<p>有些人认为波动性，而不是债务，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：“波动性远非与风险同义。” 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>GB 控股</strong>（SGX:G50）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>为什么债务带来风险？</h2>
<p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的控制之下。如果情况变得非常糟糕，债权人可以控制企业。虽然这种情况并不常见，但我们常常看到负债公司因为债权人迫使它们以低价筹集资金而永久稀释股东权益。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。当我们审视债务水平时，首先考虑现金和债务水平的结合。</p>
<h2>GB 控股的净债务是多少？</h2>
<p>如您所见，截至 2025 年 6 月底，GB 控股的债务为 2810 万新元，较一年前的 554 万新元有所增加。点击图片以获取更多详细信息。然而，其资产负债表显示它持有 5150 万新元的现金，因此实际上它有 2350 万新元的净现金。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/875806-debt-equity-history-analysis-1-dark-2/1756504932407?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/875806-debt-equity-history-analysis-1-dark-2/1756504932407"/></p>
<p>SGX:G50 债务与股本历史 2025 年 8 月 29 日</p>
<h2>GB 控股的资产负债表有多强？</h2>
<p>仔细查看最新的资产负债表数据，我们可以看到 GB 控股在 12 个月内到期的负债为 5310 万新元，超过 12 个月到期的负债为 2430 万新元。另一方面，它有 5150 万新元的现金和 1190 万新元的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和的 1410 万新元。</p>
<p>当然，GB 控股的市值为 1.082 亿新元，因此这些负债可能是可控的。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。虽然它确实有值得注意的负债，但 GB 控股的现金也超过了债务，因此我们相当有信心它能够安全地管理其债务。</p>
<p>查看我们对 GB 控股的最新分析</p>
<p>但坏消息是，GB 控股的息税前利润（EBIT）在过去 12 个月中暴跌了 16%。我们认为这种表现如果频繁重复，可能会导致股票出现困难。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能孤立地看待债务；因为 GB 控股需要盈利来偿还这些债务。因此，如果你想了解更多关于其盈利的信息，查看这张长期盈利趋势图可能是值得的。</p>
<p>最后，一家公司只能用现金偿还债务，而不是会计利润。GB 控股可能在资产负债表上有净现金，但查看企业将息税前利润（EBIT）转化为自由现金流的能力仍然很有趣，因为这将影响其对债务的需求和管理能力。查看最近三年的数据，GB 控股的自由现金流占其 EBIT 的 37%，这比我们预期的要弱。这在偿还债务时并不理想。</p>
<h2>总结</h2>
<p>尽管 GB 控股的资产负债表由于总负债而不是特别强，但看到它有 2350 万新元的净现金显然是积极的。因此，我们对 GB 控股使用债务没有任何问题。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。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。<strong>我们已经识别出 GB 控股的两个警告信号</strong>，理解它们应该是您投资过程的一部分。</p>
<p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金企业增长名单。</p>

GB控股

<p>大银行游艇（SGX:G50）的债务已增加至 2810 万新元，但持有现金 5150 万新元，净现金为 2350 万新元。尽管负债可控，达到 5310 万新元，但公司过去一年 EBIT 下降了 16%，引发了对其偿债能力的担忧。尽管资产负债表显示出一定的实力，但 EBIT 转化为自由现金流的比例仅为 37%，这表明在债务管理方面可能面临挑战。投资者应注意与公司财务健康相关的两个警示信号</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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that <strong>Grand Banks Yachts Limited</strong> (SGX:G50) 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，而不是债务，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：“波动性远非与风险同义。” 因此，聪明的钱知道，债务——通常与破产有关——在评估一家公司的风险时是一个非常重要的因素。我们可以看到 <strong>GB 控股</strong>（SGX:G50）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>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</h2>
</div><p>Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的控制之下。如果情况变得非常糟糕，债权人可以控制企业。虽然这种情况并不常见，但我们常常看到负债公司因为债权人迫使它们以低价筹集资金而永久稀释股东权益。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。当我们审视债务水平时，首先考虑现金和债务水平的结合。</p>
</div><h2>What Is Grand Banks Yachts's Net Debt?</h2>
<div class="lb-trans"><h2>GB 控股的净债务是多少？</h2>
</div><p>As you can see below, at the end of June 2025, Grand Banks Yachts had S$28.1m of debt, up from S$5.54m a year ago. Click the image for more detail. However, its balance sheet shows it holds S$51.5m in cash, so it actually has S$23.5m net cash.</p>
<div class="lb-trans"><p>如您所见，截至 2025 年 6 月底，GB 控股的债务为 2810 万新元，较一年前的 554 万新元有所增加。点击图片以获取更多详细信息。然而，其资产负债表显示它持有 5150 万新元的现金，因此实际上它有 2350 万新元的净现金。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/875806-debt-equity-history-analysis-1-dark-2/1756504932407" alt="" original-src="https://images.simplywall.st/asset/chart/875806-debt-equity-history-analysis-1-dark-2/1756504932407"/></p>
<p>SGX:G50 Debt to Equity History August 29th 2025</p>
<div class="lb-trans"><p>SGX:G50 债务与股本历史 2025 年 8 月 29 日</p>
</div><h2>How Strong Is Grand Banks Yachts' Balance Sheet?</h2>
<div class="lb-trans"><h2>GB 控股的资产负债表有多强？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Grand Banks Yachts had liabilities of S$53.1m due within 12 months and liabilities of S$24.3m due beyond that. On the other hand, it had cash of S$51.5m and S$11.9m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$14.1m.</p>
<div class="lb-trans"><p>仔细查看最新的资产负债表数据，我们可以看到 GB 控股在 12 个月内到期的负债为 5310 万新元，超过 12 个月到期的负债为 2430 万新元。另一方面，它有 5150 万新元的现金和 1190 万新元的应收账款在一年内到期。因此，其负债超过现金和（短期）应收账款总和的 1410 万新元。</p>
</div><p>Of course, Grand Banks Yachts has a market capitalization of S$108.2m, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Grand Banks Yachts also has more cash than debt, so we're pretty confident it can manage its debt safely.</p>
<div class="lb-trans"><p>当然，GB 控股的市值为 1.082 亿新元，因此这些负债可能是可控的。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随着时间的推移而变化。虽然它确实有值得注意的负债，但 GB 控股的现金也超过了债务，因此我们相当有信心它能够安全地管理其债务。</p>
</div><p>See our latest analysis for Grand Banks Yachts</p>
<div class="lb-trans"><p>查看我们对 GB 控股的最新分析</p>
</div><p>But the bad news is that Grand Banks Yachts has seen its EBIT plunge 16% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Grand Banks Yachts will need earnings to service that debt. 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>但坏消息是，GB 控股的息税前利润（EBIT）在过去 12 个月中暴跌了 16%。我们认为这种表现如果频繁重复，可能会导致股票出现困难。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能孤立地看待债务；因为 GB 控股需要盈利来偿还这些债务。因此，如果你想了解更多关于其盈利的信息，查看这张长期盈利趋势图可能是值得的。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. Grand Banks Yachts may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent three years, Grand Banks Yachts recorded free cash flow of 37% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.</p>
<div class="lb-trans"><p>最后，一家公司只能用现金偿还债务，而不是会计利润。GB 控股可能在资产负债表上有净现金，但查看企业将息税前利润（EBIT）转化为自由现金流的能力仍然很有趣，因为这将影响其对债务的需求和管理能力。查看最近三年的数据，GB 控股的自由现金流占其 EBIT 的 37%，这比我们预期的要弱。这在偿还债务时并不理想。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Although Grand Banks Yachts's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of S$23.5m. So we don't have any problem with Grand Banks Yachts's use of debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. <strong>We've identified 2 warning signs</strong> with Grand Banks Yachts , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>尽管 GB 控股的资产负债表由于总负债而不是特别强，但看到它有 2350 万新元的净现金显然是积极的。因此，我们对 GB 控股使用债务没有任何问题。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。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。<strong>我们已经识别出 GB 控股的两个警告信号</strong>，理解它们应该是您投资过程的一部分。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金企业增长名单。</p>
</div>

GB 控股游艇（SGX:G50）是否是一个风险较高的投资？