Can Sanjiang Shopping Club Co.,Ltd's (SHSE:601116) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price?
Can Sanjiang Shopping Club Co.,Ltd's (SHSE:601116) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price?
Sanjiang Shopping ClubLtd's (SHSE:601116) stock is up by a considerable 8.3% over the past week. However, in this article, we decided to focus on its weak fundamentals, as long-term financial performance of a business is what ultimately dictates market outcomes. Particularly, we will be paying attention to Sanjiang Shopping ClubLtd's ROE today.
三江购物俱乐部有限公司（上海证券交易所代码：601116）的股票在过去一周上涨了8.3％。但是，在本文中，我们决定重点关注其疲软的基本面，因为企业的长期财务表现是最终决定市场业绩的因素。特别是，我们今天将关注三江购物俱乐部有限公司的投资回报率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率或投资回报率是股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。换句话说，它是衡量公司股东提供的资本回报率的盈利比率。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Sanjiang Shopping ClubLtd is:
因此，根据上述公式，三江购物俱乐部有限公司的投资回报率为：
4.2% = CN¥137m ÷ CN¥3.2b (Based on the trailing twelve months to March 2024).
4.2% = 1.37亿元人民币 ÷ 32亿元人民币（基于截至2024年3月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every CN¥1 of its shareholder's investments, the company generates a profit of CN¥0.04.
“回报” 是过去十二个月的税后收入。因此，这意味着其股东每投资1元人民币，公司就会产生0.04元人民币的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
到目前为止，我们已经了解到，投资回报率衡量的是公司创造利润的效率。现在，我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长，从而使我们对公司的增长潜力有所了解。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
A Side By Side comparison of Sanjiang Shopping ClubLtd's Earnings Growth And 4.2% ROE
三江购物俱乐部有限公司的收益增长和4.2％的投资回报率的并排比较
It is quite clear that Sanjiang Shopping ClubLtd's ROE is rather low. Even compared to the average industry ROE of 7.3%, the company's ROE is quite dismal. Therefore, Sanjiang Shopping ClubLtd's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.
很明显，三江购物俱乐部有限公司的投资回报率相当低。即使与7.3％的行业平均投资回报率相比，该公司的投资回报率也相当惨淡。因此，三江购物俱乐部在过去五年中收益持平可以用投资回报率低等因素来解释。
We then compared Sanjiang Shopping ClubLtd's net income growth with the industry and found that the average industry growth rate was 9.7% in the same 5-year period.
然后，我们将三江购物俱乐部的净收入增长与该行业进行了比较，发现同期的行业平均增长率为9.7％。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is 601116 fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说，重要的是要知道市场是否对公司的预期收益增长（或下降）进行了定价。通过这样做，他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。601116 的估值是否合理？这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Sanjiang Shopping ClubLtd Making Efficient Use Of Its Profits?
三江购物俱乐部有限公司是否在有效利用其利润？
The high three-year median payout ratio of 89% (meaning, the company retains only 11% of profits) for Sanjiang Shopping ClubLtd suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
三江购物俱乐部的三年中位派息率高达89％（这意味着该公司仅保留11％的利润），这表明由于支付了大部分收益，该公司的收益增长微乎其微。
Moreover, Sanjiang Shopping ClubLtd has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，三江购物俱乐部支付股息已有至少十年或更长时间了，这表明管理层一定已经意识到股东更喜欢分红而不是收益增长。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning Sanjiang Shopping ClubLtd. Because the company is not reinvesting much into the business, and given the low ROE, it's not surprising to see the lack or absence of growth in its earnings. So far, we've only made a quick discussion around the company's earnings growth. To gain further insights into Sanjiang Shopping ClubLtd's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总的来说，在决定任何与三江购物俱乐部有限公司有关的投资行动之前，我们会经过深思熟虑。由于该公司对业务的再投资不多，而且鉴于投资回报率低，其收益缺乏或没有增长也就不足为奇了。到目前为止，我们仅就公司的收益增长进行了简短的讨论。要进一步了解三江购物俱乐部有限公司过去的利润增长，请查看这份过去收益、收入和现金流的可视化图表。
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