The One-year Decline in Earnings Might Be Taking Its Toll on Zhejiang CONBA PharmaceuticalLtd (SHSE:600572) Shareholders as Stock Falls 5.0% Over the Past Week
The One-year Decline in Earnings Might Be Taking Its Toll on Zhejiang CONBA PharmaceuticalLtd (SHSE:600572) Shareholders as Stock Falls 5.0% Over the Past Week
If you want to compound wealth in the stock market, you can do so by buying an index fund. But if you pick the right individual stocks, you could make more than that. To wit, the Zhejiang CONBA Pharmaceutical Co.,Ltd. (SHSE:600572) share price is 23% higher than it was a year ago, much better than the market decline of around 6.4% (not including dividends) in the same period. If it can keep that out-performance up over the long term, investors will do very well! Zooming out, the stock is actually down 3.2% in the last three years.
如果你想在股市增加财富，你可以通过购买指数基金来实现。但如果你选择了正确的个股，你可以赚得更多。也就是说，浙江康巴药业有限公司(上海证券交易所股票代码：600572)股价较一年前高出23%，远好于同期约6.4%的市场跌幅(不包括股息)。如果它能够长期保持这种优异的表现，投资者将会做得非常好！缩小后，股票实际上是降下来最近三年的增长率为3.2%。
Although Zhejiang CONBA PharmaceuticalLtd has shed CN¥694m from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
尽管浙江康巴药业股份有限公司本周市值缩水6.94亿元，但让我们来看看其较长期的基本面趋势，看看它们是否推动了回报。
Check out our latest analysis for Zhejiang CONBA PharmaceuticalLtd
查看我们对浙江康巴制药有限公司的最新分析
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
虽然有效市场假说继续被一些人传授，但事实证明，市场是过度反应的动态系统，投资者并不总是理性的。一种不完美但简单的方法来考虑市场对一家公司的看法是如何改变的，那就是将每股收益(EPS)的变化与股价走势进行比较。
Over the last twelve months, Zhejiang CONBA PharmaceuticalLtd actually shrank its EPS by 66%.
在过去的12个月里，浙江康巴制药有限公司的每股收益实际上缩水了66%。
Given the share price gain, we doubt the market is measuring progress with EPS. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
考虑到股价的上涨，我们怀疑市场是否在衡量每股收益的进展。由于每股收益的变化似乎与股价的变化没有相关性，因此值得看看其他指标。
Revenue was pretty stable on last year, so deeper research might be needed to explain the share price rise.
营收与去年相比相当稳定，因此可能需要更深入的研究来解释股价上涨的原因。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和收入随时间的变化情况(如果您点击该图，您可以看到更多详细信息)。
It is of course excellent to see how Zhejiang CONBA PharmaceuticalLtd has grown profits over the years, but the future is more important for shareholders. You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
看到浙江康巴制药有限公司多年来如何实现利润增长，当然是件好事，但对股东来说，未来更重要。你可以看到它的资产负债表是如何随着时间的推移而加强(或削弱)的免费交互式图形。
What About Dividends?
那股息呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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 Zhejiang CONBA PharmaceuticalLtd, it has a TSR of 25% for the last 1 year. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
重要的是要考虑任何给定股票的总股东回报以及股价回报。TSR包括任何剥离或贴现融资的价值，以及任何股息，基于股息再投资的假设。因此，对于支付丰厚股息的公司来说，TSR往往比股价回报高得多。以浙江康巴制药有限公司为例，它在过去一年的TSR为25%。这超过了我们之前提到的它的股价回报。这在很大程度上是其股息支付的结果！
A Different Perspective
不同的视角
It's good to see that Zhejiang CONBA PharmaceuticalLtd has rewarded shareholders with a total shareholder return of 25% in the last twelve months. Of course, that includes the dividend. There's no doubt those recent returns are much better than the TSR loss of 2% per year over five years. This makes us a little wary, but the business might have turned around its fortunes. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider risks, for instance. Every company has them, and we've spotted 2 warning signs for Zhejiang CONBA PharmaceuticalLtd you should know about.
很高兴看到浙江康巴制药有限公司在过去的12个月里以25%的总股东回报回报了股东。当然，这包括股息。毫无疑问，最近的回报率远远好于TSR在过去五年中每年2%的损失。这让我们有点警惕，但这家企业可能已经扭转了命运。我发现，把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力，我们还需要考虑其他信息。例如，考虑一下风险。每家公司都有它们，我们已经发现浙江康巴药业有限公司2个警示标志你应该知道。
Of course Zhejiang CONBA PharmaceuticalLtd may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然了浙江康巴药业股份有限公司可能不是买入的最佳股票。所以你可能想看看这个免费成长型股票的集合。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意，本文引用的市场回报反映了目前在中国交易所交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。