<p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久性损失。’ 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务的使用情况，因为债务过重可能导致毁灭。与许多其他公司一样，<strong>仟湖鱼业集团</strong>（SGX:BCV）也使用债务。但这笔债务对股东来说是个问题吗？</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的各个方面进行工作。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投资。</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，要么通过筹集资金，要么通过自身的现金流。资本主义的一个组成部分是 ‘创造性破坏’ 的过程，失败的企业会被其银行家无情地清算。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的价格发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。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，我们首先考虑现金和债务水平。</p>
<h2>仟湖的债务是多少？</h2>
<p>下图（您可以点击以查看更详细信息）显示，截至 2025 年 6 月，仟湖的债务为 827 万新元，较一年前的 500 万新元有所增加。但它也有 1620 万新元的现金来抵消这笔债务，这意味着它的净现金为 793 万新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7653103-debt-equity-history-analysis-1-dark-2/1758319827429?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/7653103-debt-equity-history-analysis-1-dark-2/1758319827429"/></p>
<p>SGX:BCV 债务与股本历史 2025 年 9 月 19 日</p>
<h2>仟湖的资产负债表健康吗？</h2>
<p>放大最新的资产负债表数据，我们可以看到仟湖在 12 个月内有 1670 万新元的负债，以及 210.7 万新元的长期负债。抵消这些义务，它有 1620 万新元的现金以及价值 1220 万新元的应收账款。因此，它实际上拥有 1150 万新元的流动资产，超过总负债。</p>
<p>这种流动性过剩很好地表明了仟湖的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，我们认为它的资产负债表非常强劲。简而言之，仟湖拥有净现金，因此可以公平地说它没有沉重的债务负担！</p>
<p>查看我们对仟湖的最新分析</p>
<p>我们还注意到，仟湖的息税前利润（EBIT）从去年的亏损改善为正的 45.3 万新元。在分析债务水平时，资产负债表显然是一个起点。但你不能孤立地看待债务；因为仟湖需要收益来偿还这笔债务。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>但我们最后的考虑也很重要，因为一家公司不能用纸面利润来偿还债务；它需要冷硬的现金。仟湖的资产负债表上可能有净现金，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。在过去的一年中，仟湖消耗了大量现金。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>总结</h2>
<p>虽然我们同情那些对债务感到担忧的投资者，但您应该记住，仟湖拥有 793 万新元的净现金，以及流动资产超过负债。因此，我们对仟湖的债务使用没有任何问题。在分析债务时，资产负债表显然是重点。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。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>仟湖的 4 个警告信号</strong>（其中 2 个不应被忽视！）您应该了解。</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> 的净现金企业名单。</p>

仟湖鱼业集团

<p>仟湖鱼业集团（SGX:BCV）拥有可控的债务状况，债务为 827 万新元，现金为 1620 万新元，净现金为 793 万新元。其资产负债表显示流动资产比总负债多 1150 万新元，表明财务状况良好。尽管近期因增长而消耗现金，该公司的息税前利润（EBIT）提升至 45.3 万新元。投资者应注意，尽管仟湖的债务并不令人担忧，但仍需考虑四个警示信号</p>

<p>David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies <strong>Qian Hu Corporation Limited</strong> (SGX:BCV) makes use of debt. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>大卫·伊本说得很好，‘波动性不是我们关心的风险。我们关心的是避免资本的永久性损失。’ 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务的使用情况，因为债务过重可能导致毁灭。与许多其他公司一样，<strong>仟湖鱼业集团</strong>（SGX:BCV）也使用债务。但这笔债务对股东来说是个问题吗？</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的各个方面进行工作。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投资。</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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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>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，要么通过筹集资金，要么通过自身的现金流。资本主义的一个组成部分是 ‘创造性破坏’ 的过程，失败的企业会被其银行家无情地清算。然而，更常见（但仍然代价高昂）的情况是，公司必须以低廉的价格发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。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，我们首先考虑现金和债务水平。</p>
</div><h2>What Is Qian Hu's Debt?</h2>
<div class="lb-trans"><h2>仟湖的债务是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at June 2025 Qian Hu had debt of S$8.27m, up from S$5.00m in one year. But it also has S$16.2m in cash to offset that, meaning it has S$7.93m net cash.</p>
<div class="lb-trans"><p>下图（您可以点击以查看更详细信息）显示，截至 2025 年 6 月，仟湖的债务为 827 万新元，较一年前的 500 万新元有所增加。但它也有 1620 万新元的现金来抵消这笔债务，这意味着它的净现金为 793 万新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7653103-debt-equity-history-analysis-1-dark-2/1758319827429" alt="" original-src="https://images.simplywall.st/asset/chart/7653103-debt-equity-history-analysis-1-dark-2/1758319827429"/></p>
<p>SGX:BCV Debt to Equity History September 19th 2025</p>
<div class="lb-trans"><p>SGX:BCV 债务与股本历史 2025 年 9 月 19 日</p>
</div><h2>How Healthy Is Qian Hu's Balance Sheet?</h2>
<div class="lb-trans"><h2>仟湖的资产负债表健康吗？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Qian Hu had liabilities of S$16.7m due within 12 months and liabilities of S$210.7k due beyond that. Offsetting these obligations, it had cash of S$16.2m as well as receivables valued at S$12.2m due within 12 months. So it actually has S$11.5m <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，我们可以看到仟湖在 12 个月内有 1670 万新元的负债，以及 210.7 万新元的长期负债。抵消这些义务，它有 1620 万新元的现金以及价值 1220 万新元的应收账款。因此，它实际上拥有 1150 万新元的流动资产，超过总负债。</p>
</div><p>This excess liquidity is a great indication that Qian Hu's balance sheet is almost as strong as Fort Knox. Having regard to this fact, we think its balance sheet is as strong as an ox. Succinctly put, Qian Hu boasts net cash, so it's fair to say it does not have a heavy debt load!</p>
<div class="lb-trans"><p>这种流动性过剩很好地表明了仟湖的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，我们认为它的资产负债表非常强劲。简而言之，仟湖拥有净现金，因此可以公平地说它没有沉重的债务负担！</p>
</div><p>See our latest analysis for Qian Hu</p>
<div class="lb-trans"><p>查看我们对仟湖的最新分析</p>
</div><p>We also note that Qian Hu improved its EBIT from a last year's loss to a positive S$453k. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Qian Hu will need earnings to service that debt. 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>我们还注意到，仟湖的息税前利润（EBIT）从去年的亏损改善为正的 45.3 万新元。在分析债务水平时，资产负债表显然是一个起点。但你不能孤立地看待债务；因为仟湖需要收益来偿还这笔债务。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>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Qian Hu 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. During the last year, Qian Hu 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>但我们最后的考虑也很重要，因为一家公司不能用纸面利润来偿还债务；它需要冷硬的现金。仟湖的资产负债表上可能有净现金，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。在过去的一年中，仟湖消耗了大量现金。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>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>While we empathize with investors who find debt concerning, you should keep in mind that Qian Hu has net cash of S$7.93m, as well as more liquid assets than liabilities. So we don't have any problem with Qian Hu's use of debt. 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. These risks can be hard to spot. Every company has them, and we've spotted <strong>4 warning signs for Qian Hu</strong> (of which 2 shouldn't be ignored!) you should know about.</p>
<div class="lb-trans"><p>虽然我们同情那些对债务感到担忧的投资者，但您应该记住，仟湖拥有 793 万新元的净现金，以及流动资产超过负债。因此，我们对仟湖的债务使用没有任何问题。在分析债务时，资产负债表显然是重点。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。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>仟湖的 4 个警告信号</strong>（其中 2 个不应被忽视！）您应该了解。</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> 的净现金企业名单。</p>
</div>

以下是仟湖（SGX:BCV）能够负责任地管理债务的原因