Credit Brief — Shanjin International Gold Co.,Ltd. (山金国际)
000975.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: 刘钦
- Registered address: 内蒙古自治区锡林郭勒盟西乌珠穆沁旗巴拉嘎尔高勒镇哈拉图街
- Office address: 北京市朝阳区金和东路 20 号院正大中心北塔 30 层
- Controlling shareholder: 山东黄金矿业股份有限公司
- Actual controller: 山东省人民政府国有资产监督管理委员会
- Employees: 2,085
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 | 1,874.0 | 3,030.6 | 2,870.3 | 5,426.3 | 5,503.8 |
| Trading financial assets | 2,000.4 | 1,051.5 | 1,256.7 | 1,256.7 | 0.0 |
| Accounts receivable | 39.8 | 42.0 | 21.1 | 5.6 | 40.0 |
| Other receivables | 62.2 | 56.2 | 85.8 | 448.4 | 508.2 |
| Inventories | 1,359.0 | 1,484.6 | 1,240.1 | 1,159.6 | 966.1 |
| Long-term equity investments | 8,682.7 | 8,682.7 | 8,789.5 | 9,415.2 | 9,931.3 |
| Fixed assets | 2,906.3 | 2,712.9 | 3,170.7 | 3,161.9 | 3,148.9 |
| Construction in progress | 247.3 | 388.2 | 257.8 | 1,019.9 | 1,776.4 |
| Intangible assets | 6,571.7 | 6,447.1 | 8,436.8 | 8,292.5 | 8,517.5 |
| Total assets | 16,163.6 | 16,298.9 | 18,189.1 | 20,625.5 | 24,683.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 839.7 | 210.2 | 0.4 | 5.0 | 20.0 |
| Notes payable | 1,293.7 | 1,274.6 | 514.5 | 874.0 | 2,573.0 |
| Accounts payable | 235.9 | 242.7 | 281.8 | 392.3 | 413.3 |
| Contract liabilities | 17.8 | 20.0 | 3.4 | 65.7 | 99.1 |
| Other payables | 275.1 | 317.3 | 308.8 | 239.0 | 361.4 |
| Current portion of non-current liabilities | 56.4 | 108.7 | 373.1 | 207.9 | 187.9 |
| Long-term borrowings | 109.1 | 64.1 | 1,006.4 | 1,188.0 | 1,908.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 3,484.3 | 2,930.3 | 3,377.2 | 3,845.6 | 6,745.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,776.7 | 2,776.7 | 2,776.7 | 2,776.7 | 2,772.5 |
| Capital reserve | 4,431.3 | 4,431.1 | 4,431.1 | 4,431.1 | 4,333.6 |
| Retained earnings | 3,140.4 | 3,708.4 | 4,986.6 | 6,792.6 | 7,877.1 |
| Equity attributable to owners of the parent | 10,912.5 | 11,560.7 | 12,981.0 | 14,918.0 | 15,920.3 |
| Minority interests | 1,766.7 | 1,808.0 | 1,830.8 | 1,861.9 | 2,018.3 |
| Total equity | 12,679.3 | 13,368.6 | 14,811.8 | 16,779.8 | 17,938.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 8,381.5 | 8,105.7 | 13,585.4 | 17,098.6 | 9,659.0 |
| Cost of sales | 6,302.0 | 5,508.2 | 9,520.6 | — | — |
| Selling expenses | 3.1 | 2.3 | 5.2 | 4.3 | 1.3 |
| Administrative expenses | 310.8 | 366.1 | 404.5 | 499.4 | 195.8 |
| Finance costs | 38.3 | 5.4 | 24.6 | 13.1 | 34.1 |
| Investment income | 107.7 | 91.7 | -51.7 | 104.2 | -67.7 |
| Operating profit | 1,615.8 | 2,097.1 | 3,180.6 | 4,304.4 | 3,574.5 |
| Profit before tax | 1,609.1 | 2,085.7 | 3,173.6 | 4,271.8 | 3,564.5 |
| Net profit | 1,244.1 | 1,568.3 | 2,430.1 | 3,268.2 | 2,679.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.91x | 2.50x | 2.98x | 3.22x | 2.44x |
| Quick ratio | 1.45x | 1.88x | 2.31x | 2.70x | 2.21x |
| Debt-to-asset ratio | 21.6% | 18.0% | 18.6% | 18.6% | 27.3% |
| Total debt / EBITDA | 0.46x | 0.14x | 0.36x | 0.35x | 0.63x |
| EBITDA interest coverage | 57.30x | 489.38x | 157.90x | 302.41x | 99.01x |
| Gross margin | 24.8% | 32.0% | 29.9% | — | — |
| Net margin | 14.8% | 19.3% | 17.9% | 19.1% | 27.7% |
| Return on equity (ROE) | 9.8% | 11.7% | 16.4% | 19.5% | 14.9% |
| Revenue growth | — | -3.3% | 67.6% | 25.9% | -43.5% |
| Net profit growth | — | 26.1% | 55.0% | 34.5% | -18.0% |
| Receivable days | 2 | 2 | 1 | 0 | 2 |
| Cash received / revenue | 106.9% | 106.0% | 117.5% | 109.9% | 105.2% |
| Operating CF / net profit | 1.60x | 1.39x | 1.59x | 1.43x | 1.14x |
| Free cash flow | 2,951.2 | 3,170.5 | 2,758.3 | 7,292.5 | 216.7 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.19 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,046.3 vs 1,156.6 CNY mn (deviation 9.54%, severity mid)
Sources: 2023年年度报告.pdf p.86 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.77 「货币资金」. CF-statement figure below the balance-sheet movement by 110.3 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: 577.3 vs -160.3 CNY mn (deviation 127.77%, severity mid)
Sources: 2024年年度报告.pdf p.97 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.88 「货币资金」. CF-statement figure above the balance-sheet movement by 737.6 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: 1,868.7 vs 2,556.0 CNY mn (deviation 26.89%, severity mid)
Sources: 2025年年度报告.pdf p.85 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.77 「货币资金」. CF-statement figure below the balance-sheet movement by 687.3 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: -1,867.6 vs 77.5 CNY mn (deviation 104.15%, severity mid)
Sources: 2026年半年度报告.pdf p.53 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.45 「货币资金」. CF-statement figure below the balance-sheet movement by 1,945.2 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 | 5,426.3 | 2025年年度报告.pdf | 77 | 货币资金 | 5426288988.9 (元) |
| Total assets | 2025 | 20,625.5 | 2025年年度报告.pdf | 77 | 资产总计 | 20625468547.55 (元) |
| Accounts receivable | 2025 | 5.6 | 2025年年度报告.pdf | 77 | 应收账款 | 5572691.82 (元) |
| Fixed assets | 2025 | 3,161.9 | 2025年年度报告.pdf | 77 | 固定资产 | 3161936737.68 (元) |
| Short-term borrowings | 2025 | 5.0 | 2025年年度报告.pdf | 78 | 短期借款 | 5000937.5 (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.