<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。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。重要的是，<strong>广药集团有限公司</strong> (HKG:512) 确实有债务。但更重要的问题是：这些债务带来了多少风险？</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投资。</p>
<h2>何时债务变得危险？</h2>
<p>债务在企业能够偿还时是有助益的，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（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性稀释股东的权益。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>广药集团的净债务是多少？</h2>
<p>下图显示，广药集团在 2025 年 6 月的债务为 45.7 亿港元；与前一年大致相同。然而，由于它有 23.4 亿港元的现金储备，其净债务较少，约为 22.3 亿港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4481845-debt-equity-history-analysis-1-dark-2/1759531014437?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/4481845-debt-equity-history-analysis-1-dark-2/1759531014437"/></p>
<p>SEHK:512 债务与股本历史 2025 年 10 月 3 日</p>
<h2>广药集团的资产负债表有多强？</h2>
<p>根据最后报告的资产负债表，广药集团在 12 个月内有 69.9 亿港元的负债，12 个月后有 24.9 亿港元的负债。抵消这些义务，它有 23.4 亿港元的现金以及价值 42.6 亿港元的应收账款，均在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 25.7 亿港元。</p>
<p>由于公开交易的广药集团股份总值为 298 亿港元，因此这一负债水平似乎不会构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随时间变化。</p>
<p>查看我们对广药集团的最新分析</p>
<p>我们使用两个主要比率来告知我们关于债务水平相对于收益的情况。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的次数（或简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
<p>广药集团的净债务仅为其 EBITDA 的 0.91 倍。而其 EBIT 覆盖其利息支出高达 11.7 倍。因此，我们对其超保守的债务使用感到相当放松。广药集团的负担并不重，因为其 EBIT 在过去一年下降了 35%。在偿还债务时，下降的收益就像糖饮料对你的健康一样无用。资产负债表显然是分析债务时需要关注的领域。但未来的收益，尤其是，将决定广药集团未来维持健康资产负债表的能力。因此，如果你关注未来，可以查看这份 <strong>免费</strong> 报告，了解分析师的利润预测。</p>
<p>最后，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，广药集团的自由现金流占其 EBIT 的 43%，低于我们的预期。这种现金转化能力的不足使得处理债务变得更加困难。</p>
<h2>我们的看法</h2>
<p>根据我们所看到的，广药集团在 EBIT 增长率方面并不轻松，但我们考虑的其他因素让我们感到乐观。毫无疑问，其用 EBIT 覆盖利息支出的能力相当出色。当我们考虑上述所有因素时，我们对广药集团的债务使用感到有些谨慎。虽然我们认识到债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。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>我们已识别出广药集团的一个警示信号</strong>，理解这些信号应成为你投资过程的一部分。</p>
<p>总而言之，有时候关注那些根本不需要债务的公司更容易。读者可以立即访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>

<p>大药厂集团（HKG:512）净债务为 22.3 亿港元，债务与息税折旧摊销前利润（EBITDA）比率为 0.91，利息覆盖比率为 11.7 倍。尽管过去一年息税前利润（EBIT）下降了 35%，但公司的资产负债表看起来仍然可控，总负债为 91.8 亿港元，而市值为 298 亿港元。然而，现金转换能力较弱，自由现金流仅占息税前利润的 43%，这引发了对其偿债能力的担忧。建议投资者密切关注公司的债务水平</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.' 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. Importantly, <strong>Grand Pharmaceutical Group Limited</strong> (HKG:512) does carry debt. 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。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。重要的是，<strong>广药集团有限公司</strong> (HKG:512) 确实有债务。但更重要的问题是：这些债务带来了多少风险？</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投资。</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>何时债务变得危险？</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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>债务在企业能够偿还时是有助益的，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（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性稀释股东的权益。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 Grand Pharmaceutical Group's Net Debt?</h2>
<div class="lb-trans"><h2>广药集团的净债务是多少？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that Grand Pharmaceutical Group had HK$4.57b in debt in June 2025; about the same as the year before. However, because it has a cash reserve of HK$2.34b, its net debt is less, at about HK$2.23b.</p>
<div class="lb-trans"><p>下图显示，广药集团在 2025 年 6 月的债务为 45.7 亿港元；与前一年大致相同。然而，由于它有 23.4 亿港元的现金储备，其净债务较少，约为 22.3 亿港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4481845-debt-equity-history-analysis-1-dark-2/1759531014437" alt="" original-src="https://images.simplywall.st/asset/chart/4481845-debt-equity-history-analysis-1-dark-2/1759531014437"/></p>
<p>SEHK:512 Debt to Equity History October 3rd 2025</p>
<div class="lb-trans"><p>SEHK:512 债务与股本历史 2025 年 10 月 3 日</p>
</div><h2>How Strong Is Grand Pharmaceutical Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>广药集团的资产负债表有多强？</h2>
</div><p>According to the last reported balance sheet, Grand Pharmaceutical Group had liabilities of HK$6.69b due within 12 months, and liabilities of HK$2.49b due beyond 12 months. Offsetting these obligations, it had cash of HK$2.34b as well as receivables valued at HK$4.26b due within 12 months. So its liabilities total HK$2.57b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，广药集团在 12 个月内有 69.9 亿港元的负债，12 个月后有 24.9 亿港元的负债。抵消这些义务，它有 23.4 亿港元的现金以及价值 42.6 亿港元的应收账款，均在 12 个月内到期。因此，其负债总额比现金和短期应收账款的总和多出 25.7 亿港元。</p>
</div><p>Since publicly traded Grand Pharmaceutical Group shares are worth a total of HK$29.8b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.</p>
<div class="lb-trans"><p>由于公开交易的广药集团股份总值为 298 亿港元，因此这一负债水平似乎不会构成重大威胁。然而，我们确实认为值得关注其资产负债表的强度，因为它可能会随时间变化。</p>
</div><p>Check out our latest analysis for Grand Pharmaceutical Group</p>
<div class="lb-trans"><p>查看我们对广药集团的最新分析</p>
</div><p>We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</p>
<div class="lb-trans"><p>我们使用两个主要比率来告知我们关于债务水平相对于收益的情况。第一个是净债务除以息税折旧摊销前利润（EBITDA），第二个是其息税前利润（EBIT）覆盖其利息支出的次数（或简称利息覆盖）。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
</div><p>Grand Pharmaceutical Group's net debt is only 0.91 times its EBITDA. And its EBIT covers its interest expense a whopping 11.7 times over. So we're pretty relaxed about its super-conservative use of debt. It is just as well that Grand Pharmaceutical Group's load is not too heavy, because its EBIT was down 35% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Grand Pharmaceutical Group's ability to maintain a healthy balance sheet going forward. 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>广药集团的净债务仅为其 EBITDA 的 0.91 倍。而其 EBIT 覆盖其利息支出高达 11.7 倍。因此，我们对其超保守的债务使用感到相当放松。广药集团的负担并不重，因为其 EBIT 在过去一年下降了 35%。在偿还债务时，下降的收益就像糖饮料对你的健康一样无用。资产负债表显然是分析债务时需要关注的领域。但未来的收益，尤其是，将决定广药集团未来维持健康资产负债表的能力。因此，如果你关注未来，可以查看这份 <strong>免费</strong> 报告，了解分析师的利润预测。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Grand Pharmaceutical Group's free cash flow amounted to 43% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.</p>
<div class="lb-trans"><p>最后，虽然税务机关可能喜欢会计利润，但贷款方只接受冷硬现金。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。在过去三年中，广药集团的自由现金流占其 EBIT 的 43%，低于我们的预期。这种现金转化能力的不足使得处理债务变得更加困难。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>Based on what we've seen Grand Pharmaceutical Group is not finding it easy, given its EBIT growth rate, but the other factors we considered give us cause to be optimistic. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. When we consider all the factors mentioned above, we do feel a bit cautious about Grand Pharmaceutical Group's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 1 warning sign</strong> with Grand Pharmaceutical Group , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>根据我们所看到的，广药集团在 EBIT 增长率方面并不轻松，但我们考虑的其他因素让我们感到乐观。毫无疑问，其用 EBIT 覆盖利息支出的能力相当出色。当我们考虑上述所有因素时，我们对广药集团的债务使用感到有些谨慎。虽然我们认识到债务可以提高股本回报，但我们建议股东密切关注其债务水平，以免其增加。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>我们已识别出广药集团的一个警示信号</strong>，理解这些信号应成为你投资过程的一部分。</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>总而言之，有时候关注那些根本不需要债务的公司更容易。读者可以立即访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>
</div>

这四项指标显示，Grand Pharmaceutical Group（HKG:512）在合理地使用债务