Credit Brief — Jiangsu Eastern Shenghong Co., Ltd. (东方盛虹)
000301.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: 缪汉根
- Registered address: 江苏省苏州市吴江区盛泽镇登州路 289 号
- Office address: 江苏省苏州市吴江区盛泽镇登州路 289 号国家先进功能纤维创新中心研发大楼西楼
- Controlling shareholder: 江苏吴江丝绸集团有限公历次控股股东的变更情况 司
- Actual controller: 苏州市吴江区人民政府国有资产监督管理办公室
- Employees: 27,878
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 | 12,407.6 | 10,009.7 | 13,636.4 | 13,111.2 | 20,620.4 |
| Trading financial assets | 83.8 | 84.9 | 106.6 | 4.6 | 1.2 |
| Accounts receivable | 702.1 | 1,479.3 | 2,327.7 | 2,991.9 | 2,862.9 |
| Other receivables | 830.7 | 717.8 | 1,009.3 | 1,992.7 | 1,065.7 |
| Inventories | 17,540.7 | 18,208.2 | 16,873.2 | 17,037.5 | 15,240.1 |
| Long-term equity investments | 116.6 | 82.9 | 90.6 | 132.0 | 1,006.2 |
| Fixed assets | 43,198.5 | 123,427.6 | 127,298.5 | 140,663.0 | 138,026.7 |
| Construction in progress | 80,926.0 | 18,240.0 | 25,026.8 | 12,796.2 | 13,559.1 |
| Intangible assets | 4,509.8 | 4,895.4 | 4,886.2 | 4,776.9 | 4,750.3 |
| Total assets | 170,778.2 | 190,214.8 | 204,312.5 | 205,227.8 | 208,634.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 26,175.4 | 41,697.7 | 52,682.2 | 49,354.3 | 52,382.2 |
| Notes payable | 2,365.6 | 390.6 | 390.6 | 97.3 | 475.0 |
| Accounts payable | 13,684.4 | 15,950.7 | 14,250.8 | 14,679.6 | 11,879.4 |
| Contract liabilities | 1,401.4 | 2,272.6 | 2,484.5 | 2,305.0 | 1,976.7 |
| Other payables | 2,048.4 | 961.9 | 301.2 | 2,871.3 | 1,079.3 |
| Current portion of non-current liabilities | 9,854.2 | 12,950.0 | 20,569.2 | 23,427.2 | 33,702.7 |
| Long-term borrowings | 67,768.4 | 68,745.0 | 60,988.4 | 58,411.0 | 52,105.1 |
| Bonds payable | 4,143.1 | 4,367.9 | 4,569.5 | 4,761.2 | 0.0 |
| Total liabilities | 134,433.1 | 154,722.6 | 166,840.3 | 167,020.0 | 165,714.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 9,599.6 | 9,599.6 | 9,599.6 | 9,599.6 | 9,599.6 |
| Capital reserve | 18,689.8 | 17,742.1 | 19,278.8 | 19,307.6 | 19,537.5 |
| Retained earnings | 6,411.5 | 6,422.0 | 3,443.5 | 3,566.7 | 8,066.8 |
| Equity attributable to owners of the parent | 36,302.9 | 35,451.1 | 34,033.8 | 34,107.3 | 38,788.0 |
| Minority interests | 42.2 | 41.1 | 3,438.3 | 4,100.5 | 4,131.5 |
| Total equity | 36,345.1 | 35,492.2 | 37,472.1 | 38,207.8 | 42,919.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 63,872.9 | 140,439.7 | 137,674.6 | 125,587.3 | 69,924.4 |
| Cost of sales | 58,864.4 | 124,613.4 | 126,062.1 | 112,064.0 | 55,727.7 |
| Selling expenses | 191.2 | 334.2 | 334.4 | 317.9 | 173.0 |
| Administrative expenses | 676.2 | 864.4 | 1,081.2 | 1,029.0 | 527.2 |
| Finance costs | 1,988.3 | 3,493.9 | 4,873.8 | 4,555.0 | 2,219.5 |
| Investment income | -30.0 | -43.1 | 159.4 | 174.6 | 441.1 |
| Operating profit | 500.9 | 243.9 | -3,470.5 | -265.0 | 6,035.6 |
| Profit before tax | 531.8 | 311.0 | -3,713.7 | -253.0 | 5,919.1 |
| Net profit | 599.6 | 711.2 | -2,283.9 | 118.9 | 4,591.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.60x | 0.43x | 0.40x | 0.40x | 0.41x |
| Quick ratio | 0.29x | 0.19x | 0.22x | 0.22x | 0.26x |
| Debt-to-asset ratio | 78.7% | 81.3% | 81.7% | 81.4% | 79.4% |
| Total debt / EBITDA | 18.08x | 9.94x | 13.25x | 9.34x | 7.64x |
| EBITDA interest coverage | 3.00x | 3.68x | 2.15x | 3.19x | 8.15x |
| Gross margin | 7.8% | 11.3% | 8.4% | 10.8% | 20.3% |
| Net margin | 0.9% | 0.5% | -1.7% | 0.1% | 6.6% |
| Return on equity (ROE) | 1.6% | 2.0% | -6.1% | 0.3% | 10.7% |
| Revenue growth | — | 119.9% | -2.0% | -8.8% | -44.3% |
| Net profit growth | — | 18.6% | -421.1% | 105.2% | 3762.0% |
| Receivable days | 4 | 4 | 6 | 9 | 15 |
| Cash received / revenue | 108.0% | 110.8% | 123.6% | 131.3% | 125.5% |
| Operating CF / net profit | 2.90x | 11.73x | -4.59x | 135.02x | 3.95x |
| Free cash flow | -6,147.7 | 9,508.6 | 10,207.2 | 16,746.1 | 17,957.8 |
Mechanical risk flags
- ⚠ Current ratio: 0.40 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.22 (level: high, reference threshold: <0.5)
- ⚠ EBITDA interest coverage: 3.19 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -3,779.7 vs -2,397.9 CNY mn (deviation 36.56%, severity mid)
Sources: 2023年年度报告.pdf p.120 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.110 「货币资金」. CF-statement figure below the balance-sheet movement by 1,381.8 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: 5,623.4 vs 3,626.7 CNY mn (deviation 35.51%, severity mid)
Sources: 2024年年度报告.pdf p.102 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.93 「货币资金」. CF-statement figure above the balance-sheet movement by 1,996.7 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: -942.7 vs -525.2 CNY mn (deviation 44.29%, severity mid)
Sources: 2025年年度报告.pdf p.93 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.84 「货币资金」. CF-statement figure below the balance-sheet movement by 417.5 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: 8,107.5 vs 7,509.1 CNY mn (deviation 7.38%, 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 p.63 「货币资金」. CF-statement figure above the balance-sheet movement by 598.4 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 | 13,111.2 | 2025年年度报告.pdf | 84 | 货币资金 | 13111247176.85 (元) |
| Total assets | 2025 | 205,227.8 | 2025年年度报告.pdf | 85 | 资产总计 | 205227818129.13 (元) |
| Accounts receivable | 2025 | 2,991.9 | 2025年年度报告.pdf | 84 | 应收账款 | 2991851617.08 (元) |
| Fixed assets | 2025 | 140,663.0 | 2025年年度报告.pdf | 85 | 固定资产 | 140662956202.19 (元) |
| Short-term borrowings | 2025 | 49,354.3 | 2025年年度报告.pdf | 85 | 短期借款 | 49354274045.13 (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.