The Past Three Years for Byhealth (SZSE:300146) Investors Has Not Been Profitable
The Past Three Years for Byhealth (SZSE:300146) Investors Has Not Been Profitable
Many investors define successful investing as beating the market average over the long term. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. We regret to report that long term Byhealth Co., Ltd (SZSE:300146) shareholders have had that experience, with the share price dropping 53% in three years, versus a market decline of about 14%. The more recent news is of little comfort, with the share price down 25% in a year.
许多投资者将成功投资定义为长期超越市场平均水平。但几乎可以肯定的是,有时你会买入的股票会低于市场平均回报。我们遗憾地报告,长期以来,Byhealth Co., Ltd (SZSE:300146) 的股东经历了这一情况,股价在三年内下跌了53%,而市场总体下降约14%。最近的资讯也没有什么安慰,股价在一年内下跌了25%。
It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.
评估公司的经济状况是否与这些令人失望的股东回报保持一致,或者两者之间是否存在差距是值得的。那么我们就来做这个评估。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. 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.
不可否认,市场有时是有效的,但价格并不总是反映基础业务表现。考虑市场对公司看法变化的一种不完美但简单的方法是比较每股收益(EPS)的变化与股价的变化。
During the three years that the share price fell, Byhealth's earnings per share (EPS) dropped by 26% each year. This fall in EPS isn't far from the rate of share price decline, which was 22% per year. That suggests that the market sentiment around the company hasn't changed much over that time, despite the disappointment. It seems like the share price is reflecting the declining earnings per share.
在股价下跌的三年中,Byhealth的每股收益(EPS)每年下降了26%。每股收益的下跌与股价下跌的速度相差不远,后者每年下降了22%。这表明,尽管让人失望,但市场对公司的情绪在这段时间内并没有太大变化。股价似乎反映了每股收益的下降。
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
下面的图像显示了EPS随时间的变化(如果你点击图像,可以看到更详细的信息)。

Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在买入或卖出股票之前,我们总是建议仔细审查历史增长趋势,详情请见这里。
What About Dividends?
关于分红派息的问题
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Byhealth, it has a TSR of -48% for the last 3 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时,了解总体股东回报(TSR)与股价回报之间的区别非常重要。TSR是一种回报计算,考虑了现金分红的价值(假设任何收到的分红都被再投资)以及任何折扣融资和剥离的计算价值。可以说,TSR能更全面地反映股票产生的回报。就百合健康而言,它在过去3年中的TSR为-48%。这超过了我们之前提到的股价回报。而且,毫无疑问,分红支付在很大程度上解释了这种差异!
A Different Perspective
不同的视角
Investors in Byhealth had a tough year, with a total loss of 21% (including dividends), against a market gain of about 15%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Regrettably, last year's performance caps off a bad run, with the shareholders facing a total loss of 2% per year over five years. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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. Even so, be aware that Byhealth is showing 3 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
百合健康的投资者经历了艰难的一年,总损失达21%(包括分红),而市场平均收益约为15%。即使是优秀股票的股价有时也会下跌,但我们希望在对一家业务产生太大兴趣之前,看到其基本指标的改善。遗憾的是,去年的表现使得这种糟糕的趋势持续,股东在五年内的总损失达到了每年2%。我们知道巴伦·罗斯柴尔德曾说投资者应该在“街上有血时买入”,但我们提醒投资者首先要确保他们正在买入一家高质量的企业。 我发现从长远来看观察股价作为业务表现的一个代理非常有趣。但要真正获得洞察,我们还需要考虑其他信息。即便如此,要注意百合健康在我们的投资分析中显示出3个警告信号,其中一个信号让我们感到不安...
Of course Byhealth may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
当然,汤臣倍健可能不是最值得买入的股票。因此,您可能想查看这份免费的成长股票合集。
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,本文中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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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这篇来自Simply Wall St的文章是一般性的。我们根据历史数据和分析师预测提供评论,采用无偏见的方法,我们的文章并不旨在提供财务建议。它不构成对任何股票的买入或卖出建议,也未考虑到您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意,我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均没有持仓。