Credit Brief — Unisplendour Corporation Limited (紫光股份)
000938.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: 于英涛
- Registered address: 北京市海淀区清华大学紫光大楼
- Office address: 北京市海淀区清华大学紫光大楼
- Controlling shareholder: 清华紫光（集团）总公司
- Actual controller: None (stated in the filed report)
- Employees: 16,253
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 | 10,669.3 | 14,710.8 | 7,534.5 | 8,944.5 | 7,136.6 |
| Trading financial assets | 1,428.6 | 314.2 | 200.9 | 137.1 | 34.9 |
| Accounts receivable | 13,012.9 | 14,091.9 | 13,832.0 | 12,662.6 | 19,774.9 |
| Other receivables | 405.5 | 729.1 | 659.0 | 288.6 | 290.4 |
| Inventories | 20,274.6 | 27,934.5 | 36,846.7 | 43,568.5 | 51,055.7 |
| Long-term equity investments | 112.0 | 109.4 | 177.0 | 268.2 | 250.3 |
| Fixed assets | 1,042.0 | 1,054.6 | 1,085.7 | 982.2 | 915.7 |
| Construction in progress | 150.1 | 110.7 | 239.6 | 573.2 | 782.2 |
| Intangible assets | 3,696.9 | 4,118.6 | 4,022.5 | 3,923.6 | 3,870.5 |
| Total assets | 74,063.0 | 87,264.5 | 88,814.0 | 96,323.4 | 109,126.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,175.4 | 6,282.7 | 5,064.4 | 7,933.6 | 14,442.5 |
| Notes payable | 3,142.1 | 2,295.1 | 3,543.8 | 6,376.7 | 7,848.7 |
| Accounts payable | 10,102.9 | 12,062.7 | 16,120.6 | 16,422.7 | 26,142.5 |
| Contract liabilities | 8,334.9 | 12,038.5 | 14,502.1 | 16,882.3 | 11,573.8 |
| Other payables | 586.0 | 828.8 | 1,150.3 | 768.3 | 1,099.7 |
| Current portion of non-current liabilities | 680.7 | 868.6 | 13,618.2 | 12,687.0 | 3,960.3 |
| Long-term borrowings | 200.2 | 5,086.1 | 11,008.7 | 10,218.2 | 9,992.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | — | — |
| Total liabilities | 36,235.2 | 47,221.8 | 72,699.5 | 78,839.9 | 89,254.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,860.1 | 2,860.1 | 2,860.1 | 2,860.1 | 2,860.1 |
| Capital reserve | 17,834.5 | 17,834.5 | 15.7 | 15.7 | 28.1 |
| Retained earnings | 10,900.7 | 12,987.7 | 10,431.3 | 11,851.5 | 14,994.8 |
| Equity attributable to owners of the parent | 31,841.1 | 33,946.5 | 13,332.2 | 14,746.6 | 17,870.2 |
| Minority interests | 5,986.7 | 6,096.2 | 2,782.3 | 2,736.9 | 2,001.8 |
| Total equity | 37,827.8 | 40,042.7 | 16,114.5 | 17,483.5 | 19,871.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 74,057.6 | 77,307.8 | 79,024.1 | 96,748.3 | 63,515.8 |
| Cost of sales | 58,772.0 | 62,157.9 | 65,282.1 | 82,631.8 | 55,001.1 |
| Selling expenses | 4,251.4 | 4,287.1 | 4,144.3 | 4,052.3 | 2,141.9 |
| Administrative expenses | 964.2 | 1,392.4 | 1,026.6 | 1,165.6 | 500.8 |
| Finance costs | 633.6 | 771.4 | 954.3 | 1,053.1 | — |
| Investment income | 20.5 | 138.9 | 35.3 | — | — |
| Operating profit | 4,160.5 | 3,677.6 | 2,168.8 | 2,302.3 | 2,872.8 |
| Profit before tax | 4,220.1 | 3,760.2 | 2,227.0 | 2,374.5 | 2,884.6 |
| Net profit | 3,741.6 | 3,684.5 | 1,982.3 | 2,171.1 | 2,507.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.52x | 1.62x | 1.10x | 1.09x | 1.19x |
| Quick ratio | 0.91x | 0.91x | 0.48x | 0.43x | 0.47x |
| Debt-to-asset ratio | 48.9% | 54.1% | 81.9% | 81.8% | 81.8% |
| Total debt / EBITDA | 0.95x | 2.37x | 8.83x | 7.90x | 7.89x |
| EBITDA interest coverage | 8.44x | 6.70x | 3.92x | 3.09x | 7.85x |
| Gross margin | 20.6% | 19.6% | 17.4% | 14.6% | 13.4% |
| Net margin | 5.1% | 4.8% | 2.5% | 2.2% | 3.9% |
| Return on equity (ROE) | 9.9% | 9.2% | 12.3% | 12.4% | 12.6% |
| Revenue growth | — | 4.4% | 2.2% | 22.4% | -34.3% |
| Net profit growth | — | -1.5% | -46.2% | 9.5% | 15.5% |
| Receivable days | 64 | 67 | 64 | 48 | 114 |
| Cash received / revenue | 119.3% | 128.6% | 136.3% | 151.9% | 121.3% |
| Operating CF / net profit | 1.07x | -0.50x | 1.23x | 1.61x | 0.00x |
| Free cash flow | 4,070.1 | -2,614.3 | 2,285.0 | 3,486.8 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.09 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.43 (level: high, reference threshold: <0.5)
- ⚠ EBITDA interest coverage: 3.09 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.15 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 0.0 vs -158.5 CNY mn (deviation 100.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 158.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 2,763.9 vs 156.1 CNY mn (deviation 94.35%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,607.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 4,136.8 vs 4,041.5 CNY mn (deviation 2.3%, severity mid)
Sources: 2023年年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 95.2 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: -7,202.9 vs -7,176.4 CNY mn (deviation 0.37%, severity low)
Sources: 2024年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.104 「货币资金」. CF-statement figure below the balance-sheet movement by 26.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
6 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; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 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 | 8,944.5 | 2025年年度报告.pdf | 97 | 货币资金 | 8944500146.7 (元) |
| Total assets | 2025 | 96,323.4 | 2025年年度报告.pdf | 97 | 资产总计 | 96323416301.66 (元) |
| Accounts receivable | 2025 | 12,662.6 | 2025年年度报告.pdf | 97 | 应收账款 | 12662554704.99 (元) |
| Fixed assets | 2025 | 982.2 | 2025年年度报告.pdf | 97 | 固定资产 | 982152698.9 (元) |
| Short-term borrowings | 2025 | 7,933.6 | 2025年年度报告.pdf | 98 | 短期借款 | 7933555080.86 (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.