🎓

財商學院

正在載入課程內容...

How to read an earnings report like a pro | Explainomics
🎬 互動字幕 (53段)
0.0s
▶️ 播放中 - 點擊暫停
1x
00:00
at the end of every quarter you'll see reports about corporate earnings whether they were up or down whether that's good
在每個季度結束時，你會看到關於企業財報的報導，無論是上升還是下降，無論那是好消息
00:06
or bad news and what that means for the company's stock price simply put earnings are a company's profits the
或壞消息，以及這對公司股價意味著什麼。簡單來說，財報就是公司的利潤，財報的
00:14
concept of earnings is simple but how to interpret them can be complicated let's take a
概念很簡單，但如何解讀可能很複雜。讓我們來
00:22
look a company's stock price as well as the CEO's career can live and die by its earnings positive earnings can send the
看看。公司的股價以及執行長的職業生涯，都可能因財報而生死攸關。正面的財報能讓
00:30
stock price soaring but also dropping likewise negative earnings can sink a stock or be viewed as good news how is
股價飆升，但也可能下跌。同樣地，負面的財報可能拖垮股價，或被視為好消息。這怎麼
00:38
that possible the answer is that an earnings report contains so many details beyond the headline and as we know the
可能呢？答案在於財報包含了許多標題之外的細節，而我們都知道，
00:45
devil is in the details so to understand whether an earnings report is good or bad news you need to understand how to
細節決定成敗。因此，要了解一份財報是好是壞，你需要懂得如何
00:52
dig out those details any business has earnings but publicly held companies are required to
挖掘那些細節。任何企業都有財報，但公開上市公司必須在
01:01
report their earnings at the end of every quarter in an SEC filing designated 10 Q let's look at Apple's 10
每季結束時，以 SEC 備案文件（代號 10-Q）的形式報告其財報。讓我們看看 Apple 的 10-Q
01:09
Q to see just how earnings work earnings are a fairly simple piece of math the statement starts with net
來了解財報是如何運作的。財報是一個相當簡單的數學運算。報表從淨銷售額開始，也就是公司當季銷售的所有產品減去任何退貨、折讓或折扣。退貨和
01:16
sales that's everything the company sold for the quarter minus any returns allowances or discounts returns and
折讓的意義相當直白。至於折讓，是指客戶因購買到瑕疵品而可獲得的追溯性折扣。但每一次銷售都有成本，這包括了所有投入
01:23
discounts are pretty self-explanatory as for allowances those are retroactive discounts customers can can get for
折讓的意義相當直白。至於折讓，是指客戶因購買到瑕疵品而可獲得的追溯性折扣。但每一次銷售都有成本，這包括了所有投入
01:30
defective products they've bought but there's a cost to making every sale that includes everything that goes into
最終產品的分包商服務。這些通常列為銷貨成本（Cost of Goods Sold），或在 Apple 的案例中稱為銷售成本（Cost of Sales），因為該公司銷售商品並提供服務。對於服務而言，銷售成本包括所有與提供服務的員工相關的
01:37
making a product from the raw materials to Parts purchased from suppliers to subcontractor Services used in making
製作產品的過程，從原材料到向供應商購買的零件，再到用於製作
01:44
the final products these typically are listed as cost of goods sold or in Apple's case cost of sales because the
最終產品的分包商服務。這些通常列為銷貨成本（Cost of Goods Sold），或在 Apple 的案例中稱為銷售成本（Cost of Sales），因為該公司銷售商品並提供服務。對於服務而言，銷售成本包括所有與提供服務的員工相關的
01:51
company sells merchandise and provides services for services the cost of sales includes all the expenses associated
公司將其產品和服務推向市場的效率的一個關鍵指標。在這個案例中，Apple 在 2023 年本季度的毛利率
01:58
with the workers providing the service take the net sales and subtract the cost of sales and you've got the company's
費用。用淨銷售額減去銷售成本，就得到公司的
02:04
gross margin divide the margin by net sales and you get the gross margin percentage that's a key metric used in
毛利。將毛利除以淨銷售額，就得到毛利率。這是用於分析
02:12
analyzing how efficient the company is in bringing its products and services to Market in this case Apple's gross margin
公司將其產品和服務推向市場的效率的一個關鍵指標。在這個案例中，Apple 在 2023 年本季度的毛利率
02:19
percentage for this quarter of 2023 is slightly better than the margin for the same quarter of 2022 this indicates that
略高於 2022 年同季度的毛利率，這表明
02:27
apple is getting more efficient reducing the cost of creating its products and services that's good raw materials and
Apple 正變得更有效率，降低了創造其產品和服務的成本，這是好事。原物料
02:34
other inputs aren't the only costs to a company besides the cost of sales there's the money paid to run the
和其他投入成本並非公司唯一的成本。除了銷售成本之外，還有為了運營公司
02:40
company Beyond producing its goods and services that includes administrative staff advertising the corporate sales
所支付的費用。除了生產商品和服務之外，這還包括行政人員、廣告、企業銷售
02:47
staff the product designers HR personnel and everyone else at the company's headquarters in copertino California
人員、產品設計師、人力資源人員，以及位於加州庫比蒂諾公司總部的
02:55
plus the related expenses such as offish machines and supplies travel and more these costs are captured as operating
所有其他人。此外，還有相關的開銷，例如辦公室設備與用品、差旅費等等。這些成本被歸類為營業費用（Operating Expenses），
03:03
expenses which are often called indirect expenses at this point the statement adds the cost of sales and operating
通常也稱為間接費用。此時，損益表將銷售成本與營業費用相加，
03:10
expenses to arrive at total operating expenses divide the net sales by total operating expenses and you'll get to the
得出總營運費用。將淨銷售額除以總營運費用，即可得出
03:18
operating ratio another percentage used to analyze the overall efficiency of the company if it goes up the company is
營業比率（Operating Ratio），這是用來分析公司整體效率的另一個百分比指標。如果比率上升，代表公司
03:25
spending more and has become less efficient if it goes down company's doing a good job of controlling costs
支出增加且效率降低。如果比率下降，代表公司在控制成本方面
03:32
and keeping more of the money it makes subtract the operating expenses from the gross margin number and you've
做得很好，並保留了更多賺取的利潤。從毛利數字中減去營業費用，就得到
03:41
got operating income operating income is often discussed as earnings before interest and taxes or ebit for short
營業利益（Operating Income）。營業利益常被討論為息稅前利潤（Earnings Before Interest and Taxes），簡稱 EBIT。
03:49
this isn't reported to the SEC but is analyzed to get a picture of how the company's Core Business is performing by
這雖未向美國證券交易委員會（SEC）申報，但可透過分析來了解公司核心業務的表現，
03:56
excluding taxes and the cost of its Financial structure for example a company that was losing
因為排除了稅賦及其財務結構的成本。例如，一家在營運上虧損，
04:02
money on operations but had a big tax credit on the books could show a profit even though the core business was losing
但帳面上有大額稅務抵免的公司，即使核心業務虧損，仍可能顯示出獲利。
04:10
money in addition to ebit some analysts also calculate earnings that exclude some other non-core expenses which is
除了 EBIT 之外，部分分析師還會計算排除其他非核心費用的獲利，這被稱為
04:18
known as earnings before interest taxes depreciation and amortization or ibida for short this is another way to strip
息稅折舊攤銷前利潤（Earnings Before Interest Taxes Depreciation and Amortization），簡稱 EBITDA。這是另一種
04:26
out non-core expenses to get a strict view of the company's operating performance ibit and ibida often are
剔除非核心費用以嚴格審視公司營運表現的方法。EBIT 和 EBITDA 常被用來
04:34
used to analyze a startup or a young company and it's time to grow before it becomes profitable on the next line
分析新創公司或年輕企業，以及在它們轉為獲利之前的成長階段。在下一行，
04:41
Apple lists other income and expenses this can represent income such as gains on invested cash insurance payments and
Apple 列出了其他收入與支出。這可能代表收入，例如投資現金的收益、保險理賠金，以及
04:49
other money that's unrelated to the company's direct operations expenses can be legal fees and payments from lawsuits
與公司直接營運無關的其他款項。支出則可能包括訴訟相關的法律費用與賠償金。
04:57
losses from the exchange rate on foreign sales and more think of this line as miscellaneous investors will want to
匯率對海外銷售造成的損失等等，可以把這一行視為雜項，投資人會想
05:03
check out the footnotes in the financial statements for details that can indicate if there's an ongoing Trend such as
查看財務報表中的附註，以了解是否有持續性的趨勢，例如
05:10
several quarters with expenses relating to legal action now take other income or expenses add or subtract them as
連續幾季都有與訴訟相關的支出。現在，把其他收入或費用根據需要
05:18
required and you've got income before provision for income taxes which is somewhat similar to
加上或減去，就得到所得稅前利潤，這與
05:25
ebit now we're into the home stretch to finding out just how much profit or loss Apple had for the quarter here at the
EBIT 有些相似。現在，我們進入了找出蘋果本季究竟賺了或虧了多少的最後階段。在
05:34
bottom Apple lists its taxes for the quarter subtract that number from the income before provision for income taxes
最下方，蘋果列出了本季的稅金，從所得稅前利潤中減去這個數字，
05:41
and voila we've got the net income for the quarter better known as earnings last but not least divide those earnings
看，我們就得到了本季的淨利，也就是大家更熟知的盈餘。最後但同樣重要的是，將這些盈餘
05:50
by the number of all existing outstanding shares of stock or basic shares and you've got earnings per share
除以所有現有流通股數，或基本股數，就得到了每股盈餘
05:56
or EPS a key number for stock Traders who can compare EPS from quarter to quarter or between competing or
或 EPS，這是股票交易員的一個關鍵數字，他們可以比較不同季度的 EPS，或是比較相互競爭或
06:03
similarly structured companies congratulations the next time you hear about a corporate earnings report you'll
結構相似的公司。恭喜你，下次當你聽到企業的盈餘報告時，你將
06:09
be able to think about what that means for the company's stock and just where those numbers came from and if you want
能夠理解這對公司股價意味著什麼，以及這些數字是從何而來。如果你想要
06:15
more content like this from market watch and the xplan amics playlist Please Subscribe and keep checking back for new
從 Market Watch 和 Xplan Amics 播放清單獲得更多此類內容，請訂閱並持續回來查看新
06:21
videos and we'll see you next [Music] time
影片，我們下次 [音樂] 再見。

How to read an earnings report like a pro | Explainomics

📝 影片摘要

本單元以 Apple 的 10-Q 報告為例，深入解析損益表的結構與關鍵指標。教學從淨銷售額出發，逐步講解銷貨成本、毛利與毛利率，並說明營業費用如何影響營業利益（EBIT）。此外，影片區分了核心與非核心項目，如其他收入與稅金，最終導向淨利與每股盈餘（EPS）。透過學習，您將掌握解讀財報細節的能力，理解財報數字如何影響股價，並能像專業分析師一樣評估企業的營運效率與獲利能力。

📌 重點整理

  • ✓ 財報解讀需注重細節，僅看標題可能誤判股價影響。
  • ✓ 淨銷售額為起點，需扣除退貨、折讓與折扣。
  • ✓ 銷貨成本包含原材料、零件與分包商服務費用。
  • ✓ 毛利率衡量公司將產品推向市場的效率。
  • ✓ 營業費用包含行政、廣告與人資等間接成本。
  • ✓ EBIT 排除稅賦與財務結構，反映核心業務表現。
  • ✓ EBITDA 進一步排除折舊與攤銷，適合評估成長期公司。
  • ✓ 每股盈餘 (EPS) 是評估股價與公司獲利的關鍵指標。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
盈餘
earnings
向美國證券交易委
SEC filing
淨銷售額
net sales
銷貨成本
cost of sales
毛利
gross margin
營業費用
operating expenses
營業利益
operating income
息稅前利潤
EBIT
息稅折舊攤銷前利
EBITDA
淨利
net income

🔍 自訂查詢

📚 共 10 個重點單字
earnings /ˈɜːrnɪŋz/ noun
a company's profits
盈餘；利潤
📝 例句
"at the end of every quarter you'll see reports about corporate earnings whether they were up or down whether that's good"
→ 在每個季度結束時，你會看到關於企業財報的報導，無論那是上升還是下降，無論那是好消息
✨ 延伸例句
"Positive earnings can send the stock price soaring."
→ 正面的財報能讓股價飆升。
SEC filing /ˌɛs iː ˈsaɪ ˈfaɪlɪŋ/ noun
a formal document submitted to the Securities and Exchange Commission
向美國證券交易委員會提交的文件
📝 例句
"publicly held companies are required to report their earnings at the end of every quarter in an SEC filing designated 10 Q"
→ 公開上市公司必須在每季結束時，以 SEC 備案文件（代號 10-Q）的形式報告其財報。
✨ 延伸例句
"Investors often scrutinize SEC filings for hidden risks."
→ 投資人常仔細檢視 SEC 文件以尋找隱藏風險。
net sales /nɛt seɪlz/ noun
everything the company sold for the quarter minus any returns, allowances, or discounts
淨銷售額（扣除退貨、折讓或折扣後的銷售總額）
📝 例句
"earnings are a fairly simple piece of math the statement starts with net sales that's everything the company sold for the quarter minus any returns allowances or discounts"
→ 財報是一個相當簡單的數學運算。報表從淨銷售額開始，也就是公司當季銷售的所有產品減去任何退貨、折讓或折扣。
✨ 延伸例句
"Net sales are the starting point for calculating gross profit."
→ 淨銷售額是計算毛利的起點。
cost of sales /kɒst əv seɪlz/ noun
the cost of making every sale, including raw materials and subcontractor services
銷貨成本（包含原材料、零件與分包商服務費用）
📝 例句
"these typically are listed as cost of goods sold or in Apple's case cost of sales because the company sells merchandise and provides services"
→ 這些通常列為銷貨成本 (Cost of Goods Sold)，或在 Apple 的案例中稱為銷售成本 (Cost of Sales)，因為該公司銷售商品並提供服務。
✨ 延伸例句
"High cost of sales can eat into a company's profit margins."
→ 高昂的銷貨成本可能會侵蝕公司的利潤率。
gross margin /ɡroʊs ˈmɑːrʤɪn/ noun
net sales minus cost of sales
毛利（淨銷售額減去銷貨成本）
📝 例句
"take the net sales and subtract the cost of sales and you've got the company's gross margin"
→ 用淨銷售額減去銷售成本，就得到公司的毛利。
✨ 延伸例句
"A rising gross margin is usually a positive sign."
→ 上升的毛利通常是個好兆頭。
operating expenses /ˈɒpəreɪtɪŋ ɪkˈspɛnzɪz/ noun
costs paid to run the company beyond producing goods, such as admin and advertising
營業費用（生產成本以外的營運開銷，如行政與廣告）
📝 例句
"these costs are captured as operating expenses which are often called indirect expenses"
→ 這些成本被歸類為營業費用 (Operating Expenses)，通常也稱為間接費用。
✨ 延伸例句
"Rent and salaries are common operating expenses."
→ 租金和薪資是常見的營業費用。
operating income /ˈɒpəreɪtɪŋ ˈɪnkʌm/ noun
gross margin minus operating expenses, often referred to as EBIT
營業利益（毛利減去營業費用），常被稱為 EBIT
📝 例句
"subtract the operating expenses from the gross margin number and you've got operating income operating income is often discussed as earnings before interest and taxes or ebit for short"
→ 從毛利數字中減去營業費用，就得到營業利益 (Operating Income)。營業利益常被討論為息稅前利潤 (Earnings Before Interest and Taxes)，簡稱 EBIT。
✨ 延伸例句
"Operating income reflects the profitability of core business activities."
→ 營業利益反映了核心業務活動的獲利能力。
EBIT /ˈiː bɪt/ noun
earnings before interest and taxes
息稅前利潤
📝 例句
"operating income is often discussed as earnings before interest and taxes or ebit for short"
→ 營業利益常被討論為息稅前利潤 (Earnings Before Interest and Taxes)，簡稱 EBIT。
✨ 延伸例句
"Analysts use EBIT to compare companies with different tax rates."
→ 分析師使用 EBIT 來比較稅率不同的公司。
EBITDA /ˈiː bɪt də/ noun
earnings before interest, taxes, depreciation, and amortization
息稅折舊攤銷前利潤
📝 例句
"earnings before interest taxes depreciation and amortization or ibida for short"
→ 息稅折舊攤銷前利潤 (Earnings Before Interest Taxes Depreciation and Amortization)，簡稱 EBITDA。
✨ 延伸例句
"EBITDA is often used to value young companies."
→ EBITDA 常被用來評估年輕公司。
net income /nɛt ˈɪnkʌm/ noun
the final profit or loss for the quarter after all expenses and taxes
淨利（扣除所有費用與稅金後的最終損益）
📝 例句
"subtract that number from the income before provision for income taxes and voila we've got the net income for the quarter better known as earnings"
→ 從所得稅前利潤中減去這個數字，看，我們就得到了本季的淨利，也就是大家更熟知的盈餘。
✨ 延伸例句
"Net income is the 'bottom line' on a profit and loss statement."
→ 淨利是損益表上的「底線」。
🎯 共 10 題測驗

1 What is the starting point of an earnings statement according to the video? 根據影片，損益表的起點是什麼？ What is the starting point of an earnings statement according to the video?

根據影片，損益表的起點是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that the statement starts with net sales.

影片指出報表是從淨銷售額開始的。

2 What does COGS (Cost of Goods Sold) include? 銷貨成本 (COGS) 包含什麼？ What does COGS (Cost of Goods Sold) include?

銷貨成本 (COGS) 包含什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

COGS includes everything that goes into making a product, such as raw materials and parts.

銷貨成本包含製作產品所需的一切，例如原材料和零件。

3 How is Gross Margin calculated? 毛利是如何計算的？ How is Gross Margin calculated?

毛利是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 B

Gross Margin is calculated by taking Net Sales and subtracting Cost of Sales.

毛利是用淨銷售額減去銷貨成本來計算的。

4 What does a rising Operating Ratio indicate? 營業比率上升代表什麼？ What does a rising Operating Ratio indicate?

營業比率上升代表什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

If the Operating Ratio goes up, the company is spending more and has become less efficient.

如果營業比率上升，代表公司支出增加且效率降低。

5 What does EBIT stand for? EBIT 的全稱是什麼？ What does EBIT stand for?

EBIT 的全稱是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 A

EBIT stands for Earnings Before Interest and Taxes.

EBIT 代表息稅前利潤 (Earnings Before Interest and Taxes)。

6 Which metric is useful for analyzing startups before they become profitable? 哪個指標適合用來分析尚未獲利的初創公司？ Which metric is useful for analyzing startups before they become profitable?

哪個指標適合用來分析尚未獲利的初創公司？

✅ 正確！ ❌ 錯誤，正確答案是 C

EBIT and EBITDA are often used to analyze startups or young companies.

EBIT 和 EBITDA 常被用來分析初創公司或年輕企業。

7 Where would you find details about recurring legal expenses? 在哪裡可以找到關於經常性法律費用的詳細資訊？ Where would you find details about recurring legal expenses?

在哪裡可以找到關於經常性法律費用的詳細資訊？

✅ 正確！ ❌ 錯誤，正確答案是 B

Investors should check the footnotes in the financial statements for details on ongoing trends like legal expenses.

投資人應查看財務報表中的附註，以了解是否有持續性的趨勢，例如法律費用。

8 What is the final step to calculate Earnings Per Share (EPS)? 計算每股盈餘 (EPS) 的最後一步是什麼？ What is the final step to calculate Earnings Per Share (EPS)?

計算每股盈餘 (EPS) 的最後一步是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

EPS is calculated by dividing Net Income (Earnings) by the number of all existing outstanding shares.

EPS 是將淨利（盈餘）除以所有現有流通股數來計算的。

9 What is the purpose of calculating Operating Income (EBIT)? 計算營業利益 (EBIT) 的目的是什麼？ What is the purpose of calculating Operating Income (EBIT)?

計算營業利益 (EBIT) 的目的是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

EBIT is analyzed to get a picture of how the company's Core Business is performing by excluding taxes and the cost of its Financial structure.

EBIT 是用來分析公司核心業務表現的指標，它排除了稅賦及其財務結構的成本。

10 What does the 'Other Income and Expenses' line include? 「其他收入與支出」項目包含什麼？ What does the 'Other Income and Expenses' line include?

「其他收入與支出」項目包含什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

Other Income and Expenses include items unrelated to direct operations, such as gains on invested cash or legal fees.

其他收入與支出包含與直接營運無關的項目，例如投資現金的收益或法律費用。

測驗完成！得分： / 10

上一單元 完成課程 🎉