Credit Brief — HGTECH COMPANY LIMITED (华工科技)
000988.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: 马新强
- Registered address: 湖北省武汉东湖新技术开发区未来二路 66 号四号楼 3 楼（自贸区武汉片区）
- Office address: 湖北省武汉市东湖高新技术开发区华中科技大学科技园 6 路 1 号
- Controlling shareholder: 武汉华中科技大产业集团有限公司
- Actual controller: 武汉市人民政府国有资产监督管理委员会
- Employees: 9,462
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 | 3,356.0 | 4,355.6 | 4,502.2 | 4,558.4 | 3,204.1 |
| Trading financial assets | 116.1 | 125.5 | 106.9 | 135.1 | 384.7 |
| Accounts receivable | 3,633.8 | 3,700.0 | 4,925.1 | 4,363.3 | 4,906.7 |
| Other receivables | 92.2 | 115.8 | 97.3 | 175.5 | 149.5 |
| Inventories | 2,378.1 | 1,889.1 | 2,621.3 | 3,581.2 | 4,507.9 |
| Long-term equity investments | 821.3 | 692.2 | 520.7 | 644.5 | 805.6 |
| Fixed assets | 1,758.9 | 1,929.8 | 2,272.1 | 2,803.8 | 3,309.7 |
| Construction in progress | 39.7 | 58.5 | 168.8 | 246.5 | 384.2 |
| Intangible assets | 267.8 | 375.1 | 407.6 | 486.6 | 635.2 |
| Total assets | 16,803.2 | 17,407.7 | 20,824.3 | 22,918.9 | 24,803.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 739.4 | 49.0 | 385.2 | 166.6 | 1,593.2 |
| Notes payable | 1,471.1 | 1,623.6 | 2,072.2 | 2,430.9 | 2,142.3 |
| Accounts payable | 2,642.7 | 2,526.2 | 3,501.7 | 3,759.2 | 4,461.0 |
| Contract liabilities | 475.7 | 447.2 | 359.5 | 489.4 | 433.9 |
| Other payables | 113.3 | 104.3 | 245.0 | 131.8 | 156.3 |
| Current portion of non-current liabilities | 731.1 | 153.5 | 1,130.8 | 1,659.4 | 1,458.6 |
| Long-term borrowings | 1,496.5 | 2,514.0 | 1,985.2 | 1,188.1 | 1,166.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 8,540.2 | 8,230.3 | 10,546.6 | 11,781.7 | 12,756.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,005.5 | 1,005.5 | 1,005.5 | 1,005.5 | 1,005.5 |
| Capital reserve | 2,685.7 | 2,699.2 | 2,693.6 | 2,699.3 | 2,699.3 |
| Retained earnings | 4,385.8 | 5,292.2 | 6,291.7 | 7,506.8 | 8,443.9 |
| Equity attributable to owners of the parent | 8,237.4 | 9,157.2 | 10,177.5 | 11,057.2 | 11,957.9 |
| Minority interests | 25.7 | 20.2 | 100.2 | 79.9 | 89.4 |
| Total equity | 8,263.1 | 9,177.3 | 10,277.7 | 11,137.1 | 12,047.3 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 12,011.0 | 10,208.3 | 11,709.2 | 14,354.8 | 7,821.8 |
| Cost of sales | 9,709.5 | 7,848.7 | 9,186.3 | 11,308.7 | 6,211.5 |
| Selling expenses | 607.7 | 552.6 | 539.9 | 559.9 | 256.7 |
| Administrative expenses | 425.6 | 412.3 | 267.5 | 372.7 | 171.3 |
| Finance costs | -85.9 | -106.9 | -84.2 | -17.4 | 20.3 |
| Investment income | 239.6 | 228.0 | 98.6 | 26.9 | 189.6 |
| Operating profit | 1,006.4 | 1,108.4 | 1,288.3 | 1,620.5 | 1,408.2 |
| Profit before tax | 1,009.2 | 1,104.6 | 1,297.1 | 1,618.4 | 1,408.6 |
| Net profit | 890.4 | 998.6 | 1,203.1 | 1,454.5 | 1,195.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.71x | 2.40x | 1.85x | 1.50x | 1.60x |
| Quick ratio | 1.36x | 2.06x | 1.53x | 1.14x | 1.19x |
| Debt-to-asset ratio | 50.8% | 47.3% | 50.6% | 51.4% | 51.4% |
| Total debt / EBITDA | 2.15x | 1.74x | 2.04x | 1.53x | 2.42x |
| EBITDA interest coverage | 16.10x | 14.60x | 20.41x | 113.40x | 85.79x |
| Gross margin | 19.2% | 23.1% | 21.5% | 21.2% | 20.6% |
| Net margin | 7.4% | 9.8% | 10.3% | 10.1% | 15.3% |
| Return on equity (ROE) | 10.8% | 10.9% | 11.7% | 13.1% | 9.9% |
| Revenue growth | — | -15.0% | 14.7% | 22.6% | -45.5% |
| Net profit growth | — | 12.1% | 20.5% | 20.9% | -17.8% |
| Receivable days | 110 | 132 | 154 | 111 | 229 |
| Cash received / revenue | 81.5% | 94.3% | 82.3% | 87.9% | 74.1% |
| Operating CF / net profit | 0.65x | 1.48x | 0.61x | 0.84x | -1.00x |
| Free cash flow | -371.4 | 1,541.5 | 166.6 | 1,486.8 | -841.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.50 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.51 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 966.8 vs 999.7 CNY mn (deviation 3.29%, severity mid)
Sources: 2023年年度报告.pdf p.85 「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 32.9 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: 168.4 vs 146.5 CNY mn (deviation 12.99%, severity mid)
Sources: 2024年年度报告.pdf p.82 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.74 「货币资金」. CF-statement figure above the balance-sheet movement by 21.9 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: -46.5 vs 56.2 CNY mn (deviation 182.73%, severity mid)
Sources: 2025年年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.64 「货币资金」. CF-statement figure below the balance-sheet movement by 102.7 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: -1,335.9 vs -1,354.3 CNY mn (deviation 1.36%, severity mid)
Sources: 2026年半年度报告.pdf p.46 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.38 「货币资金」. CF-statement figure above the balance-sheet movement by 18.4 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 | 4,558.4 | 2025年年度报告.pdf | 64 | 货币资金 | 4558376957.64 (元) |
| Total assets | 2025 | 22,918.9 | 2025年年度报告.pdf | 65 | 资产总计 | 22918853935.9 (元) |
| Accounts receivable | 2025 | 4,363.3 | 2025年年度报告.pdf | 64 | 应收账款 | 4363282017.67 (元) |
| Fixed assets | 2025 | 2,803.8 | 2025年年度报告.pdf | 64 | 固定资产 | 2803798412.73 (元) |
| Short-term borrowings | 2025 | 166.6 | 2025年年度报告.pdf | 65 | 短期借款 | 166629828.31 (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.