Credit Brief — Tongling Nonferrous Metals Group Co.,Ltd. (铜陵有色)
000630.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: 丁士启
- Registered address: 安徽省铜陵市长江西路
- Office address: 安徽省铜陵市长江西路有色大院西楼
- Controlling shareholder: 投资性主体的特殊规定 如果母公司是投资性主体
- Employees: 13,336
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 | 10,575.4 | 11,174.7 | 6,891.4 | 4,798.8 | 5,247.8 |
| Trading financial assets | 1,002.5 | 501.1 | 651.1 | 550.7 | 793.2 |
| Accounts receivable | 1,981.1 | 1,904.6 | 2,498.8 | 3,124.8 | 3,269.0 |
| Other receivables | 1,404.4 | 869.8 | 1,356.8 | 1,042.7 | 2,849.3 |
| Inventories | 17,482.2 | 15,805.1 | 18,622.8 | 30,781.2 | 38,457.6 |
| Long-term equity investments | 818.4 | 916.5 | 968.2 | 399.4 | 402.1 |
| Fixed assets | 26,771.7 | 25,298.5 | 24,698.3 | 26,661.3 | 29,051.1 |
| Construction in progress | 1,958.3 | 2,918.6 | 5,065.4 | 5,570.5 | 2,013.5 |
| Intangible assets | 5,445.6 | 5,390.5 | 4,997.6 | 4,598.8 | 7,603.2 |
| Total assets | 76,358.0 | 78,245.1 | 80,944.5 | 100,206.3 | 109,280.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 11,172.6 | 9,651.6 | 7,287.4 | 13,804.3 | 17,820.8 |
| Notes payable | 3,093.3 | 1,312.3 | 1,054.6 | 2,631.8 | 2,499.3 |
| Accounts payable | 5,480.8 | 6,053.2 | 6,834.5 | 10,130.2 | 14,403.2 |
| Contract liabilities | 533.2 | 647.1 | 434.7 | 773.0 | 952.9 |
| Other payables | 474.6 | 882.5 | 1,145.6 | 1,708.9 | 782.0 |
| Current portion of non-current liabilities | 4,431.0 | 2,504.5 | 4,834.0 | 3,335.7 | 3,496.1 |
| Long-term borrowings | 7,417.3 | 9,841.0 | 10,617.2 | 11,219.1 | 13,029.8 |
| Bonds payable | — | 2,234.1 | 1,988.9 | 1,988.9 | 0.0 |
| Total liabilities | 39,519.2 | 38,748.3 | 38,687.7 | 53,707.6 | 61,535.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 10,526.5 | 12,667.0 | 12,792.9 | 13,409.5 | 13,409.5 |
| Capital reserve | 8,650.8 | 5,219.8 | 5,430.1 | 6,589.8 | 6,589.8 |
| Retained earnings | 9,166.8 | 11,192.1 | 12,876.5 | 13,261.2 | 15,583.3 |
| Equity attributable to owners of the parent | 30,167.7 | 31,817.4 | 33,888.5 | 36,983.3 | 38,062.0 |
| Minority interests | 6,671.1 | 7,679.4 | 8,368.2 | 9,515.4 | 9,683.6 |
| Total equity | 36,838.8 | 39,496.8 | 42,256.8 | 46,498.7 | 47,745.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 121,848.1 | 137,453.8 | 145,531.4 | 172,824.7 | 121,770.1 |
| Cost of sales | 110,088.9 | 127,479.3 | 135,217.2 | 159,150.0 | 110,415.3 |
| Selling expenses | 100.5 | 103.2 | 101.0 | 106.1 | 57.2 |
| Administrative expenses | 1,531.8 | 1,760.9 | 1,829.3 | 1,828.5 | 850.2 |
| Finance costs | 821.2 | 783.0 | 553.9 | 245.9 | 276.0 |
| Investment income | 221.8 | 156.3 | 85.4 | 117.8 | -212.5 |
| Operating profit | 7,343.9 | 5,396.4 | 5,529.0 | 7,230.6 | 6,510.3 |
| Profit before tax | 7,340.0 | 5,391.7 | 5,507.6 | 7,205.1 | 6,501.7 |
| Net profit | 5,250.8 | 3,794.6 | 3,811.3 | 3,526.5 | 4,097.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.40x | 1.72x | 1.76x | 1.47x | 1.44x |
| Quick ratio | 0.79x | 1.06x | 0.98x | 0.69x | 0.59x |
| Debt-to-asset ratio | 51.8% | 49.5% | 47.8% | 53.6% | 56.3% |
| Total debt / EBITDA | 2.20x | 2.88x | 3.01x | 3.26x | 3.85x |
| EBITDA interest coverage | 12.72x | 10.74x | 14.83x | 838.04x | 1831.73x |
| Gross margin | 9.7% | 7.3% | 7.1% | 7.9% | 9.3% |
| Net margin | 4.3% | 2.8% | 2.6% | 2.0% | 3.4% |
| Return on equity (ROE) | 14.3% | 9.6% | 9.0% | 7.6% | 8.6% |
| Revenue growth | — | 12.8% | 5.9% | 18.8% | -29.5% |
| Net profit growth | — | -27.7% | 0.4% | -7.5% | 16.2% |
| Receivable days | 6 | 5 | 6 | 7 | 10 |
| Cash received / revenue | 111.0% | 110.3% | 109.8% | 112.4% | 108.2% |
| Operating CF / net profit | 1.74x | 1.56x | 0.40x | -0.06x | 0.01x |
| Free cash flow | 8,950.3 | 4,358.8 | -294.7 | 920.6 | -2,295.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.47 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.69 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.54 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.08 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,089.8 vs 599.3 CNY mn (deviation 45.01%, severity mid)
Sources: 2023年年度报告.pdf p.138 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.129 「货币资金」. CF-statement figure above the balance-sheet movement by 490.5 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: -4,635.4 vs -4,283.3 CNY mn (deviation 7.6%, severity mid)
Sources: 2024年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.123 「货币资金」. CF-statement figure below the balance-sheet movement by 352.1 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: 79.5 vs -2,092.5 CNY mn (deviation 103.8%, severity mid)
Sources: 2025年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.104 「货币资金」. CF-statement figure above the balance-sheet movement by 2,172.1 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: 434.1 vs 449.0 CNY mn (deviation 3.32%, 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 「货币资金」. CF-statement figure below the balance-sheet movement by 14.9 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 | 4,798.8 | 2025年年度报告.pdf | 104 | 货币资金 | 4798838100.7 (元) |
| Total assets | 2025 | 100,206.3 | 2025年年度报告.pdf | 105 | 资产总计 | 100206269994.18 (元) |
| Accounts receivable | 2025 | 3,124.8 | 2025年年度报告.pdf | 104 | 应收账款 | 3124798452.04 (元) |
| Fixed assets | 2025 | 26,661.3 | 2025年年度报告.pdf | 104 | 固定资产 | 26661251186.73 (元) |
| Short-term borrowings | 2025 | 13,804.3 | 2025年年度报告.pdf | 105 | 短期借款 | 13804342412.92 (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.