These 4 Measures Indicate That Zhejiang Garden BiopharmaceuticalLtd (SZSE:300401) Is Using Debt Extensively
These 4 Measures Indicate That Zhejiang Garden BiopharmaceuticalLtd (SZSE:300401) Is Using Debt Extensively
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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. Importantly, Zhejiang Garden Biopharmaceutical Co.,Ltd. (SZSE:300401) does carry debt. But should shareholders be worried about its use of debt?
大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,浙江嘉登生物製藥有限公司, Ltd.(深圳證券交易所股票代碼:300401)確實有債務。但是,股東是否應該擔心其債務的使用?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
Check out our latest analysis for Zhejiang Garden BiopharmaceuticalLtd
查看我們對浙江嘉登生物製藥有限公司的最新分析
What Is Zhejiang Garden BiopharmaceuticalLtd's Net Debt?
浙園生物製藥有限公司的淨負債是多少?
As you can see below, at the end of September 2023, Zhejiang Garden BiopharmaceuticalLtd had CN¥1.72b of debt, up from CN¥661.8m a year ago. Click the image for more detail. However, it does have CN¥1.77b in cash offsetting this, leading to net cash of CN¥48.7m.
如下所示,截至2023年9月底,浙園生物製藥有限公司的債務爲17.2億元人民幣,高於去年同期的6.618億元人民幣。點擊圖片了解更多詳情。但是,它確實有17.7億元的現金抵消了這一點,淨現金爲4,870萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240131/0-0d8c5cba2cda5cc4a50eeb05c5daf428-0-4baf7b540ad718093cdac4bca24f82da.png/big)
How Strong Is Zhejiang Garden BiopharmaceuticalLtd's Balance Sheet?
浙園生物製藥有限公司的資產負債表有多強?
The latest balance sheet data shows that Zhejiang Garden BiopharmaceuticalLtd had liabilities of CN¥1.46b due within a year, and liabilities of CN¥1.06b falling due after that. On the other hand, it had cash of CN¥1.77b and CN¥156.1m worth of receivables due within a year. So its liabilities total CN¥596.4m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,浙江園林生物製藥有限公司的負債爲14.6億元人民幣在一年內到期,10.6億元人民幣的負債在此之後到期。另一方面,它有一年內到期的現金爲17.7億元人民幣,還有價值1.561億元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出5.964億元人民幣。
Given Zhejiang Garden BiopharmaceuticalLtd has a market capitalization of CN¥5.08b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Zhejiang Garden BiopharmaceuticalLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
鑑於浙園生物製藥有限公司的市值爲50.8億元人民幣,很難相信這些負債會構成很大的威脅。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況惡化。儘管負債可觀,但浙園生物製藥有限公司擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
It is just as well that Zhejiang Garden BiopharmaceuticalLtd's load is not too heavy, because its EBIT was down 62% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But it is Zhejiang Garden BiopharmaceuticalLtd'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.
浙江園林生物製藥有限公司的負擔也不是太重,因爲其息稅前利潤比去年下降了62%。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。在分析債務水平時,資產負債表是顯而易見的起點。但是,影響未來資產負債表狀況的是浙園生物製藥有限公司的收益。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Zhejiang Garden BiopharmaceuticalLtd 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. During the last three years, Zhejiang Garden BiopharmaceuticalLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。Zhejiang Garden BiopharmaceuticallTD的資產負債表上可能有淨現金,但仍然值得關注的是該企業將其息稅前收益(EBIT)轉化爲自由現金流的情況,因爲這將影響其對債務的需求和管理能力。在過去的三年中,浙園生物製藥有限公司燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。
Summing Up
總結
While Zhejiang Garden BiopharmaceuticalLtd does have more liabilities than liquid assets, it also has net cash of CN¥48.7m. So while Zhejiang Garden BiopharmaceuticalLtd does not have a great balance sheet, it's certainly not too bad. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 3 warning signs for Zhejiang Garden BiopharmaceuticalLtd you should be aware of.
儘管浙園生物製藥有限公司的負債確實超過了流動資產,但其淨現金也爲4,870萬元人民幣。因此,儘管浙園生物製藥有限公司的資產負債表不佳,但肯定還不錯。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們已經發現了你應該注意的浙園生物製藥有限公司的3個警告信號。
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.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。