We Think That There Are Issues Underlying Impulse (Qingdao) Health TechLtd's (SZSE:002899) Earnings
We Think That There Are Issues Underlying Impulse (Qingdao) Health TechLtd's (SZSE:002899) Earnings
Impulse (Qingdao) Health Tech Co.,Ltd. (SZSE:002899) announced strong profits, but the stock was stagnant. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
Impulse（青島）健康科技有限公司，Ltd.（深圳證券交易所：002899）宣佈了豐厚的利潤，但該股停滯不前。我們的分析表明，這可能是因爲股東已經注意到了一些相關的潛在因素。
One essential aspect of assessing earnings quality is to look at how much a company is diluting shareholders. In fact, Impulse (Qingdao) Health TechLtd increased the number of shares on issue by 23% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. Check out Impulse (Qingdao) Health TechLtd's historical EPS growth by clicking on this link.
評估收益質量的一個重要方面是研究一家公司在多大程度上稀釋了股東。實際上，Impulse（青島）健康科技有限公司通過發行新股，在過去十二個月中將已發行股票數量增加了23％。因此，每股現在獲得的利潤比例較小。每股收益等每股指標可以幫助我們了解實際股東從公司的利潤中受益的程度，而淨收入水平則使我們能夠更好地了解公司的絕對規模。點擊此鏈接，查看Impulse（青島）健康科技有限公司的歷史每股收益增長。
How Is Dilution Impacting Impulse (Qingdao) Health TechLtd's Earnings Per Share (EPS)?
稀釋如何影響Impulse（青島）健康科技有限公司的每股收益（EPS）？
As you can see above, Impulse (Qingdao) Health TechLtd has been growing its net income over the last few years, with an annualized gain of 124% over three years. In comparison, earnings per share only gained 113% over the same period. And at a glance the 46% gain in profit over the last year impresses. On the other hand, earnings per share are only up 37% in that time. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.
如上所示，Impulse（青島）健康科技有限公司在過去幾年中一直在增長其淨收入，三年內年化增長124％。相比之下，收益 每股 同期僅上漲了113％。乍一看，去年利潤增長了46％，令人印象深刻。另一方面，收益 每股 在此期間僅上漲了37％。因此，可以觀察到，稀釋對股東回報產生了相當深遠的影響。
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Impulse (Qingdao) Health TechLtd can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
從長遠來看，股價的變化往往會反映每股收益的變化。因此，如果Impulse（青島）Health TechLtd能夠持續增長每股收益，這對股東來說肯定是利好的。但是，如果其利潤增加而每股收益保持不變（甚至下降），那麼股東可能看不到太多好處。對於普通零售股東來說，每股收益是檢查您假設的公司利潤 “份額” 的好方法。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Impulse (Qingdao) Health TechLtd.
注意：我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Impulse（青島）健康科技有限公司的資產負債表分析。
Our Take On Impulse (Qingdao) Health TechLtd's Profit Performance
我們對Impulse（青島）健康科技有限公司的盈利表現的看法
Impulse (Qingdao) Health TechLtd shareholders should keep in mind how many new shares it is issuing, because, dilution clearly has the power to severely impact shareholder returns. Because of this, we think that it may be that Impulse (Qingdao) Health TechLtd's statutory profits are better than its underlying earnings power. But the good news is that its EPS growth over the last three years has been very impressive. 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. In terms of investment risks, we've identified 1 warning sign with Impulse (Qingdao) Health TechLtd, and understanding this should be part of your investment process.
Impulse（青島）Health TechLtd的股東應記住其發行了多少新股，因爲，稀釋顯然會嚴重影響股東的回報。因此，我們認爲Impulse（青島）健康科技有限公司的法定利潤可能好於其基礎盈利能力。但好消息是，其在過去三年中的每股收益增長非常令人印象深刻。歸根結底，如果你想正確地了解公司，必須考慮的不僅僅是上述因素。有鑑於此，如果你想對公司進行更多分析，了解所涉及的風險至關重要。在投資風險方面，我們已經向Impulse（青島）健康科技有限公司確定了1個警告信號，了解這應該是您投資過程的一部分。
Today we've zoomed in on a single data point to better understand the nature of Impulse (Qingdao) Health TechLtd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. 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，我們放大了單一數據點，以更好地了解Impulse（青島）健康科技有限公司利潤的性質。但是，如果你能夠將注意力集中在細節上，總會有更多的事情需要發現。例如，許多人認爲高股本回報率是有利的商業經濟的標誌，而另一些人則喜歡 “關注資金”，尋找內部人士正在買入的股票。因此，你可能希望看到這份免費收藏的擁有高股本回報率的公司，或者這份內部人士正在購買的股票清單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。