These 4 Measures Indicate That Yunnan Botanee Bio-Technology GroupLTD (SZSE:300957) Is Using Debt Reasonably Well
These 4 Measures Indicate That Yunnan Botanee Bio-Technology GroupLTD (SZSE:300957) Is Using Debt Reasonably Well
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. Importantly, Yunnan Botanee Bio-Technology Group Co.LTD (SZSE:300957) does carry debt. But the more important question is: how much risk is that debt creating?
霍華德•馬克思說得好:與其擔心股價波動,不如擔心永久損失的可能性……我知道的每個實踐投資者都很擔心這一點。所以當你考慮任何股票的風險時,需要考慮債務,因爲太多的債務會讓一家公司沉沒。重要的是,雲南博天地生物科技集團股份有限公司(SZSE:300957)確實負債。但更重要的問題是:這些債務創造了多大的風險?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 think about a company's use of debt, we first look at cash and debt together.
一般來說,只有當公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過籌集資本還是使用其自己的現金流。最終,如果公司無法履行其償還債務的法定義務,股東可能最終拿不到任何東西。不過,更常見的(但仍然昂貴)情況是,公司必須以低廉的股價稀釋股東,以控制債務。話雖如此,通常的情況是公司合理地管理債務 - 並且獲得了自身利益。當我們思考公司的債務利用時,我們首先看現金和債務。
What Is Yunnan Botanee Bio-Technology GroupLTD's Debt?
雲南博天地生物科技集團股份有限公司的債務狀況是什麼?
The image below, which you can click on for greater detail, shows that at March 2024 Yunnan Botanee Bio-Technology GroupLTD had debt of CN¥170.1m, up from none in one year. However, its balance sheet shows it holds CN¥2.95b in cash, so it actually has CN¥2.78b net cash.
下面的圖片可以放大查看,顯示在2024年3月,雲南博天地生物科技集團股份有限公司有1.7億人民幣的債務,而一年前則沒有。然而,其資產負債表顯示其持有29.5億人民幣的現金,因此其淨現金爲27.8億人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240612/0-6a297be85c31c400c5f59e5368588f4d-0-d502beb19d7a8328d4f2ad1241f8c9fd.png/big)
A Look At Yunnan Botanee Bio-Technology GroupLTD's Liabilities
看一下雲南博天地生物科技集團股份有限公司的負債狀況
According to the last reported balance sheet, Yunnan Botanee Bio-Technology GroupLTD had liabilities of CN¥743.6m due within 12 months, and liabilities of CN¥207.6m due beyond 12 months. On the other hand, it had cash of CN¥2.95b and CN¥682.5m worth of receivables due within a year. So it actually has CN¥2.69b more liquid assets than total liabilities.
根據最後披露的資產負債表,雲南博天地生物科技集團股份有限公司有743.6萬元的負債到期,以及207.6萬元的長期負債到期。另一方面,它擁有29.5億人民幣的現金和6,825萬元的應收賬款到期在一年內。因此,它實際上有26.9億元。比總負債還多出了更多的流動資產。
This short term liquidity is a sign that Yunnan Botanee Bio-Technology GroupLTD could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Yunnan Botanee Bio-Technology GroupLTD has more cash than debt is arguably a good indication that it can manage its debt safely.
這種短期流動性表明雲南博天地生物科技集團股份有限公司可以輕鬆償還債務,因爲其資產負債表並不過度拉伸。簡而言之,雲南博天地生物科技集團股份有限公司擁有更多的現金而不是債務的事實,可能表明它可以安全地管理其債務。
In fact Yunnan Botanee Bio-Technology GroupLTD's saving grace is its low debt levels, because its EBIT has tanked 33% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Yunnan Botanee Bio-Technology GroupLTD can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
事實上,雲南博天地生物科技集團股份有限公司的救贖之處在於其較低的債務水平,因爲其EBIT在過去十二個月內下降了33%。當一家公司看到其盈利大幅下降時,它有時會發現與貸款人的關係變得不好。毫無疑問,我們從資產負債表中了解到大部分債務的情況,但最終業務的未來盈利能力將決定雲南博天地生物科技集團股份有限公司能否隨着時間的推移加強其資產負債表。因此,如果你專注於未來,可以查看這份免費報告,顯示分析師對利潤的預測。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Yunnan Botanee Bio-Technology GroupLTD 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. Over the most recent three years, Yunnan Botanee Bio-Technology GroupLTD recorded free cash flow worth 50% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
但我們最後的考慮也很重要,因爲一家公司不能用紙質利潤來償還債務,它需要真金白銀的現金。雲南博天地生物科技集團股份有限公司可能在資產負債表上有淨現金,但是看一下公司將其利潤稅前利潤(EBIT)轉化爲自由現金流的情況也很有意思,因爲這兩者將影響該公司管理債務的需求和能力。在最近的三年中,雲南博天地生物科技集團股份有限公司記錄了價值50%的EBIT的自由現金流,這大約是正常的,因爲自由現金流不包括利息和稅收。冷硬的現金意味着它可以在需要時減少其債務。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Yunnan Botanee Bio-Technology GroupLTD has net cash of CN¥2.78b, as well as more liquid assets than liabilities. So we are not troubled with Yunnan Botanee Bio-Technology GroupLTD's debt use. 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. Be aware that Yunnan Botanee Bio-Technology GroupLTD is showing 2 warning signs in our investment analysis , you should know about...
雖然我們理解投資者對債務感到擔憂,但你應該記住,雲南博天地生物科技集團股份有限公司持有淨現金27.8億元,以及比負債更多的流動資產。因此,我們不會爲雲南博天地生物科技集團股份有限公司的債務使用感到煩惱。毫無疑問,我們從資產負債表中了解到大部分債務的情況,但並不是所有的投資風險都存在於資產負債表中。請注意,根據我們的投資分析,雲南博天地生物科技集團股份有限公司正在顯示2個警告信號,你應該知道......
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。