Credit Brief — CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO.,LTD (招商蛇口)
001979.SZ · Shenzhen Main Board · Data window: 2022–2025 · 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: 朱文凯
- Registered address: 广东省深圳市南山区蛇口太子路1 号新时代广场
- Office address: 深圳市南山区太子路5 号招商蛇口广场
- Controlling shareholder: 招商局集团有限公司
- Employees: 49,135
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 | |
|---|---|---|---|---|
| Cash and bank balances | 86,243.1 | 88,289.5 | 100,351.4 | 86,127.1 |
| Trading financial assets | 193.0 | 637.5 | 0.1 | 0.1 |
| Accounts receivable | 3,884.6 | 3,474.2 | 3,510.1 | 3,470.3 |
| Other receivables | 126,778.0 | 118,430.5 | 107,874.1 | 98,943.0 |
| Inventories | 411,549.2 | 416,702.1 | 369,183.3 | 362,323.5 |
| Long-term equity investments | 74,643.7 | 80,141.7 | 76,503.7 | 72,731.4 |
| Fixed assets | 10,820.2 | 11,618.3 | 11,444.0 | 10,757.6 |
| Construction in progress | 810.1 | 973.5 | 824.5 | 285.9 |
| Intangible assets | 1,389.2 | 1,915.0 | 1,820.6 | 1,712.2 |
| Total assets | 886,471.4 | 908,508.5 | 860,308.8 | 835,411.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Short-term borrowings | 1,508.7 | 1,379.0 | 2,750.6 | 2,954.2 |
| Notes payable | 126.9 | 0.0 | 0.0 | 24.4 |
| Accounts payable | 56,118.1 | 60,661.8 | 53,115.4 | 50,277.7 |
| Contract liabilities | 144,921.6 | 161,532.7 | 141,952.3 | 125,822.2 |
| Other payables | 131,346.0 | 115,942.8 | 97,087.8 | 90,630.3 |
| Current portion of non-current liabilities | 39,033.6 | 39,265.3 | 49,655.1 | 58,930.4 |
| Long-term borrowings | 121,073.5 | 118,770.7 | 125,777.5 | 140,875.8 |
| Bonds payable | 39,749.0 | 51,327.0 | 46,900.0 | 43,605.0 |
| Total liabilities | 602,030.9 | 611,818.2 | 573,564.0 | 564,032.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Paid-in capital | 7,739.1 | 9,060.8 | 9,060.8 | 9,016.0 |
| Capital reserve | 10,213.7 | 20,447.9 | 20,478.1 | 20,311.7 |
| Retained earnings | 60,857.5 | 64,139.5 | 64,274.1 | 63,243.9 |
| Equity attributable to owners of the parent | 101,711.9 | 119,723.4 | 111,006.8 | 97,652.4 |
| Minority interests | 182,728.6 | 176,966.9 | 175,737.9 | 173,726.9 |
| Total equity | 284,440.5 | 296,690.3 | 286,744.8 | 271,379.3 |
Income statement
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue | 183,002.7 | 175,007.6 | 178,947.5 | 154,728.0 |
| Cost of sales | 147,774.5 | 147,204.4 | 152,811.7 | 133,440.8 |
| Selling expenses | 4,081.1 | 4,328.2 | 4,014.3 | 4,001.7 |
| Administrative expenses | 2,313.0 | 2,374.1 | 2,103.5 | 2,037.3 |
| Finance costs | 1,959.9 | 912.2 | 1,942.7 | 2,509.1 |
| Investment income | 2,016.5 | 2,480.6 | 3,892.4 | 708.2 |
| Operating profit | 15,360.4 | 14,182.4 | 9,000.3 | 5,261.0 |
| Profit before tax | 15,817.1 | 13,988.6 | 9,089.6 | 5,180.9 |
| Net profit | 9,098.5 | 9,106.2 | 4,188.9 | 703.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current ratio | 1.55x | 1.56x | 1.59x | 1.59x |
| Quick ratio | 0.57x | 0.58x | 0.63x | 0.61x |
| Debt-to-asset ratio | 67.9% | 67.3% | 66.7% | 67.5% |
| Total debt / EBITDA | 9.69x | 11.52x | 16.58x | 25.49x |
| EBITDA interest coverage | 5.03x | 5.38x | 3.78x | 2.65x |
| Gross margin | 19.3% | 15.9% | 14.6% | 13.8% |
| Net margin | 5.0% | 5.2% | 2.3% | 0.5% |
| Return on equity (ROE) | 3.2% | 3.1% | 1.5% | 0.3% |
| Revenue growth | — | -4.4% | 2.3% | -13.5% |
| Net profit growth | — | 0.1% | -54.0% | -83.2% |
| Receivable days | 8 | 7 | 7 | 8 |
| Cash received / revenue | 103.0% | 112.9% | 90.1% | 89.0% |
| Operating CF / net profit | 2.44x | 3.45x | 7.63x | 13.77x |
| Free cash flow | 12,159.7 | 19,190.0 | 35,121.3 | 7,405.8 |
Mechanical risk flags
- ⚠ Quick ratio: 0.61 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.68 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: 2.65 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.14 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
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 | 86,127.1 | 2025年年度报告.pdf | None | 货币资金 | 8612714.763438 (万元) |
| Total assets | 2025 | 835,411.6 | 2025年年度报告.pdf | None | 总资产 | 83541159.910907 (万元) |
| Accounts receivable | 2025 | 3,470.3 | 2025年年度报告.pdf | None | 应收账款 | 347032.492333 (万元) |
| Fixed assets | 2025 | 10,757.6 | 2025年年度报告.pdf | None | 固定资产 | 1075755.778293 (万元) |
| Short-term borrowings | 2025 | 2,954.2 | 2025年年度报告.pdf | None | 短期借款 | 295422.787987 (万元) |
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.