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研究报告
中策资本控股（HK0235）
主要经济指标
| 类别\年份 | 营业额 （港元) |
营业利润 （港元) |
利润总额 （港元) |
净利润 （港元) |
资产合计 （港元) |
负债合计 （港元) |
权益合计 （港元) |
| 1999 | 3750224000.0000 | 587834000.0000 | 1093641000.0000 | 1047596000.0000 | 6940072000.0000 | 2207065000.0000 | 4733007000.0000 |
| 2000 | 3158058000.0000 | 391245000.0000 | -812883000.0000 | -730682000.0000 | 7732334000.0000 | 3183104000.0000 | 4549230000.0000 |
| 2001 | 3234404000.0000 | 262619000.0000 | -1001147000.0000 | -598730000.0000 | 6254576000.0000 | 2710204000.0000 | 3544372000.0000 |
| 2002 | 3601735000.0000 | 548967000.0000 | -695566000.0000 | -474134000.0000 | 4764036000.0000 | 2301041000.0000 | 2462995000.0000 |
| 2003 | 2884493000.0000 | 364318000.0000 | -169184000.0000 | -189528000.0000 | 2189244000.0000 | 405704000.0000 | 1783540000.0000 |
| 2004 | 27141000.0000 | 6067000.0000 | -129267000.0000 | -179244000.0000 | 1899356000.0000 | 295202000.0000 | 1604154000.0000 |
| 2005 | 33161000.0000 | 4682000.0000 | -77304000.0000 | -81829000.0000 | 1958869000.0000 | 303300000.0000 | 1655569000.0000 |
| 2006 | 32846000.0000 | 8647000.0000 | -43651000.0000 | -38417000.0000 | 267605000.0000 | 116512000.0000 | 151093000.0000 |
| 2007 | 45717000.0000 | -4594000.0000 | -33775000.0000 | -40369000.0000 | 422522000.0000 | 277456000.0000 | 145066000.0000 |
| 2008 | 18699000.0000 | -18227000.0000 | -468103000.0000 | -452365000.0000 | 1362240000.0000 | 1013142000.0000 | 349098000.0000 |
| 2009 | 8246000.0000 | 483000.0000 | -56735000.0000 | -51686000.0000 | 953661000.0000 | 108781000.0000 | 844880000.0000 |
| 2010 | 12279000.0000 | 2429000.0000 | -58677000.0000 | -58641000.0000 | 900189000.0000 | 111797000.0000 | 788392000.0000 |
| 2011 | 9319000.0000 | 4036000.0000 | -70467000.0000 | -70131000.0000 | 839426000.0000 | 123314000.0000 | 716112000.0000 |
| 2012 | 5665000.0000 | 647000.0000 | -90701000.0000 | -90612000.0000 | 761037000.0000 | 136457000.0000 | 624580000.0000 |
| 2013 | 109479000.0000 | 12858000.0000 | -7401000.0000 | -15398000.0000 | 767643000.0000 | 161267000.0000 | 606376000.0000 |
| 2014 | 417590000.0000 | 30730000.0000 | 274491000.0000 | 376994000.0000 | 1272305000.0000 | 11761000.0000 | 1260544000.0000 |
| 2015 | 239466000.0000 | 33592000.0000 | 692895000.0000 | 584148000.0000 | 3593751000.0000 | 222751000.0000 | 3371000000.0000 |
| 2016 | 270706000.0000 | 185630000.0000 | -518140000.0000 | -436870000.0000 | 4563197000.0000 | 1641970000.0000 | 2921227000.0000 |
| 2017 | 1337246000.0000 | 296666000.0000 | 178185000.0000 | 126193000.0000 | 5240895000.0000 | 2168738000.0000 | 3072157000.0000 |
| 2018 | 1477776000.0000 | 413941000.0000 | 805708000.0000 | 708790000.0000 | 6062383000.0000 | 2416401000.0000 | 3645982000.0000 |
| 2019 | 779962000.0000 | 385825000.0000 | -415878000.0000 | -322947000.0000 | 5195291000.0000 | 1825502000.0000 | 3369789000.0000 |
| 2020 | 256347000.0000 | 252324000.0000 | 2712959000.0000 | 2283187000.0000 | 8481698000.0000 | 2542650000.0000 | 5939048000.0000 |
| 2021 | 423994000.0000 | 201852000.0000 | -4030676000.0000 | -3583297000.0000 | 3159962000.0000 | 745882000.0000 | 2414080000.0000 |
| 2022 | 323579000.0000 | 135509000.0000 | -154850000.0000 | -189249000.0000 | 2240063000.0000 | 48926000.0000 | 2191137000.0000 |
| 2023 | 71886000.0000 | 71886000.0000 | 13514000.0000 | 26788000.0000 | 2278329000.0000 | 66601000.0000 | 2211728000.0000 |
| 2024 | 65193000.0000 | 65193000.0000 | 6593000.0000 | 4509000.0000 | 2270664000.0000 | 54052000.0000 | 2216612000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 1999 | 15.67 | 29.5100 | 15.76 | 31.0300 | 3.79 | -- | 0.54 |
| 2000 | 12.39 | -25.3600 | -10.51 | -25.6400 | 3.07 | -- | 0.41 |
| 2001 | 8.12 | -30.4000 | -16.01 | -26.9600 | 3.61 | -- | 0.52 |
| 2002 | 15.24 | -15.4900 | -14.60 | -27.3400 | 3.69 | -- | 0.76 |
| 2003 | 12.63 | 0.2300 | -7.73 | -12.3600 | 37.63 | -- | 1.32 |
| 2004 | 22.35 | -326.8100 | -6.81 | -13.7000 | 1.54 | -- | 0.01 |
| 2005 | 14.12 | -362.3800 | -3.95 | -6.1700 | 2.30 | -- | 0.02 |
| 2006 | 26.33 | -183.6800 | -16.31 | -25.4700 | 1.28 | -- | 0.12 |
| 2007 | -10.05 | -73.8800 | -7.99 | -27.8800 | 5.39 | -- | 0.11 |
| 2008 | -97.48 | -2503.3600 | -34.36 | -129.6800 | 13.48 | -- | 0.01 |
| 2009 | 5.86 | -688.0300 | -5.95 | -6.1200 | 6.59 | -- | 0.01 |
| 2010 | 19.78 | -477.8600 | -6.52 | -7.4400 | 4.02 | -- | 0.01 |
| 2011 | 43.31 | -756.1600 | -8.39 | -9.7900 | 2.70 | -- | 0.01 |
| 2012 | 11.42 | -1601.0800 | -11.92 | -14.5000 | 1.91 | -- | 0.01 |
| 2013 | 11.74 | -6.7600 | -0.96 | -2.5300 | 5.67 | -- | 0.14 |
| 2014 | 7.36 | 65.7300 | 21.57 | 29.9300 | 700.83 | -- | 0.33 |
| 2015 | 14.03 | 289.3500 | 19.28 | 17.3300 | -- | -- | 0.07 |
| 2016 | 68.57 | -191.4000 | -11.35 | -14.9600 | 4.35 | -- | 0.06 |
| 2017 | 22.18 | 13.3200 | 3.40 | 4.1100 | 156.69 | -- | 0.26 |
| 2018 | 28.01 | 54.5200 | 13.29 | 19.4400 | 174.17 | -- | 0.24 |
| 2019 | 49.47 | -53.3200 | -8.00 | -9.5800 | -- | -- | 0.15 |
| 2020 | 98.43 | 1058.3200 | 31.99 | 38.4400 | -- | -- | 0.03 |
| 2021 | 47.61 | -950.6400 | -127.55 | -148.4300 | -- | -- | 0.13 |
| 2022 | 41.88 | -47.8600 | -6.91 | -8.6400 | -- | -- | 0.14 |
| 2023 | 100.00 | 18.8000 | 0.59 | 1.2100 | -- | -- | 0.03 |
| 2024 | 100.00 | 10.1100 | 0.29 | 0.2000 | -- | -- | 0.03 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 1999 | 31.80 | 68.20 | 2.18 | 1.76 |
| 2000 | 41.17 | 58.83 | 1.51 | 1.14 |
| 2001 | 43.33 | 56.67 | 1.30 | 0.89 |
| 2002 | 48.30 | 51.70 | 1.39 | 0.98 |
| 2003 | 18.53 | 81.47 | 6.61 | 6.19 |
| 2004 | 15.54 | 84.46 | 9.93 | 9.81 |
| 2005 | 15.48 | 84.52 | 3.68 | 3.63 |
| 2006 | 43.54 | 56.46 | 1.00 | 0.82 |
| 2007 | 65.67 | 34.33 | 1.79 | 1.73 |
| 2008 | 74.37 | 25.63 | 7.76 | 7.74 |
| 2009 | 11.41 | 88.59 | 8.48 | 8.47 |
| 2010 | 12.42 | 87.58 | 7.75 | 7.73 |
| 2011 | 14.69 | 85.31 | 6.56 | 6.55 |
| 2012 | 17.93 | 82.07 | 5.38 | 5.36 |
| 2013 | 21.01 | 78.99 | 4.45 | 4.34 |
| 2014 | 0.92 | 99.08 | 94.28 | 94.23 |
| 2015 | 6.20 | 93.80 | 12.27 | 12.27 |
| 2016 | 35.98 | 64.02 | 20.27 | 20.16 |
| 2017 | 41.38 | 58.62 | 1.84 | 1.84 |
| 2018 | 39.86 | 60.14 | 6.00 | 5.99 |
| 2019 | 35.14 | 64.86 | 2.29 | 2.29 |
| 2020 | 29.98 | 70.02 | 4.96 | 4.96 |
| 2021 | 23.60 | 76.40 | 4.10 | 4.10 |
| 2022 | 2.18 | 97.82 | 45.58 | 45.58 |
| 2023 | 2.92 | 97.08 | 51.32 | 51.32 |
| 2024 | 2.38 | 97.62 | 51.60 | 51.60 |
成本费用分析
| 类别\年份 | 销售成本 （港元) |
销售费用 （港元) |
管理费用 （港元) |
财务费用 （港元) |
| 1999 | 3162390000.0000 | -- | 431038000.0000 | 96938000.0000 |
| 2000 | 2766813000.0000 | -- | 282226000.0000 | 88487000.0000 |
| 2001 | 2971785000.0000 | -- | 242694000.0000 | 81462000.0000 |
| 2002 | 3052768000.0000 | -- | 221624000.0000 | 109460000.0000 |
| 2003 | 2520175000.0000 | -- | 122587000.0000 | 50712000.0000 |
| 2004 | 21074000.0000 | -- | 36662000.0000 | 17434000.0000 |
| 2005 | 28479000.0000 | -- | 52926000.0000 | 17630000.0000 |
| 2006 | 24199000.0000 | -- | 27695000.0000 | 9940000.0000 |
| 2007 | 50311000.0000 | -- | 41101000.0000 | 9007000.0000 |
| 2008 | 36926000.0000 | -- | 28494000.0000 | 102247000.0000 |
| 2009 | 7763000.0000 | -- | 46345000.0000 | 42541000.0000 |
| 2010 | 9850000.0000 | -- | 127636000.0000 | 4988000.0000 |
| 2011 | 5283000.0000 | -- | 54872000.0000 | 5222000.0000 |
| 2012 | 5018000.0000 | -- | 41789000.0000 | 5399000.0000 |
| 2013 | 96621000.0000 | -- | 43139000.0000 | -- |
| 2014 | 386860000.0000 | -- | 43480000.0000 | 139000.0000 |
| 2015 | 205874000.0000 | -- | 52069000.0000 | 409000.0000 |
| 2016 | 85076000.0000 | -- | 34233000.0000 | 6735000.0000 |
| 2017 | 1040580000.0000 | -- | 38876000.0000 | 134890000.0000 |
| 2018 | 1063835000.0000 | -- | 31278000.0000 | 162053000.0000 |
| 2019 | 394137000.0000 | -- | 24975000.0000 | 171095000.0000 |
| 2020 | 4023000.0000 | -- | 27630000.0000 | 158640000.0000 |
| 2021 | 222142000.0000 | -- | 30537000.0000 | 111713000.0000 |
| 2022 | 188070000.0000 | -- | 29512000.0000 | 13098000.0000 |
| 2023 | -- | -- | 33427000.0000 | 898000.0000 |
| 2024 | -- | -- | 39811000.0000 | 1493000.0000 |