Credit Brief — Luxshare Precision Industry Co.,LTD. (立讯精密)
002475.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: 王来春
- Registered address: 深圳市宝安区沙井街道蚝一西部三洋新工业区 A 栋 2 层
- Office address: 广东省东莞市清溪镇北环路 313 号
- Controlling shareholder: 立讯有限公司
- Actual controller: 王来春、王来胜
- Employees: 416,197
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 | 19,367.2 | 33,619.5 | 48,359.7 | 61,159.2 | 71,812.4 |
| Trading financial assets | 1,353.3 | 1,720.8 | 1,403.1 | 2,842.1 | 3,541.7 |
| Accounts receivable | 26,043.4 | 23,504.5 | 32,561.1 | 48,438.8 | 47,666.3 |
| Other receivables | 431.1 | 322.4 | 916.8 | 1,909.3 | 1,254.5 |
| Inventories | 37,363.3 | 29,757.9 | 31,702.7 | 42,332.8 | 50,367.3 |
| Long-term equity investments | 2,000.0 | 4,232.9 | 7,488.3 | 12,009.7 | 14,896.2 |
| Fixed assets | 44,026.0 | 44,560.5 | 48,231.2 | 65,901.1 | 64,566.7 |
| Construction in progress | 2,695.4 | 2,226.2 | 5,379.2 | 4,290.3 | 5,206.1 |
| Intangible assets | 2,695.7 | 2,663.1 | 2,791.5 | 3,820.7 | 3,672.6 |
| Total assets | 148,384.3 | 161,992.1 | 223,827.6 | 306,537.7 | 349,889.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 14,911.9 | 20,514.2 | 35,313.1 | 60,137.7 | 93,569.4 |
| Notes payable | 515.1 | 492.6 | 878.3 | 3,102.1 | 2,101.9 |
| Accounts payable | 49,786.5 | 45,908.5 | 65,088.0 | 80,910.6 | 74,533.3 |
| Contract liabilities | 501.8 | 243.6 | 262.5 | 931.3 | 1,004.2 |
| Other payables | 472.9 | 406.7 | 502.4 | 2,320.7 | 2,108.9 |
| Current portion of non-current liabilities | 1,232.3 | 2,867.3 | 2,256.5 | 13,700.9 | 10,277.5 |
| Long-term borrowings | 9,205.3 | 12,038.8 | 19,619.7 | 16,442.0 | 24,543.0 |
| Bonds payable | 2,689.6 | 2,799.5 | 3,305.4 | 3,491.8 | 6,426.1 |
| Total liabilities | 89,600.4 | 91,707.2 | 139,140.5 | 202,517.4 | 235,963.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 7,099.9 | 7,148.2 | 7,236.5 | 7,284.4 | 7,315.3 |
| Capital reserve | 3,652.6 | 5,011.9 | 7,546.2 | 9,944.8 | 13,366.4 |
| Retained earnings | 32,288.4 | 42,027.0 | 53,101.1 | 66,620.6 | 73,445.2 |
| Equity attributable to owners of the parent | 45,342.9 | 56,310.2 | 69,327.0 | 84,921.1 | 93,607.1 |
| Minority interests | 13,441.0 | 13,974.7 | 15,360.1 | 19,099.1 | 20,318.7 |
| Total equity | 58,783.9 | 70,284.9 | 84,687.1 | 104,020.2 | 113,925.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 214,028.4 | 231,905.5 | 268,794.7 | 332,344.4 | 174,504.3 |
| Cost of sales | 187,928.9 | 205,041.3 | 240,809.4 | 292,755.9 | 153,950.3 |
| Selling expenses | 831.4 | 889.0 | 1,059.7 | 2,334.0 | 866.2 |
| Administrative expenses | 5,075.7 | 5,542.9 | 6,352.3 | 10,195.5 | 5,538.0 |
| Finance costs | 882.7 | 482.9 | -503.2 | 1,087.9 | 2,240.0 |
| Investment income | 998.3 | 1,771.3 | 4,546.9 | 6,764.0 | 4,288.7 |
| Operating profit | 11,154.5 | 12,859.9 | 16,141.9 | 19,156.1 | 9,491.6 |
| Profit before tax | 11,158.0 | 12,885.0 | 16,108.7 | 19,549.9 | 9,462.8 |
| Net profit | 10,490.7 | 12,243.2 | 14,579.0 | 18,170.2 | 8,525.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.18x | 1.26x | 1.22x | 1.11x | 1.13x |
| Quick ratio | 0.68x | 0.86x | 0.94x | 0.87x | 0.88x |
| Debt-to-asset ratio | 60.4% | 56.6% | 62.2% | 66.1% | 67.4% |
| Total debt / EBITDA | 1.84x | 2.30x | 3.01x | 3.69x | 8.22x |
| EBITDA interest coverage | 17.28x | 34.42x | 40.00x | 23.39x | 7.32x |
| Gross margin | 12.2% | 11.6% | 10.4% | 11.9% | 11.8% |
| Net margin | 4.9% | 5.3% | 5.4% | 5.5% | 4.9% |
| Return on equity (ROE) | 17.8% | 17.4% | 17.2% | 17.5% | 7.5% |
| Revenue growth | — | 8.4% | 15.9% | 23.6% | -47.5% |
| Net profit growth | — | 16.7% | 19.1% | 24.6% | -53.1% |
| Receivable days | 44 | 37 | 44 | 53 | 100 |
| Cash received / revenue | 108.1% | 100.9% | 97.1% | 97.1% | 100.1% |
| Operating CF / net profit | 1.21x | 2.25x | 1.86x | 0.95x | -0.29x |
| Free cash flow | -598.8 | 8,045.1 | -8,539.2 | -6,881.3 | -31,839.2 |
Mechanical risk flags
- ⚠ Current ratio: 1.11 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.87 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.66 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.12 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 12,371.7 vs 14,252.3 CNY mn (deviation 13.2%, severity mid)
Sources: 2023年年度报告.pdf p.121 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.116 「货币资金」. CF-statement figure below the balance-sheet movement by 1,880.6 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: 17,583.0 vs 14,740.1 CNY mn (deviation 16.17%, severity mid)
Sources: 2024年年度报告.pdf p.126 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.122 「货币资金」. CF-statement figure above the balance-sheet movement by 2,842.8 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: 12,073.5 vs 12,799.5 CNY mn (deviation 5.67%, severity mid)
Sources: 2025年年度报告.pdf p.120 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.116 「货币资金」. CF-statement figure below the balance-sheet movement by 726.0 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: 11,700.0 vs 10,653.2 CNY mn (deviation 8.95%, severity mid)
Sources: 2026年半年度报告.pdf p.64 「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 1,046.8 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 | 61,159.2 | 2025年年度报告.pdf | 116 | 货币资金 | 61159176580.35 (元) |
| Total assets | 2025 | 306,537.7 | 2025年年度报告.pdf | 116 | 资产总计 | 306537675786.42 (元) |
| Accounts receivable | 2025 | 48,438.8 | 2025年年度报告.pdf | 116 | 应收账款 | 48438796114.12 (元) |
| Fixed assets | 2025 | 65,901.1 | 2025年年度报告.pdf | 116 | 固定资产 | 65901073710.76 (元) |
| Short-term borrowings | 2025 | 60,137.7 | 2025年年度报告.pdf | 116 | 短期借款 | 60137739468.49 (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.