Credit Brief — Weichai Power Co., Ltd. (潍柴动力)
000338.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: 马常海
- Registered address: 山东省潍坊市高新技术产业开发区福寿东街 197 号甲
- Office address: 山东省潍坊市高新技术产业开发区福寿东街 197 号甲
- Employees: 101,440
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 | 70,841.7 | 92,856.9 | 72,066.9 | 68,712.7 | 77,543.0 |
| Trading financial assets | 11,864.0 | 11,422.4 | 16,488.5 | 14,791.7 | 15,604.4 |
| Accounts receivable | 21,418.5 | 23,754.0 | 30,877.2 | 34,355.1 | 40,745.0 |
| Other receivables | 1,260.8 | 1,131.3 | 1,356.0 | 1,412.4 | 1,702.4 |
| Inventories | 33,374.0 | 37,930.4 | 35,675.3 | 35,235.7 | 39,289.7 |
| Long-term equity investments | 5,340.6 | 5,174.6 | 4,914.6 | 5,435.2 | 5,956.3 |
| Fixed assets | 37,894.4 | 44,076.0 | 47,303.4 | 53,670.2 | 52,586.0 |
| Construction in progress | 7,980.4 | 7,450.8 | 6,500.4 | 4,668.1 | 4,425.2 |
| Intangible assets | 22,759.5 | 23,071.3 | 22,205.3 | 22,063.3 | 20,596.0 |
| Total assets | 293,666.1 | 334,247.2 | 343,879.4 | 367,475.6 | 380,163.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,609.1 | 2,046.8 | 1,741.8 | 2,872.5 | 1,545.6 |
| Notes payable | 22,024.8 | 27,626.8 | 34,125.9 | 36,120.1 | 44,200.7 |
| Accounts payable | 45,560.1 | 60,126.8 | 58,033.0 | 68,036.6 | 73,921.8 |
| Contract liabilities | 13,086.8 | 15,234.5 | 13,914.2 | 13,064.1 | 15,370.5 |
| Other payables | 8,190.9 | 7,907.8 | 8,636.5 | 8,359.2 | 10,152.2 |
| Current portion of non-current liabilities | 11,215.2 | 14,902.4 | 21,030.6 | 13,042.1 | 10,745.4 |
| Long-term borrowings | 22,782.3 | 17,907.6 | 8,516.6 | 11,052.4 | 9,805.2 |
| Bonds payable | 6,057.0 | 8,837.4 | 7,116.6 | 7,195.5 | 10,414.7 |
| Total liabilities | 189,555.4 | 221,561.5 | 221,920.8 | 236,413.6 | 245,162.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 8,726.6 | 8,726.6 | 8,726.6 | 8,713.6 | 8,662.1 |
| Capital reserve | 11,350.2 | 11,012.8 | 11,218.1 | 11,777.6 | 11,083.6 |
| Retained earnings | 50,330.4 | 55,183.9 | 59,850.0 | 63,797.7 | 68,267.5 |
| Equity attributable to owners of the parent | 73,184.3 | 79,335.2 | 86,696.4 | 93,190.2 | 96,101.7 |
| Minority interests | 30,926.4 | 33,350.5 | 35,262.3 | 37,871.8 | 38,899.0 |
| Total equity | 104,110.7 | 112,685.7 | 121,958.7 | 131,062.0 | 135,000.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 175,157.5 | 213,958.5 | 215,690.5 | 231,809.3 | 123,163.0 |
| Cost of sales | 144,010.6 | 168,842.3 | 167,304.9 | 182,027.3 | 96,727.4 |
| Selling expenses | 10,661.2 | 13,410.1 | 12,485.2 | 13,621.5 | 6,027.1 |
| Administrative expenses | 8,092.3 | 9,456.6 | 10,259.5 | 12,000.8 | 5,496.1 |
| Finance costs | -908.6 | 560.3 | 230.7 | -453.9 | 646.5 |
| Investment income | 243.0 | 746.1 | 420.7 | 450.1 | 1,513.7 |
| Operating profit | 5,834.0 | 12,905.2 | 17,428.0 | 16,073.6 | 11,169.9 |
| Profit before tax | 6,085.2 | 13,151.3 | 17,321.5 | 16,213.9 | 11,375.1 |
| Net profit | 5,682.7 | 11,211.6 | 14,277.7 | 13,680.3 | 9,539.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.41x | 1.35x | 1.19x | 1.15x | 1.17x |
| Quick ratio | 1.13x | 1.09x | 0.96x | 0.94x | 0.95x |
| Debt-to-asset ratio | 64.5% | 66.3% | 64.5% | 64.3% | 64.5% |
| Total debt / EBITDA | 3.40x | 2.10x | 1.49x | 1.36x | 1.76x |
| EBITDA interest coverage | 14.47x | 37.07x | 111.64x | 55.27x | 28.58x |
| Gross margin | 17.8% | 21.1% | 22.4% | 21.5% | 21.5% |
| Net margin | 3.2% | 5.2% | 6.6% | 5.9% | 7.7% |
| Return on equity (ROE) | 5.5% | 9.9% | 11.7% | 10.4% | 7.1% |
| Revenue growth | — | 22.2% | 0.8% | 7.5% | -46.9% |
| Net profit growth | — | 97.3% | 27.3% | -4.2% | -30.3% |
| Receivable days | 45 | 41 | 52 | 54 | 121 |
| Cash received / revenue | 96.7% | 101.3% | 103.1% | 103.5% | 105.6% |
| Operating CF / net profit | -0.41x | 2.45x | 1.83x | 2.10x | 1.19x |
| Free cash flow | -7,937.3 | 23,838.5 | 16,924.0 | 21,624.7 | 1,072.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.15 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.94 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 8,859.2 vs 22,015.2 CNY mn (deviation 59.76%, severity mid)
Sources: 2023年年度报告.pdf p.98 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.89 「货币资金」. CF-statement figure below the balance-sheet movement by 13,155.9 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: -16,666.2 vs -20,789.9 CNY mn (deviation 19.84%, severity mid)
Sources: 2024年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.86 「货币资金」. CF-statement figure above the balance-sheet movement by 4,123.7 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: -5,837.6 vs -3,354.3 CNY mn (deviation 42.54%, severity mid)
Sources: 2025年年度报告.pdf p.87 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.78 「货币资金」. CF-statement figure below the balance-sheet movement by 2,483.3 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: -2,629.9 vs 8,830.4 CNY mn (deviation 129.78%, severity mid)
Sources: 2026年半年度报告.pdf p.51 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.43 「货币资金」. CF-statement figure below the balance-sheet movement by 11,460.3 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 | 68,712.7 | 2025年年度报告.pdf | 78 | 货币资金 | 68712656654.45 (元) |
| Total assets | 2025 | 367,475.6 | 2025年年度报告.pdf | 79 | 资产总计 | 367475596673.66 (元) |
| Accounts receivable | 2025 | 34,355.1 | 2025年年度报告.pdf | 78 | 应收账款 | 34355085460.01 (元) |
| Fixed assets | 2025 | 53,670.2 | 2025年年度报告.pdf | 79 | 固定资产 | 53670234544.94 (元) |
| Short-term borrowings | 2025 | 2,872.5 | 2025年年度报告.pdf | 79 | 短期借款 | 2872538288.49 (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.