Credit Brief — Focus Media Information Technology Co., Ltd. (分众传媒)
002027.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: 江南春
- Registered address: 上海市长宁区江苏路 369 号 27H
- Office address: 上海市长宁区江苏路 369 号兆丰世贸大厦 28 层
- Controlling shareholder: 易贤忠
- Actual controller: 江南春
- Employees: 5,084
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 | 3,280.2 | 3,492.9 | 3,536.6 | 3,238.5 | 4,028.2 |
| Trading financial assets | 4,657.2 | 5,361.3 | 2,644.0 | 4,315.2 | 6,781.7 |
| Accounts receivable | 1,472.3 | 1,821.2 | 2,334.1 | 3,570.4 | 2,694.2 |
| Other receivables | 40.1 | 47.1 | 60.1 | 86.9 | 260.8 |
| Inventories | 13.4 | 9.4 | 8.3 | 5.8 | 9.9 |
| Long-term equity investments | 1,880.1 | 2,132.5 | 2,953.6 | 875.7 | 86.9 |
| Fixed assets | 592.2 | 503.1 | 636.5 | 555.2 | 533.9 |
| Construction in progress | 4.7 | 5.2 | 7.6 | 13.2 | 209.2 |
| Intangible assets | 11.9 | 66.0 | 87.2 | 76.8 | 90.5 |
| Total assets | 25,238.8 | 24,361.0 | 22,798.6 | 20,215.3 | 22,458.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 12.2 | 68.9 | 101.6 | 161.4 | 194.7 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 138.3 | 136.8 | 95.5 | 86.7 | 83.6 |
| Contract liabilities | 852.2 | 856.9 | 542.5 | 545.8 | 334.2 |
| Other payables | 3,189.8 | 1,086.6 | 1,055.1 | 1,279.5 | 3,854.0 |
| Current portion of non-current liabilities | 2,055.6 | 2,236.8 | 2,045.8 | 1,862.5 | 1,789.4 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 45.9 | 46.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,942.7 | 6,319.9 | 5,477.9 | 5,601.0 | 8,004.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 328.3 | 328.3 | 328.3 | 328.3 | 328.3 |
| Capital reserve | 380.7 | 386.7 | 748.7 | 762.8 | 188.3 |
| Retained earnings | 16,725.7 | 17,506.6 | 16,293.4 | 13,704.7 | 14,088.7 |
| Equity attributable to owners of the parent | 16,948.9 | 17,693.5 | 17,027.3 | 14,249.2 | 13,990.4 |
| Minority interests | 347.1 | 347.6 | 293.5 | 365.1 | 463.1 |
| Total equity | 17,296.0 | 18,041.1 | 17,320.7 | 14,614.3 | 14,453.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 9,425.0 | 11,903.7 | 12,262.1 | 12,758.7 | 5,991.4 |
| Cost of sales | 3,797.4 | 4,109.2 | 4,136.9 | 3,765.9 | 1,765.2 |
| Selling expenses | 1,779.2 | 2,203.4 | 2,267.6 | 2,423.5 | 1,029.1 |
| Administrative expenses | 608.9 | 442.9 | 501.3 | 554.3 | 293.0 |
| Finance costs | -110.0 | -72.9 | -18.1 | -0.1 | 33.4 |
| Investment income | 555.5 | 411.1 | 706.6 | 207.5 | 635.0 |
| Operating profit | 3,506.8 | 5,791.5 | 6,041.0 | 3,892.4 | 3,517.8 |
| Profit before tax | 3,499.6 | 5,793.1 | 6,038.2 | 3,889.7 | 3,511.0 |
| Net profit | 2,839.2 | 4,799.6 | 5,071.6 | 2,920.0 | 3,118.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.79x | 2.14x | 2.59x | 2.54x | 2.05x |
| Quick ratio | 1.79x | 2.13x | 2.59x | 2.54x | 2.05x |
| Debt-to-asset ratio | 31.5% | 25.9% | 24.0% | 27.7% | 35.6% |
| Total debt / EBITDA | 0.53x | 0.38x | 0.34x | 0.51x | 0.56x |
| EBITDA interest coverage | 35.29x | 83.76x | 346.46x | 33965.72x | 108.13x |
| Gross margin | 59.7% | 65.5% | 66.3% | 70.5% | 70.5% |
| Net margin | 30.1% | 40.3% | 41.4% | 22.9% | 52.0% |
| Return on equity (ROE) | 16.4% | 26.6% | 29.3% | 20.0% | 21.6% |
| Revenue growth | — | 26.3% | 3.0% | 4.0% | -53.0% |
| Net profit growth | — | 69.0% | 5.7% | -42.4% | 6.8% |
| Receivable days | 57 | 56 | 69 | 102 | 164 |
| Cash received / revenue | 119.9% | 103.6% | 97.6% | 96.0% | 116.4% |
| Operating CF / net profit | 2.36x | 1.60x | 1.31x | 2.47x | 1.43x |
| Free cash flow | 8,623.3 | 13,973.3 | 12,426.6 | 12,706.3 | 4,664.3 |
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: 153.8 vs 212.8 CNY mn (deviation 27.72%, severity mid)
Sources: 2023年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.70 「货币资金」. CF-statement figure below the balance-sheet movement by 59.0 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: 113.5 vs 43.6 CNY mn (deviation 61.56%, severity mid)
Sources: 2024年年度报告.pdf p.79 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.73 「货币资金」. CF-statement figure above the balance-sheet movement by 69.8 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: -306.2 vs -298.1 CNY mn (deviation 2.68%, severity mid)
Sources: 2025年年度报告.pdf p.87 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.81 「货币资金」. CF-statement figure below the balance-sheet movement by 8.2 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: 802.3 vs 789.7 CNY mn (deviation 1.57%, severity mid)
Sources: 2026年半年度报告.pdf p.54 「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 above the balance-sheet movement by 12.6 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 | 3,238.5 | 2025年年度报告.pdf | 81 | 货币资金 | 3238508082.4 (元) |
| Total assets | 2025 | 20,215.3 | 2025年年度报告.pdf | 81 | 资产总计 | 20215330494.89 (元) |
| Accounts receivable | 2025 | 3,570.4 | 2025年年度报告.pdf | 81 | 应收账款 | 3570414100.76 (元) |
| Fixed assets | 2025 | 555.2 | 2025年年度报告.pdf | 81 | 固定资产 | 555199929.77 (元) |
| Short-term borrowings | 2025 | 161.4 | 2025年年度报告.pdf | 82 | 短期借款 | 161366359.01 (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.