<p>微型股增長是投資者被欺騙和遭受重創的地方。</p>
<p>這些故事具有誘惑力，收入增長看起來爆炸性，股價的波動足夠快，以至於讓人相信他們是早期投資者而不是錯誤的投資者。大多數情況下，結果是可預測的。稀釋、槓桿、利潤率崩潰，以及財富從股東悄然轉移到管理層。</p>
<p>這並不意味着微型股增長是破碎的。這意味着它需要一種大多數投資者拒絕使用的過濾器。</p>
<p>單靠收入增長是無用的。任何有新聞稿和願意出售股票的人都可以在幾個季度內製造增長。重要的是增長是否在增強業務，還是在慢慢毒害它。這個區別正是皮奧特羅斯基 F 評分發揮作用的地方。</p>
<p>皮奧特羅斯基框架由約瑟夫·皮奧特羅斯基開發，旨在回答一個市場始終忽視的簡單問題。公司真的在變得更好嗎？不是更吵，不是更具宣傳性，而是更好。</p>
<p>它通過九個直接的財務測試來實現這一點，切穿無謂的噪音。利潤率是在改善還是縮小？現金流是真實的還是虛幻的？槓桿是在增加還是減少？公司是在自我融資增長，還是在向投資者租賃增長？這些問題並不華麗，這就是華爾街常常忽視它們而偏愛敍事和動量的原因。</p>
<p>這種忽視在微型股中尤其危險。這些股票生活在信息沙漠中。分析師覆蓋稀薄，流動性更差。管理團隊控制敍事。當基本面改善時，市場反應遲緩。當基本面惡化時，股票在大多數投資者甚至不知道發生了什麼之前就崩潰了。</p>
<p>這就是將收入增長與皮奧特羅斯基 F 評分結合起來創造真正優勢的地方。</p>
<p>學術證據支持這一點。研究發現，歐元區的成長型股票中，財務強勁的成長公司，即高皮奧特羅斯基評分的公司，在長期內產生了強勁的市場調整回報。財務薄弱的成長股票，即低評分的公司，交付了深度負回報。</p>
<p>兩者之間的差距是巨大的，在市場中性框架下每年超過 20 個百分點。這不是噪音。這是市場系統性地錯誤定價了成長中的財務質量。</p>
<p>現在，有三個名字在這兩個障礙中脱穎而出：<strong>Optex Systems Holdings (OPXS)</strong>、<strong>Delcath Systems (DCTH)</strong> 和 <strong>Mama's Creations (MAMA)</strong>。不同的行業，不同的風險特徵，但有着相同的基本特徵。這些公司正在增長，同時變得更健康。</p>
<p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> 在大多數投資者從未關注的防務市場的一個角落運營。該公司設計和製造用於軍事和航空航天應用的先進光學瞄準系統。這不是一個追逐流行詞的炒作驅動的防務公司，而是一個具有重複需求、專業產品和更關注性能而非營銷的利基供應商。</p>
<p>目前使 OPXS 有趣的是收入上升、利潤率擴大和現金流改善的結合。增長並不是通過槓桿或稀釋強迫實現的。隨着運營規模的擴大，資產負債表在不斷增強。這正是皮奧特羅斯基框架旨在揭示的內容。國防支出週期可能會波動，但當一個微型國防供應商展現出利潤率紀律和財務改善時，市場通常會晚些時候注意到，而不是早些時候。</p>
<p>OPXS 符合經典的 “雷達下” 特徵。安靜的業務，有限的覆蓋，改善的基本面。這些往往是微型股宇宙中最持久的複合增長者。</p>
<p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> 則截然不同，這就是投資者需要保持紀律的地方。Delcath 是一家專注於肝臟定向癌症治療的介入腫瘤學公司。這不是早期階段的科幻小説。該公司擁有 FDA 批准的療法，並正在將其商業化以滿足嚴重的未滿足醫療需求。</p>
<p>大多數生物科技微型股立即就會失敗於皮奧特羅斯基測試。收入微薄，現金消耗持續，資產負債表設計上惡化。Delcath 正在清除篩選，因為它已經超越了那個階段。商業收入正在進入。業務正在從開發轉向執行。</p>
<p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> 是一個提醒，微型股增長不必是異國情調的。該公司生產新鮮的預製食品，通過超市、俱樂部商店和全國其他零售渠道銷售。這是一個以分銷為驅動的增長故事，而這些故事往往被忽視，因為它們並不引人注目。</p>
<p>MAMA 一直在擴大貨架空間，增加門店，並以健康的速度增長收入。更重要的是，它在改善運營槓桿和保持資產負債表紀律的同時實現了這一點。增長正在轉化為更好的經濟效益，而不僅僅是更高的銷量。</p>
<p>消費者微型股常常被認為太小或競爭過於激烈。這是一個錯誤，當分銷勢頭是真實的。 一旦一個食品品牌獲得全國性銷售並證明其能夠執行，收入增長可以持續遠遠超過大多數投資者的預期。</p>
<p>皮奧特羅斯基篩選幫助區分那些負責任地擴張的品牌與那些僅僅在花錢保持可見性的品牌。</p>
<p><strong>這些名字為何重要</strong></p>
<p>OPXS、DCTH 和 MAMA 的共同點不是敍事的興奮，而是可衡量的改善。收入在上升，財務質量在改善。這些企業正在贏得增長的權利。</p>
<p>這正是 “雷達下” 理念的來源。不是追逐最響亮的故事，而是識別那些在市場分心時悄然變得更強的公司。</p>
<p>微型股的增長總是會波動。這是入場的代價。但由改善的基本面支撐的波動與由希望支撐的波動是截然不同的。前者創造機會，後者則帶來遺憾。</p>
<p>在任何人開始幻想完美的回測之前，必須進行現實檢查。微型股並不是無摩擦的。流動性很重要。交易成本很重要。頭寸規模也很重要。任何將學術結果視為承諾而非信號的人，最終都會付出代價。</p>
<p>但信號才是關鍵。</p>
<p>當增長伴隨着改善的基本面時，它是有效的。當增長掩蓋惡化時，它是失敗的。Piotroski F-Score 並不能預測未來。它告訴你當前的狀況是改善還是惡化。在微型股中，這一區別可能是多年的複合增長者與永久性資本損失之間的差異。</p>
<p>在我自己的過程中，收入增長是邀請函。Piotroski F-Score 是保安。增長使公司進入觀察名單。財務實力決定它是否能獲得真正的資本。如果一家微型股在增長收入的同時擴大利潤率、改善現金流並保持資產負債表的紀律，它就值得關注。如果它在增長收入的同時發行股票並加槓桿，無論故事聽起來多麼吸引人，都值得懷疑。</p>
<p>這不是理論。Piotroski 的原始研究表明，財務報表分析在較小、被忽視的公司中效果最佳，正是大多數投資者在這些公司上做的實際工作最少的地方。那是紀律性流程仍然重要的地方，而情緒驅動的敍事投資仍然會受到懲罰。</p>
<p>這個框架與我更廣泛的市場方法完美契合。我想要價值，我想要動量，我想要趨勢，我想要信用與我合作，而不是對抗我。在微型股增長中，Piotroski F-Score 就是信用檢查。這是你避免用自己的資本資助他人樂觀情緒的方式。</p>
<p>如果你認真尋找能夠真正生存成功的微型股增長股票，而不僅僅是宣傳它們，這種組合應該在你的工具箱中。大多數投資者會繼續追逐故事。我很樂意讓他們這樣做，而我們專注於那些每個季度都在變得更強的公司。</p>
<p>這種紀律並不保證輕鬆賺錢。它做得更好。它顯著提高了成功的概率，而隨着時間的推移，這才是唯一重要的優勢。</p>

OPXS

DCTH

<p>這篇文章討論了三家微型市值公司——Optex Systems Holdings、Delcath Systems 和 Mama's Creations，它們在改善財務健康的同時展現出強勁的增長。文章強調了 Piotroski F-Score 在評估這些公司的重要性，因為它有助於識別增長是可持續的還是僅僅表面上的。Optex 專注於防禦技術，Delcath 專注於腫瘤治療，而 Mama's 則專注於預製食品，三家公司都顯示出積極的收入趨勢和運營改善，使它們在常常令人誤解的微型市值市場中脱穎而出</p>

<p>Microcap growth is where investors go to get lied to get crushed.</p>
<div class="lb-trans"><p>微型股增長是投資者被欺騙和遭受重創的地方。</p>
</div><p>The stories are seductive, the revenue growth looks explosive, and the share prices can move just fast enough to convince people they are early rather than wrong. Most of the time, the outcome is predictable. Dilution, leverage, collapsing margins, and a quiet transfer of wealth from shareholders to management.</p>
<div class="lb-trans"><p>這些故事具有誘惑力，收入增長看起來爆炸性，股價的波動足夠快，以至於讓人相信他們是早期投資者而不是錯誤的投資者。大多數情況下，結果是可預測的。稀釋、槓桿、利潤率崩潰，以及財富從股東悄然轉移到管理層。</p>
</div><p>That does not mean microcap growth is broken. It means it requires a filter that most investors refuse to use.</p>
<div class="lb-trans"><p>這並不意味着微型股增長是破碎的。這意味着它需要一種大多數投資者拒絕使用的過濾器。</p>
</div><p>Revenue growth by itself is useless. Anyone with a press release and a willingness to sell stock can manufacture growth for a few quarters. What matters is whether growth is strengthening the business or slowly poisoning it. That distinction is exactly where the Piotroski F-Score earns its keep.</p>
<div class="lb-trans"><p>單靠收入增長是無用的。任何有新聞稿和願意出售股票的人都可以在幾個季度內製造增長。重要的是增長是否在增強業務，還是在慢慢毒害它。這個區別正是皮奧特羅斯基 F 評分發揮作用的地方。</p>
</div><p>The Piotroski framework, developed by Joseph Piotroski, was built to answer a simple question the market consistently ignores. Is the company actually getting better? Not louder. Not more promotional. Better.</p>
<div class="lb-trans"><p>皮奧特羅斯基框架由約瑟夫·皮奧特羅斯基開發，旨在回答一個市場始終忽視的簡單問題。公司真的在變得更好嗎？不是更吵，不是更具宣傳性，而是更好。</p>
</div><p>It does this using nine blunt financial tests that cut through the nonsense. Are margins improving or shrinking? Is cash flow real or imaginary? Is leverage increasing or decreasing? Is the company funding its own growth or renting it from investors? These are not glamorous questions, which is why Wall Street routinely ignores them in favor of narratives and momentum.</p>
<div class="lb-trans"><p>它通過九個直接的財務測試來實現這一點，切穿無謂的噪音。利潤率是在改善還是縮小？現金流是真實的還是虛幻的？槓桿是在增加還是減少？公司是在自我融資增長，還是在向投資者租賃增長？這些問題並不華麗，這就是華爾街常常忽視它們而偏愛敍事和動量的原因。</p>
</div><p>That oversight is especially dangerous in microcaps. These stocks live in information deserts. Analyst coverage is thin. Liquidity is worse. Management teams control the narrative. When fundamentals improve, the market reacts late. When fundamentals deteriorate, the stock collapses before most investors even know what happened.</p>
<div class="lb-trans"><p>這種忽視在微型股中尤其危險。這些股票生活在信息沙漠中。分析師覆蓋稀薄，流動性更差。管理團隊控制敍事。當基本面改善時，市場反應遲緩。當基本面惡化時，股票在大多數投資者甚至不知道發生了什麼之前就崩潰了。</p>
</div><p>This is where combining revenue growth with the Piotroski F-Score creates a real edge.</p>
<div class="lb-trans"><p>這就是將收入增長與皮奧特羅斯基 F 評分結合起來創造真正優勢的地方。</p>
</div><p>Academic evidence supports it. Research examining growth stocks in the Eurozone found that financially strong growth companies, those with high Piotroski scores, produced strong positive market-adjusted returns over long periods. Financially weak growth stocks, those with low scores, delivered deeply negative returns.</p>
<div class="lb-trans"><p>學術證據支持這一點。研究發現，歐元區的成長型股票中，財務強勁的成長公司，即高皮奧特羅斯基評分的公司，在長期內產生了強勁的市場調整回報。財務薄弱的成長股票，即低評分的公司，交付了深度負回報。</p>
</div><p>The gap between the two was enormous, more than 20 percentage points per year in a market-neutral framework. That is not noise. That is the market systematically mispricing financial quality inside growth.</p>
<div class="lb-trans"><p>兩者之間的差距是巨大的，在市場中性框架下每年超過 20 個百分點。這不是噪音。這是市場系統性地錯誤定價了成長中的財務質量。</p>
</div><p>Right now, three names stand out as clearing both hurdles: <strong>Optex Systems Holdings (OPXS)</strong>, <strong>Delcath Systems (DCTH)</strong>, and <strong>Mama's Creations (MAMA)</strong>. Different industries. Different risk profiles. Same underlying trait. These companies are growing and getting healthier at the same time.</p>
<div class="lb-trans"><p>現在，有三個名字在這兩個障礙中脱穎而出：<strong>Optex Systems Holdings (OPXS)</strong>、<strong>Delcath Systems (DCTH)</strong> 和 <strong>Mama's Creations (MAMA)</strong>。不同的行業，不同的風險特徵，但有着相同的基本特徵。這些公司正在增長，同時變得更健康。</p>
</div><p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> operates in a corner of the defense market most investors never look at. The company designs and manufactures advanced optical sighting systems used in military and aerospace applications. This is not a hype driven defense name chasing buzzwords. It is a niche supplier with repeat demand, specialized products, and customers who care more about performance than marketing.</p>
<div class="lb-trans"><p><strong>Optex Systems Holdings, Inc. (NASDAQ: OPXS)</strong> 在大多數投資者從未關注的防務市場的一個角落運營。該公司設計和製造用於軍事和航空航天應用的先進光學瞄準系統。這不是一個追逐流行詞的炒作驅動的防務公司，而是一個具有重複需求、專業產品和更關注性能而非營銷的利基供應商。</p>
</div><p>What makes OPXS interesting right now is the combination of rising revenue, expanding margins, and improving cash flow. Growth is not being forced through leverage or dilution. The balance sheet has been strengthening as operations scale. That is exactly what the Piotroski framework is designed to surface. Defense spending cycles can be lumpy, but when a microcap defense supplier shows margin discipline and financial improvement, the market usually notices late, not early.</p>
<div class="lb-trans"><p>目前使 OPXS 有趣的是收入上升、利潤率擴大和現金流改善的結合。增長並不是通過槓桿或稀釋強迫實現的。隨着運營規模的擴大，資產負債表在不斷增強。這正是皮奧特羅斯基框架旨在揭示的內容。國防支出週期可能會波動，但當一個微型國防供應商展現出利潤率紀律和財務改善時，市場通常會晚些時候注意到，而不是早些時候。</p>
</div><p>OPXS fits the classic Under the Radar profile. Quiet business. Limited coverage. Improving fundamentals. These are often the most durable compounders in the microcap universe.</p>
<div class="lb-trans"><p>OPXS 符合經典的 “雷達下” 特徵。安靜的業務，有限的覆蓋，改善的基本面。這些往往是微型股宇宙中最持久的複合增長者。</p>
</div><p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> is very different, and that is where investors need to stay disciplined. Delcath is an interventional oncology company focused on liver directed cancer treatments. This is not early stage science fiction. The company has an FDA approved therapy and is in the process of commercializing it for a serious unmet medical need.</p>
<div class="lb-trans"><p><strong>Delcath Systems, Inc. (NASDAQ: DCTH)</strong> 則截然不同，這就是投資者需要保持紀律的地方。Delcath 是一家專注於肝臟定向癌症治療的介入腫瘤學公司。這不是早期階段的科幻小説。該公司擁有 FDA 批准的療法，並正在將其商業化以滿足嚴重的未滿足醫療需求。</p>
</div><p>Most biotech microcaps fail the Piotroski test immediately. Revenues are minimal. Cash burn is constant. Balance sheets deteriorate by design. Delcath is clearing the screen because it has moved beyond that phase. Commercial revenue is coming in. The business is transitioning from development to execution.</p>
<div class="lb-trans"><p>大多數生物科技微型股立即就會失敗於皮奧特羅斯基測試。收入微薄，現金消耗持續，資產負債表設計上惡化。Delcath 正在清除篩選，因為它已經超越了那個階段。商業收入正在進入。業務正在從開發轉向執行。</p>
</div><p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> is a reminder that microcap growth does not have to be exotic. The company produces fresh prepared foods sold through supermarkets, club stores, and other retail channels across the country. This is a distribution driven growth story, and those are often overlooked because they are not flashy.</p>
<div class="lb-trans"><p><strong>Mama's Creations, Inc. (NASDAQ: MAMA)</strong> 是一個提醒，微型股增長不必是異國情調的。該公司生產新鮮的預製食品，通過超市、俱樂部商店和全國其他零售渠道銷售。這是一個以分銷為驅動的增長故事，而這些故事往往被忽視，因為它們並不引人注目。</p>
</div><p>MAMA has been expanding shelf space, adding doors, and growing revenue at a healthy clip. More importantly, it has been doing so while improving operating leverage and maintaining balance sheet discipline. Growth is translating into better economics, not just higher volume.</p>
<div class="lb-trans"><p>MAMA 一直在擴大貨架空間，增加門店，並以健康的速度增長收入。更重要的是，它在改善運營槓桿和保持資產負債表紀律的同時實現了這一點。增長正在轉化為更好的經濟效益，而不僅僅是更高的銷量。</p>
</div><p>Consumer microcaps often get dismissed as too small or too competitive. That is a mistake when distribution momentum is real. Once a food brand secures national placement and proves it can execute, revenue growth can persist far longer than most investors expect.</p>
<div class="lb-trans"><p>消費者微型股常常被認為太小或競爭過於激烈。這是一個錯誤，當分銷勢頭是真實的。 一旦一個食品品牌獲得全國性銷售並證明其能夠執行，收入增長可以持續遠遠超過大多數投資者的預期。</p>
</div><p>The Piotroski screen helps separate brands that are scaling responsibly from those that are simply spending to stay visible.</p>
<div class="lb-trans"><p>皮奧特羅斯基篩選幫助區分那些負責任地擴張的品牌與那些僅僅在花錢保持可見性的品牌。</p>
</div><p><strong>Why These Names Matter</strong></p>
<div class="lb-trans"><p><strong>這些名字為何重要</strong></p>
</div><p>What unites OPXS, DCTH, and MAMA is not narrative excitement. It is measurable improvement. Revenue is rising. Financial quality is improving. The businesses are earning the right to grow.</p>
<div class="lb-trans"><p>OPXS、DCTH 和 MAMA 的共同點不是敍事的興奮，而是可衡量的改善。收入在上升，財務質量在改善。這些企業正在贏得增長的權利。</p>
</div><p>This is exactly where Under the Radar ideas come from. Not from chasing the loudest stories, but from identifying companies that are quietly getting stronger while the market is distracted elsewhere.</p>
<div class="lb-trans"><p>這正是 “雷達下” 理念的來源。不是追逐最響亮的故事，而是識別那些在市場分心時悄然變得更強的公司。</p>
</div><p>Microcap growth will always be volatile. That is the cost of admission. But volatility backed by improving fundamentals is very different from volatility backed by hope. One creates opportunity. The other creates regret.</p>
<div class="lb-trans"><p>微型股的增長總是會波動。這是入場的代價。但由改善的基本面支撐的波動與由希望支撐的波動是截然不同的。前者創造機會，後者則帶來遺憾。</p>
</div><p>Before anyone starts daydreaming about perfect back tests, a reality check is in order. Microcaps are not frictionless. Liquidity matters. Trading costs matter. Position sizing matters. Anyone who treats academic results as a promise instead of a signal will eventually pay tuition.</p>
<div class="lb-trans"><p>在任何人開始幻想完美的回測之前，必須進行現實檢查。微型股並不是無摩擦的。流動性很重要。交易成本很重要。頭寸規模也很重要。任何將學術結果視為承諾而非信號的人，最終都會付出代價。</p>
</div><p>But the signal is the point.</p>
<div class="lb-trans"><p>但信號才是關鍵。</p>
</div><p>Growth works when it is accompanied by improving fundamentals. Growth fails when it hides deterioration. The Piotroski F-Score does not predict the future. It tells you whether the present is improving or rotting. In microcaps, that distinction can be the difference between a multi-year compounder and a permanent capital impairment.</p>
<div class="lb-trans"><p>當增長伴隨着改善的基本面時，它是有效的。當增長掩蓋惡化時，它是失敗的。Piotroski F-Score 並不能預測未來。它告訴你當前的狀況是改善還是惡化。在微型股中，這一區別可能是多年的複合增長者與永久性資本損失之間的差異。</p>
</div><p>In my own process, revenue growth is the invitation. The Piotroski F-Score is the bouncer. Growth gets a company on the watch list. Financial strength determines whether it gets real capital. If a microcap is growing revenue while expanding margins, improving cash flow, and maintaining balance sheet discipline, it deserves attention. If it is growing revenue while issuing stock and levering up, it deserves skepticism, no matter how compelling the story sounds.</p>
<div class="lb-trans"><p>在我自己的過程中，收入增長是邀請函。Piotroski F-Score 是保安。增長使公司進入觀察名單。財務實力決定它是否能獲得真正的資本。如果一家微型股在增長收入的同時擴大利潤率、改善現金流並保持資產負債表的紀律，它就值得關注。如果它在增長收入的同時發行股票並加槓桿，無論故事聽起來多麼吸引人，都值得懷疑。</p>
</div><p>This is not theory. Piotroski's original work showed that financial statement analysis works best in smaller, underfollowed companies, exactly where most investors do the least amount of real work. That is where disciplined processes still matter and where emotional, narrative-driven investing still gets punished.</p>
<div class="lb-trans"><p>這不是理論。Piotroski 的原始研究表明，財務報表分析在較小、被忽視的公司中效果最佳，正是大多數投資者在這些公司上做的實際工作最少的地方。那是紀律性流程仍然重要的地方，而情緒驅動的敍事投資仍然會受到懲罰。</p>
</div><p>This framework fits cleanly into how I approach markets more broadly. I want value, I want momentum, I want trend, and I want credit working with me, not against me. In microcap growth, the Piotroski F-Score is the credit check. It is how you avoid funding other people's optimism with your own capital.</p>
<div class="lb-trans"><p>這個框架與我更廣泛的市場方法完美契合。我想要價值，我想要動量，我想要趨勢，我想要信用與我合作，而不是對抗我。在微型股增長中，Piotroski F-Score 就是信用檢查。這是你避免用自己的資本資助他人樂觀情緒的方式。</p>
</div><p>If you are serious about finding microcap growth stocks that can actually survive success, not just promote it, this combination belongs in your toolkit. Most investors will keep chasing stories. I am perfectly happy letting them do that while we focus on companies that are getting stronger quarter after quarter.</p>
<div class="lb-trans"><p>如果你認真尋找能夠真正生存成功的微型股增長股票，而不僅僅是宣傳它們，這種組合應該在你的工具箱中。大多數投資者會繼續追逐故事。我很樂意讓他們這樣做，而我們專注於那些每個季度都在變得更強的公司。</p>
</div><p>That discipline does not guarantee easy money. It does something better. It dramatically improves the odds, and over time, that is the only edge that matters.</p>
<div class="lb-trans"><p>這種紀律並不保證輕鬆賺錢。它做得更好。它顯著提高了成功的概率，而隨着時間的推移，這才是唯一重要的優勢。</p>
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不被關注的：3 只微型股成長股通過了嚴峻的考驗