Aoyuan Healthy Life Group's (HKG:3662) Profits May Not Reveal Underlying Issues
Aoyuan Healthy Life Group's (HKG:3662) Profits May Not Reveal Underlying Issues
The stock price didn't jump after Aoyuan Healthy Life Group Company Limited (HKG:3662) posted decent earnings last week. We think that investors might be worried about some concerning underlying factors.
之后，股票价格并没有上涨。奥源健康生活集团有限公司(HKG：3662)上周公布了不错的收益。我们认为，投资者可能会担心一些潜在的因素。
View our latest analysis for Aoyuan Healthy Life Group
查看我们对奥源健康生活集团的最新分析
Zooming In On Aoyuan Healthy Life Group's Earnings
放大奥源健康生活集团的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
正如金融书呆子们已经知道的那样，现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。为了得到应计比率，我们首先从一个时期的利润中减去FCF，然后用这个数字除以该时期的平均运营资产。这一比率向我们展示了一家公司的利润超过其固定现金流的程度。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
这意味着负的应计比率是一件好事，因为它表明该公司带来的自由现金流比其利润所暗示的要多。这并不意味着我们应该担心应计比率为正，但值得注意的是，在应计比率相当高的地方。值得注意的是，有一些学术证据表明，一般来说，高应计比率对短期利润来说不是一个好兆头。
Over the twelve months to June 2023, Aoyuan Healthy Life Group recorded an accrual ratio of 0.70. Ergo, its free cash flow is significantly weaker than its profit. Statistically speaking, that's a real negative for future earnings. To wit, it produced free cash flow of CN¥867k during the period, falling well short of its reported profit of CN¥174.2m. Given that Aoyuan Healthy Life Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥867k would seem to be a step in the right direction. The good news for shareholders is that Aoyuan Healthy Life 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. As a result, some shareholders may be looking for stronger cash conversion in the current year.
截至2023年6月的12个月内，奥源健康生活集团的应计比率为0.70。因此，其自由现金流明显弱于其利润。从统计上讲，这对未来的收益是一个真正的负面影响。也就是说，该公司在此期间产生了86.7万加元的自由现金流，远低于其公布的1.742亿加元的利润。鉴于奥源健康生活集团上一季度的自由现金流为负，CN元867k的12个月业绩似乎是朝着正确的方向迈出了一步。对股东来说，好消息是奥源健康人寿集团去年的应计比率要好得多，因此今年的糟糕读数可能只是利润和FCF短期错配的一个例子。因此，一些股东可能希望在本年度实现更强劲的现金转换。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Aoyuan Healthy Life Group.
注：我们总是建议投资者检查资产负债表的实力。点击此处进入我们对奥源健康生活集团的资产负债表分析。
Our Take On Aoyuan Healthy Life Group's Profit Performance
我们对奥源健康生活集团盈利表现的看法
As we have made quite clear, we're a bit worried that Aoyuan Healthy Life Group didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Aoyuan Healthy Life Group's underlying earnings power is lower than its statutory profit. On the bright side, the company showed enough improvement to book a profit this year, after losing money 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. When we did our research, we found 4 warning signs for Aoyuan Healthy Life Group (3 don't sit too well with us!) that we believe deserve your full attention.
正如我们已经说得很清楚的那样，我们有点担心奥源健康生活集团没有用自由现金流来支撑去年的利润。因此，我们认为奥源健康生活集团的潜在盈利能力很可能低于其法定利润。好的一面是，该公司在去年亏损后，表现出了足够的改善，今年实现了盈利。归根结底，如果你想正确地了解这家公司，除了以上几个因素之外，考虑其他因素也是至关重要的。有鉴于此，如果你想对公司做更多的分析，了解其中的风险是至关重要的。当我们做研究时，我们发现奥源健康生活集团的4个警示标志(3不要和我们坐在一起太舒服！)我们认为这值得你的全力关注。
Today we've zoomed in on a single data point to better understand the nature of Aoyuan Healthy Life Group's 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
今天，我们放大了一个数据点，以更好地了解奥源健康生活集团的利润性质。但如果你有能力将注意力集中在细枝末节上，总会有更多的东西需要发现。一些人认为，高股本回报率是高质量企业的良好标志。所以你可能想看看这个免费拥有高股本回报率的公司的集合，或内部人士正在购买的这份股票清单。
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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。