Credit Brief — BOE TECHNOLOGY GROUP CO., LTD. (京东方A)
000725.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 陈炎顺
- Registered address: 北京市朝阳区酒仙桥路10 号
- Office address: 北京市北京经济技术开发区西环中路12 号
- Employees: 109,895
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 68,800.3 | 72,467.4 | 74,252.6 | 72,222.9 | 72,302.3 |
| Trading financial assets | 17,188.0 | 7,756.0 | 3,116.4 | 1,670.5 | 5,708.9 |
| Accounts receivable | 28,203.6 | 33,365.4 | 36,338.2 | 32,293.0 | 35,294.7 |
| Other receivables | 975.8 | 726.7 | 812.9 | 822.8 | 627.4 |
| Inventories | 22,787.8 | 24,119.7 | 23,313.5 | 27,748.5 | 26,880.6 |
| Long-term equity investments | 12,421.9 | 13,731.7 | 13,533.3 | 18,636.2 | 19,552.6 |
| Fixed assets | 205,987.1 | 210,371.5 | 204,904.4 | 186,299.3 | 174,312.2 |
| Construction in progress | 43,386.1 | 29,670.1 | 30,159.0 | 52,943.1 | 58,925.4 |
| Intangible assets | 8,948.3 | 11,565.6 | 11,263.5 | 12,797.5 | 12,302.0 |
| Total assets | 420,567.9 | 419,187.1 | 429,978.2 | 436,378.3 | 439,055.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,373.9 | 1,746.2 | 1,563.3 | 3,655.0 | 4,684.0 |
| Notes payable | 870.2 | 919.3 | 1,399.6 | 1,380.1 | 2,867.7 |
| Accounts payable | 29,834.7 | 32,977.6 | 36,713.5 | 37,242.3 | 39,174.4 |
| Contract liabilities | 2,411.7 | 3,000.2 | 2,083.8 | 2,223.5 | 2,135.1 |
| Other payables | 19,632.2 | 19,487.8 | 20,828.0 | 20,889.4 | 20,929.2 |
| Current portion of non-current liabilities | 22,703.8 | 24,437.0 | 43,506.5 | 26,670.3 | 30,578.2 |
| Long-term borrowings | 123,143.5 | 121,546.3 | 100,932.4 | 101,576.6 | 93,648.6 |
| Bonds payable | — | — | 0.0 | 10,968.8 | 12,966.6 |
| Total liabilities | 218,527.3 | 221,388.4 | 225,432.0 | 228,902.6 | 231,346.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 38,196.4 | 37,652.5 | 37,645.0 | 37,413.9 | 37,044.3 |
| Capital reserve | 55,224.9 | 52,113.6 | 52,207.6 | 51,860.0 | 48,763.1 |
| Retained earnings | 35,829.5 | 35,579.6 | 39,410.9 | 43,228.0 | 46,386.7 |
| Equity attributable to owners of the parent | 136,086.2 | 129,428.3 | 132,937.6 | 134,478.6 | 133,136.5 |
| Minority interests | 65,954.4 | 68,370.4 | 71,608.6 | 72,997.1 | 74,571.7 |
| Total equity | 202,040.6 | 197,798.7 | 204,546.2 | 207,475.8 | 207,708.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 178,413.7 | 174,543.4 | 198,380.6 | 204,590.2 | 103,132.4 |
| Cost of sales | 157,530.6 | 152,633.1 | 168,221.9 | 172,602.0 | 87,629.9 |
| Selling expenses | 4,233.3 | 1,896.3 | 1,995.3 | 2,172.6 | 988.1 |
| Administrative expenses | 6,247.6 | 5,944.9 | 6,218.7 | 5,896.3 | 3,005.2 |
| Finance costs | 2,445.1 | 1,150.3 | 1,224.4 | 1,836.6 | 1,694.7 |
| Investment income | 6,094.3 | 810.7 | 1,708.1 | 1,338.4 | 1,730.8 |
| Operating profit | 3,703.7 | 1,518.7 | 4,930.7 | 6,782.9 | 7,262.8 |
| Profit before tax | 51.2 | 1,833.0 | 5,085.7 | 7,034.2 | 7,267.2 |
| Net profit | — | 369.9 | 4,145.3 | 5,027.4 | 5,030.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.66x | 1.59x | 1.24x | 1.40x | 1.34x |
| Quick ratio | 1.39x | 1.32x | 1.04x | 1.13x | 1.10x |
| Debt-to-asset ratio | 52.0% | 52.8% | 52.4% | 52.5% | 52.7% |
| Total debt / EBITDA | 7.33x | 7.15x | 6.08x | 5.95x | 6.29x |
| EBITDA interest coverage | 5.66x | 5.85x | 5.96x | 7.29x | 13.30x |
| Gross margin | 11.7% | 12.6% | 15.2% | 15.6% | 15.0% |
| Net margin | — | 0.2% | 2.1% | 2.5% | 4.9% |
| Return on equity (ROE) | — | 0.2% | 2.0% | 2.4% | 2.4% |
| Revenue growth | — | -2.2% | 13.7% | 3.1% | -49.6% |
| Net profit growth | — | — | 1020.7% | 21.3% | 0.1% |
| Receivable days | 58 | 70 | 67 | 58 | 125 |
| Cash received / revenue | 108.4% | 103.7% | 104.4% | 105.8% | 100.8% |
| Operating CF / net profit | — | 103.55x | 11.52x | 9.71x | 4.52x |
| Free cash flow | 43,022.0 | 38,301.8 | 47,737.6 | 48,824.6 | 7,487.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.40 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.52 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,896.3 vs 3,736.9 CNY mn (deviation 49.25%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,840.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 1,518.7 vs 3,714.3 CNY mn (deviation 59.11%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,195.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 9,912.3 vs 3,667.1 CNY mn (deviation 63.0%, severity mid)
Sources: 2024年年度报告.pdf p.117 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.101 「货币资金」. CF-statement figure above the balance-sheet movement by 6,245.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 1,225.1 vs 79.4 CNY mn (deviation 93.52%, severity mid)
Sources: 2026年半年度报告.pdf p.58 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.50 「货币资金」. CF-statement figure above the balance-sheet movement by 1,145.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
6 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 72,222.9 | 2025年年度报告.pdf | 97 | 货币资金 | 72222940175.0 (元) |
| Total assets | 2025 | 436,378.3 | 2025年年度报告.pdf | 97 | 资产总计 | 436378322803.0 (元) |
| Accounts receivable | 2025 | 32,293.0 | 2025年年度报告.pdf | 97 | 应收账款 | 32293002623.0 (元) |
| Fixed assets | 2025 | 186,299.3 | 2025年年度报告.pdf | 97 | 固定资产 | 186299299142.0 (元) |
| Short-term borrowings | 2025 | 3,655.0 | 2025年年度报告.pdf | 98 | 短期借款 | 3655021437.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.