Credit Brief — ZHEJIANG SANHUA INTELLIGENT CONTROLS CO.,LTD. (三花智控)
002050.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: 张亚波
- Registered address: 浙江省绍兴市新昌县澄潭街道沃西大道 219 号
- Office address: 浙江省绍兴市新昌县澄潭街道沃西大道 219 号三花工业园区办公大楼
- Actual controller: 张亚波
- Employees: 19,090
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 | 5,878.2 | 6,584.7 | 5,248.6 | 14,912.0 | 14,815.5 |
| Trading financial assets | 100.0 | — | 0.0 | 508.3 | 1,033.6 |
| Accounts receivable | 5,228.1 | 5,774.0 | 6,951.1 | 7,370.1 | 8,682.4 |
| Other receivables | 726.6 | 227.8 | 258.1 | 238.6 | 226.0 |
| Inventories | 4,334.9 | 4,600.7 | 5,280.4 | 5,639.8 | 5,762.3 |
| Long-term equity investments | 32.4 | 37.9 | 40.6 | 44.6 | 42.5 |
| Fixed assets | 6,374.9 | 7,730.4 | 9,794.5 | 11,673.2 | 11,717.9 |
| Construction in progress | 1,032.5 | 2,036.3 | 2,172.0 | 1,742.5 | 1,900.0 |
| Intangible assets | 727.3 | 843.9 | 1,074.5 | 1,258.0 | 1,237.7 |
| Total assets | 27,961.2 | 31,890.6 | 36,354.7 | 49,406.1 | 51,463.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,294.1 | 1,212.2 | 1,553.3 | 1,391.8 | 1,370.2 |
| Notes payable | 2,580.3 | 3,416.7 | 3,791.8 | 4,294.3 | 4,463.1 |
| Accounts payable | 3,884.6 | 4,449.9 | 5,985.4 | 5,894.9 | 6,601.8 |
| Contract liabilities | 58.0 | 51.8 | 49.5 | 76.2 | 110.9 |
| Other payables | 354.3 | 250.6 | 545.4 | 913.6 | 1,729.6 |
| Current portion of non-current liabilities | 568.1 | 1,440.1 | 591.0 | 1,591.6 | 1,524.7 |
| Long-term borrowings | 1,801.6 | 1,030.8 | 2,045.8 | 862.7 | 904.9 |
| Bonds payable | 2,776.8 | — | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,841.9 | 13,826.9 | 16,835.1 | 17,365.9 | 18,638.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,590.9 | 3,732.6 | 3,732.4 | 4,208.0 | 4,208.0 |
| Capital reserve | 282.6 | 3,455.6 | 3,271.3 | 12,602.6 | 12,620.4 |
| Retained earnings | 8,133.3 | 10,002.9 | 11,650.3 | 14,139.0 | 15,007.9 |
| Equity attributable to owners of the parent | 12,941.3 | 17,894.4 | 19,297.8 | 31,748.9 | 32,502.0 |
| Minority interests | 178.0 | 169.3 | 221.9 | 291.3 | 322.8 |
| Total equity | 13,119.3 | 18,063.7 | 19,519.6 | 32,040.2 | 32,824.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 21,347.5 | 24,557.8 | 27,947.2 | 31,011.7 | 16,900.0 |
| Cost of sales | 15,781.1 | 17,708.1 | 20,269.8 | 22,087.5 | 12,157.5 |
| Selling expenses | 512.6 | 663.3 | 726.4 | 751.5 | 309.7 |
| Administrative expenses | 1,267.0 | 1,476.3 | 1,767.5 | 1,909.3 | 839.4 |
| Finance costs | -177.5 | -72.8 | -43.8 | 101.2 | 227.6 |
| Investment income | -84.7 | -131.5 | -16.3 | -7.6 | 65.9 |
| Operating profit | 3,066.9 | 3,553.0 | 3,710.1 | 4,859.3 | 2,445.3 |
| Profit before tax | 3,051.3 | 3,553.3 | 3,691.7 | 4,843.8 | 2,423.7 |
| Net profit | 2,608.1 | 2,933.7 | 3,111.7 | 4,106.7 | 2,081.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.98x | 1.70x | 1.64x | 2.19x | 2.14x |
| Quick ratio | 1.53x | 1.31x | 1.25x | 1.83x | 1.79x |
| Debt-to-asset ratio | 53.1% | 43.4% | 46.3% | 35.1% | 36.2% |
| Total debt / EBITDA | 1.65x | 0.84x | 0.91x | 0.63x | 1.04x |
| EBITDA interest coverage | 21.96x | 60.05x | 105.18x | 60.14x | 16.11x |
| Gross margin | 26.1% | 27.9% | 27.5% | 28.8% | 28.1% |
| Net margin | 12.2% | 11.9% | 11.1% | 13.2% | 12.3% |
| Return on equity (ROE) | 19.9% | 16.2% | 15.9% | 12.8% | 6.3% |
| Revenue growth | — | 15.0% | 13.8% | 11.0% | -45.5% |
| Net profit growth | — | 12.5% | 6.1% | 32.0% | -49.3% |
| Receivable days | 89 | 86 | 91 | 87 | 188 |
| Cash received / revenue | 97.8% | 100.0% | 100.6% | 102.0% | 96.9% |
| Operating CF / net profit | 0.96x | 1.27x | 1.40x | 1.24x | 1.20x |
| Free cash flow | 1,537.1 | 3,044.1 | 5,190.7 | 5,321.1 | 1,540.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.35 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,574.6 vs 706.4 CNY mn (deviation 55.14%, severity mid)
Sources: 2023年年度报告.pdf p.96 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.87 「货币资金」. CF-statement figure above the balance-sheet movement by 868.2 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: -181.5 vs -1,336.1 CNY mn (deviation 86.42%, severity mid)
Sources: 2024年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.85 「货币资金」. CF-statement figure above the balance-sheet movement by 1,154.7 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: 9,043.7 vs 9,663.4 CNY mn (deviation 6.41%, severity mid)
Sources: 2025年年度报告.pdf p.96 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「货币资金」. CF-statement figure below the balance-sheet movement by 619.7 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: -577.0 vs -96.5 CNY mn (deviation 83.28%, severity mid)
Sources: 2026年半年度报告.pdf p.60 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.51 「货币资金」. CF-statement figure below the balance-sheet movement by 480.5 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 | 14,912.0 | 2025年年度报告.pdf | 87 | 货币资金 | 14911985101.2 (元) |
| Total assets | 2025 | 49,406.1 | 2025年年度报告.pdf | 88 | 资产总计 | 49406130603.74 (元) |
| Accounts receivable | 2025 | 7,370.1 | 2025年年度报告.pdf | 87 | 应收账款 | 7370056178.44 (元) |
| Fixed assets | 2025 | 11,673.2 | 2025年年度报告.pdf | 88 | 固定资产 | 11673230267.42 (元) |
| Short-term borrowings | 2025 | 1,391.8 | 2025年年度报告.pdf | 88 | 短期借款 | 1391778829.3 (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.