Credit Brief — HUADONG MEDICINE CO., LTD (华东医药)
000963.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: 吕梁
- Registered address: 浙江省杭州市拱墅区中山北路439 号4、7 楼
- Office address: 浙江省杭州市拱墅区莫干山路858 号华东医药新写字楼
- Controlling shareholder: 北京远大华创投资集团有限公司
- Employees: 19,095
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 | 3,996.3 | 4,663.4 | 5,276.4 | 4,978.1 | 5,605.4 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 7,198.7 | 7,455.3 | 8,425.4 | 8,985.6 | 8,841.4 |
| Other receivables | 283.7 | 291.1 | 402.9 | 517.5 | 632.9 |
| Inventories | 4,495.5 | 4,290.2 | 4,776.4 | 5,535.8 | 5,030.7 |
| Long-term equity investments | 1,659.1 | 1,535.9 | 1,543.6 | 1,509.1 | 1,650.7 |
| Fixed assets | 3,981.7 | 4,140.1 | 4,422.3 | 4,470.3 | 4,289.7 |
| Construction in progress | 873.2 | 913.1 | 836.7 | 832.4 | 987.6 |
| Intangible assets | 2,280.1 | 2,333.8 | 3,645.0 | 3,849.7 | 3,798.7 |
| Total assets | 31,192.2 | 33,509.4 | 37,879.0 | 39,038.0 | 39,975.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 947.5 | 822.4 | 2,312.3 | 1,621.9 | 1,715.0 |
| Notes payable | 1,029.4 | 1,727.4 | 2,576.7 | 2,910.1 | 3,068.4 |
| Accounts payable | 4,873.0 | 4,374.8 | 4,467.8 | 5,059.9 | 5,244.0 |
| Contract liabilities | 146.5 | 135.5 | 173.6 | 188.6 | 145.7 |
| Other payables | 2,290.4 | 2,518.6 | 2,849.8 | 2,215.3 | 2,581.6 |
| Current portion of non-current liabilities | 147.8 | 359.3 | 330.5 | 108.9 | 72.2 |
| Long-term borrowings | 1,051.5 | 520.8 | 14.3 | 252.0 | 250.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 12,015.8 | 11,927.1 | 14,315.3 | 13,867.0 | 14,195.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,754.0 | 1,754.4 | 1,754.3 | 1,753.7 | 1,753.7 |
| Capital reserve | 2,377.9 | 2,446.3 | 2,550.8 | 2,416.4 | 2,405.2 |
| Retained earnings | 13,488.0 | 15,694.0 | 17,456.8 | 19,019.0 | 19,860.5 |
| Equity attributable to owners of the parent | 18,577.9 | 21,047.6 | 23,060.1 | 24,811.3 | 25,441.4 |
| Minority interests | 598.5 | 534.7 | 503.7 | 359.7 | 338.8 |
| Total equity | 19,176.4 | 21,582.3 | 23,563.8 | 25,171.0 | 25,780.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 37,714.6 | 40,623.8 | 41,905.7 | 43,612.0 | 22,066.6 |
| Cost of sales | 25,682.5 | 27,461.7 | 27,988.5 | 29,499.5 | 14,828.9 |
| Selling expenses | 6,334.7 | 6,645.4 | 6,408.5 | 6,526.8 | 3,415.1 |
| Administrative expenses | 1,248.8 | 1,420.2 | 1,397.4 | 1,344.1 | 695.7 |
| Finance costs | 78.3 | 51.2 | 22.3 | 18.8 | 15.8 |
| Investment income | -141.6 | -219.7 | -129.2 | -137.8 | 0.6 |
| Operating profit | 3,061.5 | 3,452.9 | 4,324.7 | 4,107.9 | 2,258.0 |
| Profit before tax | 3,031.1 | 3,466.0 | 4,301.5 | 4,016.5 | 2,211.0 |
| Net profit | 2,532.6 | 2,846.4 | 3,494.2 | 3,410.8 | 1,839.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.73x | 1.71x | 1.53x | 1.62x | 1.61x |
| Quick ratio | 1.29x | 1.32x | 1.18x | 1.20x | 1.23x |
| Debt-to-asset ratio | 38.5% | 35.6% | 37.8% | 35.5% | 35.5% |
| Total debt / EBITDA | 0.60x | 0.42x | 0.54x | 0.43x | 0.74x |
| EBITDA interest coverage | 46.07x | 78.49x | 220.96x | 246.26x | 174.20x |
| Gross margin | 31.9% | 32.4% | 33.2% | 32.4% | 32.8% |
| Net margin | 6.7% | 7.0% | 8.3% | 7.8% | 8.3% |
| Return on equity (ROE) | 13.2% | 13.2% | 14.8% | 13.6% | 7.1% |
| Revenue growth | — | 7.7% | 3.2% | 4.1% | -49.4% |
| Net profit growth | — | 12.4% | 22.8% | -2.4% | -46.1% |
| Receivable days | 70 | 67 | 73 | 75 | 146 |
| Cash received / revenue | 105.9% | 107.2% | 103.6% | 109.2% | 106.3% |
| Operating CF / net profit | 0.94x | 1.38x | 1.07x | 1.24x | 1.36x |
| Free cash flow | 2,885.1 | 3,919.5 | 3,557.5 | 3,308.0 | 2,137.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.36 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 791.2 vs 667.1 CNY mn (deviation 15.69%, severity mid)
Sources: 2023年年度报告.pdf p.153 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.144 「货币资金」. CF-statement figure above the balance-sheet movement by 124.2 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: 782.0 vs 613.1 CNY mn (deviation 21.6%, severity mid)
Sources: 2024年年度报告.pdf p.163 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.154 「货币资金」. CF-statement figure above the balance-sheet movement by 168.9 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: -254.2 vs -298.4 CNY mn (deviation 14.8%, severity mid)
Sources: 2025年年度报告.pdf p.164 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.155 「货币资金」. CF-statement figure above the balance-sheet movement by 44.2 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: 751.4 vs 627.3 CNY mn (deviation 16.51%, severity mid)
Sources: 2026年半年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 124.1 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 | 4,978.1 | 2025年年度报告.pdf | 155 | 货币资金 | 4978052188.84 (元) |
| Total assets | 2025 | 39,038.0 | 2025年年度报告.pdf | 156 | 资产总计 | 39038036320.92 (元) |
| Accounts receivable | 2025 | 8,985.6 | 2025年年度报告.pdf | 155 | 应收账款 | 8985587945.31 (元) |
| Fixed assets | 2025 | 4,470.3 | 2025年年度报告.pdf | 155 | 固定资产 | 4470264264.88 (元) |
| Short-term borrowings | 2025 | 1,621.9 | 2025年年度报告.pdf | 156 | 短期借款 | 1621903523.77 (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.