Credit Brief — Holdings Co.,Ltd. (招商公路)
001965.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: 杨旭东
- Registered address: 天津自贸试验区（东疆保税港区）鄂尔多斯路599号东疆商务中心A3楼910
- Office address: 北京市朝阳区北土城东路9号院1号楼华丰大厦
- Employees: 7,836
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 | 4,375.2 | 8,931.2 | 9,249.7 | 10,074.0 | 11,233.9 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 1,767.0 | 1,859.5 | 1,724.9 | 1,474.6 | 1,696.7 |
| Other receivables | 626.0 | 839.7 | 1,002.8 | 994.8 | 2,226.3 |
| Inventories | 310.8 | 367.5 | 338.7 | 266.4 | 427.0 |
| Long-term equity investments | 46,699.2 | 46,222.2 | 53,280.6 | 57,868.4 | 57,969.7 |
| Fixed assets | 1,140.6 | 2,371.7 | 2,278.0 | 2,131.3 | 2,047.6 |
| Construction in progress | 1,491.7 | 306.3 | 508.2 | 446.1 | 576.3 |
| Intangible assets | 51,536.6 | 92,024.2 | 85,353.8 | 83,118.7 | 82,917.1 |
| Total assets | 114,938.6 | 157,482.2 | 159,169.5 | 162,418.4 | 164,851.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,341.2 | 2,745.0 | 2,443.2 | 920.6 | 956.6 |
| Notes payable | 91.0 | 100.3 | 182.3 | 502.1 | 361.5 |
| Accounts payable | 1,974.9 | 2,139.3 | 2,337.4 | 2,748.4 | 3,621.6 |
| Contract liabilities | 877.7 | 922.8 | 1,004.9 | 854.4 | 908.7 |
| Other payables | 2,207.8 | 2,081.6 | 1,820.6 | 1,806.8 | 4,492.6 |
| Current portion of non-current liabilities | 1,443.4 | 8,188.0 | 7,124.9 | 5,042.6 | 4,894.6 |
| Long-term borrowings | 19,051.3 | 38,636.4 | 38,349.3 | 36,936.4 | 33,897.0 |
| Bonds payable | 13,532.2 | 11,825.2 | 9,500.0 | 11,504.0 | 11,503.1 |
| Total liabilities | 47,264.4 | 75,344.0 | 70,387.6 | 70,787.2 | 71,357.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 6,178.3 | 6,254.1 | 6,820.3 | 6,795.1 | 6,795.1 |
| Capital reserve | 28,508.8 | 28,973.3 | 33,686.0 | 34,654.1 | 34,757.5 |
| Retained earnings | 18,308.7 | 21,898.3 | 22,859.0 | 24,017.9 | 24,033.1 |
| Equity attributable to owners of the parent | 60,543.3 | 65,053.3 | 71,228.6 | 74,277.6 | 76,004.0 |
| Minority interests | 7,130.9 | 17,084.9 | 17,553.3 | 17,353.7 | 17,489.5 |
| Total equity | 67,674.2 | 82,138.2 | 88,781.9 | 91,631.3 | 93,493.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 8,297.1 | 9,731.4 | 12,711.0 | 13,360.5 | 7,184.6 |
| Cost of sales | 5,388.5 | 6,134.8 | 8,378.3 | 9,375.4 | 5,406.0 |
| Selling expenses | 76.5 | 97.1 | 80.4 | 90.0 | 33.9 |
| Administrative expenses | 519.9 | 551.5 | 672.1 | 740.4 | 326.8 |
| Finance costs | 907.9 | 1,068.1 | 1,720.0 | 1,459.6 | 669.7 |
| Investment income | 3,462.8 | 5,988.2 | 4,998.2 | 4,453.4 | 2,485.7 |
| Operating profit | 4,965.6 | 7,566.9 | 6,382.3 | 5,560.7 | 3,148.0 |
| Profit before tax | 5,612.9 | 7,604.5 | 6,418.2 | 5,640.2 | 3,170.2 |
| Net profit | 5,252.8 | 7,216.1 | 5,936.1 | 5,106.8 | 2,904.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.24x | 0.84x | 0.92x | 1.07x | 1.04x |
| Quick ratio | 1.21x | 0.82x | 0.90x | 1.06x | 1.02x |
| Debt-to-asset ratio | 41.1% | 47.8% | 44.2% | 43.6% | 43.3% |
| Total debt / EBITDA | 3.75x | 4.49x | 4.53x | 4.73x | 6.27x |
| EBITDA interest coverage | 10.39x | 10.41x | 6.89x | 7.89x | 12.21x |
| Gross margin | 35.1% | 37.0% | 34.1% | 29.8% | 24.8% |
| Net margin | 63.3% | 74.2% | 46.7% | 38.2% | 40.4% |
| Return on equity (ROE) | 7.8% | 8.8% | 6.7% | 5.6% | 3.1% |
| Revenue growth | — | 17.3% | 30.6% | 5.1% | -46.2% |
| Net profit growth | — | 37.4% | -17.7% | -14.0% | -43.1% |
| Receivable days | 78 | 70 | 50 | 40 | 86 |
| Cash received / revenue | 102.1% | 95.6% | 99.8% | 90.4% | 77.9% |
| Operating CF / net profit | 0.74x | 0.61x | 1.20x | 1.28x | 0.95x |
| Free cash flow | 353.3 | 4,842.2 | 5,432.7 | 9,137.9 | 2,771.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.07 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.44 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 2,753.2 vs 2,529.4 CNY mn (deviation 8.13%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 223.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 404.6 vs 2,344.8 CNY mn (deviation 82.74%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,940.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 4,564.9 vs 4,556.0 CNY mn (deviation 0.2%, severity low)
Sources: 2023年年度报告.pdf p.138 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.128 「货币资金」. CF-statement figure above the balance-sheet movement by 9.0 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: 286.4 vs 318.6 CNY mn (deviation 10.1%, severity mid)
Sources: 2024年年度报告.pdf p.144 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf 「货币资金」. CF-statement figure below the balance-sheet movement by 32.2 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: 830.5 vs 824.3 CNY mn (deviation 0.75%, severity low)
Sources: 2025年年度报告.pdf p.108 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.99 「货币资金」. CF-statement figure above the balance-sheet movement by 6.2 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: 1,159.6 vs 1,159.9 CNY mn (deviation 0.03%, severity low)
Sources: 2026年半年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.48 「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 | 10,074.0 | 2025年年度报告.pdf | 99 | 货币资金 | 10074028504.63 (元) |
| Total assets | 2025 | 162,418.4 | 2025年年度报告.pdf | 100 | 资产总计 | 162418433553.48 (元) |
| Accounts receivable | 2025 | 1,474.6 | 2025年年度报告.pdf | 99 | 应收账款 | 1474603543.07 (元) |
| Fixed assets | 2025 | 2,131.3 | 2025年年度报告.pdf | 99 | 固定资产 | 2131259850.1 (元) |
| Short-term borrowings | 2025 | 920.6 | 2025年年度报告.pdf | 100 | 短期借款 | 920619426.73 (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.