Credit Brief — ZHEJIANG NHU COMPANY LTD. (新和成)
002001.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: 胡柏藩
- Registered address: 浙江省新昌县七星街道新昌大道西路 418 号
- Office address: 浙江省新昌县七星街道新昌大道西路 418 号
- Employees: 11,508
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 | 5,343.9 | 4,543.4 | 7,936.5 | 7,966.3 | 7,458.0 |
| Trading financial assets | 720.3 | 173.1 | 0.7 | 2,168.3 | 2,583.6 |
| Accounts receivable | 2,476.3 | 2,483.3 | 3,653.7 | 3,331.4 | 3,769.8 |
| Other receivables | 269.6 | 142.1 | 225.5 | 274.1 | 261.1 |
| Inventories | 4,144.6 | 4,318.9 | 4,090.1 | 4,648.7 | 4,769.2 |
| Long-term equity investments | 432.5 | 697.1 | 865.3 | 965.4 | 1,144.6 |
| Fixed assets | 16,523.9 | 21,860.1 | 21,916.0 | 20,298.9 | 19,538.4 |
| Construction in progress | 5,089.2 | 1,621.9 | 571.6 | 745.1 | 1,006.5 |
| Intangible assets | 1,738.5 | 2,407.6 | 2,482.9 | 2,590.1 | 3,627.0 |
| Total assets | 38,267.6 | 39,156.2 | 42,989.1 | 45,606.4 | 46,685.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,846.4 | 1,235.7 | 1,162.5 | 675.2 | 962.0 |
| Notes payable | 627.4 | 349.3 | 159.2 | 70.1 | 43.2 |
| Accounts payable | 2,175.5 | 1,931.0 | 1,686.0 | 1,780.3 | 1,889.5 |
| Contract liabilities | 60.7 | 251.0 | 237.0 | 294.8 | 351.3 |
| Other payables | 67.4 | 53.7 | 122.4 | 131.7 | 96.1 |
| Current portion of non-current liabilities | 2,591.7 | 1,564.4 | 2,465.4 | 3,165.4 | 2,745.4 |
| Long-term borrowings | 5,273.6 | 6,821.6 | 5,327.2 | 4,187.2 | 3,170.2 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,605.5 | 14,236.5 | 13,543.6 | 12,645.5 | 11,651.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,090.9 | 3,090.9 | 3,073.4 | 3,073.4 | 3,073.4 |
| Capital reserve | 3,613.1 | 3,613.3 | 3,132.5 | 3,135.7 | 3,171.2 |
| Retained earnings | 15,823.7 | 16,890.2 | 21,375.7 | 25,377.5 | 26,932.0 |
| Equity attributable to owners of the parent | 23,574.9 | 24,804.7 | 29,325.0 | 32,805.7 | 34,880.1 |
| Minority interests | 87.3 | 115.0 | 120.6 | 155.3 | 153.9 |
| Total equity | 23,662.2 | 24,919.7 | 29,445.6 | 32,960.9 | 35,034.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 15,934.0 | 15,116.5 | 21,609.6 | 22,251.4 | 13,129.3 |
| Cost of sales | 10,048.3 | 10,131.5 | 12,582.0 | 12,310.8 | 7,323.7 |
| Selling expenses | 122.3 | 158.3 | 190.3 | 186.6 | 89.0 |
| Administrative expenses | 504.7 | 551.1 | 595.9 | 656.8 | 292.6 |
| Finance costs | 44.4 | 65.5 | 178.0 | -14.7 | 257.8 |
| Investment income | 63.3 | 80.1 | 77.3 | 140.6 | 45.2 |
| Operating profit | 4,312.7 | 3,260.1 | 6,972.6 | 7,854.0 | 4,742.2 |
| Profit before tax | 4,238.1 | 3,253.5 | 6,943.6 | 7,849.5 | 4,697.3 |
| Net profit | 3,638.3 | 2,725.4 | 5,896.9 | 6,802.1 | 4,028.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.77x | 2.02x | 2.45x | 2.63x | 2.69x |
| Quick ratio | 1.25x | 1.32x | 1.86x | 2.00x | 2.05x |
| Debt-to-asset ratio | 38.2% | 36.4% | 31.5% | 27.7% | 25.0% |
| Total debt / EBITDA | 1.71x | 1.89x | 1.01x | 0.85x | 1.05x |
| EBITDA interest coverage | 127.91x | 77.96x | 50.02x | 643.75x | 25.36x |
| Gross margin | 36.9% | 33.0% | 41.8% | 44.7% | 44.2% |
| Net margin | 22.8% | 18.0% | 27.3% | 30.6% | 30.7% |
| Return on equity (ROE) | 15.4% | 10.9% | 20.0% | 20.6% | 11.5% |
| Revenue growth | — | -5.1% | 43.0% | 3.0% | -41.0% |
| Net profit growth | — | -25.1% | 116.4% | 15.4% | -40.8% |
| Receivable days | 57 | 60 | 62 | 55 | 105 |
| Cash received / revenue | 96.1% | 100.0% | 88.2% | 99.6% | 90.9% |
| Operating CF / net profit | 1.20x | 1.88x | 1.20x | 1.29x | 0.90x |
| Free cash flow | 5,248.5 | 5,014.8 | 8,194.9 | 10,790.9 | 5,204.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.28 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -705.3 vs -800.5 CNY mn (deviation 11.9%, severity mid)
Sources: 2023年年度报告.pdf p.83 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.75 「货币资金」. CF-statement figure above the balance-sheet movement by 95.2 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: 1,074.9 vs 3,393.1 CNY mn (deviation 68.32%, severity mid)
Sources: 2024年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.81 「货币资金」. CF-statement figure below the balance-sheet movement by 2,318.3 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: 2,298.3 vs 29.8 CNY mn (deviation 98.7%, severity mid)
Sources: 2025年年度报告.pdf p.93 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.83 「货币资金」. CF-statement figure above the balance-sheet movement by 2,268.5 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: -423.5 vs -508.2 CNY mn (deviation 16.67%, severity mid)
Sources: 2026年半年度报告.pdf p.47 「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 84.7 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 | 7,966.3 | 2025年年度报告.pdf | 83 | 货币资金 | 7966270131.17 (元) |
| Total assets | 2025 | 45,606.4 | 2025年年度报告.pdf | 85 | 资产总计 | 45606449805.48 (元) |
| Accounts receivable | 2025 | 3,331.4 | 2025年年度报告.pdf | 84 | 应收账款 | 3331434677.27 (元) |
| Fixed assets | 2025 | 20,298.9 | 2025年年度报告.pdf | 84 | 固定资产 | 20298898673.14 (元) |
| Short-term borrowings | 2025 | 675.2 | 2025年年度报告.pdf | 85 | 短期借款 | 675172682.37 (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.