處可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一輪合同之前獲取投資者簡報</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 贊助</p>
</div>

保利物業服務（HKG:6049）的投資者在過去五年中不幸損失了 41% 的投資