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.
三江購物俱樂部有限公司（上海證券交易所代碼：601116）的股票在過去一週上漲了8.3％。但是，在本文中，我們決定重點關注其疲軟的基本面，因爲企業的長期財務表現是最終決定市場業績的因素。特別是，我們今天將關注三江購物俱樂部有限公司的投資回報率。
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.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Sanjiang Shopping ClubLtd is:
因此，根據上述公式，三江購物俱樂部有限公司的投資回報率爲：
4.2% = CN¥137m ÷ CN¥3.2b (Based on the trailing twelve months to March 2024).
4.2% = 1.37億元人民幣 ÷ 32億元人民幣（基於截至2024年3月的過去十二個月）。
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.
“回報” 是過去十二個月的稅後收入。因此，這意味着其股東每投資1元人民幣，公司就會產生0.04元人民幣的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
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.
到目前爲止，我們已經了解到，投資回報率衡量的是公司創造利潤的效率。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所了解。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
A Side By Side comparison of Sanjiang Shopping ClubLtd's Earnings Growth And 4.2% ROE
三江購物俱樂部有限公司的收益增長和4.2％的投資回報率的並排比較
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.
很明顯，三江購物俱樂部有限公司的投資回報率相當低。即使與7.3％的行業平均投資回報率相比，該公司的投資回報率也相當慘淡。因此，三江購物俱樂部在過去五年中收益持平可以用投資回報率低等因素來解釋。
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.
然後，我們將三江購物俱樂部的淨收入增長與該行業進行了比較，發現同期的行業平均增長率爲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.
收益增長是對股票進行估值時要考慮的重要指標。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。601116 的估值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Sanjiang Shopping ClubLtd Making Efficient Use Of Its Profits?
三江購物俱樂部有限公司是否在有效利用其利潤？
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.
三江購物俱樂部的三年中位派息率高達89％（這意味着該公司僅保留11％的利潤），這表明由於支付了大部分收益，該公司的收益增長微乎其微。
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，三江購物俱樂部支付股息已有至少十年或更長時間了，這表明管理層一定已經意識到股東更喜歡分紅而不是收益增長。
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.
總的來說，在決定任何與三江購物俱樂部有限公司有關的投資行動之前，我們會經過深思熟慮。由於該公司對業務的再投資不多，而且鑑於投資回報率低，其收益缺乏或沒有增長也就不足爲奇了。到目前爲止，我們僅就公司的收益增長進行了簡短的討論。要進一步了解三江購物俱樂部有限公司過去的利潤增長，請查看這份過去收益、收入和現金流的可視化圖表。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。