<p><strong>維他奶國際控股有限公司</strong> (HKG:345) 最近發佈的穩健盈利公告對股價影響不大。我們進行了一些深入研究，認為投資者忽視了基礎數據中的一些積極因素。</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/878407-earnings-and-revenue-history-1-dark-2/1766181779389?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/878407-earnings-and-revenue-history-1-dark-2/1766181779389"/></p>
<p>SEHK:345 盈利和收入歷史 2025 年 12 月 19 日</p>
<h2>檢視維他奶國際控股的現金流與盈利</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在特定時期內利潤是否得到自由現金流（FCF）支持的有用指標。應計比率將特定時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。這個比率告訴我們公司利潤中有多少部分沒有得到自由現金流的支持。</p>
<p>因此，當公司有負的應計比率時，實際上被視為好事，而如果其應計比率為正則被視為壞事。雖然擁有正的應計比率並不成問題，表明存在一定水平的非現金利潤，但高應計比率可以説是壞事，因為它表明紙面利潤與現金流不匹配。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</p>
<p>維他奶國際控股在截至 2025 年 9 月的年度應計比率為-0.15。這意味着它的現金轉換能力非常好，且其去年盈利實際上顯著低估了自由現金流。事實上，去年它的自由現金流為 5.75 億港元，遠高於其法定利潤的 2.358 億港元。維他奶國際控股的自由現金流在過去一年實際上有所下降，這令人失望，就像不可生物降解的氣球一樣。</p>
<p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
<h2>我們對維他奶國際控股盈利表現的看法</h2>
<p>維他奶國際控股的應計比率穩健，表明強勁的自由現金流，正如我們上面討論的那樣。因此，我們認為維他奶國際控股的盈利潛力至少與看起來一樣好，甚至更好！此外，它在過去一年中成功地提高了每股收益。歸根結底，如果你想正確理解公司，考慮的不僅僅是上述因素是至關重要的。顯然，我們喜歡考慮歷史數據來形成對公司的看法。但考慮其他分析師的預測也可能非常有價值。因此，歡迎查看我們代表分析師預測的免費圖表。</p>
<p>今天我們聚焦於一個單一的數據點，以更好地理解維他奶國際控股的盈利性質。但如果你能夠專注於細節，總是有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。雖然這可能需要你進行一些研究，但你可能會發現這份 <strong>免費</strong> 的高股本回報率公司集合，或這份擁有顯著內部持股的股票列表對你有幫助。</p>
<p>移動基礎設施用於國防和災難</p>
<p>下一波機器人技術不是類人型的。它是完全自主的塔樓，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>代表 CiTech 贊助</p>

維他奶國際

<p>維他奶國際（HKG:345）報告了穩健的收益，但其股價保持不變。該公司的應計比率為-0.15，表明現金轉換能力強，自由現金流為 5.75 億港元，超過法定利潤的 2.358 億港元。儘管自由現金流有所下降，但由於每股收益（EPS）增長強勁，盈利潛力依然可觀。投資者被鼓勵考慮分析師的預測和歷史數據，以全面瞭解公司的表現</p>

<p><strong>Vitasoy International Holdings Limited's</strong> (HKG:345) solid earnings announcement recently didn't do much to the stock price. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.</p>
<div class="lb-trans"><p><strong>維他奶國際控股有限公司</strong> (HKG:345) 最近發佈的穩健盈利公告對股價影響不大。我們進行了一些深入研究，認為投資者忽視了基礎數據中的一些積極因素。</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/878407-earnings-and-revenue-history-1-dark-2/1766181779389" alt="" original-src="https://images.simplywall.st/asset/chart/878407-earnings-and-revenue-history-1-dark-2/1766181779389"/></p>
<p>SEHK:345 Earnings and Revenue History December 19th 2025</p>
<div class="lb-trans"><p>SEHK:345 盈利和收入歷史 2025 年 12 月 19 日</p>
</div><h2>Examining Cashflow Against Vitasoy International Holdings' Earnings</h2>
<div class="lb-trans"><h2>檢視維他奶國際控股的現金流與盈利</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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.</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在特定時期內利潤是否得到自由現金流（FCF）支持的有用指標。應計比率將特定時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。這個比率告訴我們公司利潤中有多少部分沒有得到自由現金流的支持。</p>
</div><p>Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.</p>
<div class="lb-trans"><p>因此，當公司有負的應計比率時，實際上被視為好事，而如果其應計比率為正則被視為壞事。雖然擁有正的應計比率並不成問題，表明存在一定水平的非現金利潤，但高應計比率可以説是壞事，因為它表明紙面利潤與現金流不匹配。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</p>
</div><p>Vitasoy International Holdings has an accrual ratio of -0.15 for the year to September 2025. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of HK$575m in the last year, which was a lot more than its statutory profit of HK$235.8m. Vitasoy International Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.</p>
<div class="lb-trans"><p>維他奶國際控股在截至 2025 年 9 月的年度應計比率為-0.15。這意味着它的現金轉換能力非常好，且其去年盈利實際上顯著低估了自由現金流。事實上，去年它的自由現金流為 5.75 億港元，遠高於其法定利潤的 2.358 億港元。維他奶國際控股的自由現金流在過去一年實際上有所下降，這令人失望，就像不可生物降解的氣球一樣。</p>
</div><p>That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.</p>
<div class="lb-trans"><p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
</div><h2>Our Take On Vitasoy International Holdings' Profit Performance</h2>
<div class="lb-trans"><h2>我們對維他奶國際控股盈利表現的看法</h2>
</div><p>Vitasoy International Holdings' accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think Vitasoy International Holdings' earnings potential is at least as good as it seems, and maybe even better! Furthermore, it has done a great job growing EPS over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. So feel free to check out our free graph representing analyst forecasts.</p>
<div class="lb-trans"><p>維他奶國際控股的應計比率穩健，表明強勁的自由現金流，正如我們上面討論的那樣。因此，我們認為維他奶國際控股的盈利潛力至少與看起來一樣好，甚至更好！此外，它在過去一年中成功地提高了每股收益。歸根結底，如果你想正確理解公司，考慮的不僅僅是上述因素是至關重要的。顯然，我們喜歡考慮歷史數據來形成對公司的看法。但考慮其他分析師的預測也可能非常有價值。因此，歡迎查看我們代表分析師預測的免費圖表。</p>
</div><p>Today we've zoomed in on a single data point to better understand the nature of Vitasoy International Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>今天我們聚焦於一個單一的數據點，以更好地理解維他奶國際控股的盈利性質。但如果你能夠專注於細節，總是有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。雖然這可能需要你進行一些研究，但你可能會發現這份 <strong>免費</strong> 的高股本回報率公司集合，或這份擁有顯著內部持股的股票列表對你有幫助。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移動基礎設施用於國防和災難</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。它是完全自主的塔樓，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>代表 CiTech 贊助</p>
</div>

為什麼維他奶國際控股有限公司（HKG:345）的收益表現比表面看起來更好