<p>由巴菲特的查理·芒格支持的外部基金经理李录直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 因此，聪明的钱知道，债务——通常与破产相关——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>创科实业有限公司</strong>（HKG:669）确实在其业务中使用了债务。但股东应该担心其债务使用吗？</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>债务何时危险？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。虽然这种情况并不常见，但我们经常看到负债累累的公司因贷款方迫使它们以低价筹集资本而永久稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。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>创科实业的债务有多少？</h2>
<p>下图（您可以点击以获取更详细的信息）显示，创科实业在 2025 年 6 月底的债务为 14.8 亿美元，较一年前的 18 亿美元有所减少。但它也有 18 亿美元的现金来抵消这部分债务，这意味着它的净现金为 3.185 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877089-debt-equity-history-analysis-1-dark-2/1758578973802?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/877089-debt-equity-history-analysis-1-dark-2/1758578973802"/></p>
<p>SEHK:669 债务与股本历史 2025 年 9 月 22 日</p>
<h2>创科实业的资产负债表健康吗？</h2>
<p>从最新的资产负债表中，我们可以看到创科实业有 56.8 亿美元的负债将在一年内到期，且有 15.6 亿美元的负债将在一年后到期。另一方面，它有 18 亿美元的现金和 26.3 亿美元的应收账款将在一年内到期。因此，它的负债总额比现金和短期应收账款的总和多出 28.1 亿美元。</p>
<p>考虑到创科实业拥有 236 亿美元的庞大市值，很难相信这些负债会构成太大威胁。但负债确实足够多，我们肯定建议股东继续关注资产负债表。尽管负债显著，创科实业仍然拥有净现金，因此可以公平地说，它并没有沉重的债务负担！</p>
<p>查看我们对创科实业的最新分析</p>
<p>同样值得注意的是，创科实业在过去一年中其息税前利润（EBIT）增长了 13%，进一步增强了其管理债务的能力。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定创科实业是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>但我们的最终考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。虽然创科实业在其资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它在多快地建立（或侵蚀）现金余额。在过去三年中，创科实业实际上产生的自由现金流超过了 EBIT。这种强劲的现金生成让我们感到温暖，就像一只穿着蜜蜂服的幼犬。</p>
<h2>总结</h2>
<p>虽然创科实业的负债超过流动资产，但它也有 3.185 亿美元的净现金。它的自由现金流为 15 亿美元，相当于其 EBIT 的 106%。那么，创科实业的债务是风险吗？在我们看来似乎不是。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。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>创科实业的一个警示信号</strong>，您应该了解。</p>
<p>归根结底，专注于没有净债务的公司往往更好。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>

<p>创科实业（HKG:669）的资产负债表显示其债务为 14.8 亿美元，现金为 18 亿美元，净现金为 3.185 亿美元。尽管有 56.8 亿美元的负债在一年内到期，但其 236 亿美元的市值表明风险可控。该公司去年 EBIT 增长了 13%，自由现金流为 15 亿美元，超过 EBIT 的 106%。总体而言，尽管其负债超过流动资产，但强劲的现金生成能力表明其债务并不是一个重大风险</p>

<p>The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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>Techtronic Industries Company Limited</strong> (HKG:669) does use debt in its business. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>由巴菲特的查理·芒格支持的外部基金经理李录直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 因此，聪明的钱知道，债务——通常与破产相关——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>创科实业有限公司</strong>（HKG:669）确实在其业务中使用了债务。但股东应该担心其债务使用吗？</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 Dangerous?</h2>
<div class="lb-trans"><h2>债务何时危险？</h2>
</div><p>Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。虽然这种情况并不常见，但我们经常看到负债累累的公司因贷款方迫使它们以低价筹集资本而永久稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。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>How Much Debt Does Techtronic Industries Carry?</h2>
<div class="lb-trans"><h2>创科实业的债务有多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that Techtronic Industries had debt of US$1.48b at the end of June 2025, a reduction from US$1.80b over a year. But it also has US$1.80b in cash to offset that, meaning it has US$318.5m net cash.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细的信息）显示，创科实业在 2025 年 6 月底的债务为 14.8 亿美元，较一年前的 18 亿美元有所减少。但它也有 18 亿美元的现金来抵消这部分债务，这意味着它的净现金为 3.185 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877089-debt-equity-history-analysis-1-dark-2/1758578973802" alt="" original-src="https://images.simplywall.st/asset/chart/877089-debt-equity-history-analysis-1-dark-2/1758578973802"/></p>
<p>SEHK:669 Debt to Equity History September 22nd 2025</p>
<div class="lb-trans"><p>SEHK:669 债务与股本历史 2025 年 9 月 22 日</p>
</div><h2>How Healthy Is Techtronic Industries' Balance Sheet?</h2>
<div class="lb-trans"><h2>创科实业的资产负债表健康吗？</h2>
</div><p>We can see from the most recent balance sheet that Techtronic Industries had liabilities of US$5.68b falling due within a year, and liabilities of US$1.56b due beyond that. On the other hand, it had cash of US$1.80b and US$2.63b worth of receivables due within a year. So it has liabilities totalling US$2.81b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>从最新的资产负债表中，我们可以看到创科实业有 56.8 亿美元的负债将在一年内到期，且有 15.6 亿美元的负债将在一年后到期。另一方面，它有 18 亿美元的现金和 26.3 亿美元的应收账款将在一年内到期。因此，它的负债总额比现金和短期应收账款的总和多出 28.1 亿美元。</p>
</div><p>Given Techtronic Industries has a humongous market capitalization of US$23.6b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Techtronic Industries boasts net cash, so it's fair to say it does not have a heavy debt load!</p>
<div class="lb-trans"><p>考虑到创科实业拥有 236 亿美元的庞大市值，很难相信这些负债会构成太大威胁。但负债确实足够多，我们肯定建议股东继续关注资产负债表。尽管负债显著，创科实业仍然拥有净现金，因此可以公平地说，它并没有沉重的债务负担！</p>
</div><p>View our latest analysis for Techtronic Industries</p>
<div class="lb-trans"><p>查看我们对创科实业的最新分析</p>
</div><p>Also good is that Techtronic Industries grew its EBIT at 13% over the last year, further increasing its ability to manage debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Techtronic Industries can strengthen its balance sheet over time. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>同样值得注意的是，创科实业在过去一年中其息税前利润（EBIT）增长了 13%，进一步增强了其管理债务的能力。在分析债务时，资产负债表显然是重点。但最终，企业的未来盈利能力将决定创科实业是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Techtronic Industries has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Techtronic Industries actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.</p>
<div class="lb-trans"><p>但我们的最终考虑也很重要，因为公司不能用纸面利润来偿还债务；它需要冷硬的现金。虽然创科实业在其资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它在多快地建立（或侵蚀）现金余额。在过去三年中，创科实业实际上产生的自由现金流超过了 EBIT。这种强劲的现金生成让我们感到温暖，就像一只穿着蜜蜂服的幼犬。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>While Techtronic Industries does have more liabilities than liquid assets, it also has net cash of US$318.5m. And it impressed us with free cash flow of US$1.5b, being 106% of its EBIT. So is Techtronic Industries's debt a risk? It doesn't seem so to us. 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. These risks can be hard to spot. Every company has them, and we've spotted <strong>1 warning sign for Techtronic Industries</strong> you should know about.</p>
<div class="lb-trans"><p>虽然创科实业的负债超过流动资产，但它也有 3.185 亿美元的净现金。它的自由现金流为 15 亿美元，相当于其 EBIT 的 106%。那么，创科实业的债务是风险吗？在我们看来似乎不是。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。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>创科实业的一个警示信号</strong>，您应该了解。</p>
</div><p>At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.</p>
<div class="lb-trans"><p>归根结底，专注于没有净债务的公司往往更好。您可以访问我们特别列出的此类公司（所有公司都有盈利增长的记录）。这是免费的。</p>
</div>

创科实业（HKG:669）的资产负债表是否稳健？