Credit Brief — Chongqing Changan Automobile Company Limited (长安汽车)
000625.SZ · Shenzhen Main Board · Data window: 2023–2026 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: 朱华荣
- Registered address: 重庆市江北区建新东路 260 号
- Office address: 重庆市江北区建新东路 260 号/重庆市江北区东升门路 61 号金融城 2 号 T2 栋
- Controlling shareholder: 辰致汽车科技集团有限公司
- Employees: 58,274
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
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 64,871.0 | 64,182.1 | 54,021.7 | 39,651.8 |
| Trading financial assets | 167.5 | 155.0 | 155.0 | 0.0 |
| Accounts receivable | 2,411.8 | 3,398.5 | 4,196.8 | 7,500.1 |
| Other receivables | 894.3 | 2,386.9 | 882.3 | 967.6 |
| Inventories | 13,465.8 | 17,081.4 | 22,518.3 | 23,115.4 |
| Long-term equity investments | 13,787.4 | 18,525.7 | 20,426.7 | 20,549.8 |
| Fixed assets | 19,994.1 | 21,773.5 | 22,048.8 | 22,310.8 |
| Construction in progress | 1,914.3 | 1,596.4 | 1,028.7 | 1,214.6 |
| Intangible assets | 15,045.6 | 16,771.8 | 17,225.1 | 18,403.3 |
| Total assets | 190,171.1 | 208,168.2 | 202,961.1 | 187,688.7 |
Liabilities
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 30.0 | 40.0 | 512.3 | 43.7 |
| Notes payable | 37,456.7 | 34,810.6 | 43,979.5 | 37,614.7 |
| Accounts payable | 38,289.9 | 43,835.7 | 29,841.1 | 23,676.0 |
| Contract liabilities | 7,923.8 | 10,887.9 | 6,908.6 | 8,418.8 |
| Other payables | 5,880.9 | 6,407.8 | 5,871.0 | 7,271.8 |
| Current portion of non-current liabilities | 80.1 | 128.9 | 698.7 | 688.5 |
| Long-term borrowings | 72.0 | 36.0 | 36.0 | — |
| Bonds payable | 999.6 | 999.7 | 999.8 | 999.9 |
| Total liabilities | 115,487.9 | 129,087.6 | 120,976.3 | 107,990.5 |
Equity
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 9,917.3 | 9,914.1 | 9,914.1 | 9,912.9 |
| Capital reserve | 8,251.3 | 8,925.8 | 8,980.7 | 8,645.7 |
| Retained earnings | 49,617.9 | 52,846.0 | 53,503.2 | 53,182.0 |
| Equity attributable to owners of the parent | 71,853.1 | 76,576.2 | 77,336.2 | 76,036.9 |
| Minority interests | 2,830.1 | 2,504.4 | 4,648.5 | 3,661.3 |
| Total equity | 74,683.3 | 79,080.6 | 81,984.7 | 79,698.2 |
Income statement
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 151,297.7 | 159,733.0 | 163,999.8 | 65,634.3 |
| Cost of sales | 123,522.7 | 135,869.0 | 138,514.1 | 56,117.1 |
| Selling expenses | 7,645.2 | 7,538.4 | 9,993.0 | 3,861.0 |
| Administrative expenses | 4,097.5 | 4,401.2 | 4,523.0 | 1,633.5 |
| Finance costs | -897.3 | -934.4 | -2,402.3 | 69.1 |
| Investment income | 3,050.4 | 187.7 | -296.6 | 189.0 |
| Operating profit | 10,447.5 | 6,624.1 | 3,708.8 | 249.1 |
| Profit before tax | 10,589.2 | 6,757.5 | 3,857.4 | 258.9 |
| Net profit | 9,501.9 | 6,104.2 | 3,167.5 | 180.7 |
5. Ratios
| Ratio | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 1.27x | 1.20x | 1.21x | 1.22x |
| Quick ratio | 1.14x | 1.05x | 1.00x | 0.97x |
| Debt-to-asset ratio | 60.7% | 62.0% | 59.6% | 57.5% |
| Total debt / EBITDA | 0.08x | 0.11x | 0.23x | 0.62x |
| EBITDA interest coverage | 16.51x | 12.00x | 4.06x | 51.14x |
| Gross margin | 18.4% | 14.9% | 15.5% | 14.5% |
| Net margin | 6.3% | 3.8% | 1.9% | 0.3% |
| Return on equity (ROE) | 12.7% | 7.7% | 3.9% | 0.2% |
| Revenue growth | — | 5.6% | 2.7% | -60.0% |
| Net profit growth | — | -35.8% | -48.1% | -94.3% |
| Receivable days | 6 | 8 | 9 | 42 |
| Cash received / revenue | 111.4% | 110.1% | 104.6% | 117.2% |
| Operating CF / net profit | 2.09x | 0.79x | 0.58x | -63.16x |
| Free cash flow | 8,794.0 | -1,980.3 | -9,189.6 | -13,553.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.21 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 1.00 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.60 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: 4.06 (level: medium, reference threshold: <5.0)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -9,342.4 vs -688.9 CNY mn (deviation 92.63%, severity mid)
Sources: 2024年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.87 「货币资金」. CF-statement figure below the balance-sheet movement by 8,653.5 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: -12,389.6 vs -10,160.4 CNY mn (deviation 17.99%, 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.80 「货币资金」. CF-statement figure below the balance-sheet movement by 2,229.2 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: -14,514.3 vs -14,369.9 CNY mn (deviation 0.99%, severity low)
Sources: 2026年半年度报告.pdf p.41 「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 144.4 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 | 54,021.7 | 2025年年度报告.pdf | 80 | 货币资金 | 54021735265.29 (元) |
| Total assets | 2025 | 202,961.1 | 2025年年度报告.pdf | 80 | 资产总计 | 202961073175.76 (元) |
| Accounts receivable | 2025 | 4,196.8 | 2025年年度报告.pdf | 80 | 应收账款 | 4196844647.15 (元) |
| Fixed assets | 2025 | 22,048.8 | 2025年年度报告.pdf | 80 | 固定资产 | 22048786066.87 (元) |
| Short-term borrowings | 2025 | 512.3 | 2025年年度报告.pdf | 81 | 短期借款 | 512275913.93 (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.