<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。我们可以看到 <strong>HSC Resources Group Limited</strong> (HKG:1850) 确实在其业务中使用了债务。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>债务何时危险？</h2>
<p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。最终，如果公司无法履行其法律义务偿还债务，股东可能会一无所获。虽然这种情况并不常见，但我们常常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，尤其是当它替代了能够以高回报率再投资的公司的稀释时。当我们考虑一家公司使用债务时，我们首先会将现金和债务结合起来看。</p>
<h2>HSC Resources Group 拥有多少债务？</h2>
<p>下图（您可以点击以获取更详细信息）显示，HSC Resources Group 在 2025 年 10 月的债务为 4880 万港元；与前一年大致相同。然而，其资产负债表显示其持有现金为 1.049 亿港元，因此实际上它拥有 5620 万港元的净现金。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/424411883-debt-equity-history-analysis-1-dark-2/1769648698863?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/424411883-debt-equity-history-analysis-1-dark-2/1769648698863"/></p>
<p>SEHK:1850 债务与股本历史 2026 年 1 月 29 日</p>
<h2>HSC Resources Group 的负债情况</h2>
<p>最新的资产负债表数据显示，HSC Resources Group 在一年内的负债为 1.173 亿港元，之后到期的负债为 1.6 万港元。另一方面，它的现金为 1.049 亿港元，且在一年内到期的应收账款价值为 3.244 亿港元。因此，它实际上拥有的流动资产比总负债多出 3.12 亿港元。</p>
<p>这种流动性过剩很好地表明，HSC Resources Group 的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，可以认为其资产负债表意味着公司能够应对一些逆境。简而言之，HSC Resources Group 拥有净现金，因此可以公平地说它没有沉重的债务负担！在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是 HSC Resources Group 的盈利。因此，在考虑债务时，查看盈利趋势绝对是值得的。点击这里查看互动快照。</p>
<p>查看我们对 HSC Resources Group 的最新分析</p>
<p>在过去一年中，HSC Resources Group 在利息和税前亏损，并且实际上其收入减少了 15%，降至 3.72 亿港元。我们更希望看到增长。</p>
<h2>HSC Resources Group 的风险有多大？</h2>
<p>从统计学上讲，亏损的公司比盈利的公司风险更大。我们注意到 HSC Resources Group 在过去一年中出现了利息和税前（EBIT）亏损。在同一时期，它还出现了 4100 万港元的负自由现金流，并记录了 450 万港元的会计亏损。考虑到它只有 5620 万港元的净现金，如果不尽快实现盈亏平衡，公司可能需要筹集更多资金。尽管其资产负债表似乎流动性充足，但如果一家公司没有定期产生自由现金流，债务总是让我们感到有些紧张。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。然而，并非所有投资风险都存在于资产负债表中——远非如此。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>HSC Resources Group 的 3 个警告信号</strong>（其中 1 个令人担忧！）您应该了解。</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>

鸿盛昌资源

<p>HSC Resources Group (HKG:1850) 的债务水平可控，债务为 4880 万港元，现金为 1.049 亿港元，净现金为 5620 万港元。尽管如此，公司报告了利息和税前亏损，并且收入下降了 15%，引发了对其财务稳定性的担忧。资产负债表看起来强劲，但缺乏自由现金流和近期的亏损表明潜在风险。投资者应保持谨慎，因为如果公司未能尽快实现盈亏平衡，可能需要筹集资金</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. We can see that <strong>HSC Resources Group Limited</strong> (HKG:1850) 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。” 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。我们可以看到 <strong>HSC Resources Group Limited</strong> (HKG:1850) 确实在其业务中使用了债务。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>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>债务何时危险？</h2>
</div><p>Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.</p>
<div class="lb-trans"><p>债务是帮助企业成长的工具，但如果企业无法偿还其债权人，那么它就处于债权人的掌控之中。最终，如果公司无法履行其法律义务偿还债务，股东可能会一无所获。虽然这种情况并不常见，但我们常常看到负债公司因债权人迫使其以低价筹集资金而永久稀释股东权益。当然，债务的好处在于它通常代表着廉价资本，尤其是当它替代了能够以高回报率再投资的公司的稀释时。当我们考虑一家公司使用债务时，我们首先会将现金和债务结合起来看。</p>
</div><h2>How Much Debt Does HSC Resources Group Carry?</h2>
<div class="lb-trans"><h2>HSC Resources Group 拥有多少债务？</h2>
</div><p>The chart below, which you can click on for greater detail, shows that HSC Resources Group had HK$48.8m in debt in October 2025; about the same as the year before. However, its balance sheet shows it holds HK$104.9m in cash, so it actually has HK$56.2m net cash.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细信息）显示，HSC Resources Group 在 2025 年 10 月的债务为 4880 万港元；与前一年大致相同。然而，其资产负债表显示其持有现金为 1.049 亿港元，因此实际上它拥有 5620 万港元的净现金。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/424411883-debt-equity-history-analysis-1-dark-2/1769648698863" alt="" original-src="https://images.simplywall.st/asset/chart/424411883-debt-equity-history-analysis-1-dark-2/1769648698863"/></p>
<p>SEHK:1850 Debt to Equity History January 29th 2026</p>
<div class="lb-trans"><p>SEHK:1850 债务与股本历史 2026 年 1 月 29 日</p>
</div><h2>A Look At HSC Resources Group's Liabilities</h2>
<div class="lb-trans"><h2>HSC Resources Group 的负债情况</h2>
</div><p>The latest balance sheet data shows that HSC Resources Group had liabilities of HK$117.3m due within a year, and liabilities of HK$16.0k falling due after that. On the other hand, it had cash of HK$104.9m and HK$324.4m worth of receivables due within a year. So it actually has HK$312.0m <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，HSC Resources Group 在一年内的负债为 1.173 亿港元，之后到期的负债为 1.6 万港元。另一方面，它的现金为 1.049 亿港元，且在一年内到期的应收账款价值为 3.244 亿港元。因此，它实际上拥有的流动资产比总负债多出 3.12 亿港元。</p>
</div><p>This excess liquidity is a great indication that HSC Resources Group's balance sheet is almost as strong as Fort Knox. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, HSC Resources Group boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is HSC Resources Group'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>这种流动性过剩很好地表明，HSC Resources Group 的资产负债表几乎和福特诺克斯一样强大。考虑到这一点，可以认为其资产负债表意味着公司能够应对一些逆境。简而言之，HSC Resources Group 拥有净现金，因此可以公平地说它没有沉重的债务负担！在分析债务时，资产负债表显然是重点。但影响资产负债表未来表现的将是 HSC Resources Group 的盈利。因此，在考虑债务时，查看盈利趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>See our latest analysis for HSC Resources Group</p>
<div class="lb-trans"><p>查看我们对 HSC Resources Group 的最新分析</p>
</div><p>In the last year HSC Resources Group had a loss before interest and tax, and actually shrunk its revenue by 15%, to HK$372m. We would much prefer see growth.</p>
<div class="lb-trans"><p>在过去一年中，HSC Resources Group 在利息和税前亏损，并且实际上其收入减少了 15%，降至 3.72 亿港元。我们更希望看到增长。</p>
</div><h2>So How Risky Is HSC Resources Group?</h2>
<div class="lb-trans"><h2>HSC Resources Group 的风险有多大？</h2>
</div><p>Statistically speaking companies that lose money are riskier than those that make money. And we do note that HSC Resources Group had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of HK$41m and booked a HK$4.5m accounting loss. Given it only has net cash of HK$56.2m, the company may need to raise more capital if it doesn't reach break-even soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted <strong>3 warning signs for HSC Resources Group</strong> (of which 1 is concerning!) you should know about.</p>
<div class="lb-trans"><p>从统计学上讲，亏损的公司比盈利的公司风险更大。我们注意到 HSC Resources Group 在过去一年中出现了利息和税前（EBIT）亏损。在同一时期，它还出现了 4100 万港元的负自由现金流，并记录了 450 万港元的会计亏损。考虑到它只有 5620 万港元的净现金，如果不尽快实现盈亏平衡，公司可能需要筹集更多资金。尽管其资产负债表似乎流动性充足，但如果一家公司没有定期产生自由现金流，债务总是让我们感到有些紧张。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。然而，并非所有投资风险都存在于资产负债表中——远非如此。这些风险可能很难发现。每家公司都有这些风险，而我们发现了 <strong>HSC Resources Group 的 3 个警告信号</strong>（其中 1 个令人担忧！）您应该了解。</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>
</div>

鸿盛昌资源集团（HKG:1850）是否负债过多？