Credit Brief — Gotion High-Tech Co.,Ltd. (国轩高科)
002074.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: 李缜
- Registered address: 安徽省合肥市包河区花园大道 566 号
- Office address: 安徽省合肥市包河区花园大道 566 号
- Actual controller: 李缜
- Employees: 33,087
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 | 14,122.4 | 14,513.1 | 16,548.3 | 16,813.2 | 18,038.1 |
| Trading financial assets | 3,514.0 | 4,707.1 | 2,832.1 | 2,150.9 | 2,521.0 |
| Accounts receivable | 8,642.3 | 12,910.9 | 16,454.3 | 16,300.3 | 21,880.8 |
| Other receivables | 285.9 | 499.9 | 347.4 | 312.8 | 330.6 |
| Inventories | 7,584.0 | 5,678.7 | 7,121.3 | 9,690.2 | 14,815.1 |
| Long-term equity investments | 1,085.6 | 1,505.0 | 1,476.4 | 1,807.8 | 1,939.8 |
| Fixed assets | 11,785.3 | 21,856.8 | 30,017.6 | 42,506.5 | 40,998.3 |
| Construction in progress | 11,669.3 | 15,820.6 | 14,799.7 | 12,676.5 | 20,653.4 |
| Intangible assets | 2,902.9 | 4,684.1 | 5,603.2 | 6,758.5 | 6,812.3 |
| Total assets | 72,627.4 | 93,592.7 | 107,839.7 | 127,214.5 | 143,505.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 10,820.7 | 16,237.0 | 17,508.8 | 19,649.6 | 17,795.0 |
| Notes payable | 5,515.8 | 6,127.7 | 9,359.5 | 12,639.9 | 14,998.3 |
| Accounts payable | 11,814.8 | 13,407.3 | 16,648.0 | 19,149.1 | 21,156.5 |
| Contract liabilities | 603.6 | 1,025.9 | 529.0 | 697.1 | 953.1 |
| Other payables | 930.8 | 938.0 | 1,789.8 | 2,071.7 | 2,353.4 |
| Current portion of non-current liabilities | 3,633.5 | 5,377.5 | 8,501.9 | 8,910.7 | 12,606.4 |
| Long-term borrowings | 10,689.0 | 18,159.8 | 18,510.1 | 19,252.2 | 25,261.3 |
| Bonds payable | 394.2 | 296.8 | 296.8 | 600.0 | 1,400.0 |
| Total liabilities | 48,129.6 | 67,296.8 | 77,943.4 | 90,308.2 | 102,943.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,778.9 | 1,785.2 | 1,802.0 | 1,814.1 | 1,814.5 |
| Capital reserve | 18,191.0 | 19,036.7 | 19,736.1 | 20,800.3 | 20,778.1 |
| Retained earnings | 3,546.3 | 4,473.0 | 5,470.6 | 7,653.7 | 9,039.7 |
| Equity attributable to owners of the parent | 23,512.3 | 25,066.8 | 25,960.1 | 29,123.9 | 30,133.2 |
| Minority interests | 985.5 | 1,229.0 | 3,936.2 | 7,782.4 | 10,428.6 |
| Total equity | 24,497.8 | 26,295.9 | 29,896.3 | 36,906.4 | 40,561.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 23,051.7 | 31,605.5 | 35,391.8 | 45,070.5 | 27,775.5 |
| Cost of sales | 18,949.7 | 26,257.2 | 29,020.1 | 37,780.4 | 23,441.6 |
| Selling expenses | 470.8 | 655.9 | 304.4 | 351.2 | 303.5 |
| Administrative expenses | 1,310.9 | 1,736.2 | 1,928.2 | 2,031.3 | 943.4 |
| Finance costs | 322.7 | 547.5 | 842.7 | 1,442.8 | 1,451.3 |
| Investment income | 217.2 | 68.7 | 47.2 | 145.8 | 204.9 |
| Operating profit | 198.7 | 975.4 | 1,283.4 | 2,345.1 | 1,373.9 |
| Profit before tax | 259.0 | 948.2 | 1,263.1 | 2,253.3 | 1,377.0 |
| Net profit | 365.6 | 969.1 | 1,154.1 | 2,288.4 | 1,419.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.09x | 0.94x | 0.88x | 0.81x | 0.88x |
| Quick ratio | 0.87x | 0.81x | 0.75x | 0.67x | 0.67x |
| Debt-to-asset ratio | 66.3% | 71.9% | 72.3% | 71.0% | 71.7% |
| Total debt / EBITDA | 14.68x | 10.92x | 9.08x | 6.59x | 9.27x |
| EBITDA interest coverage | 5.39x | 6.70x | 5.86x | 5.09x | 4.24x |
| Gross margin | 17.8% | 16.9% | 18.0% | 16.2% | 15.6% |
| Net margin | 1.6% | 3.1% | 3.3% | 5.1% | 5.1% |
| Return on equity (ROE) | 1.5% | 3.7% | 3.9% | 6.2% | 3.5% |
| Revenue growth | — | 37.1% | 12.0% | 27.3% | -38.4% |
| Net profit growth | — | 165.0% | 19.1% | 98.3% | -38.0% |
| Receivable days | 137 | 149 | 170 | 132 | 288 |
| Cash received / revenue | 61.3% | 58.0% | 59.9% | 56.7% | 75.4% |
| Operating CF / net profit | 2.19x | 2.50x | 2.34x | 1.58x | 0.30x |
| Free cash flow | -9,078.5 | 1,054.8 | 2,382.0 | 3,400.8 | 279.5 |
Mechanical risk flags
- ⚠ Current ratio: 0.81 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.67 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.71 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 86.2 vs 390.7 CNY mn (deviation 77.94%, severity mid)
Sources: 2023年年度报告.pdf p.127 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.118 「货币资金」. CF-statement figure below the balance-sheet movement by 304.5 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: 1,228.1 vs 2,035.2 CNY mn (deviation 39.66%, severity mid)
Sources: 2024年年度报告.pdf p.136 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.127 「货币资金」. CF-statement figure below the balance-sheet movement by 807.1 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: 249.6 vs 264.9 CNY mn (deviation 5.76%, severity mid)
Sources: 2025年年度报告.pdf p.132 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.123 「货币资金」. CF-statement figure below the balance-sheet movement by 15.2 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: 1,312.8 vs 1,224.9 CNY mn (deviation 6.69%, severity mid)
Sources: 2026年半年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.69 「货币资金」. CF-statement figure above the balance-sheet movement by 87.9 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 | 16,813.2 | 2025年年度报告.pdf | 123 | 货币资金 | 16813185998.06 (元) |
| Total assets | 2025 | 127,214.5 | 2025年年度报告.pdf | 124 | 资产总计 | 127214519738.62 (元) |
| Accounts receivable | 2025 | 16,300.3 | 2025年年度报告.pdf | 123 | 应收账款 | 16300297490.16 (元) |
| Fixed assets | 2025 | 42,506.5 | 2025年年度报告.pdf | 123 | 固定资产 | 42506540834.94 (元) |
| Short-term borrowings | 2025 | 19,649.6 | 2025年年度报告.pdf | 124 | 短期借款 | 19649635531.29 (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.