<p>沃倫·巴菲特曾 famously 説過：“波動性遠非與風險同義。” 所以聰明的錢知道，債務——通常與破產有關——在評估一家公司風險時是一個非常重要的因素。我們可以看到 <strong>HSC Resources Group Limited</strong> (HKG:1850) 確實在其業務中使用了債務。但股東應該擔心其債務使用嗎？</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<h2>債務何時危險？</h2>
<p>債務是幫助企業成長的工具，但如果企業無法償還其債權人，那麼它就處於債權人的掌控之中。最終，如果公司無法履行其法律義務償還債務，股東可能會一無所獲。雖然這種情況並不常見，但我們常常看到負債公司因債權人迫使其以低價籌集資金而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，尤其是當它替代了能夠以高回報率再投資的公司的稀釋時。當我們考慮一家公司使用債務時，我們首先會將現金和債務結合起來看。</p>
<h2>HSC Resources Group 擁有多少債務？</h2>
<p>下圖（您可以點擊以獲取更詳細信息）顯示，HSC Resources Group 在 2025 年 10 月的債務為 4880 萬港元；與前一年大致相同。然而，其資產負債表顯示其持有現金為 1.049 億港元，因此實際上它擁有 5620 萬港元的淨現金。</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 債務與股本歷史 2026 年 1 月 29 日</p>
<h2>HSC Resources Group 的負債情況</h2>
<p>最新的資產負債表數據顯示，HSC Resources Group 在一年內的負債為 1.173 億港元，之後到期的負債為 1.6 萬港元。另一方面，它的現金為 1.049 億港元，且在一年內到期的應收賬款價值為 3.244 億港元。因此，它實際上擁有的流動資產比總負債多出 3.12 億港元。</p>
<p>這種流動性過剩很好地表明，HSC Resources Group 的資產負債表幾乎和福特諾克斯一樣強大。考慮到這一點，可以認為其資產負債表意味着公司能夠應對一些逆境。簡而言之，HSC Resources Group 擁有淨現金，因此可以公平地説它沒有沉重的債務負擔！在分析債務時，資產負債表顯然是重點。但影響資產負債表未來表現的將是 HSC Resources Group 的盈利。因此，在考慮債務時，查看盈利趨勢絕對是值得的。點擊這裏查看互動快照。</p>
<p>查看我們對 HSC Resources Group 的最新分析</p>
<p>在過去一年中，HSC Resources Group 在利息和税前虧損，並且實際上其收入減少了 15%，降至 3.72 億港元。我們更希望看到增長。</p>
<h2>HSC Resources Group 的風險有多大？</h2>
<p>從統計學上講，虧損的公司比盈利的公司風險更大。我們注意到 HSC Resources Group 在過去一年中出現了利息和税前（EBIT）虧損。在同一時期，它還出現了 4100 萬港元的負自由現金流，並記錄了 450 萬港元的會計虧損。考慮到它只有 5620 萬港元的淨現金，如果不盡快實現盈虧平衡，公司可能需要籌集更多資金。儘管其資產負債表似乎流動性充足，但如果一家公司沒有定期產生自由現金流，債務總是讓我們感到有些緊張。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。然而，並非所有投資風險都存在於資產負債表中——遠非如此。這些風險可能很難發現。每家公司都有這些風險，而我們發現了 <strong>HSC Resources Group 的 3 個警告信號</strong>（其中 1 個令人擔憂！）您應該瞭解。</p>
<p>説到底，有時關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份零淨債務的成長型股票列表，<strong>100% 免費</strong>。</p>

鴻盛昌資源

<p>HSC Resources Group (HKG:1850) 的債務水平可控，債務為 4880 萬港元，現金為 1.049 億港元，淨現金為 5620 萬港元。儘管如此，公司報告了利息和税前虧損，並且收入下降了 15%，引發了對其財務穩定性的擔憂。資產負債表看起來強勁，但缺乏自由現金流和近期的虧損表明潛在風險。投資者應保持謹慎，因為如果公司未能儘快實現盈虧平衡，可能需要籌集資金</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>沃倫·巴菲特曾 famously 説過：“波動性遠非與風險同義。” 所以聰明的錢知道，債務——通常與破產有關——在評估一家公司風險時是一個非常重要的因素。我們可以看到 <strong>HSC Resources Group Limited</strong> (HKG:1850) 確實在其業務中使用了債務。但股東應該擔心其債務使用嗎？</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><h2>When Is Debt Dangerous?</h2>
<div class="lb-trans"><h2>債務何時危險？</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>債務是幫助企業成長的工具，但如果企業無法償還其債權人，那麼它就處於債權人的掌控之中。最終，如果公司無法履行其法律義務償還債務，股東可能會一無所獲。雖然這種情況並不常見，但我們常常看到負債公司因債權人迫使其以低價籌集資金而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，尤其是當它替代了能夠以高回報率再投資的公司的稀釋時。當我們考慮一家公司使用債務時，我們首先會將現金和債務結合起來看。</p>
</div><h2>How Much Debt Does HSC Resources Group Carry?</h2>
<div class="lb-trans"><h2>HSC Resources Group 擁有多少債務？</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>下圖（您可以點擊以獲取更詳細信息）顯示，HSC Resources Group 在 2025 年 10 月的債務為 4880 萬港元；與前一年大致相同。然而，其資產負債表顯示其持有現金為 1.049 億港元，因此實際上它擁有 5620 萬港元的淨現金。</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 債務與股本歷史 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 的負債情況</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>最新的資產負債表數據顯示，HSC Resources Group 在一年內的負債為 1.173 億港元，之後到期的負債為 1.6 萬港元。另一方面，它的現金為 1.049 億港元，且在一年內到期的應收賬款價值為 3.244 億港元。因此，它實際上擁有的流動資產比總負債多出 3.12 億港元。</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>這種流動性過剩很好地表明，HSC Resources Group 的資產負債表幾乎和福特諾克斯一樣強大。考慮到這一點，可以認為其資產負債表意味着公司能夠應對一些逆境。簡而言之，HSC Resources Group 擁有淨現金，因此可以公平地説它沒有沉重的債務負擔！在分析債務時，資產負債表顯然是重點。但影響資產負債表未來表現的將是 HSC Resources Group 的盈利。因此，在考慮債務時，查看盈利趨勢絕對是值得的。點擊這裏查看互動快照。</p>
</div><p>See our latest analysis for HSC Resources Group</p>
<div class="lb-trans"><p>查看我們對 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>在過去一年中，HSC Resources Group 在利息和税前虧損，並且實際上其收入減少了 15%，降至 3.72 億港元。我們更希望看到增長。</p>
</div><h2>So How Risky Is HSC Resources Group?</h2>
<div class="lb-trans"><h2>HSC Resources Group 的風險有多大？</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>從統計學上講，虧損的公司比盈利的公司風險更大。我們注意到 HSC Resources Group 在過去一年中出現了利息和税前（EBIT）虧損。在同一時期，它還出現了 4100 萬港元的負自由現金流，並記錄了 450 萬港元的會計虧損。考慮到它只有 5620 萬港元的淨現金，如果不盡快實現盈虧平衡，公司可能需要籌集更多資金。儘管其資產負債表似乎流動性充足，但如果一家公司沒有定期產生自由現金流，債務總是讓我們感到有些緊張。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。然而，並非所有投資風險都存在於資產負債表中——遠非如此。這些風險可能很難發現。每家公司都有這些風險，而我們發現了 <strong>HSC Resources Group 的 3 個警告信號</strong>（其中 1 個令人擔憂！）您應該瞭解。</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>説到底，有時關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份零淨債務的成長型股票列表，<strong>100% 免費</strong>。</p>
</div>

鴻盛昌資源集團（HKG:1850）是否負債過多？