<p>有些人认为波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的倒闭有关。我们可以看到 <strong>首铸集团</strong>（SGX:ADN）确实在其业务中使用了债务。但更重要的问题是：这些债务带来了多少风险？</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>何时债务成为问题？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身的现金流。如果情况变得非常糟糕，贷款方可能会控制企业。虽然这种情况并不常见，但我们确实经常看到负债公司因贷款方强迫其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，尤其是在它替代了能够以高回报率再投资的公司的稀释。考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>首铸集团的债务是什么？</h2>
<p>正如您在下面看到的，首铸集团在 2025 年 6 月的债务为 13.4 亿新元，较前一年减少了 14.2 亿新元。然而，它也有 1.53 亿新元的现金，因此其净债务为 11.9 亿新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597"/></p>
<p>SGX:ADN 债务与股本历史 2025 年 8 月 25 日</p>
<h2>看一下首铸集团的负债</h2>
<p>最新的资产负债表数据显示，首铸集团在一年内到期的负债为 15.4 亿新元，之后到期的负债为 9.965 亿新元。抵消这些义务，它有 1.53 亿新元的现金以及价值 4.817 亿新元的应收账款，均在 12 个月内到期。因此，它的负债总额为 19 亿新元，超过了其现金和短期应收账款的总和。</p>
<p>这里的缺口对这家 11.5 亿新元的公司造成了沉重的负担，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。毕竟，如果今天必须偿还债权人，首铸集团可能需要进行重大再融资。</p>
<p>查看我们对首铸集团的最新分析</p>
<p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担。因此，我们在考虑债务时同时考虑了折旧和摊销费用。</p>
<p>首铸集团的股东面临着净债务与 EBITDA 比率高达 10.0 的双重打击，且利息覆盖率相对较弱，因为 EBIT 仅是利息支出的 2.3 倍。这意味着我们认为它的债务负担沉重。好消息是，首铸集团在过去 12 个月中 EBIT 增长平稳，达到了 81%。这种增长就像人类善良的牛奶，增强了公司的韧性，使其更能管理债务。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但首铸集团的盈利能力将影响未来资产负债表的表现。因此，如果您想了解更多关于其盈利的信息，查看其长期盈利趋势的图表可能值得一看。</p>
<p>最后，一家企业需要自由现金流来偿还债务；会计利润并不足够。因此，值得检查 EBIT 中有多少是由自由现金流支持的。在过去三年中，首铸集团消耗了大量现金。虽然这可能是由于增长支出，但这确实使得债务风险更大。</p>
<h2>我们的看法</h2>
<p>乍一看，首铸集团将 EBIT 转化为自由现金流的能力让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚唯一空荡荡的餐厅更具吸引力。但好的一面是，其 EBIT 增长率是一个好兆头，让我们更加乐观。我们非常清楚，由于其资产负债表的健康状况，我们认为首铸集团确实相当风险。因此，我们对这只股票的谨慎程度几乎与一只饥饿的小猫对掉入主人鱼塘的警惕程度相当：一朝被蛇咬，十年怕井绳，正如人们所说。分析债务时，资产负债表显然是重点关注的领域。然而，并非所有的投资风险都存在于资产负债表中——远非如此。举个例子：我们发现了 <strong>首铸集团的 3 个警告信号</strong>，您应该注意，其中 2 个是显著的。</p>
<p>说到底，有时候关注那些根本不需要债务的公司更容易。读者现在可以免费访问一份零净债务的成长型股票列表。</p>

YB1R

首铸集团

W6XR

<p>首铸集团（SGX:ADN）负债沉重，债务总额为 13.4 亿新元，扣除 1.53 亿新元现金后的净债务为 11.9 亿新元。该公司的负债总额达到 19 亿新元，超过了其现金和应收账款。由于净债务与息税折旧摊销前利润（EBITDA）比率高达 10.0，且利息覆盖率较弱，该公司被视为风险较高。然而，其息税前利润（EBIT）在过去一年增长了 81%，尽管对现金流和整体资产负债表健康状况存在担忧，但仍带来了一些乐观情绪</p>

<p>Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that <strong>First Sponsor Group Limited</strong> (SGX:ADN) does use debt in its business. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>有些人认为波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 在审视一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的倒闭有关。我们可以看到 <strong>首铸集团</strong>（SGX:ADN）确实在其业务中使用了债务。但更重要的问题是：这些债务带来了多少风险？</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是依靠自身的现金流。如果情况变得非常糟糕，贷款方可能会控制企业。虽然这种情况并不常见，但我们确实经常看到负债公司因贷款方强迫其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，尤其是在它替代了能够以高回报率再投资的公司的稀释。考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>What Is First Sponsor Group's Debt?</h2>
<div class="lb-trans"><h2>首铸集团的债务是什么？</h2>
</div><p>As you can see below, First Sponsor Group had S$1.34b of debt at June 2025, down from S$1.42b a year prior. However, it also had S$153.0m in cash, and so its net debt is S$1.19b.</p>
<div class="lb-trans"><p>正如您在下面看到的，首铸集团在 2025 年 6 月的债务为 13.4 亿新元，较前一年减少了 14.2 亿新元。然而，它也有 1.53 亿新元的现金，因此其净债务为 11.9 亿新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597" alt="" original-src="https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597"/></p>
<p>SGX:ADN Debt to Equity History August 25th 2025</p>
<div class="lb-trans"><p>SGX:ADN 债务与股本历史 2025 年 8 月 25 日</p>
</div><h2>A Look At First Sponsor Group's Liabilities</h2>
<div class="lb-trans"><h2>看一下首铸集团的负债</h2>
</div><p>The latest balance sheet data shows that First Sponsor Group had liabilities of S$1.54b due within a year, and liabilities of S$996.5m falling due after that. Offsetting these obligations, it had cash of S$153.0m as well as receivables valued at S$481.7m due within 12 months. So it has liabilities totalling S$1.90b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，首铸集团在一年内到期的负债为 15.4 亿新元，之后到期的负债为 9.965 亿新元。抵消这些义务，它有 1.53 亿新元的现金以及价值 4.817 亿新元的应收账款，均在 12 个月内到期。因此，它的负债总额为 19 亿新元，超过了其现金和短期应收账款的总和。</p>
</div><p>The deficiency here weighs heavily on the S$1.15b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. After all, First Sponsor Group would likely require a major re-capitalisation if it had to pay its creditors today.</p>
<div class="lb-trans"><p>这里的缺口对这家 11.5 亿新元的公司造成了沉重的负担，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。毕竟，如果今天必须偿还债权人，首铸集团可能需要进行重大再融资。</p>
</div><p>See our latest analysis for First Sponsor Group</p>
<div class="lb-trans"><p>查看我们对首铸集团的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力，来衡量公司的债务负担。因此，我们在考虑债务时同时考虑了折旧和摊销费用。</p>
</div><p>First Sponsor Group shareholders face the double whammy of a high net debt to EBITDA ratio (10.0), and fairly weak interest coverage, since EBIT is just 2.3 times the interest expense. This means we'd consider it to have a heavy debt load. The good news is that First Sponsor Group grew its EBIT a smooth 81% over the last twelve months. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. There's no doubt that we learn most about debt from the balance sheet. But it is First Sponsor Group's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.</p>
<div class="lb-trans"><p>首铸集团的股东面临着净债务与 EBITDA 比率高达 10.0 的双重打击，且利息覆盖率相对较弱，因为 EBIT 仅是利息支出的 2.3 倍。这意味着我们认为它的债务负担沉重。好消息是，首铸集团在过去 12 个月中 EBIT 增长平稳，达到了 81%。这种增长就像人类善良的牛奶，增强了公司的韧性，使其更能管理债务。毫无疑问，我们从资产负债表中学到了大部分关于债务的知识。但首铸集团的盈利能力将影响未来资产负债表的表现。因此，如果您想了解更多关于其盈利的信息，查看其长期盈利趋势的图表可能值得一看。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, First Sponsor Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.</p>
<div class="lb-trans"><p>最后，一家企业需要自由现金流来偿还债务；会计利润并不足够。因此，值得检查 EBIT 中有多少是由自由现金流支持的。在过去三年中，首铸集团消耗了大量现金。虽然这可能是由于增长支出，但这确实使得债务风险更大。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On the face of it, First Sponsor Group's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. We're quite clear that we consider First Sponsor Group to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted <strong>3 warning signs for First Sponsor Group</strong> you should be aware of, and 2 of them are significant.</p>
<div class="lb-trans"><p>乍一看，首铸集团将 EBIT 转化为自由现金流的能力让我们对该股票持谨慎态度，其总负债水平也没有比一年中最繁忙的夜晚唯一空荡荡的餐厅更具吸引力。但好的一面是，其 EBIT 增长率是一个好兆头，让我们更加乐观。我们非常清楚，由于其资产负债表的健康状况，我们认为首铸集团确实相当风险。因此，我们对这只股票的谨慎程度几乎与一只饥饿的小猫对掉入主人鱼塘的警惕程度相当：一朝被蛇咬，十年怕井绳，正如人们所说。分析债务时，资产负债表显然是重点关注的领域。然而，并非所有的投资风险都存在于资产负债表中——远非如此。举个例子：我们发现了 <strong>首铸集团的 3 个警告信号</strong>，您应该注意，其中 2 个是显著的。</p>
</div><p>When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>说到底，有时候关注那些根本不需要债务的公司更容易。读者现在可以免费访问一份零净债务的成长型股票列表。</p>
</div>

首铸集团（SGX:ADN）是否过度使用债务？