Credit Brief — LONGi Green Energy Technology Co.,Ltd. (隆基绿能)
601012.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: 钟宝申
- Registered address: 西安市长安区航天中路388号
- Office address: 西安市经济技术开发区尚苑路8369号
- Controlling shareholder: 李振国、李喜燕
- Actual controller: 李振国(持股比例 14.083%)和李喜燕(持股比例 5.022%)夫妇
- Employees: 32,775
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 | 54,372.0 | 57,001.2 | 53,156.8 | 55,472.9 | 48,627.0 |
| Trading financial assets | — | 30.8 | 20.3 | 275.1 | 4.9 |
| Accounts receivable | 9,075.7 | 10,855.8 | 13,940.7 | 11,551.1 | 9,652.3 |
| Other receivables | 467.1 | 314.4 | 286.7 | 237.6 | 362.4 |
| Inventories | 19,317.6 | 21,539.6 | 13,382.2 | 14,541.7 | 18,903.8 |
| Long-term equity investments | 9,698.5 | 9,292.9 | 8,727.6 | 7,419.1 | 6,798.8 |
| Fixed assets | 25,146.9 | 37,058.8 | 36,201.2 | 35,592.2 | 32,164.0 |
| Construction in progress | 5,367.9 | 6,278.7 | 4,406.4 | 3,939.4 | 4,771.8 |
| Intangible assets | 565.6 | 1,041.3 | 1,062.1 | 1,087.0 | 1,259.5 |
| Total assets | 139,555.6 | 163,969.2 | 152,844.6 | 153,803.6 | 147,466.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 78.6 | — | 300.2 | 300.2 | 1,012.6 |
| Notes payable | 20,052.2 | 20,353.6 | 17,227.1 | 9,415.4 | 5,600.6 |
| Accounts payable | 13,535.4 | 20,734.9 | 19,845.9 | 32,550.4 | 29,602.2 |
| Contract liabilities | 14,691.0 | 10,465.5 | 6,311.3 | 6,656.0 | 8,212.4 |
| Other payables | 7,704.3 | 14,234.1 | 12,198.8 | 8,857.0 | 7,688.2 |
| Current portion of non-current liabilities | 679.3 | 1,502.1 | 1,902.0 | 10,325.2 | 14,223.2 |
| Long-term borrowings | 2,912.0 | 5,274.2 | 13,949.1 | 6,825.3 | 4,497.3 |
| Bonds payable | 6,614.2 | 6,804.2 | 6,973.4 | 9,510.1 | 9,573.0 |
| Total liabilities | 77,301.3 | 93,257.2 | 91,443.9 | 99,092.7 | 97,411.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 7,581.7 | 7,578.0 | 7,578.0 | 7,578.1 | 7,578.1 |
| Capital reserve | 12,064.3 | 12,449.4 | 12,998.9 | 12,939.3 | 11,291.1 |
| Retained earnings | 39,441.9 | 45,958.5 | 36,053.6 | 29,751.8 | 26,067.7 |
| Equity attributable to owners of the parent | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Minority interests | 107.5 | 219.7 | 505.4 | 435.3 | 1,432.9 |
| Total equity | 62,254.3 | 70,712.0 | 60,895.3 | 54,275.6 | 48,622.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 128,998.1 | 129,497.7 | 82,582.3 | 70,347.0 | 27,045.2 |
| Cost of sales | 109,164.1 | 105,852.2 | 76,439.8 | 69,777.4 | 26,682.6 |
| Selling expenses | 3,282.9 | 3,030.0 | 2,905.8 | 2,035.4 | 973.9 |
| Administrative expenses | 2,932.8 | 4,915.4 | 3,430.1 | 2,618.2 | 1,298.3 |
| Finance costs | -1,840.9 | -1,831.9 | -237.2 | 116.5 | 1,033.2 |
| Investment income | 4,931.2 | 3,475.9 | 128.7 | 393.8 | -238.2 |
| Operating profit | 16,657.7 | 12,113.2 | -9,755.0 | -7,344.4 | -4,060.4 |
| Profit before tax | 16,404.6 | 11,989.2 | 10,205.9 | -7,561.6 | -4,098.1 |
| Net profit | 14,762.8 | 10,686.7 | -8,677.5 | -6,509.7 | -3,843.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.50x | 1.40x | 1.49x | 1.29x | 1.28x |
| Quick ratio | 1.18x | 1.09x | 1.27x | 1.08x | 1.00x |
| Debt-to-asset ratio | 55.4% | 56.9% | 59.8% | 64.4% | 66.1% |
| Total debt / EBITDA | 0.51x | 0.82x | -3.13x | -5.50x | -39.05x |
| EBITDA interest coverage | 10.88x | 8.99x | -31.12x | -42.04x | -0.73x |
| Gross margin | 15.4% | 18.3% | 7.4% | 0.8% | 1.3% |
| Net margin | 11.4% | 8.3% | -10.5% | -9.3% | -14.2% |
| Return on equity (ROE) | 23.7% | 15.1% | -14.2% | -12.0% | -7.9% |
| Revenue growth | — | 0.4% | -36.2% | -14.8% | -61.6% |
| Net profit growth | — | -27.6% | -181.2% | 25.0% | 41.0% |
| Receivable days | 26 | 31 | 62 | 60 | 130 |
| Cash received / revenue | 77.5% | 72.8% | 77.8% | 83.4% | 94.8% |
| Operating CF / net profit | 1.65x | 0.76x | 0.54x | -0.67x | 1.51x |
| Free cash flow | 19,318.8 | 2,481.0 | -11,956.9 | -749.6 | -7,151.6 |
Mechanical risk flags
- ⚠ Current ratio: 1.29 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: -42.04 (level: high, reference threshold: <2.0)
- ⚠ Gross margin: 0.01 (level: high, reference threshold: <0.05)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 3,030.0 vs 2,670.1 CNY mn (deviation 11.88%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 359.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 66.67%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 10,205.9 vs -10,205.9 CNY mn (deviation 200.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 20,411.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,319.4 vs 2,629.1 CNY mn (deviation 20.79%, severity mid)
Sources: 2023年年度报告.pdf p.131 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.121 「货币资金」. CF-statement figure above the balance-sheet movement by 690.3 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: -3,474.1 vs -3,844.4 CNY mn (deviation 9.63%, severity mid)
Sources: 2024年年度报告.pdf p.124 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.118 「货币资金」. CF-statement figure above the balance-sheet movement by 370.3 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: 2,402.0 vs 2,316.2 CNY mn (deviation 3.58%, severity mid)
Sources: 2025年年度报告.pdf p.125 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.119 「货币资金」. CF-statement figure above the balance-sheet movement by 85.9 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: -6,771.5 vs -6,846.0 CNY mn (deviation 1.09%, severity mid)
Sources: 2026年半年度报告.pdf p.69 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.63 「货币资金」. CF-statement figure above the balance-sheet movement by 74.5 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 | 55,472.9 | 2025年年度报告.pdf | 119 | 货币资金 | 55472934100.37 (元) |
| Total assets | 2025 | 153,803.6 | 2025年年度报告.pdf | 119 | 资产总计 | 153803608808.29 (元) |
| Accounts receivable | 2025 | 11,551.1 | 2025年年度报告.pdf | 119 | 应收账款 | 11551104332.65 (元) |
| Fixed assets | 2025 | 35,592.2 | 2025年年度报告.pdf | 119 | 固定资产 | 35592220898.43 (元) |
| Short-term borrowings | 2025 | 300.2 | 2025年年度报告.pdf | 119 | 短期借款 | 300193416.63 (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.