Credit Brief — ANHUI GUJING DISTILLERY COMPANY LIMITED (古井贡酒)
000596.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: 梁金辉
- Registered address: 安徽省亳州市古井镇
- Office address: 安徽省亳州市古井镇古井产业园
- Controlling shareholder: 投资性主体的特殊规定 如果母公司是投资性主体
- Employees: 13,596
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 | 13,772.6 | 15,966.4 | 15,894.1 | 14,187.5 | 13,301.6 |
| Trading financial assets | 1,782.7 | 720.0 | 60.2 | 0.0 | 602.7 |
| Accounts receivable | 62.7 | 68.6 | 69.8 | 54.0 | 39.6 |
| Other receivables | 73.3 | 49.2 | 86.9 | 45.7 | 53.9 |
| Inventories | 6,058.1 | 7,519.7 | 9,264.2 | 10,739.8 | 10,795.2 |
| Long-term equity investments | 10.2 | 10.4 | 11.7 | 11.6 | 14.3 |
| Fixed assets | 2,741.8 | 4,596.0 | 7,897.0 | 9,122.0 | 8,951.2 |
| Construction in progress | 2,454.7 | 2,910.7 | 1,038.8 | 160.3 | 158.7 |
| Intangible assets | 1,108.1 | 1,123.2 | 1,129.3 | 1,133.5 | 1,115.9 |
| Total assets | 29,789.8 | 35,420.9 | 40,522.4 | 38,197.0 | 38,438.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 83.2 | 0.0 | 50.0 | 184.8 | 129.1 |
| Notes payable | 695.7 | 1,353.2 | 589.4 | 1,472.2 | 924.4 |
| Accounts payable | 2,054.1 | 2,814.2 | 2,942.3 | 2,302.9 | 1,926.6 |
| Contract liabilities | 826.6 | 1,401.1 | 3,514.8 | 1,519.9 | 833.6 |
| Other payables | 3,261.8 | 3,267.3 | 3,146.7 | 2,816.7 | 4,918.1 |
| Current portion of non-current liabilities | 42.2 | 80.8 | 89.8 | 61.3 | 94.4 |
| Long-term borrowings | 44.9 | 107.1 | 41.6 | 260.2 | 234.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 10,457.0 | 13,006.6 | 14,828.6 | 12,093.0 | 12,446.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 528.6 | 528.6 | 528.6 | 528.6 | 528.6 |
| Capital reserve | 6,224.7 | 6,224.7 | 6,229.1 | 6,229.1 | 6,229.1 |
| Retained earnings | 11,497.6 | 14,501.0 | 17,639.5 | 18,017.0 | 17,855.6 |
| Equity attributable to owners of the parent | 18,520.8 | 21,525.3 | 24,657.0 | 25,050.2 | 24,890.9 |
| Minority interests | 812.1 | 889.0 | 1,036.8 | 1,053.8 | 1,100.8 |
| Total equity | 19,332.9 | 22,414.3 | 25,693.8 | 26,104.0 | 25,991.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 16,713.2 | 20,253.5 | 23,577.9 | 18,832.0 | 10,131.4 |
| Cost of sales | 3,816.3 | 4,239.9 | 4,738.1 | 3,906.5 | 1,992.9 |
| Selling expenses | 4,668.2 | 5,436.8 | 6,181.8 | 5,458.0 | 3,072.5 |
| Administrative expenses | 1,166.8 | 1,367.1 | 1,442.4 | 1,454.7 | 631.0 |
| Finance costs | -216.3 | -162.2 | -348.8 | -524.3 | -233.0 |
| Investment income | -10.8 | -6.3 | -34.5 | -24.3 | -11.1 |
| Operating profit | 4,452.7 | 6,282.9 | 7,750.2 | 5,040.3 | 2,952.6 |
| Profit before tax | 4,470.5 | 6,332.1 | 7,795.6 | 5,084.1 | 2,964.5 |
| Net profit | 3,251.8 | 4,726.3 | 5,706.6 | 3,640.5 | 2,210.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.23x | 2.06x | 2.01x | 2.34x | 2.29x |
| Quick ratio | 1.63x | 1.45x | 1.37x | 1.39x | 1.37x |
| Debt-to-asset ratio | 35.1% | 36.7% | 36.6% | 31.7% | 32.4% |
| Total debt / EBITDA | 0.03x | 0.03x | 0.02x | 0.07x | 0.11x |
| EBITDA interest coverage | 23.84x | 43.40x | 26.15x | 13.05x | 17.69x |
| Gross margin | 77.2% | 79.1% | 79.9% | 79.3% | 80.3% |
| Net margin | 19.5% | 23.3% | 24.2% | 19.3% | 21.8% |
| Return on equity (ROE) | 16.8% | 21.1% | 22.2% | 13.9% | 8.5% |
| Revenue growth | — | 21.2% | 16.4% | -20.1% | -46.2% |
| Net profit growth | — | 45.3% | 20.7% | -36.2% | -39.3% |
| Receivable days | 1 | 1 | 1 | 1 | 1 |
| Cash received / revenue | 103.8% | 102.7% | 98.4% | 107.6% | 102.9% |
| Operating CF / net profit | 0.96x | 0.95x | 0.83x | 0.53x | 0.70x |
| Free cash flow | 8,885.3 | 3,060.4 | 4,951.1 | 390.2 | 431.7 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.32 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,570.8 vs 2,193.8 CNY mn (deviation 28.4%, severity mid)
Sources: 2023年年度报告.pdf p.79 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.70 「货币资金」. CF-statement figure below the balance-sheet movement by 623.0 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: 517.0 vs -72.3 CNY mn (deviation 113.98%, severity mid)
Sources: 2024年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.66 「货币资金」. CF-statement figure above the balance-sheet movement by 589.2 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: -2,698.9 vs -1,706.6 CNY mn (deviation 36.76%, severity mid)
Sources: 2025年年度报告.pdf p.66 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.56 「货币资金」. CF-statement figure below the balance-sheet movement by 992.2 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: -456.0 vs -885.9 CNY mn (deviation 48.53%, severity mid)
Sources: 2026年半年度报告.pdf p.43 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.33 「货币资金」. CF-statement figure above the balance-sheet movement by 429.9 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 | 14,187.5 | 2025年年度报告.pdf | 56 | 货币资金 | 14187463729.81 (元) |
| Total assets | 2025 | 38,197.0 | 2025年年度报告.pdf | 57 | 资产总计 | 38197033001.78 (元) |
| Accounts receivable | 2025 | 54.0 | 2025年年度报告.pdf | 56 | 应收账款 | 53996692.68 (元) |
| Fixed assets | 2025 | 9,122.0 | 2025年年度报告.pdf | 57 | 固定资产 | 9121969040.94 (元) |
| Short-term borrowings | 2025 | 184.8 | 2025年年度报告.pdf | 57 | 短期借款 | 184830263.45 (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.