Read This Before Judging China Resources and Environment Co.,Ltd.'s (SHSE:600217) ROE
Read This Before Judging China Resources and Environment Co.,Ltd.'s (SHSE:600217) ROE
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of China Resources and Environment Co.,Ltd. (SHSE:600217).
虽然一些投资者对财务指标已经相当熟悉（致敬），但这篇文章是为那些想要了解股本回报率（ROE）及其重要性的人准备的。为了通过实践学习，我们将研究ROE，以更好地理解中国再资源与环境有限公司（SHSE:600217）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股东权益回报率（ROE）是用于评估公司管理层利用公司资本效率的关键指标。换句话说，它是一个盈利能力比率，用于衡量股东提供的资本的回报率。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for return on equity is:
股东权益回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股东权益回报率 = 净利润（来自持续运营）÷ 股东权益
So, based on the above formula, the ROE for China Resources and EnvironmentLtd is:
因此，根据上述公式，中再资环的净资产收益率是：
2.3% = CN¥80m ÷ CN¥3.5b (Based on the trailing twelve months to September 2024).
2.3% = CN¥8000万 ÷ CN¥35亿（基于截至2024年9月的过去十二个月）。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every CN¥1 worth of equity, the company was able to earn CN¥0.02 in profit.
“回报”是过去十二个月的利润。另一种理解方式是，对于每CN¥1的股本，公司能够赚取CN¥0.02的利润。
Does China Resources and EnvironmentLtd Have A Good Return On Equity?
中再资环有限公司的roe好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see China Resources and EnvironmentLtd has a lower ROE than the average (6.4%) in the Commercial Services industry classification.
判断一个公司是否具有良好的净资产收益率的一个简单方法是将其与行业的平均水平进行比较。然而，这种方法仅作为粗略检查是有用的，因为公司在同一行业分类中确实存在相当大的差异。如果你查看下面的图片，你会发现中再资环的ROE低于商业服务行业分类的平均水平（6.4%）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 5 risks we have identified for China Resources and EnvironmentLtd visit our risks dashboard for free.
这不是我们喜欢看到的结果。虽然我们认为较低的ROE仍然意味着公司有机会通过借贷来提升回报，前提是其现有的债务水平较低。一家高债务的公司如果ROE较低，这在我们看来是完全不同的故事，并且是一项风险投资。要了解我们为中再资环识别的5个风险，请免费访问我们的风险仪表。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有公司都需要资金来投资于业务，以增长利润。投资所需的现金可以来自之前年度的利润（留存收益）、发行新股或借款。在前两种情况下，ROE会捕捉到这项资本的使用以实现增长。在后者的情况下，债务的使用将改善回报，但不会改变股本。通过这种方式，债务的使用将提高ROE，即使核心经济状况保持不变。
China Resources and EnvironmentLtd's Debt And Its 2.3% ROE
中再资环有限公司的债务及其2.3%的roe
China Resources and EnvironmentLtd clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.19. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
中再资环明显通过大量债务来提升回报，其债务与股本比率为1.19。即使使用了大量债务，其ROE仍然相当低；在我们看来，这并不是一个好的结果。债务增加了风险，并减少了公司未来的选择，因此通常希望看到良好的回报。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回报率是我们比较不同公司业务质量的一种方式。在我们看来，最高质量的公司即使债务较低，股本回报率也较高。其他条件相等时，更高的ROE更好。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. You can see how the company has grow in the past by looking at this FREE detailed graph of past earnings, revenue and cash flow.
但是当一个业务质量高时，市场通常会将其抬高到反映这种质量的价格。利润增长率与股价反映的预期相比是一个特别值得考虑的因素。您可以通过查看这个免费的详细图表来了解公司过去的收入、营业收入和现金流的增长情况。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然，你可能会在其他地方找到一个了不起的投资机会。所以查看一下这个有趣公司的免费清单。
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