Credit Brief — ZHEJIANG HUAYOU COBALT CO., LTD. (华友钴业)
603799.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: 陈雪华
- Registered address: 浙江省桐乡经济开发区二期梧振东路18号
- Office address: 浙江省桐乡经济开发区二期梧振东路79号
- Controlling shareholder: 华友控股集团有限公司
- Actual controller: 陈雪华
- Employees: 26,466
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 | 15,435.8 | 15,259.9 | 19,451.5 | 17,625.6 | 22,043.0 |
| Trading financial assets | 252.0 | 373.2 | 381.7 | 80.0 | 40.0 |
| Accounts receivable | 8,036.9 | 7,977.3 | 6,802.2 | 9,342.0 | 15,046.8 |
| Other receivables | 580.6 | 392.9 | 274.7 | 420.7 | 321.6 |
| Inventories | 17,692.0 | 15,763.4 | 17,296.8 | 25,624.2 | 32,215.3 |
| Long-term equity investments | 7,914.6 | 9,712.8 | 12,357.9 | 11,924.7 | 12,141.3 |
| Fixed assets | 26,217.1 | 46,339.1 | 51,098.2 | 53,416.5 | 51,356.7 |
| Construction in progress | 14,281.9 | 10,819.6 | 9,902.2 | 12,998.9 | 22,341.7 |
| Intangible assets | 4,066.8 | 3,914.4 | 4,918.2 | 4,573.1 | 4,946.8 |
| Total assets | 110,592.4 | 125,520.3 | 136,591.4 | 159,437.8 | 185,957.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 12,019.8 | 15,048.6 | 20,753.9 | 25,049.8 | 32,711.7 |
| Notes payable | 10,782.2 | 8,019.1 | 4,209.8 | 7,196.2 | 9,685.2 |
| Accounts payable | 14,610.9 | 12,002.5 | 12,041.5 | 18,209.0 | 24,101.3 |
| Contract liabilities | 2,359.5 | 431.0 | 867.7 | 1,274.8 | 2,735.5 |
| Other payables | 4,612.7 | 2,699.0 | 1,805.5 | 1,241.6 | 1,359.2 |
| Current portion of non-current liabilities | 5,757.9 | 8,155.9 | 9,000.2 | 11,522.5 | 11,117.7 |
| Long-term borrowings | 11,927.8 | 18,900.3 | 19,502.2 | 18,054.6 | 18,551.1 |
| Bonds payable | 6,323.8 | 6,631.7 | 6,940.1 | 500.9 | 3,415.7 |
| Total liabilities | 77,913.6 | 80,786.9 | 87,930.8 | 98,617.0 | 119,524.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,599.7 | 1,710.1 | 1,692.2 | 1,896.7 | 1,893.5 |
| Capital reserve | 10,398.5 | 16,052.8 | 15,394.8 | 22,818.0 | 23,745.5 |
| Retained earnings | 11,900.5 | 14,872.7 | 17,309.0 | 22,469.7 | 25,034.7 |
| Equity attributable to owners of the parent | 25,889.7 | 34,277.8 | 36,945.6 | 48,295.5 | 50,870.8 |
| Minority interests | 6,789.2 | 10,455.6 | 11,715.0 | 12,525.3 | 15,561.8 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 63,033.8 | 66,304.0 | 60,945.6 | 81,018.7 | 55,567.5 |
| Cost of sales | 51,313.7 | 56,948.8 | 50,445.7 | 66,865.1 | 44,679.1 |
| Selling expenses | 76.4 | 149.8 | 159.2 | 170.3 | 52.7 |
| Administrative expenses | 1,962.6 | 2,116.6 | 1,894.6 | 2,009.4 | 1,138.0 |
| Finance costs | 1,325.9 | 1,478.2 | 2,069.8 | 2,399.2 | 1,769.4 |
| Investment income | 1,359.7 | 857.4 | 1,361.8 | 0.0 | 532.2 |
| Operating profit | 6,074.8 | 4,815.2 | 5,658.5 | 8,383.6 | 6,293.4 |
| Profit before tax | 6,031.2 | 4,774.0 | 5,584.6 | 8,329.8 | 6,296.6 |
| Net profit | 5,704.4 | 4,505.1 | 5,158.5 | 7,520.3 | 5,167.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.93x | 1.01x | 1.03x | 0.95x | 0.97x |
| Quick ratio | 0.60x | 0.68x | 0.70x | 0.59x | 0.61x |
| Debt-to-asset ratio | 70.5% | 64.4% | 64.4% | 61.9% | 64.3% |
| Total debt / EBITDA | 3.83x | 5.03x | 4.90x | 3.75x | 5.53x |
| EBITDA interest coverage | 7.09x | 6.56x | 5.55x | 6.13x | 6.73x |
| Gross margin | 18.6% | 14.1% | 17.2% | 17.5% | 19.6% |
| Net margin | 9.0% | 6.8% | 8.5% | 9.3% | 9.3% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 5.2% | -8.1% | 32.9% | -31.4% |
| Net profit growth | — | -21.0% | 14.5% | 45.8% | -31.3% |
| Receivable days | 47 | 44 | 41 | 42 | 99 |
| Cash received / revenue | 94.0% | 95.4% | 107.5% | 97.4% | 106.4% |
| Operating CF / net profit | 0.51x | 0.77x | 2.41x | 0.53x | 0.42x |
| Free cash flow | 2,913.8 | -430.7 | 12,250.4 | 210.5 | -2,151.1 |
Mechanical risk flags
- ⚠ Current ratio: 0.95 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.59 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.62 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,947.1 vs -175.9 CNY mn (deviation 109.03%, severity mid)
Sources: 2023年年度报告.pdf p.115 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.106 「货币资金」. CF-statement figure above the balance-sheet movement by 2,123.0 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: 4,990.2 vs 4,191.6 CNY mn (deviation 16.0%, severity mid)
Sources: 2024年年度报告.pdf p.116 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.107 「货币资金」. CF-statement figure above the balance-sheet movement by 798.6 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: -4,287.6 vs -1,825.9 CNY mn (deviation 57.42%, severity mid)
Sources: 2025年年度报告.pdf p.97 「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 below the balance-sheet movement by 2,461.7 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: 3,632.7 vs 4,417.4 CNY mn (deviation 17.76%, severity mid)
Sources: 2026年半年度报告.pdf p.52 「五、现金及现金等价物净增加」 vs 2026年半年度报告.pdf p.42 「货币资金」. CF-statement figure below the balance-sheet movement by 784.7 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 | 17,625.6 | 2025年年度报告.pdf | 88 | 货币资金 | 17625647271.67 (元) |
| Total assets | 2025 | 159,437.8 | 2025年年度报告.pdf | 89 | 资产总计 | 159437759775.5 (元) |
| Accounts receivable | 2025 | 9,342.0 | 2025年年度报告.pdf | 88 | 应收账款 | 9342046846.38 (元) |
| Fixed assets | 2025 | 53,416.5 | 2025年年度报告.pdf | 88 | 固定资产 | 53416454130.68 (元) |
| Short-term borrowings | 2025 | 25,049.8 | 2025年年度报告.pdf | 89 | 短期借款 | 25049841189.68 (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.