<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风险。” 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破产。与许多其他公司一样，<strong>华视集团控股</strong>（HKG:1111）也使用了债务。但这对股东来说是否构成担忧呢？</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>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，那么它就处于他们的掌控之中。资本主义的一个重要组成部分是 “创造性毁灭” 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，一家公司必须以低廉的价格发行股票，永久性稀释股东权益，仅仅是为了改善其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑一家公司的债务使用情况时，我们首先会将现金和债务放在一起考虑。</p>
<h2>华视集团控股的净债务是多少？</h2>
<p>如您所见，华视集团控股在 2025 年 6 月的债务为 1.329 亿人民币，较前一年的 1.750 亿人民币有所下降。然而，由于其现金储备为 8070 万人民币，其净债务更少，约为 5220 万人民币。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1857304966-debt-equity-history-analysis-1-dark-2/1760746924803?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/1857304966-debt-equity-history-analysis-1-dark-2/1760746924803"/></p>
<p>SEHK:1111 债务与股本历史 2025 年 10 月 18 日</p>
<h2>华视集团控股的资产负债表有多强？</h2>
<p>从最新的资产负债表中可以看出，华视集团控股在一年内到期的负债为 2.656 亿人民币，超过一年到期的负债为 2050 万人民币。抵消这些负债，它有 8070 万人民币的现金和 4.467 亿人民币的应收账款，这些应收账款将在 12 个月内到期。因此，它实际上拥有比总负债多出 2.414 亿人民币的流动资产。</p>
<p>这种流动性过剩很好地表明华视集团控股的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，可以认为其资产负债表意味着公司能够应对一些逆境。</p>
<p>查看我们对华视集团控股的最新分析</p>
<p>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
<p>华视集团控股的净债务仅为其 EBITDA 的 0.41 倍。而其 EBIT 覆盖利息支出的比例高达 30.5 倍。因此，我们对其超保守的债务使用感到相当放松。我们还欣喜地注意到，华视集团控股去年 EBIT 增长了 20%，使其债务负担更易于处理。在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是华视集团控股的盈利。因此，在考虑债务时，查看盈利趋势绝对是值得的。点击这里查看互动快照。</p>
<p>最后，企业需要自由现金流来偿还债务；会计利润并不足够。因此，检查 EBIT 中有多少是由自由现金流支持的非常重要。在过去三年中，华视集团控股的自由现金流总计出现了大幅负值。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用更具风险。</p>
<h2>我们的看法</h2>
<p>令人欣慰的是，华视集团控股令人印象深刻的利息覆盖率意味着它在债务方面占据优势。但严峻的事实是，我们对其 EBIT 转化为自由现金流的能力感到担忧。放眼全局，华视集团控股似乎合理地使用债务；这也得到了我们的认可。毕竟，合理的杠杆可以提高股本回报。毫无疑问，我们从资产负债表中学到了最多关于债务的知识。但最终，每家公司都可能存在资产负债表之外的风险。为此，您应该了解我们发现的华视集团控股的 <strong>3 个警告信号</strong>（其中 1 个不容忽视）。</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> 的净现金增长企业列表。</p>

华视集团控股

<p>华视集团控股（HKG:1111）已将其债务从 1.75 亿人民币减少至 1.329 亿人民币，扣除 8070 万人民币现金后的净债务为 5220 万人民币。该公司的流动资产（2.414 亿人民币）超过总负债（2.861 亿人民币），显示出强劲的资产负债表。其净债务为 EBITDA 的 0.41 倍，息税前利润（EBIT）覆盖利息支出 30.5 倍，表明其债务使用较为保守。然而，三年来的负自由现金流引发了对债务风险的担忧。总体而言，华视集团似乎在合理管理其债务，但投资者应注意潜在风险</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.' 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>Huashi Group Holdings Limited</strong> (HKG:1111) makes use of debt. But is this debt a concern to shareholders?</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风险。” 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破产。与许多其他公司一样，<strong>华视集团控股</strong>（HKG:1111）也使用了债务。但这对股东来说是否构成担忧呢？</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 is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at 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，那么它就处于他们的掌控之中。资本主义的一个重要组成部分是 “创造性毁灭” 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，一家公司必须以低廉的价格发行股票，永久性稀释股东权益，仅仅是为了改善其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。当我们考虑一家公司的债务使用情况时，我们首先会将现金和债务放在一起考虑。</p>
</div><h2>What Is Huashi Group Holdings's Net Debt?</h2>
<div class="lb-trans"><h2>华视集团控股的净债务是多少？</h2>
</div><p>As you can see below, Huashi Group Holdings had CN¥132.9m of debt at June 2025, down from CN¥175.0m a year prior. However, because it has a cash reserve of CN¥80.7m, its net debt is less, at about CN¥52.2m.</p>
<div class="lb-trans"><p>如您所见，华视集团控股在 2025 年 6 月的债务为 1.329 亿人民币，较前一年的 1.750 亿人民币有所下降。然而，由于其现金储备为 8070 万人民币，其净债务更少，约为 5220 万人民币。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1857304966-debt-equity-history-analysis-1-dark-2/1760746924803" alt="" original-src="https://images.simplywall.st/asset/chart/1857304966-debt-equity-history-analysis-1-dark-2/1760746924803"/></p>
<p>SEHK:1111 Debt to Equity History October 18th 2025</p>
<div class="lb-trans"><p>SEHK:1111 债务与股本历史 2025 年 10 月 18 日</p>
</div><h2>How Strong Is Huashi Group Holdings' Balance Sheet?</h2>
<div class="lb-trans"><h2>华视集团控股的资产负债表有多强？</h2>
</div><p>We can see from the most recent balance sheet that Huashi Group Holdings had liabilities of CN¥265.6m falling due within a year, and liabilities of CN¥20.5m due beyond that. Offsetting this, it had CN¥80.7m in cash and CN¥446.7m in receivables that were due within 12 months. So it actually has CN¥241.4m <em>more</em> liquid assets than total liabilities.</p>
<div class="lb-trans"><p>从最新的资产负债表中可以看出，华视集团控股在一年内到期的负债为 2.656 亿人民币，超过一年到期的负债为 2050 万人民币。抵消这些负债，它有 8070 万人民币的现金和 4.467 亿人民币的应收账款，这些应收账款将在 12 个月内到期。因此，它实际上拥有比总负债多出 2.414 亿人民币的流动资产。</p>
</div><p>This excess liquidity is a great indication that Huashi Group 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.</p>
<div class="lb-trans"><p>这种流动性过剩很好地表明华视集团控股的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，可以认为其资产负债表意味着公司能够应对一些逆境。</p>
</div><p>View our latest analysis for Huashi Group Holdings</p>
<div class="lb-trans"><p>查看我们对华视集团控股的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (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>我们通过查看净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算息税前利润（EBIT）覆盖利息支出的能力（利息覆盖）来衡量公司的债务负担相对于其盈利能力的情况。这种方法的优点在于，我们同时考虑了债务的绝对数量（通过净债务与 EBITDA 的比率）和与该债务相关的实际利息支出（通过其利息覆盖比率）。</p>
</div><p>Huashi Group Holdings's net debt is only 0.41 times its EBITDA. And its EBIT covers its interest expense a whopping 30.5 times over. So we're pretty relaxed about its super-conservative use of debt. And we also note warmly that Huashi Group Holdings grew its EBIT by 20% last year, making its debt load easier to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Huashi Group 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>华视集团控股的净债务仅为其 EBITDA 的 0.41 倍。而其 EBIT 覆盖利息支出的比例高达 30.5 倍。因此，我们对其超保守的债务使用感到相当放松。我们还欣喜地注意到，华视集团控股去年 EBIT 增长了 20%，使其债务负担更易于处理。在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是华视集团控股的盈利。因此，在考虑债务时，查看盈利趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Huashi Group Holdings saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.</p>
<div class="lb-trans"><p>最后，企业需要自由现金流来偿还债务；会计利润并不足够。因此，检查 EBIT 中有多少是由自由现金流支持的非常重要。在过去三年中，华视集团控股的自由现金流总计出现了大幅负值。虽然投资者无疑期待这种情况在适当时候会逆转，但这显然意味着其债务使用更具风险。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>Happily, Huashi Group Holdings's impressive interest cover implies it has the upper hand on its debt. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. Zooming out, Huashi Group Holdings seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the <strong>3 warning signs</strong> we've spotted with Huashi Group Holdings (including 1 which shouldn't be ignored) .</p>
<div class="lb-trans"><p>令人欣慰的是，华视集团控股令人印象深刻的利息覆盖率意味着它在债务方面占据优势。但严峻的事实是，我们对其 EBIT 转化为自由现金流的能力感到担忧。放眼全局，华视集团控股似乎合理地使用债务；这也得到了我们的认可。毕竟，合理的杠杆可以提高股本回报。毫无疑问，我们从资产负债表中学到了最多关于债务的知识。但最终，每家公司都可能存在资产负债表之外的风险。为此，您应该了解我们发现的华视集团控股的 <strong>3 个警告信号</strong>（其中 1 个不容忽视）。</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> 的净现金增长企业列表。</p>
</div>

华视集团控股（HKG:1111）是否负债过多？