<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用投资者所担心的风险。” 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破产。与许多其他公司一样，<strong>Metaspacex Limited</strong>（HKG:1796）也使用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
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<h2>何时债务成为问题？</h2>
<p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资金。在最坏的情况下，如果公司无法偿还债权人，就可能破产。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。考虑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>Metaspacex 的债务情况如何？</h2>
<p>下图（您可以点击以获取更详细的信息）显示，Metaspacex 在 2025 年 9 月的债务为 5400 万港元；与前一年大致相同。另一方面，它拥有 4450 万港元的现金，导致净债务约为 949 万港元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/581446462-debt-equity-history-analysis-1-dark-2/1766787290499?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1052" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/581446462-debt-equity-history-analysis-1-dark-2/1766787290499"/></p>
<p>SEHK:1796 债务与股本历史 2025 年 12 月 26 日</p>
<h2>看一下 Metaspacex 的负债情况</h2>
<p>最新的资产负债表数据显示，Metaspacex 在一年内到期的负债为 2670 万港元，之后到期的负债为 6790 万港元。另一方面，它拥有 4450 万港元的现金和价值 1.205 亿港元的应收账款在一年内到期。因此，它实际上拥有 7030 万港元的流动资产，超过总负债。</p>
<p>这种短期流动性表明，Metaspacex 可能能够轻松偿还其债务，因为其资产负债表远未紧张。但无论如何，Metaspacex 几乎没有净债务，因此可以公平地说它没有沉重的债务负担！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。但影响资产负债表未来表现的将是 Metaspacex 的收益。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>查看我们对 Metaspacex 的最新分析</p>
<p>在过去一年中，Metaspacex 在利息和税前亏损，实际收入减少了 38%，降至 2.36 亿港元。这让我们感到不安，至少可以这么说。</p>
<h2>买者自负其责</h2>
<p>不仅 Metaspacex 的收入在过去十二个月中下滑，而且它还产生了负的利息和税前收益（EBIT）。具体来说，EBIT 亏损为 1000 万港元。从积极的一面来看，该企业拥有足够的流动资产，这为其在债务成为短期问题之前提供了成长和发展的时间。但如果公司能够盈利，我们更可能花时间去理解这只股票。对我们来说，这只股票有点太风险了。当我们查看一家风险较高的公司时，我们喜欢检查其利润（或亏损）随时间的趋势。今天，我们为读者提供了这张互动图表，展示了 Metaspacex 的利润、收入和经营现金流在过去几年的变化。</p>
<p>说到底，有时关注那些根本不需要债务的公司更容易。读者现在可以访问一份零净债务的成长型股票列表，<strong>100% 免费</strong>。</p>
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中国数智科技

<p>Metaspacex Limited (HKG:1796) 的债务负担可控，债务为 5400 万港元，现金为 4450 万港元，净债务为 949 万港元。该公司的流动资产比总负债多出 7030 万港元，显示出短期流动性。然而，Metaspacex 报告了 38% 的收入下降和 1000 万港元的息税前亏损，尽管其流动资产充足，但仍然是一个风险投资</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>Metaspacex Limited</strong> (HKG:1796) makes use of debt. But the real question is whether this debt is making the company risky.</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用投资者所担心的风险。” 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破产。与许多其他公司一样，<strong>Metaspacex Limited</strong>（HKG:1796）也使用了债务。但真正的问题是，这些债务是否使公司变得风险更大。</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 A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</h2>
</div><p>Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资金。在最坏的情况下，如果公司无法偿还债权人，就可能破产。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东权益，仅仅是为了控制债务。当然，债务在企业中可以是一个重要的工具，特别是在资本密集型企业中。考虑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 Metaspacex's Debt?</h2>
<div class="lb-trans"><h2>Metaspacex 的债务情况如何？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that Metaspacex had HK$54.0m in debt in September 2025; about the same as the year before. On the flip side, it has HK$44.5m in cash leading to net debt of about HK$9.49m.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细的信息）显示，Metaspacex 在 2025 年 9 月的债务为 5400 万港元；与前一年大致相同。另一方面，它拥有 4450 万港元的现金，导致净债务约为 949 万港元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/581446462-debt-equity-history-analysis-1-dark-2/1766787290499" alt="" original-src="https://images.simplywall.st/asset/chart/581446462-debt-equity-history-analysis-1-dark-2/1766787290499"/></p>
<p>SEHK:1796 Debt to Equity History December 26th 2025</p>
<div class="lb-trans"><p>SEHK:1796 债务与股本历史 2025 年 12 月 26 日</p>
</div><h2>A Look At Metaspacex's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Metaspacex 的负债情况</h2>
</div><p>The latest balance sheet data shows that Metaspacex had liabilities of HK$26.7m due within a year, and liabilities of HK$67.9m falling due after that. On the other hand, it had cash of HK$44.5m and HK$120.5m worth of receivables due within a year. So it actually has HK$70.3m <em>more</em> liquid assets than total liabilities.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Metaspacex 在一年内到期的负债为 2670 万港元，之后到期的负债为 6790 万港元。另一方面，它拥有 4450 万港元的现金和价值 1.205 亿港元的应收账款在一年内到期。因此，它实际上拥有 7030 万港元的流动资产，超过总负债。</p>
</div><p>This short term liquidity is a sign that Metaspacex could probably pay off its debt with ease, as its balance sheet is far from stretched. But either way, Metaspacex has virtually no net debt, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is Metaspacex'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>这种短期流动性表明，Metaspacex 可能能够轻松偿还其债务，因为其资产负债表远未紧张。但无论如何，Metaspacex 几乎没有净债务，因此可以公平地说它没有沉重的债务负担！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。但影响资产负债表未来表现的将是 Metaspacex 的收益。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>View our latest analysis for Metaspacex</p>
<div class="lb-trans"><p>查看我们对 Metaspacex 的最新分析</p>
</div><p>In the last year Metaspacex had a loss before interest and tax, and actually shrunk its revenue by 38%, to HK$236m. That makes us nervous, to say the least.</p>
<div class="lb-trans"><p>在过去一年中，Metaspacex 在利息和税前亏损，实际收入减少了 38%，降至 2.36 亿港元。这让我们感到不安，至少可以这么说。</p>
</div><h2>Caveat Emptor</h2>
<div class="lb-trans"><h2>买者自负其责</h2>
</div><p>Not only did Metaspacex's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at HK$10m. Looking on the brighter side, the business has adequate liquid assets, which give it time to grow and develop before its debt becomes a near-term issue. But we'd be more likely to spend time trying to understand the stock if the company made a profit. This one is a bit too risky for our liking. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Metaspacex's profit, revenue, and operating cashflow have changed over the last few years.</p>
<div class="lb-trans"><p>不仅 Metaspacex 的收入在过去十二个月中下滑，而且它还产生了负的利息和税前收益（EBIT）。具体来说，EBIT 亏损为 1000 万港元。从积极的一面来看，该企业拥有足够的流动资产，这为其在债务成为短期问题之前提供了成长和发展的时间。但如果公司能够盈利，我们更可能花时间去理解这只股票。对我们来说，这只股票有点太风险了。当我们查看一家风险较高的公司时，我们喜欢检查其利润（或亏损）随时间的趋势。今天，我们为读者提供了这张互动图表，展示了 Metaspacex 的利润、收入和经营现金流在过去几年的变化。</p>
</div><p>When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>说到底，有时关注那些根本不需要债务的公司更容易。读者现在可以访问一份零净债务的成长型股票列表，<strong>100% 免费</strong>。</p>
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<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，随时随地。</p>
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我们认为中国数智科技（HKG:1796）负债相当可观