Credit Brief — COSCO SHIPPING Holdings Co., Ltd. (中远海控)
601919.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
- Legal representative: 万敏
- Registered address: 心 12 号楼二层
- Office address: 上海市东大名路 658 号
- Controlling shareholder: 中国远洋运输有限公司
- Actual controller: None (stated in the filed report)
- Employees: 32,768
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 | 236,876.6 | 182,304.0 | 185,062.6 | 151,469.7 | 141,442.1 |
| Trading financial assets | 93.1 | 95.0 | 65.9 | 78.3 | 65.4 |
| Accounts receivable | 10,500.9 | 6,734.6 | 8,758.8 | 8,058.7 | 11,117.9 |
| Other receivables | 2,895.9 | 2,832.2 | 2,916.0 | 3,209.7 | 4,247.6 |
| Inventories | 7,017.0 | 6,561.4 | 6,332.5 | 6,307.6 | 8,457.3 |
| Long-term equity investments | 58,066.6 | 66,883.4 | 72,501.4 | 76,870.6 | 77,468.5 |
| Fixed assets | 102,047.7 | 109,891.9 | 124,632.6 | 147,939.3 | 148,164.8 |
| Construction in progress | 17,118.8 | 19,334.8 | 26,027.7 | 16,664.6 | 21,828.9 |
| Intangible assets | 7,682.9 | 7,545.5 | 7,377.0 | 7,616.4 | 7,677.7 |
| Total assets | 511,930.1 | 462,429.4 | 497,472.2 | 483,758.0 | 483,630.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,241.8 | 2,417.5 | 1,703.6 | 2,068.7 | 776.8 |
| Notes payable | 24.5 | 81.7 | 48.4 | 12.2 | 64.2 |
| Accounts payable | 105,962.1 | 90,329.1 | 85,990.5 | 77,120.9 | 78,566.9 |
| Contract liabilities | 1,003.7 | 657.1 | 610.3 | 537.5 | 544.9 |
| Other payables | 11,091.5 | 8,657.6 | 11,089.2 | 9,564.0 | 9,423.9 |
| Current portion of non-current liabilities | 18,694.8 | 17,385.3 | 11,965.5 | 16,735.7 | 18,301.5 |
| Long-term borrowings | 34,297.6 | 32,736.8 | 30,527.2 | 25,272.6 | 21,511.6 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 258,137.0 | 219,209.9 | 212,413.4 | 200,352.0 | 198,318.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 16,094.9 | 16,071.1 | 15,960.8 | 15,489.9 | 15,268.1 |
| Capital reserve | 30,595.0 | 31,579.5 | 32,030.6 | 26,629.0 | 23,987.6 |
| Retained earnings | 142,643.3 | 134,920.4 | 169,481.9 | 174,177.3 | 180,856.0 |
| Equity attributable to owners of the parent | 0.0 | 196,115.2 | 234,668.1 | 232,265.3 | 233,762.2 |
| Minority interests | 53,202.4 | 47,104.2 | 50,390.7 | 51,140.7 | 51,549.4 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 391,058.5 | 175,447.7 | 233,859.1 | 219,503.8 | 111,921.7 |
| Cost of sales | 217,991.2 | 146,755.3 | 164,774.4 | 175,494.6 | 91,396.1 |
| Selling expenses | 64.3 | 1,003.0 | 970.9 | 825.4 | 398.4 |
| Administrative expenses | 10,345.3 | 6,151.1 | 8,545.6 | 8,243.5 | 3,905.9 |
| Finance costs | -4,478.5 | -5,657.2 | -3,732.8 | -2,483.8 | 356.7 |
| Investment income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating profit | 167,263.7 | 33,114.2 | 66,997.1 | 42,039.0 | 18,251.7 |
| Profit before tax | 167,097.2 | 33,076.7 | 66,889.5 | 41,999.7 | 18,246.2 |
| Net profit | 131,458.6 | 28,395.7 | 55,395.4 | 35,228.0 | 15,699.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.64x | 1.59x | 1.68x | 1.51x | 1.45x |
| Quick ratio | 1.59x | 1.54x | 1.63x | 1.45x | 1.38x |
| Debt-to-asset ratio | 50.4% | 47.4% | 42.7% | 41.4% | 41.0% |
| Total debt / EBITDA | 0.31x | 1.12x | 0.55x | 0.80x | 1.38x |
| EBITDA interest coverage | 39.99x | 8.27x | 21.36x | 22.23x | 82.30x |
| Gross margin | 44.3% | 16.4% | 29.5% | 20.0% | 18.3% |
| Net margin | 33.6% | 16.2% | 23.7% | 16.0% | 14.0% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | -55.1% | 33.3% | -6.1% | -49.0% |
| Net profit growth | — | -78.4% | 95.1% | -36.4% | -55.4% |
| Receivable days | 10 | 14 | 14 | 13 | 36 |
| Cash received / revenue | 100.7% | 103.7% | 100.1% | 101.0% | 98.9% |
| Operating CF / net profit | 1.50x | 0.80x | 1.25x | 1.29x | 1.49x |
| Free cash flow | 163,822.0 | 4,261.4 | 42,341.3 | 20,167.0 | 11,418.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.41 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 243,351.0 vs 462,429.4 CNY mn (deviation 47.38%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 219,078.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -54,500.6 vs -54,572.6 CNY mn (deviation 0.13%, severity low)
Sources: 2023年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.90 「货币资金」. CF-statement figure above the balance-sheet movement by 72.0 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: 3,023.6 vs 2,758.6 CNY mn (deviation 8.77%, severity mid)
Sources: 2024年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.100 「货币资金」. CF-statement figure above the balance-sheet movement by 265.0 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: -33,307.5 vs -33,592.9 CNY mn (deviation 0.85%, severity low)
Sources: 2025年年度报告.pdf p.100 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 285.4 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: -10,044.5 vs -10,027.6 CNY mn (deviation 0.17%, severity low)
Sources: 2026年半年度报告.pdf p.55 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.51 「货币资金」. CF-statement figure below the balance-sheet movement by 16.8 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 | 151,469.7 | 2025年年度报告.pdf | 96 | 货币资金 | 151469711074.1 (元) |
| Total assets | 2025 | 483,758.0 | 2025年年度报告.pdf | 96 | 资产总计 | 483758023838.79 (元) |
| Accounts receivable | 2025 | 8,058.7 | 2025年年度报告.pdf | 96 | 应收账款 | 8058718207.6 (元) |
| Fixed assets | 2025 | 147,939.3 | 2025年年度报告.pdf | 96 | 固定资产 | 147939335176.89 (元) |
| Short-term borrowings | 2025 | 2,068.7 | 2025年年度报告.pdf | 96 | 短期借款 | 2068718441.08 (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.