<p>我们可以很容易理解为什么投资者会被亏损公司吸引。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。话虽如此，亏损公司是有风险的，因为它们可能会耗尽所有现金并陷入困境。</p>
<p>因此，<strong>快狗打车</strong>（HKG:2246）股东自然会问，他们是否应该担心其现金消耗率。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。让我们先来审视一下公司的现金与其现金消耗的关系。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>快狗打车的现金储备能维持多久？</h2>
<p>你可以通过将公司拥有的现金量除以其支出现金的速度来计算公司的现金储备。在 2025 年 6 月，快狗打车拥有 1.52 亿人民币的现金，并且没有债务。回顾过去一年，该公司消耗了 2.08 亿人民币的现金。这意味着截至 2025 年 6 月，它的现金储备大约为 9 个月。这是相当短的现金储备，表明公司必须减少年度现金消耗或补充现金。下图显示了其现金余额在过去几年的变化情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1771718231-debt-equity-history-analysis-1-dark-2/1761610278065?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/1771718231-debt-equity-history-analysis-1-dark-2/1761610278065"/></p>
<p>SEHK:2246 债务与股本历史 2025 年 10 月 28 日</p>
<p>查看我们对快狗打车的最新分析</p>
<h2>快狗打车的增长情况如何？</h2>
<p>值得注意的是，快狗打车在过去一年中实际上大幅提高了其现金消耗，增长了 134%，这表明对业务的重投资。虽然这本身就令人担忧，但在同一时期，运营收入实际上下降了 5.8%，这让我们感到非常不安。考虑到这两个指标，我们对公司的发展有些担忧。当然，我们这里只是快速查看了股票的增长指标。下面这张历史收益和收入的图表显示了快狗打车是如何随着时间推移而发展其业务的。</p>
<h2>快狗打车能否轻松筹集更多现金？</h2>
<p>快狗打车的收入正在下降，现金消耗在增加，因此许多人可能在考虑其未来需要筹集更多现金的问题。发行新股或承担债务是上市公司筹集更多资金的最常见方式。上市公司的一个主要优势是它们可以向投资者出售股票以筹集现金并资助增长。通过查看公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将面临多大的稀释。</p>
<p>快狗打车的现金消耗为 2.08 亿人民币，约占其 1.88 亿人民币市值的 110%。考虑到这一支出相对于公司市值的高额，我们认为存在较高的融资困境风险，我们对持有该股票感到非常紧张。</p>
<h2>快狗打车的现金消耗情况有多危险？</h2>
<p>如你所见，我们对快狗打车的现金消耗相当担忧。特别是，我们认为其现金消耗相对于市值的比例表明它在持续资助增长方面处于不利地位。尽管我们承认其收入下降并不像现金消耗相对于市值那样令人担忧，但这仍然是一个真正的负面因素；正如我们在本文中考虑的所有因素一样。在考虑了本文讨论的数据后，我们对其现金消耗率是否合理没有太多信心，因为它似乎可能很快需要更多现金。另一方面，我们对公司进行了深入调查，并发现了 <strong>快狗打车的 2 个警告信号</strong>（其中 1 个让我们感到不安！），在这里投资之前你应该了解这些。</p>
<p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这份 <strong>免费</strong> 的公司内部持股显著的名单，以及这份根据分析师预测的成长股名单。</p>

快狗打车

<p>Gogox Holdings（港股代码：2246）面临重大风险，因为其现金消耗率高达 2.08 亿人民币，而市值仅为 1.88 亿人民币，这表明可能存在资金困境。截至 2025 年 6 月，公司的现金储备仅能支撑 9 个月，尽管收入下降了 5.8%，但现金消耗却增加了 134%，投资者应保持谨慎。公司通过发行股票或债务筹集额外资金的能力存疑，这引发了对其财务稳定性和增长前景的担忧</p>

<p>We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.</p>
<div class="lb-trans"><p>我们可以很容易理解为什么投资者会被亏损公司吸引。例如，尽管亚马逊在上市后多年亏损，但如果你从 1999 年开始购买并持有其股票，你将赚得盆满钵满。话虽如此，亏损公司是有风险的，因为它们可能会耗尽所有现金并陷入困境。</p>
</div><p>So, the natural question for <strong>Gogox Holdings</strong> (HKG:2246) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.</p>
<div class="lb-trans"><p>因此，<strong>快狗打车</strong>（HKG:2246）股东自然会问，他们是否应该担心其现金消耗率。在本报告中，我们将考虑公司的年度负自由现金流，以下称之为 “现金消耗”。让我们先来审视一下公司的现金与其现金消耗的关系。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><h2>How Long Is Gogox Holdings' Cash Runway?</h2>
<div class="lb-trans"><h2>快狗打车的现金储备能维持多久？</h2>
</div><p>You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. In June 2025, Gogox Holdings had CN¥152m in cash, and was debt-free. Looking at the last year, the company burnt through CN¥208m. That means it had a cash runway of around 9 months as of June 2025. That's quite a short cash runway, indicating the company must either reduce its annual cash burn or replenish its cash. The image below shows how its cash balance has been changing over the last few years.</p>
<div class="lb-trans"><p>你可以通过将公司拥有的现金量除以其支出现金的速度来计算公司的现金储备。在 2025 年 6 月，快狗打车拥有 1.52 亿人民币的现金，并且没有债务。回顾过去一年，该公司消耗了 2.08 亿人民币的现金。这意味着截至 2025 年 6 月，它的现金储备大约为 9 个月。这是相当短的现金储备，表明公司必须减少年度现金消耗或补充现金。下图显示了其现金余额在过去几年的变化情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1771718231-debt-equity-history-analysis-1-dark-2/1761610278065" alt="" original-src="https://images.simplywall.st/asset/chart/1771718231-debt-equity-history-analysis-1-dark-2/1761610278065"/></p>
<p>SEHK:2246 Debt to Equity History October 28th 2025</p>
<div class="lb-trans"><p>SEHK:2246 债务与股本历史 2025 年 10 月 28 日</p>
</div><p>Check out our latest analysis for Gogox Holdings</p>
<div class="lb-trans"><p>查看我们对快狗打车的最新分析</p>
</div><h2>How Well Is Gogox Holdings Growing?</h2>
<div class="lb-trans"><h2>快狗打车的增长情况如何？</h2>
</div><p>Notably, Gogox Holdings actually ramped up its cash burn very hard and fast in the last year, by 134%, signifying heavy investment in the business. While that's concerning on it's own, the fact that operating revenue was actually down 5.8% over the same period makes us positively tremulous. Considering both these metrics, we're a little concerned about how the company is developing. Of course, we've only taken a quick look at the stock's growth metrics, here. This graph of historic earnings and revenue shows how Gogox Holdings is building its business over time.</p>
<div class="lb-trans"><p>值得注意的是，快狗打车在过去一年中实际上大幅提高了其现金消耗，增长了 134%，这表明对业务的重投资。虽然这本身就令人担忧，但在同一时期，运营收入实际上下降了 5.8%，这让我们感到非常不安。考虑到这两个指标，我们对公司的发展有些担忧。当然，我们这里只是快速查看了股票的增长指标。下面这张历史收益和收入的图表显示了快狗打车是如何随着时间推移而发展其业务的。</p>
</div><h2>Can Gogox Holdings Raise More Cash Easily?</h2>
<div class="lb-trans"><h2>快狗打车能否轻松筹集更多现金？</h2>
</div><p>Gogox Holdings revenue is declining and its cash burn is increasing, so many may be considering its need to raise more cash in the future. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.</p>
<div class="lb-trans"><p>快狗打车的收入正在下降，现金消耗在增加，因此许多人可能在考虑其未来需要筹集更多现金的问题。发行新股或承担债务是上市公司筹集更多资金的最常见方式。上市公司的一个主要优势是它们可以向投资者出售股票以筹集现金并资助增长。通过查看公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将面临多大的稀释。</p>
</div><p>Gogox Holdings' cash burn of CN¥208m is about 110% of its CN¥188m market capitalisation. Given just how high that expenditure is, relative to the company's market value, we think there's an elevated risk of funding distress, and we would be very nervous about holding the stock.</p>
<div class="lb-trans"><p>快狗打车的现金消耗为 2.08 亿人民币，约占其 1.88 亿人民币市值的 110%。考虑到这一支出相对于公司市值的高额，我们认为存在较高的融资困境风险，我们对持有该股票感到非常紧张。</p>
</div><h2>How Risky Is Gogox Holdings' Cash Burn Situation?</h2>
<div class="lb-trans"><h2>快狗打车的现金消耗情况有多危险？</h2>
</div><p>As you can probably tell by now, we're rather concerned about Gogox Holdings' cash burn. In particular, we think its cash burn relative to its market cap suggests it isn't in a good position to keep funding growth. And although we accept its falling revenue wasn't as worrying as its cash burn relative to its market cap, it was still a real negative; as indeed were all the factors we considered in this article. After considering the data discussed in this article, we don't have a lot of confidence that its cash burn rate is prudent, as it seems like it might need more cash soon. On another note, we conducted an in-depth investigation of the company, and identified <strong>2 warning signs for Gogox Holdings</strong> (1 doesn't sit too well with us!) that you should be aware of before investing here.</p>
<div class="lb-trans"><p>如你所见，我们对快狗打车的现金消耗相当担忧。特别是，我们认为其现金消耗相对于市值的比例表明它在持续资助增长方面处于不利地位。尽管我们承认其收入下降并不像现金消耗相对于市值那样令人担忧，但这仍然是一个真正的负面因素；正如我们在本文中考虑的所有因素一样。在考虑了本文讨论的数据后，我们对其现金消耗率是否合理没有太多信心，因为它似乎可能很快需要更多现金。另一方面，我们对公司进行了深入调查，并发现了 <strong>快狗打车的 2 个警告信号</strong>（其中 1 个让我们感到不安！），在这里投资之前你应该了解这些。</p>
</div><p>Of course, <strong>you might find a fantastic investment by looking elsewhere.</strong> So take a peek at this <strong>free</strong> list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)</p>
<div class="lb-trans"><p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这份 <strong>免费</strong> 的公司内部持股显著的名单，以及这份根据分析师预测的成长股名单。</p>
</div>

像 Gogox Holdings (HKG:2246) 这样的公司可能相当具有风险