Credit Brief — Zoomlion Heavy Industry Science And Technology Co.,Ltd (中联重科)
000157.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: 詹纯新
- Registered address: 湖南省长沙市银盆南路 361 号
- Office address: 湖南省长沙市银盆南路 361 号
- Controlling shareholder: 长沙建设机械研究院有 限责任公司
- Actual controller: None (stated in the filed report)
- Employees: 35,344
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 | 15,498.5 | 15,870.4 | 13,720.0 | 13,781.7 | 18,068.3 |
| Trading financial assets | 4,010.6 | 1,767.2 | 1,622.3 | 2,070.5 | 2,555.4 |
| Accounts receivable | 27,915.3 | 24,612.2 | 24,507.7 | 34,574.4 | 37,877.0 |
| Other receivables | 684.9 | 704.8 | 875.9 | 1,126.3 | 1,344.5 |
| Inventories | 14,202.6 | 22,503.5 | 22,563.6 | 20,516.5 | 26,380.4 |
| Long-term equity investments | 4,475.8 | 4,497.0 | 4,484.5 | 4,078.6 | 2,976.8 |
| Fixed assets | 10,418.5 | 10,935.4 | 11,285.9 | 13,837.2 | 14,540.4 |
| Construction in progress | 3,373.3 | 5,673.9 | 8,676.8 | 7,259.3 | 7,100.3 |
| Intangible assets | 5,325.6 | 5,085.1 | 5,026.1 | 4,647.2 | 4,601.6 |
| Total assets | 123,553.0 | 130,862.4 | 123,745.7 | 133,141.1 | 144,516.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 6,200.6 | 5,654.5 | 1,426.4 | 3,219.8 | 4,131.3 |
| Notes payable | 8,159.0 | 11,835.6 | 7,882.7 | 9,451.6 | 11,417.3 |
| Accounts payable | 13,074.7 | 11,214.6 | 8,830.2 | 10,994.0 | 13,931.2 |
| Contract liabilities | 1,891.9 | 1,816.9 | 1,900.7 | 1,437.1 | 1,517.5 |
| Other payables | 6,584.4 | 6,639.3 | 5,840.9 | 8,876.3 | 8,627.2 |
| Current portion of non-current liabilities | 4,990.7 | 1,890.9 | 9,608.6 | 7,935.2 | 6,528.7 |
| Long-term borrowings | 10,937.0 | 14,944.4 | 15,412.2 | 19,979.8 | 18,541.5 |
| Bonds payable | 25.3 | — | 0.0 | — | 7,923.5 |
| Total liabilities | 66,577.8 | 71,695.1 | 63,907.6 | 73,268.3 | 84,701.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 8,678.0 | 8,678.0 | 8,678.0 | 8,648.5 | 8,648.5 |
| Capital reserve | 19,625.1 | 18,725.1 | 19,195.0 | 19,144.0 | 19,214.1 |
| Retained earnings | 24,901.7 | 25,734.1 | 26,477.2 | 27,002.3 | 27,374.7 |
| Equity attributable to owners of the parent | 54,741.1 | 56,407.0 | 57,137.1 | 57,568.4 | 57,649.8 |
| Minority interests | 2,234.1 | 2,760.3 | 2,701.0 | 2,304.4 | 2,165.7 |
| Total equity | 56,975.2 | 59,167.3 | 59,838.0 | 59,872.8 | 59,815.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 41,631.5 | 47,074.9 | 45,478.2 | 52,107.1 | 27,135.0 |
| Cost of sales | 32,543.1 | 34,109.3 | 32,668.2 | 37,496.8 | 19,856.9 |
| Selling expenses | 2,635.4 | 3,557.4 | 3,720.7 | 4,537.0 | 2,492.3 |
| Administrative expenses | 1,574.1 | 1,903.6 | 2,241.9 | 2,057.4 | 1,017.4 |
| Finance costs | -265.2 | -260.5 | 56.4 | 202.6 | 924.1 |
| Investment income | 309.4 | -2.2 | -15.6 | 287.2 | 690.8 |
| Operating profit | 2,386.3 | 4,152.5 | 4,325.6 | 5,712.4 | 2,386.0 |
| Profit before tax | 2,470.7 | 4,227.6 | 4,383.1 | 5,873.6 | 2,460.6 |
| Net profit | 2,384.6 | 3,770.9 | 4,008.8 | 5,106.9 | 2,135.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.52x | 1.56x | 1.73x | 1.72x | 1.75x |
| Quick ratio | 1.23x | 1.11x | 1.21x | 1.30x | 1.27x |
| Debt-to-asset ratio | 53.9% | 54.8% | 51.6% | 55.0% | 58.6% |
| Total debt / EBITDA | 5.03x | 3.79x | 4.31x | 4.02x | 9.09x |
| EBITDA interest coverage | 4.70x | 8.60x | 108.75x | 38.24x | 10.89x |
| Gross margin | 21.8% | 27.5% | 28.2% | 28.0% | 26.8% |
| Net margin | 5.7% | 8.0% | 8.8% | 9.8% | 7.9% |
| Return on equity (ROE) | 4.2% | 6.4% | 6.7% | 8.5% | 3.6% |
| Revenue growth | — | 13.1% | -3.4% | 14.6% | -47.9% |
| Net profit growth | — | 58.1% | 6.3% | 27.4% | -58.2% |
| Receivable days | 245 | 191 | 197 | 242 | 509 |
| Cash received / revenue | 111.3% | 107.0% | 120.3% | 99.9% | 103.8% |
| Operating CF / net profit | 1.02x | 0.72x | 0.53x | 0.95x | 1.13x |
| Free cash flow | 2,992.0 | 2,434.2 | -85.9 | -1,223.3 | 3,355.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.55 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -185.1 vs 371.9 CNY mn (deviation 149.77%, severity mid)
Sources: 2023年年度报告.pdf p.170 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.162 「货币资金」. CF-statement figure below the balance-sheet movement by 557.0 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: -1,450.4 vs -2,150.4 CNY mn (deviation 32.55%, severity mid)
Sources: 2024年年度报告.pdf p.177 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.168 「货币资金」. CF-statement figure above the balance-sheet movement by 700.0 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: -283.4 vs 61.7 CNY mn (deviation 121.78%, severity mid)
Sources: 2025年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.124 「货币资金」. CF-statement figure below the balance-sheet movement by 345.1 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: 3,896.9 vs 4,286.6 CNY mn (deviation 9.09%, severity mid)
Sources: 2026年半年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf 「货币资金」. CF-statement figure below the balance-sheet movement by 389.7 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 | 13,781.7 | 2025年年度报告.pdf | 124 | 货币资金 | 13781732190.59 (元) |
| Total assets | 2025 | 133,141.1 | 2025年年度报告.pdf | 125 | 资产总计 | 133141069402.05 (元) |
| Accounts receivable | 2025 | 34,574.4 | 2025年年度报告.pdf | 124 | 应收账款 | 34574383486.93 (元) |
| Fixed assets | 2025 | 13,837.2 | 2025年年度报告.pdf | 124 | 固定资产 | 13837233638.8 (元) |
| Short-term borrowings | 2025 | 3,219.8 | 2025年年度报告.pdf | 125 | 短期借款 | 3219752689.6 (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.