<p>沃伦·巴菲特曾 famously 说过：‘波动性远非与风险同义。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。我们可以看到 <strong>子不语集团</strong> (HKG:2420) 确实在其业务中使用了债务。但股东应该担心其债务的使用吗？</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>何时债务变得危险？</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。资本主义的一个组成部分是 ‘创造性破坏’ 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。尽管如此，最常见的情况是公司合理管理其债务，并使其受益。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>子不语集团的债务是什么？</h2>
<p>正如您在下面看到的，截至 2025 年 6 月底，子不语集团的债务为 1.687 亿人民币，较一年前的 1.570 亿人民币有所增加。点击图片获取更多细节。但另一方面，它也有 3.48 亿人民币的现金，导致净现金头寸为 1.793 亿人民币。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1804323802-debt-equity-history-analysis-1-dark-2/1766986986776?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/1804323802-debt-equity-history-analysis-1-dark-2/1766986986776"/></p>
<p>SEHK:2420 债务与股本历史 2025 年 12 月 29 日</p>
<h2>子不语集团的资产负债表有多强？</h2>
<p>最新的资产负债表数据显示，子不语集团在一年内到期的负债为 5.947 亿人民币，之后到期的负债为 1590 万人民币。另一方面，它有 3.48 亿人民币的现金和 2.387 亿人民币的应收账款在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 2390 万人民币。</p>
<p>这种情况表明，子不语集团的资产负债表看起来相当稳健，因为其总负债几乎等于其流动资产。因此，尽管很难想象这家价值 14.8 亿人民币的公司在现金方面有困难，但我们仍然认为监控其资产负债表是值得的。虽然它确实有值得注意的负债，但子不语集团的现金仍然超过债务，因此我们相当有信心它能够安全地管理其债务。</p>
<p>查看我们对子不语集团的最新分析</p>
<p>尽管去年在 EBIT 线上亏损，但子不语集团在过去 12 个月中扭转了局面，实现了 1.53 亿人民币的 EBIT。资产负债表显然是分析债务时需要关注的领域。但最终，企业的未来盈利能力将决定子不语集团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，尽管税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。虽然子不语集团的资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它在多快地建立（或侵蚀）现金余额。查看最近的一年，子不语集团的自由现金流占其 EBIT 的 41%，这比我们预期的要弱。这在偿还债务时并不理想。</p>
<h2>总结</h2>
<p>我们可以理解投资者对子不语集团负债的担忧，但我们可以放心的是，它有 1.793 亿人民币的净现金。因此，我们对子不语集团的债务使用没有任何问题。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>子不语集团的 2 个警告信号</strong>（其中 1 个让我们感到不安！）在您投资之前应该注意。</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> 的净现金企业增长名单。</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，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

子不语

<p>子不语集团 (HKG:2420) 的债务已增加至 1.687 亿人民币，但仍保持强劲的资产负债表，现金达到 3.48 亿人民币，净现金头寸为 1.793 亿人民币。尽管负债略微超过流动资产，但公司并未面临现金困境。子不语的息税前利润 (EBIT) 显示出改善，达到 1.53 亿人民币，但其自由现金流仅占 EBIT 的 41%，这引发了对债务偿还的担忧。总体而言，尽管存在一些警示信号，但公司的债务管理似乎是合理的</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that <strong>Zibuyu Group Limited</strong> (HKG:2420) does use debt in its business. 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。’ 因此，当你考虑任何特定股票的风险时，考虑债务可能是显而易见的，因为过多的债务可能会使公司陷入困境。我们可以看到 <strong>子不语集团</strong> (HKG:2420) 确实在其业务中使用了债务。但股东应该担心其债务的使用吗？</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>何时债务变得危险？</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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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。资本主义的一个组成部分是 ‘创造性破坏’ 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。尽管如此，最常见的情况是公司合理管理其债务，并使其受益。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 Zibuyu Group's Debt?</h2>
<div class="lb-trans"><h2>子不语集团的债务是什么？</h2>
</div><p>As you can see below, at the end of June 2025, Zibuyu Group had CN¥168.7m of debt, up from CN¥157.0m a year ago. Click the image for more detail. But on the other hand it also has CN¥348.0m in cash, leading to a CN¥179.3m net cash position.</p>
<div class="lb-trans"><p>正如您在下面看到的，截至 2025 年 6 月底，子不语集团的债务为 1.687 亿人民币，较一年前的 1.570 亿人民币有所增加。点击图片获取更多细节。但另一方面，它也有 3.48 亿人民币的现金，导致净现金头寸为 1.793 亿人民币。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1804323802-debt-equity-history-analysis-1-dark-2/1766986986776" alt="" original-src="https://images.simplywall.st/asset/chart/1804323802-debt-equity-history-analysis-1-dark-2/1766986986776"/></p>
<p>SEHK:2420 Debt to Equity History December 29th 2025</p>
<div class="lb-trans"><p>SEHK:2420 债务与股本历史 2025 年 12 月 29 日</p>
</div><h2>How Strong Is Zibuyu Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>子不语集团的资产负债表有多强？</h2>
</div><p>The latest balance sheet data shows that Zibuyu Group had liabilities of CN¥594.7m due within a year, and liabilities of CN¥15.9m falling due after that. On the other hand, it had cash of CN¥348.0m and CN¥238.7m worth of receivables due within a year. So its liabilities total CN¥23.9m more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，子不语集团在一年内到期的负债为 5.947 亿人民币，之后到期的负债为 1590 万人民币。另一方面，它有 3.48 亿人民币的现金和 2.387 亿人民币的应收账款在一年内到期。因此，其负债总额比现金和短期应收账款的总和多出 2390 万人民币。</p>
</div><p>This state of affairs indicates that Zibuyu Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥1.48b company is struggling for cash, we still think it's worth monitoring its balance sheet. While it does have liabilities worth noting, Zibuyu Group also has more cash than debt, so we're pretty confident it can manage its debt safely.</p>
<div class="lb-trans"><p>这种情况表明，子不语集团的资产负债表看起来相当稳健，因为其总负债几乎等于其流动资产。因此，尽管很难想象这家价值 14.8 亿人民币的公司在现金方面有困难，但我们仍然认为监控其资产负债表是值得的。虽然它确实有值得注意的负债，但子不语集团的现金仍然超过债务，因此我们相当有信心它能够安全地管理其债务。</p>
</div><p>See our latest analysis for Zibuyu Group</p>
<div class="lb-trans"><p>查看我们对子不语集团的最新分析</p>
</div><p>It was also good to see that despite losing money on the EBIT line last year, Zibuyu Group turned things around in the last 12 months, delivering and EBIT of CN¥153m. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Zibuyu Group 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>尽管去年在 EBIT 线上亏损，但子不语集团在过去 12 个月中扭转了局面，实现了 1.53 亿人民币的 EBIT。资产负债表显然是分析债务时需要关注的领域。但最终，企业的未来盈利能力将决定子不语集团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. While Zibuyu Group has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent year, Zibuyu Group recorded free cash flow of 41% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.</p>
<div class="lb-trans"><p>最后，尽管税务机关可能喜欢会计利润，但贷款人只接受冷硬的现金。虽然子不语集团的资产负债表上有净现金，但仍然值得关注其将息税前利润（EBIT）转化为自由现金流的能力，以帮助我们理解它在多快地建立（或侵蚀）现金余额。查看最近的一年，子不语集团的自由现金流占其 EBIT 的 41%，这比我们预期的要弱。这在偿还债务时并不理想。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>We could understand if investors are concerned about Zibuyu Group's liabilities, but we can be reassured by the fact it has has net cash of CN¥179.3m. So we don't have any problem with Zibuyu Group's use of debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered <strong>2 warning signs for Zibuyu Group</strong> (1 doesn't sit too well with us!) that you should be aware of before investing here.</p>
<div class="lb-trans"><p>我们可以理解投资者对子不语集团负债的担忧，但我们可以放心的是，它有 1.793 亿人民币的净现金。因此，我们对子不语集团的债务使用没有任何问题。在分析债务水平时，资产负债表显然是一个明显的起点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>子不语集团的 2 个警告信号</strong>（其中 1 个让我们感到不安！）在您投资之前应该注意。</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> 的净现金企业增长名单。</p>
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<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，随处可用。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

子不语集团（HKG:2420）似乎在使用债务方面相当明智