<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：“波动性远非与风险同义。” 因此，聪明的钱知道，债务——通常与破产相关——在评估一家公司风险时是一个非常重要的因素。我们注意到 <strong>电讯盈科</strong>（HKG:8）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益于此。</p>
<h2>为什么债务带来风险？</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，可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑一家企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
<h2>电讯盈科的债务是多少？</h2>
<p>如您所见，截至 2025 年 6 月，电讯盈科的债务为 572 亿港元，与前一年大致相同。您可以点击图表查看更详细的信息。然而，它有 23.3 亿港元的现金来抵消这些债务，导致净债务约为 549 亿港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/107195-debt-equity-history-analysis-1-dark-2/1766095230118?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/107195-debt-equity-history-analysis-1-dark-2/1766095230118"/></p>
<p>SEHK:8 债务与股本历史 2025 年 12 月 18 日</p>
<h2>看看电讯盈科的负债</h2>
<p>从最新的资产负债表中，我们可以看到电讯盈科有 228 亿港元的负债在一年内到期，以及 710 亿港元的负债在此之后到期。抵消这些义务的是 23.3 亿港元的现金以及价值 53.5 亿港元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债总额为 861 亿港元，超过其现金和短期应收账款的总和。</p>
<p>这一赤字在 450 亿港元的公司上投下了阴影，犹如一座巨人高耸于凡人之上。因此，我们绝对认为股东需要密切关注这一点。归根结底，如果债权人要求偿还，电讯盈科可能需要进行重大再融资。</p>
<p>查看我们对电讯盈科的最新分析</p>
<p>为了评估一家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）与其利息支出（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（利息覆盖比率）。</p>
<p>电讯盈科的股东面临着净债务与 EBITDA 比率高（7.1）和相对较弱的利息覆盖，因为 EBIT 仅是利息支出的 2.5 倍。这意味着我们认为它的债务负担沉重。然而，一个值得注意的因素是，电讯盈科在过去 12 个月中将 EBIT 增长了 12%，增强了其处理债务的能力。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定电讯盈科是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，虽然税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，电讯盈科产生的自由现金流占其 EBIT 的比例高达 89%，超过我们的预期。这使其在需要偿还债务时处于良好位置。</p>
<h2>我们的观点</h2>
<p>坦率地说，电讯盈科的净债务与 EBITDA 比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。一旦我们考虑到上述所有因素，似乎电讯盈科的债务使其有些风险。一些人喜欢这种风险，但我们意识到潜在的陷阱，因此我们可能更希望它承担更少的债务。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。但最终，每家公司都可能存在资产负债表之外的风险。举个例子：我们发现了 <strong>电讯盈科的 2 个警告信号</strong>，其中一个让我们感到不安。</p>
<p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，请立即查看我们的净现金增长股票名单。</p>
<p>用于国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

电讯盈科

<p>PCCW Limited（港交所代码：8）负债较重，截至 2025 年 6 月，其债务达到 572 亿港元，现金为 23.3 亿港元，导致净债务为 549 亿港元。该公司的负债为 861 亿港元，超过其现金和应收账款。PCCW 的净债务与 EBITDA 比率较高，达到 7.1，且利息覆盖率较弱。然而，它的自由现金流强劲，覆盖了 89% 的息税前利润，这可能有助于管理债务。总体而言，PCCW 的债务存在风险，但其现金流转化带来了一些乐观的前景</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.' 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. We note that <strong>PCCW Limited</strong> (HKG:8) does have debt on its balance sheet. 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：“波动性远非与风险同义。” 因此，聪明的钱知道，债务——通常与破产相关——在评估一家公司风险时是一个非常重要的因素。我们注意到 <strong>电讯盈科</strong>（HKG:8）确实在其资产负债表上有债务。但更重要的问题是：这些债务带来了多少风险？</p>
</div><p>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 只美国股票的发展将受益于此。</p>
</div><h2>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</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 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt 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，可能会破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以低价发行股票，永久稀释股东权益，仅仅是为了巩固其资产负债表。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑一家企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
</div><h2>What Is PCCW's Debt?</h2>
<div class="lb-trans"><h2>电讯盈科的债务是多少？</h2>
</div><p>As you can see below, PCCW had HK$57.2b of debt, at June 2025, which is about the same as the year before. You can click the chart for greater detail. However, it does have HK$2.33b in cash offsetting this, leading to net debt of about HK$54.9b.</p>
<div class="lb-trans"><p>如您所见，截至 2025 年 6 月，电讯盈科的债务为 572 亿港元，与前一年大致相同。您可以点击图表查看更详细的信息。然而，它有 23.3 亿港元的现金来抵消这些债务，导致净债务约为 549 亿港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/107195-debt-equity-history-analysis-1-dark-2/1766095230118" alt="" original-src="https://images.simplywall.st/asset/chart/107195-debt-equity-history-analysis-1-dark-2/1766095230118"/></p>
<p>SEHK:8 Debt to Equity History December 18th 2025</p>
<div class="lb-trans"><p>SEHK:8 债务与股本历史 2025 年 12 月 18 日</p>
</div><h2>A Look At PCCW's Liabilities</h2>
<div class="lb-trans"><h2>看看电讯盈科的负债</h2>
</div><p>We can see from the most recent balance sheet that PCCW had liabilities of HK$22.8b falling due within a year, and liabilities of HK$71.0b due beyond that. Offsetting these obligations, it had cash of HK$2.33b as well as receivables valued at HK$5.35b due within 12 months. So its liabilities total HK$86.1b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>从最新的资产负债表中，我们可以看到电讯盈科有 228 亿港元的负债在一年内到期，以及 710 亿港元的负债在此之后到期。抵消这些义务的是 23.3 亿港元的现金以及价值 53.5 亿港元的应收账款，这些应收账款将在 12 个月内到期。因此，其负债总额为 861 亿港元，超过其现金和短期应收账款的总和。</p>
</div><p>This deficit casts a shadow over the HK$45.0b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, PCCW would probably need a major re-capitalization if its creditors were to demand repayment.</p>
<div class="lb-trans"><p>这一赤字在 450 亿港元的公司上投下了阴影，犹如一座巨人高耸于凡人之上。因此，我们绝对认为股东需要密切关注这一点。归根结底，如果债权人要求偿还，电讯盈科可能需要进行重大再融资。</p>
</div><p>See our latest analysis for PCCW</p>
<div class="lb-trans"><p>查看我们对电讯盈科的最新分析</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>为了评估一家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）与其利息支出（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（利息覆盖比率）。</p>
</div><p>PCCW shareholders face the double whammy of a high net debt to EBITDA ratio (7.1), and fairly weak interest coverage, since EBIT is just 2.5 times the interest expense. This means we'd consider it to have a heavy debt load. However, one redeeming factor is that PCCW grew its EBIT at 12% over the last 12 months, boosting its ability to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if PCCW can strengthen its balance sheet over time. 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>电讯盈科的股东面临着净债务与 EBITDA 比率高（7.1）和相对较弱的利息覆盖，因为 EBIT 仅是利息支出的 2.5 倍。这意味着我们认为它的债务负担沉重。然而，一个值得注意的因素是，电讯盈科在过去 12 个月中将 EBIT 增长了 12%，增强了其处理债务的能力。在分析债务水平时，资产负债表显然是一个起点。但最终，企业的未来盈利能力将决定电讯盈科是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, PCCW generated free cash flow amounting to a very robust 89% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.</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，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，电讯盈科产生的自由现金流占其 EBIT 的比例高达 89%，超过我们的预期。这使其在需要偿还债务时处于良好位置。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的观点</h2>
</div><p>To be frank both PCCW's net debt to EBITDA 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. Once we consider all the factors above, together, it seems to us that PCCW's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. 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. Case in point: We've spotted <strong>2 warning signs for PCCW</strong> you should be aware of, and 1 of them doesn't sit too well with us.</p>
<div class="lb-trans"><p>坦率地说，电讯盈科的净债务与 EBITDA 比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。一旦我们考虑到上述所有因素，似乎电讯盈科的债务使其有些风险。一些人喜欢这种风险，但我们意识到潜在的陷阱，因此我们可能更希望它承担更少的债务。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。但最终，每家公司都可能存在资产负债表之外的风险。举个例子：我们发现了 <strong>电讯盈科的 2 个警告信号</strong>，其中一个让我们感到不安。</p>
</div><p>If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.</p>
<div class="lb-trans"><p>如果在这一切之后，您更感兴趣的是一家快速增长且资产负债表稳健的公司，请立即查看我们的净现金增长股票名单。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>用于国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
</div>

电讯盈科 (HKG:8) 的资产负债表是否稳健？