Credit Brief — Jonhon Optronic Technology Co.,Ltd (中航光电)
002179.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: 李森
- Registered address: 中国（河南）自由贸易试验区洛阳片区浅井南路6 号
- Office address: 中国（河南）自由贸易试验区洛阳片区浅井南路6 号
- Actual controller: 中航工业
- Employees: 19,493
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 | 9,952.4 | 9,886.5 | 9,164.8 | 7,305.2 | 6,388.7 |
| Trading financial assets | 0.9 | 0.8 | 1.7 | 2.4 | 1.9 |
| Accounts receivable | 4,927.2 | 8,339.4 | 12,648.5 | 11,717.6 | 14,290.5 |
| Other receivables | 40.0 | 42.0 | 28.7 | 36.8 | 53.8 |
| Inventories | 5,416.0 | 4,189.7 | 4,699.4 | 6,096.9 | 6,772.4 |
| Long-term equity investments | 237.6 | 370.6 | 349.0 | 362.7 | 363.3 |
| Fixed assets | 3,224.2 | 4,473.4 | 6,493.1 | 8,712.5 | 9,092.8 |
| Construction in progress | 1,142.6 | 1,793.1 | 1,890.1 | 702.6 | 686.6 |
| Intangible assets | 605.5 | 784.3 | 776.6 | 792.2 | 838.6 |
| Total assets | 31,830.2 | 35,569.9 | 41,246.8 | 42,527.4 | 41,894.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 438.0 | 606.5 | 375.6 | 165.2 | 2,082.2 |
| Notes payable | 3,728.4 | 3,641.4 | 5,314.0 | 4,891.7 | 2,778.9 |
| Accounts payable | 3,928.9 | 4,952.6 | 6,573.6 | 7,904.9 | 8,347.8 |
| Contract liabilities | 893.7 | 445.4 | 278.2 | 414.3 | 409.0 |
| Other payables | 2,031.0 | 1,699.3 | 1,060.1 | 639.3 | 224.7 |
| Current portion of non-current liabilities | 704.2 | 48.1 | 60.7 | 689.6 | 172.4 |
| Long-term borrowings | 40.0 | 584.2 | 754.5 | 319.4 | 295.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 13,327.0 | 13,555.5 | 15,994.0 | 16,390.1 | 15,643.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,631.0 | 2,120.0 | 2,118.3 | 2,100.2 | 2,100.2 |
| Capital reserve | 7,490.1 | 7,383.9 | 7,705.2 | 7,203.2 | 7,226.5 |
| Retained earnings | 7,953.4 | 9,854.3 | 11,551.6 | 11,633.8 | 11,380.9 |
| Equity attributable to owners of the parent | 17,402.8 | 20,496.3 | 23,597.6 | 24,268.2 | 24,267.1 |
| Minority interests | 1,100.4 | 1,518.2 | 1,655.2 | 1,869.1 | 1,983.1 |
| Total equity | 18,503.2 | 22,014.4 | 25,252.8 | 26,137.3 | 26,250.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 15,838.1 | 20,074.4 | 20,685.5 | 21,386.1 | 11,239.6 |
| Cost of sales | 10,050.2 | 12,455.6 | 13,113.6 | 15,143.3 | 8,006.1 |
| Selling expenses | 419.5 | 533.7 | 487.9 | 467.9 | 279.5 |
| Administrative expenses | 909.7 | 1,332.9 | 1,234.6 | 901.7 | 522.5 |
| Finance costs | -221.4 | -150.8 | -96.2 | -37.0 | 65.1 |
| Investment income | 84.9 | 175.0 | 54.7 | 80.0 | 68.2 |
| Operating profit | 3,020.6 | 3,686.3 | 3,729.4 | 2,663.9 | 1,374.6 |
| Profit before tax | 3,054.0 | 3,733.8 | 3,764.2 | 2,690.8 | 1,409.4 |
| Net profit | 2,902.1 | 3,535.8 | 3,547.9 | 2,349.7 | 1,205.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.07x | 2.21x | 2.11x | 2.03x | 2.06x |
| Quick ratio | 1.65x | 1.87x | 1.79x | 1.63x | 1.60x |
| Debt-to-asset ratio | 41.9% | 38.1% | 38.8% | 38.5% | 37.3% |
| Total debt / EBITDA | 0.32x | 0.28x | 0.27x | 0.34x | 1.18x |
| EBITDA interest coverage | 16.45x | 29.33x | 46.51x | 93.08x | 33.33x |
| Gross margin | 36.5% | 38.0% | 36.6% | 29.2% | 28.8% |
| Net margin | 18.3% | 17.6% | 17.2% | 11.0% | 10.7% |
| Return on equity (ROE) | 15.7% | 16.1% | 14.0% | 9.0% | 4.6% |
| Revenue growth | — | 26.7% | 3.0% | 3.4% | -47.4% |
| Net profit growth | — | 21.8% | 0.3% | -33.8% | -48.7% |
| Receivable days | 114 | 152 | 223 | 200 | 464 |
| Cash received / revenue | 92.8% | 84.0% | 88.7% | 102.1% | 111.9% |
| Operating CF / net profit | 0.73x | 0.87x | 0.61x | 0.66x | 0.23x |
| Free cash flow | 1,411.8 | 1,228.3 | 675.6 | 63.1 | -394.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.39 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -48.7 vs -65.9 CNY mn (deviation 26.12%, severity mid)
Sources: 2023年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.85 「货币资金」. CF-statement figure above the balance-sheet movement by 17.2 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: -692.6 vs -721.7 CNY mn (deviation 4.03%, 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.82 「货币资金」. CF-statement figure above the balance-sheet movement by 29.1 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: -1,865.8 vs -1,859.6 CNY mn (deviation 0.33%, severity low)
Sources: 2025年年度报告.pdf p.81 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.72 「货币资金」. CF-statement figure below the balance-sheet movement by 6.2 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: -880.4 vs -916.5 CNY mn (deviation 3.94%, severity mid)
Sources: 2026年半年度报告.pdf p.49 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure above the balance-sheet movement by 36.1 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 | 7,305.2 | 2025年年度报告.pdf | 72 | 货币资金 | 7305216976.61 (元) |
| Total assets | 2025 | 42,527.4 | 2025年年度报告.pdf | 73 | 资产总计 | 42527397016.91 (元) |
| Accounts receivable | 2025 | 11,717.6 | 2025年年度报告.pdf | 72 | 应收账款 | 11717555436.16 (元) |
| Fixed assets | 2025 | 8,712.5 | 2025年年度报告.pdf | 72 | 固定资产 | 8712473011.57 (元) |
| Short-term borrowings | 2025 | 165.2 | 2025年年度报告.pdf | 73 | 短期借款 | 165181131.25 (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.