Credit Brief — XCMG Construction Machinery Co.,Ltd. (徐工机械)
000425.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: 杨东升
- Registered address: 江苏省徐州经济技术开发区驮篮山路 26 号
- Office address: 江苏省徐州经济技术开发区驮篮山路 26 号
- Controlling shareholder: 徐州工程机械集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 30,485
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 | 27,826.8 | 23,371.0 | 20,205.1 | 22,138.7 | 21,406.4 |
| Trading financial assets | 6,653.1 | 39.2 | 39.6 | 79.2 | 93.7 |
| Accounts receivable | 40,456.6 | 39,997.6 | 39,776.2 | 40,803.0 | 47,482.9 |
| Other receivables | 1,912.5 | 2,071.5 | 2,971.6 | 2,082.1 | 2,486.9 |
| Inventories | 35,099.5 | 32,378.4 | 32,543.5 | 39,149.8 | 37,983.3 |
| Long-term equity investments | 2,372.8 | 4,510.0 | 3,903.9 | 4,092.7 | 4,230.2 |
| Fixed assets | 18,956.3 | 22,510.3 | 24,431.4 | 24,166.8 | 23,162.7 |
| Construction in progress | 2,894.0 | 2,923.1 | 2,017.7 | 1,673.6 | 1,913.5 |
| Intangible assets | 6,443.4 | 7,373.7 | 8,622.5 | 9,944.9 | 9,840.0 |
| Total assets | 175,159.0 | 161,994.6 | 160,969.8 | 172,078.7 | 178,996.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 17,598.2 | 13,526.3 | 13,685.6 | 22,273.8 | 26,139.9 |
| Notes payable | 24,677.6 | 20,880.4 | 19,141.8 | 26,036.5 | 26,621.0 |
| Accounts payable | 25,705.7 | 20,963.5 | 22,224.1 | 24,127.1 | 28,375.4 |
| Contract liabilities | 4,967.3 | 4,708.0 | 4,922.8 | 6,357.5 | 4,708.5 |
| Other payables | 5,255.2 | 7,035.7 | 5,568.7 | 5,822.9 | 6,331.5 |
| Current portion of non-current liabilities | 10,178.3 | 15,600.8 | 11,517.2 | 11,768.7 | 9,119.6 |
| Long-term borrowings | 15,506.9 | 12,515.2 | 12,634.5 | 5,127.9 | 3,111.9 |
| Bonds payable | 2,715.2 | 1,998.1 | 5,196.8 | 3,198.3 | 3,198.5 |
| Total liabilities | 120,497.3 | 104,507.6 | 100,508.1 | 110,147.5 | 112,950.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 11,816.2 | 11,816.2 | 11,816.2 | 11,753.0 | 11,711.2 |
| Capital reserve | 16,784.1 | 16,395.3 | 16,367.2 | 15,310.7 | 14,252.6 |
| Retained earnings | 22,574.2 | 25,797.3 | 29,374.6 | 33,751.8 | 37,713.9 |
| Equity attributable to owners of the parent | 53,259.4 | 56,144.7 | 59,308.7 | 60,460.7 | 64,557.3 |
| Minority interests | 1,402.3 | 1,342.3 | 1,153.0 | 1,470.6 | 1,488.4 |
| Total equity | 54,661.7 | 57,487.0 | 60,461.7 | 61,931.2 | 66,045.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 93,817.1 | 92,848.2 | 91,659.8 | 100,822.9 | 61,247.0 |
| Cost of sales | 74,855.2 | 72,064.3 | 70,990.8 | 78,028.9 | 47,700.0 |
| Selling expenses | 6,765.5 | 6,702.5 | 5,309.5 | 5,779.2 | 2,668.3 |
| Administrative expenses | 2,284.6 | 2,705.8 | 2,817.2 | 3,086.3 | 1,698.7 |
| Finance costs | -210.6 | 726.0 | 1,934.5 | 716.4 | 1,600.3 |
| Investment income | 194.4 | -3.8 | -56.6 | -237.4 | -333.7 |
| Operating profit | 5,082.8 | 5,640.5 | 6,529.3 | 7,319.4 | 4,531.2 |
| Profit before tax | 5,012.7 | 5,677.6 | 6,582.2 | 7,258.2 | 4,534.0 |
| Net profit | 4,301.7 | 5,236.1 | 5,983.5 | 6,685.9 | 4,005.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.34x | 1.29x | 1.35x | 1.20x | 1.20x |
| Quick ratio | 0.97x | 0.91x | 0.95x | 0.80x | 0.83x |
| Debt-to-asset ratio | 68.8% | 64.5% | 62.4% | 64.0% | 63.1% |
| Total debt / EBITDA | 5.91x | 4.86x | 3.88x | 3.90x | 4.90x |
| EBITDA interest coverage | 36.97x | 12.37x | 5.74x | 15.17x | 5.30x |
| Gross margin | 20.2% | 22.4% | 22.5% | 22.6% | 22.1% |
| Net margin | 4.6% | 5.6% | 6.5% | 6.6% | 6.5% |
| Return on equity (ROE) | 7.9% | 9.1% | 9.9% | 10.8% | 6.1% |
| Revenue growth | — | -1.0% | -1.3% | 10.0% | -39.3% |
| Net profit growth | — | 21.7% | 14.3% | 11.7% | -40.1% |
| Receivable days | 157 | 157 | 158 | 148 | 283 |
| Cash received / revenue | 111.5% | 111.7% | 109.0% | 112.8% | 91.7% |
| Operating CF / net profit | 0.37x | 0.68x | 0.96x | 2.12x | 1.04x |
| Free cash flow | 1,968.5 | 4,537.2 | 2,797.8 | 13,881.8 | 4,052.1 |
Mechanical risk flags
- ⚠ Current ratio: 1.20 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.80 (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: -2,973.5 vs -4,455.8 CNY mn (deviation 33.27%, severity mid)
Sources: 2023年年度报告.pdf p.123 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.114 「货币资金」. CF-statement figure above the balance-sheet movement by 1,482.3 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: -2,958.2 vs -3,165.9 CNY mn (deviation 6.56%, severity mid)
Sources: 2024年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.110 「货币资金」. CF-statement figure above the balance-sheet movement by 207.7 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: 1,818.7 vs 1,933.7 CNY mn (deviation 5.95%, severity mid)
Sources: 2025年年度报告.pdf p.116 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.107 「货币资金」. CF-statement figure below the balance-sheet movement by 115.0 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: -1,781.7 vs -732.4 CNY mn (deviation 58.89%, severity mid)
Sources: 2026年半年度报告.pdf p.66 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.57 「货币资金」. CF-statement figure below the balance-sheet movement by 1,049.3 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 | 22,138.7 | 2025年年度报告.pdf | 107 | 货币资金 | 22138734405.75 (元) |
| Total assets | 2025 | 172,078.7 | 2025年年度报告.pdf | 108 | 资产总计 | 172078712755.41 (元) |
| Accounts receivable | 2025 | 40,803.0 | 2025年年度报告.pdf | 107 | 应收账款 | 40802997000.93 (元) |
| Fixed assets | 2025 | 24,166.8 | 2025年年度报告.pdf | 107 | 固定资产 | 24166786589.43 (元) |
| Short-term borrowings | 2025 | 22,273.8 | 2025年年度报告.pdf | 108 | 短期借款 | 22273835880.27 (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.