Credit Brief — IEIT SYSTEMS Co., Ltd. (浪潮信息)
000977.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: 彭震
- Registered address: 山东省济南市高新区草山岭南路 801 号 9 层东侧
- Office address: 山东省济南市高新区草山岭南路 801 号
- Employees: 6,896
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 | 9,037.3 | 12,012.9 | 7,335.0 | 10,324.5 | 12,268.8 |
| Trading financial assets | 32.8 | 52.3 | 65.2 | 146.4 | 765.4 |
| Accounts receivable | 11,099.7 | 9,110.6 | 11,623.4 | 13,050.6 | 16,773.5 |
| Other receivables | 80.3 | 65.2 | 42.3 | 86.9 | 117.8 |
| Inventories | 15,024.9 | 19,114.6 | 40,633.2 | 46,507.8 | 52,678.7 |
| Long-term equity investments | 360.1 | 412.3 | 570.0 | 350.4 | 390.7 |
| Fixed assets | 1,226.2 | 2,044.9 | 2,864.2 | 2,584.9 | 2,387.5 |
| Construction in progress | 841.2 | 152.4 | 18.3 | 6.8 | 16.5 |
| Intangible assets | 386.5 | 336.6 | 369.9 | 320.1 | 267.9 |
| Total assets | 41,157.3 | 48,119.6 | 71,191.0 | 83,793.8 | 109,091.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,954.4 | 2,051.6 | 1,395.3 | 1,899.9 | 13,128.2 |
| Notes payable | 1,201.4 | 2,714.5 | 2,590.0 | 3,378.1 | 808.4 |
| Accounts payable | 9,343.3 | 9,147.7 | 22,991.8 | 24,376.1 | 26,462.6 |
| Contract liabilities | 1,708.5 | 1,912.6 | 11,306.8 | 19,506.2 | 28,368.8 |
| Other payables | 193.9 | 267.0 | 473.9 | 517.7 | 690.7 |
| Current portion of non-current liabilities | 115.7 | 1,663.6 | 1,450.9 | 2,109.4 | 2,589.1 |
| Long-term borrowings | 4,221.5 | 8,126.2 | 4,317.4 | 4,417.7 | 2,680.3 |
| Bonds payable | 0.0 | 0.0 | 1,500.0 | 1,000.0 | 2,044.2 |
| Total liabilities | 23,494.4 | 29,835.0 | 50,860.4 | 61,702.3 | 84,221.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,463.7 | 1,472.1 | 1,472.1 | 1,468.5 | 1,468.5 |
| Capital reserve | 6,728.2 | 6,822.4 | 6,822.4 | 6,645.5 | 6,645.5 |
| Retained earnings | 7,309.0 | 8,818.0 | 10,852.2 | 12,865.4 | 15,758.4 |
| Equity attributable to owners of the parent | 17,308.6 | 17,946.7 | 19,997.4 | 21,760.1 | 24,534.5 |
| Minority interests | 354.3 | 337.9 | 333.3 | 331.4 | 335.3 |
| Total equity | 17,662.9 | 18,284.6 | 20,330.7 | 22,091.5 | 24,869.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 69,635.3 | 65,866.6 | 114,767.4 | 164,782.0 | 84,378.7 |
| Cost of sales | 61,860.6 | 59,254.3 | 106,908.6 | 156,735.0 | 76,996.5 |
| Selling expenses | 1,509.6 | 1,454.9 | 1,450.3 | 1,272.1 | 805.3 |
| Administrative expenses | 732.7 | 765.4 | 804.0 | 916.6 | 723.4 |
| Finance costs | 83.3 | -202.6 | -335.0 | 2.7 | 103.2 |
| Investment income | 74.7 | 126.3 | 11.7 | 32.0 | 15.4 |
| Operating profit | 2,164.3 | 1,825.7 | 2,362.2 | 2,460.7 | 3,393.9 |
| Profit before tax | 2,168.2 | 1,826.9 | 2,362.9 | 2,468.5 | 3,395.7 |
| Net profit | 2,061.5 | 1,795.8 | 2,289.8 | 2,409.1 | 2,955.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.01x | 2.09x | 1.50x | 1.44x | 1.34x |
| Quick ratio | 1.21x | 1.19x | 0.58x | 0.59x | 0.67x |
| Debt-to-asset ratio | 57.1% | 62.0% | 71.4% | 73.6% | 77.2% |
| Total debt / EBITDA | 3.72x | 5.02x | 2.80x | 3.19x | 5.45x |
| EBITDA interest coverage | 29.98x | 11.64x | 9.22x | 1106.82x | 36.35x |
| Gross margin | 11.2% | 10.0% | 6.8% | 4.9% | 8.7% |
| Net margin | 3.0% | 2.7% | 2.0% | 1.5% | 3.5% |
| Return on equity (ROE) | 11.7% | 9.8% | 11.3% | 10.9% | 11.9% |
| Revenue growth | — | -5.4% | 74.2% | 43.6% | -48.8% |
| Net profit growth | — | -12.9% | 27.5% | 5.2% | 22.7% |
| Receivable days | 58 | 50 | 37 | 29 | 73 |
| Cash received / revenue | 112.4% | 123.1% | 108.6% | 140.5% | 152.7% |
| Operating CF / net profit | 0.88x | 0.29x | 0.04x | 2.26x | -2.54x |
| Free cash flow | 1,146.9 | 535.6 | -767.0 | 4,995.9 | -7,826.6 |
Mechanical risk flags
- ⚠ Current ratio: 1.44 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.59 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.74 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.05 (level: high, reference threshold: <0.05)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,909.6 vs 2,975.5 CNY mn (deviation 2.22%, severity mid)
Sources: 2023年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.69 「货币资金」. CF-statement figure below the balance-sheet movement by 66.0 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: -4,636.1 vs -4,677.9 CNY mn (deviation 0.89%, severity low)
Sources: 2024年年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.63 「货币资金」. CF-statement figure above the balance-sheet movement by 41.8 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: 2,938.9 vs 2,989.6 CNY mn (deviation 1.69%, severity mid)
Sources: 2025年年度报告.pdf p.66 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.57 「货币资金」. CF-statement figure below the balance-sheet movement by 50.6 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: 1,943.8 vs 1,944.2 CNY mn (deviation 0.02%, severity low)
Sources: 2026年半年度报告.pdf p.43 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.34 「货币资金」. CF-statement figure below the balance-sheet movement by 0.4 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 | 10,324.5 | 2025年年度报告.pdf | 57 | 货币资金 | 10324528707.12 (元) |
| Total assets | 2025 | 83,793.8 | 2025年年度报告.pdf | 58 | 资产总计 | 83793847851.87 (元) |
| Accounts receivable | 2025 | 13,050.6 | 2025年年度报告.pdf | 57 | 应收账款 | 13050563463.15 (元) |
| Fixed assets | 2025 | 2,584.9 | 2025年年度报告.pdf | 58 | 固定资产 | 2584892665.33 (元) |
| Short-term borrowings | 2025 | 1,899.9 | 2025年年度报告.pdf | 58 | 短期借款 | 1899903366.72 (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.