<p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 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。与许多其他公司一样，<strong>汇隆控股</strong>（HKG:8021）也利用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</p>
<h2>债务带来了什么风险？</h2>
<p>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久性稀释股东权益，仅仅是为了巩固其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
<h2>汇隆控股的净债务是多少？</h2>
<p>如您所见，汇隆控股在 2025 年 4 月的债务为 1.526 亿港元，与前一年大致相同。您可以点击图表以获取更多详细信息。然而，由于它有 7160 万港元的现金储备，其净债务较少，约为 8090 万港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657584-debt-equity-history-analysis-1-dark-2/1757032035162?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/7657584-debt-equity-history-analysis-1-dark-2/1757032035162"/></p>
<p>SEHK:8021 债务与股本历史 2025 年 9 月 5 日</p>
<h2>汇隆控股的资产负债表健康吗？</h2>
<p>放大最新的资产负债表数据，我们可以看到汇隆控股有 2.076 亿港元的负债在 12 个月内到期，没有负债在此之后到期。另一方面，它有 7160 万港元的现金和 4.913 亿港元的应收账款在一年内到期。因此，它实际上拥有比总负债多出 3.553 亿港元的流动资产。</p>
<p>这种流动性过剩是汇隆控股资产负债表几乎像福特诺克斯（Fort Knox）一样强大的良好指标。考虑到这一点，可以推测其资产负债表意味着公司能够应对一些逆境。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识都是有价值的。但最终，汇隆控股的收益将影响资产负债表在未来的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
<p>查看我们对汇隆控股的最新分析</p>
<p>在过去一年中，汇隆控股在利息和税前亏损，实际收入减少了 4.0%，降至 7900 万港元。我们更希望看到增长。</p>
<h2>买者自慎</h2>
<p>重要的是，汇隆控股在过去一年中出现了利息和税前（EBIT）亏损。实际上，它在 EBIT 层面亏损了 51.2 万港元。尽管如此，我们对强大的资产负债表流动性感到印象深刻。这将为公司提供一些时间和空间，以便在需要时发展和壮大其业务。虽然这只股票可能有点风险，但如果业务本身改善，可能会有机会让公司实现复苏。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，汇隆控股在我们的投资分析中显示出 <strong>两个警告信号</strong>，您应该了解……</p>
<p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳固的公司，请立即查看我们的净现金增长股票列表。</p>

汇隆控股

<p>WLS Holdings（香港股票代码：8021）的净债务为 8090 万港元，债务总额为 1.526 亿港元，现金为 7160 万港元。该公司的流动资产比总负债多出 3.553 亿港元，显示出其资产负债表的稳健。然而，它在利息和税前报告了亏损，收入下降 4%，降至 7900 万港元。尽管资产负债表稳固，但由于盈利趋势，该公司面临风险，并在投资分析中出现两个警示信号。投资者在评估该公司的债务状况时应考虑这些因素</p>

<p>Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies <strong>WLS Holdings Limited</strong> (HKG:8021) makes use of debt. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>霍华德·马克斯（Howard Marks）曾说得很好，与其担心股价波动，不如关注 “永久性损失的可能性，这是我所担心的风险……也是我认识的每一个实际投资者所担心的。” 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。与许多其他公司一样，<strong>汇隆控股</strong>（HKG:8021）也利用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前入场。</p>
</div><h2>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来了什么风险？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够偿还时是有帮助的，无论是通过新资本还是自由现金流。如果情况变得非常糟糕，贷款方可能会控制企业。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久性稀释股东权益，仅仅是为了巩固其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
</div><h2>What Is WLS Holdings's Net Debt?</h2>
<div class="lb-trans"><h2>汇隆控股的净债务是多少？</h2>
</div><p>As you can see below, WLS Holdings had HK$152.6m of debt, at April 2025, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of HK$71.6m, its net debt is less, at about HK$80.9m.</p>
<div class="lb-trans"><p>如您所见，汇隆控股在 2025 年 4 月的债务为 1.526 亿港元，与前一年大致相同。您可以点击图表以获取更多详细信息。然而，由于它有 7160 万港元的现金储备，其净债务较少，约为 8090 万港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657584-debt-equity-history-analysis-1-dark-2/1757032035162" alt="" original-src="https://images.simplywall.st/asset/chart/7657584-debt-equity-history-analysis-1-dark-2/1757032035162"/></p>
<p>SEHK:8021 Debt to Equity History September 5th 2025</p>
<div class="lb-trans"><p>SEHK:8021 债务与股本历史 2025 年 9 月 5 日</p>
</div><h2>How Healthy Is WLS Holdings' Balance Sheet?</h2>
<div class="lb-trans"><h2>汇隆控股的资产负债表健康吗？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that WLS Holdings had liabilities of HK$207.6m due within 12 months and no liabilities due beyond that. On the other hand, it had cash of HK$71.6m and HK$491.3m worth of receivables due within a year. So it actually has HK$355.3m <em>more</em> liquid assets than total liabilities.</p>
<div class="lb-trans"><p>放大最新的资产负债表数据，我们可以看到汇隆控股有 2.076 亿港元的负债在 12 个月内到期，没有负债在此之后到期。另一方面，它有 7160 万港元的现金和 4.913 亿港元的应收账款在一年内到期。因此，它实际上拥有比总负债多出 3.553 亿港元的流动资产。</p>
</div><p>This excess liquidity is a great indication that WLS Holdings' balance sheet is almost as strong as Fort Knox. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. There's no doubt that we learn most about debt from the balance sheet. But it is WLS Holdings's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.</p>
<div class="lb-trans"><p>这种流动性过剩是汇隆控股资产负债表几乎像福特诺克斯（Fort Knox）一样强大的良好指标。考虑到这一点，可以推测其资产负债表意味着公司能够应对一些逆境。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识都是有价值的。但最终，汇隆控股的收益将影响资产负债表在未来的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>View our latest analysis for WLS Holdings</p>
<div class="lb-trans"><p>查看我们对汇隆控股的最新分析</p>
</div><p>In the last year WLS Holdings had a loss before interest and tax, and actually shrunk its revenue by 4.0%, to HK$79m. We would much prefer see growth.</p>
<div class="lb-trans"><p>在过去一年中，汇隆控股在利息和税前亏损，实际收入减少了 4.0%，降至 7900 万港元。我们更希望看到增长。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自慎</h2>
</div><p>Importantly, WLS Holdings had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost HK$512k at the EBIT level. That said, we're impressed with the strong balance sheet liquidity. That will give the company some time and space to grow and develop its business as need be. While the stock is probably a bit risky, there may be an opportunity if the business itself improves, allowing the company to stage a recovery. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that WLS Holdings is showing <strong>2 warning signs in our investment analysis</strong> , you should know about...</p>
<div class="lb-trans"><p>重要的是，汇隆控股在过去一年中出现了利息和税前（EBIT）亏损。实际上，它在 EBIT 层面亏损了 51.2 万港元。尽管如此，我们对强大的资产负债表流动性感到印象深刻。这将为公司提供一些时间和空间，以便在需要时发展和壮大其业务。虽然这只股票可能有点风险，但如果业务本身改善，可能会有机会让公司实现复苏。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，汇隆控股在我们的投资分析中显示出 <strong>两个警告信号</strong>，您应该了解……</p>
</div><p>If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.</p>
<div class="lb-trans"><p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳固的公司，请立即查看我们的净现金增长股票列表。</p>
</div>

汇隆控股（HKG:8021）减少债务是否会更好？