<p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李璐直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 因此，聪明的钱知道，债务——通常与破产有关——在评估公司风险时是一个非常重要的因素。我们注意到 <strong>佰泽医疗集团</strong>（HKG:2609）确实在其资产负债表上有债务。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>债务何时成为问题？</h2>
<p>债务在企业能够用新资本或自由现金流偿还之前是有助于企业的。资本主义的一个组成部分是 “创造性毁灭” 的过程，失败的企业会被其银行无情地清算。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。当然，债务可以是企业的重要工具，特别是资本密集型企业。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>佰泽医疗集团的净债务是多少？</h2>
<p>如您所见，截至 2025 年 6 月底，佰泽医疗集团的债务为 4.246 亿人民币，较一年前的 4.073 亿人民币有所增加。点击图片获取更多细节。但它也有 8.352 亿人民币的现金来抵消这些债务，这意味着它的净现金为 4.106 亿人民币。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1947013660-debt-equity-history-analysis-1-dark-2/1766982734273?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/1947013660-debt-equity-history-analysis-1-dark-2/1766982734273"/></p>
<p>SEHK:2609 债务与股本历史 2025 年 12 月 29 日</p>
<h2>佰泽医疗集团的资产负债表有多强？</h2>
<p>我们可以从最新的资产负债表中看到，佰泽医疗集团有 7.49 亿人民币的负债将在一年内到期，还有 2.838 亿人民币的负债将在之后到期。抵消这些义务，它有 8.352 亿人民币的现金以及在 12 个月内到期的应收账款价值为 2.342 亿人民币。因此，它可以自豪地宣称其流动资产比_总_负债多出 3660 万人民币。</p>
<p>这种状况表明，佰泽医疗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，这家市值 49.5 亿人民币的公司不太可能缺乏现金，但仍然值得关注资产负债表。简单来说，佰泽医疗集团拥有的现金多于债务，这无疑是它能够安全管理债务的良好迹象。</p>
<p>查看我们对佰泽医疗集团的最新分析</p>
<p>坏消息是，佰泽医疗集团的息税前利润（EBIT）在过去一年中下降了 10%。如果这种下降没有得到遏制，那么管理债务将比以高价出售西兰花味冰淇淋还要困难。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佰泽医疗集团的收益。因此，如果您想了解更多关于其收益的信息，查看其长期收益趋势图可能是值得的。</p>
<p>最后，企业需要自由现金流来偿还债务；会计利润并不足够。佰泽医疗集团的资产负债表上可能有净现金，但查看企业如何将息税前利润（EBIT）转化为自由现金流仍然很有趣，因为这将影响其对债务的需求和管理能力。幸运的是，对于任何股东来说，佰泽医疗集团在过去两年中实际产生的自由现金流超过了 EBIT。在保持与贷款方良好关系方面，没有什么比现金流入更重要的了。</p>
<h2>总结</h2>
<p>虽然调查公司的债务总是明智的，但在这种情况下，佰泽医疗集团拥有 4.106 亿人民币的净现金和一个看起来不错的资产负债表。更令人欣慰的是，它将 478% 的 EBIT 转化为自由现金流，带来了 1.37 亿人民币的收入。因此，我们对佰泽医疗集团使用债务没有任何问题。尽管佰泽医疗集团在底线亏损，但其正的 EBIT 表明该企业本身具有潜力。因此，您可能想查看过去几年收益的趋势。</p>
<p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票列表。</p>
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<p>在下一轮合同之前获取投资者简报</p>
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佰泽医疗

<p>佰泽医疗集团（HKG:2609）拥有稳健的资产负债表，净现金为 4.106 亿人民币，现金总额为 8.352 亿人民币，而债务为 4.246 亿人民币。尽管过去一年 EBIT 下降了 10%，但公司将 478% 的 EBIT 转化为自由现金流，总计 1.37 亿人民币。这表明公司在管理债务方面具有强大的能力，尽管盈利下降仍然令人担忧。总体而言，公司的财务状况看起来稳定，使其在债务管理方面风险较小</p>

<p>The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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>Bayzed Health Group Inc</strong> (HKG:2609) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>由伯克希尔哈撒韦的查理·芒格支持的外部基金经理李璐直言不讳地表示：“最大的投资风险不是价格的波动，而是你是否会遭受永久性资本损失。” 因此，聪明的钱知道，债务——通常与破产有关——在评估公司风险时是一个非常重要的因素。我们注意到 <strong>佰泽医疗集团</strong>（HKG:2609）确实在其资产负债表上有债务。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>债务何时成为问题？</h2>
</div><p>Debt assists a business until the business has trouble paying it off, either with new capital or with free 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. 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>债务在企业能够用新资本或自由现金流偿还之前是有助于企业的。资本主义的一个组成部分是 “创造性毁灭” 的过程，失败的企业会被其银行无情地清算。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。当然，债务可以是企业的重要工具，特别是资本密集型企业。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 Bayzed Health Group's Net Debt?</h2>
<div class="lb-trans"><h2>佰泽医疗集团的净债务是多少？</h2>
</div><p>As you can see below, at the end of June 2025, Bayzed Health Group had CN¥424.6m of debt, up from CN¥407.3m a year ago. Click the image for more detail. But it also has CN¥835.2m in cash to offset that, meaning it has CN¥410.6m net cash.</p>
<div class="lb-trans"><p>如您所见，截至 2025 年 6 月底，佰泽医疗集团的债务为 4.246 亿人民币，较一年前的 4.073 亿人民币有所增加。点击图片获取更多细节。但它也有 8.352 亿人民币的现金来抵消这些债务，这意味着它的净现金为 4.106 亿人民币。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1947013660-debt-equity-history-analysis-1-dark-2/1766982734273" alt="" original-src="https://images.simplywall.st/asset/chart/1947013660-debt-equity-history-analysis-1-dark-2/1766982734273"/></p>
<p>SEHK:2609 Debt to Equity History December 29th 2025</p>
<div class="lb-trans"><p>SEHK:2609 债务与股本历史 2025 年 12 月 29 日</p>
</div><h2>How Strong Is Bayzed Health Group's Balance Sheet?</h2>
<div class="lb-trans"><h2>佰泽医疗集团的资产负债表有多强？</h2>
</div><p>We can see from the most recent balance sheet that Bayzed Health Group had liabilities of CN¥749.0m falling due within a year, and liabilities of CN¥283.8m due beyond that. Offsetting these obligations, it had cash of CN¥835.2m as well as receivables valued at CN¥234.2m due within 12 months. So it can boast CN¥36.6m more liquid assets than <em>total</em> liabilities.</p>
<div class="lb-trans"><p>我们可以从最新的资产负债表中看到，佰泽医疗集团有 7.49 亿人民币的负债将在一年内到期，还有 2.838 亿人民币的负债将在之后到期。抵消这些义务，它有 8.352 亿人民币的现金以及在 12 个月内到期的应收账款价值为 2.342 亿人民币。因此，它可以自豪地宣称其流动资产比_总_负债多出 3660 万人民币。</p>
</div><p>This state of affairs indicates that Bayzed Health Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥4.95b company is short on cash, but still worth keeping an eye on the balance sheet. Simply put, the fact that Bayzed Health Group has more cash than debt is arguably a good indication that it can manage its debt safely.</p>
<div class="lb-trans"><p>这种状况表明，佰泽医疗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，这家市值 49.5 亿人民币的公司不太可能缺乏现金，但仍然值得关注资产负债表。简单来说，佰泽医疗集团拥有的现金多于债务，这无疑是它能够安全管理债务的良好迹象。</p>
</div><p>See our latest analysis for Bayzed Health Group</p>
<div class="lb-trans"><p>查看我们对佰泽医疗集团的最新分析</p>
</div><p>The bad news is that Bayzed Health Group saw its EBIT decline by 10% over the last year. If that sort of decline is not arrested, then the managing its debt will be harder than selling broccoli flavoured ice-cream for a premium. There's no doubt that we learn most about debt from the balance sheet. But it is Bayzed Health Group's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.</p>
<div class="lb-trans"><p>坏消息是，佰泽医疗集团的息税前利润（EBIT）在过去一年中下降了 10%。如果这种下降没有得到遏制，那么管理债务将比以高价出售西兰花味冰淇淋还要困难。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佰泽医疗集团的收益。因此，如果您想了解更多关于其收益的信息，查看其长期收益趋势图可能是值得的。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Bayzed Health Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Bayzed Health Group actually produced more free cash flow than EBIT over the last two years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.</p>
<div class="lb-trans"><p>最后，企业需要自由现金流来偿还债务；会计利润并不足够。佰泽医疗集团的资产负债表上可能有净现金，但查看企业如何将息税前利润（EBIT）转化为自由现金流仍然很有趣，因为这将影响其对债务的需求和管理能力。幸运的是，对于任何股东来说，佰泽医疗集团在过去两年中实际产生的自由现金流超过了 EBIT。在保持与贷款方良好关系方面，没有什么比现金流入更重要的了。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>While it is always sensible to investigate a company's debt, in this case Bayzed Health Group has CN¥410.6m in net cash and a decent-looking balance sheet. The cherry on top was that in converted 478% of that EBIT to free cash flow, bringing in CN¥137m. So we don't have any problem with Bayzed Health Group's use of debt. Even though Bayzed Health Group lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.</p>
<div class="lb-trans"><p>虽然调查公司的债务总是明智的，但在这种情况下，佰泽医疗集团拥有 4.106 亿人民币的净现金和一个看起来不错的资产负债表。更令人欣慰的是，它将 478% 的 EBIT 转化为自由现金流，带来了 1.37 亿人民币的收入。因此，我们对佰泽医疗集团使用债务没有任何问题。尽管佰泽医疗集团在底线亏损，但其正的 EBIT 表明该企业本身具有潜力。因此，您可能想查看过去几年收益的趋势。</p>
</div><p>Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.</p>
<div class="lb-trans"><p>当然，如果您是那种喜欢购买没有债务负担的股票的投资者，那么请不要犹豫，今天就来发现我们独家的净现金增长股票列表。</p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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佰泽医疗集团（HKG:2609）的资产负债表相当健康