Credit Brief — ANHUI CONCH CEMENT COMPANY LIMITED (海螺水泥)
600585.SH · Shanghai 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
- Controlling shareholder: 安徽海螺集团有限责任公司（“海螺集团”）
- Actual controller: 安徽省人民政 府国有资产监督管理委员会
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 | 57,865.7 | 68,361.6 | 70,229.3 | 50,252.3 | 34,328.7 |
| Trading financial assets | 10,754.9 | 2,210.7 | 509.2 | 12,899.4 | 23,451.8 |
| Accounts receivable | 5,637.3 | 4,398.9 | 3,773.2 | 2,922.3 | 2,384.4 |
| Other receivables | 3,900.3 | 3,693.8 | 1,410.3 | 1,444.7 | 1,533.9 |
| Inventories | 11,679.0 | 10,100.3 | 8,108.5 | 7,596.9 | 8,543.8 |
| Long-term equity investments | 6,792.7 | 7,765.2 | 7,775.7 | 7,981.4 | 8,518.3 |
| Fixed assets | 81,181.9 | 85,564.7 | 89,227.6 | 92,533.7 | 89,984.1 |
| Construction in progress | 8,387.1 | 10,842.1 | 9,355.7 | 6,172.1 | 6,593.0 |
| Intangible assets | 32,038.3 | 32,379.7 | 34,264.1 | 37,051.1 | 37,129.3 |
| Total assets | 243,976.4 | 246,189.2 | 254,635.2 | 256,000.7 | 252,464.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 10,037.4 | 4,479.6 | 5,748.7 | 4,540.8 | 5,057.0 |
| Notes payable | 211.7 | 269.9 | 272.1 | 134.4 | 117.4 |
| Accounts payable | 6,781.4 | 6,298.2 | 5,854.9 | 5,166.3 | 5,538.7 |
| Contract liabilities | 3,576.7 | 2,887.9 | 2,569.3 | 2,915.9 | 2,409.5 |
| Other payables | 8,836.6 | 9,046.4 | 8,527.0 | 9,095.9 | 9,209.5 |
| Current portion of non-current liabilities | 2,353.1 | 2,867.6 | 1,973.0 | 2,396.6 | 5,717.2 |
| Long-term borrowings | 9,688.7 | 15,611.9 | 10,086.4 | 7,018.9 | 5,728.1 |
| Bonds payable | — | 0.0 | 11,500.0 | 12,500.0 | 9,500.0 |
| Total liabilities | 47,982.8 | 48,220.5 | 54,257.8 | 52,284.9 | 50,531.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,299.3 | 5,299.3 | 5,299.3 | 5,299.3 | 5,299.3 |
| Capital reserve | 10,512.8 | 10,628.6 | 10,619.0 | 10,714.7 | 10,286.9 |
| Retained earnings | 166,441.2 | 169,028.4 | 171,644.9 | 175,096.9 | 174,437.4 |
| Equity attributable to owners of the parent | 183,638.7 | 185,321.1 | 187,940.4 | 192,427.6 | 191,232.7 |
| Minority interests | 12,354.9 | 12,647.6 | 12,437.1 | 11,288.2 | 10,699.9 |
| Total equity | 195,993.6 | 197,968.7 | 200,377.4 | 203,715.8 | 201,932.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 132,021.6 | 140,999.4 | 91,029.6 | 82,532.1 | 36,926.9 |
| Cost of sales | 103,897.2 | 117,636.6 | 71,272.0 | 62,589.0 | 29,863.2 |
| Selling expenses | 3,327.5 | 3,423.7 | 3,415.4 | 3,501.0 | 1,601.7 |
| Administrative expenses | 5,561.3 | 5,651.5 | 5,945.9 | 6,000.1 | 2,595.5 |
| Finance costs | -1,651.2 | -1,119.2 | -1,170.5 | -913.4 | 232.1 |
| Investment income | 1,350.7 | 543.6 | 296.8 | 748.7 | 782.2 |
| Operating profit | 19,473.7 | 13,137.8 | 9,713.1 | 10,207.8 | 3,167.7 |
| Profit before tax | 20,014.7 | 13,600.5 | 10,029.2 | 10,420.0 | 3,265.3 |
| Net profit | 16,139.9 | 10,749.2 | 7,663.2 | 7,865.7 | 2,464.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.98x | 3.41x | 3.25x | 3.19x | 2.90x |
| Quick ratio | 2.65x | 3.07x | 2.96x | 2.92x | 2.61x |
| Debt-to-asset ratio | 19.7% | 19.6% | 21.3% | 20.4% | 20.0% |
| Total debt / EBITDA | 0.79x | 1.04x | 1.56x | 1.36x | 2.22x |
| EBITDA interest coverage | 53.04x | 23.80x | 24.10x | 29.82x | 38.82x |
| Gross margin | 21.3% | 16.6% | 21.7% | 24.2% | 19.1% |
| Net margin | 12.2% | 7.6% | 8.4% | 9.5% | 6.7% |
| Return on equity (ROE) | 8.2% | 5.4% | 3.8% | 3.9% | 1.2% |
| Revenue growth | — | 6.8% | -35.4% | -9.3% | -55.3% |
| Net profit growth | — | -33.4% | -28.7% | 2.6% | -68.7% |
| Receivable days | 16 | 11 | 15 | 13 | 24 |
| Cash received / revenue | 119.6% | 121.7% | 110.9% | 111.7% | 113.2% |
| Operating CF / net profit | 0.60x | 1.87x | 2.41x | 2.12x | 1.83x |
| Free cash flow | 26,178.6 | 25,442.2 | 18,476.3 | 16,643.9 | 10,294.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.20 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs 10,495.9 CNY mn (deviation 100.0%, severity mid)
Sources: 2023年年度报告.pdf p.108 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.97 「货币资金」. CF-statement figure below the balance-sheet movement by 10,495.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs 1,867.7 CNY mn (deviation 100.0%, severity mid)
Sources: 2024年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.102 「货币资金」. CF-statement figure below the balance-sheet movement by 1,867.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs -19,977.1 CNY mn (deviation 100.0%, severity mid)
Sources: 2025年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.88 「货币资金」. CF-statement figure above the balance-sheet movement by 19,977.1 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: 0.0 vs -15,923.6 CNY mn (deviation 100.0%, severity mid)
Sources: 2026年半年度报告.pdf p.71 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.60 「货币资金」. CF-statement figure above the balance-sheet movement by 15,923.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 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; 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 | 50,252.3 | 2025年年度报告.pdf | 88 | 货币资金 | 50252254165.0 (元) |
| Total assets | 2025 | 256,000.7 | 2025年年度报告.pdf | 88 | 资产总计 | 256000730169.0 (元) |
| Accounts receivable | 2025 | 2,922.3 | 2025年年度报告.pdf | 88 | 应收账款 | 2922319660.0 (元) |
| Fixed assets | 2025 | 92,533.7 | 2025年年度报告.pdf | 88 | 固定资产 | 92533715111.0 (元) |
| Short-term borrowings | 2025 | 4,540.8 | 2025年年度报告.pdf | 89 | 短期借款 | 4540763707.0 (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.