Credit Brief — Air China Cargo Co.,Ltd (国货航)
001391.SZ · Shenzhen Main Board · Data window: 2023–2026 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: 陈松
- Registered address: 北京市顺义区天柱路 29 号院 1 幢 1 至 9 层
- Office address: 北京市顺义区天柱路 29 号院 1 幢 1 至 9 层
- Controlling shareholder: 中国航空资本控股有限责任公司
- Actual controller: 中航集团
- Employees: 5,779
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
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 5,610.7 | 5,998.0 | 4,762.5 | 4,296.2 |
| Trading financial assets | — | — | — | 0.6 |
| Accounts receivable | 2,684.8 | 2,819.4 | — | 3,261.7 |
| Other receivables | 145.4 | 147.1 | 207.1 | 151.1 |
| Inventories | 4.3 | 4.6 | 4.7 | 5.3 |
| Long-term equity investments | 26.7 | 27.6 | — | 469.7 |
| Fixed assets | 9,401.5 | 11,953.3 | 14,721.1 | 14,366.0 |
| Construction in progress | 3,342.1 | 4,936.5 | — | 6,068.6 |
| Intangible assets | 430.7 | 417.7 | 422.7 | 429.6 |
| Total assets | 22,823.0 | 27,618.4 | 29,415.7 | 30,915.4 |
Liabilities
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Accounts payable | 1,837.1 | 1,775.2 | 2,007.5 | 2,169.5 |
| Contract liabilities | 8.4 | 6.1 | 15.1 | 0.0 |
| Other payables | 506.1 | 439.4 | 399.1 | 1,301.1 |
| Current portion of non-current liabilities | 173.5 | 200.4 | 48.7 | 151.7 |
| Total liabilities | 3,153.2 | 3,008.5 | 3,103.5 | 4,441.4 |
Equity
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 10,689.5 | 12,010.7 | 12,208.9 | 12,208.9 |
| Capital reserve | 5,435.0 | 7,099.5 | 7,353.1 | 7,251.5 |
| Retained earnings | 3,174.6 | 4,941.8 | 6,480.2 | 6,217.8 |
| Equity attributable to owners of the parent | 19,660.7 | 24,603.6 | 26,842.7 | — |
| Minority interests | 9.1 | 6.2 | 6.8 | — |
| Total equity | 19,669.8 | 24,609.9 | 26,849.5 | 26,474.0 |
Income statement
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 14,918.7 | 17,895.5 | 21,273.3 | 12,538.9 |
| Cost of sales | 13,025.5 | 17,361.2 | — | — |
| Selling expenses | 309.4 | 339.2 | 364.1 | 195.3 |
| Administrative expenses | 395.6 | 257.6 | 293.6 | 199.8 |
| Finance costs | 0.0 | 0.0 | 0.0 | 0.7 |
| Investment income | 2.8 | 13.4 | 1.2 | 1.4 |
| Operating profit | 1,565.1 | 2,592.7 | 3,393.1 | 1,216.4 |
| Profit before tax | 1,578.4 | 2,598.4 | 3,365.7 | 1,201.5 |
| Net profit | 1,154.6 | 1,953.6 | 2,526.8 | 918.0 |
| Net profit attributable to owners of the parent | 1,153.4 | 1,953.3 | — | — |
5. Ratios
| Ratio | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 2.97x | 780473238.00x | — | 2.00x |
| Quick ratio | 2.97x | 780093391.67x | — | 1.99x |
| Debt-to-asset ratio | 13.8% | 10.9% | 10.6% | 14.4% |
| Total debt / EBITDA | 0.08x | 0.06x | 0.01x | 0.08x |
| EBITDA interest coverage | 114.26x | 270.68x | 603.01x | 706.09x |
| Gross margin | 12.7% | 3.0% | — | — |
| Net margin | 7.7% | 10.9% | 11.9% | 7.3% |
| Return on equity (ROE) | 5.9% | 7.9% | 9.4% | 3.5% |
| Revenue growth | — | 20.0% | 18.9% | -41.1% |
| Net profit growth | — | 69.2% | 29.3% | -63.7% |
| Receivable days | 66 | 58 | — | 95 |
| Cash received / revenue | 89.4% | 110.8% | 104.1% | 92.1% |
| Operating CF / net profit | 2.06x | 1.59x | 1.68x | 1.72x |
| Free cash flow | 2,376.7 | 6,143.9 | 8,560.9 | 1,578.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.11 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 13 flags (high×8, mid×5); first 3 shown:
- 2024 · Same item across different source documents: 0.0 vs 2,916.1 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 2,916.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 11,386.5 vs 92.4 CNY mn (deviation 99.19%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 11,294.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 17,895.5 vs 20,584.0 CNY mn (deviation 13.06%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,688.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2024 · Same item across different source documents: 0.0 vs 2,916.1 CNY mn (deviation 100.0%, severity high)
- 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 434.9 vs 387.3 CNY mn (deviation 10.96%, severity mid)
Sources: 2025年年度报告.pdf p.64 「五、现金及现金等价物净」 vs 2024年年度报告.pdf p.93 「货币资金」. CF-statement figure above the balance-sheet movement by 47.7 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: 355.5 vs -1,235.5 CNY mn (deviation 128.77%, severity mid)
Sources: 2025年年度报告.pdf p.64 「五、现金及现金等价物净」 vs 2025年年度报告.pdf p.60 「货币资金」. CF-statement figure above the balance-sheet movement by 1,591.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 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; 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 | 4,762.5 | 2025年年度报告.pdf | 60 | 货币资金 | 4762479875.0 (元) |
| Total assets | 2025 | 29,415.7 | 2025年年度报告.pdf | 61 | 资产总计 | 29415710717.0 (元) |
| Accounts receivable | 2024 | 2,819.4 | 2024年年度报告.pdf | 93 | 应收账款 | 2819442218.0 (元) |
| Fixed assets | 2025 | 14,721.1 | 2025年年度报告.pdf | 60 | 固定资产 | 14721130302.0 (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.