<p>传奇基金经理李璐（查理·芒格支持的那位）曾说过：“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。” 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。我们可以看到 <strong>盛诺集团</strong>（HKG:1418）确实在其业务中使用了债务。但真正的问题是，这些债务是否使公司变得风险重重。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</p>
<h2>债务带来了什么风险？</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掌控之中。如果情况变得非常糟糕，债权人可以控制企业。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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。在考虑公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>盛诺集团的债务是什么？</h2>
<p>您可以点击下面的图表查看历史数据，但它显示截至 2025 年 6 月，盛诺集团的债务为 5.811 亿港元，比一年前的 4.353 亿港元有所增加。然而，它有 3.483 亿港元的现金来抵消这些债务，导致净债务约为 2.328 亿港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/260006563-debt-equity-history-analysis-1-dark-2/1760048858847?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/260006563-debt-equity-history-analysis-1-dark-2/1760048858847"/></p>
<p>SEHK:1418 债务与股本历史 2025 年 10 月 9 日</p>
<h2>盛诺集团的资产负债表有多健康？</h2>
<p>我们可以从最新的资产负债表中看到，盛诺集团有 14.9 亿港元的负债在一年内到期，以及 2.293 亿港元的负债在此之后到期。抵消这些义务，它有 3.483 亿港元的现金以及在 12 个月内到期的应收账款价值为 9.059 亿港元。因此，其负债超过现金和（短期）应收账款总和 4688 万港元。</p>
<p>鉴于这一赤字实际上高于公司市值 4.288 亿港元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注盛诺集团的债务水平。假设，如果公司被迫通过以当前股价筹集资金来偿还其负债，将需要极其严重的稀释。</p>
<p>查看我们对盛诺集团的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息支出（利息覆盖）的比率。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
<p>虽然盛诺集团的净债务与 EBITDA 比率为 0.82，表明其债务使用仅为适度，但去年的 EBIT 仅是利息支出的 4.4 倍，这让我们感到担忧。但利息支付确实足以让我们思考其债务的可承受性。坏消息是，盛诺集团的 EBIT 在过去一年中下降了 14%。如果这种下降没有得到遏制，那么管理其债务将比以高价出售西兰花味冰淇淋还要困难。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能完全孤立地看待债务；因为盛诺集团需要收益来偿还这些债务。因此，如果你想了解更多关于其收益的信息，查看其长期收益趋势的图表可能是值得的。</p>
<p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，盛诺集团实际上产生的自由现金流超过了 EBIT。在保持与债权人良好关系方面，没有什么比现金流入更重要的了。</p>
<h2>我们的看法</h2>
<p>盛诺集团的 EBIT 增长率和总负债水平确实对其产生了影响。但好消息是，它似乎能够轻松地将 EBIT 转化为自由现金流。当我们考虑所有讨论的因素时，我们认为盛诺集团在使用债务方面承担了一些风险。因此，尽管这种杠杆确实提高了股本回报，但我们并不希望看到其进一步增加。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。例如——盛诺集团有 <strong>两个警告信号</strong> 我们认为你应该注意。</p>
<p>当然，如果你是那种喜欢购买没有债务负担的股票的投资者，那么今天就不要犹豫，发现我们独家的净现金增长股票列表。</p>

盛诺集团

<p>盛诺集团（HKG:1418）面临风险，因为其债务水平不断上升，过去一年从 4.353 亿港元增加到 5.811 亿港元。公司的负债总额为 14.9 亿港元，现金为 3.483 亿港元，净债务为 2.328 亿港元。尽管其债务与息税折旧摊销前利润（EBITDA）比率较低，为 0.82，但息税前利润（EBIT）下降 14% 引发了对其管理债务能力的担忧。尽管在过去三年中产生的自由现金流超过了息税前利润，但公司的财务健康状况仍需密切关注</p>

<p>Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. We can see that <strong>Sinomax Group Limited</strong> (HKG:1418) does use debt in its business. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>传奇基金经理李璐（查理·芒格支持的那位）曾说过：“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。” 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。我们可以看到 <strong>盛诺集团</strong>（HKG:1418）确实在其业务中使用了债务。但真正的问题是，这些债务是否使公司变得风险重重。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展有望受益。</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 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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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掌控之中。如果情况变得非常糟糕，债权人可以控制企业。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。话虽如此，最常见的情况是公司合理管理其债务，并从中获益。在考虑公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>What Is Sinomax Group's Debt?</h2>
<div class="lb-trans"><h2>盛诺集团的债务是什么？</h2>
</div><p>You can click the graphic below for the historical numbers, but it shows that as of June 2025 Sinomax Group had HK$581.1m of debt, an increase on HK$435.3m, over one year. However, it does have HK$348.3m in cash offsetting this, leading to net debt of about HK$232.8m.</p>
<div class="lb-trans"><p>您可以点击下面的图表查看历史数据，但它显示截至 2025 年 6 月，盛诺集团的债务为 5.811 亿港元，比一年前的 4.353 亿港元有所增加。然而，它有 3.483 亿港元的现金来抵消这些债务，导致净债务约为 2.328 亿港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/260006563-debt-equity-history-analysis-1-dark-2/1760048858847" alt="" original-src="https://images.simplywall.st/asset/chart/260006563-debt-equity-history-analysis-1-dark-2/1760048858847"/></p>
<p>SEHK:1418 Debt to Equity History October 9th 2025</p>
<div class="lb-trans"><p>SEHK:1418 债务与股本历史 2025 年 10 月 9 日</p>
</div><h2>How Healthy Is Sinomax Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>盛诺集团的资产负债表有多健康？</h2>
</div><p>We can see from the most recent balance sheet that Sinomax Group had liabilities of HK$1.49b falling due within a year, and liabilities of HK$229.3m due beyond that. Offsetting these obligations, it had cash of HK$348.3m as well as receivables valued at HK$905.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$468.8m.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，盛诺集团有 14.9 亿港元的负债在一年内到期，以及 2.293 亿港元的负债在此之后到期。抵消这些义务，它有 3.483 亿港元的现金以及在 12 个月内到期的应收账款价值为 9.059 亿港元。因此，其负债超过现金和（短期）应收账款总和 4688 万港元。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of HK$428.8m, we think shareholders really should watch Sinomax Group's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.</p>
<div class="lb-trans"><p>鉴于这一赤字实际上高于公司市值 4.288 亿港元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注盛诺集团的债务水平。假设，如果公司被迫通过以当前股价筹集资金来偿还其负债，将需要极其严重的稀释。</p>
</div><p>View our latest analysis for Sinomax Group</p>
<div class="lb-trans"><p>查看我们对盛诺集团的最新分析</p>
</div><p>In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).</p>
<div class="lb-trans"><p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息支出（利息覆盖）的比率。这种方法的优点在于，我们同时考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息支出（其利息覆盖比率）。</p>
</div><p>While Sinomax Group's low debt to EBITDA ratio of 0.82 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 4.4 times last year does give us pause. But the interest payments are certainly sufficient to have us thinking about how affordable its debt is. The bad news is that Sinomax Group saw its EBIT decline by 14% over the last year. If that sort of decline is not arrested, then the managing its debt will be harder than selling broccoli flavoured ice-cream for a premium. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Sinomax Group 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>虽然盛诺集团的净债务与 EBITDA 比率为 0.82，表明其债务使用仅为适度，但去年的 EBIT 仅是利息支出的 4.4 倍，这让我们感到担忧。但利息支付确实足以让我们思考其债务的可承受性。坏消息是，盛诺集团的 EBIT 在过去一年中下降了 14%。如果这种下降没有得到遏制，那么管理其债务将比以高价出售西兰花味冰淇淋还要困难。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能完全孤立地看待债务；因为盛诺集团需要收益来偿还这些债务。因此，如果你想了解更多关于其收益的信息，查看其长期收益趋势的图表可能是值得的。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Sinomax Group actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.</p>
<div class="lb-trans"><p>最后，一家公司只能用冷硬的现金偿还债务，而不是会计利润。因此，我们总是检查 EBIT 中有多少转化为自由现金流。在过去三年中，盛诺集团实际上产生的自由现金流超过了 EBIT。在保持与债权人良好关系方面，没有什么比现金流入更重要的了。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>Sinomax Group's EBIT growth rate and level of total liabilities definitely weigh on it, in our esteem. But the good news is it seems to be able to convert EBIT to free cash flow with ease. When we consider all the factors discussed, it seems to us that Sinomax Group is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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. For example - Sinomax Group has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>盛诺集团的 EBIT 增长率和总负债水平确实对其产生了影响。但好消息是，它似乎能够轻松地将 EBIT 转化为自由现金流。当我们考虑所有讨论的因素时，我们认为盛诺集团在使用债务方面承担了一些风险。因此，尽管这种杠杆确实提高了股本回报，但我们并不希望看到其进一步增加。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。例如——盛诺集团有 <strong>两个警告信号</strong> 我们认为你应该注意。</p>
</div><p>Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.</p>
<div class="lb-trans"><p>当然，如果你是那种喜欢购买没有债务负担的股票的投资者，那么今天就不要犹豫，发现我们独家的净现金增长股票列表。</p>
</div>

盛诺集团（HKG:1418）在其债务使用上承担了一定的风险