Credit Brief — Henan Shuanghui Investment & Development Co.,Ltd. (双汇发展)
000895.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: 万宏伟
- Registered address: 河南省漯河市牡丹江路 288 号
- Office address: 河南省漯河市牡丹江路 288 号
- Employees: 46,352
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 | 5,768.9 | 2,834.2 | 5,749.6 | 4,969.5 | 3,909.3 |
| Trading financial assets | 1,031.2 | 613.3 | 2,271.0 | 300.1 | 300.1 |
| Accounts receivable | 184.3 | 217.3 | 273.6 | 453.7 | 379.4 |
| Other receivables | 20.6 | 18.6 | 94.0 | 122.8 | 95.5 |
| Inventories | 6,121.3 | 8,266.7 | 6,928.0 | 5,547.6 | 6,823.0 |
| Long-term equity investments | 181.9 | 218.3 | 264.5 | 295.3 | 310.9 |
| Fixed assets | 15,164.8 | 17,074.6 | 16,893.3 | 16,181.2 | 15,737.2 |
| Construction in progress | 2,725.8 | 882.4 | 289.4 | 135.2 | 160.0 |
| Intangible assets | 1,223.7 | 1,282.8 | 1,179.2 | 1,080.2 | 1,064.0 |
| Total assets | 36,412.0 | 36,675.4 | 37,285.2 | 39,442.4 | 40,870.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 3,147.3 | 5,983.0 | 7,098.1 | 9,720.3 | 11,780.3 |
| Notes payable | 2,980.0 | 3,410.0 | 0.1 | 67.9 | 133.7 |
| Accounts payable | 3,918.6 | 3,735.6 | 2,481.2 | 2,453.3 | 2,505.3 |
| Contract liabilities | 3,104.1 | 1,969.3 | 2,370.3 | 2,251.3 | 2,252.2 |
| Other payables | 902.2 | 819.6 | 837.9 | 773.9 | 747.8 |
| Current portion of non-current liabilities | 81.5 | 66.1 | 15.3 | 414.2 | 489.1 |
| Long-term borrowings | 12.3 | 961.8 | 810.4 | 9.8 | 8.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,229.5 | 15,529.1 | 15,959.8 | 17,876.6 | 19,764.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,464.7 | 3,464.7 | 3,464.7 | 3,464.7 | 3,464.7 |
| Capital reserve | 8,062.6 | 8,062.6 | 8,062.5 | 8,062.5 | 8,065.7 |
| Retained earnings | 8,368.7 | 7,334.8 | 7,604.5 | 7,808.2 | 7,342.0 |
| Equity attributable to owners of the parent | 21,852.8 | 20,842.8 | 21,118.5 | 21,362.5 | 20,899.6 |
| Minority interests | 329.7 | 303.5 | 206.9 | 203.2 | 206.4 |
| Total equity | 22,182.5 | 21,146.3 | 21,325.4 | 21,565.8 | 21,106.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 62,730.6 | 60,097.4 | 59,715.2 | 59,459.7 | 28,184.4 |
| Cost of sales | 52,319.2 | 49,679.3 | 49,024.3 | 48,574.1 | 22,708.5 |
| Selling expenses | 1,927.1 | 1,913.9 | 1,924.0 | 2,138.8 | 1,199.1 |
| Administrative expenses | 1,134.4 | 1,234.5 | 1,289.5 | 1,272.7 | 626.2 |
| Finance costs | -60.6 | -14.7 | 138.0 | 86.5 | 50.0 |
| Investment income | 106.1 | 144.7 | 106.2 | 70.2 | 36.3 |
| Operating profit | 7,140.8 | 6,637.3 | 6,659.1 | 6,669.7 | 3,060.6 |
| Profit before tax | 7,159.9 | 6,645.1 | 6,659.1 | 6,672.6 | 3,055.5 |
| Net profit | 5,717.2 | 5,101.6 | 5,054.9 | 5,160.0 | 2,330.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.19x | 1.17x | 1.22x | 1.15x | 1.13x |
| Quick ratio | 0.74x | 0.58x | 0.75x | 0.83x | 0.77x |
| Debt-to-asset ratio | 39.1% | 42.3% | 42.8% | 45.3% | 48.4% |
| Total debt / EBITDA | 0.39x | 0.88x | 1.00x | 1.29x | 2.92x |
| EBITDA interest coverage | 286.76x | 180.79x | 1421.35x | 5919.36x | 6350.16x |
| Gross margin | 16.6% | 17.3% | 17.9% | 18.3% | 19.4% |
| Net margin | 9.1% | 8.5% | 8.5% | 8.7% | 8.3% |
| Return on equity (ROE) | 25.8% | 24.1% | 23.7% | 23.9% | 11.0% |
| Revenue growth | — | -4.2% | -0.6% | -0.4% | -52.6% |
| Net profit growth | — | -10.8% | -0.9% | 2.1% | -54.8% |
| Receivable days | 1 | 1 | 2 | 3 | 5 |
| Cash received / revenue | 108.6% | 105.1% | 107.8% | 107.1% | 107.5% |
| Operating CF / net profit | 1.32x | 0.66x | 1.66x | 1.42x | 0.69x |
| Free cash flow | 11,024.8 | 6,069.2 | 13,304.1 | 11,472.3 | 2,460.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.15 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.83 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.45 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,932.4 vs -2,934.7 CNY mn (deviation 0.08%, severity low)
Sources: 2023年年度报告.pdf p.118 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.109 「货币资金」. CF-statement figure above the balance-sheet movement by 2.3 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: 3,090.1 vs 2,915.5 CNY mn (deviation 5.65%, 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 174.7 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: -1,052.3 vs -780.2 CNY mn (deviation 25.86%, severity mid)
Sources: 2025年年度报告.pdf p.112 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.103 「货币资金」. CF-statement figure below the balance-sheet movement by 272.2 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: -1,104.6 vs -1,060.2 CNY mn (deviation 4.02%, severity mid)
Sources: 2026年半年度报告.pdf p.73 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.63 「货币资金」. CF-statement figure below the balance-sheet movement by 44.4 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 | 4,969.5 | 2025年年度报告.pdf | 103 | 货币资金 | 4969475416.63 (元) |
| Total assets | 2025 | 39,442.4 | 2025年年度报告.pdf | 104 | 资产总计 | 39442365327.59 (元) |
| Accounts receivable | 2025 | 453.7 | 2025年年度报告.pdf | 103 | 应收账款 | 453713010.46 (元) |
| Fixed assets | 2025 | 16,181.2 | 2025年年度报告.pdf | 104 | 固定资产 | 16181246471.23 (元) |
| Short-term borrowings | 2025 | 9,720.3 | 2025年年度报告.pdf | 104 | 短期借款 | 9720261935.02 (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.