<p>市場反應平淡，表明 <strong>格林酒店集團</strong>（NYSE:GHG）最近的財報沒有任何意外。然而，我們認為投資者應關注一些潛在的令人擔憂的因素。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937?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/554321729-earnings-and-revenue-history-1-dark-2/1767098886937"/></p>
<p>NYSE:GHG 收益和收入歷史 2025 年 12 月 30 日</p>
<h2>深入分析格林酒店集團的收益</h2>
<p>作為金融愛好者，大家可能已經知道，<strong>現金流的應計比率</strong> 是評估公司自由現金流（FCF）與利潤匹配程度的關鍵指標。應計比率通過從某一時期的利潤中減去 FCF，並將結果除以該公司在此期間的平均運營資產來計算。該比率顯示了公司利潤超出其 FCF 的程度。</p>
<p>因此，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。雖然應計比率高於零並不令人擔憂，但我們認為當公司有相對較高的應計比率時，值得注意。這是因為一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長乏力。</p>
<p>格林酒店集團在截至 2025 年 9 月的年度應計比率為 0.35。因此，我們可以推斷其自由現金流遠未覆蓋法定利潤，這表明我們在重視後者時可能需要三思而後行。實際上，去年其自由現金流為 6400 萬人民幣，遠低於其法定利潤的 1.802 億人民幣。格林酒店集團的股東無疑希望其自由現金流在明年能反彈，因為過去 12 個月內有所下降。話雖如此，事情還有更多的內容。應計比率反映了非常規項目對法定利潤的影響，至少在某種程度上。對股東來説好消息是，格林酒店集團去年的應計比率要好得多，因此今年的糟糕數據可能只是利潤與 FCF 之間短期不匹配的情況。如果確實如此，股東應關注當前年度現金流相對於利潤的改善。</p>
<p>查看我們對格林酒店集團的最新分析</p>
<p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對格林酒店集團資產負債表的分析。</p>
<h2>非常規項目對利潤的影響</h2>
<p>格林酒店集團的利潤受到非常規項目的影響，過去 12 個月減少了 5000 萬人民幣的利潤。如果這是非現金費用，那麼實現高現金轉化將更容易，因此應計比率卻顯示出不同的情況令人驚訝。看到非常規項目使公司利潤受損並不理想，但從積極的一面來看，情況可能會很快改善。當我們分析全球絕大多數上市公司時，我們發現顯著的非常規項目通常不會重複。這並不令人意外，因為這些項目被視為非常規。如果格林酒店集團不再出現這些非常規費用，那麼在其他條件相同的情況下，我們預計其利潤在未來一年將會增加。</p>
<h2>我們對格林酒店集團利潤表現的看法</h2>
<p>格林酒店集團的利潤受到非常規項目的影響，這本應使其更容易展示高現金轉化，但根據其應計比率並未做到。考慮到這些相互矛盾的因素，我們對格林酒店集團的利潤是否恰當地反映其潛在盈利能力沒有強烈看法。請記住，在分析股票時，值得注意所涉及的風險。每家公司都有風險，我們發現 <strong>格林酒店集團的 2 個警告信號</strong>（其中 1 個可能是嚴重的！）您應該瞭解。</p>
<p>我們對格林酒店集團的審查集中在某些因素上，這些因素可能使其收益看起來比實際情況更好。但還有很多其他方式可以幫助您形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追隨資金”，尋找內部人士正在購買的股票。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</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人形的。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>代表 CiTech 贊助</p>

格林酒店

<p>格林酒店（NYSE:GHG）面臨潛在問題，因為其最近的財報顯示高達 0.35 的應計比率，表明自由現金流顯著滯後於法定利潤。儘管市場反應平淡，但公司的利潤受到異常項目的影響，減少了 5000 萬人民幣的利潤。雖然應計比率提示需謹慎，但前一年的較好表現可能表明這是暫時的不匹配。投資者應關注現金流的改善，並注意分析中識別出的兩個警示信號</p>

<p>The subdued market reaction suggests that <strong>GreenTree Hospitality Group Ltd.'s</strong> (NYSE:GHG) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.</p>
<div class="lb-trans"><p>市場反應平淡，表明 <strong>格林酒店集團</strong>（NYSE:GHG）最近的財報沒有任何意外。然而，我們認為投資者應關注一些潛在的令人擔憂的因素。</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><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937" alt="" original-src="https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937"/></p>
<p>NYSE:GHG Earnings and Revenue History December 30th 2025</p>
<div class="lb-trans"><p>NYSE:GHG 收益和收入歷史 2025 年 12 月 30 日</p>
</div><h2>Zooming In On GreenTree Hospitality Group's Earnings</h2>
<div class="lb-trans"><h2>深入分析格林酒店集團的收益</h2>
</div><p>As finance nerds would already know, the <strong>accrual ratio from cashflow</strong> is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>作為金融愛好者，大家可能已經知道，<strong>現金流的應計比率</strong> 是評估公司自由現金流（FCF）與利潤匹配程度的關鍵指標。應計比率通過從某一時期的利潤中減去 FCF，並將結果除以該公司在此期間的平均運營資產來計算。該比率顯示了公司利潤超出其 FCF 的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>因此，負的應計比率對公司來説是積極的，而正的應計比率則是消極的。雖然應計比率高於零並不令人擔憂，但我們認為當公司有相對較高的應計比率時，值得注意。這是因為一些學術研究表明，高應計比率往往會導致利潤下降或利潤增長乏力。</p>
</div><p>GreenTree Hospitality Group has an accrual ratio of 0.35 for the year to September 2025. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. In fact, it had free cash flow of CN¥64m in the last year, which was a lot less than its statutory profit of CN¥180.2m. GreenTree Hospitality Group shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that GreenTree Hospitality Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.</p>
<div class="lb-trans"><p>格林酒店集團在截至 2025 年 9 月的年度應計比率為 0.35。因此，我們可以推斷其自由現金流遠未覆蓋法定利潤，這表明我們在重視後者時可能需要三思而後行。實際上，去年其自由現金流為 6400 萬人民幣，遠低於其法定利潤的 1.802 億人民幣。格林酒店集團的股東無疑希望其自由現金流在明年能反彈，因為過去 12 個月內有所下降。話雖如此，事情還有更多的內容。應計比率反映了非常規項目對法定利潤的影響，至少在某種程度上。對股東來説好消息是，格林酒店集團去年的應計比率要好得多，因此今年的糟糕數據可能只是利潤與 FCF 之間短期不匹配的情況。如果確實如此，股東應關注當前年度現金流相對於利潤的改善。</p>
</div><p>See our latest analysis for GreenTree Hospitality Group</p>
<div class="lb-trans"><p>查看我們對格林酒店集團的最新分析</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of GreenTree Hospitality Group.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對格林酒店集團資產負債表的分析。</p>
</div><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>非常規項目對利潤的影響</h2>
</div><p>GreenTree Hospitality Group's profit suffered from unusual items, which reduced profit by CN¥50m in the last twelve months. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If GreenTree Hospitality Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.</p>
<div class="lb-trans"><p>格林酒店集團的利潤受到非常規項目的影響，過去 12 個月減少了 5000 萬人民幣的利潤。如果這是非現金費用，那麼實現高現金轉化將更容易，因此應計比率卻顯示出不同的情況令人驚訝。看到非常規項目使公司利潤受損並不理想，但從積極的一面來看，情況可能會很快改善。當我們分析全球絕大多數上市公司時，我們發現顯著的非常規項目通常不會重複。這並不令人意外，因為這些項目被視為非常規。如果格林酒店集團不再出現這些非常規費用，那麼在其他條件相同的情況下，我們預計其利潤在未來一年將會增加。</p>
</div><h2>Our Take On GreenTree Hospitality Group's Profit Performance</h2>
<div class="lb-trans"><h2>我們對格林酒店集團利潤表現的看法</h2>
</div><p>GreenTree Hospitality Group saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Given the contrasting considerations, we don't have a strong view as to whether GreenTree Hospitality Group's profits are an apt reflection of its underlying potential for profit. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted <strong>2 warning signs for GreenTree Hospitality Group</strong> (of which 1 is potentially serious!) you should know about.</p>
<div class="lb-trans"><p>格林酒店集團的利潤受到非常規項目的影響，這本應使其更容易展示高現金轉化，但根據其應計比率並未做到。考慮到這些相互矛盾的因素，我們對格林酒店集團的利潤是否恰當地反映其潛在盈利能力沒有強烈看法。請記住，在分析股票時，值得注意所涉及的風險。每家公司都有風險，我們發現 <strong>格林酒店集團的 2 個警告信號</strong>（其中 1 個可能是嚴重的！）您應該瞭解。</p>
</div><p>Our examination of GreenTree Hospitality Group has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>我們對格林酒店集團的審查集中在某些因素上，這些因素可能使其收益看起來比實際情況更好。但還有很多其他方式可以幫助您形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追隨資金”，尋找內部人士正在購買的股票。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</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人形的。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>代表 CiTech 贊助</p>
</div>

盈利困境可能預示着格林酒店集團（NYSE:GHG）股東面臨更大的問題