Is Xinfengming Group (SHSE:603225) Using Debt Sensibly?
Is Xinfengming Group (SHSE:603225) Using Debt Sensibly?
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 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, Xinfengming Group Co., Ltd. (SHSE:603225) does carry debt. But the more important question is: how much risk is that debt creating?
由伯克希尔哈撒韦的Li·芒格支持的外部基金经理Lu直言不讳地说，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的资本损失。因此，当你考虑到任何一只股票的风险有多大时，你需要考虑债务可能是显而易见的，因为太多的债务可能会让一家公司倒闭。重要的是新丰明集团有限公司。(上海证券交易所：603225)确实背负着债务。但更重要的问题是：这笔债务造成了多大的风险？
When Is Debt A Problem?
什么时候债务是个问题？
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
当一家企业无法轻松履行这些义务时，债务和其他债务就会变得有风险，无论是通过自由现金流还是通过以有吸引力的价格筹集资本。资本主义的一部分是“创造性破坏”的过程，破产的企业被银行家无情地清算。然而，一种更常见(但仍然昂贵)的情况是，一家公司必须以低廉的股价稀释股东的股份，才能控制债务。当然，许多公司利用债务为增长提供资金，没有任何负面后果。当我们考虑一家公司的债务用途时，我们首先会把现金和债务放在一起看。
View our latest analysis for Xinfengming Group
查看我们对新丰明集团的最新分析
What Is Xinfengming Group's Net Debt?
新丰明集团的净负债是多少？
The image below, which you can click on for greater detail, shows that at June 2023 Xinfengming Group had debt of CN¥28.4b, up from CN¥25.3b in one year. However, because it has a cash reserve of CN¥14.0b, its net debt is less, at about CN¥14.4b.
下图显示，截至2023年6月，新丰明集团的债务为284亿加元，高于一年内的253亿加元。你可以点击查看更多细节。然而，由于它拥有140亿加元的现金储备，其净债务较少，约为144亿加元。
How Strong Is Xinfengming Group's Balance Sheet?
新丰明集团的资产负债表到底有多强？
The latest balance sheet data shows that Xinfengming Group had liabilities of CN¥22.3b due within a year, and liabilities of CN¥11.8b falling due after that. Offsetting these obligations, it had cash of CN¥14.0b as well as receivables valued at CN¥1.56b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥18.5b.
最新的资产负债表数据显示，新丰明集团有223亿元的负债在一年内到期，118亿元的负债在一年内到期。作为对这些债务的抵销，该公司有140亿加元的现金以及15.6亿加元的应收账款在12个月内到期。因此，它的负债比现金和(近期)应收账款之和高出185亿元。
This is a mountain of leverage relative to its market capitalization of CN¥19.2b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Xinfengming Group can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
与其192亿元的市值相比，这是一个堆积如山的杠杆。如果它的贷款人要求它支撑资产负债表，股东可能会面临严重的稀释。在分析债务水平时，资产负债表显然是一个起点。但最终，该业务未来的盈利能力将决定新丰明集团能否随着时间的推移加强其资产负债表。因此，如果你想看看专业人士的想法，你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, Xinfengming Group reported revenue of CN¥55b, which is a gain of 23%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
在12个月的时间里，新丰明集团报告了550亿加元的收入，增长了23%，尽管它没有公布任何息税前收益。股东们可能会祈祷它能以自己的方式增长并实现盈利。
Caveat Emptor
告诫买入者
Even though Xinfengming Group managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost CN¥166m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥119m. So in short it's a really risky stock. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Xinfengming Group .
尽管新丰明集团成功地相当巧妙地实现了营收增长，但冷酷的现实是，它的息税前利润正在亏损。事实上，在息税前利润水平上，它亏损了1.66亿元。当我们看到这一点，并回忆起资产负债表上相对于现金的负债时，在我们看来，该公司有任何债务似乎是不明智的。因此，我们认为它的资产负债表有点紧张，但并不是无法修复。例如，我们不希望看到去年亏损1.19亿元的情况重演。因此，简而言之，这是一只非常有风险的股票。在分析债务水平时，资产负债表显然是一个起点。然而，并非所有投资风险都存在于资产负债表中--远非如此。为此，您应该意识到1个警告标志我们已经发现了新丰明集团。
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.
归根结底，关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。