Credit Brief — CHINA TUNGSTEN AND HIGHTECH MATERIALS CO.,LTD (中钨高新)
000657.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: 李仲泽
- Registered address: 海南省海口市龙昆北路 2 号珠江广场帝都大厦 18 楼
- Office address: 湖南省株洲市荷塘区钻石路 288 号钻石大厦 10-12 楼
- Controlling shareholder: 中国五矿股份有限公司
- Actual controller: 中国五矿集团有限公司
- Employees: 9,155
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 | 760.6 | 866.7 | 1,517.5 | 2,034.4 | 2,601.9 |
| Trading financial assets | 0.7 | 1.4 | 0.1 | 1.5 | 8.5 |
| Accounts receivable | 1,381.1 | 1,833.2 | 2,166.5 | 1,965.4 | 5,853.3 |
| Other receivables | 55.5 | 66.8 | 91.0 | 144.6 | 226.2 |
| Inventories | 2,925.4 | 3,333.5 | 3,747.3 | 4,891.4 | 9,188.6 |
| Long-term equity investments | 3,472.8 | 3,747.8 | 88.4 | 87.2 | 78.4 |
| Fixed assets | 3,402.4 | 3,641.8 | 4,924.8 | 5,729.8 | 5,644.5 |
| Construction in progress | 275.4 | 223.5 | 591.0 | 412.9 | 525.1 |
| Intangible assets | 486.1 | 475.6 | 922.0 | 1,305.3 | 1,288.1 |
| Total assets | 11,697.5 | 12,975.4 | 17,416.1 | 21,444.1 | 30,964.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 790.2 | 986.9 | 1,492.0 | 1,995.0 | 4,125.5 |
| Notes payable | 160.0 | 341.4 | 653.1 | 822.6 | 1,723.9 |
| Accounts payable | 749.7 | 1,006.2 | 1,126.3 | 1,606.0 | 4,745.6 |
| Contract liabilities | 221.5 | 145.6 | 184.9 | 555.7 | 673.5 |
| Other payables | 211.2 | 145.7 | 621.4 | 587.7 | 799.4 |
| Current portion of non-current liabilities | 610.3 | 764.7 | 887.8 | 1,035.2 | 1,136.6 |
| Long-term borrowings | 1,130.4 | 1,385.9 | 1,335.4 | 902.5 | 1,479.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 5,575.0 | 6,474.1 | 9,126.4 | 10,888.4 | 18,733.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,075.5 | 1,397.4 | 1,396.6 | 2,278.6 | 2,278.6 |
| Capital reserve | 3,522.9 | 3,244.5 | 4,063.2 | 4,145.8 | 4,146.2 |
| Retained earnings | 823.1 | 1,090.0 | 2,306.2 | 3,077.3 | 4,629.4 |
| Equity attributable to owners of the parent | 5,387.3 | 5,771.5 | 7,546.7 | 9,721.6 | 11,279.9 |
| Minority interests | 735.2 | 729.7 | 743.0 | 834.1 | 950.8 |
| Total equity | 6,122.5 | 6,501.2 | 8,289.7 | 10,555.7 | 12,230.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 13,080.0 | 12,736.0 | 14,742.8 | 17,638.5 | 16,384.9 |
| Cost of sales | 10,786.9 | 10,587.7 | 11,489.2 | 13,463.4 | 11,407.0 |
| Selling expenses | 381.4 | 407.6 | 441.6 | 508.9 | 301.3 |
| Administrative expenses | 628.3 | 593.0 | 811.3 | 795.1 | 399.5 |
| Finance costs | 34.2 | 49.4 | 84.9 | 85.8 | 100.3 |
| Investment income | -26.2 | -50.1 | -0.8 | -15.9 | -11.7 |
| Operating profit | 708.5 | 637.4 | 1,205.1 | 1,622.2 | 2,535.3 |
| Profit before tax | 733.1 | 657.3 | 1,240.5 | 1,628.0 | 2,534.9 |
| Net profit | 660.8 | 586.8 | 1,033.1 | 1,391.5 | 2,211.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.79x | 1.75x | 1.53x | 1.50x | 1.39x |
| Quick ratio | 1.05x | 1.04x | 0.97x | 0.95x | 0.82x |
| Debt-to-asset ratio | 47.7% | 49.9% | 52.4% | 50.8% | 60.5% |
| Total debt / EBITDA | 2.45x | 3.17x | 2.22x | 1.80x | 2.17x |
| EBITDA interest coverage | 30.22x | 20.07x | 19.72x | 25.52x | 30.95x |
| Gross margin | 17.5% | 16.9% | 22.1% | 23.7% | 30.4% |
| Net margin | 5.1% | 4.6% | 7.0% | 7.9% | 13.5% |
| Return on equity (ROE) | 10.8% | 9.0% | 12.5% | 13.2% | 18.1% |
| Revenue growth | — | -2.6% | 15.8% | 19.6% | -7.1% |
| Net profit growth | — | -11.2% | 76.1% | 34.7% | 58.9% |
| Receivable days | 39 | 53 | 54 | 41 | 130 |
| Cash received / revenue | 68.7% | 75.3% | 78.6% | 84.6% | 74.0% |
| Operating CF / net profit | 1.16x | 0.26x | 0.95x | 0.28x | -0.57x |
| Free cash flow | 1,013.6 | 352.4 | 1,302.3 | -421.4 | -1,479.0 |
Mechanical risk flags
- ⚠ Quick ratio: 0.95 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.51 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 10 flags (high×2, mid×8); first 3 shown:
- 2024 · Same item across different source documents: 164.2 vs 155.6 CNY mn (deviation 5.24%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 8.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 4,063.2 vs 3,757.7 CNY mn (deviation 7.52%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 305.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 240.7 vs 215.4 CNY mn (deviation 10.52%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 25.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2024 · Same item across different source documents: 164.2 vs 155.6 CNY mn (deviation 5.24%, severity mid)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 106.0 vs 106.0 CNY mn (deviation 0.0%, severity low)
Sources: 2023年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.67 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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: 315.7 vs 650.8 CNY mn (deviation 51.5%, severity mid)
Sources: 2024年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 335.2 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: 498.8 vs 516.9 CNY mn (deviation 3.51%, severity mid)
Sources: 2025年年度报告.pdf p.81 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.73 「货币资金」. CF-statement figure below the balance-sheet movement by 18.2 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: 567.5 vs 567.5 CNY mn (deviation 0.0%, severity low)
Sources: 2026年半年度报告.pdf p.47 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.39 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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 | 2,034.4 | 2025年年度报告.pdf | 73 | 货币资金 | 2034410425.65 (元) |
| Total assets | 2025 | 21,444.1 | 2025年年度报告.pdf | 74 | 资产总计 | 21444112940.21 (元) |
| Accounts receivable | 2025 | 1,965.4 | 2025年年度报告.pdf | 73 | 应收账款 | 1965365717.71 (元) |
| Fixed assets | 2025 | 5,729.8 | 2025年年度报告.pdf | 73 | 固定资产 | 5729762403.82 (元) |
| Short-term borrowings | 2025 | 1,995.0 | 2025年年度报告.pdf | 74 | 短期借款 | 1995028259.8 (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.