Credit Brief — ZTE Corporation (中兴通讯)
000063.SZ · Shenzhen Main Board · Data window: 2023–2026 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
- Office address: 中国广东省深圳市
- Controlling shareholder: 中兴新
- Actual controller: None (stated in the filed report)
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
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 78,543.2 | 43,885.3 | 33,751.1 | 24,647.4 |
| Trading financial assets | 153.3 | 13,768.8 | 17,396.4 | 25,972.7 |
| Accounts receivable | 20,821.5 | 21,288.4 | 21,670.1 | 30,619.9 |
| Other receivables | 1,146.4 | 2,597.6 | 2,392.6 | 2,636.2 |
| Inventories | 41,131.3 | 41,257.7 | 47,017.1 | 54,645.6 |
| Long-term equity investments | 2,157.6 | 2,333.8 | 2,578.3 | 2,938.3 |
| Fixed assets | 13,372.4 | 14,178.4 | 13,421.9 | 13,440.5 |
| Construction in progress | 987.8 | 685.4 | 798.2 | 845.7 |
| Intangible assets | 7,697.4 | 7,159.2 | 6,016.7 | 6,646.0 |
| Total assets | 200,958.3 | 207,323.2 | 217,739.4 | 240,547.5 |
Liabilities
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 7,560.4 | 7,027.1 | 3,628.7 | 3,847.4 |
| Notes payable | 9,442.7 | 10,959.3 | 15,270.4 | 25,088.9 |
| Accounts payable | 18,931.4 | 22,371.8 | 18,766.8 | 26,791.8 |
| Contract liabilities | 14,889.7 | 12,859.4 | 15,600.7 | 16,348.8 |
| Other payables | 3,844.7 | 3,237.0 | 2,828.8 | 4,403.4 |
| Current portion of non-current liabilities | 3,001.6 | 5,592.7 | 7,900.4 | 11,625.4 |
| Long-term borrowings | 42,576.1 | 44,058.9 | 45,712.5 | 42,719.3 |
| Bonds payable | 0.0 | 1,004.9 | 7,809.7 | 10,213.7 |
| Total liabilities | 132,626.9 | 134,212.9 | 142,098.1 | 163,424.1 |
Equity
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 4,783.3 | 4,783.5 | 4,783.5 | 4,783.5 |
| Capital reserve | 27,603.3 | 27,476.1 | 27,474.4 | 27,501.8 |
| Retained earnings | 34,715.0 | 39,872.6 | 42,538.9 | 43,334.6 |
| Equity attributable to owners of the parent | — | — | — | 76,976.3 |
| Minority interests | 323.1 | 301.8 | 215.6 | 147.1 |
| Total equity | 68,331.4 | 73,110.3 | 75,641.2 | 77,123.4 |
Income statement
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 124,250.9 | 121,298.8 | 133,895.5 | 78,025.4 |
| Cost of sales | 72,650.3 | 75,311.1 | 93,391.3 | 58,140.7 |
| Selling expenses | 10,171.9 | 8,900.5 | 9,223.5 | 3,998.7 |
| Administrative expenses | 5,631.8 | 4,477.0 | 4,219.8 | 2,148.9 |
| Finance costs | 163.2 | 0.0 | 0.0 | — |
| Investment income | 112.4 | 112.4 | 452.6 | 471.3 |
| Operating profit | 10,258.4 | 9,342.2 | 6,361.8 | 3,139.4 |
| Profit before tax | 10,203.1 | 9,229.6 | 6,302.9 | 3,137.9 |
| Net profit | 9,240.8 | 8,355.6 | 5,565.1 | 2,785.1 |
5. Ratios
| Ratio | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 1.91x | 1.72x | 1.76x | 1.71x |
| Quick ratio | 1.41x | 1.22x | 1.18x | 1.19x |
| Debt-to-asset ratio | 66.0% | 64.7% | 65.3% | 67.9% |
| Total debt / EBITDA | 3.62x | 4.11x | 5.76x | 11.49x |
| EBITDA interest coverage | 4.67x | 4.07x | 3.01x | 3.86x |
| Gross margin | 41.5% | 37.9% | 30.3% | 25.5% |
| Net margin | 7.4% | 6.9% | 4.2% | 3.6% |
| Return on equity (ROE) | 13.5% | 11.4% | 7.4% | 3.6% |
| Revenue growth | — | -2.4% | 10.4% | -41.7% |
| Net profit growth | — | -9.6% | -33.4% | -50.0% |
| Receivable days | 61 | 64 | 59 | 143 |
| Cash received / revenue | 103.2% | 105.5% | 110.1% | 96.5% |
| Operating CF / net profit | 1.88x | 1.37x | 0.70x | 0.00x |
| Free cash flow | 17,405.7 | 11,479.8 | 3,918.7 | 0.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.65 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: 3.01 (level: medium, reference threshold: <5.0)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 112.4 vs 1,087.5 CNY mn (deviation 89.66%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 975.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
7 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; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 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 | 33,751.1 | 2025年年度报告.pdf | 99 | 货币资金 | 33751116.0 (千元) |
| Total assets | 2025 | 217,739.4 | 2025年年度报告.pdf | 99 | 资产总计 | 217739375.0 (千元) |
| Accounts receivable | 2025 | 21,670.1 | 2025年年度报告.pdf | 99 | 应收账款 | 21670066.0 (千元) |
| Fixed assets | 2025 | 13,421.9 | 2025年年度报告.pdf | 99 | 固定资产 | 13421946.0 (千元) |
| Short-term borrowings | 2025 | 3,628.7 | 2025年年度报告.pdf | 100 | 短期借款 | 3628665.0 (千元) |
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.