<p>波司登國際控股（HKG:3998）在過去一個月表現不佳，股價下跌了 6.1%。然而，股價通常是由公司的長期財務表現驅動的，而在這種情況下，前景看起來相當樂觀。在本文中，我們決定重點關注波司登國際控股的股本回報率（ROE）。</p>
<p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。簡而言之，ROE 顯示了每一美元的投資為股東帶來的利潤。</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>
<h2>ROE 是如何計算的？</h2>
<p><strong>股本回報率可以通過以下公式計算：</strong></p>
<p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
<p>因此，根據上述公式，波司登國際控股的 ROE 為：</p>
<p>22% = CN¥36 億 ÷ CN¥160 億（基於截至 2025 年 9 月的過去十二個月）。</p>
<p>“回報” 是過去十二個月的利潤。換句話説，對於每 1 港元的股本，公司能夠賺取 0.22 港元的利潤。</p>
<p>查看我們對波司登國際控股的最新分析</p>
<h2>ROE 與盈利增長有什麼關係？</h2>
<p>到目前為止，我們瞭解到 ROE 是衡量公司盈利能力的指標。根據公司選擇再投資或 “保留” 的利潤比例，我們能夠評估公司未來產生利潤的能力。假設其他條件不變，ROE 和利潤保留越高，公司的增長率就越高，相較於那些不具備這些特徵的公司。</p>
<h2>波司登國際控股的盈利增長與 22% ROE</h2>
<p>乍一看，波司登國際控股似乎擁有不錯的 ROE。與行業平均 ROE 11% 相比，該公司的 ROE 顯得相當突出。可能正因如此，波司登國際控股在過去五年中實現了 18% 的可觀增長。</p>
<p>我們隨後將波司登國際控股的淨收入增長與行業進行了比較，令人欣慰的是，該公司的增長數據高於行業，後者在同一五年期間的增長率為 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610?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/6462589-past-earnings-growth-1-dark-2/1768176730610"/></p>
<p>SEHK:3998 過去的盈利增長 2026 年 1 月 12 日</p>
<p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。這樣做將幫助他們判斷該股票的未來是樂觀還是悲觀。3998 的估值是否合理？關於公司內在價值的信息圖包含了您需要了解的一切。</p>
<h2>波司登國際控股是否有效利用其利潤？</h2>
<p>儘管波司登國際控股的三年中位派息比率為 80%（這意味着它保留 20% 的利潤），但公司在過去仍然實現了相當可觀的盈利增長，這意味着其高派息比率並沒有妨礙其增長能力。</p>
<p>此外，波司登國際控股決心繼續與股東分享其利潤，這從其至少十年的派息歷史中可以看出。根據最新的分析師共識數據，我們發現公司預計在未來三年內將繼續支付約 78% 的利潤。因此，預測顯示波司登國際控股未來的 ROE 將為 24%，這與當前的 ROE 相似。</p>
<h2>結論</h2>
<p>總體而言，我們對波司登國際控股的表現感到相當滿意。特別是，其高 ROE 相當引人注目，也是其可觀盈利增長的可能解釋。然而，公司保留了少量利潤。這意味着公司能夠在此情況下實現盈利增長，因此這並不算太糟糕。儘管如此，預計公司的盈利增長將放緩，正如當前分析師的預測所示。要了解更多關於公司最新分析師預測的信息，請查看此可視化的分析師預測。</p>

波司登

<p>波司登國際控股（HKG:3998）最近股價下跌了 6.1%，但其長期財務前景似乎依然強勁，回報率（ROE）達到了 22%。這一 ROE 顯著高於行業平均水平的 11%，並且在過去五年中實現了 18% 的盈利增長。儘管公司支付比率高達 80%，但仍保持增長，並預計將繼續派發股息。分析師預測未來的 ROE 將達到 24%，儘管根據當前估計，盈利增長可能會放緩</p>

<p>Bosideng International Holdings (HKG:3998) has had a rough month with its share price down 6.1%. However, stock prices are usually driven by a company’s financial performance over the long term, which in this case looks quite promising. In this article, we decided to focus on Bosideng International Holdings' ROE.</p>
<div class="lb-trans"><p>波司登國際控股（HKG:3998）在過去一個月表現不佳，股價下跌了 6.1%。然而，股價通常是由公司的長期財務表現驅動的，而在這種情況下，前景看起來相當樂觀。在本文中，我們決定重點關注波司登國際控股的股本回報率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.</p>
<div class="lb-trans"><p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。簡而言之，ROE 顯示了每一美元的投資為股東帶來的利潤。</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><h2>How Is ROE Calculated?</h2>
<div class="lb-trans"><h2>ROE 是如何計算的？</h2>
</div><p><strong>Return on equity can be calculated by using the formula:</strong></p>
<div class="lb-trans"><p><strong>股本回報率可以通過以下公式計算：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
</div><p>So, based on the above formula, the ROE for Bosideng International Holdings is:</p>
<div class="lb-trans"><p>因此，根據上述公式，波司登國際控股的 ROE 為：</p>
</div><p>22% = CN¥3.6b ÷ CN¥16b (Based on the trailing twelve months to September 2025).</p>
<div class="lb-trans"><p>22% = CN¥36 億 ÷ CN¥160 億（基於截至 2025 年 9 月的過去十二個月）。</p>
</div><p>The 'return' is the profit over the last twelve months. Another way to think of that is that for every HK$1 worth of equity, the company was able to earn HK$0.22 in profit.</p>
<div class="lb-trans"><p>“回報” 是過去十二個月的利潤。換句話説，對於每 1 港元的股本，公司能夠賺取 0.22 港元的利潤。</p>
</div><p>See our latest analysis for Bosideng International Holdings</p>
<div class="lb-trans"><p>查看我們對波司登國際控股的最新分析</p>
</div><h2>What Has ROE Got To Do With Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 與盈利增長有什麼關係？</h2>
</div><p>So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or &#34;retain&#34;, we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.</p>
<div class="lb-trans"><p>到目前為止，我們瞭解到 ROE 是衡量公司盈利能力的指標。根據公司選擇再投資或 “保留” 的利潤比例，我們能夠評估公司未來產生利潤的能力。假設其他條件不變，ROE 和利潤保留越高，公司的增長率就越高，相較於那些不具備這些特徵的公司。</p>
</div><h2>Bosideng International Holdings' Earnings Growth And 22% ROE</h2>
<div class="lb-trans"><h2>波司登國際控股的盈利增長與 22% ROE</h2>
</div><p>At first glance, Bosideng International Holdings seems to have a decent ROE. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. Probably as a result of this, Bosideng International Holdings was able to see a decent growth of 18% over the last five years.</p>
<div class="lb-trans"><p>乍一看，波司登國際控股似乎擁有不錯的 ROE。與行業平均 ROE 11% 相比，該公司的 ROE 顯得相當突出。可能正因如此，波司登國際控股在過去五年中實現了 18% 的可觀增長。</p>
</div><p>We then compared Bosideng International Holdings' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 14% in the same 5-year period.</p>
<div class="lb-trans"><p>我們隨後將波司登國際控股的淨收入增長與行業進行了比較，令人欣慰的是，該公司的增長數據高於行業，後者在同一五年期間的增長率為 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610" alt="" original-src="https://images.simplywall.st/asset/chart/6462589-past-earnings-growth-1-dark-2/1768176730610"/></p>
<p>SEHK:3998 Past Earnings Growth January 12th 2026</p>
<div class="lb-trans"><p>SEHK:3998 過去的盈利增長 2026 年 1 月 12 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is 3998 fairly valued? This infographic on the company's intrinsic value has everything you need to know.</p>
<div class="lb-trans"><p>對公司的估值在很大程度上與其盈利增長相關。投資者應嘗試確定預期的盈利增長或下降，無論是哪種情況，是否已被定價。這樣做將幫助他們判斷該股票的未來是樂觀還是悲觀。3998 的估值是否合理？關於公司內在價值的信息圖包含了您需要了解的一切。</p>
</div><h2>Is Bosideng International Holdings Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>波司登國際控股是否有效利用其利潤？</h2>
</div><p>While Bosideng International Holdings has a three-year median payout ratio of 80% (which means it retains 20% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.</p>
<div class="lb-trans"><p>儘管波司登國際控股的三年中位派息比率為 80%（這意味着它保留 20% 的利潤），但公司在過去仍然實現了相當可觀的盈利增長，這意味着其高派息比率並沒有妨礙其增長能力。</p>
</div><p>Moreover, Bosideng International Holdings is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 78% of its profits over the next three years. Accordingly, forecasts suggest that Bosideng International Holdings' future ROE will be 24% which is again, similar to the current ROE.</p>
<div class="lb-trans"><p>此外，波司登國際控股決心繼續與股東分享其利潤，這從其至少十年的派息歷史中可以看出。根據最新的分析師共識數據，我們發現公司預計在未來三年內將繼續支付約 78% 的利潤。因此，預測顯示波司登國際控股未來的 ROE 將為 24%，這與當前的 ROE 相似。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>Overall, we are quite pleased with Bosideng International Holdings' performance. In particular, its high ROE is quite noteworthy and also the probable explanation behind its considerable earnings growth. Yet, the company is retaining a small portion of its profits. Which means that the company has been able to grow its earnings in spite of it, so that's not too bad. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.</p>
<div class="lb-trans"><p>總體而言，我們對波司登國際控股的表現感到相當滿意。特別是，其高 ROE 相當引人注目，也是其可觀盈利增長的可能解釋。然而，公司保留了少量利潤。這意味着公司能夠在此情況下實現盈利增長，因此這並不算太糟糕。儘管如此，預計公司的盈利增長將放緩，正如當前分析師的預測所示。要了解更多關於公司最新分析師預測的信息，請查看此可視化的分析師預測。</p>
</div>

鑑於波司登國際控股有限公司（HKG:3998）具有吸引力的財務前景，市場對其的看法是否可能出錯？