<p>沃伦·巴菲特曾 famously 说过，‘波动性远非与风险同义。’ 所以聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。与许多其他公司一样，<strong>佳宁娜集团控股有限公司</strong> (HKG:126) 也利用债务。但股东应该担心其债务使用吗？</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>债务带来了什么风险？</h2>
<p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是通过自身的现金流。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然痛苦）的情况是，它不得不以低价筹集新的股本，从而永久稀释股东的权益。当然，债务可以是企业中的一个重要工具，特别是在资本密集型企业中。当我们审视债务水平时，我们首先考虑现金和债务水平。</p>
<h2>佳宁娜集团控股的债务是什么？</h2>
<p>正如您在下面看到的，佳宁娜集团控股在 2025 年 9 月的债务为 15.8 亿港元，较前一年的 16.6 亿港元有所下降。然而，它也有 1.32 亿港元的现金，因此其净债务为 14.5 亿港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877808-debt-equity-history-analysis-1-dark-2/1766095449731?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/877808-debt-equity-history-analysis-1-dark-2/1766095449731"/></p>
<p>SEHK:126 债务与股本历史 2025 年 12 月 18 日</p>
<h2>佳宁娜集团控股的负债情况</h2>
<p>我们可以从最新的资产负债表中看到，佳宁娜集团控股有 19.2 亿港元的负债在一年内到期，以及 6.696 亿港元的负债在此之后到期。抵消这些负债的是 1.32 亿港元的现金和 3.653 亿港元的应收账款，这些应收账款在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 21 亿港元。</p>
<p>这里的缺口对公司自身的 1.996 亿港元造成了沉重的压力，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。毕竟，如果佳宁娜集团控股今天必须偿还债权人，它可能需要进行重大再融资。</p>
<p>查看我们对佳宁娜集团控股的最新分析</p>
<p>为了评估公司的债务相对于其收益的情况，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）与其利息支出（利息覆盖）的比率。这种方法的优点在于，我们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>利息覆盖率为 0.96 倍，净债务与 EBITDA 的比率高达 10.6，这对佳宁娜集团控股的信心就像一记重拳。这里的债务负担相当沉重。然而，值得庆幸的是，佳宁娜集团控股在过去 12 个月实现了 7600 万港元的正 EBIT，较前一年的亏损有所改善。在分析债务时，资产负债表显然是重点。但佳宁娜集团控股的收益将影响未来资产负债表的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
<p>最后，虽然税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。因此，检查其息税前利润（EBIT）中有多少转化为实际自由现金流是很重要的。在过去一年中，佳宁娜集团控股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，就像一只穿着大黄蜂服装的小狗。</p>
<h2>我们的观点</h2>
<p>坦率地说，佳宁娜集团控股的利息覆盖率以及其在总负债上保持领先的记录让我们对其债务水平感到相当不安。但好的一面是，其 EBIT 转化为自由现金流的能力是一个好兆头，让我们更加乐观。总体而言，我们认为佳宁娜集团控股的资产负债表确实对业务构成了相当大的风险。因此，我们对该股票持谨慎态度，并认为股东应密切关注其流动性。在分析债务水平时，资产负债表显然是起点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，佳宁娜集团控股在我们的投资分析中显示出 <strong>3 个警告信号</strong>，其中 2 个不应被忽视……</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> 的净现金增长企业名单。</p>
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<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

佳宁娜

<p>佳宁娜集团控股（HKG:126）负担沉重的债务，截至 2025 年 9 月，其债务为 15.8 亿港元，现金为 1.32 亿港元。公司的负债超过其现金和应收账款 21 亿港元。薄弱的利息覆盖率和高净债务与 EBITDA 比率引发了担忧，尽管正的 EBIT 和强劲的自由现金流带来了一些乐观情绪。总体而言，资产负债表存在风险，股东应密切关注流动性</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies <strong>Carrianna Group Holdings Company Limited</strong> (HKG:126) makes use of debt. But should shareholders be worried about its use of debt?</p>
<div class="lb-trans"><p>沃伦·巴菲特曾 famously 说过，‘波动性远非与风险同义。’ 所以聪明的钱知道，债务——通常与破产有关——在评估一家公司风险时是一个非常重要的因素。与许多其他公司一样，<strong>佳宁娜集团控股有限公司</strong> (HKG:126) 也利用债务。但股东应该担心其债务使用吗？</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>What Risk Does Debt Bring?</h2>
<div class="lb-trans"><h2>债务带来了什么风险？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>一般来说，债务只有在公司无法轻松偿还时才会成为真正的问题，无论是通过筹集资金还是通过自身的现金流。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然痛苦）的情况是，它不得不以低价筹集新的股本，从而永久稀释股东的权益。当然，债务可以是企业中的一个重要工具，特别是在资本密集型企业中。当我们审视债务水平时，我们首先考虑现金和债务水平。</p>
</div><h2>What Is Carrianna Group Holdings's Debt?</h2>
<div class="lb-trans"><h2>佳宁娜集团控股的债务是什么？</h2>
</div><p>As you can see below, Carrianna Group Holdings had HK$1.58b of debt at September 2025, down from HK$1.66b a year prior. However, it also had HK$132.0m in cash, and so its net debt is HK$1.45b.</p>
<div class="lb-trans"><p>正如您在下面看到的，佳宁娜集团控股在 2025 年 9 月的债务为 15.8 亿港元，较前一年的 16.6 亿港元有所下降。然而，它也有 1.32 亿港元的现金，因此其净债务为 14.5 亿港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/877808-debt-equity-history-analysis-1-dark-2/1766095449731" alt="" original-src="https://images.simplywall.st/asset/chart/877808-debt-equity-history-analysis-1-dark-2/1766095449731"/></p>
<p>SEHK:126 Debt to Equity History December 18th 2025</p>
<div class="lb-trans"><p>SEHK:126 债务与股本历史 2025 年 12 月 18 日</p>
</div><h2>A Look At Carrianna Group Holdings' Liabilities</h2>
<div class="lb-trans"><h2>佳宁娜集团控股的负债情况</h2>
</div><p>We can see from the most recent balance sheet that Carrianna Group Holdings had liabilities of HK$1.92b falling due within a year, and liabilities of HK$669.6m due beyond that. Offsetting this, it had HK$132.0m in cash and HK$365.3m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$2.10b.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，佳宁娜集团控股有 19.2 亿港元的负债在一年内到期，以及 6.696 亿港元的负债在此之后到期。抵消这些负债的是 1.32 亿港元的现金和 3.653 亿港元的应收账款，这些应收账款在 12 个月内到期。因此，其负债超过现金和（短期）应收账款总和的 21 亿港元。</p>
</div><p>The deficiency here weighs heavily on the HK$199.6m company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. After all, Carrianna Group Holdings would likely require a major re-capitalisation if it had to pay its creditors today.</p>
<div class="lb-trans"><p>这里的缺口对公司自身的 1.996 亿港元造成了沉重的压力，就像一个孩子在背负着装满书籍、运动器材和小号的巨大背包时的挣扎。因此，我们无疑会密切关注其资产负债表。毕竟，如果佳宁娜集团控股今天必须偿还债权人，它可能需要进行重大再融资。</p>
</div><p>View our latest analysis for Carrianna Group Holdings</p>
<div class="lb-trans"><p>查看我们对佳宁娜集团控股的最新分析</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情况，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）与其利息支出（利息覆盖）的比率。这种方法的优点在于，我们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>Weak interest cover of 0.96 times and a disturbingly high net debt to EBITDA ratio of 10.6 hit our confidence in Carrianna Group Holdings like a one-two punch to the gut. The debt burden here is substantial. However, the silver lining was that Carrianna Group Holdings achieved a positive EBIT of HK$76m in the last twelve months, an improvement on the prior year's loss. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Carrianna 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>利息覆盖率为 0.96 倍，净债务与 EBITDA 的比率高达 10.6，这对佳宁娜集团控股的信心就像一记重拳。这里的债务负担相当沉重。然而，值得庆幸的是，佳宁娜集团控股在过去 12 个月实现了 7600 万港元的正 EBIT，较前一年的亏损有所改善。在分析债务时，资产负债表显然是重点。但佳宁娜集团控股的收益将影响未来资产负债表的表现。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. Over the last year, Carrianna Group Holdings 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>最后，虽然税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。因此，检查其息税前利润（EBIT）中有多少转化为实际自由现金流是很重要的。在过去一年中，佳宁娜集团控股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，就像一只穿着大黄蜂服装的小狗。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>To be frank both Carrianna Group Holdings's interest cover and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Overall, it seems to us that Carrianna Group Holdings's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. Be aware that Carrianna Group Holdings is showing <strong>3 warning signs in our investment analysis</strong> , and 2 of those shouldn't be ignored...</p>
<div class="lb-trans"><p>坦率地说，佳宁娜集团控股的利息覆盖率以及其在总负债上保持领先的记录让我们对其债务水平感到相当不安。但好的一面是，其 EBIT 转化为自由现金流的能力是一个好兆头，让我们更加乐观。总体而言，我们认为佳宁娜集团控股的资产负债表确实对业务构成了相当大的风险。因此，我们对该股票持谨慎态度，并认为股东应密切关注其流动性。在分析债务水平时，资产负债表显然是起点。但最终，每家公司都可能存在资产负债表之外的风险。请注意，佳宁娜集团控股在我们的投资分析中显示出 <strong>3 个警告信号</strong>，其中 2 个不应被忽视……</p>
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<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> 的净现金增长企业名单。</p>
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佳宁娜集团控股有限公司（HKG:126）是否负债过多？